Willis Towers Watson Executive Anne Pullum Acquires Additional Ordinary Shares Through Restricted Stock Unit Awards

Restricted Share Unit Awards Granted Under Company Compensation Plans

Anne Pullum received awards of restricted share units on July 15, 2026, as part of Willis Towers Watson's standard executive compensation structure. The first restricted share unit award carried a value equivalent to 8.648 units, which will settle for ordinary shares on a one-to-one basis six months following the reporting person's termination date. This vesting mechanism is consistent with deferred compensation arrangements designed to align long-term incentives with shareholder value and employee retention objectives across Willis Towers Watson's senior management ranks.

A second restricted share unit award comprised 3.1008 units, representing vested shares under the company's Non-Qualified Stable Value Excess Plan for U.S. Employees. These units will settle for ordinary shares on the first business day of the month following the earlier of six months after the reporting person's separation from service or thirty days after death. The dual-award structure reflects Willis Towers Watson's use of multiple deferred compensation vehicles to manage equity incentives and provide employees with flexibility in retirement planning and wealth accumulation strategies.

Dividend Equivalent Rights Accrual Mechanism

The transaction report indicates that dividend equivalent rights accrued on Pullum's previously held restricted share unit awards, with each right representing the economic equivalent of one Willis Towers Watson ordinary share. These dividend equivalents are credited based on the same vesting schedule as the underlying restricted share unit awards, ensuring that participants benefit from corporate dividend distributions while maintaining alignment with the original award's time-based vesting restrictions. This approach is common among publicly traded companies seeking to enhance the value proposition of equity compensation packages while preserving the incentive structure of deferred awards.

The dividend equivalent rights mechanism reflects Willis Towers Watson's approach to total compensation for senior executives. By accruing dividend rights alongside the underlying restricted share units, the company ensures that executives who defer compensation through these plans maintain economic exposure to shareholder returns during the vesting period. This structure may help Willis Towers Watson compete for executive talent in the competitive professional services and insurance brokerage sector, where deferred compensation arrangements often represent a material component of overall executive remuneration.

Willis Towers Watson's Executive Compensation Framework

Willis Towers Watson PLC operates as a leading global advisory, broking, and solutions company serving the insurance and financial services sectors. The company's executive compensation program integrates cash compensation, annual performance incentives, and equity-based awards including restricted share units, which are designed to motivate long-term strategic thinking and executive retention. The use of non-qualified deferred savings plans and stable value excess plans reflects Willis Towers Watson's commitment to providing competitive remuneration packages tailored to U.S.-based executives while managing tax efficiency across its international organizational structure.

Anne Pullum's role as Co-Head of Corporate Development positions her within Willis Towers Watson's strategic leadership, overseeing corporate transactions, partnership opportunities, and business development initiatives. The equity awards granted to senior development executives typically reflect their contributions to the company's growth strategy and their responsibility for identifying and executing acquisitions, partnerships, and market expansion opportunities. The vesting schedule and settlement provisions of Pullum's awards align with Willis Towers Watson's broader human capital management approach, which emphasizes long-term value creation and leadership continuity.

Beneficial Ownership Position Following Transaction

Following the July 15, 2026 transaction, Anne Pullum's directly held ordinary share position reached approximately 22,448.24 shares, representing her settled equity ownership in Willis Towers Watson. This figure reflects shares acquired through the acquisition code designation documented in the transaction report and establishes her direct beneficial ownership stake in the company. The ordinary shares carry a nominal value of $0.000304635 per share, consistent with Willis Towers Watson's share capital structure.

In addition to directly held shares, Pullum maintains beneficial ownership through two categories of restricted share unit positions totaling approximately 3,553 share equivalents across both deferred compensation plans. The first restricted share unit position comprises 2,628.93 shares equivalent under the Non-Qualified Deferred Savings Plan, while the second position includes 924.02 shares equivalent under the Non-Qualified Stable Value Excess Plan. These unvested positions represent future settlement obligations that will convert to ordinary shares upon the specified triggering events outlined in the respective plan documents. The total beneficial ownership position, including vested and unvested equity, provides investors with a comprehensive view of Pullum's economic stake in Willis Towers Watson's performance and long-term value creation.

