CFO Cindy Lee receives 20,000 RSUs at Virtu Financial (VIRT) in new Form 4
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
Lee Cindy reported acquisition or exercise transactions in this Form 4 filing.
Virtu Financial, Inc. Chief Financial Officer Cindy Lee reported receiving a grant of 20,000 Restricted Stock Units (RSUs) that each represent one share of Class A common stock. The RSUs were granted under the company’s Second Amended and Restated 2015 Management Incentive Plan.
The RSUs vest in three equal annual installments on June 30, 2027, 2028 and 2029, so the award is tied to continued service over that period. After this grant, Lee holds 94,207 RSUs directly. She also holds 31,637 shares of Class A common stock directly.
In addition, an entity called Virtu Employee Holdco LLC holds 4,760 non-voting common interest units of Virtu Financial LLC that are exchangeable on a one-for-one basis into Class A common stock under an Exchange Agreement whose exchange rights do not expire. Lee disclaims beneficial ownership of these units except to the extent of her pecuniary interest.
Positive
- None.
Negative
- None.
Insider Trade Summary
3 transactions reported
Mixed
3 txns
Insider
Lee Cindy
Role
Chief Financial Officer
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Grant/Award | Restricted Stock Unit | 20,000 | $0.00 | -- |
| holding | Non-voting common interest units of Virtu Financial LLC | -- | -- | -- |
| holding | Class A common stock | -- | -- | -- |
Holdings After Transaction:
Restricted Stock Unit — 94,207 shares (Direct);
Non-voting common interest units of Virtu Financial LLC — 4,760 shares (Indirect, See footnote);
Class A common stock — 31,637 shares (Direct)
Footnotes (1)
- Each RSU is granted under the Issuer's Second Amended and Restated 2015 Management Incentive Plan and represents a contingent right to receive one share of Class A common stock of the Issuer. The RSUs vest in equal annual installments on June 30, 2027, 2028 and 2029. Pursuant to the terms of the Exchange Agreement, effective as of April 15, 2015, by and among the Issuer, Virtu Financial LLC and the equityholders of Virtu Financial LLC (the "Exchange Agreement"), Virtu Financial Units, together with a corresponding number of shares of Class C Common Stock, may be exchanged for shares of Class A Common Stock, which have one vote per share and economic rights (including rights to dividends and distributions upon liquidation), on a one-for-one basis at the discretion of the holder. The exchange rights under the Exchange Agreement do not expire. By Virtu Employee Holdco LLC, a holding vehicle through which employees and directors of the Issuer hold vested and unvested Virtu Financial Units and shares of Class C Common Stock. The reporting person disclaims beneficial ownership in such Virtu Financial Units and shares held by Virtu Employee Holdco LLC except to the extent of his pecuniary interest therein.
Key Figures
RSU grant size: 20,000 RSUs
RSUs after grant: 94,207 RSUs
Direct Class A shares: 31,637 shares
+3 more
6 metrics
RSU grant size
20,000 RSUs
Restricted Stock Units granted to Cindy Lee
RSUs after grant
94,207 RSUs
Total RSUs held by Cindy Lee following the transaction
Direct Class A shares
31,637 shares
Class A common stock directly owned by Cindy Lee
Employee Holdco units
4,760 units
Non-voting common interest units of Virtu Financial LLC held by Virtu Employee Holdco LLC
Exchange ratio
1:1 into Class A
Virtu Financial Units plus Class C shares exchangeable for Class A common stock
Vesting dates
June 30, 2027–2029
RSUs vest in equal annual installments on these dates
Key Terms
Restricted Stock Unit, Second Amended and Restated 2015 Management Incentive Plan, Exchange Agreement, Virtu Financial Units, +1 more
5 terms
Restricted Stock Unit financial
"Each RSU is granted under the Issuer's Second Amended and Restated 2015 Management Incentive Plan"
A restricted stock unit is a promise from a company to give an employee shares of stock after certain conditions are met, like staying with the company for a set amount of time. It’s like earning a bonus that turns into company stock once you’ve proven your commitment, making it a way to motivate and reward employees.
Second Amended and Restated 2015 Management Incentive Plan financial
"Each RSU is granted under the Issuer's Second Amended and Restated 2015 Management Incentive Plan"
Exchange Agreement financial
"effective as of April 15, 2015, by and among the Issuer, Virtu Financial LLC and the equityholders of Virtu Financial LLC (the "Exchange Agreement")"
A written deal in which two parties agree to swap assets, securities or obligations under set terms—think of it as a formal swap or trade contract. For investors it matters because such agreements can change who owns what, alter a company’s capital structure, affect future cash flows or dilute existing shares, and therefore influence value and risk in a straightforward, contract-driven way.
Virtu Financial Units financial
"Virtu Financial Units, together with a corresponding number of shares of Class C Common Stock, may be exchanged"
Virtu Employee Holdco LLC financial
"By Virtu Employee Holdco LLC, a holding vehicle through which employees and directors of the Issuer hold vested and unvested Virtu Financial Units"
FAQ
What insider transaction did Virtu Financial (VIRT) report for Cindy Lee?
Virtu Financial reported that CFO Cindy Lee received a grant of 20,000 Restricted Stock Units. Each RSU represents a contingent right to one Class A share, awarded as part of the company’s 2015 Management Incentive Plan.
How do Cindy Lee’s new RSUs at Virtu Financial (VIRT) vest?
The 20,000 RSUs granted to Cindy Lee vest in three equal annual installments on June 30, 2027, 2028 and 2029. This structure ties the full value of the award to her continued service over those three years.
How many Virtu Financial (VIRT) RSUs does Cindy Lee hold after this filing?
After this grant, Cindy Lee holds 94,207 Restricted Stock Units. Each RSU represents a contingent right to receive one share of Virtu Financial Class A common stock, subject to the specified vesting schedule and other plan conditions.
What does the Exchange Agreement mean for Virtu Financial (VIRT) units?
Under the Exchange Agreement effective April 15, 2015, Virtu Financial Units plus corresponding Class C shares may be exchanged one-for-one for Class A common stock. The filing notes these exchange rights do not expire for the holders.