VCTR chief divests 58,056 shares at $99.97 to cover tax obligations following performance-based vesting triggered by a 44% stock gain.
Victory Capital Holdings Inc. (NASDAQ:VCTR) CEO David Brown sold 58,056 shares on August 5 for $5.8 million at a weighted average price of $99.97. The sale was required to satisfy tax withholding after performance-based restricted stock units vested due to a stock price hurdle being met.
The vesting followed a 44% gain in VCTR shares as of the transaction date. The stock closed at $106.79 on August 6. Brown retains 2.35 million shares and 442,586 derivative securities subject to future vesting criteria.
The company’s 2018 Equity Plan outlines four stock price performance hurdles for vesting. This transaction reflects the first milestone achieved.