Cruger William Frank Jr. 4

What Happened

• William Frank Cruger Jr., a director of Virtu Financial (VIRT), had derivative instruments exercised/converted and RSUs settled on July 1, 2026. The filing shows 3,392 shares resulting from exercise/conversion of a derivative (reported with no cash value) and a contemporaneous disposition of 3,392 derivative units at $0 — consistent with conversion/settlement mechanics. He also received a grant/award of 2,504 RSUs (reported at $0), which appear to be unvested and subject to future vesting.
• No cash was paid or received in these reported transactions (all reported at $0). Footnotes indicate the shares issued were in settlement of vested restricted stock units (RSUs), and some RSUs vest later (see Key Details).

Key Details

• Transaction date: July 1, 2026. Form 4 filed July 6, 2026 (timely filing).
• Reported transactions: exercise/conversion of derivative — 3,392 shares (derivative), disposition of 3,392 derivative units at $0, and grant/award of 2,504 RSUs at $0.
• Vesting: the RSUs that settled vested on July 1, 2026; the 2,504 RSUs granted vest on July 1, 2027 (per footnotes).
• Cash/price: all items reported at $0 — no cash proceeds or purchase price shown.
• Shares owned after transaction: not specified in the filing summary provided.
• Other notes from filing: exchange rights exist for Virtu Financial Units to be converted one-for-one into Class A shares (per Exchange Agreement). The reporting person holds Virtu Financial Units via Virtu Employee Holdco LLC and disclaims beneficial ownership except for pecuniary interest; 6,389 Virtu Financial Units held are subject to time-based vesting.

Context

• This was not an open-market purchase or sale for cash. It reflects internal equity mechanics — settlement of vested RSUs into shares and receipt of additional RSUs that will vest later. Such transactions are common for directors and employees as part of compensation and do not, by themselves, indicate buying or selling for investment reasons.