Douglas Friedman - 01 Jan 2026 Form 4 Insider Report for Tradeweb Markets Inc. (TW)

Signature
/s/ Douglas Friedman
Issuer symbol
TW
Transactions as of
01 Jan 2026
Net transactions value
-$3,072,685
Form type
4
Filing time
05 Jan 2026, 19:58:44 UTC
Previous filing
21 Mar 2025
Next filing
12 Feb 2026

Reporting Owners (1)

Name Relationship Address Signature Signature date CIK
Friedman Douglas Chief Legal Officer TRADEWEB MARKETS INC., 245 PARK AVENUE, NEW YORK /s/ Douglas Friedman 05 Jan 2026 0001771193

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction TW Class A common stock Award $0 +45,465 +170% $0.000000 72,275 01 Jan 2026 Direct F1, F2
transaction TW Class A common stock Tax liability $2,329,391 -21,934 -30% $106.20 50,341 01 Jan 2026 Direct F2, F3
transaction TW Class A common stock Award $0 +258 +0.51% $0.000000 50,599 01 Jan 2026 Direct F2, F4
transaction TW Class A common stock Tax liability $743,294 -6,999 -14% $106.20 43,600 01 Jan 2026 Direct F2, F5
transaction TW Class A common stock Award $0 +77 +0.18% $0.000000 43,677 01 Jan 2026 Direct F2, F6
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 The reported transaction reflects the acquisition of performance stock units ("PSUs") in respect of the issuer's Class A common stock ("Class A Common Stock") that were granted to the reporting person on March 15, 2023, subject to the achievement of certain performance goals in respect of calendar years 2023 through 2025. The level of achievement of those performance goals was determined on January 1, 2026.
F2 This amount includes (i) 2,516 unvested restricted stock units ("RSUs") in respect of the Class A Common Stock that are scheduled to vest on March 15, 2026, (ii) 3,981 unvested RSUs in respect of Class A Common Stock that are scheduled to vest in equal installments on March 15, 2026 and March 15, 2027, and (iii) 3,631 unvested RSUs in respect of Class A Common Stock that are scheduled to vest in equal installments on March 17, 2026, March 17, 2027 and March 17, 2028, in each case, subject to the reporting person's continued employment through the applicable vesting date. This amount also includes the vested PSUs described in footnote #1 above, which will settle in shares of Class A Common Stock within 15 days of the vesting date.
F3 Represents shares withheld by the issuer to satisfy the tax withholding obligation associated with the settlement of the PSUs in respect of the Class A Common Stock held by the reporting person.
F4 Represents shares of Class A Common Stock acquired in connection with the settlement of certain dividend equivalent rights (the "DERs"). The DERs were granted in connection with previously awarded PSUs, and settled in shares of Class A Common Stock in connection with the settlement of the PSUs to which they relate.
F5 Represents shares withheld by the issuer to satisfy the tax withholding obligation associated with the settlement of performance-based restricted stock units ("PRSUs") in respect of the issuer's Class A Common Stock held by the reporting person.
F6 Represents shares of Class A Common Stock acquired in connection with the settlement of certain DERs. The DERs were granted in connection with previously awarded PRSUs, and settled in shares of Class A Common Stock in connection with the settlement of the PRSUs to which they relate.