Form 4: Intercontinental Exchange Executive Elizabeth King Reports Stock Transactions Following RSU Vesting

Elizabeth King, Global Head of Clearing & CRO at Intercontinental Exchange, reports the withholding of shares to cover tax obligations following the vesting of performance-based restricted stock units (RSUs).

Summary

• On February 12, 2025, Elizabeth King, Global Head of Clearing & CRO at Intercontinental Exchange, had 1,163 common stock shares withheld at a price of $166.94 to cover tax obligations related to vested performance-based restricted stock units (RSUs).
• These RSUs were granted on February 3, 2023, and their vesting was contingent upon the achievement of certain 2023 EBITDA performance targets.
• The RSUs vest over three years, with 1/3 vesting each year on February 12th.
• On February 13, 2025, 580 common stock shares were withheld at a price of $166.56 to cover tax obligations related to vested performance-based restricted stock units (RSUs).
• These RSUs were granted on February 4, 2022, and their vesting was contingent upon the achievement of certain 2022 EBITDA performance targets.
• The RSUs vest over three years, with 1/3 vesting each year on February 13th.
• Following these transactions, King beneficially owns 18,507 shares of common stock.
• This total includes 12,491 shares of common stock, 3,141 unvested restricted stock units (RSUs), and 2,875 unvested performance based restricted stock units (PSUs) for which the performance period has been satisfied.

Sentiment

Score: 5

Explanation: The document is a routine regulatory filing detailing stock transactions related to executive compensation; it doesn't inherently convey positive or negative sentiment.

Future Outlook

The satisfaction of the 2024 one-year PSUs tied to EBITDA and the corresponding number of shares to be issued pursuant to these awards, will not be determined until February 2025 and will be reported at the time of vesting; The satisfaction of the 2023, 2024 and 2025 three-year total shareholder return PSUs and the corresponding number of shares to be issued pursuant to these awards, will not be determined until February 2026, February 2027 and February 2028, respectively, and will be reported at the time of vesting; The satisfaction of the 2024 and 2025 three-year EBITDA PSUs and the corresponding number of shares to be issued pursuant to these awards, will not be determined until February 2027 and February 2028, respectively, and will be reported at the time of vesting.

Industry Context

Form 4 filings are standard practice for reporting changes in beneficial ownership by company insiders, providing transparency to investors regarding executive compensation and stock transactions.

Comparison to Industry Standards

• Similar to other publicly traded companies, Intercontinental Exchange uses restricted stock units (RSUs) and performance-based stock units (PSUs) as part of its executive compensation packages.
• The vesting schedules and performance metrics (e.g., EBITDA targets) are common features in executive compensation plans designed to align management's interests with those of shareholders.
• Companies like Nasdaq, CME Group, and London Stock Exchange Group also utilize similar equity-based compensation strategies.

Stakeholder Impact

• The transactions reported in this Form 4 filing have a minimal direct impact on stakeholders, as they primarily reflect internal compensation adjustments and tax obligations.
• Shareholders may be interested in the details of executive compensation, but the reported transactions are not expected to significantly affect the company's financial performance or stock price.

Key Dates