[Form 4] Intercontinental Exchange, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Intercontinental Exchange (ICE) reported an insider equity transaction by its General Counsel on November 19, 2025. The executive exercised an employee stock option to acquire 1,770 shares of common stock at an exercise price of $50.01 per share, then sold 1,770 shares of common stock at a price of $152.52 per share under a pre-arranged Rule 10b5-1 trading plan approved and effective as of November 20, 2024.

After these transactions, the reporting person beneficially owned 44,212 common stock-related interests, consisting of 35,318 shares of common stock, 3,141 unvested restricted stock units and 5,753 unvested performance-based restricted stock units. The RSUs and PSUs generally vest over three years in equal annual installments, while additional PSU awards tied to total shareholder return, EBITDA and deal incentives have performance and time-based vesting outcomes scheduled between February 2026 and December 2028. The reported stock options are now fully exercised and no longer outstanding.

Insights

Equity Compensation Analyst

Routine ICE insider option exercise and sale under 10b5-1 plan.

The General Counsel of Intercontinental Exchange exercised an employee stock option for 1,770 shares at an exercise price of $50.01 and sold the same number of shares at $152.52. Because the trade was executed under a pre-approved Rule 10b5-1 trading plan effective from November 20, 2024, it reflects pre-scheduled diversification rather than an ad hoc trade.

Following the transaction, the insider reports 44,212 ICE equity interests, including common shares, unvested RSUs and PSUs. Several PSU programs linked to total shareholder return, EBITDA and deal incentives have outcomes and potential share issuance dates extending from February 2026 through December 2028, which will be reported upon vesting. Overall, this Form 4 represents standard equity compensation activity with no clear thesis-changing impact.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

X

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Surdykowski Andrew J

(Last) (First) (Middle)

5660 NEW NORTHSIDE DRIVE

(Street)

ATLANTA GA 30328

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Intercontinental Exchange, Inc. [ ICE ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	General Counsel

3. Date of Earliest Transaction (Month/Day/Year)
11/19/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	11/19/2025		M		1,770(1)	A	$50.01	45,982	D
Common Stock	11/19/2025		S		1,770(1)	D	$152.52	44,212(2)(3)(4)	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Employee Stock Option (right to buy) Holding	$50.01	11/19/2025		M			1,770	(5)	01/14/2026	Common Stock	1,770	$0	0	D

Explanation of Responses:

1. This transaction was effected pursuant to a Rule 10b5-1 trading plan which was approved and became effective as of November 20, 2024.

2. The common stock number referred in Table I is an aggregate number and represents 35,318 shares of common stock, 3,141 unvested restricted stock units ("RSUs"), and 5,753 unvested performance based restricted stock units ("PSUs"), for which the performance period has been satisfied. The RSUs and PSUs vest over a three-year period, in which 33.33% of the units vest each year.

3. The satisfaction of the 2023, 2024 and 2025 three-year total shareholder return PSUs and the corresponding number of shares to be issued pursuant to these awards, will not be determined until February 2026, February 2027 and February 2028, respectively, and will be reported at the time of vesting. The satisfaction of the 2024 and 2025 three-year EBITDA PSUs and the corresponding number of shares to be issued pursuant to these awards, will not be determined until February 2027 and February 2028, respectively, and will be reported at the time of vesting.

4. The satisfaction of the performance based restricted stock units granted as Deal Incentive Awards and the corresponding number of shares to be issued pursuant to these awards, will not be determined until December 2026, December 2027 and December 2028 and will be subject to additional time-based vesting conditions and, if applicable, a subsequent one-year holding period.

5. These options are fully vested.

	/s/ Octavia N. Spencer, Attorney-in-fact	11/21/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider transaction did ICE report on this Form 4?

The Form 4 reports that Intercontinental Exchange's General Counsel exercised an employee stock option for 1,770 shares of common stock and sold 1,770 shares on November 19, 2025.

At what prices did the ICE insider exercise options and sell shares?

The insider exercised stock options at an exercise price of $50.01 per share and sold the acquired ICE common shares at a price of $152.52 per share.

Was the ICE insider trade made under a Rule 10b5-1 plan?

Yes. The transaction was effected under a Rule 10b5-1 trading plan that was approved and became effective as of November 20, 2024.

How many ICE securities does the General Counsel beneficially own after this transaction?

After the reported trades, the General Counsel beneficially owns 44,212 ICE equity interests, including 35,318 common shares, 3,141 unvested RSUs, and 5,753 unvested PSUs.

How do the ICE RSUs and PSUs held by the insider vest?

The RSUs and PSUs generally vest over a three-year period, with 33.33% vesting each year. Additional PSUs tied to total shareholder return, EBITDA, and deal incentives have performance outcomes and vesting events scheduled between February 2026 and December 2028.

Are the reported ICE stock options still outstanding after this Form 4?

No. The Form 4 notes that the reported employee stock options are fully vested and, following the 1,770-share exercise, the remaining number of those options is 0.

What is the relationship of the reporting person to Intercontinental Exchange (ICE)?

The reporting person is an officer of Intercontinental Exchange, serving as its General Counsel, and is required to report equity transactions on Form 4.