WBD’s Gerhard Zeiler sells 591,038 shares after exercising options
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Form Type
4
Rhea-AI Filing Summary
Warner Bros. Discovery, Inc. officer Gerhard Zeiler (President, International) reported a series of option exercises and same‑day sales of Series A Common Stock on August 10, 2026. He exercised employee stock options covering 491,038 shares at strike prices of $15.02, $8.67, and $11.02 per share, and sold a total of 591,038 shares at weighted average prices around $27 per share in multiple transactions. Following one option exercise series, 188,193 options remained outstanding. Footnotes state that reported sale prices are weighted averages over narrow intraday price ranges.
Insights
Analyzing...
Insider Trade Summary
Exercise and sale activity reported; no spread calculated
Exercise and Sale
10 txns
Insider
Zeiler Gerhard
Role
President, International
Sold
591,038 shs ($15.99M)
Approx. gross sale proceeds
$15.99M
Approx. exercise cost
$5.76M
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Employee Stock Option (right to acquire) F5 | 201,656 | $0.00 | $0.00 |
| Exercise | Employee Stock Option (right to acquire) F6 | 196,691 | $0.00 | $0.00 |
| Exercise | Employee Stock Option F7 | 92,691 | $0.00 | $0.00 |
| Sale | Series A Common Stock F1 | 100,000 | $27.06 | $2.71M |
| Exercise | Series A Common Stock | 201,656 | $15.02 | $3.03M |
| Sale | Series A Common Stock F2 | 201,656 | $27.07 | $5.46M |
| Exercise | Series A Common Stock | 196,691 | $8.67 | $1.71M |
| Sale | Series A Common Stock F3 | 196,691 | $27.04 | $5.32M |
| Exercise | Series A Common Stock | 92,691 | $11.02 | $1.02M |
| Sale | Series A Common Stock F4 | 92,691 | $27.02 | $2.50M |
Holdings After Transaction:
Employee Stock Option (right to acquire) — 101,326 contracts (Direct);
Employee Stock Option — 188,193 contracts (Direct);
Series A Common Stock — 537,436 shares (Direct)
Footnotes (7)
- F1. The price reported represents the weighted average price of shares of Series A common stock sold in multiple transactions at prices ranging from $27.05 to $27.09 per share. The reporting person will provide to the Issuer, any security holder of the Issuer, or the SEC staff, upon request, information regarding the number of shares sold at each price within the range.
- F2. The price reported represents the weighted average price of shares of Series A common stock sold in multiple transactions at prices ranging from $27.06 to $27.10 per share. The reporting person will provide to the Issuer, any security holder of the Issuer, or the SEC staff, upon request, information regarding the number of shares sold at each price within the range.
- F3. The price reported represents the weighted average price of shares of Series A common stock sold in multiple transactions at prices ranging from $27.03 to $27.07 per share. The reporting person will provide to the Issuer, any security holder of the Issuer, or the SEC staff, upon request, information regarding the number of shares sold at each price within the range.
- F4. The price reported represents the weighted average price of shares of Series A common stock sold in multiple transactions at prices ranging from $27.01 to $27.03 per share. The reporting person will provide to the Issuer, any security holder of the Issuer, or the SEC staff, upon request, information regarding the number of shares sold at each price within the range.
- F5. This option vests in three installments (33%, 33%, 34%) beginning on March 1, 2024.
- F6. This option vests in three installments (33%, 33%, 34%) beginning on March 1, 2025.
- F7. This option vests in three installments (33%, 33%, 34%) beginning on March 3, 2026.
Key Figures
Shares sold: 591,038 shares
Shares from option exercises: 491,038 shares
Strike price: $15.02 per share
+4 more
7 metrics
Shares sold
591,038 shares
Total Series A Common Stock sold on August 10, 2026
Shares from option exercises
491,038 shares
Total shares underlying options exercised on August 10, 2026
Strike price
$15.02 per share
Exercise price for 201,656 options expiring March 1, 2030
Strike price
$8.67 per share
Exercise price for 196,691 options expiring March 1, 2031
Strike price
$11.02 per share
Exercise price for 92,691 options expiring March 3, 2032
Sale price example
$27.06 per share
Weighted average price for 100,000‑share sale (range $27.05–$27.09)
Remaining options
188,193 options
Employee stock options remaining after one exercise series
Key Terms
Employee Stock Option, weighted average price, Series A Common Stock, vests in three installments
4 terms
Employee Stock Option financial
"security_title: "Employee Stock Option (right to acquire)""
An employee stock option is a promise that lets a worker buy company shares later at a predetermined price, often after they stay for a certain period or meet performance goals — think of it like a coupon that locks in today's price for a future purchase. It matters to investors because options align employees’ incentives with company performance, can increase the number of shares outstanding (dilution) when exercised, and represent a compensation cost that affects reported profits and shareholder value.
weighted average price financial
"The price reported represents the weighted average price of shares"
Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.
Series A Common Stock financial
"underlying_security_title: "Series A Common Stock""
Series A common stock is a specific class of a company’s ordinary shares issued during an early formal funding round, carrying the ownership rights and voting power tied to that class. For investors it signals an early-stage equity claim with potential upside if the business grows, but also greater risk and typically less liquidity than shares in mature, publicly traded firms—imagine buying a seat on a startup’s team before the company has proven itself.
vests in three installments financial
"This option vests in three installments (33%, 33%, 34%)"
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What did Gerhard Zeiler report in this Form 4 for WBD?
Gerhard Zeiler reported option exercises for 491,038 shares of Warner Bros. Discovery Series A Common Stock and sales of 591,038 shares on August 10, 2026, in multiple open‑market transactions.
How many stock options did Gerhard Zeiler exercise in this WBD filing?
He exercised employee stock options covering 491,038 shares of WBD Series A Common Stock, with strike prices of $15.02, $8.67, and $11.02 per share, all on August 10, 2026.
What sale prices were reported in Gerhard Zeiler’s WBD Form 4?
The reported per‑share prices are weighted averages of multiple trades: $27.06, $27.07, $27.04, and $27.02, each footnoted as representing ranges of a few cents around those averages.
Does Gerhard Zeiler still hold WBD stock options after these transactions?
Yes. After one of the reported exercises, 188,193 employee stock options remained outstanding, as shown in the holding figure following that specific option transaction.
Were Gerhard Zeiler’s WBD trades under a Rule 10b5-1 plan?
The Form 4’s Rule 10b5‑1 checkbox is not marked as affirming a trading plan, and the footnotes do not state that these transactions were executed under a Rule 10b5‑1 arrangement.
AI-generated analysis. How Rhea-AI works. Not financial advice.
