Urban David 4

What Happened

• David Urban, a director of Virtu Financial, had restricted stock units (RSUs) vest on July 1, 2026. The Form 4 shows a conversion/exercise of 3,392 derivative units and a simultaneous disposal of 3,392 shares at $0; separately, 2,504 shares were issued to him as an award at $0. All reported items are derivative/RSU-related (no cash purchase or open-market sale reported).

Key Details

• Transaction date: July 1, 2026; Form 4 filed July 6, 2026 (filing appears late vs. the usual 2-business-day reporting requirement).
• Reported lines:
  • Exercise/conversion of derivative (code M): 3,392 shares (acquired / N/A)
  • Exercise/conversion of derivative (code M): 3,392 shares disposed at $0.00
  • Grant/award (code A): 2,504 shares acquired at $0.00
• Shares owned after the transaction: Not disclosed on this Form 4.
• Footnotes: Shares were issued in settlement of vested RSUs under the company’s 2015 Management Incentive Plan; the RSUs vested on July 1, 2026 (some RSUs vest on July 1, 2027 per the filing).
• Filing timeliness: Marked late (filed 7/6 for 7/1 transactions); late filings can be a reporting compliance issue.

Context

• These entries reflect RSU settlement (an award), not an open-market buy or sale. The “disposed” zero-dollar line is consistent with shares being surrendered/withheld (commonly to cover taxes) while a net number of shares (2,504) was issued to the insider; the Form 4 does not explicitly state the reason for the disposal. Awards like these are routine compensation events and do not necessarily indicate a change in the insider’s market view.