Nasdaq, Inc. reported an insider ownership change by Bryan Everard Smith involving the company’s common stock, par value $0.01 per share, with the transaction dated July 1, 2026 and the Form 4 signed on July 2, 2026. The filing identifies the action as a sale of Nasdaq common stock. An explanatory note states that the sale was executed under a Rule 10b5-1(c) trading plan that Smith adopted on March 12, 2026. Such plans are commonly used by insiders to schedule trades in advance, providing a framework intended to reduce concerns that a transaction was made on the basis of material nonpublic information. The excerpt provided does not display the transaction table showing the exact number of shares sold, the sale price, or the Form 4 transaction code, though the filing clearly characterizes the reported action as a sale. It also does not show the full direct or indirect ownership line from the table, beyond the explanatory ownership note. That note says the reported ownership amount consisted of several categories of Nasdaq equity interests: 22,563 shares or units of restricted stock, of which 1,465 were vested; 41,758 shares of common stock underlying performance share units, or PSUs, of which 33,732 were vested; and 4,882 shares of common stock purchased under Nasdaq’s Employee Stock Purchase Plan. Together, those components total 69,203 shares or share-linked units referenced in the filing’s ownership explanation. The report was signed by Alex Kogan under power of attorney for Smith. The key takeaway is that a Nasdaq insider conducted a planned sale under a prearranged 10b5-1 trading plan, while continuing to hold a mix of restricted stock, vested and unvested PSU-related shares, and employee stock purchase plan shares.