Nasdaq (NDAQ) CEO exercises options, sells 300,000 shares under 10b5-1 plan
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
Nasdaq, Inc. Chair and CEO Adena T. Friedman exercised employee stock options for 300,000 shares of common stock at an exercise price of $22.22 per share and on the same day sold 300,000 shares at a weighted average price of $96.91 per share under a pre-arranged Rule 10b5-1(c) trading plan adopted on September 11, 2025.
After these transactions, she directly holds 1,924,903 shares of Nasdaq common stock and 206,451 employee stock options at a $22.22 exercise price, plus an additional 306,936 options at a $67.48 exercise price that vest on January 3, 2027.
She also has indirect beneficial ownership of 73,500 Nasdaq shares in each of two family trusts established for estate planning purposes.
Positive
- None.
Negative
- None.
Insider Trade Summary
Net Seller: 300,000 shares ($29,073,000)
Net Sell
6 txns
Insider
FRIEDMAN ADENA T
Role
Chair and CEO
Sold
300,000 shs ($29.07M)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Employee Stock Option (Right to Buy) | 300,000 | $0.00 | -- |
| Exercise | Common Stock, par value $0.01 per share | 300,000 | $22.22 | $6.67M |
| Sale | Common Stock, par value $0.01 per share | 300,000 | $96.91 | $29.07M |
| holding | Employee Stock Option (Right to Buy) | -- | -- | -- |
| holding | Common Stock, par value $0.01 per share | -- | -- | -- |
| holding | Common Stock, par value $0.01 per share | -- | -- | -- |
Holdings After Transaction:
Employee Stock Option (Right to Buy) — 206,451 shares (Direct);
Common Stock, par value $0.01 per share — 2,224,903 shares (Direct);
Common Stock, par value $0.01 per share — 73,500 shares (Indirect, Held by the A.T. Friedman Irrevocable Trust No.1)
Footnotes (1)
- The reported sale was effected pursuant to a Rule 10b5-1(c) trading plan adopted on September 11, 2025. The price reported in this box is a weighted average price. These shares were sold in multiple transactions at prices ranging from $96.50 to $97.86, inclusive. The reporting person undertakes to provide to the Issuer, any of its security holders, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote. Represents (i) 440,450 shares or units of restricted stock, of which 314,204 are vested, (ii) 1,371,100 shares of Common Stock underlying PSUs, all of which are vested, (iii) 10,000 shares of Common Stock acquired through open market purchases, and (iv) 103,353 shares granted under the Issuer's Equity Incentive Plan or the Issuer's Employee Stock Purchase Plan when the reporting person was an employee of the Issuer prior to returning as President in 2014. Reflects shares gifted for estate planning purposes to a family trust for the benefit of the reporting person's child, of which the reporting person's spouse is the trustee and the reporting person's brother is the investment advisor. The option is currently exercisable. The option vests on January 3, 2027.
FAQ
What insider transaction did Nasdaq (NDAQ) CEO Adena Friedman report?
Adena Friedman reported exercising options for 300,000 Nasdaq shares at $22.22 and selling 300,000 shares at a weighted average price of $96.91 under a Rule 10b5-1(c) trading plan adopted on September 11, 2025, according to the Form 4 filing.
What Nasdaq (NDAQ) stock options does Adena Friedman hold after this filing?
Following the reported exercise, Adena Friedman holds 206,451 employee stock options with a $22.22 exercise price, already exercisable. She also holds 306,936 additional options with a $67.48 exercise price that are scheduled to vest on January 3, 2027, according to the Form 4 footnotes.