AGÕæÈ˹ٷ½

STOCK TITAN

[Form 4] Nasdaq, Inc. Insider Trading Activity

Filing Impact
(High)
Filing Sentiment
(Negative)
Form Type
4
Rhea-AI Filing Summary

Epsilon Energy Ltd. (EPSN) â€� Form 4 insider filing

Chief Executive Officer and Director Jason Stabell reported the automatic issuance of restricted stock that vested on 1 July 2025. Two separate grants became unrestricted:

  • 6,098 common shares from a 1 July 2022 award (footnote 1)
  • 18,727 common shares from a 1 July 2023 award (footnote 2)

The transactions are coded “A� (acquisition) and were executed at $0, reflecting share issuance rather than market purchases.

Following these events, Stabell’s direct holdings increased to 271,671 common shares. He also reports 470,339 shares held indirectly through an LLC, bringing his total disclosed beneficial ownership to roughly 742,010 shares.

No derivative securities were involved, and there were no dispositions. Because the shares stem from previously approved compensation plans, the filing signals continued equity alignment but does not reflect an incremental cash investment by the insider.

Epsilon Energy Ltd. (EPSN) � Comunicazione interna Form 4

Il Chief Executive Officer e Direttore Jason Stabell ha segnalato l'emissione automatica di azioni vincolate che sono diventate disponibili il 1° luglio 2025. Due assegnazioni distinte sono diventate libere da restrizioni:

  • 6.098 azioni ordinarie derivanti da un premio del 1° luglio 2022 (nota 1)
  • 18.727 azioni ordinarie derivanti da un premio del 1° luglio 2023 (nota 2)

Le transazioni sono state classificate come “A� (acquisizione) e sono state eseguite a 0 $, indicando un'emissione di azioni piuttosto che acquisti sul mercato.

Dopo queste operazioni, le partecipazioni dirette di Stabell sono salite a 271.671 azioni ordinarie. Riporta inoltre 470.339 azioni detenute indirettamente tramite una LLC, portando la sua proprietà effettiva totale dichiarata a circa 742.010 azioni.

Non sono stati coinvolti titoli derivati e non ci sono state cessioni. Poiché le azioni derivano da piani di compensazione già approvati, la comunicazione indica un continuo allineamento azionario, ma non rappresenta un investimento in contanti aggiuntivo da parte dell’insider.

Epsilon Energy Ltd. (EPSN) � Presentación interna Formulario 4

El Director Ejecutivo y miembro del Consejo Jason Stabell informó sobre la emisión automática de acciones restringidas que se liberaron el 1 de julio de 2025. Dos concesiones separadas quedaron sin restricciones:

  • 6,098 acciones ordinarias de una asignación del 1 de julio de 2022 (nota 1)
  • 18,727 acciones ordinarias de una asignación del 1 de julio de 2023 (nota 2)

Las transacciones están codificadas como “A� (adquisición) y se ejecutaron a $0, reflejando emisión de acciones en lugar de compras en el mercado.

Tras estos eventos, las participaciones directas de Stabell aumentaron a 271,671 acciones ordinarias. También reporta 470,339 acciones mantenidas indirectamente a través de una LLC, elevando su propiedad beneficiosa total divulgada a aproximadamente 742,010 acciones.

No se involucraron valores derivados y no hubo disposiciones. Dado que las acciones provienen de planes de compensación previamente aprobados, la presentación indica una continua alineación de capital, pero no refleja una inversión en efectivo adicional por parte del insider.

Epsilon Energy Ltd. (EPSN) � 내부� 보고� Form 4 제출

최고경ì˜ìž� ê²� ì´ì‚¬ì� Jason StabellëŠ� 2025ë…� 7ì›� 1ì¼ì— ë² ìŠ¤íŒ…ëœ ì œí•œ 주ì‹ì� ìžë™ 발행ì� 보고했습니다. ë‘� ê°œì˜ ë³„ë„ ë¶€ì—¬ê°€ 제한 í•´ì œë˜ì—ˆìŠµë‹ˆë‹�:

  • 2022ë…� 7ì›� 1ì� ë¶€ì—¬ëœ 6,098 보통ì£� (ì£¼ì„ 1)
  • 2023ë…� 7ì›� 1ì� ë¶€ì—¬ëœ 18,727 보통ì£� (ì£¼ì„ 2)

거래ëŠ� “Aâ€�(ì·¨ë“)ë¡� 분류ë˜ì—ˆìœ¼ë©°, 시장 구매가 아닌 ì£¼ì‹ ë°œí–‰ì� ë°˜ì˜í•˜ì—¬ 0달러ì—� 실행ë˜ì—ˆìŠµë‹ˆë‹�.

