VICTORY CAPITAL HOLDINGS, INC., DEF 14A filed on 3/28/2025
Proxy Statement (definitive)
v3.25.1
Cover
 12 Months Ended
Dec. 31, 2024
Document Information [Line Items]  
Document Type DEF 14A
Amendment Flag false
Entity Information [Line Items]  
Entity Registrant Name VICTORY CAPITAL HOLDINGS, INC.
Entity Central Index Key 0001570827
v3.25.1
Pay vs Performance Disclosure - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Pay vs Performance Disclosure        
Pay vs Performance Disclosure, Table
Pay Versus Performance
In accordance with rules adopted by the Securities and Exchange Commission pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, we provide the following disclosure regarding executive compensation for our principal executive officer (“PEO”) and
Non-PEO
NEOs and Company performance for the fiscal years listed below. The Compensation Committee did not consider the pay versus performance disclosure below in making its pay decisions for any of the years shown.
 
Year
   
Summary
Compensation
Table Total for
David
C. Brown
1

($)
  
Compensation
Actually Paid
to David
C. Brown
1,2,3

($)
  
Average
Summary
Compensation
Table Total
for Non-PEO

NEOs
1

($)
  
Average
Compensation
Actually Paid
to Non-PEO

NEOs
1,2,3

($)
  
Value of Initial Fixed
$100 Investment based
on:
4
  
Net
Income
($ Millions)
  
Adjusted
EBITDA
($ Millions)
5
 
TSR ($)
  
Peer
Group
TSR ($)
(a)
     
 
(b)
      
 
(b)
      
 
(d)
      
 
(e)
      
 
(f)
      
 
(g)
      
 
(h)
      
 
(i)
  
2024
        11,594,447       19,805,694       3,710,810       6,067,471       298.07       134.31       288.9       475.6
2023
        5,900,840       7,496,823       1,859,996       2,316,250       152.09       117.90       213.2       418.0
2022
        9,683,410       7,437,748       3,741,944       2,862,554       113.93       102.51       275.5       424.2
2021
        7,085,179       11,253,633       3,123,535       4,654,152       149.74       132.06       278.4       449.0
 
1.
David C. Brown was our PEO for each year presented. The individuals comprising the
Non-PEO
NEOs for each year presented are listed below.
 
2021
   
2022
   
2023
   
2024
Michael D. Policarpo
    Michael D. Policarpo    Michael D. Policarpo    Michael D. Policarpo
Nina Gupta
    Nina Gupta    Nina Gupta    Nina Gupta
      Mannik S. Dhillon    Mannik S. Dhillon
      Kelly S. Cliff   
 
2.
The amounts shown for Compensation Actually Paid have been calculated in accordance with Item 402(v) of Regulation
S-K
and do not reflect compensation actually earned, realized, or received by the Company’s NEOs. These amounts reflect the Summary Compensation Table Total with certain adjustments as described in footnote 3 below.
3.
Compensation Actually Paid reflects the exclusions and inclusions of certain amounts for the PEO and the
Non-PEO
NEOs as set forth below. Equity values are calculated in accordance with FASB ASC Topic 718. Amounts in the Exclusion of Stock Awards column are the totals from the Stock Awards column set forth in the Summary Compensation Table.
 
Year
  
Summary
Compensation
Table Total for
David C. Brown
($)
  
Exclusion of
Change in Pension
Value for David
C. Brown
($)
  
Exclusion of Stock
Awards for
David
C. Brown
($)
  
Inclusion of
Pension Service
Cost for David
C. Brown
($)
  
Inclusion of Equity
Values for David
C. Brown
($)
  
Compensation
Actually Paid to
David C. Brown
($)
    2024         11,594,447       —       (7,699,997 )       —       15,911,244       19,805,694
    2023         5,900,840       —       (3,384,977 )       —       4,980,960       7,496,823
    2022         9,683,410       —       (3,914,992 )       —       1,669,330       7,437,748
    2021         7,085,179       —       (749,974 )       —       4,918,428       11,253,633
Year
  
Average Summary
Compensation
Table Total for
Non-PEO
NEOs
($)
  
Average Exclusion
of Change in
Pension Value for
Non-PEO
NEOs
($)
  
