SEC Filings

8-K
VIRTU KCG HOLDINGS LLC filed this Form 8-K on 07/24/2017
Entire Document
 

 

Item 5.02.  Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Directors; Compensatory Arrangements of Certain Officers.

 

On the Effective Date, the Company and Virtu entered into a separation agreement with Daniel Coleman (Chief Executive Officer).  Mr. Coleman’s separation agreement provides for (i) a “non-compete/non-solicit” payment equal to $2,000,000 paid in a lump sum, (ii) full payment of his 2017 annual bonus equal to $6,000,000 paid in a lump sum and (iii) payment of COBRA health insurance premiums for 12 months.  The severance payments are conditioned on the execution of a general waiver and release of claims.  Mr. Coleman’s separation agreement contains certain restrictive covenants and confidentiality provisions, including non-solicitation covenants, but expressly waives any non-competition covenants.

 

Mr. Coleman’s separation agreement requires Mr. Coleman to provide consulting services to the Company on transition, operational and integration matters through April 1, 2018.  In consideration of these consulting services, Mr. Coleman will be paid a fee of $1,000,000, paid in approximately equal monthly installments.

 

On the Effective Date, the Company and Virtu entered into a separation agreement with each of  Steffan Parratt (Chief Financial Officer), Ryan Primmer (Global Head of Quantitative and Systematic Trading) and Greg Tusar (Head of Global Execution Services and Platforms).  Pursuant to each of their respective separation agreements, Messrs. Parratt, Primmer and Tusar are entitled to (i) a “non-compete/non-solicit” payment equal to $500,000, $500,000 and $417,625, respectively, paid in a lump sum, (ii) full payment of their 2017 annual bonus equal to $1,500,000, $3,200,000 and $3,200,000, respectively, paid in a lump sum and (iii) payment of COBRA health insurance premiums for 12 months.  The severance payments are conditioned on the execution of a general waiver and release of claims.  The separation agreements contain certain restrictive covenants and confidentiality provisions, including non-solicitation covenants, but expressly waive any non-competition covenants.

 

On the Effective Date, KCG Europe Limited entered into a separation agreement with Philip Allison (Chief Executive Officer, KCG Europe Limited). Mr. Allison’s separation agreement provides for a payment of £175,000 paid in a lump sum and full payment of his 2017 annual bonus equal to $3,200,000 of which $3,087,063 will be paid within 14 days of termination of $112,937 will be paid within 107 days of termination.  The severance payments are conditioned on Mr. Allison’s execution of a general waiver and release of claims.

 

The foregoing summary of the separation agreements does not purport to be complete and is subject to, and qualified in its entirety by, the full text of the separation agreements, copies of which are filed as Exhibits 10.1, 10.2, 10.3, 10.4 and 10.5 to this Current Report on Form 8-K and is incorporated herein by reference.

 

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