Virtu Financial determines bonus for COO and Exec Vice President

Maria Nikolova

Brett Fairclough, the Company’s Chief Operating Officer and Global Head of Business Development, and Stephen Cavoli, the Company’s Executive Vice President, Markets, will each be eligible to receive annual bonuses with a target bonus opportunity of $1.5 million.

Virtu Financial Inc (NASDAQ:VIRT) has posted a SEC filing regarding compensatory arrangements of certain officers.

On February 26, 2020, Virtu Financial Operating LLC (VFO), a subsidiary of Virtu Financial Inc, entered into an amended and restated employment letter agreement with Brett Fairclough, the Company’s Chief Operating Officer and Global Head of Business Development, and Stephen Cavoli, the Company’s Executive Vice President, Markets.

Under the Amended and Restated Employment Agreements, the annual base salary for each of Mr Fairclough and Mr Cavoli is $500,000, and the Executives will each be eligible to receive annual bonuses with a target bonus opportunity equal to $1.5 million and a maximum bonus opportunity equal to $2.5 million.

Eighty percent (80%) of the annual bonus will be based on the achievement of quantitative targets set by Virtu Financial’s Chief Executive Officer together with the Compensation Committee of the Company’s Board of Directors, and 20% of the annual bonus will be based on the achievement of qualitative goals set by the Company’s Chief Executive Officer together with the Compensation Committee. To the extent earned, such annual bonuses shall be payable in cash and equity awards in accordance with the Company’s incentive and equity plans as in effect from time to time.

The Executives will also each receive a special long term equity award in the form of 150,000 restricted shares of Stock that are subject to performance and service conditions, vesting in three annual installments. The number of shares earned under the long term equity award will be based on the percentage of budgeted EBITDA achieved in each applicable calendar year during the vesting period, with a minimum of 50% of shares for a given installment earned upon at least 70% achievement for the applicable year, and 100% of shares for a given installment earned upon at least 75% achievement for the applicable year.

The Amended and Restated Employment Agreement for Mr Fairclough has a term of four years. The Amended and Restated Employment Agreement for Mr Cavoli has a term of three years.

Under the Amended and Restated Employment Agreements, if an Executive’s employment is terminated by VFO without cause or by the Executive for good reason, then in addition to receiving his accrued amounts, the Executive will be entitled to, subject to the execution of a release of claims, a lump sum payment of the greater of (a) one times his base salary or (b) the amount of base salary that would have been paid through end of the Term but for the termination, plus the acceleration of certain unvested amounts under his special award.

If a Qualifying Termination occurs upon or within 12 months following a change in control or such termination was in anticipation of a change in control, the Executive will receive a lump sum payment equal to two times the sum of (a) Executive’s base salary plus (b) the total annual bonus most recently awarded to Executive, plus the acceleration of certain unvested amounts under his special award.

Read this next

Digital Assets

BlackRock digs further into crypto with metaverse ETF

BlackRock, the world’s largest asset manager with almost $10 trillion in AUM, is set to launch a new metaverse ETF to help investors securely monetize on the booming immersive version of the internet.

Digital Assets

Binance wins license in New Zealand as rival Huobi shutters derivatives

Binance, the world’s largest crypto exchange by traded volume, has obtained licenses to operate in New Zealand, even after rival Huobi shutdown derivatives trading last month due to concerns about regulations.

Retail FX

Hong Kong busts perpetrators of ‘ramp and dump’ scam

Hong Kong’s financial watchdog, the Securities and Futures Commission (SFC), has charged thirteen suspects of market manipulation in a joint operation with the local police.

Institutional FX

TradingView integrates market data from German Tradegate exchange

TradingView announced that it ‎has increased data coverage to allow its users to receive information from ‎and get free access to the intra-day and tick data from Tradegate Exchange.

Retail FX

Spotware Systems introduces Custom Push Notifications for cTrader mobile apps

Spotware Systems, a technology provider for the electronic trading industry, is introducing a new push notification feature to alert mobile users of price swings and market fluctuations through their cTrader app.

Market News

The Week Ahead: 30 September from David Madden, Market Analyst at Equiti Group

Sterling dominated the headlines last week, as there were concerns the UK government might struggle to service its debt.

Inside View

How does the quality of signal providers affect your business?

A must-have onboarding process for brokers with investment services like PAMM, MAM, or copy trading

Technology

DBS deploys Nasdaq Trade Surveillance

“The confidence that markets and our clients have in DBS as a safe and trusted banking group is anchored on our ability to detect and respond to anomalous activity, which in turn calls for a robust surveillance and prevention infrastructure.”

Industry News

SEC charges Justin Costello and David Ferraro for securities fraud and posing as billionaire veteran

The Securities and Exchange Commission charged Cannabis executive Justin Costello and David Ferraro, an associate of Costello’s, for promoting the stock of several microcap companies on social media without disclosing their own simultaneous stock sales as market prices rose.

<