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Victory Capital CEO sold shares after stock performance RSUs vested
Brown’s sale on August 5 was a tax withholding requirement tied to performance based restricted stock units that vested after the company cleared its first of four stock price hurdles.
Victory Capital Holdings CEO David Craig Brown sold 58,056 shares of the company on August 5, according to an SEC Form 4 filing, after a vesting event triggered non discretionary share disposition tied to tax withholding obligations, Yahoo Finance reports.
The sale followed the vesting of performance based restricted stock units under the company’s 2018 Equity Plan, where the vesting occurred after Victory Capital met the first of four stock price performance hurdles specified in the plan.
Brown sold the shares at a weighted average price of $99.97, with the post transaction value also based on the $99.97 price at the time of the transaction, according to the filing described by Yahoo Finance.
Despite the withholding sale, Brown maintained direct ownership of 2,352,838 shares and retained 442,586 derivative securities that remain subject to future performance based vesting criteria. The article also notes the vesting was linked to share price appreciation, with Victory Capital shares up 44% as of the August 5 date and priced at $106.79 at the August 6 market close.