Form 4: Cboe Global Markets EVP Exercises RSUs

Cboe Global Markets EVP and CHRO Stephanie Foley exercised restricted stock units and sold shares for tax withholding, increasing her direct common stock ownership.

Summary

• Stephanie Foley, EVP, CHRO of Cboe Global Markets, Inc. (CBOE), engaged in transactions involving company common stock and restricted stock units (RSUs).
• On August 19, 2025, Foley exercised 357 restricted stock units, converting them into common stock at an effective price of $246.13 per share.
• Concurrently, she exercised an additional 1,584 restricted stock units, also converting them into common stock at an effective price of $246.13 per share.
• Following these exercises, 134 shares were disposed of at $246.13 for tax withholding purposes.
• An additional 618 shares were disposed of at $246.13 for tax withholding purposes.
• After all reported transactions, Foley's direct beneficial ownership of Cboe Global Markets common stock is 2,667 shares.

Sentiment

Score: 6

Explanation: The filing reports routine executive compensation transactions, specifically the exercise of RSUs and subsequent tax-related sales. While the executive increased net direct ownership, the transactions are standard and do not indicate significant positive or negative news beyond the normal course of business.

Positives

• Executive Stephanie Foley increased her direct beneficial ownership of Cboe Global Markets common stock by exercising restricted stock units.
• The exercise of RSUs indicates the vesting of long-term incentive compensation, aligning executive interests with shareholder value.

Negatives

• A portion of the acquired shares (752 shares total: 134 + 618) were sold to cover tax obligations related to the RSU vesting, which is a common practice but reduces the net increase in direct ownership.

Risks

• No specific company risks were detailed in this Form 4 filing, as it primarily reports insider trading activity.

Future Outlook

This Form 4 filing reports past transactions related to executive compensation and does not contain forward-looking statements or guidance regarding the company's future performance or outlook.

Industry Context

This filing is a routine insider transaction report, common across all publicly traded companies, reflecting executive compensation vesting and subsequent tax-related share dispositions. It does not provide specific insights into broader industry trends or competitive dynamics within the financial exchange sector.

Comparison to Industry Standards

• The transactions reported are standard for executive compensation plans involving Restricted Stock Units (RSUs) across various industries.
• The practice of selling shares to cover tax obligations upon RSU vesting is a common and expected procedure.
• There are no specific comparable companies, projects, or results detailed in this filing to benchmark against.

Stakeholder Impact

• Shareholders: The increase in direct ownership by a key executive may be viewed positively as it aligns management's interests with shareholder value, although a portion of shares were sold for tax purposes.

Next Steps

• This filing reports completed transactions and does not outline specific future actions, events, or milestones for the company or the reporting person, beyond the general expectation of continued executive duties.

Key Dates

Recommendation

This Form 4 filing details routine executive compensation activities, specifically the exercise of Restricted Stock Units and subsequent tax-related share dispositions. While the executive's net direct ownership increased, these transactions are standard and do not provide new fundamental information to warrant a change in investment recommendation. The filing does not present any new catalysts or significant risks that would alter the investment thesis for Cboe Global Markets.

Keywords

Cboe Global Markets, CBOE, SEC Form 4, Insider Trading, Restricted Stock Units, RSU, Executive Compensation, Stephanie Foley, Stock Ownership