UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
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| Item5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
Compensatory Arrangements of Certain Officers
On December 20, 2019, Virtu Financial, Inc. (“Virtu” or the “Company”) entered into a letter agreement with each of Mr. Brett Fairclough, the Company’s Chief Operating Officer and Global Head of Business Development, and Mr. Stephen Cavoli, the Company’s Executive Vice President, Markets, providing for minimum annual bonuses for the year ended December 31, 2019 in the amounts of $1,540,000 and $1,300,000, respectively, in each case payable by the Company in cash, stock or deferred equity interests as determined by the Company in its sole discretion. As previously disclosed, Mr. Fairclough was appointed Chief Operating Officer and Global Head of Business Development in September 2019, prior to which time he most recently served as the Company’s Managing Director of Asia Pacific and Chief Executive Officer of Virtu Singapore Pte. Ltd., the Company’s Singapore based subsidiary, since 2014. Mr. Cavoli has served as the Company’s Executive Vice President, Markets since December 2017 and oversees the Company’s Execution Services business, which was expanded during the period as a result of the Company’s acquisition of Investment Technology Group, Inc. in March 2019.
The foregoing description does not purport to be a complete statement of the parties’ rights and obligations under the applicable letter agreements. The above description is qualified in its entirety by reference to the full text of such letters, which will be filed as exhibits to the Company’s next annual report on Form 10-K.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
| Virtu Financial, Inc. | ||
| By | /s/ Justin Waldie | |
| Name: | Justin Waldie | |
| Title: | Senior Vice President, Secretary and General Counsel | |
| Dated: December 27, 2019 | ||
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