Nasdaq executive Tal Cohen sells 2,289 shares

The reported post-sale position includes restricted stock or units, PSU-linked shares and Employee Stock Purchase Plan shares.

Available on EDGAR 11/05/2026 - 04:05 PM EST Accepted by SEC EDGAR 11/05/2026 - 04:05 PM EST Learn about SEC filing dates

Rhea-AI Filing Summary

Nasdaq, Inc. (NDAQ) President, Market Platforms Tal Cohen sold 2,289 shares of common stock on November 3, 2026, at $108.05 per share. The sale was reported as direct, and no Rule 10b5-1 plan is reported. Cohen’s reported post-transaction position was 202,787 shares or units, including restricted stock or units, shares underlying PSUs, and shares purchased under the Employee Stock Purchase Plan.

Insider Trade Summary

Net Seller: 2,289 shares

Net Sell 1 txn

Insider Tal Cohen

Role Pres. Market Platforms

Sold 2,289 shs ($247K)

Share of Position Sold 1.1%

Type	Security	Shares	Price	Value
Sale	Common Stock, par value $0.01 per share F1	2,289	$108.05	$247K

Holdings After Transaction: Common Stock, par value $0.01 per share — 202,787 shares (Direct)

Holdings Before and After: Common Stock, par value $0.01 per share, 205,076 to 202,787 shares (Direct)

Other Insiders: 2 other insiders reported open-market sales of this stock in the 30 days up to this filing.

Footnotes (1)

1. F1. Represents (i) 113,884 shares or units of restricted stock, of which 40,524 are vested, (ii) 87,017 shares of Common Stock underlying PSUs, 74,175 of which are vested, and (iii) 1,886 shares of Common Stock purchased under the Issuer's Employee Stock Purchase Plan.

Key Figures

Common shares sold: 2,289 shares Sale price: $108.05 per share Reported post-transaction position: 202,787 shares or units +5 more

8 metrics

Common shares sold 2,289 shares Sale on November 3, 2026.

Sale price $108.05 per share Sale on November 3, 2026.

Reported post-transaction position 202,787 shares or units Position reported after the November 3, 2026 sale.

Restricted stock or units 113,884 shares or units Reported post-transaction position.

Vested restricted stock or units 40,524 shares or units Included in the reported restricted stock or units.

Common stock underlying PSUs 87,017 shares Reported post-transaction position.

Vested common stock underlying PSUs 74,175 shares Included in the reported shares underlying PSUs.

Employee Stock Purchase Plan shares 1,886 shares Included in the reported post-transaction position.

Key Terms

restricted stock, PSUs, Employee Stock Purchase Plan

3 terms

restricted stock financial

"shares or units of restricted stock"

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

"shares of Common Stock underlying PSUs"

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

"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.

How many NDAQ shares did Tal Cohen sell, and at what price?

Tal Cohen sold 2,289 shares of Nasdaq, Inc. common stock on November 3, 2026, at $108.05 per share. He was President, Market Platforms, and the transaction was reported as direct. The sale was not reported as made under a Rule 10b5-1 plan.

What was included in Tal Cohen’s reported NDAQ position after the sale?

Cohen’s reported post-transaction position was 202,787 shares or units. It comprised 113,884 shares or units of restricted stock, including 40,524 vested; 87,017 common shares underlying PSUs, including 74,175 vested; and 1,886 shares purchased under the Employee Stock Purchase Plan.

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

Form 4 Insider Transactions: What Each Field Means →

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

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).

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^*

Tal Cohen

(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)
	Pres. Market Platforms

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
11/03/2026

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	11/03/2026		S		2,289	D	$108.05	202,787(1)	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. Represents (i) 113,884 shares or units of restricted stock, of which 40,524 are vested, (ii) 87,017 shares of Common Stock underlying PSUs, 74,175 of which are vested, and (iii) 1,886 shares of Common Stock purchased under the Issuer's Employee Stock Purchase Plan.

	/s/ Alex Kogan, by power of attorney	11/05/2026
	** 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)