Form 4: Cboe Global Markets EVP Hocking's Stock Transactions

Cboe Global Markets EVP Robert A. Hocking reported the vesting and conversion of restricted stock units into common stock, followed by a tax-related disposition, and the grant of new restricted stock units.

Summary

• Robert A. Hocking, EVP, Global Head of Derivatives at Cboe Global Markets, Inc., reported transactions involving the company's common stock and restricted stock units (RSUs).
• On February 19, 2026, 355 restricted stock units converted into 355 shares of common stock at a price of $286.17 per share.
• These 355 RSUs were part of an award that began vesting in three equal annual installments on February 19, 2026.
• Concurrently, 123 shares of common stock were disposed of at $286.17 per share to cover tax liabilities related to the RSU vesting.
• Following these transactions, Hocking beneficially owned 514 shares of common stock.
• Additionally, Hocking was granted 3,495 new restricted stock units on February 19, 2026.
• These new 3,495 restricted stock units will vest in three equal annual installments beginning on February 19, 2027.
• After all reported transactions, Hocking beneficially owned 3,495 restricted stock units.

Sentiment

Score: 6

Explanation: StockSavvy.ai views this as a slightly positive event. While there was a tax-related sale, the significant grant of new restricted stock units to a key executive demonstrates continued commitment to long-term incentive alignment, which is generally favorable.

Positives

• The grant of 3,495 new restricted stock units to a key executive, Robert A. Hocking, aligns management's interests with long-term shareholder value.

Negatives

• The disposition of 123 shares of common stock for tax purposes reduced the executive's direct shareholding.

Future Outlook

The filing indicates future vesting events for the newly granted restricted stock units, with installments beginning on February 19, 2027.

Industry Context

StockSavvy.ai notes that executive compensation, particularly through equity grants like restricted stock units, is a standard practice across the financial services industry. These grants are designed to incentivize long-term performance and align executive interests with shareholder returns. The tax-related disposition of shares is a common occurrence when RSUs vest, as executives often sell a portion to cover tax obligations.

Stakeholder Impact

• Shareholders: The grant of new restricted stock units to an executive can be seen as a positive for aligning management incentives with shareholder interests, though it represents a minor potential for future dilution upon vesting.
• Employees (Executive): Robert A. Hocking's compensation package is enhanced by the new RSU grant, providing a long-term incentive.

Next Steps

• Future vesting of 3,495 restricted stock units in three equal annual installments, commencing on February 19, 2027.

Key Dates

Recommendation

This Form 4 reports routine insider transactions related to executive compensation, specifically the vesting of restricted stock units, a tax-related sale, and a new RSU grant. These are standard events and do not provide a strong signal for the company's operational performance or future stock price direction, thus warranting a 'hold' recommendation based solely on this filing.

Keywords

Cboe Global Markets, CBOE, Insider Transaction, Form 4, Restricted Stock Units, Executive Compensation, Equity Grant