Form 4: ICE Director Sells Shares Under 10b5-1 Plan

Intercontinental Exchange Director Judith A. Sprieser sold 3,700 shares of common stock on December 5, 2025, under a pre-arranged Rule 10b5-1 trading plan.

Summary

• Judith A. Sprieser, a Director of Intercontinental Exchange, Inc. (ICE), reported the sale of 3,700 shares of common stock.
• The transactions occurred on December 5, 2025, and were executed pursuant to a Rule 10b5-1 trading plan that became effective on June 5, 2025.
• A total of 3,300 shares were sold at an average price of $157.8863 per share, within a range of $157.40 to $158.36.
• An additional 400 shares were sold at an average price of $158.5375 per share, within a range of $158.40 to $158.79.
• Following these transactions, Ms. Sprieser beneficially owns an aggregate of 14,469 shares of Intercontinental Exchange, Inc. common stock.
• The remaining beneficial ownership consists of 12,995 shares of common stock and 1,474 restricted stock units (RSUs), which are scheduled to vest on May 16, 2026.

Sentiment

Score: 5

Explanation: The sale of shares by a director, while a reduction in direct ownership, was executed under a pre-approved 10b5-1 trading plan, indicating a pre-scheduled transaction rather than a reaction to new information. This makes the sentiment neutral as it's a routine disclosure.

Positives

• The sale was conducted under a Rule 10b5-1 trading plan, which indicates a pre-scheduled transaction designed to comply with insider trading laws and reduce the perception of trading on material non-public information.

Negatives

• A director's sale of shares, even if pre-planned, reduces their direct equity stake in the company, which some investors might interpret as a slight reduction in alignment of interests.

Risks

• No specific risks are detailed in this Form 4 filing beyond the general market perception associated with insider selling, which is mitigated by the 10b5-1 plan.

Future Outlook

This Form 4 filing does not contain any forward-looking statements or guidance regarding the company's future performance or outlook.

Industry Context

This insider transaction report is specific to Intercontinental Exchange, Inc. and does not provide broader industry context or trends. It reflects an individual director's equity management rather than a strategic industry move.

Corporate Governance

Stakeholder Impact

• Shareholders: The filing provides transparency regarding a director's equity transactions, showing a reduction in direct share ownership but also the continued holding of a significant stake, including future-vesting RSUs.

Next Steps

• The 1,474 restricted stock units held by Judith A. Sprieser are scheduled to vest on May 16, 2026.

Key Dates

Recommendation

The Form 4 filing details a pre-scheduled sale of shares by a director under a Rule 10b5-1 plan. This type of transaction is generally considered routine and does not typically signal a change in the company's fundamental prospects or warrant a change in investment recommendation based solely on this disclosure.

Keywords

Intercontinental Exchange, ICE, Form 4, Insider Trading, Stock Sale, Director, 10b5-1 Plan, Equity, Restricted Stock Units