Cincinnati Financial Corp Chairman and Director Steven J. Johnston filed a Form 4 on October 29, 2026, disclosing transactions in common stock and derivative securities dated October 28, 2026.

Key Highlights

  • Option exercise: Johnston exercised stock options (transaction code M) covering 76,484 shares of common stock at an exercise price of $70.70 per share on October 28, 2026.
  • Shares withheld for taxes: 49,544 shares were disposed of (transaction code F) at $180.52 per share on the same date.
  • Resulting direct ownership: Following both transactions, Johnston directly holds 240,780 shares of common stock.
  • Options fully exercised: The stock option position with a $70.70 exercise price, originally granted February 10, 2018 and expiring February 10, 2027, was reduced to 0 shares following the exercise.
  • Phantom stock balance: Johnston also holds 190,675 phantom stock shares under the company's Top Hat Savings Plan, described in the filing as an "Excess Benefits Plan" within the meaning of Rule 16b-3(b)(2).

Johnston's October 28 Transactions: Option Exercise and Share Disposition at Cincinnati Financial

According to the filing, Steven J. Johnston, who serves as both Chairman and Director of Cincinnati Financial Corp (NASDAQ:CINF), reported two transactions in Table I on October 28, 2026. First, he acquired 76,484 shares of common stock through an option exercise (code M) at a price of $70.70 per share, bringing his total direct holdings to 290,324 shares at that point. Second, 49,544 shares were disposed of (code F) at $180.52 per share, leaving him with a direct beneficial ownership of 240,780 shares.

In Table II, the filing shows that the corresponding stock option, which carried an exercise price of $70.70 and was exercisable beginning February 10, 2018, with an expiration date of February 10, 2027, was fully exercised. Per the filing's explanation, "the option vests in three installments beginning on the first anniversary of the date of grant." Following the exercise, the remaining balance of that option position is reported as 0.00 shares.

The filing also reports that Johnston holds 190,675 phantom stock shares. According to the filing's explanation, these shares "were acquired under the company's Top Hat Savings Plan, an 'Excess Benefits Plan' within the meaning of Rule 16b-3(b)(2), and are to be settled upon the reporting person's retirement or other termination of service." The filing notes that Johnston "may transfer the value of his phantom stock shares into an alternative investment selection within the plan." All reported ownership is held directly.

What Was Disclosed

The filing discloses that Johnston exercised 76,484 stock options at $70.70 per share and had 49,544 shares withheld at $180.52 per share on October 28, 2026, resulting in direct ownership of 240,780 common shares plus 190,675 phantom stock shares.