Form 4: NASDAQ CEO Friedman Gifts Shares for Charity, Estate

NASDAQ Chair and CEO Adena T. Friedman reported gifting over 113,000 shares of common stock for charitable and estate planning purposes.

Summary

• Adena T. Friedman, Chair and CEO of NASDAQ, Inc. (NDAQ), reported changes in beneficial ownership on March 11, 2026.
• Disposed of 56,786 shares of common stock by gifting them to a charitable institution.
• Disposed of an additional 56,786 shares of common stock by gifting them to a donor-advised fund.
• Following these transactions, direct beneficial ownership of common stock stands at 1,965,751 shares.
• Indirectly owns 73,500 shares through the A.T. Friedman Irrevocable Trust No.1 and another 73,500 shares through The A.T. Friedman Irrevocable Trust No.2, established for estate planning purposes.
• Holds employee stock options for 113,611 shares with an exercise price of $22.22, which are currently exercisable and expire on January 3, 2027.
• Holds additional employee stock options for 306,936 shares with an exercise price of $67.48, which vest on January 3, 2027, and expire on January 3, 2032.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral filing, primarily reflecting personal financial and estate planning by the CEO, with no direct operational or financial implications for NASDAQ.

Future Outlook

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

Industry Context

StockSavvy.ai notes that insider transaction filings like Form 4 provide transparency into executive stock movements, which can sometimes signal management's confidence or personal financial planning. These specific gifts are primarily for charitable and estate purposes, reflecting personal financial management rather than a direct statement on company performance.

Related Party Transactions

• Gifts of 73,500 shares each to two irrevocable family trusts (A.T. Friedman Irrevocable Trust No.1 and No.2) for the benefit of the reporting person's child, with the reporting person's spouse as trustee and brother as investment advisor.

Stakeholder Impact

• Shareholders gain transparency into the CEO's personal stock holdings and transactions.
• Charitable institutions and donor-advised funds benefit from the gifted shares.

Next Steps

• The 306,936 employee stock options will vest on January 3, 2027.

Key Dates

Recommendation

This Form 4 details routine personal financial and estate planning transactions by the CEO, involving gifts of shares to charitable institutions and family trusts. It does not reflect on the operational performance or future prospects of NASDAQ, Inc., and therefore does not provide a basis for altering an existing investment thesis.

Keywords

NASDAQ, NDAQ, Adena Friedman, CEO, Insider Transaction, Form 4, Stock Gift, Beneficial Ownership