Average Exclusion
of Stock Awards
and Option
Awards for
Non-PEO
NEOs
($)
  
Average Inclusion
of Pension Service
Cost for Non-PEO

NEOs
($)
  
Average Inclusion
of Equity Values
for
Non-PEO

NEOs
($)
  
Average
Compensation
Actually Paid to
Non-PEO NEOs

($)
    2024         3,710,810       —       (2,049,981 )       —       4,406,641       6,067,471
    2023         1,859,996       —       (828,742 )       —       1,284,997       2,316,250
    2022         3,741,944       —       (1,397,481 )       —       518,090       2,862,554
    2021         3,123,535       —       (574,980 )       —       2,105,598       4,654,152
 
The amounts in the Inclusion of Equity Values in the tables above are derived from the amounts set forth in the following tables:
 
Year
  
Year-End Fair

Value of Equity
Awards
Granted During
Year That
Remained
Unvested as of
Last Day of
Year for David
C. Brown
($)
  
Change in Fair
Value from Last
Day of Prior
Year to Last
Day of Year of
Unvested
Equity Awards
for David
C. Brown
($)
  
Vesting-Date
Fair Value of
Equity Awards
Granted During
Year that
Vested During
Year for David
C. Brown
($)
  
Change in Fair
Value from Last
Day of Prior
Year to Vesting
Date of
Unvested
Equity Awards
that Vested
During Year for
David C. Brown
($)
  
Fair Value at
Last Day of
Prior Year of
Equity Awards
Forfeited
During Year for
David C. Brown
($)
  
Value of
Dividends or
Other Earnings
Paid on Equity
Awards Not
Otherwise
Included for
David C. Brown
($)
  
Total-
Inclusion
of
Equity Values
for David
C. Brown
($)
2024
       12,787,756       2,471,791       —       654,697       —       —       15,911,244 
2023
       4,065,615       623,944       —       291,401       —       —       4,980,960 
2022
       3,386,828       (1,104,039 )       —       (613,459 )       —       —       1,669,330 
2021
       1,037,865       3,211,618       —       668,945       —       —       4,918,428 
Year
  
Average
Year-End
Fair
Value of Equity
Awards
Granted During
Year That
Remained
Unvested as of
Last Day of
Year for
Non-PEO

NEOs
($)
  
Average
Change in Fair
Value from Last
Day of Prior
Year to Last
Day of Year of
Unvested
Equity Awards
for
Non-PEO

NEOs
($)
  
Average
Vesting-Date
Fair Value of
Equity Awards
Granted During
Year that
Vested During
Year for
Non-PEO

NEOs
($)
  
Average
Change in Fair
Value from Last
Day of Prior
Year to Vesting
Date of
Unvested
Equity Awards
that Vested
During Year for
Non-PEO
NEOs
($)
  
Average Fair
Value at Last
Day of Prior
Year of Equity
Awards
Forfeited
During Year for
Non-PEO NEOs

($)
  
Average Value
of Dividends or
Other Earnings
Paid on Equity
Awards Not
Otherwise
Included for
Non-PEO NEOs

($)
  
Total-Average
Inclusion of
Equity Values
for
Non-PEO

NEOs
($)
2024
       3,403,703       782,571       —       220,368       —       —       4,406,641 
2023
       995,383       199,554       —       90,060       —       —       1,284,997 
2022
       1,208,949       (404,586 )       —       (286,273 )       —       —       518,090 
2021
       795,697       1,096,223       —       213,678       —       —       2,105,598 
 
4.
The Peer Group TSR set forth in this table utilizes the peer group established in the stock performance graph included in the Company’s Annual Report on Form
10-K
for the year ended December 31, 2024, which is required by Item 201(e) of Regulation
S-K.
This Peer Group was updated in 2024 to remove Eaton Vance which was acquired by Morgan Stanley and ceased trading publicly on March 1, 2021. The comparison assumes $100 was invested for the period starting December 31, 2020, through the end of the listed year in the Company and in the Custom Peer Group, respectively. Historical stock performance is not necessarily indicative of future stock performance.
5.
We determined Adjusted EBITDA to be the most important financial performance measure used to link Company performance to Compensation Actually Paid to our PEO and
Non-PEO
NEOs in 2024 and 2023. This performance measure may not have been the most important financial performance measure for years 2022 and 2021 and we may determine a different financial performance measure to be the most important financial performance measure in future years.
     
