Frink Lloyd D 4

What Happened
Lloyd D. Frink, Co‑Executive Chairman, President and Director of Zillow Group (Z/ZG), exercised a total of 27,774 stock options (9,258 shares each day) at $22.41 per share on Feb 9–11, 2026 (total exercise cost $622,416). He then sold all 27,774 shares in open‑market transactions across the same three days for total gross proceeds of $1,439,955 (weighted average sale price ≈ $51.85). These paired exercise-and-sale transactions are effectively a cashless exercise followed by immediate sales.

Key Details

• Transaction dates: Feb 9, Feb 10 and Feb 11, 2026.
• Exercises: 3 × 9,258 shares at $22.41 each = 27,774 shares acquired; total exercise cost $622,416. (Derivative code M = option exercise; option fully vested/exercisable — F10.)
• Sales: 27,774 shares sold across the three days for combined proceeds $1,439,955 (weighted avg ≈ $51.85/share). Per‑day sale totals: Feb 9 = $505,801; Feb 10 = $510,914; Feb 11 = $423,240.
• Sales were executed under a Rule 10b5‑1 trading plan adopted Dec 11, 2024 (F1). Individual sale lines report weighted‑average prices and price ranges (F2–F9).
• Net cash after exercise (proceeds minus exercise cost) ≈ $817,539.
• Shares owned after the transactions are not provided here — see the Form 4 for post‑transaction holdings.
• Filing date: Feb 11, 2026. The filing appears to be timely relative to the reported transaction dates.

Context

• These filings show an option exercise immediately followed by sales of the same number of shares each day (common cashless exercise/tax‑covering pattern). The Form 4 records both the exercise (M) and the subsequent open‑market sales (S).
• The sales were executed pursuant to a pre‑existing 10b5‑1 plan, indicating the sales were preplanned rather than ad hoc trades.
• This report is factual disclosure of insider activity; it does not, by itself, indicate the insider’s view on the company’s prospects.