Tradeweb Markets (TW) director sells 425 shares under 10b5-1 plan

Filing Impact

(Neutral)

Filing Sentiment

(Negative)

Form Type

Rhea-AI Filing Summary

Tradeweb Markets Inc. director Steven Berns reported an open-market sale of 425 shares of the company’s Class A common stock on May 26, 2026, at a price of $105.26 per share. The transaction was effected under a Rule 10b5-1 trading plan adopted on November 3, 2025.

Following this sale, Berns directly holds 4,884 shares of Class A common stock. This amount includes 1,645 unvested restricted stock units that are scheduled to vest on March 19, 2027, subject to his continued service as a director or prorating under the company’s non-employee director compensation policy.

Insider Trade Summary 10b5-1

Net Seller: 425 shares ($44,736)

Net Sell 1 txn

Insider BERNS STEVEN

Role null

Sold 425 shs ($45K)

Type	Security	Shares	Price	Value
Sale	Class A common stock	425	$105.26	$45K

Holdings After Transaction: Class A common stock — 4,884 shares (Direct, null)

Footnotes (1)

This transaction was effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on November 3, 2025. This amount includes 1,645 unvested restricted stock units ("RSUs") in respect of the issuer's Class A common stock ("Class A Common Stock") which are scheduled to vest on March 19, 2027, subject to the reporting person's continued service as a director through such vesting date or as may be prorated in accordance with the issuer's Non-Employee Director Compensation Policy, as disclosed in the issuer's Proxy Statement on DEF 14A filed with the SEC on March 26, 2026.

Key Figures

Shares sold: 425 shares Sale price: $105.26 per share Shares held after sale: 4,884 shares +3 more

6 metrics

Shares sold 425 shares Class A common stock sold on May 26, 2026

Sale price $105.26 per share Open-market sale price on May 26, 2026

Shares held after sale 4,884 shares Direct holdings of Class A common stock following transaction

Unvested RSUs 1,645 RSUs Unvested restricted stock units included in post-transaction holdings

RSU vesting date March 19, 2027 Scheduled vesting for 1,645 unvested RSUs

10b5-1 plan adoption date November 3, 2025 Date Steven Berns adopted the Rule 10b5-1 trading plan

Key Terms

Rule 10b5-1 trading plan, restricted stock units, Class A common stock

3 terms

Rule 10b5-1 trading plan regulatory

"This transaction was effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person"

A Rule 10b5-1 trading plan is a pre-arranged schedule that allows company insiders to buy or sell stock at specific times, even if they have inside information. It helps prevent accusations of unfair trading by making these transactions look planned and transparent, rather than sneaky or illegal.

restricted stock units financial

"This amount includes 1,645 unvested restricted stock units ("RSUs") in respect of the issuer's Class A common stock"

Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.

Class A common stock financial

"Class A common stock transaction and RSUs in respect of the issuer's Class A common stock"

Class A common stock is a category of a company’s shares that carries a specific set of ownership rights—most commonly defined voting power and claims on dividends—set out in the company’s charter. For investors it matters because the class determines how much influence you have over corporate decisions, the share’s likely dividend and trading behavior, and how it compares in value to other share classes, like choosing a particular seat with different privileges at the company’s decision-making table.

Form 4 Insider Transactions: What Each Field Means →

05/27/2026 - 04:15 PM

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

BERNS STEVEN

(Last)

(First)

(Middle)

TRADEWEB MARKETS INC.

245 PARK AVENUE

(Street)

NEW YORK

10167

(City)

(State)

(Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Tradeweb Markets Inc. [ TW ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
	Officer (give title below)	Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/26/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Class A common stock	05/26/2026		S⁽¹⁾		425	D	$105.26	4,884⁽²⁾	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

1. This transaction was effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on November 3, 2025.

2. This amount includes 1,645 unvested restricted stock units ("RSUs") in respect of the issuer's Class A common stock ("Class A Common Stock") which are scheduled to vest on March 19, 2027, subject to the reporting person's continued service as a director through such vesting date or as may be prorated in accordance with the issuer's Non-Employee Director Compensation Policy, as disclosed in the issuer's Proxy Statement on DEF 14A filed with the SEC on March 26, 2026.

Remarks:

	/s/ Douglas Friedman, Attorney-in-Fact for Steven Berns	05/27/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR

FAQ

What insider transaction did Tradeweb Markets (TW) director Steven Berns report?

Director Steven Berns reported selling 425 shares of Tradeweb Markets Class A common stock. The sale occurred on May 26, 2026, as an open-market transaction at $105.26 per share, according to the Form 4 insider filing.

At what price did Tradeweb Markets (TW) director Steven Berns sell his shares?

Steven Berns sold his 425 Tradeweb Markets Class A common shares at $105.26 per share. This price reflects the execution level for the May 26, 2026 open-market sale reported in the Form 4 filing.

How many Tradeweb Markets (TW) shares does Steven Berns hold after the reported sale?

After the sale, Steven Berns directly holds 4,884 shares of Tradeweb Markets Class A common stock. This total includes both currently held shares and 1,645 unvested restricted stock units referenced in the Form 4 footnotes.

Was the Tradeweb Markets (TW) insider sale by Steven Berns under a 10b5-1 plan?

Yes. The Form 4 footnotes state the transaction was effected pursuant to a Rule 10b5-1 trading plan. That plan was adopted by Steven Berns on November 3, 2025, indicating the sale was pre-arranged rather than a discretionary trade.

What restricted stock units does Tradeweb Markets (TW) director Steven Berns hold?

Steven Berns’ holdings include 1,645 unvested restricted stock units tied to Tradeweb Markets Class A common stock. These RSUs are scheduled to vest on March 19, 2027, subject to his continued service as a director or prorating rules.

When are Steven Berns’ Tradeweb Markets (TW) RSUs scheduled to vest?

The 1,645 unvested restricted stock units held by Steven Berns are scheduled to vest on March 19, 2027. Vesting is subject to his continued service as a director or possible prorating under the company’s non-employee director compensation policy.