Pursuant to the Second Amended and Restated 2015 Management Incentive Plan as described in Note 19 “Capital Structure”, and in connection with the IPO, non-qualified stock options to purchase shares of Class A Common Stock were granted, each of which vests in equal annual installments over a period of 4 years from grant date and expires not later than 10 years from the date of grant.


	Options Outstanding				Options Exercisable
	Number of Options	Weighted Average Exercise Price Per Share		Weighted Average Remaining Contractual Life	Number of Options	Weighted Average Exercise Price Per Share




At December 31, 2023	1,511,776	$	19.00	1.24	1,511,776	$	19.00
Granted	—	—		—	—	—
Exercised	(29,375)	19.00		—	(29,375)	19.00
Forfeited or expired	—	—		—	—	—
At June 30, 2024	1,482,401	$	19.00	0.74	1,482,401	$	19.00

At December 31, 2024	813,750	$	19.00	0.24	813,750	$	19.00
Granted	—	—		—	—	—
Exercised	(813,750)	19.00		—	(813,750)	19.00
Forfeited or expired	—	—		—	—	—
At June 30, 2025	—	$	—	0.00	—	$	—

The expected life was determined based on an average of vesting and contractual period. The risk-free interest rate was determined based on the yields available on U.S. Treasury zero-coupon issues. The expected stock price volatility was determined based on historical volatilities of comparable companies. The expected dividend yield was determined based on estimated future dividend payments divided by the IPO stock price.

Pursuant to the Second Amended and Restated 2015 Management Incentive Plan as described in Note 19 “Capital Structure”, subsequent to the IPO, shares of immediately vested Class A Common Stock, restricted stock units (“RSUs”) and restricted stock awards (“RSAs”) were granted, with RSUs and RSAs vesting over a period of up to 4 years. The fair value of the Class A Common Stock and RSUs was determined based on a volume weighted average price and the expense is recognized on a straight-line basis over the vesting period. The fair value of the RSAs was determined based on the closing price as of the date of grant and the expense is recognized from the date that achievement of the performance target becomes probable through the remainder of the vesting period. Performance targets are based on the Company’s adjusted EBITDA for certain future periods. For the six months ended June 30, 2025 and 2024, respectively, there were 528,221 and 878,091 shares of immediately vested Class A Common Stock granted as part of year-end compensation. In addition, the Company accrued compensation expense of $11.1 million and $7.8 million for the three months ended June 30, 2025 and 2024, respectively, $18.2 million and $12.7 million for the six months ended June 30, 2025 and 2024, respectively, related to immediately vested Class A Common Stock expected to be awarded as part of year-end incentive compensation, which was included in Employee compensation and payroll taxes on the Condensed Consolidated Statements of Comprehensive Income and Accounts payable, accrued expenses and other liabilities on the Condensed Consolidated Statements of Financial Condition.


	Number of RSUs and RSAs	Weighted Average Fair Value




At December 31, 2023	4,903,174	$	23.90
Granted	3,107,615	17.21
Forfeited	(103,010)	22.44
Vested	(2,616,226)	19.84
At June 30, 2024	5,291,553	$	22.01

At December 31, 2024	5,564,532	$	21.77
Granted (1)	3,282,979	39.41
Forfeited	(155,915)	25.72
Vested	(2,712,652)	24.93
At June 30, 2025	5,978,944	$	29.92
(1) Excluded in the number of RSUs and RSAs are 100,000 participating RSAs for six months ended June 30, 2025, where the grant date has not been achieved because the performance conditions have not been met.

The Company recognized $11.5 million and $10.1 million for the three months ended June 30, 2025 and 2024, respectively, and $26.9 million and $20.3 million for the six months ended June 30, 2025 and 2024, respectively, of compensation expense in relation to RSUs. As of June 30, 2025 and December 31, 2024, total unrecognized share-based compensation expense related to unvested RSUs was $121.8 million and $53.5 million, respectively, and this amount is to be recognized over a weighted average period of 1.4 years and 0.9 years, respectively. Awards in which the specific performance conditions have not been met are not included in unrecognized share-based compensation expense.

On November 13, 2020, the Company adopted the Virtu Financial, Inc. Deferred Compensation Plan (the “DCP”). The DCP permits eligible executive officers and other employees to defer cash or equity-based compensation beginning in the calendar year ending December 31, 2021, subject to certain limitations and restrictions. Deferrals of cash compensation may also be directed to notional investments in certain of the employee investment opportunities.