Friedman Douglas 4

4 · Tradeweb Markets Inc. · Filed Feb 12, 2026

AI-generated summary of this filing

Updated Feb 12, 2026

Tradeweb (TW) Chief Legal Officer Douglas Friedman Sells 30,549 Shares

What Happened

Douglas Friedman, Chief Legal Officer of Tradeweb Markets (TW), sold a total of 30,549 shares in open-market transactions on February 10, 2026. The sales were two blocks: 23,789 shares at a weighted average price of $115.45 (proceeds $2,746,457) and 6,760 shares at a weighted average price of $115.50 (proceeds $780,774), for aggregate proceeds of approximately $3,527,231.
These were sales (not purchases or option exercises), which are often routine liquidity events rather than a directional vote on the company.

Key Details

Transaction date: February 10, 2026.
Prices/amounts: 23,789 shares @ $115.45 (weighted avg) = $2,746,457; 6,760 shares @ $115.50 (weighted avg) = $780,774; total ≈ $3.53M.
Price range: shares were sold in multiple trades at prices ranging roughly $113.53 to $116.86 (per filing footnotes).
Planned sale: Transaction was effected pursuant to a Rule 10b5-1 trading plan adopted by Friedman on November 3, 2025 (footnote F1).
Shares owned after transaction: Not specified in the provided excerpt; the filing also discloses unvested RSUs (see footnote F3) but total post-sale beneficial ownership is not included here.
Filing timeliness: Form filed on February 12, 2026 (two days after the trades); the filing does not indicate a late-reporting flag.

Context

The trades were executed under a pre-arranged 10b5-1 plan, which typically allows insiders to sell shares according to a preset plan and is intended to insulate trades from contemporaneous material nonpublic information. Such sales are common for liquidity/tax planning and do not necessarily signal a change in outlook.
Footnote F3 lists unvested restricted stock units that remain subject to future vesting dates (March 2026–March 2028), showing Friedman retains some future equity upside even after these sales.

Form 4

Period: 2026-02-10

Chief Legal Officer

Transactions

Sale
Class A common stock
[F1][F2][F3]
2026-02-10$115.45/sh−23,789$2,746,457→ 19,888 total
Sale
Class A common stock
[F1][F4][F3]
2026-02-10$115.50/sh−6,760$780,774→ 13,128 total

Footnotes (4)

[F1]This transaction was effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on November 3, 2025.
[F2]The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $113.525 to $116.86, inclusive. The reporting person undertakes to provide the issuer, any security holder of the issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in footnotes 2 and 4 to this Form 4.
[F3]This amount includes (i) 2,516 unvested restricted stock units ("RSUs") in respect of the issuer's Class A common stock ("Class A Common Stock") that are scheduled to vest on March 15, 2026, (ii) 3,981 unvested RSUs in respect of Class A Common Stock that are scheduled to vest in equal installments on March 15, 2026 and March 15, 2027, and (iii) 3,631 unvested RSUs in respect of Class A Common Stock that are scheduled to vest in equal installments on March 17, 2026, March 17, 2027 and March 17, 2028, in each case, subject to the reporting person's continued employment through the applicable vesting date.
[F4]The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $113.84 to $116.86, inclusive.

Signature

/s/ Douglas Friedman|2026-02-12

1 file