First Horizon (FHN) SEVP Elizabeth Ardoin Exercises Options, Sells Shares

What Happened
Elizabeth A. Ardoin, Senior EVP & Chief Communications Officer of First Horizon (FHN), exercised multiple option awards on Aug 20, 2026, acquiring 22,571 shares at various strike prices (total exercise cost $390,660). She sold 17,313 of those shares in open-market transactions the same day, generating gross proceeds of about $455,142. Net retained shares from this activity are 5,258 (22,571 exercised − 17,313 sold).

Key Details

• Transaction date: August 20, 2026; Form 4 filed Aug 24, 2026 (filed on the expected reporting day).
• Exercises (M) — shares and exercise prices:
  • 4,258 @ $18.68 (cost $79,539)
  • 3,502 @ $18.68 (cost $65,417)
  • 3,763 @ $17.94 (cost $67,508)
  • 3,324 @ $17.94 (cost $59,633)
  • 6,724 @ $15.35 (cost $103,213)
  • 1,000 @ $15.35 (cost $15,350)
  • Total exercised = 22,571 shares; total exercise cost = $390,660.
• Open-market sales (S) — shares and proceeds:
  • 3,502 @ $24.85 = $87,025
  • 3,763 @ $24.86 = $93,529
  • 3,324 @ $24.86 = $82,618
  • 6,724 @ $24.86 = $167,125
  • 1,000 @ $24.84 = $24,845
  • Total sold = 17,313 shares; total proceeds ≈ $455,142.
• Net retained from this activity: 5,258 shares (exercised minus sold). The filing does not state total shares owned after the transactions (starting holdings not provided).
• Several entries show "derivative disposed" at $0 — these reflect conversion/settlement of option instruments upon exercise (reported per SEC formatting), not separate cash sales.
• No 10b5-1, tax-withholding, or other plan-specific notes were indicated in the provided data.

Context

• This is an option exercise followed largely by same-day open-market sales (often done to cover exercise cost, taxes, or to realize gains). That pattern is informative (realized proceeds ≈ $455K) but does not by itself indicate broader insider sentiment.
• Exercises are coded "M" (option exercise); sales are coded "S" (open-market sale).
• Filing appears timely: transaction date Aug 20 and Form 4 filed Aug 24, 2026 (within typical reporting window).