FRIEDMAN ADENA T 4

What Happened

• Adena T. Friedman, Chair and CEO of Nasdaq, reported two gift transactions on March 11, 2026, each disposing of 56,786 shares (total 113,572 shares) at $0.00 per share (total proceeds $0).
• Footnotes indicate one gift went to a charitable institution (F1) and the other to a donor-advised fund (F2). The filing shows the shares were transferred (disposed) and no cash changed hands.

Key Details

• Transaction date: 2026-03-11; Filing date: 2026-03-13 (reports transactions on Mar 11).
• Amounts: 56,786 shares gifted (G) in two separate entries = 113,572 shares total; price $0.00; total value recorded $0.
• Post-transaction holdings (per filing footnote F3): includes 440,450 restricted shares/units (314,204 vested), 1,411,948 common shares underlying performance share units (1,370,208 vested), 10,000 shares bought in the open market, and 103,353 shares from prior grants. (These figures reflect the reporting person’s reported holdings in the filing.)
• Notable footnotes: F1/F2 state the reporting person does not retain voting or investment control over the donated shares after transfer.
• No indication in the filing of a 10b5-1 plan, tax withholding sale, or cash proceeds from these transactions.

Context

• Gifts of shares are not market purchases or sales and generally should not be interpreted as a bullish or bearish signal about the company; they are often charitable or estate-planning moves.
• Donor-advised funds may allow donors to recommend grants, but per the footnote Friedman does not retain voting or investment control over the donated shares.
• These transactions reduced Friedman’s direct beneficial ownership but did not generate cash proceeds.