Form 4: Adena T. Friedman, Chair and CEO of Nasdaq, Inc., Reports Changes in Beneficial Ownership

Adena T. Friedman, Chair and CEO of Nasdaq, Inc., reports the acquisition of restricted stock units and disposition of shares for tax purposes.

Summary

• Adena T. Friedman, Chair and CEO of Nasdaq, Inc., filed a Form 4 detailing changes in her beneficial ownership of the company's stock.
• On April 1, 2025, Friedman acquired 39,452 Restricted Stock Units (RSUs) at a price of $0 per share, which will vest in three tranches starting April 1, 2027.
• Also on April 1, 2025, 13,469 shares of Common Stock were disposed of at $75.86 per share to cover taxes related to the settlement of a previous equity award.
• Following these transactions, Friedman directly owns 1,932,960 shares of Common Stock.
• She also indirectly owns 73,500 shares through The A.T. Friedman Irrevocable Trust No.1 and 73,500 shares through The A.T. Friedman Irrevocable Trust No.2.
• Friedman holds options to purchase 306,936 shares at $67.48, vesting on January 3, 2027, and 806,451 shares at $22.22, which are currently exercisable.

Sentiment

Score: 6

Explanation: The sentiment is neutral as the filing primarily reports routine transactions related to equity compensation and tax obligations.

Positives

• The grant of 39,452 RSUs to the CEO aligns her interests with those of the shareholders, incentivizing long-term performance.

Future Outlook

The RSUs will vest in three tranches: 33% on April 1, 2027, 33% on April 1, 2028, and the remainder on April 1, 2029.

Industry Context

Form 4 filings are a routine part of corporate governance, providing transparency into the trading activities of company insiders.

Stakeholder Impact

• The RSU grant aligns management's interests with shareholders, potentially driving long-term value creation.

Key Dates

Keywords

Form 4, Beneficial Ownership, Adena Friedman, Nasdaq, NDAQ, Restricted Stock Units, Stock Options, Equity Incentive Plan