Regulatory Reporting and Insider Transaction Filing Requirements

The transaction report filed by Anne Pullum satisfies disclosure requirements under Section 16(a) of the Securities Exchange Act of 1934, which mandates that officers, directors, and ten-percent beneficial owners report changes in their equity holdings in publicly traded companies. Pullum's role as Co-Head of Corporate Development triggers insider reporting obligations, requiring transparent disclosure of all acquisitions and dispositions of company securities to the Securities and Exchange Commission and to public market participants. The filing was executed on July 17, 2026, consistent with regulatory timeframes requiring insider transaction reports to be filed within two business days of the transaction date.

The specific transaction codes and classification categories used in the report provide granular detail regarding the nature of the equity awards, distinguishing between restricted share units settled through deferred compensation plans and ordinary shares acquired through dividend equivalent mechanisms. This level of reporting detail enables investors and regulatory authorities to understand the economic substance of insider transactions, differentiate between purchases, grants, and vesting events, and monitor potential conflicts of interest or patterns of insider trading activity. The power of attorney authorization signed by Gary Pang on Pullum's behalf demonstrates compliance with procedural requirements for authorized representative filing of insider transaction reports.

Non-Qualified Deferred Compensation Plan Architecture

Willis Towers Watson's Non-Qualified Deferred Savings Plan for U.S. Employees permits eligible participants, including senior executives, to defer portions of their compensation subject to Internal Revenue Code Section 409A restrictions and requirements. Under this plan, participant deferral elections are matched with company contributions, both of which are credited to individual accounts in the form of restricted share units. The settlement mechanism established in the plan provides that restricted share units convert to ordinary shares on a one-to-one basis six months following the participant's termination of employment, creating a structured transition mechanism that aligns with regulatory requirements governing deferred compensation timing and distribution.

The Non-Qualified Stable Value Excess Plan for U.S. Employees represents a supplemental deferred compensation vehicle designed to accommodate participants whose eligible compensation exceeds limits imposed by qualified retirement plan regulations. This plan similarly credits participant deferrals and employer matching contributions as restricted share units, which vest and settle according to specified time schedules. The vesting and settlement provisions operate on a comparable framework, with settlement occurring on the first business day of the month following either six months after separation from service or thirty days after death, providing estate planning flexibility for participant beneficiaries. These deferred compensation arrangements are customary among large multinational professional services firms and insurance brokers seeking to provide competitive executive remuneration while maintaining compliance with federal tax code requirements.

Market Context and Insider Equity Positioning

Executive acquisitions of company shares through equity compensation awards and deferred compensation plan settlements represent routine personnel and compensation administration activities within publicly traded corporations. The timing and magnitude of Pullum's restricted share unit awards reflect Willis Towers Watson's regular equity grant cycles, which are typically coordinated with annual performance review periods, promotion announcements, or retention-focused initiatives. The immediate share price impact was not clear from available public information regarding this specific transaction and award grant. Investors monitoring Willis Towers Watson's insider transaction activity may track patterns across multiple executives to identify potential changes in management confidence, compensation philosophy, or strategic business positioning.

The filing establishes a transparent record of Anne Pullum's equity ownership evolution at Willis Towers Watson, enabling shareholders and market participants to monitor potential conflicts of interest, assess management incentive alignment with long-term value creation, and track changes in the beneficial ownership distribution among company insiders. The restricted nature of the awarded shares, combined with the extended vesting periods embedded in the deferred compensation plan structures, emphasizes Willis Towers Watson's commitment to retaining senior talent and maintaining executive focus on long-term strategic objectives rather than short-term equity price movements.

Compliance and Governance Framework Reflected in Transaction

The transaction report demonstrates Willis Towers Watson's adherence to insider trading regulations and public company governance standards established under the Securities Exchange Act of 1934. The filing includes comprehensive explanatory responses clarifying the nature of each restricted share unit award, the relevant plan documents governing vesting and settlement, and the mechanisms for calculating dividend equivalent rights accruals. This level of transparency ensures that investors, regulators, and market participants can fully understand the economic implications and timing of insider equity transactions, reducing information asymmetries and supporting efficient market pricing of Willis Towers Watson securities.

The designation of the transaction as occurring pursuant to established company compensation plans, rather than discretionary market purchases, indicates Willis Towers Watson's systematic approach to equity compensation administration and regulatory compliance. By routing executive equity acquisition through documented, pre-established plan frameworks, the company demonstrates governance rigor and reduces legal and regulatory risks associated with insider trading allegations or concerns regarding the timing or pricing of equity awards. This structured approach aligns with best practices among large publicly traded companies and reflects Willis Towers Watson's commitment to maintaining robust internal controls and transparent equity compensation administration.