Form 4: Director Michele Bang Acquires RGA Phantom Stock

Director Michele Bang acquired 817 phantom stock units as part of a deferred annual stock grant for board services.

Summary

• Director Michele Bang acquired 817 phantom stock units on May 20, 2026.
• The acquisition represents a deferral of an annual stock grant for services performed as a director.
• The phantom stock units convert 1-for-1 into common stock based on fair market value.
• The units are distributable upon the director's retirement from the Board or after a specified five or seven-year deferral period.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral, routine disclosure of director compensation that does not signal a change in company strategy or financial health.

Positives

• Demonstrates alignment of director interests with shareholders through equity-based compensation.
• Reflects long-term commitment to the company by deferring compensation until retirement or future dates.

Negatives

• None identified; this is a standard director compensation disclosure.

Risks

• Value of phantom stock is subject to the future market performance of RGA common stock.

Future Outlook

The director has elected to defer receipt of these shares until retirement or a specified five or seven-year period, indicating a long-term holding strategy.

Industry Context

StockSavvy.ai notes that director equity deferral programs are standard corporate governance practices in the insurance and financial services sector to ensure long-term alignment between board members and shareholders.

Comparison to Industry Standards

• The use of phantom stock for director compensation is consistent with standard practices among large-cap financial institutions.
• The 1-for-1 conversion ratio is standard for equity-linked director compensation plans.

Corporate Governance

Stakeholder Impact

• Shareholders benefit from director alignment with long-term stock performance.

Next Steps

• The director will receive the underlying common stock upon retirement or the expiration of the chosen deferral period.

Key Dates

Keywords

RGA, Reinsurance Group of America, Form 4, Director Compensation, Insider Trading, Phantom Stock