Friedman Douglas 4

What Happened
Douglas Friedman, Chief Legal Officer of Tradeweb Markets Inc. (TW), sold a total of 2,811 shares in open-market transactions. On 2026-03-20 he disposed of 2,219 shares at a weighted average price of $125.12 for proceeds of $277,649, and on 2026-03-23 he sold 592 shares at $124.86 for $73,917. Total proceeds from the two sales were approximately $351,566. These were sales (not purchases), and at least some were executed under a pre-established trading plan.

Key Details

• Transaction dates and prices:
  • 2026-03-20: 2,219 shares, weighted avg $125.12 (range $124.03–$125.78) — $277,649 (F2)
  • 2026-03-23: 592 shares, $124.86 — $73,917
• Total shares sold: 2,811; total proceeds: ~$351,566.
• Filing: Form 4 filed 2026-03-24 reporting the March 20 and March 23 sales (appears timely).
• Notable footnotes:
  • F1: At least one transaction was effected pursuant to a Rule 10b5-1 trading plan adopted Nov 3, 2025 (indicates preplanned sales).
  • F2: The March 20 sale price is a weighted average for multiple executions; prices ranged $124.03–$125.78; reporting person will provide per-price details on request.
  • F3: The filing notes the reporting person also holds unvested RSUs: 1,990 RSUs vesting 3/15/2027; 2,421 RSUs vesting in equal installments 3/17/2027 & 3/17/2028; and 6,510 RSUs vesting 3/15/2027–2029, subject to continued employment. The filing does not list a consolidated “shares owned after transaction” total.

Context
Sales made under a 10b5-1 plan are typically prearranged and do not necessarily signal a change in an insider’s view of the company; they are commonly used to avoid trading on material nonpublic information. These transactions were outright sales (code S) — not option exercises, gifts, or awards — so there is no immediate change to option/award status beyond the unvested RSU schedule disclosed.