Form 4: Nasdaq Executive Michelle Daly Reports Stock Award and Tax Withholding

Michelle Daly, Controller and Principal Accounting Officer of Nasdaq, Inc., reported the acquisition of restricted stock and the surrender of shares for tax withholding on April 1, 2024.

Summary

• On April 1, 2024, Michelle Daly, Controller and Principal Accounting Officer of Nasdaq, Inc., acquired 2,648 shares of restricted stock under Nasdaq's Equity Incentive Plan.
• These shares vest in three tranches: 33% on April 1, 2026, 33% on April 1, 2027, and the remaining 34% on April 1, 2028.
• On the same day, Daly surrendered 269 shares to cover withholding taxes related to the vesting of previously granted equity, at a price of $62.29 per share.
• Following these transactions, Daly directly owns 13,110 shares of Nasdaq common stock, including 12,206 shares of restricted stock (2,472 of which are vested) and 904 shares purchased under the Employee Stock Purchase Plan.

Sentiment

Score: 6

Explanation: The sentiment is neutral. It reflects standard executive compensation practices and doesn't indicate any significant positive or negative developments.

Positives

• The grant of restricted stock to a key executive aligns her interests with the long-term performance of the company.
• Participation in the Employee Stock Purchase Plan indicates confidence in the company's future.

Future Outlook

The vesting schedule of the restricted stock suggests a multi-year commitment by the executive to the company's success.

Industry Context

Executive compensation through stock awards is a common practice in the exchange and technology industry to incentivize performance and retain key personnel.

Comparison to Industry Standards

• Stock-based compensation is a standard practice among publicly traded companies, particularly in the tech and finance sectors.
• Companies like Intercontinental Exchange (ICE) and CME Group also utilize equity-based compensation to align executive interests with shareholder value.
• The vesting schedule of the restricted stock is typical, with multi-year vesting periods to encourage long-term commitment.

Stakeholder Impact

• The stock award aligns the executive's interests with those of shareholders, potentially driving long-term value creation.
• The tax withholding transaction has no direct impact on stakeholders.

Key Dates