Company Selected Measure Name Adjusted EBITDA      
Named Executive Officers, Footnote The individuals comprising the
Non-PEO
NEOs for each year presented are listed below.
2021
   
2022
   
2023
   
2024
Michael D. Policarpo
    Michael D. Policarpo    Michael D. Policarpo    Michael D. Policarpo
Nina Gupta
    Nina Gupta    Nina Gupta    Nina Gupta
      Mannik S. Dhillon    Mannik S. Dhillon
      Kelly S. Cliff   
     
Peer Group Issuers, Footnote The Peer Group TSR set forth in this table utilizes the peer group established in the stock performance graph included in the Company’s Annual Report on Form
10-K
for the year ended December 31, 2024, which is required by Item 201(e) of Regulation
S-K.
This Peer Group was updated in 2024 to remove Eaton Vance which was acquired by Morgan Stanley and ceased trading publicly on March 1, 2021. The comparison assumes $100 was invested for the period starting December 31, 2020, through the end of the listed year in the Company and in the Custom Peer Group, respectively. Historical stock performance is not necessarily indicative of future stock performance. 		     
PEO Total Compensation Amount $ 11,594,447 $ 5,900,840 $ 9,683,410 $ 7,085,179
PEO Actually Paid Compensation Amount $ 19,805,694 7,496,823 7,437,748 11,253,633
Adjustment To PEO Compensation, Footnote
3.
Compensation Actually Paid reflects the exclusions and inclusions of certain amounts for the PEO and the
Non-PEO
NEOs as set forth below. Equity values are calculated in accordance with FASB ASC Topic 718. Amounts in the Exclusion of Stock Awards column are the totals from the Stock Awards column set forth in the Summary Compensation Table.
 
Year
  
Summary
Compensation
Table Total for
David C. Brown
($)
  
Exclusion of
Change in Pension
Value for David
C. Brown
($)
  
Exclusion of Stock
Awards for
David
C. Brown
($)
  
Inclusion of
Pension Service
Cost for David
C. Brown
($)
  
Inclusion of Equity
Values for David
C. Brown
($)
  
Compensation
Actually Paid to
David C. Brown
($)
    2024         11,594,447       —       (7,699,997 )       —       15,911,244       19,805,694
    2023         5,900,840       —       (3,384,977 )       —       4,980,960       7,496,823
    2022         9,683,410       —       (3,914,992 )       —       1,669,330       7,437,748
    2021         7,085,179       —       (749,974 )       —       4,918,428       11,253,633
The amounts in the Inclusion of Equity Values in the tables above are derived from the amounts set forth in the following tables:
 
Year
  
Year-End Fair

Value of Equity
Awards
Granted During
Year That
Remained
Unvested as of
Last Day of
Year for David
C. Brown
($)
  
Change in Fair
Value from Last
Day of Prior
Year to Last
Day of Year of
Unvested
Equity Awards
for David
C. Brown
($)
  
Vesting-Date
Fair Value of
Equity Awards
Granted During
Year that
Vested During
Year for David
C. Brown
($)
  
Change in Fair
Value from Last
Day of Prior
Year to Vesting
Date of
Unvested
Equity Awards
that Vested
During Year for
David C. Brown
($)
  
Fair Value at
Last Day of
Prior Year of
Equity Awards
Forfeited
During Year for
David C. Brown
($)
  
Value of
Dividends or
Other Earnings
Paid on Equity
Awards Not
Otherwise
Included for
David C. Brown
($)
  
Total-
Inclusion
of
Equity Values
for David
C. Brown
($)
2024
       12,787,756       2,471,791       —       654,697       —       —       15,911,244 
2023
       4,065,615       623,944       —       291,401       —       —       4,980,960 
2022
       3,386,828       (1,104,039 )       —       (613,459 )       —       —       1,669,330 
2021
       1,037,865       3,211,618       —       668,945       —       —       4,918,428 
     
Non-PEO NEO Average Total Compensation Amount $ 3,710,810 1,859,996 3,741,944 3,123,535
Non-PEO NEO Average Compensation Actually Paid Amount $ 6,067,471 2,316,250 2,862,554 4,654,152
Adjustment to Non-PEO NEO Compensation Footnote
3.
Compensation Actually Paid reflects the exclusions and inclusions of certain amounts for the PEO and the
Non-PEO
NEOs as set forth below. Equity values are calculated in accordance with FASB ASC Topic 718. Amounts in the Exclusion of Stock Awards column are the totals from the Stock Awards column set forth in the Summary Compensation Table.
 
