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Victory Capital executive sells vested shares to cover tax liabilities
The insider disposition was valued at about $1.8 million, executed non-discretionarily to pay taxes from performance-based restricted stock vesting.
Victory Capital Holdings executive vice president Thomas Michael Sipp sold 18,177 shares in a non-discretionary transaction dated August 5, according to an SEC Form 4 filed, with a weighted average sale price of $99.97.
The outlet said the approximately $1.8 million sale was not a view on the company’s fundamentals, but an automatic execution to cover tax liabilities tied to the vesting of performance-based restricted stock.
After the transaction, Sipp’s direct holdings were reduced by 13%, though he still maintained a 0.2% ownership interest and held nearly 123,000 additional derivative securities, including both vested and unvested awards.
Victory Capital’s stock had gained 44% over the prior 12 months ending August 5, and the August 5 vesting event was tied to achieving the first of four stock price performance hurdles, leaving future targets linked to his remaining derivatives.