Aguinaga Elizabeth Ann 4

What Happened
Elizabeth Ann Aguinaga, EVP and Chief Human Resources Officer of CNA Financial Corporation (CNA), was granted 19,888 performance share award (PSP) units on March 15, 2026 at no cost. Those performance shares were issued as awards (code A) and will cliff-vest on March 15, 2028 if performance and continuous-employment conditions are met. To satisfy tax withholding obligations (code F), 11,512 existing CNA shares were withheld/disposed at $47.03 per share, totaling approximately $541,409. The Form 4 was filed on March 17, 2026 for the March 15, 2026 transactions.

Key Details

• Transaction dates: March 15, 2026 (award and withholding); Form 4 filed March 17, 2026.
• Award: 19,888 PSP shares issued @ $0.00 (received at no cost).
• Withholding/tax disposition: 11,512 shares disposed @ $47.03 = $541,409.
• Vesting: PSP award cliff vests March 15, 2028, subject to achievement of 2025 performance goals and continuous employment (see footnote).
• Footnotes: F1 — award under 2025 Performance Share Plan; F2 — shares received at no cost; F3 — company may withhold shares to satisfy tax obligations.
• Shares owned after transaction: not specified in the provided filing.
• Timeliness: filing date (3/17/2026) covers 3/15/2026 transactions and appears to meet the typical two-business-day Form 4 deadline.

Context
This was a compensation award (performance shares) rather than a market purchase — such grants reflect incentive pay tied to future performance and employment requirements. The 11,512-share disposal was a routine withholding to cover taxes, not an open-market sale signaling a change in investment stance.