Year
  
Average Summary
Compensation
Table Total for
Non-PEO
NEOs
($)
  
Average Exclusion
of Change in
Pension Value for
Non-PEO
NEOs
($)
  
Average Exclusion
of Stock Awards
and Option
Awards for
Non-PEO
NEOs
($)
  
Average Inclusion
of Pension Service
Cost for Non-PEO

NEOs
($)
  
Average Inclusion
of Equity Values
for
Non-PEO

NEOs
($)
  
Average
Compensation
Actually Paid to
Non-PEO NEOs

($)
    2024         3,710,810       —       (2,049,981 )       —       4,406,641       6,067,471
    2023         1,859,996       —       (828,742 )       —       1,284,997       2,316,250
    2022         3,741,944       —       (1,397,481 )       —       518,090       2,862,554
    2021         3,123,535       —       (574,980 )       —       2,105,598       4,654,152
The amounts in the Inclusion of Equity Values in the tables above are derived from the amounts set forth in the following tables:
Year
  
Average
Year-End
Fair
Value of Equity
Awards
Granted During
Year That
Remained
Unvested as of
Last Day of
Year for
Non-PEO

NEOs
($)
  
Average
Change in Fair
Value from Last
Day of Prior
Year to Last
Day of Year of
Unvested
Equity Awards
for
Non-PEO

NEOs
($)
  
Average
Vesting-Date
Fair Value of
Equity Awards
Granted During
Year that
Vested During
Year for
Non-PEO

NEOs
($)
  
Average
Change in Fair
Value from Last
Day of Prior
Year to Vesting
Date of
Unvested
Equity Awards
that Vested
During Year for
Non-PEO
NEOs
($)
  
Average Fair
Value at Last
Day of Prior
Year of Equity
Awards
Forfeited
During Year for
Non-PEO NEOs

($)
  
Average Value
of Dividends or
Other Earnings
Paid on Equity
Awards Not
Otherwise
Included for
Non-PEO NEOs

($)
  
Total-Average
Inclusion of
Equity Values
for
Non-PEO

NEOs
($)
2024
       3,403,703       782,571       —       220,368       —       —       4,406,641 
2023
       995,383       199,554       —       90,060       —       —       1,284,997 
2022
       1,208,949       (404,586 )       —       (286,273 )       —       —       518,090 
2021
       795,697       1,096,223       —       213,678       —       —       2,105,598 
     
Compensation Actually Paid vs. Total Shareholder Return
Relationship Between PEO and
Non-PEO
NEO Compensation Actually Paid and Company Total Shareholder Return (“TSR”)
The following chart sets forth the relationship between Compensation Actually Paid to our PEO, the average of Compensation Actually Paid to our
Non-PEO
NEOs, and the Company’s cumulative TSR over the four most recently completed fiscal years.
 
 
LOGO 		     
Compensation Actually Paid vs. Net Income
Relationship Between PEO and
Non-PEO
NEO Compensation Actually Paid and Net Income
The following chart sets forth the relationship between Compensation Actually Paid to our PEO, the average of Compensation Actually Paid to our
Non-PEO
NEOs, and our Net Income during the four most recently completed fiscal years.
 
 
LOGO 		     
Compensation Actually Paid vs. Company Selected Measure
Relationship Between PEO and
Non-PEO
NEO Compensation Actually Paid and Adjusted EBITDA
The following chart sets forth the relationship between Compensation Actually Paid to our PEO, the average of Compensation Actually Paid to our
Non-PEO
NEOs, and our Adjusted EBITDA during the four most recently completed fiscal years.
 
 
LOGO 		     
Total Shareholder Return Vs Peer Group
Description of Relationship Between Company TSR and Peer Group TSR
The following chart compares our cumulative TSR over the four most recently completed fiscal years to that of the Custom Peer Group over the same period.
 
