Form 4: NASDAQ Executive Sells Shares Under Pre-Arranged Trading Plan

NASDAQ's EVP and Chief Strategy Officer, Jeremy Skule, sold 2,104 shares of common stock for $85 per share on June 6, 2025, as part of a pre-arranged Rule 10b5-1 trading plan.

Summary

• Jeremy Skule, the Executive Vice President and Chief Strategy Officer (EVP, CSO) of NASDAQ, INC. (NDAQ), reported a sale of common stock.
• The transaction involved the disposition of 2,104 shares of Common Stock, par value $0.01 per share.
• The sale occurred on June 6, 2025, at a price of $85.00 per share, totaling $178,840.
• This sale was executed pursuant to a Rule 10b5-1(c) trading plan, which was adopted on February 10, 2025.
• Following this transaction, Jeremy Skule beneficially owns 96,438 shares of NASDAQ, INC. common stock.
• The remaining beneficial ownership includes 42,824 shares or units of restricted stock (of which 8,702 are vested), 50,218 shares of Common Stock underlying vested Performance Share Units (PSUs), and 3,396 shares purchased under the Issuer's Employee Stock Purchase Plan.

Sentiment

Score: 6

Explanation: The sentiment is largely neutral to slightly positive. While an insider sale can sometimes be viewed negatively, the fact that it was conducted under a pre-arranged Rule 10b5-1 trading plan significantly mitigates any concerns about it being based on new, non-public information or a lack of confidence in the company's future.

Positives

• The sale was conducted under a pre-arranged Rule 10b5-1(c) trading plan, indicating that the transaction was scheduled in advance and not based on new, non-public information.

Negatives

• Insider selling, even when pre-planned, can sometimes be interpreted as a slight negative signal regarding management's outlook, though this is significantly mitigated by the 10b5-1 plan.

Future Outlook

This document, a Form 4, reports an insider transaction and does not provide forward-looking statements or guidance regarding the company's future outlook.

Management Comments

• The reported sale was effected pursuant to a Rule 10b5-1(c) trading plan adopted on February 10, 2025.

Industry Context

Form 4 filings are routine disclosures for executives of publicly traded companies, detailing changes in their beneficial ownership of company securities. This specific filing reflects a pre-scheduled transaction, common among executives managing their equity holdings.

Stakeholder Impact

• Shareholders: The sale represents a minor dilution of ownership and is a routine transaction for an executive managing their equity, unlikely to have a significant impact on the broader shareholder base.

Key Dates

Recommendation

Keywords

NASDAQ, NDAQ, insider trading, Form 4, stock sale, executive compensation, Rule 10b5-1, beneficial ownership