***Please show this to your firm’s Executive Representative***

What you need to know

• The Nasdaq Stock Market LLC (“NQX”), Nasdaq PHLX LLC (“PHLX”), Nasdaq Texas, LLC (“Texas”), Nasdaq ISE, LLC (“ISE”), Nasdaq GEMX, LLC (“GEMX”), and Nasdaq MRX, LLC (“MRX”) (collectively, “Nasdaq Exchanges”) will jointly conduct the 2026 Annual Election for Member Representative Directors on Tuesday, August 4, 2026.
• Two seats on the Boards of Directors of the Nasdaq Exchanges (“Board”) will be filled for a one-year term of office.

Why is Nasdaq issuing this alert?

Nasdaq, Inc. would like to inform Nasdaq Exchange Members, member organizations, and Participants (collectively “Members”) that pursuant to Article II of the By-Laws of NQX, PHLX, Texas, ISE, GEMX, and MRX, the Nasdaq Exchanges will conduct the 2026 Annual Election of Member Representative Directors on Tuesday, August 4, 2026.

The Nasdaq Exchanges are wholly-owned subsidiaries of Nasdaq, Inc. (the “Nasdaq Holding Company”), a public company whose common stock is listed on NQX. The Nasdaq Exchanges are each governed by a Board of Directors. The Board of Directors of each Nasdaq Exchange is elected by its parent company.

What are the terms and conditions under which the nominations are conducted?

The governing documents of the Nasdaq Exchanges provide that at least 20% of the Directors of each Nasdaq Exchange shall be Member Representative Directors. Member Representative Directors are nominated by the respective Member Nominating Committees of the Nasdaq Exchanges, each a committee of individuals employed by Members that has been appointed by the Board.

Additionally, Members may nominate alternate Member Representative Director candidates by the submission of a petition. The petition must comply with the requirements of Article II of the NQX, PHLX, Texas, ISE, GEMX, and MRX By-Laws. In the event that alternate candidates are nominated by Members, the Member Representative Directors are selected by a direct vote of Members. If no alternate candidates are nominated, the candidates nominated by the Member Nominating Committees are elected to the Board by vote of the parent company of each Nasdaq Exchange, as are the remaining directors of the Nasdaq Exchanges.

How many positions will be filled?

Two Board seats will be filled by this election.

Who is nominated for election in the 2026 annual election of Member Representative Directors?

The NQX, PHLX, Texas, ISE, GEMX, and MRX Member Nominating Committees have nominated the following candidates to be elected to the Board:

Anne Marie Darling is Group Co-Chief Operating Officer (COO) and Co-CEO of Barclays Execution Services (BX) and is a member of the Group Executive Committee. She co-leads Barclays’ global operations and technology teams, driving innovation and growth across the organization and delivering seamless experiences for clients worldwide.

Leading a global team of 60,000+, Ms. Darling drives operational excellence and spearheads digital transformation, harnessing technology and AI to unlock new revenue streams and elevate client experience. Her strategic vision ensures Barclays remains at the forefront of the industry.

Prior to joining Barclays, Ms. Darling was a Partner at Goldman Sachs, where she held senior leadership roles over a 25-year career, including Head of Marquee Digital Distribution Strategy, Head of Global Multi-Asset Platform Sales, Head of Global FICC Execution Services and COO of Global Securities Client Strategy. She played a key role in shaping strategy and digital client solutions and served on several firmwide committees. She was named Managing Director in 2007 and Partner in 2012. 

Ms. Darling is an influential leader in the industry, serving on the Presidential Leadership Council for both Columbia and Brown Universities. She also serves on the President’s Advisory Council on Athletics for Brown University and is a member of the New York City Executive Committee for Classroom Champions reflecting her personal passion for sports. In addition, she is deeply committed to advancing diversity and inclusion as Co-Chair of the Diversity & Inclusion Advisory Council for Brown University. 

She graduated from Brown University with a degree in Engineering and holds an MBA from New York University’s Stern School of Business.

Andrew J. Schultz has been employed by The Susquehanna International Group of Companies (“Susquehanna”) since 1997. From 1997-2001, Mr. Schultz was an equity options market maker on the American Stock Exchange. In 2002, Mr. Schultz moved to Susquehanna’s internal education department and was Head of Education from 2004-2007, where he taught all new hires Susquehanna’s core trading and decision-making philosophy. Since 2007, Mr. Schultz has been the Head of Strategic Options Business within Susquehanna’s option trading group. In this role, Mr. Schultz works directly with Susquehanna’s trading and technology groups to coordinate efforts in the options space. Mr. Schultz has also been active in exchange and micro-structure issues and served as a member of the MIAX Options board from March 2014 through June 2016. Mr. Schultz graduated from Cornell University with a B.A. in Economics and is a CFA Charterholder. He lives in Bryn Mawr, PA with his wife and three daughters.

How can a Member nominate someone for the 2027 election?

Members interested in nominating a person for election as a Member Representative Director in the 2027 Annual Election must comply with the procedures specified in Article II of the NQX, PHLX, Texas, ISE, GEMX, and MRX By-Laws. Under these procedures, a Member must submit the proposed nominee by delivering a duly executed written nomination within the following timeframes to the Nasdaq Exchanges' Corporate Secretary, Erika Moore, 151 W. 42nd Street, New York, New York 10036:

• The nomination must normally be delivered no later than the close of business on the 90th day nor earlier than the close of business on the 120th day prior to the first anniversary of the prior year’s election. The 2026 Annual Election will be held on August 4, 2026, so the nomination must be delivered on or prior to the close of business on May 6, 2027, but no earlier than the close of business on April 6, 2027.
• However, if the Nasdaq Exchanges hold the Annual Election on a date that is more than 30 days before or 70 days after such anniversary date, the nomination must be delivered no earlier than 120 days prior to the date of the Annual Election nor later than the 90th day prior to the date of the Annual Election or the 10th day following the day on which public announcement of such Election Date is first made by the Nasdaq Exchanges.

To be valid, a Member's nomination shall contain:

• For each proposed Member Representative Director nominee, all information relating to that person that is required to be disclosed in solicitations of proxies for election of directors under SEC rules, as if such rules were applicable, and such person’s written consent to be named in the ballot for Annual Election as a nominee and to serve as a Member Representative Director if elected.
• A petition in support of the nominee duly executed by the authorized representatives of 10% or more of all NQX, PHLX, Texas, ISE, GEMX, or MRX Members, as relevant.
• The name and address of the Member making the nomination.

Who should I contact for more information?

Questions regarding these matters and issues may be directed to:

Erika Moore, Corporate Secretary, Nasdaq Exchanges