 
LOGO 		     
Tabular List, Table
Most Important Financial Performance Measure
The Company considers Adjusted EBITDA to have been the most important financial performance measure in linking Compensation Actually Paid to our PEOs and other NEOs for 2024 to Company performance. Please refer to Appendix A for the Company’s supplemental
Non-GAAP
financial information.
     
Total Shareholder Return Amount $ 298.07 152.09 113.93 149.74
Peer Group Total Shareholder Return Amount 134.31 117.9 102.51 132.06
Net Income (Loss) $ 288,900,000 $ 213,200,000 $ 275,500,000 $ 278,400,000
Company Selected Measure Amount 475,600,000 418,000,000 424,200,000 449,000,000
PEO Name David C. Brown      
Measure:: 1        
Pay vs Performance Disclosure        
Name Adjusted EBITDA      
PEO | Aggregate Change in Present Value of Accumulated Benefit for All Pension Plans Reported in Summary Compensation Table        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount $ 0 $ 0 $ 0 $ 0
PEO | Pension Adjustments Service Cost        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 0 0 0 0
PEO | Equity Awards Adjustments        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 15,911,244 4,980,960 1,669,330 4,918,428
PEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 12,787,756 4,065,615 3,386,828 1,037,865
PEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 2,471,791 623,944 (1,104,039) 3,211,618
PEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 0 0 0 0
PEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 654,697 291,401 (613,459) 668,945
PEO | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 0 0 0 0
PEO | Stock Awards [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (7,699,997) (3,384,977) (3,914,992) (749,974)
PEO | Fair Value at Last Day of Prior Year of Equity Awards Forfeited During Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 0 0 0 0
Non-PEO NEO | Aggregate Change in Present Value of Accumulated Benefit for All Pension Plans Reported in Summary Compensation Table        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 0 0 0 0
Non-PEO NEO | Pension Adjustments Service Cost        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 0 0 0 0
Non-PEO NEO | Equity Awards Adjustments        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 4,406,641 1,284,997 518,090 2,105,598
Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 3,403,703 995,383 1,208,949 795,697
Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 782,571 199,554 (404,586) 1,096,223
Non-PEO NEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 0 0 0 0
Non-PEO NEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 220,368 90,060 (286,273) 213,678
Non-PEO NEO | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 0 0 0 0
Non-PEO NEO | Stock Awards [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (2,049,981) (828,742) (1,397,481) (574,980)
Non-PEO NEO | Fair Value at Last Day of Prior Year of Equity Awards Forfeited During Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount $ 0 $ 0 $ 0 $ 0
v3.25.1
Recovery of Erroneously Awarded Compensation - Restatement Determination Date:: 2022-10-26
 12 Months Ended
Dec. 31, 2024
Erroneously Awarded Compensation Recovery  
Restatement Determination Date Oct. 26, 2022
Erroneous Compensation Analysis We have adopted a clawback policy designed to recoup any erroneously awarded compensation resulting from certain accounting restatements. If we are required to prepare an accounting restatement because of either (i) the material noncompliance of the Company with any financial reporting requirement under the securities laws, including any required accounting restatement to correct an error in previously issued financial statements that is material to the previously issued financial statements, or (ii) an error that is not material to previously issued financial statements, but would result in a material misstatement if the error were corrected in the current period or left uncorrected in the current period, then all incentive compensation that is earned based on a financial reporting measure that is paid or credited to each current or former executive officer for the restated period (up to three years) will be recalculated based on the restated results. To the extent the recalculated incentive compensation is less than the incentive compensation actually paid or credited to such executive officer for that period, the excess amount must be returned to the Company.
v3.25.1
Award Timing Disclosure
 12 Months Ended
Dec. 31, 2024
Award Timing Disclosures [Line Items]  
Award Timing MNPI Disclosure
Equity Granting Practices
The Committee does not generally grant stock options and did not grant stock options in 2024. The Committee does not take material nonpublic information into account when determining the timing and terms of equity awards. Stock options or other equity grants could be awarded on an
off-cycle
basis, including to new hires and in connection with acquisitions. The Company has not timed the disclosure of material nonpublic information to affect the value of executive compensation.
Award Timing Predetermined true
MNPI Disclosure Timed for Compensation Value false
v3.25.1
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true