Form 4: NASDAQ Inc. Executive Vice President Jeremy Skule Reports Sale of Common Stock

EVP and CSO of NASDAQ, Inc., Jeremy Skule, reports the sale of 1,053 shares of common stock at $81.52 per share on May 12, 2025, pursuant to a pre-arranged trading plan.

Summary

• On May 12, 2025, Jeremy Skule, EVP and CSO of NASDAQ, Inc., sold 1,053 shares of common stock at a price of $81.52 per share.
• The sale was executed under a Rule 10b5-1(c) trading plan adopted on February 10, 2025.
• Following the transaction, Skule directly owns 99,595 shares of NASDAQ common stock.
• This total includes 44,034 shares or units of restricted stock (9,912 vested), 52,165 shares underlying PSUs (all vested), and 3,396 shares purchased under the Employee Stock Purchase Plan.

Sentiment

Score: 5

Explanation: The sentiment is neutral as this is a routine transaction under a pre-arranged trading plan and doesn't necessarily indicate a positive or negative outlook on the company.

Industry Context

This Form 4 filing is a routine disclosure of insider transactions, providing transparency to the market regarding the trading activities of NASDAQ's executives. It is standard practice for executives to utilize 10b5-1 trading plans to avoid accusations of insider trading.

Comparison to Industry Standards

• Form 4 filings are standard practice across all publicly listed companies in the US, including competitors of NASDAQ such as Intercontinental Exchange (ICE) and CME Group.
• Executives at these companies also routinely use Rule 10b5-1 trading plans for similar purposes.
• The volume of shares sold is relatively small compared to the total shares outstanding, suggesting it's unlikely to have a significant impact on the stock price.

Stakeholder Impact

• The sale of shares by an executive could be perceived negatively by some shareholders, but the existence of a 10b5-1 plan mitigates this concern.
• The impact on employees, customers, suppliers, and creditors is likely to be negligible.

Key Dates

Keywords

Form 4, NASDAQ, Executive Compensation, Stock Sale, Insider Trading, Rule 10b5-1, Equity Securities, Beneficial Ownership, Jeremy Skule