Form 4: RGA Executive John W. Hayden Reports Stock Transactions

EVP and Controller John W. Hayden reports the exercise of stock appreciation rights and subsequent sale of shares to cover exercise costs and tax obligations.

Summary

• On May 10, 2024, John W. Hayden, EVP and Controller of Reinsurance Group of America Inc. (RGA), executed transactions involving stock appreciation rights.
• Hayden exercised stock appreciation rights from 2015 and 2016, converting them into common stock.
• A portion of the acquired shares was sold to cover the exercise price, and another portion was withheld to satisfy tax obligations.
• Specifically, 1,365 shares were sold at $90.06 each, and 466 shares were withheld at $208.77 each related to the 2015 stock appreciation rights.
• Additionally, 1,555 shares were sold at $93.53 each, and 687 shares were withheld at $208.77 each related to the 2016 stock appreciation rights.
• Following these transactions, Hayden directly owns 18,257 shares of RGA common stock.

Sentiment

Score: 5

Explanation: The document is a standard regulatory filing detailing stock transactions by an executive. It doesn't inherently convey positive or negative sentiment, but rather provides factual information.

Industry Context

Form 4 filings are routine disclosures required by the SEC to provide transparency into the transactions of company insiders. These filings are closely watched by investors to gauge management's sentiment and potential future actions.

Comparison to Industry Standards

• Executive compensation practices, including the use of stock appreciation rights, are common in the reinsurance industry.
• Companies like Prudential Financial, MetLife, and Manulife Financial also utilize similar equity-based compensation to align executive interests with shareholder value.
• The vesting schedules and terms of these rights are generally comparable across the industry, with typical vesting periods of three years.

Stakeholder Impact

• The transactions have a minimal direct impact on stakeholders, as they primarily reflect the execution of existing compensation plans.
• Shareholders may view the filing as an indication of management's confidence in the company, although the transactions are largely driven by tax and exercise considerations.

Key Dates