Rand Alison S. 4

What Happened
Alison S. Rand, a director of Reinsurance Group of America, received an award of 817 phantom stock units on 2026-05-20. The units were granted at $0.00 (derivative award) as part of a deferral of her annual director stock grant; they convert 1-for-1 into common shares based on fair market value. This is a routine director compensation award, not an open-market purchase or sale.

Key Details

• Transaction date: 2026-05-20; Form filed: 2026-05-22 (timely filing).
• Transaction type/code: A (Grant/Award) — 817 phantom stock units at $0.00.
• Shares owned after transaction: Not reported in this Form 4.
• Footnotes: Units convert 1-for-1 to common stock (F1); units were deferred annual director grant (F2); director may elect payout at retirement or after a 5- or 7-year deferral (F3); distributable upon director’s retirement per election (F4).
• Disclosure: This is compensation-related and does not necessarily signal a buy or sell intent.

Context
Phantom stock units are a derivative compensation vehicle that mirror the economic value of shares but typically pay out in shares or cash later; they are common for independent directors and reflect deferred pay rather than an immediate equity stake. Because this is an awarded, deferred grant for board service, it should be viewed as routine compensation rather than an insider trading signal.