Form 4: NASDAQ Executive Reports Stock Transactions

NASDAQ, Inc. executive Jeremy Skule reported transactions involving restricted stock units and shares withheld for taxes.

Summary

• Jeremy Skule, EVP, CSO of NASDAQ, Inc., reported a transaction on April 1, 2026.
• This transaction involved the acquisition of 7,633 shares of Common Stock through an award of Restricted Stock Units (RSUs) under the Issuer's Equity Incentive Plan, with no cost basis reported.
• Additionally, 2,332 shares of Common Stock were disposed of, withheld for taxes in connection with the settlement of a previous equity award, at a price of $84.89 per share.
• Following these transactions, Skule beneficially owns 107,922 shares directly, with a breakdown of 38,796 restricted stock units (10,998 vested), 63,075 shares 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 primarily reports routine executive compensation and stock transactions rather than significant financial performance or strategic shifts.

Positives

• Award of 7,633 Restricted Stock Units (RSUs) indicates continued equity-based compensation and potential future value for the executive.
• Vested portions of restricted stock and PSUs (10,998 restricted stock and 55,049 PSU shares) suggest progress towards performance and time-based vesting goals.

Negatives

• 2,332 shares were withheld for taxes, representing a disposition of equity to cover tax liabilities.

Future Outlook

The Restricted Stock Units awarded will vest over a period of three years, with 33% vesting on April 1, 2028, 33% on April 1, 2029, and the remainder on April 1, 2030, indicating a long-term incentive structure.

Industry Context

StockSavvy.ai notes that this Form 4 filing from NASDAQ, Inc. is typical for executives in the financial technology and exchange sector, reflecting standard practices for equity-based compensation and reporting of ownership changes.

Stakeholder Impact

• Shareholders: The filing provides transparency into executive compensation and stock ownership, which can influence investor perception of management alignment.
• Employees: The RSU award and shares purchased under the ESPP indicate ongoing employee incentive programs.
• Management: The transactions reflect the executive's continued participation in the company's equity and compensation plans.

Next Steps

• Vesting of Restricted Stock Units on April 1, 2028, April 1, 2029, and April 1, 2030.

Key Dates

Keywords

NASDAQ, Form 4, Stock Transaction, Restricted Stock Units, RSU, Equity Incentive Plan, Beneficial Ownership, Executive Compensation, SEC Filing