FRIEDMAN ADENA T (President and CEO) sold 5.5% of their position (113.61K shares) of NASDAQ, INC. on the open market

Open‑market sale worth $9.71M — a moderate reduction. Review remaining holdings and any 10b5‑1 plan disclosures.

S · 1 sale

FRIEDMAN ADENA T

Filed: 4/2/2026ACC: 0001193125-26-140439

InsiderFRIEDMAN ADENA TCIK 1240169

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IssuerNASDAQ, INC.CIK 1120193

DirectorOfficer· President and CEO

Since Jan 2019

-87.42K

Net shares

Net seller

$10.87M

Total sold

Open market trades

0B · 1S

Total transactions

153.54K acquired · 240.96K disposed

Non-Derivative Transactions4

Common Stock, par value $0.01 per share

Direct

M · Option Exercise

+113.61K

Price / share

$22.22

Trade value

$2.52M

% of position

5.8%

4/1/2026

1.97M→2.08M

Common Stock, par value $0.01 per share

Direct

S · Sale

−113.61K

Price / share

$85.44

Trade value

$9.71M

% of position

5.5%

4/1/2026

2.08M→1.97M

Common Stock, par value $0.01 per share

Direct

A · Award

+39.93K

Price / share

—

Trade value

—

% of position

2.0%

4/1/2026

1.97M→2.01M

Common Stock, par value $0.01 per share

Direct

F · Tax Withholding

−13.74K

Price / share

$84.89

Trade value

$1.17M

% of position

0.7%

4/1/2026

2.01M→1.99M

Total

Net shares

+26.19K

Net value

-$8.35M

Security	Date	Type	Shares	Price / Share	Trade Value	% of Position	Held Before	Held After
Common Stock, par value $0.01 per share Direct	4/1/2026	M · Option Exercise	+113.61K	$22.22	$2.52M	5.8%	1.97M	2.08M
Common Stock, par value $0.01 per share Direct	4/1/2026	S · Sale	−113.61K	$85.44	$9.71M	5.5%	2.08M	1.97M
Common Stock, par value $0.01 per share Direct	4/1/2026	A · Award	+39.93K	—	—	2.0%	1.97M	2.01M
Common Stock, par value $0.01 per share Direct	4/1/2026	F · Tax Withholding	−13.74K	$84.89	$1.17M	0.7%	2.01M	1.99M
Total			+26.19K		-$8.35M

Derivative Transactions1

Employee Stock Option (Right to Buy)

Direct

M · Option Exercise

Converts to

Common Stock

113.61K shares

−113.61K

Strike price

22.22

Held after

0.00

Exercisable

—

4/1/2026

Security	Converts To	Date	Type	Shares	Strike Price	Exercisable	Held After
Employee Stock Option (Right to Buy) Direct	Common Stock113.61K shares	4/1/2026	M · Option Exercise	−113.61K	22.22	—	0.00

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