CNO (CNO) CEO Bhojwani sells 86,048 shares after option exercise

Rhea-AI Filing Summary

CNO Financial Group CEO Gary C. Bhojwani reported a combination of option exercises and stock sales. He exercised 44,250 Employee Stock Options at an exercise price of $21.06 per share, converting them into common stock, and then sold a total of 86,048 common shares in two open-market transactions at weighted average prices of about $51.48 per share pursuant to a Rule 10b5-1 trading plan adopted on March 31, 2026. After these transactions, he held 174,264 common shares directly and 651,189 common shares indirectly through the Gary C. Bhojwani Revocable Trust.

Insights

Equity compensation and insider-trading analyst

CEO executes planned option exercise-and-sell under 10b5-1, net share reduction but routine in nature.

Gary C. Bhojwani, CEO of CNO Financial Group, exercised 44,250 Employee Stock Options at an exercise price of $21.06 and sold the same 44,250 shares plus an additional 41,798 shares, totaling 86,048 shares. Sale prices were reported as weighted averages around $51.48 per share.

The filing notes that these sales were executed under a Rule 10b5-1 trading plan adopted on March 31, 2026, indicating they were pre-planned rather than opportunistic. Following the transactions, Bhojwani directly owned 174,264 common shares and indirectly held 651,189 shares via a revocable trust, so he retains a substantial equity stake.

This is a classic exercise-and-sell pattern: options granted earlier, which vested in 2019 and 2020, were exercised and largely monetized. From an investor perspective, the pre-arranged plan and sizeable remaining holdings suggest a routine liquidity event rather than a fundamental shift in insider sentiment, although it does modestly reduce his net share exposure.

Insider Trade Summary 10b5-1

Net Seller: 86,048 shares ($4,429,457)

Net Sell 5 txns

Insider Bhojwani Gary C.

Role Chief Executive Officer

Sold 86,048 shs ($4.43M)

Type	Security	Shares	Price	Value
Exercise	Employee Stock Option (Right to Buy)	44,250	$0.00	--
Exercise	Common Stock	44,250	$21.06	$932K
Sale	Common Stock	44,250	$51.4759	$2.28M
Sale	Common Stock	41,798	$51.4773	$2.15M
holding	Common Stock	--	--	--

Holdings After Transaction: Employee Stock Option (Right to Buy) — 0 shares (Direct, null); Common Stock — 260,312 shares (Direct, null); Common Stock — 651,189 shares (Indirect, Gary C. Bhojwani Revocable Trust)

Footnotes (1)

1. Shares sold pursuant to a Rule 10b5-1 trading plan adopted on March 31, 2026. Reflects the weighted average sale price. For each of the two sale transactions reported on this Form 4, the shares were sold at prices ranging from $50.98 per share to $52.13 per share. Reporting person will provide full information regarding the number of shares sold at each separate price upon request by the SEC staff, the issuer or any security holder of the issuer. One-half of the stock options vested and became exercisable on February 23, 2019, and one-half vested and became exercisable on February 23, 2020.

Key Figures

Shares sold: 86,048 shares Option shares exercised: 44,250 shares Option exercise price: $21.06/share +5 more

8 metrics

Shares sold 86,048 shares Total common shares sold in two open-market transactions

Option shares exercised 44,250 shares Employee Stock Options converted to common stock

Option exercise price $21.06/share Exercise price of Employee Stock Options

Sale price range $50.98–$52.13/share Range of prices for reported sales

Direct holdings after 174,264 shares Common stock directly owned post-transaction

Indirect holdings after 651,189 shares Common stock held via Gary C. Bhojwani Revocable Trust

Net sell shares 86,048 shares Net buy/sell direction reported as net-sell

10b5-1 adoption date March 31, 2026 Date CEO’s Rule 10b5-1 trading plan was adopted

Key Terms

Rule 10b5-1 trading plan, Employee Stock Option (Right to Buy), weighted average sale price, vested and became exercisable, +1 more

5 terms

Rule 10b5-1 trading plan regulatory

"Shares sold pursuant to a Rule 10b5-1 trading plan adopted on March 31, 2026."

