Form 4: NASDAQ Executive Reports Stock Transaction

NASDAQ, Inc. EVP, CSO Jeremy Skule reported a transaction involving the withholding of shares for tax purposes and the acquisition of additional shares.

Summary

• Jeremy Skule, EVP, CSO of NASDAQ, Inc., reported a transaction on April 3, 2026.
• This transaction involved the withholding of 1,017 shares of Common Stock for tax purposes in connection with the settlement of an equity award.
• Following this, Skule beneficially owns 104,573 shares of Common Stock directly.
• These holdings include 37,779 shares or units of restricted stock (11,819 vested), 63,075 shares of Common Stock underlying PSUs (55,049 vested), and 3,719 shares purchased under the Employee Stock Purchase Plan.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral filing, as it represents a routine tax-related transaction for an executive's equity award rather than a significant strategic move or performance indicator.

Positives

• The transaction indicates continued equity ownership by a key executive.
• The executive's holdings include vested restricted stock and performance share units, suggesting progress towards performance goals.
• Participation in the Employee Stock Purchase Plan shows ongoing commitment to acquiring company stock.

Negatives

• A portion of the executive's equity award was withheld for tax purposes, reducing the net shares received.
• The filing does not provide details on the value of the shares withheld or the tax rate applied.

Risks

• The withholding of shares for taxes could be interpreted as a signal of potential future tax liabilities or a need for liquidity by the executive.
• The vesting status of restricted stock and PSUs, while partially vested, indicates that a significant portion is still subject to future vesting conditions.

Future Outlook

The filing does not contain forward-looking statements or guidance.

Industry Context

StockSavvy.ai notes that Form 4 filings are standard disclosures for insider transactions in the financial services sector, providing transparency on executive equity holdings and movements.

Comparison to Industry Standards

• This type of transaction (stock withholding for taxes upon vesting of equity awards) is a common practice among executives in the financial services industry, including companies like Nasdaq, Inc.

Stakeholder Impact

• Shareholders: Increased transparency regarding executive compensation and equity holdings.
• Employees: Reinforces the company's use of equity awards and employee stock purchase plans as compensation and retention tools.

Next Steps

• Continued monitoring of executive stock transactions for any patterns or significant changes in beneficial ownership.

Key Dates

Keywords

NASDAQ, Form 4, Insider Transaction, Stock Withholding, Equity Award, Restricted Stock, PSUs, Employee Stock Purchase Plan, Jeremy Skule, SEC Filing