S-8 1 eh2000815_s8.htm FORM S-8

As filed with the Securities and Exchange Commission on September 1, 2020
Registration No. 333-
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________________
FORM S-8
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
______________________
Virtu Financial, Inc.
(Exact name of Registrant as specified in its charter)
______________________
Delaware
(State or other jurisdiction of
incorporation or organization)
  
32-0420206
(IRS Employer
Identification No.)
______________________
One Liberty Plaza
165 Broadway
New York, NY 10006
(Address, including zip code, of Registrant’s principal executive offices)
______________________
Virtu Financial, Inc. Amended and Restated 2015 Management Incentive Plan
(Full title of the plan)
______________________
Douglas A. Cifu
Chief Executive Officer
One Liberty Plaza
165 Broadway
New York, NY 10006
(212) 418-0100
(Name, address, including zip code, and telephone number, including area code, of agent for service)
______________________
COPIES TO:
John C. Kennedy, Esq.
Paul, Weiss, Rifkind, Wharton & Garrison LLP
1285 Avenue of the Americas New York,
New York 10019—6064
(212) 373-3000
______________________
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☒
Accelerated filer ☐
Non-accelerated filer ☐
Smaller reporting company ☐
       
      Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

CALCULATION OF REGISTRATION FEE
Title of Each Class of
Securities to be
Registered
Amount to be
Registered(1)
Proposed Maximum
Offering Price Per
Share(2)
  
Proposed Maximum
Aggregate Offering
Price
   Amount of
Registration
Fee(2)
 
Class A common stock, par value $0.00001 per share
5,000,000 shares
$
 25.65
  
$
128,250,000
  
$
16,646.85
  
(1)
Pursuant to Rule 416 under the Securities Act of 1933, as amended (the “Securities Act”), this registration statement shall be deemed to cover any additional securities to be offered or issued from stock splits, stock dividends or similar transactions.
(2)
Pursuant to Rule 457(c) and 457(h) under the Securities Act, the proposed maximum offering price per share was determined based on the average of the high and low prices of Virtu Financial, Inc.’s Class A common stock reported by the Nasdaq Stock Market LLC as of August 25, 2020.

EXPLANATORY NOTE
Virtu Financial, Inc. (the “Company”) has prepared this Registration Statement in accordance with the requirements of General Instruction E (Registration of Additional Securities) on Form S-8 under the Securities Act of 1933, as amended, (the “Securities Act”), to register an additional 5,000,000 shares of its Class A common stock, par value $0.00001 per share, which is referred to as the Class A Common Stock, that are reserved for issuance upon exercise of options granted, or in respect of awards to be granted under the Virtu Financial, Inc. Amended and Restated 2015 Management Incentive Plan. The contents of the Registration Statements on Form S-8 (Registration Nos. 333-219110 and 333-203478), filed with the Securities and Exchange Commission (the “Commission”) on June 30, 2017 and April 17, 2015 respectively, are hereby incorporated by reference and made a part hereof.
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3. Incorporation of Documents by Reference
The following documents filed with the Commission by the Company are incorporated by reference in this Registration Statement:

 1.
The description of the Class A common stock set forth in the Company’s Registration Statement on Form 8-A filed pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) on April 16, 2015, and any amendment or report filed for the purpose of updating any such description;

2.
The Company’s Annual Report on Form 10-K for the year ended December 31, 2019, filed with the Commission on February 28, 2020;

3.
The Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2020, filed with the Commission on May 11, 2020;
 
4.
The Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2020, filed with the Commission on August 7, 2020.

 
5.
The Company’s Current Reports on Form 8-K, filed with the Commission on January 29, 2020, February 28, 2020, March 2, 2020, March 24, 2020, May 5, 2020, May 18, 2020, May 19, 2020, June 8, 2020 and August 13, 2020; and

