Nasdaq's Tal Cohen sells 10,390 shares on Oct. 23

The President of Market Platforms had a reported post-sale position of 205,076 shares, including restricted stock and PSU-linked shares.

Rhea-AI Filing Summary

NASDAQ, Inc. reported that Tal Cohen, its President of Market Platforms, sold 10,390 shares of common stock on October 23, 2026, at a weighted average price of $103.34 per share. The shares were sold in multiple transactions at prices from $103.14 to $103.51 per share. His reported post-transaction position was 205,076 shares, including 116,173 shares or units of restricted stock, 87,017 shares underlying PSUs and 1,886 shares purchased under the Employee Stock Purchase Plan. No Rule 10b5-1 plan is reported for the sale.

Insider Trade Summary

Net Seller: 10,390 shares

Net Sell 1 txn

Insider Tal Cohen

Role Pres. Market Platforms

Sold 10,390 shs ($1.07M)

Type	Security	Shares	Price	Value
Sale	Common Stock, par value $0.01 per share F1, F2	10,390	$103.34	$1.07M

Holdings After Transaction: Common Stock, par value $0.01 per share — 205,076 shares (Direct)

Footnotes (2)

1. F1. The price reported in this box is a weighted average price. These shares were sold in multiple transactions at prices ranging from $103.14 to $103.51, inclusive. The reporting person undertakes to provide to the Issuer, any of its security holders, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
2. F2. Represents (i) 116,173 shares or units of restricted stock, of which 42,813 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

Shares sold: 10,390 shares Weighted average sale price: $103.34 per share Sale price range: $103.14–$103.51 per share +4 more

7 metrics

Shares sold 10,390 shares Sale on October 23, 2026

Weighted average sale price $103.34 per share Sale on October 23, 2026

Sale price range $103.14–$103.51 per share Multiple transactions; range is inclusive

Post-transaction position 205,076 shares Reported after the October 23, 2026 sale

Restricted stock 116,173 shares or units 42,813 were vested

Shares underlying PSUs 87,017 shares 74,175 were vested

Employee Stock Purchase Plan shares 1,886 shares Shares purchased under the Issuer's Employee Stock Purchase Plan

Key Terms

weighted average price, PSUs, Employee Stock Purchase Plan

3 terms

weighted average price financial

"The price reported in this box is a weighted average price."

Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.

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

"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 10,390 shares on October 23, 2026, at a weighted average price of $103.34 per share. The shares were sold in multiple transactions at prices ranging from $103.14 to $103.51 per share, inclusive. No Rule 10b5-1 plan is reported for the sale.

How many shares did Tal Cohen hold after the NDAQ sale?

His reported post-transaction position was 205,076 shares. This represents 116,173 shares or units of restricted stock, of which 42,813 were vested; 87,017 shares of Common Stock underlying PSUs, of which 74,175 were vested; and 1,886 shares purchased under the Issuer's Employee Stock Purchase Plan.

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

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Available on EDGAR 10/27/2026 - 04:05 PM EDT Accepted by SEC EDGAR 10/27/2026 - 04:05 PM EDT Learn about SEC filing dates

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)
10/23/2026

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	10/23/2026		S		10,390	D	$103.34(1)	205,076(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 price reported in this box is a weighted average price. These shares were sold in multiple transactions at prices ranging from $103.14 to $103.51, inclusive. The reporting person undertakes to provide to the Issuer, any of its security holders, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

2. Represents (i) 116,173 shares or units of restricted stock, of which 42,813 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	10/27/2026
	** 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)