FRIEDMAN ADENA T (President and CEO) sold 4.3% of their position (92.84K shares) of NASDAQ, INC. on the open market

Open‑market sale worth $8.36M — a minor trim. Review remaining holdings and any 10b5‑1 plan disclosures.

S · 1 sale

FRIEDMAN ADENA T

Filed: 3/10/2026ACC: 0001193125-26-100106

InsiderFRIEDMAN ADENA TCIK 1240169

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IssuerNASDAQ, INC.CIK 1120193

DirectorOfficer· President and CEO

Since Jan 2019

-92.84K

Net shares

Net seller

$8.36M

Total sold

Open market trades

0B · 1S

Total transactions

92.84K acquired · 185.68K disposed

Non-Derivative Transactions2

Common Stock, par value $0.01 per share

Direct

M · Option Exercise

+92.84K

Price / share

$22.22

Trade value

$2.06M

% of position

4.5%

3/6/2026

2.08M→2.17M

Common Stock, par value $0.01 per share

Direct

S · Sale

−92.84K

Price / share

$90.08

Trade value

$8.36M

% of position

4.3%

3/6/2026

2.17M→2.08M

Total

Net shares

+0.00

Net value

-$6.30M

Security	Date	Type	Shares	Price / Share	Trade Value	% of Position	Held Before	Held After
Common Stock, par value $0.01 per share Direct	3/6/2026	M · Option Exercise	+92.84K	$22.22	$2.06M	4.5%	2.08M	2.17M
Common Stock, par value $0.01 per share Direct	3/6/2026	S · Sale	−92.84K	$90.08	$8.36M	4.3%	2.17M	2.08M
Total			+0.00		-$6.30M

Derivative Transactions1

Employee Stock Option (Right to Buy)

Direct

M · Option Exercise

Converts to

Common Stock

92.84K shares

−92.84K

Strike price

22.22

Held after

113.61K

Exercisable

—

3/6/2026

Security	Converts To	Date	Type	Shares	Strike Price	Exercisable	Held After
Employee Stock Option (Right to Buy) Direct	Common Stock92.84K shares	3/6/2026	M · Option Exercise	−92.84K	22.22	—	113.61K

Non-Derivative Holdings (Post-Transaction)2

Common Stock, par value $0.01 per share

Indirect

Shares owned73.50K

Common Stock, par value $0.01 per share

Indirect

Shares owned73.50K

Total

147K indirect147K

Security Title	Shares Owned	Ownership Type
Common Stock, par value $0.01 per share	73.50K	Indirect
Common Stock, par value $0.01 per share	73.50K	Indirect
Total	147K	147K indirect

Derivative Holdings (Post-Transaction)1

Employee Stock Option (Right to Buy)

Direct

Underlying security

Common Stock

Underlying shares

306.94K

Shares owned

306.94K

Exercise price

67.48

Expiration

—

Exercise window

—

Total

Underlying

306.94K

Owned

306.94K

Security	Underlying	Exercise Price	Exercise Window	Expiration	Underlying Shares	Shares Owned
Employee Stock Option (Right to Buy) Direct	Common Stock	67.48	—	—	306.94K	306.94K
Total					306.94K	306.94K