secwatch.observer — SEC 8-K summary
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Issuer:     Virtu Financial, Inc. (VIRT)
CIK:        0001592386
Form:       8-K
Filed at:   2022-12-02T23:59:59+00:00
Accession:  0000950142-22-003289
Event type: other_material
Sentiment:  neutral
Materiality: 0.50
Item codes: 5.02
LLM model:  deepseek-v4-flash:cloud@v2

Virtu Financial amends exec employment pacts; base $600k, 75,000 RSUs/year tied to EBITDA
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- Executives Fairclough, Molluso, Cavoli get $600k salary, $2M target/$3M max bonus, 50% quantitative/50% qualitative.
- Annual equity grant of 75,000 RSUs earned based on budgeted EBITDA; 100% earned at ≥65% achievement.
- Severance: without cause/death/disability/good reason: 1× salary or through term, plus benefits and equity acceleration.
- Change-in-control severance: 2.5× salary plus most recent annual bonus, 24-month benefits, full equity acceleration.
- Amendment also aligns Cifu's 2022 performance-based equity award with same EBITDA target.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1592386/000095014222003289/0000950142-22-003289-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1592386/000095014222003289/eh220307863_8k.htm
  HTML page:      https://secwatch.observer/filing/0000950142-22-003289

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer