Law Scott A. 4

What Happened

• Scott A. Law, Executive Vice President of Zions Bancorporation (ZION), exercised stock options on 2026-04-28 that converted into 1,974 shares at an exercise price of $43.07 per share (total exercise cost $85,020).
• To cover the tax liability from the exercise, 1,343 shares were surrendered/withheld at an implied value of $63.37 per share (value ~$85,106). The filing also records the derivative instrument conversion tied to the exercise.

Key Details

• Transaction dates: 2026-04-28; Filing date: 2026-04-30.
• Exercise: 1,974 shares @ $43.07 (acquired via option exercise) — value of exercised options $85,020.
• Tax/withholding: 1,343 shares withheld/returned @ $63.37 — value ~$85,106 (reported as a disposition for tax withholding).
• Footnote: F1 notes a graded vesting schedule; exercisable dates vary by tranche.
• Shares owned after transaction: Not specified in the provided filing excerpt.
• Timeliness: Filing was submitted two days after the transaction (no late-file flag present in the provided data).

Context

• This was an option exercise rather than an open-market purchase; exercising is effectively an acquisition of shares but the simultaneous withholding/surrender of shares to pay taxes is a routine administrative step (a form of cashless/net settlement) and not necessarily a directional market bet.
• Derivative code M indicates option exercise/conversion; code F indicates payment of tax liability via share withholding.