Lloyd Frink executes 10,000-option exercise and matched sales under 10b5-1 at ZG
Rhea-AI Filing Summary
Lloyd D. Frink, Zillow Group director, co-executive chairman and president, reported a series of option exercises and offsetting sales of Class C capital stock executed 08/11/2025–08/13/2025. He exercised stock options to acquire 671, 5,995 and 3,334 shares at an exercise price of $22.41 per share and sold matching lots totaling 10,000 Class C shares. The sales were reported at weighted-average prices in a range roughly $80.20 to $84.86 and were effected pursuant to a Rule 10b5-1 trading plan adopted on December 11, 2024.
Following these transactions Frink's reported direct beneficial ownership is 2,383,189 Class C shares, with an additional 797,765 shares held indirectly through the Frink Descendants' Trust.
Positive
- Transactions executed under a documented Rule 10b5-1 plan, indicating prearranged trading instructions
- Substantial retained ownership: 2,383,189 direct shares and 797,765 indirect shares via Frink Descendants' Trust
Negative
- Insider disposed of 10,000 Class C shares through sales executed 08/11–08/13/2025
- Share sales realized weighted-average prices roughly $80.20–$84.86, representing a liquidity event by the reporting person
Insights
TL;DR: Frink exercised 10,000 options at $22.41 and sold 10,000 Class C shares under a prearranged 10b5-1 plan; ownership largely retained.
The filing shows matched option exercises and sales across 08/11–08/13/2025: exercises acquired 10,000 shares at $22.41 per option and sales disposed of 10,000 Class C shares at weighted-average prices roughly $80.20–$84.86. The transactions were executed pursuant to a Rule 10b5-1 plan adopted 12/11/2024, indicating preplanned disposition rather than ad hoc selling. Material ownership remains substantial: 2,383,189 direct shares plus 797,765 indirect.
TL;DR: Insider activity appears planned and compliant; exercises funded sales under a 10b5-1 program, leaving significant residual ownership.
From a governance perspective, the report discloses option exercises followed by contemporaneous sales equal to the exercised amounts, and the filing explicitly references a 10b5-1 trading plan. The presence of an indirect holding via a descendants' trust (797,765 shares) and a large direct stake (2,383,189) suggests continued alignment with long-term shareholders despite the near-term sales.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Stock Option (right to buy) | 3,334 | $0.00 | -- |
| Exercise | Class C Capital Stock | 3,334 | $22.41 | $75K |
| Sale | Class C Capital Stock | 1,016 | $80.8908 | $82K |
| Sale | Class C Capital Stock | 928 | $82.0374 | $76K |
| Sale | Class C Capital Stock | 257 | $83.3611 | $21K |
| Sale | Class C Capital Stock | 1,121 | $84.3016 | $95K |
| Sale | Class C Capital Stock | 12 | $84.86 | $1K |
| Exercise | Stock Option (right to buy) | 5,995 | $0.00 | -- |
| Exercise | Class C Capital Stock | 5,995 | $22.41 | $134K |
| Sale | Class C Capital Stock | 5,483 | $80.2998 | $440K |
| Sale | Class C Capital Stock | 512 | $81.0693 | $42K |
| Exercise | Stock Option (right to buy) | 671 | $0.00 | -- |
| Exercise | Class C Capital Stock | 671 | $22.41 | $15K |
| Sale | Class C Capital Stock | 623 | $80.7177 | $50K |
| Sale | Class C Capital Stock | 48 | $81.23 | $4K |
| holding | Class C Capital Stock | -- | -- | -- |
Footnotes (1)
- The sale was effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on December 11, 2024. The reported price is a weighted average sale price. These shares were sold in multiple transactions at prices ranging from $80.20 to $81.06. The reporting person will provide to the issuer, any security holder of the issuer, or the SEC staff, upon request, full information regarding the number of shares sold at each separate price within the range. The reported price is a weighted average sale price. These shares were sold in multiple transactions at prices ranging from $80.00 to $80.72. The reporting person will provide to the issuer, any security holder of the issuer, or the SEC staff, upon request, full information regarding the number of shares sold at each separate price within the range. The reported price is a weighted average sale price. These shares were sold in multiple transactions at prices ranging from $81.00 to $81.12. The reporting person will provide to the issuer, any security holder of the issuer, or the SEC staff, upon request, full information regarding the number of shares sold at each separate price within the range. The reported price is a weighted average sale price. These shares were sold in multiple transactions at prices ranging from $80.485 to $81.42. The reporting person will provide to the issuer, any security holder of the issuer, or the SEC staff, upon request, full information regarding the number of shares sold at each separate price within the range. The reported price is a weighted average sale price. These shares were sold in multiple transactions at prices ranging from $81.60 to $82.58. The reporting person will provide to the issuer, any security holder of the issuer, or the SEC staff, upon request, full information regarding the number of shares sold at each separate price within the range. The reported price is a weighted average sale price. These shares were sold in multiple transactions at prices ranging from $82.85 to $83.75. The reporting person will provide to the issuer, any security holder of the issuer, or the SEC staff, upon request, full information regarding the number of shares sold at each separate price within the range. The reported price is a weighted average sale price. These shares were sold in multiple transactions at prices ranging from $83.85 to $84.84. The reporting person will provide to the issuer, any security holder of the issuer, or the SEC staff, upon request, full information regarding the number of shares sold at each separate price within the range. Option is fully vested and exercisable.
