Cincinnati Financial Chairman Exercises Options and Retains Net Shares

Overview of the Transaction

On October 28, 2026, Steven J. Johnston, Chairman of the Board and Director of Cincinnati Financial Corp ($CINF), engaged in an option exercise and associated share withholding transaction:

1. Option Exercise (Code M): Johnston exercised 76,484 stock options at an exercise price of $70.70 per share. These options carried an expiration date of February 10, 2027.
2. Share Withholding (Code F): Rather than executing open-market sales, 49,544 shares were withheld by the issuer at the market price of $180.52 per share (total value of $8,943,682.88) to satisfy the exercise cost and associated tax obligations.
3. Net Equity Change: Following the transactions, Johnston's direct ownership increased net by 26,940 shares, bringing his total direct beneficial holdings to 240,780 shares. In addition, Johnston holds 190,675 phantom stock shares via the company's Top Hat Savings Plan.

Market Significance & Signal Analysis

This transaction is categorized as Low trading significance:

• No Open-Market Sales: The transaction was entirely non-open-market, consisting of a standard option exercise and withholding of shares to cover tax liabilities and exercise costs.
• Net Accumulation: Rather than liquidating shares into the secondary market, the insider retained a net 26,940 common shares from the exercise.
• Expiry Timing: With the underlying options scheduled to expire in February 2027, the exercise aligns with typical executive equity planning as expiration nears.