Virtu Financial, Inc. 8-K

What Happened

• Virtu Financial (VIRT) filed an 8-K on June 9, 2026 disclosing that Virtu Financial Operating LLC entered into an amended and restated employment agreement with CFO Cindy Lee on June 8, 2026. The agreement sets her annual base salary at $500,000, makes her eligible for a discretionary annual bonus, and grants a special long‑term award of 20,000 restricted shares/RSUs that vest in three equal annual installments. The agreement has an initial term through June 30, 2029 with automatic one‑year renewals unless notice of non‑renewal is given.

Key Details

• Base salary: $500,000 per year; eligible for discretionary annual bonus.
• Special equity award: 20,000 restricted shares/RSUs, vesting in three equal annual installments.
• Severance on a "Qualifying Termination": greater of (a) one year’s base salary or (b) base salary through the remainder of the term; continued health benefits for at least 12 months (or through the remainder of the term, whichever is longer); and pro rata plus the next full installment of the Special Award.
• Change‑in‑control treatment: if termination occurs in anticipation of or within 12 months after a change in control, severance equals 2.5× (base salary + most recent annual bonus) and benefits continuation increases to 24 months (or through the remainder of the term, whichever is longer). Ms. Lee remains subject to confidentiality, non‑disparagement, non‑compete and 12‑month non‑solicit covenants.

Why It Matters

• This filing updates investors on senior executive compensation and potential cash/equity obligations the company could owe if Ms. Lee is terminated or there is a change in control. The agreement clarifies fixed pay ($500K) and the size/timing of equity awards (20,000 RSUs), and it defines severance and benefit protections that could increase post‑termination liabilities, especially in a change‑of‑control scenario. The full agreement will be filed as an exhibit to the next Form 10‑Q for further detail.