Tradeweb (TW) Director Steven Berns Receives 1,645-Share RSU Award

What Happened

• Steven Berns, a director of Tradeweb Markets Inc. (TW), was granted 1,645 restricted stock units (RSUs) on May 19, 2026. The filing shows an acquisition-type transaction (Code A) for 1,645 RSUs at $0.00 (no cash exchanged at grant). These RSUs are unvested and scheduled to vest on May 19, 2027, subject to continued service; absent deferral, they would settle in Class A common stock within 30 days after vesting.

Key Details

• Transaction date: 2026-05-19; Form 4 filed: 2026-05-20 (appears timely).
• Grant: 1,645 RSUs; reported price: $0.00 (standard for equity awards — value is based on underlying stock at vesting).
• Vesting: Scheduled for May 19, 2027; may be prorated per the company’s Non-Employee Director Compensation Policy.
• Settlement/deferral: Berns previously elected to defer settlement under the Non-employee Directors Deferred Compensation Plan; deferred RSUs convert to phantom shares that will later settle in Class A common stock per the plan and the director’s election.
• Shares owned after the transaction: not specified in the provided excerpt.
• Footnotes: F1–F3 describe the RSU terms, vesting schedule, potential pro-ration, and the elected deferral to phantom shares.

Context

• RSU awards are compensation, not open-market purchases or sales; they are unvested and contingent on continued service, so they don’t directly signal a buy or sell decision by the director.
• Because Berns elected deferral, he will receive phantom shares on vesting that convert to actual shares later per the Deferred Compensation Plan, rather than immediate share delivery at vesting.