Form 4: Nasdaq Executive Tal Cohen Reports Stock Transactions
SEC Form 4 Filing
Tal Cohen, President of Market Platforms at Nasdaq, Inc., reported the acquisition of shares of restricted stock and the disposition of shares to cover withholding taxes.
Summary
- On April 1, 2024, Tal Cohen, President of Market Platforms at Nasdaq, Inc., acquired 12,843 shares of restricted stock.
- These shares were granted under Nasdaq's Equity Incentive Plan and will 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, Cohen disposed of 13,067 shares of common stock at a price of $62.29 per share to cover withholding taxes related to the vesting of previously granted equity.
- Following these transactions, Cohen beneficially owns 147,360 shares, including vested and unvested restricted stock units, performance share units (PSUs), and shares purchased under the Employee Stock Purchase Plan.
Sentiment
Score: 5
Explanation: The filing reflects standard executive compensation practices and tax obligations, indicating a neutral sentiment.
Industry Context
Form 4 filings are a routine part of corporate governance, providing transparency into the transactions of company insiders. These filings are closely watched by investors seeking insights into management's perspective on the company's stock.
Comparison to Industry Standards
- Equity compensation is a common practice among publicly traded companies like Nasdaq to align the interests of executives with those of shareholders.
- Vesting schedules, such as the one described in the filing (33% on April 1, 2026, 33% on April 1, 2027 and the remainder on April 1, 2028), are typical for restricted stock grants.
- Companies like Intercontinental Exchange (ICE) and CME Group also utilize equity incentive plans for their executives.
- The sale of shares to cover tax obligations upon vesting is a standard procedure, ensuring compliance with tax regulations.
Stakeholder Impact
- The transactions have a minimal direct impact on stakeholders.
- The filing provides transparency to shareholders regarding executive compensation.
Key Dates
| Date | Description |
|---|---|
| 04/01/2024 | Date of stock acquisition and disposition. |
| 04/01/2026 | First vesting date for 33% of the restricted stock. |
| 04/01/2027 | Second vesting date for 33% of the restricted stock. |
| 04/01/2028 | Final vesting date for the remaining restricted stock. |
| 04/03/2024 | Date of signature on the Form 4 filing. |
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