1 unchanged sentence
Pursuant to the exchange agreement (the “Exchange Agreement”) entered into on April 15, 2015 by and among the Company, Virtu Financial and holders of Virtu Financial Units, Virtu Financial Units (along with the corresponding shares of our Class C Common Stock or Class D Common Stock, as applicable) may be exchanged at any time for shares of our Class A Common Stock or Class B Common Stock, as applicable, on a one-for-one basis, subject to customary conversion rate adjustments for stock splits, stock dividends and reclassifications.
−Removed: Total share repurchases for the three months ended March 31, 2020 were as follows:
−Removed: Total Number of Shares Purchased (1)
−Removed: Average Price Paid per Share
−Removed: Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs
−Removed: Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs
−Removed: January 1, 2020 - January 31, 2020
−Removed: Class A Common Stock / Virtu Financial Units repurchases
−Removed: February 1, 2020 - February 28, 2020
−Removed: Class A Common Stock / Virtu Financial Units repurchases
−Removed: March 1, 2020 - March 31, 2020
−Removed: Class A Common Stock / Virtu Financial Units repurchases
+Added: Total share repurchases for the three months ended June 30, 2020 were as follows:
+Added: Period Total Number of Shares Purchased (1) Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs
+Added: April 1, 2020 - April 30, 2020
+Added: Class A Common Stock / Virtu Financial Units repurchases 1,668 21.93 N/A N/A
+Added: May 1, 2020 - May 31, 2020
+Added: Class A Common Stock / Virtu Financial Units repurchases 4,119 23.57 N/A N/A
+Added: June 1, 2020 - June 30, 2020
+Added: Class A Common Stock / Virtu Financial Units repurchases 2,940 22.96 N/A N/A
Total Common Stock / Virtu Financial Unit repurchases 8,727 $ 23.05 — $—
−Removed: (1) Comprises the repurchase of 642,869 shares from employees in order to satisfy statutory tax withholding requirements upon the net settlement of equity awards for the three months ended March 31, 2020 .
−Removed: As previously disclosed, on March 20, 2020, a broker-dealer subsidiary of the Company entered into a Loan Agreement (the “Founder Member Loan Facility”) with TJMT Holdings LLC (the “Founder Member”), as lender and administrative agent, providing for unsecured term loans from time to time (the “Founder Member Loans”) in an aggregate original principal amount not to exceed $300 million.
−Removed: In connection with and in consideration of the Founder Member’s commitments under the Founder Member Loan Facility, the Company delivered to the Founder Member a warrant (the “Warrant”) to purchase shares of the Company’s Class A Common Stock.
−Removed: Pursuant to the Warrant, the Founder Member may purchase up to 3,000,000 shares of Class A Common Stock, which number of shares will be increased to 10,000,000 if, at any time during the term of the Founder Member Facility, Founder Member Loans equal to or greater than $100 million remain outstanding for a certain period of time specified in the Warrant.
−Removed: The exercise price per share of the Class A Common Stock issuable pursuant to the Warrant shall be equal to the average of the volume weighted average prices of the Class A Common Stock for the ten ( 10 ) trading days following May 7, 2020, the date on which the Company publicly announced its earnings results for the first quarter of 2020.
−Removed: The Warrant may be exercised on or after May 22, 2020, the eleventh (11th) trading day following the date on which the Company publicly announced its earnings results for the first quarter of 2020, up to and including January 15, 2022.
−Removed: The Warrant and Class A Common Stock issuable pursuant to the Warrant were offered, and will be issued and sold, in reliance on the exemption from the registration requirements of the Securities Act, set forth under Section 4(a)(2) of the Securities Act relating to sales by an issuer not involving any public offering.
+Added: (1) Comprises the repurchase of 8,727 shares from employees in order to satisfy statutory tax withholding requirements upon the net settlement of equity awards for the three months ended June 30, 2020.
DEFAULTS UPON SENIOR SECURITIES
1 unchanged sentence
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.