ZION EVP Scott Law Exercises Options, Sells Shares

What Happened
Scott A. Law, Executive Vice President of ZIONS BANCORPORATION (ZION), exercised stock option/derivative awards and sold the resulting shares on Aug 4, 2026. He exercised two tranches: 3,705 shares and 903 shares at an exercise price of $45.65 per share (total exercise cost $210,355). Those same shares were sold in open-market transactions the same day at approximately $72.44 and $72.36 per share, generating roughly $268,390 and $65,337 respectively (total proceeds about $333,727).

Key Details

• Transaction date: 2026-08-04; filing date: 2026-08-05 (timely filed).
• Exercises (code M): 3,705 shares @ $45.65 (acquired for $169,133) and 903 shares @ $45.65 (acquired for $41,222).
• Open-market sales (code S): 3,705 shares @ $72.44 (proceeds $268,390) and 903 shares @ $72.36 (proceeds $65,337).
• Total shares exercised and sold: 4,608; total gross sale proceeds ≈ $333,727; total exercise cost = $210,355.
• Shares owned after transaction: not specified in the provided filing excerpt.
• Footnote: F1 — grant has a graded vesting schedule; dates exercisable vary by tranche.
• Transaction codes: M = option/derivative exercise, S = sale (open market).

Context

• This was a same-day exercise and sale (often called a cashless or sell-to-cover pattern): options were exercised and the resulting shares were sold immediately. For retail investors, purchases can be interpreted as a stronger bullish signal than sales; exercises followed by immediate sales commonly reflect option vesting, tax withholding or liquidity needs rather than a directional bet on the stock.
• The filing shows routine insider option activity; no 10% owner status or other special conditions are indicated in the provided excerpt.