ì´í›„ Stabellì� ì§ì ‘ 보유 주ì‹ì€ 271,671 보통ì£�ë¡� ì¦ê°€í–ˆìŠµë‹ˆë‹¤. ë˜í•œ LLCë¥� 통해 ê°„ì ‘ì ìœ¼ë¡� 보유í•� 470,339ì£�ë� 보고하여 ì´� 공개ë� 실질 소유 주ì‹ì€ ì•� 742,010ì£�ì—� 달합니다.

íŒŒìƒ ì¦ê¶Œì€ í¬í•¨ë˜ì§€ 않았으며, 처분ë� 없었습니ë‹�. ì� 주ì‹ë“¤ì€ ì´ë¯¸ 승ì¸ë� ë³´ìƒ ê³„íšì—서 나온 것ì´ë¯€ë¡�, ì´ë²ˆ ë³´ê³ ëŠ� ì§€ì†ì ì� ì£¼ì‹ ì—°ê³„ì„±ì„ ë‚˜íƒ€ë‚´ë‚˜ ë‚´ë¶€ìžì˜ 추가 현금 투ìžë¥� ì˜ë¯¸í•˜ì§€ëŠ� 않습니다.

Epsilon Energy Ltd. (EPSN) � Déclaration d’initié Formulaire 4

Le Directeur Général et Administrateur Jason Stabell a signalé l’émission automatique d’actions restreintes devenues libres de toute restriction au 1er juillet 2025. Deux attributions distinctes sont devenues libres :

  • 6 098 actions ordinaires issues d’une attribution du 1er juillet 2022 (note 1)
  • 18 727 actions ordinaires issues d’une attribution du 1er juillet 2023 (note 2)

Les transactions sont codées « A » (acquisition) et ont été effectuées à 0 $, reflétant une émission d’actions plutôt qu’un achat sur le marché.

Suite à ces opérations, les détentions directes de Stabell ont augmenté à 271 671 actions ordinaires. Il déclare également 470 339 actions détenues indirectement via une LLC, portant sa propriété bénéficiaire totale divulguée à environ 742 010 actions.

Aucun titre dérivé n’a été impliqué et il n’y a eu aucune cession. Comme les actions proviennent de plans de rémunération préalablement approuvés, la déclaration indique un alignement continu sur le capital, mais ne reflète pas un investissement en espèces supplémentaire de la part de l’initié.

Epsilon Energy Ltd. (EPSN) � Insider-Meldung Form 4

Geschäftsführer und Direktor Jason Stabell meldete die automatische Ausgabe von eingeschränkten Aktien, die am 1. Juli 2025 freigegeben wurden. Zwei separate Zuteilungen wurden uneingeschränkt:

  • 6.098 Stammaktien aus einer Zuteilung vom 1. Juli 2022 (Fußnote 1)
  • 18.727 Stammaktien aus einer Zuteilung vom 1. Juli 2023 (Fußnote 2)

Die Transaktionen sind mit „A� (Erwerb) gekennzeichnet und wurden zu 0 $ ausgeführt, was eine Aktienausgabe und keinen Marktankauf widerspiegelt.

Nach diesen Vorgängen erhöhte sich Stabells Direktbestand auf 271.671 Stammaktien. Er meldet außerdem 470.339 Aktien, die indirekt über eine LLC gehalten werden, was sein insgesamt offengelegtes wirtschaftliches Eigentum auf rund 742.010 Aktien bringt.

Es waren keine Derivate beteiligt und es gab keine Veräußerungen. Da die Aktien aus zuvor genehmigten Vergütungsplänen stammen, signalisiert die Meldung eine fortgesetzte Eigenkapitalbindung, stellt jedoch keine zusätzliche Barinvestition des Insiders dar.

Positive
  • Increase in CEO direct ownership from 246,846 to 271,671 shares, reinforcing equity alignment with shareholders.
Negative
  • Shares were issued at $0; absence of open-market purchases limits the strength of any bullish signal.

Insights

TL;DR � CEO received 24,825 vested shares; no cash purchase, neutral signal.

The Form 4 shows routine vesting of two restricted-stock grants totalling 24,825 shares. The acquisitions are non-market, zero-cost issuances and therefore do not convey the typical conviction of an open-market purchase. Direct ownership rises 10 %, while total beneficial ownership now exceeds 0.7 million shares. From a trading-signal perspective, the event is neutral: it neither adds selling pressure nor represents a paid-up vote of confidence. Liquidity impact on EPSN’s float is negligible.

TL;DR � Filing confirms equity-based pay alignment; governance unchanged.

The vesting demonstrates that EPSN’s long-term incentive plan is functioning as designed, transferring stock to executives after the three-year cliff periods. Stabell’s enlarged stake may strengthen shareholder-management alignment, yet no new compensation decision was taken—this merely executes pre-existing awards. There are no indications of accelerated vesting, option repricing, or other governance concerns. Overall governance impact is not material.

