Form 4: AlTi Global Executive Acquires Restricted Stock Units

Spiros Maliagros, a director and officer at AlTi Global, acquired restricted stock units and performance restricted stock units, representing a contingent right to receive Class A Common Stock.

Summary

• On June 4th and 5th, 2024, Spiros Maliagros, a director and officer (President, Strategic Alternatives) of AlTi Global, acquired restricted stock units (RSUs) and performance restricted stock units (PRSUs).
• The RSU acquisition totaled 30,339 units, vesting in three equal annual installments beginning February 15, 2025.
• The PRSU acquisition totaled 182,072.94 units, with 33.33% eligible to vest at the end of each of three annual performance periods beginning March 31, 2025, subject to continued service and total shareholder return exceeding certain thresholds.
• The maximum number of PRSUs that may vest over three years is 364,145.88, representing 200% of the target number.

Sentiment

Score: 7

Explanation: The sentiment is neutral to slightly positive. The grant of RSUs and PRSUs is a standard practice, and the performance-based vesting of the PRSUs suggests a focus on shareholder value. There are no immediate negative implications.

Positives

• The acquisition of RSUs and PRSUs by a key executive aligns their interests with those of the shareholders.
• The vesting schedule of the PRSUs is tied to performance metrics, incentivizing the executive to drive shareholder value.

Risks

• The actual number of PRSUs that vest depends on the company's performance and the executive's continued service.
• If the company's total shareholder return does not meet the specified thresholds, fewer PRSUs will vest.

Future Outlook

The vesting of the PRSUs is contingent on the company's total shareholder return exceeding certain thresholds over the next three years, indicating a focus on performance and shareholder value.

Industry Context

Grants of restricted stock units and performance-based restricted stock units are common compensation practices used to align executive incentives with shareholder interests in the financial services industry.

Comparison to Industry Standards

• Comparing AlTi Global's executive compensation structure to firms like Blackstone, Apollo Global Management, or KKR would provide a benchmark for assessing the competitiveness and alignment of incentives.
• These firms often use a mix of salary, bonus, and equity-based compensation, with a significant portion tied to performance metrics such as fund performance or shareholder return.
• The vesting schedules and performance thresholds for AlTi Global's PRSUs should be evaluated against industry norms to determine their rigor and effectiveness.

Stakeholder Impact

• Shareholders may view the performance-based vesting of the PRSUs positively, as it aligns executive compensation with shareholder returns.
• Employees may see the equity grants as a sign of the company's commitment to its leadership team.

Key Dates