Nasdaq CEO has shares withheld for taxes
Nasdaq, Inc. Chair and CEO Adena T. Friedman reported a routine tax-related share disposition.
Rhea-AI Filing Summary
Nasdaq, Inc. Chair and CEO Adena T. Friedman reported a routine tax-related share disposition. On April 3, 2026, 8,075 shares of common stock were withheld at $86.65 per share to cover taxes on a previously granted equity award, rather than sold on the open market.
After this withholding, she directly owns 1,983,866 shares of Nasdaq common stock, a large remaining position. She also holds employee stock options covering 306,936 underlying shares at a $67.48 exercise price expiring on January 3, 2032, plus indirect holdings of 73,500 shares in each of two family trusts.
Positive
- None.
Negative
- None.
Insider Trade Summary
Exercise Price or Tax Liability: 8,075 shares
Exercise Price or Tax Liability
4 txns
Insider
FRIEDMAN ADENA T
Role
Chair and CEO
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise Price or Tax Liability | Common Stock, par value $0.01 per share | 8,075 | $86.65 | $700K |
| holding | Employee Stock Option (Right to Buy) | -- | -- | -- |
| holding | Common Stock, par value $0.01 per share | -- | -- | -- |
| holding | Common Stock, par value $0.01 per share | -- | -- | -- |
Holdings After Transaction:
Common Stock, par value $0.01 per share — 1,983,866 shares (Direct);
Employee Stock Option (Right to Buy) — 306,936 contracts (Direct);
Common Stock, par value $0.01 per share — 73,500 shares (Indirect, Held by the A.T. Friedman Irrevocable Trust No.1);
Common Stock, par value $0.01 per share — 73,500 shares (Indirect, Held by The A.T. Friedman Irrevocable Trust No.2)
Footnotes (4)
- F1. Represents shares of Common Stock withheld for taxes in connection with the settlement of an equity award previously granted under the Issuer's Equity Incentive Plan.
- F2. Represents (i) 458,565 shares or units of restricted stock, of which 335,425 are vested, (ii) 1,411,948 shares of Common Stock underlying PSUs, 1,370,208 of which are vested, (iii) 10,000 shares of Common Stock acquired through open market purchases, and (iv) 103,353 shares granted under the Issuer's Equity Incentive Plan or the Issuer's Employee Stock Purchase Plan when the reporting person was an employee of the Issuer prior to returning as President in 2014.
- F3. Reflects shares gifted for estate planning purposes to a family trust for the benefit of the reporting person's child, of which the reporting person's spouse is the trustee and the reporting person's brother is the investment advisor.
- F4. The option vests on January 3, 2027.
Key Figures
Tax-withheld shares: 8,075 shares at $86.65
Direct common stock holding: 1,983,866 shares
Stock options exercise price: $67.48 per share
+5 more
8 metrics
Tax-withheld shares
8,075 shares at $86.65
Common stock withheld for taxes on April 3, 2026
Direct common stock holding
1,983,866 shares
Direct ownership after tax withholding disposition
Stock options exercise price
$67.48 per share
Employee stock option on common stock
Underlying option shares
306,936 shares
Common stock underlying employee stock option
Option expiration
January 3, 2032
Expiration date of employee stock option grant
Trust No.1 holdings
73,500 shares
Common stock held by A.T. Friedman Irrevocable Trust No.1
Trust No.2 holdings
73,500 shares
Common stock held by The A.T. Friedman Irrevocable Trust No.2
Tax-withholding shares total
8,075 shares
TaxWithholdingShares in transaction summary
Key Terms
tax-withholding disposition, Employee Stock Option (Right to Buy), Equity Incentive Plan, performance stock units, +2 more
6 terms
tax-withholding disposition financial
"Payment of exercise price or tax liability by delivering securities"
A tax-withholding disposition is an event or transaction—such as selling or transferring securities, exercising options, or receiving compensation—that triggers a requirement to hold back part of the payment and remit it to tax authorities. It matters to investors because it reduces the cash they receive immediately and can change the timing and amount of taxable income, like a cashier taking a portion of your sale proceeds to pay taxes before you get the rest.
Employee Stock Option (Right to Buy) financial
"Employee Stock Option (Right to Buy) ... underlying security title "Common Stock""
Equity Incentive Plan financial
"previously granted under the Issuer's Equity Incentive Plan"
An equity incentive plan is a program that gives employees, executives or directors the right to receive company stock or options to buy stock as part of their pay. Think of it as offering slices of future company profit to motivate people to boost long‑term performance; for investors it matters because it can align employee goals with shareholder value but also increases the number of shares outstanding, which can dilute existing ownership.
performance stock units financial
"shares of Common Stock underlying PSUs, 1,370,208 of which are vested"
Performance stock units are a type of company award that grants employees shares of stock only if certain performance goals are met. They motivate employees to work toward specific company achievements, aligning their interests with those of shareholders. For investors, they can influence a company's future stock supply and reflect management’s confidence in reaching key targets.
irrevocable trust financial
"Held by the A.T. Friedman Irrevocable Trust No.1"
An irrevocable trust is a legal arrangement where an owner transfers assets into a separate entity managed by a trustee and gives up the power to modify or reclaim those assets. For investors it matters because putting stock or other holdings into such a trust can change who controls and benefits from the assets, affect taxes and creditor protection, and influence how easy it is to sell or value those holdings—like placing valuables in a locked safe overseen by someone else.
restricted stock financial
"458,565 shares or units of restricted stock, of which 335,425 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.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What insider transaction did Nasdaq (NDAQ) report for CEO Adena Friedman?
Nasdaq reported that CEO Adena Friedman had 8,075 shares withheld to cover taxes on an equity award. This tax-withholding disposition is coded F on Form 4 and is not an open-market sale of stock.
What stock options does Adena Friedman hold in Nasdaq (NDAQ) after the transaction?
She holds employee stock options linked to 306,936 shares of Nasdaq common stock at a $67.48 exercise price. These options expire on January 3, 2032 and represent a significant remaining equity-based incentive position.
Are Adena Friedman’s recent Nasdaq (NDAQ) transactions open-market sales?
No, the reported transaction is a tax-withholding disposition of 8,075 shares related to an equity award. The shares were withheld by the issuer for taxes and not sold by Friedman in the open market.
What indirect Nasdaq (NDAQ) holdings are reported for Adena Friedman’s family trusts?
The filing shows 73,500 Nasdaq common shares held by the A.T. Friedman Irrevocable Trust No.1 and 73,500 shares held by The A.T. Friedman Irrevocable Trust No.2. These trusts are for estate planning purposes benefiting her child.
AI-generated analysis. How Rhea-AI works. Not financial advice.
