Form 4: WTW Officer Anne Pullum Increases Share Holdings

Willis Towers Watson's Head of Europe, Anne Pullum, increased her beneficial ownership of the company's ordinary shares through routine restricted share unit acquisitions.

Summary

• Anne Pullum, Head of Europe at Willis Towers Watson PLC (WTW), acquired additional restricted share units (RSUs) on October 9, 2025.
• A total of 44.4396 RSUs were acquired under the Willis Towers Watson Non-Qualified Deferred Savings Plan for U.S. Employees, including participant deferral and company matching contributions. These units settle for ordinary shares on a 1:1 basis six months after her termination date.
• An additional 7.0785 RSUs were acquired under the Willis Towers Watson Non-Qualified Stable Value Excess Plan for U.S. Employees, resulting from her deferral election. These vested shares settle for ordinary shares on a 1:1 basis on the first business day of the month following the earlier of six months after separation from service or 30 days after death.
• The implied price per RSU at the time of acquisition was $337.39, based on the underlying ordinary shares.
• Following these transactions, Anne Pullum beneficially owns 2,376.1345 restricted share units under the Deferred Savings Plan and 888.7533 restricted share units under the Stable Value Excess Plan, both directly.

Sentiment

Score: 7

Explanation: The filing indicates a routine acquisition of restricted share units by a key executive as part of established compensation plans. This is generally viewed as a positive signal, as it increases insider ownership and aligns management's interests with long-term shareholder value, without indicating any negative operational or financial developments.

Positives

• Increased beneficial ownership by a key executive, Anne Pullum, aligning her interests further with shareholders.
• The acquisitions are part of established employee compensation and deferred savings plans, indicating structured executive incentives.

Future Outlook

The restricted share units acquired are subject to vesting conditions, with settlement for ordinary shares occurring six months after the reporting person's termination date for the Deferred Savings Plan units, and on the first business day of the month following the earlier of six months after separation from service or 30 days after death for the Stable Value Excess Plan units.

Management Comments

• Includes restricted share units acquired pursuant to the Willis Towers Watson Non-Qualified Deferred Savings Plan for U.S. Employees (the 'Plan'), including the participant's deferral election under the Plan and the Company's matching contribution on the participant's deferral election credited to the participant's account in the form of restricted share units under the Plan.
• Includes restricted share units acquired pursuant to the participant's deferral election under the Willis Towers Watson Non-Qualified Stable Value Excess Plan for U.S. Employees.

Industry Context

The acquisition of restricted share units by an executive is a common practice in publicly traded companies, particularly in the financial services and consulting sectors, to align management incentives with long-term shareholder value creation. These types of compensation plans are standard mechanisms for executive retention and performance motivation.

Comparison to Industry Standards

• The use of non-qualified deferred compensation plans and restricted share units for executive compensation is a widely adopted practice across global industries, including professional services and insurance brokerage.
• Companies like Marsh McLennan (MMC), Aon plc (AON), and Arthur J. Gallagher & Co. (AJG) also utilize similar equity-based incentive programs to attract, retain, and motivate key talent, ensuring executive interests are aligned with company performance and shareholder returns.
• The specific terms of vesting and settlement are typical for such long-term incentive structures.

Corporate Governance

Related Party Transactions

• Acquisition of restricted share units under company-sponsored Non-Qualified Deferred Savings Plan and Non-Qualified Stable Value Excess Plan, which are standard compensation arrangements between the company and its executive.

Stakeholder Impact

• Shareholders: Potentially positive signal due to increased alignment of executive interests with long-term company performance.
• Employees: Demonstrates the company's use of deferred compensation and equity incentive plans for executives.
• Executive (Anne Pullum): Increased beneficial ownership and future equity stake in the company.

Next Steps

• Continued holding of restricted share units by Anne Pullum.
• Future settlement of restricted share units into ordinary shares upon meeting specified conditions (e.g., termination, separation from service, or death).

Key Dates

Keywords

Willis Towers Watson, WTW, Anne Pullum, Form 4, Insider Transaction, Restricted Share Units, Executive Compensation, Beneficial Ownership, Deferred Savings Plan, Stable Value Excess Plan