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RGA (RGA) EVP Raymond Kleeman receives stock appreciation rights and RSU grant

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

Rhea-AI Filing Summary

REINSURANCE GROUP OF AMERICA executive Raymond Kleeman, EVP and Chief HR Officer, received new equity-based awards. He was granted 2,999 stock appreciation rights with a conversion price of $200.50 per share, expiring on March 19, 2036, plus 1,039 restricted share units tied to common stock.

The stock appreciation rights and restricted share units settle in common stock and vest in 33 1/3% increments beginning on the first anniversary of the March 19, 2026 grant date, becoming fully vested on March 19, 2029. These awards increase Kleeman’s direct equity-linked holdings in the company.

Positive

  • None.

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  • None.
Insider Kleeman Raymond
Role EVP, Chief HR Officer
Type Security Shares Price Value
Grant/Award Restricted Share Unit - March 2026 1,039 $0.00 $0.00
Grant/Award Stock Appreciation Right (right to purchase) 2026 2,999 $0.00 $0.00
Holdings After Transaction: Restricted Share Unit - March 2026 — 1,039 shares (Direct); Stock Appreciation Right (right to purchase) 2026 — 2,999 shares (Direct)
Footnotes (1)
  1. F1. Stock appreciation rights and restricted share units settle in common stock, vest in 33 1/3% increments, beginning on the first anniversary date of the grant, and fully vest on March 19, 2029.
Stock appreciation rights granted 2,999 rights Grant on March 19, 2026 to EVP, Chief HR Officer
SAR conversion price $200.50 per share Stock Appreciation Right conversion price for RGA common stock
SAR expiration date March 19, 2036 Expiration of granted stock appreciation rights
Restricted share units granted 1,039 RSUs Grant on March 19, 2026 tied to common stock
Full vesting date March 19, 2029 Both SARs and RSUs fully vest on this date
Stock Appreciation Right financial
"Stock Appreciation Right (right to purchase) 2026"
A stock appreciation right (SAR) is a form of employee pay that gives the holder the right to receive the increase in a company's share price over a set reference price, paid in cash or shares, without having to buy stock first. It matters to investors because SARs can create future cash outflows or dilute existing shareholders if settled in stock, and they align employee incentives with share-price performance like a bonus tied to a home's price rise.
Restricted Share Unit financial
"Restricted Share Unit - March 2026"
A restricted share unit (RSU) is a promise by a company to give an employee a set number of company shares at a future date, typically after meeting time or performance conditions. For investors, RSUs matter because when they convert into actual shares they increase the number of shares outstanding (like unlocking more tickets in a game), which can dilute existing holders, and they align employee incentives with company performance, influencing behavior and long-term value.
vest financial
"settle in common stock, vest in 33 1/3% increments"
A vest is the process by which an employee earns the right to receive certain benefits or ownership interests, such as stock or retirement funds, over time. It’s similar to earning a reward gradually, ensuring that the benefit becomes fully yours only after a set period or meeting specific conditions. This makes it important for investors because it determines when they can actually claim or use those benefits.
common stock financial
"Stock appreciation rights and restricted share units settle in common stock"
Common stock represents ownership shares in a company, giving investors a stake in its success and a say in important decisions through voting rights. It is the most common type of stock traded on markets and can provide income through dividends, as well as potential for value growth. For investors, holding common stock means sharing in the company’s profits and risks.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Form 4 Insider Transactions: What Each Field Means →

FAQ

What did RGA EVP Raymond Kleeman acquire in this Form 4 filing?
Raymond Kleeman received new equity awards consisting of 2,999 stock appreciation rights and 1,039 restricted share units. Both instruments are tied to Reinsurance Group of America (RGA) common stock and are structured as compensation-related grants, not open-market purchases or sales.

What are the key terms of Raymond Kleeman’s stock appreciation rights at RGA?
Kleeman’s award includes 2,999 stock appreciation rights with a conversion price of $200.50 per share. These rights settle in RGA common stock and expire on March 19, 2036, providing long-term equity exposure linked to the company’s share performance over that period.

How do the new restricted share units for RGA’s Raymond Kleeman work?
Kleeman was granted 1,039 restricted share units linked to RGA common stock. The units settle in shares and vest gradually, giving him additional direct equity-linked compensation over time as vesting milestones are reached, rather than an immediate cash or stock payment.

What is the vesting schedule for Raymond Kleeman’s new RGA equity awards?
Both the stock appreciation rights and restricted share units vest in 33 1/3% increments starting on the first anniversary of the March 19, 2026 grant date. They become fully vested on March 19, 2029, creating a three-year, time-based vesting period for the awards.

Do Raymond Kleeman’s new RGA awards settle in cash or stock?
The filing states that both the stock appreciation rights and restricted share units settle in RGA common stock. This means that, upon vesting and exercise where applicable, Kleeman will receive company shares rather than a cash-only payment for these compensation awards.
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*
Kleeman Raymond
(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)
EVP, Chief HR Officer
2a. Foreign Trading Symbol
3. Date of Earliest Transaction (Month/Day/Year)
03/19/2026		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
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
Restricted Share Unit - March 2026(1)03/19/2026A1,039 (1) (1)Common Stock1,039$01,039D
Stock Appreciation Right (right to purchase) 2026$200.5(1)03/19/2026A2,999 (1)03/19/2036Common Stock2,999$02,999D
Explanation of Responses:
1. Stock appreciation rights and restricted share units settle in common stock, vest in 33 1/3% increments, beginning on the first anniversary date of the grant, and fully vest on March 19, 2029.
Remarks:
This Form 4 is being filed late due to inadvertent administrative error.
/s/ My Chi To, by Power of Attorney04/27/2026
** 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