Form 4: Nasdaq Director Paul Spaht Receives RSU Grant

Nasdaq, Inc. director Paul Holden Spaht Jr. was granted 2,998 restricted stock units as part of the company's equity incentive plan.

Summary

• Director Paul Holden Spaht Jr. acquired 2,998 restricted stock units (RSUs) on June 10, 2026.
• The RSUs were granted under the Nasdaq, Inc. Equity Incentive Plan at a price of $0.00 per share.
• The total beneficial ownership following the transaction is 13,399 shares.
• The reporting person disclaims beneficial ownership of these shares, noting they are held for the benefit of Thoma Bravo, L.P.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a routine administrative filing regarding director compensation with no material impact on company operations or financial outlook.

Positives

• Director alignment with company performance through equity-based compensation.

Negatives

• None identified.

Risks

• The reporting person disclaims beneficial ownership, which may indicate complex legal or fiduciary arrangements regarding the holding of these securities.

Future Outlook

The granted RSUs are scheduled to vest in full on June 10, 2027.

Management Comments

• The reporting person disclaims beneficial ownership of and all right, title, and interest in the restricted stock reported.

Industry Context

StockSavvy.ai notes that equity grants to board members are standard corporate governance practice to ensure long-term alignment between directors and shareholders in the financial exchange sector.

Comparison to Industry Standards

• The use of RSU grants for board compensation is consistent with standard practices at major financial exchanges like NYSE (ICE) and CBOE.

Related Party Transactions

• The reporting person holds the securities for the benefit of Thoma Bravo, L.P.

Stakeholder Impact

• Minimal impact on shareholders as this is a standard equity compensation award.

Next Steps

• Vesting of the 2,998 RSUs on June 10, 2027.

Key Dates

Keywords

Nasdaq, NDAQ, Form 4, Insider Trading, Restricted Stock Units, Equity Incentive Plan