ZG Form 4: Frink exercises options at $22.41 and sells shares under 10b5-1
Rhea-AI Filing Summary
Form 4 by Lloyd D. Frink, Co-Exec. Chairman & President of Zillow Group (ZG). Between 08/27/2025 and 08/29/2025 Mr. Frink exercised 10,000 stock options at an exercise price of $22.41 per share and concurrently sold 10,000 Class C shares at weighted-average prices in the roughly $83.7–$86.6 range under a Rule 10b5-1 trading plan adopted December 11, 2024. Following these reported transactions Mr. Frink directly beneficially owns approximately 2,233,189–2,236,523 Class C shares depending on the line item, and indirectly beneficially owns 697,765 shares through the Frink Descendants' Trust. The sales were disclosed as effected under the 10b5-1 plan and prices reflect weighted averages from multiple trades.
Positive
- Exercised 10,000 options at $22.41, indicating realization of long-term compensation at a low strike price
- Sales executed under a 10b5-1 plan adopted 12/11/2024, which provides pre-arranged trading defense and transparency
Negative
- Sold 10,000 Class C shares in multiple transactions at weighted-average prices ~ $83.7–$86.6, representing insider liquidity rather than additional accumulation
Insights
TL;DR: Insider exercised options and sold an equal number of shares under a 10b5-1 plan; disclosure is routine and complies with Section 16 reporting.
The Form 4 shows option exercises totaling 10,000 shares at $22.41 and contemporaneous sales of 10,000 Class C shares at weighted-average prices near $84–$86 executed pursuant to a 10b5-1 trading plan adopted 12/11/2024. From a governance and compliance perspective, the filing provides required detail on transaction codes, weighted-average prices, and the plan reference, reducing disclosure risk. No departures from standard Section 16 practice are evident in the filing text provided.
TL;DR: Transactions are economically neutral for ownership scale; exercises occurred at low strike and sales at much higher market prices.
The reporting shows exercises at $22.41 and sales at weighted-average prices in the mid-80s, implying the reporting person captured significant intrinsic value on the exercised options. The net direct ownership remains >2.23 million Class C shares with an additional 697,765 indirectly held. For investors, these are disclosed insider liquidity actions rather than indications of a change in control or strategy; the filing contains the necessary price ranges and plan reference for verification.
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 | 3,091 | $84.5829 | $261K |
| Sale | Class C Capital Stock | 243 | $85.4405 | $21K |
| Exercise | Stock Option (right to buy) | 3,333 | $0.00 | -- |
| Exercise | Class C Capital Stock | 3,333 | $22.41 | $75K |
| Sale | Class C Capital Stock | 2,175 | $84.3108 | $183K |
| Sale | Class C Capital Stock | 1,158 | $84.9936 | $98K |
| Exercise | Stock Option (right to buy) | 3,333 | $0.00 | -- |
| Exercise | Class C Capital Stock | 3,333 | $22.41 | $75K |
| Sale | Class C Capital Stock | 2,232 | $84.744 | $189K |
| Sale | Class C Capital Stock | 777 | $85.4094 | $66K |
| Sale | Class C Capital Stock | 324 | $86.3786 | $28K |
| 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 $84.18 to $85.17. 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 $85.19 to $86.145. 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 $86.245 to $86.55. 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 $83.71 to $84.69. 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 $84.71 to $85.33. 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 $84.18 to $85.14. 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 $85.265 to $85.67. 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.
