Form 4: RGA Executive Jonathan Porter Reports Acquisition of Stock Appreciation Rights and Restricted Share Units

Jonathan Porter, EVP and Global Chief Risk Officer of Reinsurance Group of America, reports the acquisition of stock appreciation rights and restricted share units.

Summary

• On March 15, 2024, Jonathan Porter, EVP and Global Chief Risk Officer of Reinsurance Group of America Inc. (RGA), acquired 3,307 stock appreciation rights and 1,213 restricted share units.
• The stock appreciation rights have an exercise price of $185.28 and expire on March 15, 2034.
• The restricted share units vest in 33 and 1/3% increments over three years and fully vest on December 31, 2026.
• Both the stock appreciation rights and restricted share units settle in common stock.
• Following these transactions, Porter directly owns 3,307 stock appreciation rights and 1,213 restricted share units.

Sentiment

Score: 6

Explanation: Neutral sentiment as it's a routine disclosure of executive compensation. The acquisition of equity suggests a positive outlook from the executive, but it's not a major market-moving event.

Positives

• The acquisition of stock appreciation rights and restricted share units suggests confidence in the company's future performance.

Future Outlook

The vesting schedule of the restricted share units indicates a multi-year incentive plan for the executive.

Industry Context

Executive compensation through stock-based awards is a common practice in the reinsurance industry to align management's interests with those of shareholders.

Comparison to Industry Standards

• Stock appreciation rights and restricted share units are common forms of equity compensation used by companies like Munich Re, Swiss Re, and Berkshire Hathaway to incentivize executives.
• The vesting schedule of three years is fairly standard in the industry.

Stakeholder Impact

• The acquisition of stock-based compensation aligns the executive's interests with those of the shareholders.

Key Dates