Form 4: Cboe Global Markets Executive Reports Acquisition of Restricted Stock Units

Catherine R. Clay, EVP of Global Derivatives at Cboe Global Markets, Inc., reported the acquisition of 627 restricted stock units.

Summary

• Catherine R. Clay, Executive Vice President of Global Derivatives at Cboe Global Markets, Inc. (CBOE), acquired 627 Restricted Stock Units (RSUs).
• The transaction date for this acquisition 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 acquired at a price of $0, which is typical for equity grants.
• These RSUs will vest in three equal annual installments on February 19, 2026, February 19, 2027, and February 19, 2028.
• Following this transaction, Catherine R. Clay beneficially owns 627 Restricted Stock Units directly.

Sentiment

Score: 7

Explanation: The acquisition of restricted stock units by a key executive is generally a positive sign, indicating alignment of interests and long-term commitment, though it's a routine compensation event rather than a major strategic announcement.

Positives

• The acquisition of Restricted Stock Units by a key executive like Catherine R. Clay indicates continued alignment of management interests with shareholder value.
• Equity grants at a $0 price are a common form of compensation, incentivizing long-term performance and retention of key personnel.

Future Outlook

The vesting schedule for the Restricted Stock Units extends through February 2028, indicating a long-term incentive for the executive and aligning their interests with the company's future performance.

Industry Context

This is a standard insider transaction filing (Form 4) for an executive at a major exchange operator. Such equity grants are common practice across the financial services industry to align executive incentives with long-term company performance and retention.

Comparison to Industry Standards

• The grant of Restricted Stock Units (RSUs) at a $0 acquisition price is a standard practice for executive compensation across publicly traded companies, including peers in the financial exchange sector such as Nasdaq (NDAQ) or Intercontinental Exchange (ICE).
• The vesting schedule of three equal annual installments is a common structure designed to retain executives and incentivize long-term performance, comparable to similar equity incentive plans observed at other major financial infrastructure providers.

Stakeholder Impact

• Shareholders: The grant of RSUs aligns the executive's interests with long-term shareholder value, as the value of the units is tied to the company's stock performance.
• Employees: This transaction reflects standard executive compensation practices, which can influence overall compensation strategies within the company.

Next Steps

• Future vesting of the 627 Restricted Stock Units on February 19, 2026, February 19, 2027, and February 19, 2028.

Key Dates

Recommendation

Keywords

Cboe Global Markets, CBOE, Restricted Stock Units, RSU, Insider Transaction, Form 4, Equity Compensation, Executive Compensation, Catherine R. Clay