Form 4: Cboe Director Tomczyk Converts RSUs, Adjusts Holdings

Cboe Global Markets Director Fredric J Tomczyk converted 14,817 restricted stock units into common shares and sold 6,564 shares for tax obligations.

Summary

• Fredric J Tomczyk, a Director of Cboe Global Markets, Inc. (CBOE), engaged in an insider transaction on October 12, 2025.
• He converted 14,817 Restricted Stock Units (RSUs) into an equal number of common shares.
• Concurrently, 6,564 common shares were disposed of to satisfy tax withholding obligations related to the RSU vesting.
• The transaction price for both the acquired and disposed common shares was $244.71 per share.
• Following these transactions, Tomczyk directly holds 30,900 shares of Cboe Global Markets common stock.
• He also directly holds 14,818 Restricted Stock Units.
• The RSUs vest in three equal annual installments, with the first installment occurring on October 12, 2024, and this transaction representing the second installment.

Sentiment

Score: 6

Explanation: The sentiment is slightly positive as a director increased their net direct common stock holdings, indicating continued alignment with shareholder interests. However, the transaction is largely routine, involving RSU vesting and a tax-related sale, which limits its overall market signal.

Positives

• Director Fredric J Tomczyk increased his direct beneficial ownership of Cboe Global Markets common stock by a net of 8,253 shares (14,817 acquired minus 6,564 disposed for taxes).
• The conversion of Restricted Stock Units into common stock demonstrates a continued commitment to the company's equity.

Negatives

• A portion of the newly vested common shares, specifically 6,564 shares, was sold to cover tax liabilities, reducing the overall increase in direct common stock holdings.

Future Outlook

NA

Industry Context

NA

Stakeholder Impact

• Shareholders: The net increase in director's direct common stock ownership may be viewed as a positive signal of management's alignment with shareholder interests, though the transaction is routine.
• Employees: The RSU vesting is part of a standard compensation structure for executives, reflecting typical employee incentive programs.

Next Steps

• The remaining 14,818 Restricted Stock Units are expected to vest in a future installment, likely on October 12, 2026, based on the three equal annual installments schedule.

Key Dates

Recommendation

This Form 4 filing details a routine insider transaction involving the vesting of Restricted Stock Units and a subsequent sale of shares to cover tax obligations. While the director's net direct common stock holdings increased, the transaction is pre-planned and expected, offering no new material information that would significantly alter the investment thesis for Cboe Global Markets. Therefore, a 'hold' recommendation is appropriate, as the filing does not provide a strong signal for either buying or selling the stock.

Keywords

Cboe Global Markets, CBOE, Fredric J Tomczyk, Form 4, Insider Transaction, Restricted Stock Units, RSU Conversion, Common Stock, Director, Equity Holdings