Form 4: WTW Co-Head Pullum Reports Share & RSU Acquisitions

Anne Pullum, Co-Head of Corporate Development at Willis Towers Watson PLC, reported the acquisition of ordinary shares and restricted share units through dividend equivalent rights and deferred compensation plans.

Summary

• Anne Pullum, Co-Head of Corporate Development at Willis Towers Watson PLC (WTW), reported changes in beneficial ownership on January 15, 2026.
• Pullum acquired 5.432 Ordinary Shares, nominal value $0 per share, at a price of $0, representing dividend equivalent rights accrued on previously reported restricted share unit awards.
• An additional 6.6725 Restricted Share Units (RSUs) were acquired at a price of $0 through the Willis Towers Watson Non-Qualified Deferred Savings Plan for U.S. Employees, including participant deferral and company matching contributions.
• Furthermore, 2.5125 Restricted Share Units (RSUs) were acquired at a price of $0 via the Willis Towers Watson Non-Qualified Stable Value Excess Plan for U.S. Employees, also including participant deferral and company matching contributions.
• Following these transactions, Pullum beneficially owns 17,847.5993 Ordinary Shares, 2,434.508 Restricted Share Units (from the Deferred Savings Plan), and 909.2348 Restricted Share Units (from the Stable Value Excess Plan).
• These transactions were executed pursuant to a Rule 10b5-1(c) plan, indicating they were pre-arranged.

Sentiment

Score: 7

Explanation: The filing reports routine, pre-planned executive compensation transactions, which are generally positive as they align executive interests with shareholders. There are no negative surprises or significant new information, indicating a stable and expected event.

Positives

• Increased beneficial ownership by a key executive, indicating continued alignment of interests with shareholders.
• Acquisition of shares and RSUs through company plans and dividend equivalents demonstrates participation in long-term incentive and savings programs.
• Transactions were made pursuant to a Rule 10b5-1(c) plan, suggesting pre-planned and systematic accumulation of shares.

Future Outlook

The filing details the vesting schedule for the acquired restricted share units, with some settling 6 months after the reporting person's termination date and others settling on the first business day of the month following the earlier of 6 months after separation from service or 30 days after death.

Management Comments

• The dividend equivalent rights accrued on the reporting person's previously reported restricted share unit award and will vest based on the same vesting schedule applicable to the underlying award.
• Restricted share units settle for Ordinary Shares, nominal value $0. per share, on a 1:1 basis 6 months after the reporting person's termination date.
• Vested shares under the Willis Towers Watson Non-Qualified Stable Value Excess Plan for U.S. Employees settle for Ordinary Shares, nominal value $0. per share, on a 1:1 basis on the first business day of the month on which the NASDAQ Stock Market is open for business following the earlier of (i) the date that is 6 months after the reporting person's separation from service and (ii) the date that is 30 days after the reporting person's death.

Industry Context

This routine insider transaction reflects standard executive compensation practices within the financial services and consulting industry, where long-term incentives like restricted share units and deferred compensation plans are common to align executive interests with shareholder value over time.

Stakeholder Impact

• Shareholders: Increased alignment of executive interests with shareholder value through equity ownership.
• Employees: Reflects the company's executive compensation and deferred savings programs.

Next Steps

• The acquired restricted share units will vest according to their respective schedules, leading to future share settlements.

Key Dates

Recommendation

This Form 4 filing details routine, pre-planned acquisitions of shares and restricted share units by a key executive as part of their compensation and deferred savings plans. While it indicates continued executive alignment with shareholder interests, it does not present new information that would fundamentally alter the investment thesis for Willis Towers Watson PLC. Therefore, a 'hold' recommendation is appropriate, maintaining current positions based on broader company fundamentals rather than this specific insider transaction.

Keywords

Willis Towers Watson, WTW, Anne Pullum, Form 4, Insider Transaction, Beneficial Ownership, Restricted Share Units, Dividend Equivalent Rights, Deferred Compensation, Executive Compensation, Corporate Development