6.
The portions of the Definitive Proxy Statement on Schedule 14A for the 2020 annual meeting of stockholders filed on April 24, 2020 that are incorporated by reference in the Annual Report on Form 10-K for the year ended December 31, 2019.
In addition, all reports and documents filed by us pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act subsequent to the date hereof and prior to the filing of a post-effective amendment which indicates that all securities offered hereby have been sold or which deregisters all securities then remaining unsold, shall be deemed to be incorporated by reference herein and made a part hereof from the date of the filing of such documents.
Any statement contained in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded to the extent that a statement contained herein or in any other subsequently filed document which also is or is deemed to be incorporated by reference herein modifies or supersedes such statement. Any such statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.
Item 6. Indemnification of Directors and Officers
Section 145(a) of the Delaware General Corporation Law provides, in general, that a corporation shall have the power to indemnify any person who is or was a party or
is threatened to be made a party to any threatened, pending, or completed civil, criminal, administrative, or investigative action, suit, or proceeding (other than an action by or in right of the corporation) because the person is or was a director or officer of the corporation, against expenses (including attorneys’ fees), judgments, fines, and amounts paid in settlement actually and reasonably incurred in any such action, suit, or proceeding if the person acted in good faith and in a manner the person reasonably believed to be in or not opposed to the best interests of the corporation, and, with respect to any criminal action or proceeding, had no reasonable cause to believe the person’s conduct was unlawful.
Section 145(b) of the Delaware General Corporation Law provides, in general, that a corporation shall have the power to indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action or suit by or in the right of the corporation to procure a judgment in its favor because the person is or was a director or officer of the corporation, against any expenses (including attorneys’ fees) actually and reasonably incurred by the person in connection with the defense or settlement of such action or suit if the person acted in good faith and in a manner the person reasonably believed to be in or not opposed to the best interests of the corporation, except that no indemnification shall be made in respect of any claim, issue or matter as to which such person shall have been adjudged to be liable to the corporation unless and only to the extent that the Court of Chancery or the court in which such action or suit was brought shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, such person is fairly and reasonably entitled to be indemnified for such expenses which the Court of Chancery or such other court shall deem proper.
Section 145(g) of the Delaware General Corporation Law provides, in general, that a corporation shall have the power to purchase and maintain insurance on behalf of any person who is or was a director or officer of the corporation against any liability asserted against the person in any such capacity, or arising out of the person’s status as such, whether or not the corporation would have the power to indemnify the person against such liability under the provisions of the law. Our amended and restated certificate of incorporation provides that, to the fullest extent permitted by applicable law, a director will not be liable to us or our stockholders for monetary damages for breach of fiduciary duty as a director. In addition, our amended and restated certificate of incorporation also provides that we will indemnify each director and officer and may indemnify employees and agents, as determined by our board, to the fullest extent provided by the laws of the State of Delaware.
The foregoing statements are subject to the detailed provisions of Section 145 of the Delaware General Corporation Law and our amended and restated certificate of incorporation and by-laws.
Section 102 of the Delaware General Corporation Law permits the limitation of directors’ personal liability to the corporation or its stockholders for monetary damages for breach of fiduciary duties as a director except for (i) any breach of the director’s duty of loyalty to the corporation or its stockholders, (ii) acts or omissions not in good faith or
which involve intentional misconduct or a knowing violation of the law, (iii) breaches under Section 174 of the Delaware General Corporation Law, which relates to unlawful payments of dividends or unlawful stock repurchase or redemptions, and (iv) any transaction from which the director derived an improper personal benefit.
We maintain directors’ and officers’ liability insurance for our officers and directors.
We have entered into an indemnification agreement with each of our executive officers and directors that provides, in general, that we will indemnify them to the fullest extent permitted by law in connection with their service to us or on our behalf.
Item 8.
  
Exhibits
     
Exhibits
    
     
4.1
  
     
4.2
  
     
4.3*
  
     
4.4*
  
     
5.1*
  
     
23.1*
  
     
23.2*
   Consent of Deloitte & Touche LLP, independent registered public accounting firm.
     
23.3*
  
     
24.1*
  
_________________________
* Filed herewith.

INDEX TO EXHIBITS

Exhibits
    
     
4.1
  
     
4.2
  
     
4.3*
  
     
4.4*
  
     
5.1*
  
     
23.1*
  
     
23.2*
   Consent of Deloitte & Touche LLP, independent registered public accounting firm.
     
23.3*
  
     
24.1*
  
_________________________
* Filed herewith.

SIGNATURES
Pursuant to the requirements of the Securities Act, Virtu Financial, Inc. certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the city of New York, state of New York, on September 1, 2020.
  VIRTU FINANCIAL, INC.  
         
         

By:
/s/ Douglas A. Cifu  
    Name:
Douglas A. Cifu  
    Title:
Chief Executive Officer  
         

POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS, that each individual whose signature appears below hereby constitutes and appoints each of Douglas A. Cifu, Sean Galvin, Joe Molluso and Brett Fairclough, acting singly, his true and lawful agent, proxy and attorney-in-fact, with full power of substitution and resubstitution, for him and in his name, place and stead, in any and all capacities, to (i) act on, sign and file with the Securities and Exchange Commission any and all amendments (including post-effective amendments) to this registration statement together with all schedules and exhibits thereto and any subsequent registration statement filed pursuant to Rule 462(b) under the Securities Act of 1933, as amended, together with all schedules and exhibits thereto, (ii) act on, sign and file such certificates, instruments, agreements and other documents as may be necessary or appropriate in connection therewith, (iii) act on and file any supplement to any prospectus included in this registration statement or any such amendment or any subsequent registration statement filed pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and (iv) take any and all actions which may be necessary or appropriate in connection therewith, granting unto such agents, proxies and attorneys-in-fact, and each of them, full power and authority to do and perform each and every act and thing necessary or appropriate to be done, as fully for all intents and purposes as he might or could do in person, hereby approving, ratifying and confirming all that such agents, proxies and attorneys-in-fact or any of their substitutes may lawfully do or cause to be done by virtue thereof.
Pursuant to the requirements of the Securities Act, this registration statement and Power of Attorney have been signed on September 1, 2020, by the following persons in the capacities indicated.


Signature
  
Title
     
/s/ Douglas A. Cifu  
Chief Executive Officer (Principal Executive Officer) and Director
Douglas A. Cifu
    
     
/s/ Sean Galvin  
EVP and Chief Financial Officer
Sean Galvin
  
(Principal Financial and Accounting Officer)
     
/s/ Vincent Viola  
Founder and Chairman Emeritus
Vincent Viola
    
     
/s/ Robert Greifeld  
Director
Robert Greifeld
    
     
/s/ William F. Cruger, Jr.  
Director
William F. Cruger, Jr.
    
     
/s/ Virginia Gambale  
Director
Virginia Gambale
    
     
/s/ Joseph J. Grano  
Director
Joseph J. Grano
    
     
/s/ Glenn Hutchins  
Director
Glenn Hutchins
    
     
/s/ John D. Nixon  
Director
John D. Nixon
    
     
/s/ Christopher C. Quick  
Director
Christopher C. Quick
    
     
/s/ John F. Sandner  
Director
John F. Sandner
    
     
/s/ David Urban  
Director
David Urban
    
     
/s/ Michael T. Viola  
Director
Michael T. Viola