The Spill
Hilton (HLT) insider Kevin J. Jacobs exercised seven batches of stock options for 151,050 shares on Oct. 29, 2026, and sold 151,050 shares on the open market the same day for $53,802,434.77. The insider filing (Form 4) reached the SEC on Oct. 30 at 4:33 p.m. ET, one business day later.
Lag Clock
That is one business day, inside the two-business-day deadline for a Form 4 under Rule 16a-3.
Signal Check
The pre-set trading plan (10b5-1) box is not checked and no footnote names a plan, so the sales carry no plan marking; the seven exercises (code M) are routine paperwork, and the label attaches to the seven sales (code S) that followed.
What the filing shows
Fourteen rows, all dated Oct. 29: seven option exercises for 151,050 shares at exercise prices of $83.10 to $259.10, costing $20,813,257.70, and seven open-market sales of 151,050 shares at weighted average prices of $353.175 to $358.789, totaling $53,802,434.77. Footnotes put the actual sale prices between $352.555 and $359.05.
After the filing, Jacobs holds 293,758 shares directly and 48,387 through a family trust with his spouse as trustee, 342,145 common shares in all. The sale equals 30.6% of the 493,195 shares he held between the exercises and the sales.
On the options side, the seven grants expire between Feb. 28, 2029 and Feb. 27, 2035. Five are now fully exercised. The $203.96 option has 8,001 shares left and the $259.10 option has 12,256; the footnotes say those two still vest in annual installments that began March 3, 2025 and March 3, 2026.
| Type | Shares | Price | Value |
|---|---|---|---|
| Option exercise (M) | 12,848 | $83.10 | $1,067,668.80 |
| Option exercise (M) | 29,110 | $93.33 | $2,716,836.30 |
| Option exercise (M) | 28,538 | $123.13 | $3,513,883.94 |
| Option exercise (M) | 27,370 | $150.67 | $4,123,837.90 |
| Option exercise (M) | 31,058 | $146.19 | $4,540,369.02 |
| Option exercise (M) | 15,999 | $203.96 | $3,263,156.04 |
| Option exercise (M) | 6,127 | $259.10 | $1,587,505.70 |
| Open-market sale (S) | 7,864 | $353.175 (weighted avg.) | $2,777,368.20 |
| Open-market sale (S) | 21,895 | $354.192 (weighted avg.) | $7,755,033.84 |
| Open-market sale (S) | 38,108 | $355.059 (weighted avg.) | $13,530,588.37 |
| Open-market sale (S) | 10,667 | $355.985 (weighted avg.) | $3,797,291.995 |
| Open-market sale (S) | 28,531 | $357.235 (weighted avg.) | $10,192,271.79 |
| Open-market sale (S) | 42,794 | $358.054 (weighted avg.) | $15,322,562.88 |
| Open-market sale (S) | 1,191 | $358.789 (weighted avg.) | $427,317.70 |
The Other Side
A $53.8 million sale reads like a big exit. The share count says otherwise. Jacobs held 293,758 shares directly before the first exercise and 293,758 after the last sale; the 151,050 shares sold are the same 151,050 the options produced, bought at $83.10 to $259.10 and sold at $353.175 to $358.789.
The 30.6% figure is accurate, but it measures the sale against a stake that was 151,050 shares larger between the exercises and the sales. No plan is marked, and none of the seven options expired before Feb. 28, 2029, so the form itself doesn't settle how the date was chosen.
What it can't tell you
- Why Jacobs sold. The form does not say why. The unchecked 10b5-1 box is the only timing information it carries.
- His title. The role line on the report reads "See Remarks" and nothing more, so the filing as tracked doesn't name a position.
- What he kept after costs. The sales grossed $53,802,434.77 and the exercises cost $20,813,257.70 at the stated strike prices; taxes and how the exercise was paid for aren't on the form.
What to watch
- The next Form 4 from Jacobs. Two options are still partly open, 8,001 shares at $203.96 and 12,256 at $259.10, and the footnotes say they vest in installments that began March 3, 2025 and March 3, 2026.
- Whether a later filing checks the 10b5-1 box or moves the 48,387-share trust line.
Original sources
Edited by K. Song. Educational reporting from public filings, not investment advice. Filings can be late, incomplete or amended; check the original source and dates. Free to read; advertising and sponsors pay for it, and they do not pick the stories. How we work · Corrections: [email protected]