Epsilon Energy Ltd. (EPSN) � Comunicazione interna Form 4

Il Chief Executive Officer e Direttore Jason Stabell ha segnalato l'emissione automatica di azioni vincolate che sono diventate disponibili il 1° luglio 2025. Due assegnazioni distinte sono diventate libere da restrizioni:

  • 6.098 azioni ordinarie derivanti da un premio del 1° luglio 2022 (nota 1)
  • 18.727 azioni ordinarie derivanti da un premio del 1° luglio 2023 (nota 2)

Le transazioni sono state classificate come “A� (acquisizione) e sono state eseguite a 0 $, indicando un'emissione di azioni piuttosto che acquisti sul mercato.

Dopo queste operazioni, le partecipazioni dirette di Stabell sono salite a 271.671 azioni ordinarie. Riporta inoltre 470.339 azioni detenute indirettamente tramite una LLC, portando la sua proprietà effettiva totale dichiarata a circa 742.010 azioni.

Non sono stati coinvolti titoli derivati e non ci sono state cessioni. Poiché le azioni derivano da piani di compensazione già approvati, la comunicazione indica un continuo allineamento azionario, ma non rappresenta un investimento in contanti aggiuntivo da parte dell’insider.

Epsilon Energy Ltd. (EPSN) � Presentación interna Formulario 4

El Director Ejecutivo y miembro del Consejo Jason Stabell informó sobre la emisión automática de acciones restringidas que se liberaron el 1 de julio de 2025. Dos concesiones separadas quedaron sin restricciones:

  • 6,098 acciones ordinarias de una asignación del 1 de julio de 2022 (nota 1)
  • 18,727 acciones ordinarias de una asignación del 1 de julio de 2023 (nota 2)

Las transacciones están codificadas como “A� (adquisición) y se ejecutaron a $0, reflejando emisión de acciones en lugar de compras en el mercado.

Tras estos eventos, las participaciones directas de Stabell aumentaron a 271,671 acciones ordinarias. También reporta 470,339 acciones mantenidas indirectamente a través de una LLC, elevando su propiedad beneficiosa total divulgada a aproximadamente 742,010 acciones.

No se involucraron valores derivados y no hubo disposiciones. Dado que las acciones provienen de planes de compensación previamente aprobados, la presentación indica una continua alineación de capital, pero no refleja una inversión en efectivo adicional por parte del insider.

Epsilon Energy Ltd. (EPSN) � 내부� 보고� Form 4 제출

최고경ì˜ìž� ê²� ì´ì‚¬ì� Jason StabellëŠ� 2025ë…� 7ì›� 1ì¼ì— ë² ìŠ¤íŒ…ëœ ì œí•œ 주ì‹ì� ìžë™ 발행ì� 보고했습니다. ë‘� ê°œì˜ ë³„ë„ ë¶€ì—¬ê°€ 제한 í•´ì œë˜ì—ˆìŠµë‹ˆë‹�:

  • 2022ë…� 7ì›� 1ì� ë¶€ì—¬ëœ 6,098 보통ì£� (ì£¼ì„ 1)
  • 2023ë…� 7ì›� 1ì� ë¶€ì—¬ëœ 18,727 보통ì£� (ì£¼ì„ 2)

거래ëŠ� “Aâ€�(ì·¨ë“)ë¡� 분류ë˜ì—ˆìœ¼ë©°, 시장 구매가 아닌 ì£¼ì‹ ë°œí–‰ì� ë°˜ì˜í•˜ì—¬ 0달러ì—� 실행ë˜ì—ˆìŠµë‹ˆë‹�.

ì´í›„ Stabellì� ì§ì ‘ 보유 주ì‹ì€ 271,671 보통ì£�ë¡� ì¦ê°€í–ˆìŠµë‹ˆë‹¤. ë˜í•œ LLCë¥� 통해 ê°„ì ‘ì ìœ¼ë¡� 보유í•� 470,339ì£�ë� 보고하여 ì´� 공개ë� 실질 소유 주ì‹ì€ ì•� 742,010ì£�ì—� 달합니다.

íŒŒìƒ ì¦ê¶Œì€ í¬í•¨ë˜ì§€ 않았으며, 처분ë� 없었습니ë‹�. ì� 주ì‹ë“¤ì€ ì´ë¯¸ 승ì¸ë� ë³´ìƒ ê³„íšì—서 나온 것ì´ë¯€ë¡�, ì´ë²ˆ ë³´ê³ ëŠ� ì§€ì†ì ì� ì£¼ì‹ ì—°ê³„ì„±ì„ ë‚˜íƒ€ë‚´ë‚˜ ë‚´ë¶€ìžì˜ 추가 현금 투ìžë¥� ì˜ë¯¸í•˜ì§€ëŠ� 않습니다.

