Form 4: Cboe Global Markets Executive Granted Restricted Stock Units Under 10b5-1 Plan

John P. Sexton, EVP, General Counsel, and Corporate Secretary of Cboe Global Markets, Inc., was granted 251 restricted stock units as part of his compensation, set to vest over three years.

Summary

• John P. Sexton, the Executive Vice President, General Counsel, and Corporate Secretary of Cboe Global Markets, Inc. (CBOE), acquired 251 Restricted Stock Units (RSUs).
• The transaction date for the acquisition of these RSUs was July 15, 2025.
• Each restricted stock unit represents a contingent right to receive one share of Cboe Global Markets, Inc. common stock.
• The RSUs were granted at an acquisition price of $0 per unit.
• The transaction was executed pursuant to a Rule 10b5-1(c) plan, indicating a pre-arranged purchase or sale of equity securities.
• Following this transaction, John P. Sexton beneficially owns 251 derivative securities (Restricted Stock Units).
• The restricted stock units are scheduled to vest in three equal annual installments on February 19, 2026, February 19, 2027, and February 19, 2028.

Sentiment

Score: 7

Explanation: The grant of restricted stock units to a key executive is generally a positive indicator of executive retention and alignment of interests with shareholders, though it is a routine compensation event rather than a major strategic announcement.

Positives

• The grant of restricted stock units aligns the executive's long-term financial interests with those of the shareholders, promoting retention and performance.
• The transaction was made pursuant to a Rule 10b5-1 plan, which demonstrates a pre-planned and compliant approach to insider equity transactions.

Risks

• The ultimate value of the restricted stock units is directly dependent on the future market price of Cboe Global Markets, Inc. common stock.
• Vesting of the restricted stock units is contingent upon John P. Sexton's continued employment with Cboe Global Markets, Inc. through the specified vesting dates.

Future Outlook

The vesting schedule for the restricted stock units extends through February 2028, indicating a long-term incentive structure designed to retain the executive and align their performance with the company's future success.

Industry Context

Equity grants, such as Restricted Stock Units, are a standard component of executive compensation across the financial services and exchange industry. This practice is designed to incentivize long-term performance and retain key talent by linking executive wealth directly to the company's stock performance.

Comparison to Industry Standards

• The grant of Restricted Stock Units (RSUs) is a common and widely accepted form of executive compensation within the financial industry, mirroring practices at major exchanges and financial market infrastructure providers such as Nasdaq (NDAQ) and Intercontinental Exchange (ICE).
• The multi-year vesting schedule for these RSUs is typical for long-term incentive plans, promoting sustained executive commitment and performance, consistent with compensation structures observed at peer companies.
• The use of a Rule 10b5-1 plan for this transaction is a standard compliance measure for corporate insiders, allowing for pre-arranged stock transactions and mitigating concerns related to insider trading.

Stakeholder Impact

• Shareholders: The grant aligns the executive's long-term financial interests with the company's stock performance, potentially fostering greater shareholder value creation.
• Employees: This transaction reflects standard executive compensation practices within the company, which can influence overall compensation philosophy.

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 shares of Cboe Global Markets, Inc. common stock.

Key Dates

Recommendation

Keywords

Cboe Global Markets, CBOE, Restricted Stock Units, RSU, Executive Compensation, Insider Transaction, Form 4, Equity Grant, John P. Sexton, Rule 10b5-1