Form 4: Nasdaq Executive Tal Cohen Reports Stock Transactions Following PSU Settlement

Tal Cohen, President of Market Platforms at Nasdaq, Inc., reports acquisition and disposal of common stock related to the settlement of performance share units (PSUs).

Summary

• Tal Cohen, President of Market Platforms at Nasdaq, Inc., filed a Form 4 detailing changes in beneficial ownership of Nasdaq stock.
• On February 19, 2025, Cohen acquired 28,020 shares of common stock upon the settlement of performance share units (PSUs).
• These PSUs were granted under Nasdaq's Equity Incentive Plan, with the number of shares received dependent on performance goals achieved between January 1, 2022, and December 31, 2024.
• Also on February 19, 2025, 12,502 shares were disposed of at a price of $81.24 per share to cover taxes related to the PSU settlement.
• Following these transactions, Cohen directly owns 143,458 shares of Nasdaq common stock.
• This total includes 75,718 shares or units of restricted stock (28,061 vested), 66,435 shares underlying vested PSUs, and 1,305 shares purchased under the Employee Stock Purchase Plan.

Sentiment

Score: 6

Explanation: The sentiment is neutral. It reflects a standard executive stock transaction related to PSU vesting. The disposal of shares for tax purposes is a normal occurrence.

Positives

• The vesting of performance share units indicates that performance goals were met during the specified period, which could be viewed positively.

Negatives

• The disposal of shares to cover taxes, while standard, represents a reduction in the executive's holdings.

Industry Context

Executive stock transactions are common and are closely watched by investors for insights into management's perspective on the company's performance and future prospects. PSU settlements are a standard part of executive compensation packages in publicly traded companies.

Comparison to Industry Standards

• Executive compensation packages including PSUs are common across the technology and financial services industries.
• Companies like Intercontinental Exchange (ICE) and CME Group also utilize equity-based compensation to align executive incentives with shareholder value.
• The vesting criteria for PSUs typically involve metrics such as revenue growth, profitability, and total shareholder return, similar to Nasdaq's Equity Incentive Plan.

Stakeholder Impact

• The transaction itself has minimal direct impact on stakeholders.
• However, the vesting of PSUs suggests that performance goals were met, which could be viewed positively by shareholders.

Key Dates

Keywords

Form 4, Beneficial Ownership, Tal Cohen, Nasdaq, PSU, Stock Transaction, Equity Incentive Plan