FRIEDMAN ADENA T 4
4 · NASDAQ, INC. · Filed Mar 10, 2026
Research Summary
AI-generated summary of this filing
NASDAQ (NDAQ) CEO Adena Friedman Exercises Options, Sells Shares
What Happened Adena T. Friedman, Chair and CEO of NASDAQ, exercised 92,840 equity derivatives on March 6, 2026 and concurrently sold the 92,840 shares received. The exercise had a reported exercise cost of $22.22 per share (total $2,062,905). The shares were sold at a weighted-average price of $90.08 per share for aggregate proceeds of $8,363,027. The filing also records the corresponding derivative disposition related to the exercised instruments.
Key Details
- Transaction date: March 6, 2026. Form filed March 10, 2026 (timely).
- Exercise: 92,840 shares acquired at $22.22 each (total reported cost $2,062,905).
- Sale: 92,840 shares sold at a weighted-average price of $90.08 ($90.00–$90.37 per-share range reported); total proceeds $8,363,027. The filer can provide per-trade prices on request (see footnote).
- Sale conducted pursuant to a Rule 10b5-1 trading plan adopted September 11, 2025.
- Shares beneficially owned after the transaction (per filing footnote): 2,079,323 shares/units (breakdown in footnote: restricted stock, PSUs, open-market shares and prior grants; some portion vested/unvested noted in filing).
- The filing shows the derivative instrument was converted/terminated as part of the exercise (reported as a disposition of the derivative at $0).
Context This was effectively a same-day exercise-and-sell (cashless-style) transaction: options were exercised and the resulting shares were sold immediately under a pre-established 10b5-1 plan. Sales under 10b5-1 plans are generally prearranged and routine for tax or diversification purposes; they do not, by themselves, indicate a change in insider sentiment. The filing is factual and timely; no late filing indication appears.
Insider Transaction Report
- Exercise/Conversion
Common Stock, par value $0.01 per share
2026-03-06$22.22/sh+92,840$2,062,905→ 2,172,163 total - Sale
Common Stock, par value $0.01 per share
[F1][F2][F3]2026-03-06$90.08/sh−92,840$8,363,027→ 2,079,323 total - Exercise/Conversion
Employee Stock Option (Right to Buy)
[F5]2026-03-06−92,840→ 113,611 totalExercise: $22.22Exp: 2027-01-03→ Common Stock (92,840 underlying)
- 73,500(indirect: By Trust)
Common Stock, par value $0.01 per share
[F4] - 73,500(indirect: By Trust)
Common Stock, par value $0.01 per share
[F4] - 306,936
Employee Stock Option (Right to Buy)
[F6]Exercise: $67.48Exp: 2032-01-03→ Common Stock (306,936 underlying)
Footnotes (6)
- [F1]The reported sale was effected pursuant to a Rule 10b5-1(c) trading plan adopted on September 11, 2025.
- [F2]The price reported in this box is a weighted average price. These shares were sold in multiple transactions at prices ranging from $90.00 to $90.37, 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.
- [F3]Represents (i) 440,450 shares or units of restricted stock, of which 314,204 are vested, (ii) 1,525,520 shares of Common Stock underlying PSUs, 1,483,780 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.
- [F4]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.
- [F5]The option is currently exercisable.
- [F6]The option vests on January 3, 2027.