Form 4: RGA Executive Acquires Stock Appreciation Rights and Restricted Share Units

John W. Hayden, EVP and Controller of Reinsurance Group of America, acquires stock appreciation rights and restricted share units on March 15, 2024.

Summary

• On March 15, 2024, John W. Hayden, EVP and Controller of Reinsurance Group of America Inc. (RGA), acquired stock appreciation rights and restricted share units.
• The stock appreciation right allows Hayden to purchase 1,017 shares of common stock at a price of $185.28, expiring on March 15, 2034.
• Hayden also acquired 373 restricted share units, which will fully vest on December 31, 2026, and settle in common stock.
• The stock appreciation rights and restricted share units vest in 33 and 1/3% increments over three years.

Sentiment

Score: 5

Explanation: The document is a standard SEC filing related to executive compensation, indicating a neutral sentiment.

Future Outlook

The stock appreciation rights and restricted share units vest over three years, incentivizing long-term performance.

Industry Context

This filing is a routine disclosure of executive compensation in the form of equity-based awards, common in the insurance and reinsurance industries.

Comparison to Industry Standards

• Equity compensation is a standard practice among publicly traded companies, including RGA's competitors such as Prudential Financial, MetLife, and Manulife Financial.
• These companies often use stock options, restricted stock units, and performance-based awards to align executive interests with shareholder value.
• The vesting schedules and terms of these awards are generally comparable across the industry, with vesting periods typically ranging from three to five years.

Stakeholder Impact

• The acquisition of stock appreciation rights and restricted share units aligns the executive's interests with those of the shareholders, incentivizing long-term value creation.

Key Dates