FRIEDMAN ADENA T 4

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.