Form 4: Intercontinental Exchange Executive Acquires Restricted Stock Units

Elizabeth Kathryn King, Global Head of Clearing & CRO at Intercontinental Exchange, acquires restricted stock units and holds a total of 20,250 common stock shares.

Summary

• On February 10, 2025, Elizabeth Kathryn King, Global Head of Clearing & CRO at Intercontinental Exchange, acquired 3,141 restricted stock units.
• These restricted stock units vest over three years, with 1/3 vesting on each anniversary of the award date.
• Following the transaction, King beneficially owns 20,250 shares of common stock, including 9,931 shares of common stock, 3,141 unvested restricted stock units (RSUs), and 7,178 unvested performance-based restricted stock units (PSUs) for which the performance period has been satisfied.
• The satisfaction of performance-based restricted stock units (PSUs) tied to EBITDA and total shareholder return will be determined in February 2026, February 2027 and February 2028 and reported at the time of vesting.

Sentiment

Score: 7

Explanation: The sentiment is neutral to positive as it reflects standard executive compensation practices and aligns management interests with shareholder value. There are no indications of negative performance or concerns.

Positives

• The acquisition of restricted stock units aligns the executive's interests with the company's performance.
• The vesting schedule encourages long-term commitment from the executive.

Future Outlook

The number of shares to be issued pursuant to the PSUs will be determined based on the satisfaction of performance metrics related to EBITDA and total shareholder return in future years.

Industry Context

Form 4 filings are standard practice and provide transparency into the transactions of company insiders, which can be an indicator of management's confidence in the company's future performance.

Comparison to Industry Standards

• Equity compensation is a common practice in the financial industry to align executive compensation with shareholder value.
• Companies like Nasdaq and CME Group also utilize restricted stock units and performance-based units as part of their executive compensation packages.

Stakeholder Impact

• Shareholders may view the acquisition of restricted stock units as a positive sign, aligning executive interests with company performance.
• Employees may see this as a standard compensation practice for executives.

Next Steps

• The vesting of the restricted stock units will occur over the next three years.
• The satisfaction of performance-based metrics for PSUs will be determined in February 2026, February 2027 and February 2028.

Key Dates