Form 4: Victory Capital Holdings Director Alan Rappaport Acquires Shares in Lieu of Fees
SEC Form 4
Alan Rappaport, a director at Victory Capital Holdings, acquired 1,093 shares of common stock in lieu of director fees.
Summary
- On July 10, 2024, Alan Rappaport, a director of Victory Capital Holdings, Inc., acquired 1,093 shares of common stock.
- The shares were issued in lieu of quarterly director fees payable in cash, totaling $25,000 for board service, $21,250 at Mr. Rappaport's election, $3,750 for service as chairperson of the Compensation Committee, and $2,500 for service on the Audit Committee.
- The price per share was $48, based on the closing price of the company's shares on July 10, 2024.
- Following the transaction, Mr. Rappaport directly owns 149,148 shares of common stock and indirectly owns 298,861 shares through ADR Partners.
- Mr. Rappaport disclaims beneficial ownership of the shares held by ADR Partners except to the extent of his pecuniary interest.
Sentiment
Score: 6
Explanation: The sentiment is neutral. It's a routine transaction related to director compensation. The director taking shares instead of cash is a mildly positive signal.
Positives
- Director Rappaport's decision to take shares in lieu of cash may signal confidence in the company's future performance.
Industry Context
Directors often receive compensation in the form of stock to align their interests with those of shareholders. This transaction reflects a common practice in corporate governance.
Comparison to Industry Standards
- Stock-based compensation for directors is a common practice across the financial services industry.
- Companies like BlackRock, T. Rowe Price, and Franklin Resources also utilize stock awards as part of their director compensation packages.
- The amount of stock awarded to Mr. Rappaport is within the typical range for directors at companies of similar size and scope.
Stakeholder Impact
- The transaction has a minimal direct impact on stakeholders.
- It reinforces the alignment of director interests with shareholder value.
Key Dates
| Date | Description |
|---|---|
| 07/10/2024 | Date of transaction: Alan Rappaport acquired 1,093 shares of common stock. |
| 07/12/2024 | Date of signature: Form 4 signed by Nina Gupta, attorney-in-fact for Mr. Rappaport. |
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