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Reinsurance Group of America (RGA) EVP exercises 10,802 stock appreciation rights

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
4

Rhea-AI Filing Summary

Reinsurance Group of America Executive Vice President Ronald Herrmann reported multiple transactions tied to stock appreciation rights that settle in common stock. On August 11, 2026, he exercised four SAR grants from 2021, 2023, 2024 and 2025, converting an aggregate of 10,802 stock appreciation rights into common shares at stated exercise prices of $129.01, $138.34, $185.28 and $193.00 per share. According to the disclosures, 8,683 shares were delivered or withheld to satisfy exercise price and tax withholding obligations, with the remainder settled as net shares, including 688, 761, 454 and 216 shares for the respective awards. The 2021 SARs were fully exercised, while portions of the 2023, 2024 and 2025 grants remain outstanding, with 1,033, 1,656 and 3,632 stock appreciation rights continuing in effect.

Positive

  • None.

Negative

  • None.
Insider HERRMANN RONALD
Role Executive Vice President
Type Security Shares Price Value
Exercise Stock Appreciation Right (right to purchase) 2021 F5 2,577 $0.00 $0.00
Exercise Stock Appreciation Right (right to purchase) 2023 F6 3,098 $0.00 $0.00
Exercise Stock Appreciation Right (right to purchase) 2024 F7 3,311 $0.00 $0.00
Exercise Stock Appreciation Right (right to purchase) 2025 F8 1,816 $0.00 $0.00
Exercise Common stock 2,577 $129.01 $332K
Tax Withholding Common stock F1 1,889 $244.65 $462K
Exercise Common stock 3,098 $138.34 $429K
Tax Withholding Common stock F2 2,337 $244.65 $572K
Exercise Common stock 3,311 $185.28 $613K
Tax Withholding Common stock F3 2,857 $244.65 $699K
Exercise Common stock 1,816 $193.00 $350K
Tax Withholding Common stock F4 1,600 $244.65 $391K
Holdings After Transaction: Stock Appreciation Right (right to purchase) 2021 — 0 shares (Direct); Stock Appreciation Right (right to purchase) 2023 — 1,033 shares (Direct); Stock Appreciation Right (right to purchase) 2024 — 1,656 shares (Direct); Stock Appreciation Right (right to purchase) 2025 — 3,632 shares (Direct); Common stock — 6,057 shares (Direct)
Footnotes (8)
  1. F1. Represents the gross number of shares received (2,577), less shares withheld to satisfy conversion price and tax withholding obligations (1,889), resulting in a net settlement of 688 shares.
  2. F2. Represents the gross number of shares received (3,098), less shares withheld to satisfy conversion price and tax withholding obligations (2,337), resulting in a net settlement of 761 shares.
  3. F3. Represents the gross number of shares received (3,311), less shares withheld to satisfy conversion price and tax withholding obligations (2,857), resulting in a net settlement of 454 shares.
  4. F4. Represents the gross number of shares received (1,816), less shares withheld to satisfy conversion price and tax withholding obligations (1,600), resulting in a net settlement of 216 shares.
  5. F5. Stock appreciation rights granted on March 11, 2021, settle in common stock and vest in four equal annual installments of 25%, on each of December 31, 2021, 2022, 2023 and 2024.
  6. F6. Stock appreciation rights granted on March 9, 2023, settle in common stock and vest in four equal annual installments of 25%, on December 31, 2023, 2024, 2025 and 2026.
  7. F7. Stock appreciation rights granted on March 15, 2024, settle in common stock, vest in 33 and 1/3% increments over three years, and fully vest on December 31, 2026.
  8. F8. Stock appreciation rights granted on March 6, 2025, settle in common stock, vest in 33 and 1/3% increments over three years, and fully vest on December 31, 2027.
Stock appreciation rights exercised 10,802 rights Total derivative exercises (M code) reported on August 11, 2026
Shares for exercise price and taxes 8,683 shares Code F transactions used to satisfy exercise price and tax withholding obligations
2021 SAR exercise price $129.0100 per share Conversion or exercise price for 2,577 stock appreciation rights granted March 11, 2021
2023 SAR exercise price $138.3400 per share Conversion or exercise price for 3,098 stock appreciation rights granted March 9, 2023
2024 SAR exercise price $185.2800 per share Conversion or exercise price for 3,311 stock appreciation rights granted March 15, 2024
2025 SAR exercise price $193.0000 per share Conversion or exercise price for 1,816 stock appreciation rights granted March 6, 2025
2023 SARs remaining 1,033 rights Stock appreciation rights outstanding after the reported 2023 grant exercise
2025 SARs remaining 3,632 rights Stock appreciation rights outstanding after the reported 2025 grant exercise
Stock appreciation rights financial
"Stock appreciation rights granted on March 11, 2021, settle in common stock and vest"
Stock appreciation rights (SARs) are a form of employee compensation that give the holder the right to receive the increase in a company's stock price over a set baseline, paid in cash or shares, without having to buy the stock. For investors, SARs matter because they can create future cash outflows or share dilution and signal how a company rewards and motivates executives — similar to giving a bonus tied directly to how well the company’s stock performs.
net settlement financial
"resulting in a net settlement of 688 shares"
tax withholding obligations financial
"less shares withheld to satisfy conversion price and tax withholding obligations"
vest in four equal annual installments financial
"settle in common stock and vest in four equal annual installments of 25%"
exercise or conversion of derivative security financial
"transaction code description: Exercise or conversion of derivative security"

FAQ

What insider activity did RGA Executive Vice President Ronald Herrmann report on this Form 4?
Ronald Herrmann reported exercising four stock appreciation right grants on August 11, 2026, converting them into common stock. The filing also shows shares delivered or withheld to cover exercise price and tax obligations, with remaining SARs still outstanding.

