Form 4: Cboe Global Markets EVP Vests, Acquires Shares

Cboe Global Markets' EVP, CHRO Stephanie Foley vested and acquired common stock from Restricted Stock Units on February 19, 2026, while also receiving a new RSU grant.

Summary

• Stephanie Foley, EVP, CHRO of Cboe Global Markets, Inc. (CBOE), reported multiple transactions on February 19, 2026.
• Foley acquired a total of 1,695 shares of CBOE common stock through the vesting and exercise of Restricted Stock Units (RSUs).
• Concurrently, 644 shares were disposed of to cover tax liabilities associated with the RSU vesting, at a price of $286.17 per share.
• Following these transactions, Foley's direct beneficial ownership of common stock increased to 3,868 shares.
• Foley also received a new grant of 1,311 Restricted Stock Units, which will vest in three equal annual installments beginning on February 19, 2027.
• Remaining unvested RSUs from previous grants include 447 units from a grant that began vesting in 2025 and 1,190 units from a grant that began vesting in 2026.

Sentiment

Score: 6

Explanation: StockSavvy.ai views this filing as moderately positive, reflecting routine executive compensation activities that align management interests with long-term company performance, without indicating any unusual or concerning financial events.

Positives

• Executive Stephanie Foley continues to hold a significant stake in the company, demonstrating alignment with shareholder interests.
• The acquisition of common stock through RSU vesting is a routine part of executive compensation, indicating the company is fulfilling its compensation commitments.
• A new grant of 1,311 Restricted Stock Units was issued, signaling continued long-term incentive for the executive.

Negatives

• A portion of the vested shares (644 shares) was sold to cover tax obligations, which is a common practice but reduces the executive's direct shareholding from the gross vested amount.

Future Outlook

The filing indicates future vesting schedules for existing and newly granted Restricted Stock Units. Specifically, 447 RSUs from a 2025 grant are expected to vest in 2027, 1,190 RSUs from a 2026 grant are expected to vest in 2027 and 2028, and the newly granted 1,311 RSUs will vest in three equal annual installments starting February 19, 2027.

Industry Context

StockSavvy.ai notes that the vesting and granting of Restricted Stock Units are standard practices in executive compensation across the financial services and exchange industry. These actions align executive incentives with long-term company performance, a common strategy employed by peers like Nasdaq (NDAQ) and Intercontinental Exchange (ICE) to retain talent and foster shareholder value creation.

Comparison to Industry Standards

• The use of Restricted Stock Units (RSUs) as a significant component of executive compensation is a widely adopted practice, comparable to compensation structures at major financial market infrastructure providers such as CME Group Inc. (CME) and London Stock Exchange Group plc (LSEG).
• The vesting schedule of three equal annual installments is a common approach, providing a balance between immediate reward and long-term retention, similar to programs observed at S&P Global Inc. (SPGI) for its executives.
• The practice of withholding shares to cover tax obligations upon vesting is standard across the industry, ensuring compliance and liquidity for the executive without requiring out-of-pocket cash.

Stakeholder Impact

• Shareholders: The transactions demonstrate continued executive alignment with shareholder interests through equity ownership and long-term incentive plans.
• Employees: The executive compensation structure, as evidenced by RSU grants and vesting, may serve as a benchmark or motivator for other employees.

Next Steps

• Remaining 447 Restricted Stock Units from the 2025 grant are expected to vest in 2027.
• Remaining 1,190 Restricted Stock Units from the 2026 grant are expected to vest in 2027 and 2028.
• The newly granted 1,311 Restricted Stock Units will vest in three equal annual installments beginning on February 19, 2027.

Key Dates

Recommendation

This Form 4 filing details routine executive compensation activities, specifically the vesting and acquisition of shares from Restricted Stock Units and a new RSU grant. These transactions are expected and do not provide new fundamental information about the company's operational performance or strategic direction that would warrant a change in investment recommendation. The executive's continued equity ownership is a positive for alignment, but the filing itself is neutral in terms of immediate investment action.

Keywords

Cboe Global Markets, CBOE, Stephanie Foley, Form 4, Insider Trading, Restricted Stock Units, RSU, Stock Vesting, Executive Compensation, Share Acquisition, Tax Withholding