Form 4: NASDAQ Executive Vice President Sells 3,500 Shares Under 10b5-1 Plan

Bryan Everard Smith, an Executive Vice President at NASDAQ, Inc., sold 3,500 shares of common stock at a price of $82.78 per share on March 3, 2025, according to a Form 4 filing with the SEC.

Summary

• On March 3, 2025, Bryan Everard Smith, an Executive Vice President at NASDAQ, Inc., sold 3,500 shares of the company's common stock.
• The sale was executed at a price of $82.78 per share.
• The transaction was conducted under a pre-arranged Rule 10b5-1(c) trading plan adopted on September 5, 2024.
• Following the transaction, Smith beneficially owns 60,752 shares of NASDAQ common stock.
• This total includes vested and unvested restricted stock, shares underlying Performance Share Units (PSUs), and shares purchased through the Employee Stock Purchase Plan.

Sentiment

Score: 5

Explanation: The sentiment is neutral as it reports a routine transaction under a pre-existing trading plan. There is no indication of positive or negative implications for the company.

Industry Context

Insider transactions are routinely monitored and reported to the SEC. Sales under 10b5-1 plans are common and allow insiders to sell shares at predetermined times to avoid accusations of trading on inside information. The volume of shares sold is relatively small compared to the total outstanding shares of NASDAQ, Inc.

Comparison to Industry Standards

• Executive stock sales are a common occurrence in publicly traded companies.
• Companies like Intercontinental Exchange (ICE) and CME Group also see regular insider transactions.
• The use of 10b5-1 plans is a standard practice to ensure compliance with insider trading regulations.
• The size of this transaction is not unusual for an executive at Smith's level.

Stakeholder Impact

• The sale of shares by an executive could have a minor psychological impact on shareholders, but the use of a 10b5-1 plan mitigates concerns about insider information.

Key Dates