[Form 4] Employers Holdings, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Alejandro Perez-Tenessa, a director of Employers Holdings, Inc. (EIG), reported on Form 4 that on 08/27/2025 he acquired 51 dividend equivalent rights ("DERs") tied to previously granted vested restricted stock units (RSUs). The DERs are the economic equivalent of one share of common stock each and were recorded at a $0 price. Following the reported transaction, the reporting person beneficially owns 236 shares in total. The filing explains Perez-Tenessa voluntarily deferred delivery of the underlying RSUs until six months after termination of his board service; the DERs become exercisable proportionately with those RSUs.

The form was signed by an attorney-in-fact on 08/28/2025. No cash consideration or additional derivative terms beyond exercise linkage to the RSUs are disclosed.

Positive

• Director retained economic exposure through DERs while voluntarily deferring share delivery, aligning his interests with shareholders.
• No cash paid for the DERs (recorded at $0), indicating this was an accrual of previously granted awards rather than a purchase.

Negative

• None.

Insights

Corporate Governance Expert

TL;DR: Routine insider disclosure showing a director deferred RSU delivery and received accrued DERs; governance-alignment signal but not materially transformative.

The Form 4 documents a standardized administrative transaction: 51 dividend equivalent rights accrued on vested RSUs where delivery of the underlying shares has been voluntarily deferred until six months after the reporting person's board service ends. This preserves the economic benefit of the awards while postponing share delivery. The disclosure is consistent with director compensation deferral practices and raises no immediate governance red flags. The filing does not disclose any change in control, accelerated vesting, or cash payments.

Securities Analyst

TL;DR: Small-scale non-cash accrual of 51 DERs, increasing beneficial ownership to 236 shares; immaterial to EIG's capital structure or earnings.

The transaction reports 51 DERs exercisable in proportion to vested RSUs; each DER equals one share economically and was recorded at a zero price. The additional 51 economic units raise the reporting person’s beneficial ownership to 236 shares. There is no reported cash consideration, exercise price, or expiration that would imply dilution or immediate market impact. For investors, this is a routine insider compensation-related disclosure with negligible effect on shares outstanding or company financials.

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

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^*

Perez-Tenessa Alejandro

(Last) (First) (Middle)

5340 KIETZKE LANE

SUITE 202

(Street)

RENO NV 89511

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Employers Holdings, Inc. [ EIG ]

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

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

3. Date of Earliest Transaction (Month/Day/Year)
08/27/2025

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

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

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

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

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
Dividend Equivalent Rights	(1)	08/27/2025		A		51		(1)	(1)	Common Stock, par value $0.01	51	$0	236	D

Explanation of Responses:

1. The dividend equivalent rights ("DERs") accrued on vested restricted stock units ("RSUs") previously granted to the reporting person where the reporting person has voluntarily deferred delivery of such RSUs until six months following termination of service on the board of directors. The DERs become exercisable proportionately with the RSUs to which they relate. Each DER is the economic equivalent of one share of common stock of Employers Holdings, Inc.

Remarks:

	/s/ Lori A. Brown, attorney in fact	08/28/2025
	** 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.

FAQ

What did Alejandro Perez-Tenessa report on Form 4 for EIG?

He reported acquisition of 51 dividend equivalent rights (DERs) on 08/27/2025 tied to vested RSUs, increasing his beneficial ownership to 236 shares.

What are the dividend equivalent rights (DERs) described in the filing?

The filing states each DER is the economic equivalent of one share of common stock and they accrued on vested restricted stock units.

Was there any cash consideration reported for the DERs?

No; the transaction lists a price of $0, indicating no cash was paid for these accrued rights.

When will the underlying RSUs be delivered according to the filing?

The reporting person has voluntarily deferred delivery of the RSUs until six months following termination of service on the board.

Who signed the Form 4 and when was it filed?

The form was signed by Lori A. Brown, attorney in fact on 08/28/2025, reflecting the 08/27/2025 transaction date.