Form 4: CBOE Executive Acquires 1,066 Restricted Stock Units

Cboe Global Markets EVP Robert A Hocking acquired 1,066 restricted stock units, vesting over three years.

Summary

• Robert A Hocking, EVP, Global Head of Derivs. at Cboe Global Markets, Inc. (CBOE), acquired 1,066 Restricted Stock Units (RSUs).
• The transaction date for the acquisition of these RSUs was October 20, 2025.
• Each restricted stock unit represents a contingent right to receive one share of Cboe Global Markets, Inc. common stock.
• The RSUs will vest in three equal annual installments on February 19, 2026, February 19, 2027, and February 19, 2028.
• Following this transaction, Robert A Hocking beneficially owns 1,066 derivative securities (RSUs) directly.

Sentiment

Score: 6

Explanation: The grant of restricted stock units is a routine executive compensation event, generally viewed as neutral to slightly positive as it aligns management's interests with shareholders over the long term.

Positives

• The grant of restricted stock units aligns the executive's long-term interests with those of the shareholders, promoting retention and performance.
• This is a standard component of executive compensation packages, indicating continued commitment to the company.

Future Outlook

The vesting schedule for the restricted stock units indicates future ownership of Cboe Global Markets, Inc. common stock by the executive, contingent on continued employment and performance over the next three years.

Industry Context

The grant of restricted stock units to an executive is a common practice in the financial services industry and across publicly traded companies. It serves as a key component of long-term incentive compensation, aiming to align management's interests with shareholder value creation.

Comparison to Industry Standards

• Granting restricted stock units as part of executive compensation is a common practice across publicly traded companies, aligning executive incentives with long-term shareholder value.
• This compensation structure is consistent with typical practices observed in the financial services industry for executives at companies comparable to Cboe Global Markets, Inc.

Stakeholder Impact

• Shareholders: The RSU grant aligns the executive's financial interests with the company's long-term performance, potentially benefiting shareholders through improved management focus.
• Employees: This reflects standard executive compensation practices, which can influence overall compensation philosophy within the company.

Next Steps

• The restricted stock units will vest in three equal annual installments on February 19, 2026, February 19, 2027, and February 19, 2028, at which point they will convert into common stock.

Key Dates

Recommendation

This filing reports a routine executive RSU grant, which is a standard part of compensation and aligns management interests with shareholders. It does not provide new information to alter the fundamental investment thesis for CBOE, thus a 'hold' recommendation is appropriate based solely on this filing.

Keywords

CBOE, Cboe Global Markets, Robert A Hocking, Form 4, Restricted Stock Units, RSU, Insider Transaction, Executive Compensation