Lee Cindy 4/A
4/A · Virtu Financial, Inc. · Filed Feb 4, 2026
Research Summary
AI-generated summary of this filing
Virtu Financial CFO Cindy Lee Receives Vested RSUs, Tax Withholding
What Happened
- Cindy Lee, Chief Financial Officer of Virtu Financial (VIRT), had 2,343 restricted stock units (RSUs vest) on Feb 4, 2025. Those vested RSUs were converted into shares; 1,296 of those shares were withheld by the company to satisfy tax obligations. Separately, she was granted 3,514 new RSUs (multi-year vesting).
- The filing shows the vested units were recorded at a reference volume-weighted average price (VWAP) of $39.8369 (per the footnote). That implies the 2,343 vested shares are worth roughly $93.3k and the 1,296 withheld-for-tax shares about $51.6k (approximate).
- This is largely a routine insider equity vesting/net-settlement event (not a market purchase or open-market sale).
Key Details
- Transaction date: February 4, 2025 (report filed/amended February 4, 2026).
- Actions reported: 2,343 RSUs vested and converted to shares (derivative exercise/conversion), 1,296 shares withheld for tax (F = tax withholding), and 3,514 RSUs newly granted (A = award/grant) that vest in Feb 2026–2028.
- Prices shown: $0.00 for RSU/derivative lines (RSUs are not option purchases); VWAP used for valuation per footnote = $39.8369.
- Shares owned after the transaction: not disclosed in the provided filing excerpt.
- Notable footnotes: tax withholding per the Issuer's 2015 Management Incentive Plan (F2); RSUs represent contingent rights to one share each and have scheduled future vesting (F3–F5); exchange/conversion rights for certain units described (F6–F7).
- Filing status: This is an amended Form 4; the amendment states the prior filing did not fully reflect the Feb 4, 2025 vesting in Table II. The report was filed about one year after the transaction date (filed 2026-02-04 for a 2025-02-04 report).
Context
- This was a vesting and net-share-settlement event (company withheld shares to cover taxes), not an open-market sale or purchase. Such withholding is routine and does not necessarily indicate executive sentiment about the stock.
- Derivative/RSU mechanics: RSUs are grants that convert to shares upon vesting; the filing shows conversion/exercise at $0.00 (no exercise price), followed by withholding to satisfy tax obligations.
Insider Transaction Report
Form 4/AAmended
Lee Cindy
Chief Financial Officer
Transactions
- Award
Class A common stock
[F1]2025-02-04+2,343→ 14,673 total - Tax Payment
Class A common stock
[F2]2025-02-04−1,296→ 13,377 total - Award
Restricted Stock Unit
[F3][F4]2025-02-04+3,514→ 47,101 total→ Class A common stock (3,514 underlying) - Exercise/Conversion
Restricted Stock Unit
[F3][F5]2025-02-04−2,343→ 44,758 total→ Class A common stock (2,343 underlying)
Holdings
- 4,760(indirect: See footnote)
Non-voting common interest units of Virtu Financial LLC
[F6][F7]→ Class A common stock (4,760 underlying)
Footnotes (7)
- [F1]Shares of Class A common stock granted under the Issuer's Amended and Restated 2015 Management Incentive Plan based on the volume weighted average price of the Issuer's Class A common stock on the three trading days preceding the grant date of $39.8369.
- [F2]Shares of Class A common stock withheld for tax by the Issuer in accordance with the Issuer's Amended and Restated 2015 Management Incentive Plan.
- [F3]Each RSU is granted under the Issuer's Amended and Restated 2015 Management Incentive Plan and represents a contingent right to receive one share of Class A common stock of the Issuer.
- [F4]The RSUs vest in February 2026, 2027 and 2028.
- [F5]The RSUs vested on February 4, 2025.
- [F6]Pursuant to the terms of the Exchange Agreement, effective as of April 15, 2015, by and among the Issuer, Virtu Financial LLC and the equityholders of Virtu Financial LLC (the "Exchange Agreement"), Virtu Financial Units, together with a corresponding number of shares of Class C Common Stock, may be exchanged for shares of Class A Common Stock, which have one vote per share and economic rights (including rights to dividends and distributions upon liquidation), on a one-for-one basis at the discretion of the holder. The exchange rights under the Exchange Agreement do not expire.
- [F7]By Virtu Employee Holdco LLC, a holding vehicle through which employees and directors of the Issuer hold vested and unvested Virtu Financial Units and shares of Class C Common Stock. The reporting person disclaims beneficial ownership in such Virtu Financial Units and shares held by Virtu Employee Holdco LLC except to the extent of his pecuniary interest therein.
Signature
Justin Waldie, as Attorney-in-Fact|2025-02-06