Friedman Douglas 4
4 · Tradeweb Markets Inc. · Filed Mar 24, 2026
Research Summary
AI-generated summary of this filing
Tradeweb (TW) Chief Legal Officer Douglas Friedman Sells Shares
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.
Insider Transaction Report
- Sale
Class A common stock
[F1][F2][F3]2026-03-20$125.12/sh−2,219$277,649→ 14,513 total - Sale
Class A common stock
[F1][F3]2026-03-23$124.86/sh−592$73,917→ 13,921 total
Footnotes (3)
- [F1]This transaction was effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on November 3, 2025.
- [F2]The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $124.03 to $125.78, inclusive. The reporting person undertakes to provide the issuer, any security holder of the issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote.
- [F3]This amount includes (i) 1,990 unvested restricted stock units ("RSUs") in respect of the issuer's Class A common stock ("Class A Common Stock") that are scheduled to vest on March 15, 2027, (ii) 2,421 unvested RSUs in respect of Class A Common Stock that are scheduled to vest in equal installments on March 17, 2027 and March 17, 2028 and (iii) 6,510 unvested RSUs in respect of Class A Common Stock that are scheduled to vest on March 15, 2027, March 15, 2028 and March 15, 2029, in each case, subject to the reporting person's continued employment through the applicable vesting date.