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Tradeweb Markets Inc.·4

Mar 17, 4:11 PM ET

Hult William 4

Research Summary

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Tradeweb (TW) CEO William Hult Receives RSU Awards; Shares Withheld

What Happened

  • William Hult, CEO of Tradeweb Markets (TW), was granted restricted stock units (RSUs) and received a small number of shares from settled dividend equivalents, while 14,408 shares were withheld/sold to satisfy tax withholding. Transactions reported for March 15, 2026 include:
    • Award (A): 37,507 RSUs acquired @ $0.00 (grant)
    • Award (A): 104 shares acquired @ $0.00 (settlement of dividend equivalent rights)
    • Tax withholding (F): 14,408 shares disposed @ $124.42 for proceeds of $1,792,643 (shares withheld to satisfy tax obligations)

Key Details

  • Transaction date: March 15, 2026; Form 4 filed March 17, 2026 (filed timely within the usual two-business-day window).
  • Prices/values: withheld/disposed shares sold at $124.42 each for total proceeds of $1,792,643; RSUs and DER shares reported at $0.00 (awards/settlements).
  • Shares owned after transaction: not specified in the provided filing excerpt.
  • Notable footnotes:
    • F1: The RSUs are scheduled to vest in equal installments on each of the first, second and third anniversaries of March 15, 2026, subject to continued employment.
    • F2: The filing notes additional unvested RSU tranches (e.g., 11,678; 30,682; 37,507) with various multi-year vest schedules—see filing for exact vesting dates.
    • F3: The 14,408-share disposal represents shares withheld to satisfy tax withholding on RSU settlement (common practice).
    • F4: The 104 shares reflect settlement of dividend equivalent rights tied to earlier RSUs.
  • Transaction codes explained: A = Award/grant; F = Tax withholding (disposition) — not an open-market sale initiated for liquidity.

Context

  • These transactions reflect equity compensation settlement (RSUs and dividend equivalents) rather than an open-market purchase or a voluntary open-market sale for cash. Withholding shares to cover taxes is routine and does not necessarily indicate buying or selling intent.
  • RSUs typically vest over multiple years; recipients receive shares as they vest. The filing shows multi-year vest schedules for the grants, so much of the granted equity remains unvested and contingent on continued employment.