A Rule 10b5-1 trading plan is a pre-arranged schedule that allows company insiders to buy or sell stock at specific times, even if they have inside information. It helps prevent accusations of unfair trading by making these transactions look planned and transparent, rather than sneaky or illegal.

Employee Stock Option (Right to Buy) financial

"Employee Stock Option (Right to Buy) with an exercise or conversion price of 21.0600."

weighted average sale price financial

"Reflects the weighted average sale price. For each of the two sale transactions reported on this Form 4..."

vested and became exercisable financial

"One-half of the stock options vested and became exercisable on February 23, 2019, and one-half vested and became exercisable on February 23, 2020."

derivative exercise/conversion financial

"transaction_action is described as derivative exercise/conversion for the option transaction."

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Form 4 Insider Transactions: What Each Field Means →

Available on EDGAR 07/01/2026 - 04:11 PM Accepted by SEC EDGAR 07/01/2026 - 04:10 PM Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

X

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Bhojwani Gary C.

(Last) (First) (Middle)

C/O CNO FINANCIAL GROUP, INC.

11299 ILLINOIS STREET, SUITE 200

(Street)

CARMEL INDIANA 46032

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
CNO Financial Group, Inc. [ CNO ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Executive Officer

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
06/30/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	06/30/2026		M		44,250	A	$21.06	260,312	D
Common Stock	06/30/2026		S		44,250(1)	D	$51.4759(2)	216,062	D
Common Stock	06/30/2026		S		41,798(1)	D	$51.4773(2)	174,264	D
Common Stock								651,189	I	Gary C. Bhojwani Revocable Trust

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Employee Stock Option (Right to Buy)	$21.06	06/30/2026		M			44,250	(3)	02/23/2027	Common Stock	44,250	$0	0	D

Explanation of Responses:

1. Shares sold pursuant to a Rule 10b5-1 trading plan adopted on March 31, 2026.

2. Reflects the weighted average sale price. For each of the two sale transactions reported on this Form 4, the shares were sold at prices ranging from $50.98 per share to $52.13 per share. Reporting person will provide full information regarding the number of shares sold at each separate price upon request by the SEC staff, the issuer or any security holder of the issuer.

3. One-half of the stock options vested and became exercisable on February 23, 2019, and one-half vested and became exercisable on February 23, 2020.

Remarks:

	Heidi M. Krings, Attorney-in-Fact	07/01/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

FAQ

What did CNO (CNO) CEO Gary C. Bhojwani report in this Form 4?

Gary C. Bhojwani reported exercising 44,250 stock options and selling 86,048 common shares. The sales were open-market transactions executed under a Rule 10b5-1 trading plan, reflecting a pre-arranged exercise-and-sell liquidity event rather than a newly timed discretionary trade.

How many CNO shares did the CEO sell and at what prices?

The CEO sold 86,048 CNO common shares in two transactions. Weighted average sale prices were approximately $51.48 per share, with actual sale prices ranging from $50.98 to $52.13, as disclosed in the filing’s footnote detailing the transaction price ranges.

What stock options did the CNO CEO exercise in this filing?

He exercised 44,250 Employee Stock Options with a $21.06 exercise price per share. These options vested in two tranches that became exercisable on February 23, 2019, and February 23, 2020, converting into an equivalent number of CNO common shares before the reported sales.

Was the CNO CEO’s stock sale part of a Rule 10b5-1 plan?

Yes. The filing states the shares were sold pursuant to a Rule 10b5-1 trading plan adopted on March 31, 2026. Such plans pre-schedule trades, indicating the timing of these sales was determined in advance rather than based on short-term market developments.

How many CNO shares does the CEO own after these transactions?

After the reported exercise and sales, the CEO directly owns 174,264 CNO common shares. He also indirectly holds 651,189 additional common shares through the Gary C. Bhojwani Revocable Trust, leaving him with a substantial combined equity position in the company.

What does the net share change from this CNO Form 4 indicate?

The transaction summary shows net-sell activity of 86,048 shares, reflecting more shares sold than acquired. Combined with the option exercise, this represents a liquidity event and modest reduction in exposure, while the CEO still maintains significant direct and indirect share ownership.