Las Vegas Sands officer exercises 100,000 options at $34.28, sells 100,000

Rhea-AI Filing Summary

Las Vegas Sands (LVS) reported an insider transaction by its EVP and Global General Counsel. On November 7, 2025, the officer exercised 100,000 options at $34.28 and sold 100,000 shares at a $64.99 weighted average price. The sale price reflects multiple trades between $64.84 and $65.36.

After these transactions, the officer beneficially owned 13,735 common shares directly. The filing shows 400,000 stock options beneficially owned following the event, with an expiration date of December 2, 2031. The options referenced in the exercise vested in three equal annual installments beginning on December 3, 2022.

Insights

Equity compensation analyst

Routine option exercise and sale; neutral for fundamentals.

An LVS officer exercised $34.28 strike options for 100,000 shares and sold 100,000 shares at a $64.99 weighted average on November 7, 2025. Such paired exercise-and-sell activity commonly reflects compensation and liquidity management rather than operational change.

The price range for sales was $64.84–$65.36, indicating orderly execution. Post‑transaction holdings include 13,735 shares and 400,000 options expiring on December 2, 2031, suggesting continued equity exposure via awards. No cash-flow use or business impact is indicated beyond this personal transaction.

Insider Trade Summary

Net Seller: 100,000 shares ($6,499,000)

Net Sell 3 txns

Insider Hudson D. Zachary

Role EVP and Global General Counsel

Sold 100,000 shs ($6.50M)

Type	Security	Shares	Price	Value
Exercise	Option (Right to Buy)	100,000	$0.00	--
Exercise	Common Stock	100,000	$34.28	$3.43M
Sale	Common Stock	100,000	$64.99	$6.50M

Holdings After Transaction: Option (Right to Buy) — 400,000 shares (Direct); Common Stock — 113,735 shares (Direct)

Footnotes (1)

1. The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $64.84 to $65.36, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote. These options vested in three equal annual installments beginning on December 3, 2022.

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Form 4 Insider Transactions: What Each Field Means →

Accepted by SEC EDGAR 11/10/2025 - 05:02 PM Learn about SEC filing dates

FAQ

What did LVS (LVS) disclose in this Form 4?

An officer exercised 100,000 options at $34.28 and sold 100,000 shares at a $64.99 weighted average on November 7, 2025.

How many LVS shares were sold and at what prices?

The officer sold 100,000 shares at a $64.99 weighted average, with trades between $64.84 and $65.36.

How many options were exercised and at what strike price?

The filing shows an exercise of 100,000 options at an exercise price of $34.28.

What are the remaining holdings after the transactions?

The officer holds 13,735 common shares directly and 400,000 options beneficially owned following the transaction.

When do the options expire and how did they vest?

The options expire on December 2, 2031 and vested in three equal annual installments beginning on December 3, 2022.

What is the filer’s relationship to Las Vegas Sands (LVS)?

The reporting person is an Officer, serving as EVP and Global General Counsel.

Who signed the report?

It was signed by /s/ Judy Tomkins, Attorney-in-Fact on November 10, 2025.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Hudson D. Zachary

(Last) (First) (Middle)

5420 S. DURANGO DRIVE

(Street)

LAS VEGAS NV 89113

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
LAS VEGAS SANDS CORP [ LVS ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	EVP and Global General Counsel

3. Date of Earliest Transaction (Month/Day/Year)
11/07/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	11/07/2025		M		100,000	A	$34.28	113,735	D
Common Stock	11/07/2025		S		100,000	D	$64.99(1)	13,735	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Option (Right to Buy)	$34.28	11/07/2025		M			100,000	(2)	12/02/2031	Common Stock	100,000	$0	400,000	D

Explanation of Responses:

1. The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $64.84 to $65.36, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote.

2. These options vested in three equal annual installments beginning on December 3, 2022.

Remarks:

	/s/ Judy Tomkins, Attorney-in-Fact	11/10/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.