Nasdaq EVP Skule sells 1,125 shares at $94.22

Nasdaq’s EVP and chief strategy officer reported a small Rule 10b5-1 planned sale and continues to hold over 100,000 shares.

Available on EDGAR 09/14/2026 - 04:06 PM EDT Accepted by SEC EDGAR 09/14/2026 - 04:05 PM EDT Learn about SEC filing dates

Rhea-AI Filing Summary

NASDAQ, INC. (NDAQ) reported that executive vice president and chief strategy officer Jeremy Skule sold 1,125 shares of common stock on September 10, 2026 at $94.22 per share in an open-market transaction effected under a Rule 10b5-1(c) trading plan adopted on May 7, 2026. After this sale, he holds 101,198 shares directly, including restricted stock, performance stock units and shares acquired through the employee stock purchase plan.

Insider Trade Summary 10b5-1

Net Seller: 1,125 shares

Net Sell 1 txn

Insider SKULE JEREMY

Role EVP, CSO

Sold 1,125 shs ($106K)

Share of Position Sold 1.1%

Type	Security	Shares	Price	Value
Sale	Common Stock, par value $0.01 per share F1, F2	1,125	$94.22	$106K

Holdings After Transaction: Common Stock, par value $0.01 per share — 101,198 shares (Direct)

Holdings Before and After: Common Stock, par value $0.01 per share, 102,323 to 101,198 shares (Direct)

Footnotes (2)

1. F1. The reported sale was effected pursuant to a Rule 10b5-1(c) trading plan adopted on May 7, 2026.
2. F2. Represents (i) 35,511 shares or units of restricted stock, of which 9,551 are vested, (ii) 61,968 shares of Common Stock underlying PSUs, 53,942 of which are vested, and (iii) 3,719 shares of Common Stock purchased under the Issuer's Employee Stock Purchase Plan.

Key Figures

Shares sold: 1,125 shares Sale price per share: $94.22 per share Shares held after transaction: 101,198 shares +4 more

7 metrics

Shares sold 1,125 shares Common stock sale on September 10, 2026

Sale price per share $94.22 per share Open-market sale of Nasdaq, Inc. common stock

Shares held after transaction 101,198 shares Direct holdings by Jeremy Skule following the sale

Restricted stock and units 35,511 shares/units (9,551 vested) Portion of post-transaction holdings

PSUs underlying common stock 61,968 shares (53,942 vested) Performance stock units included in holdings

Employee Stock Purchase Plan shares 3,719 shares Common stock purchased under ESPP included in holdings

Rule 10b5-1 plan adoption date May 7, 2026 Trading plan under which the sale was effected

Key Terms

Rule 10b5-1(c) trading plan, restricted stock, PSUs, Employee Stock Purchase Plan

4 terms

Rule 10b5-1(c) trading plan regulatory

"The reported sale was effected pursuant to a Rule 10b5-1(c) trading plan"

A Rule 10b5-1(c) trading plan is a legally defined, pre-set schedule that lets company insiders automatically buy or sell stock at specified times or under set formulas when they are not in possession of undisclosed, sensitive information. Think of it like an automatic payment plan for trades: because the instructions are written in advance, trades under the plan help protect insiders from allegations of trading on secret information and give investors clearer expectations about when insiders will transact, which can affect liquidity and perceived transparency.

restricted stock financial

"Represents (i) 35,511 shares or units of restricted stock, of which 9,551 are vested"

Shares granted to an individual that carry limits on transfer or sale until certain conditions are met, such as staying with the company for a set time or hitting performance targets. Think of them as a locked gift that gradually opens; for investors they matter because they affect how many shares may enter the market later, signal management incentives and potential dilution, and reveal confidence in future company performance.

PSUs financial

"61,968 shares of Common Stock underlying PSUs, 53,942 of which are vested"

PSUs are company shares promised to employees or executives that only become actual stock if the business hits specific performance targets over a set period. For investors, PSUs matter because they link pay to measurable outcomes — similar to a conditional bonus that converts into ownership — which can influence management decisions, dilution of shares, and signals about confidence in future results.

Employee Stock Purchase Plan financial

"3,719 shares of Common Stock purchased under the Issuer's Employee Stock Purchase Plan"

An employee stock purchase plan is a company program that lets workers buy shares through small payroll deductions, often at a discount to the market price and after a set offering period. Think of it like a workplace savings plan that turns into ownership: it encourages employees to share in the company’s success and can create predictable buying or selling of stock that investors watch because it affects supply, demand and employee incentives.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transaction did NDAQ report for Jeremy Skule?

Jeremy Skule sold 1,125 shares of Nasdaq, Inc. common stock on September 10, 2026 at $94.22 per share in an open-market transaction, and this sale was made under a Rule 10b5-1(c) trading plan adopted on May 7, 2026.

How many NDAQ shares does Jeremy Skule hold after this Form 4 transaction?

After the reported sale, Jeremy Skule holds 101,198 shares of Nasdaq, Inc. common stock directly, consisting of restricted stock or units, performance stock units (PSUs), and shares purchased through the employee stock purchase plan.

What price did Jeremy Skule receive per share for the NDAQ stock sold?

The reported sale by Jeremy Skule was executed at a price of $94.22 per share for 1,125 shares of Nasdaq, Inc. common stock on September 10, 2026.

Was the NDAQ insider sale by Jeremy Skule under a Rule 10b5-1 plan?

Yes. The filing states that the reported sale was effected pursuant to a Rule 10b5-1(c) trading plan that Jeremy Skule adopted on May 7, 2026, indicating the trade followed a pre-established plan.

What types of NDAQ equity awards are included in Jeremy Skule’s post-transaction holdings?

The 101,198 shares reported after the sale include 35,511 shares or units of restricted stock (9,551 vested), 61,968 shares underlying PSUs (53,942 vested), and 3,719 shares purchased under Nasdaq’s Employee Stock Purchase Plan.

What role does Jeremy Skule hold at NDAQ according to this Form 4?

Jeremy Skule is identified as an executive vice president and chief strategy officer (EVP, CSO) of Nasdaq, Inc. in the Form 4 insider transaction report.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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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^*

SKULE JEREMY

(Last) (First) (Middle)

151 W. 42ND STREET

(Street)

NEW YORK NEW YORK 10036

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
NASDAQ, INC. [ NDAQ ]

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

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	EVP, CSO

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
09/10/2026

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

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

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

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, par value $0.01 per share	09/10/2026		S(1)		1,125	D	$94.22	101,198(2)	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

Explanation of Responses:

1. The reported sale was effected pursuant to a Rule 10b5-1(c) trading plan adopted on May 7, 2026.

2. Represents (i) 35,511 shares or units of restricted stock, of which 9,551 are vested, (ii) 61,968 shares of Common Stock underlying PSUs, 53,942 of which are vested, and (iii) 3,719 shares of Common Stock purchased under the Issuer's Employee Stock Purchase Plan.

	/s/ Alex Kogan, by power of attorney	09/14/2026
	** 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.
* Form 4: SEC 1474 (03-26)