STEPHENS STEVEN DAN 4

What Happened

• Steven D. Stephens, Executive Vice President and Division CEO of Zions Bancorporation (ZION), exercised stock options on Feb 6, 2026 and sold shares that same day. The filing shows exercises (derivative code M) totaling 13,582 shares at exercise prices of $51.17 and $45.65 (aggregate exercise cost ≈ $657,969). In addition, Stephens sold shares in open-market trades (code S) totaling 15,476 shares at weighted average prices near $65.90, generating gross proceeds of about $1,019,925. The filing also includes derivative disposition entries corresponding to the exercised shares, consistent with shares being disposed in connection with the exercise (e.g., cashless exercise or withholding).

Key Details

• Transaction date: February 6, 2026; Form filed Feb 9, 2026 (appears timely).
• Option exercises acquired: 13,582 shares (2,106 + 4,769 + 6,707) at $51.17 and $45.65; exercise cost ≈ $657,969.
• Open-market sales: 15,476 shares (4,000 + 4,769 + 6,707) at weighted avg ≈ $65.88–$65.95; proceeds ≈ $1,019,925. Footnotes F1 and F2 note sales executed in multiple trades; reported prices are weighted averages.
• Filing notes F3: grant has a graded vesting schedule (vesting dates vary by tranche).
• Shares owned after the transactions are not disclosed in the provided excerpt.

Context

• For retail investors: this filing shows option exercises followed by share sales. When insiders exercise options and immediately sell shares, it is commonly to cover the exercise price and taxes (a cashless exercise), rather than a pure investment decision. The filing is factual and does not by itself indicate the insider’s view of the company’s prospects.