Friedman Douglas 4

What Happened Douglas Friedman, Tradeweb Markets' Chief Legal Officer, had 619 shares of Tradeweb Class A common stock withheld on March 17, 2026 to satisfy tax withholding obligations related to RSU settlement, a disposition valued at approximately $78,099 (619 @ $126.17). The same day he was credited 1 share in connection with the settlement of dividend equivalent rights (DERs) tied to previously awarded RSUs.

Key Details

• Transaction date (period of report): March 17, 2026; Form 4 filed March 19, 2026.
• Disposition (tax withholding): 619 shares @ $126.17 = $78,099 (code F — shares withheld to satisfy tax).
• Acquisition: 1 share @ $0.00 (DER settlement; code A) — nominal reported value.
• Unvested RSUs disclosed: 1,990 RSUs vesting Mar 15, 2027; 2,421 RSUs vesting in equal installments Mar 17, 2027 & Mar 17, 2028; and 6,510 RSUs vesting Mar 15 of 2027/2028/2029 (total 10,921 unvested RSUs), subject to continued employment.
• Footnotes: F1 confirms withholding to cover taxes; F3 explains the 1 share came from settled DERs. No 10b5-1 plan or signs of a market-sale transaction were indicated.

Context This was a routine tax-withholding disposition tied to RSU settlement (a cashless mechanism), not an open-market sale that typically signals a deliberate exit. Such withholdings are common when restricted shares vest and do not, by themselves, imply a change in insider sentiment.