Form 4: Cboe Global Markets Executive Dave Howson Reports Stock Transactions Following PSU Vesting

EVP Dave Howson of Cboe Global Markets reports acquisition and disposal of common stock related to performance-based restricted stock unit (PSU) vesting and tax obligations.

Summary

• On February 10, 2025, Dave Howson, EVP and Global President of Cboe Global Markets, reported transactions involving the company's common stock.
• These transactions are related to the vesting of performance-based restricted stock units (PSUs) awarded on February 19, 2022, and May 12, 2022.
• The vesting was based on the achievement of pre-established performance metrics for the period of January 1, 2022, to December 31, 2024, as determined by the Compensation Committee.
• Howson acquired 14,927 shares, 4,122 shares and 833 shares of common stock upon the vesting of PSUs and settlement of dividend equivalent rights.
• He also disposed of 6,153 shares, 1,860 shares and 381 shares to satisfy tax withholding obligations at a price of $209.71 per share.
• Following these transactions, Howson beneficially owns 19,061 shares of Cboe Global Markets common stock.

Sentiment

Score: 7

Explanation: The sentiment is neutral to positive. The vesting of PSUs suggests the company met its performance targets. The transactions themselves are routine and expected.

Positives

• The vesting of PSUs indicates that Cboe Global Markets achieved certain performance goals set by the Compensation Committee.

Industry Context

This filing is a routine disclosure related to executive compensation and stock ownership, common among publicly traded companies. It reflects the company's performance-based compensation structure.

Comparison to Industry Standards

• Performance-based equity compensation is a common practice among publicly traded companies, particularly in the financial services industry.
• Companies like Intercontinental Exchange (ICE) and Nasdaq, Inc. also utilize similar compensation structures to align executive incentives with company performance.
• The vesting of PSUs based on pre-established metrics is a standard approach to ensure executives are rewarded for achieving specific goals.

Stakeholder Impact

• The vesting of PSUs aligns executive interests with shareholder value.
• The transactions have a minor impact on the overall shareholding structure.

Key Dates

Keywords

Cboe Global Markets, Dave Howson, Form 4, PSU, Stock Options, Beneficial Ownership, Securities, Vesting, Tax Withholding