Form 4: NASDAQ EVP Plans Share Sale Under 10b5-1 Plan

NASDAQ's Executive Vice President and Chief Strategy Officer, Jeremy Skule, plans to sell 2,105 shares of common stock on September 2, 2025, under a pre-arranged 10b5-1 trading plan.

Summary

• Jeremy Skule, Executive Vice President and Chief Strategy Officer of NASDAQ, Inc. (NDAQ), plans to sell 2,105 shares of the company's common stock.
• The transaction is scheduled to occur on September 2, 2025, at a price of $93.22 per share.
• This sale is being conducted pursuant to a Rule 10b5-1(c) trading plan, which was adopted on February 10, 2025.
• Following this planned transaction, Mr. Skule will beneficially own 90,446 shares of NASDAQ common stock.
• The remaining beneficial ownership includes 39,859 shares of restricted stock (of which 5,737 are vested), 46,868 shares of Common Stock underlying vested Performance Share Units (PSUs), and 3,719 shares purchased under the Issuer's Employee Stock Purchase Plan.

Sentiment

Score: 5

Explanation: The transaction is a routine insider sale under a pre-arranged 10b5-1 plan, which typically has a neutral to slightly negative sentiment as it's not indicative of new negative information, but still reduces insider ownership.

Positives

• The sale is part of a pre-arranged Rule 10b5-1(c) trading plan, indicating a planned, non-discretionary transaction rather than an immediate reaction to market conditions, which can reduce concerns about insider sentiment.

Negatives

• An insider sale, even if planned, results in a reduction of the executive's direct equity stake in the company.

Future Outlook

NA

Industry Context

This is a routine insider transaction for an executive at a major exchange operator. Such planned sales are common for executives managing personal finances and diversifying portfolios, and are generally not indicative of specific company performance trends.

Related Party Transactions

• The sale of common stock by Jeremy Skule, an Executive Vice President and Chief Strategy Officer, is a transaction involving a related party (company executive).

Stakeholder Impact

• Shareholders may note a slight reduction in direct insider ownership, though the pre-planned nature of the sale mitigates concerns about immediate negative sentiment regarding the company's prospects.

Key Dates

Recommendation

The filing details a routine, pre-scheduled insider stock sale under a 10b5-1 plan. This type of transaction is generally not indicative of new material information about the company's prospects and is often for personal financial planning. Therefore, it does not warrant a change in investment recommendation based solely on this filing.

Keywords

NASDAQ, NDAQ, Insider Trading, Form 4, Jeremy Skule, Stock Sale, 10b5-1 Plan, Executive Compensation, Equity Ownership