Friedman Douglas 4

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.