Cordani David 4

What Happened
David Cordani, Cigna Group's Chairman & CEO, exercised stock option awards and sold the resulting shares in open-market transactions on May 12–13, 2026. He exercised a total of 212,543 shares (103,595 and 85,519 exercised on 5/12; 15,458 and 7,971 on 5/13) by paying aggregate exercise costs of about $36.21M. He sold 201,878 shares across multiple trades on 5/12 for total proceeds of about $59.11M. The Form 4 shows corresponding derivative dispositions at $0, reflecting conversion of options into shares upon exercise.

Key Details

• Transaction dates: May 12–13, 2026; Form 4 filed May 14, 2026 (appears timely).
• Options exercised (code M): 103,595 @ $149.13 ($15,449,640); 85,519 @ $197.35 ($16,877,175); 15,458 @ $149.13 ($2,305,329); 7,971 @ $197.35 ($1,573,077). Total exercise cost ≈ $36.21M.
• Open-market sales (code S): 201,878 shares sold in multiple blocks for aggregate proceeds ≈ $59.11M; sale prices per footnotes ranged roughly from $286.43 to $298.675 per share (weighted averages reported by block).
• Net change: +10,665 shares (acquired 212,543 via exercise; sold 201,878) — the filing does not state total shares owned after these transactions.
• Notable footnotes: Transactions were made under a Rule 10b5-1 trading plan adopted Feb 6, 2026 (F1). Multiple footnotes (F2–F15) provide the price ranges for sold blocks and offer to supply per-price breakdowns on request. Derivative disposals at $0 reflect conversion of options into common shares.
• Exhibit noted: Power of Attorney (Exhibit 24).

Context
Code M denotes option exercise; the filing shows exercised options followed by prompt open-market sales of many of the resulting shares — a common post-exercise liquidity step. The presence of a pre-established 10b5-1 plan indicates the sales were executed under a prearranged plan rather than ad hoc market timing. The transactions are factual disclosures and do not by themselves indicate the insider’s market view.