How many stock appreciation rights did Ronald Herrmann exercise in the RGA Form 4 filing?
The filing shows Herrmann exercised 10,802 stock appreciation rights that settle in Reinsurance Group of America common stock. These rights came from grants made in 2021, 2023, 2024 and 2025, each with its own vesting schedule and exercise price per share.

How many RGA shares were used to cover exercise price and taxes in Herrmann’s Form 4?
The Form 4 discloses that 8,683 shares were delivered or withheld to satisfy exercise price and tax withholding obligations. This includes amounts like 1,889, 2,337, 2,857 and 1,600 shares tied to the respective stock appreciation right exercises.

Did Ronald Herrmann fully exercise all his RGA stock appreciation rights in this Form 4?
He fully exercised the 2021 stock appreciation rights but only partially exercised later grants. After the reported transactions, 1,033 (2023), 1,656 (2024) and 3,632 (2025) stock appreciation rights remain outstanding and continue to vest as described.

What are the exercise prices of the RGA stock appreciation rights in Herrmann’s Form 4?
The SAR exercises reference exercise prices of $129.01, $138.34, $185.28 and $193.00 per share, depending on the grant year. These prices apply to the respective 2021, 2023, 2024 and 2025 stock appreciation right awards that settle in common stock.

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Form 4 Insider Transactions: What Each Field Means →
SEC Form 4
FORM 4UNITED 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).
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*
HERRMANN RONALD
(Last)(First)(Middle)
16600 SWINGLEY RIDGE RD.
(Street)
CHESTERFIELD MISSOURI 63017
(City)(State)(Zip)
UNITED STATES
(Country)		2. Issuer Name and Ticker or Trading Symbol
REINSURANCE GROUP OF AMERICA INC [ RGA ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
Director10% Owner
XOfficer (give title below)Other (specify below)
Executive Vice President
2a. Foreign Trading Symbol
3. Date of Earliest Transaction (Month/Day/Year)
08/11/2026		6. Individual or Joint/Group Filing (Check Applicable Line)
XForm 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)
CodeVAmount(A) or (D)Price
Common stock08/11/2026M2,577A$129.016,515D
Common stock08/11/2026F1,889(1)D$244.654,626D
Common stock08/11/2026M3,098A$138.347,724D
Common stock08/11/2026F2,337(2)D$244.655,387D
Common stock08/11/2026M3,311A$185.288,698D
Common stock08/11/2026F2,857(3)D$244.655,841D
Common stock08/11/2026M1,816A$1937,657D
Common stock08/11/2026F1,600(4)D$244.656,057D
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)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares
Stock Appreciation Right (right to purchase) 2021$129.0108/11/2026M2,577 (5)03/11/2031Common stock2,577$00D
Stock Appreciation Right (right to purchase) 2023$138.3408/11/2026M3,098 (6)03/09/2033Common stock3,098$01,033D
Stock Appreciation Right (right to purchase) 2024$185.2808/11/2026M3,311 (7)03/15/2034Common stock3,311$01,656D
Stock Appreciation Right (right to purchase) 2025$19308/11/2026M1,816 (8)03/06/2035Common Stock1,816$03,632D
Explanation of Responses:
1. Represents the gross number of shares received (2,577), less shares withheld to satisfy conversion price and tax withholding obligations (1,889), resulting in a net settlement of 688 shares.
2. Represents the gross number of shares received (3,098), less shares withheld to satisfy conversion price and tax withholding obligations (2,337), resulting in a net settlement of 761 shares.
3. Represents the gross number of shares received (3,311), less shares withheld to satisfy conversion price and tax withholding obligations (2,857), resulting in a net settlement of 454 shares.
4. Represents the gross number of shares received (1,816), less shares withheld to satisfy conversion price and tax withholding obligations (1,600), resulting in a net settlement of 216 shares.
5. Stock appreciation rights granted on March 11, 2021, settle in common stock and vest in four equal annual installments of 25%, on each of December 31, 2021, 2022, 2023 and 2024.
6. Stock appreciation rights granted on March 9, 2023, settle in common stock and vest in four equal annual installments of 25%, on December 31, 2023, 2024, 2025 and 2026.
7. Stock appreciation rights granted on March 15, 2024, settle in common stock, vest in 33 and 1/3% increments over three years, and fully vest on December 31, 2026.
8. Stock appreciation rights granted on March 6, 2025, settle in common stock, vest in 33 and 1/3% increments over three years, and fully vest on December 31, 2027.
Remarks:
/s/ My Chi To, by Power of Attorney08/13/2026
** Signature of Reporting PersonDate
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)

Source: View Original Filing on SEC EDGAR