Form 4: Intercontinental Exchange CEO Jeffrey Sprecher Reports Stock Award Vesting and Tax Withholding

Jeffrey Sprecher, CEO of Intercontinental Exchange, reports the vesting of performance-based restricted stock units and shares withheld for tax obligations.

Summary

• On February 18, 2025, Jeffrey Sprecher, CEO of Intercontinental Exchange, reported transactions related to common stock.
• 42,792 shares were acquired as performance-based restricted stock units, granted on February 12, 2024, vesting based on the achievement of certain 2024 EBITDA performance targets.
• The restricted stock units vest over three years, with 1/3 vesting on February 15, 2025, 2026, and 2027.
• Of the 42,792 shares, 14,264 were issued on February 18, 2025, and 6,450 shares were withheld to cover the issuer's tax obligations at a price of $166.71.
• Sprecher directly owns 1,218,769 shares of common stock following the reported transactions.
• He also indirectly owns 2,401,705 shares through CPEX and 81,570 shares beneficially owned by his spouse, for which he disclaims beneficial ownership.

Sentiment

Score: 7

Explanation: The document reflects standard executive compensation practices and stock ownership reporting, indicating stability and alignment with company performance goals. The vesting of performance-based RSUs suggests the company is meeting its targets.

Positives

• The vesting of performance-based restricted stock units indicates the achievement of certain EBITDA performance targets for 2024.

Future Outlook

The satisfaction of performance-based restricted stock units and the corresponding number of shares to be issued will be determined and reported at the time of vesting in future years.

Industry Context

This filing is a routine disclosure related to executive compensation and stock ownership, common in publicly traded companies like Intercontinental Exchange.

Comparison to Industry Standards

• Stock-based compensation is a common practice among publicly traded companies to align executive interests with shareholder value.
• The vesting schedules and performance metrics (like EBITDA) are typical components of executive compensation packages in the financial services industry.
• Comparable companies like Nasdaq, CME Group, and London Stock Exchange Group also utilize similar equity-based compensation plans for their executives.

Stakeholder Impact

• Shareholders are informed about executive compensation and stock ownership.
• Employees may be impacted by the company's overall performance, which affects the vesting of performance-based equity awards.

Next Steps

• Future vesting of restricted stock units will occur on February 15, 2026, and February 15, 2027.
• The satisfaction of performance conditions for future PSU grants will be determined in February 2027 and February 2028.

Key Dates