Epsilon Energy Ltd. (EPSN) � Déclaration d’initié Formulaire 4

Le Directeur Général et Administrateur Jason Stabell a signalé l’émission automatique d’actions restreintes devenues libres de toute restriction au 1er juillet 2025. Deux attributions distinctes sont devenues libres :

  • 6 098 actions ordinaires issues d’une attribution du 1er juillet 2022 (note 1)
  • 18 727 actions ordinaires issues d’une attribution du 1er juillet 2023 (note 2)

Les transactions sont codées « A » (acquisition) et ont été effectuées à 0 $, reflétant une émission d’actions plutôt qu’un achat sur le marché.

Suite à ces opérations, les détentions directes de Stabell ont augmenté à 271 671 actions ordinaires. Il déclare également 470 339 actions détenues indirectement via une LLC, portant sa propriété bénéficiaire totale divulguée à environ 742 010 actions.

Aucun titre dérivé n’a été impliqué et il n’y a eu aucune cession. Comme les actions proviennent de plans de rémunération préalablement approuvés, la déclaration indique un alignement continu sur le capital, mais ne reflète pas un investissement en espèces supplémentaire de la part de l’initié.

Epsilon Energy Ltd. (EPSN) � Insider-Meldung Form 4

Geschäftsführer und Direktor Jason Stabell meldete die automatische Ausgabe von eingeschränkten Aktien, die am 1. Juli 2025 freigegeben wurden. Zwei separate Zuteilungen wurden uneingeschränkt:

  • 6.098 Stammaktien aus einer Zuteilung vom 1. Juli 2022 (Fußnote 1)
  • 18.727 Stammaktien aus einer Zuteilung vom 1. Juli 2023 (Fußnote 2)

Die Transaktionen sind mit „A� (Erwerb) gekennzeichnet und wurden zu 0 $ ausgeführt, was eine Aktienausgabe und keinen Marktankauf widerspiegelt.

Nach diesen Vorgängen erhöhte sich Stabells Direktbestand auf 271.671 Stammaktien. Er meldet außerdem 470.339 Aktien, die indirekt über eine LLC gehalten werden, was sein insgesamt offengelegtes wirtschaftliches Eigentum auf rund 742.010 Aktien bringt.

Es waren keine Derivate beteiligt und es gab keine Veräußerungen. Da die Aktien aus zuvor genehmigten Vergütungsplänen stammen, signalisiert die Meldung eine fortgesetzte Eigenkapitalbindung, stellt jedoch keine zusätzliche Barinvestition des Insiders dar.

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).
X
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*
Peterson Bradley J

(Last) (First) (Middle)
151 W. 42ND STREET

(Street)
NEW YORK NY 10036

(City) (State) (Zip)
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)
EVP, CIO
3. Date of Earliest Transaction (Month/Day/Year)
07/01/2025
4. If Amendment, Date of Original Filed (Month/Day/Year)
6. Individual or Joint/Group Filing (Check Applicable Line)
X Form filed by One Reporting Person
Form filed by More than One Reporting Person
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 07/01/2025 F(1) 10,986 D $89.42 122,543 D
Common Stock, par value $0.01 per share 07/02/2025 S(2) 11,508 D $88.87(3) 111,035(4) 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. 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.
2. The reported sale was effected pursuant to a Rule 10b5-1(c) trading plan adopted on November 1, 2024.
3. The price reported in this box is a weighted average price. These shares were sold in multiple transactions at prices ranging from $88.56 to $89.13, inclusive. The reporting person undertakes to provide to Nasdaq, any security holder of Nasdaq or the staff of the U.S. 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.
4. Represents (i) 64,744 shares or units of restricted stock, of which 38,372 are vested, (ii) 41,294 shares of Common Stock underlying PSUs, all of which are vested, and (iii) 4,997 shares of Common Stock purchased under the Issuer's Employee Stock Purchase Plan.
/s/ Alex Kogan, by power of attorney 07/03/2025
** 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.

FAQ

How many EPSN shares did CEO Jason Stabell acquire on 1 July 2025?

He acquired 24,825 common shares (6,098 + 18,727) through the vesting of restricted stock awards.

What is Jason Stabell's total beneficial ownership after the transaction?

Stabell now beneficially owns 271,671 direct shares and 470,339 indirect shares, totalling about 742,010 shares.

Were the shares purchased on the open market?

No. The shares were issued at $0 upon vesting of earlier restricted stock grants, not bought on the market.

Did the Form 4 report any share sales by the CEO?

No. The filing only reports acquisitions; there were no dispositions.

Are any derivative securities (options or warrants) involved?

No derivative securities were reported in Table II of the Form 4.
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