Form 4: Zillow CEO Jeremy Wacksman Sells Shares Under 10b5-1 Plan

Zillow Group CEO Jeremy Wacksman sold a total of 15,121 shares of Class C Capital Stock in multiple transactions between November 13 and November 15, 2024, primarily to cover tax obligations.

Summary

• Zillow Group's CEO, Jeremy Wacksman, sold 5,284 shares of Class C Capital Stock on November 13, 2024, at a weighted average price of $73.8377.
• On the same day, he sold an additional 701 shares at a weighted average price of $74.9007.
• On November 15, 2024, Wacksman sold 9,136 shares at a weighted average price of $73.2208.
• These sales were primarily to cover tax withholding obligations related to the vesting of restricted stock units.
• The sale on November 15th was executed under a pre-arranged Rule 10b5-1 trading plan adopted on February 16, 2024.
• Following these transactions, Wacksman directly owns 152,542 shares of Class C Capital Stock.

Sentiment

Score: 6

Explanation: The document reflects routine stock sales by an executive, which is a neutral event. The use of a 10b5-1 plan suggests the sales were planned and not based on any negative information. The sales were also to cover tax obligations which is a common practice.

Risks

• Executive stock sales can sometimes be perceived negatively by the market, although these sales appear to be for tax obligations and under a pre-arranged trading plan.

Industry Context

Executive stock sales are a common occurrence, especially around vesting periods. The use of a 10b5-1 plan indicates that the sales were pre-planned and not based on any non-public information.

Comparison to Industry Standards

• Many executives at publicly traded companies use 10b5-1 trading plans to manage their stock sales, which is a standard practice to avoid accusations of insider trading.
• The sale of shares to cover tax obligations is also a common practice among executives who receive stock-based compensation.
• The volume of shares sold is not unusual for an executive at a company the size of Zillow.

Stakeholder Impact

• The stock sales may have a minor impact on the share price, but the use of a 10b5-1 plan and the explanation of tax obligations should mitigate any negative perception.

Key Dates

Keywords

Zillow, Jeremy Wacksman, stock sale, insider trading, Rule 10b5-1, Class C Capital Stock, SEC Form 4, executive compensation