SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of report (Date of earliest event reported): September 18, 2023
AlTi Global, Inc.
(Exact name of registrant as specified in its charter)
(State or other jurisdiction
520 Madison Avenue, 21st Floor New York, New York
(Address of principal executive offices)
(Registrant’s telephone number, including area code)
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
|☐||Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Name of each exchange
on which registered
Class A common stock, par value $0.0001 per share
|Nasdaq Capital Market|
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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 13(a) of the Exchange Act. ☐
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On September 18, 2023, AlTi Global, Inc. (the “Company”) announced the appointment of Stephen D. Yarad as Chief Financial Officer.
Mr. Yarad joins the Company from MFA Financial, Inc. (NYSE: MFA), a leading residential mortgage REIT, where he served as Chief Financial Officer and Treasurer since 2010.
In connection with his appointment, the Company entered into a letter agreement with Mr. Yarad on September 5, 2023, setting forth the initial terms of his employment and compensation (the “Offer Letter”). Pursuant to the Offer Letter, Mr. Yarad will receive (i) an initial base salary of $375,000 per year, (ii) a guaranteed cash bonus of $525,000 (the “2023 Guaranteed Cash Bonus”), to be paid on the date in 2024 on which annual discretionary cash bonuses for the year ended 2023 are granted to employees of the Company, and (iii) $280,000 in equity, to be granted on the date in 2024 on which annual equity awards for 2023 are granted to employees generally under the AlTi Global, Inc. 2023 Stock Incentive Plan (the “Stock Plan”).
The Offer Letter also provides for a grant of up to $880,000 in restricted stock units under the Stock Plan to compensate Mr. Yarad for the cancelation of, or ineligibility to receive, certain equity awards granted to Mr. Yarad by his former employer (the “Old Equity Awards”). The award shall be calculated as follows: (i) the aggregate value of the Old Equity Awards, based on the closing share price of the former employer on the date Mr. Yarad’s employment with the Company commences, divided by (ii) the average closing price of the Company’s stock over the 20 trading days preceding the date of employment with the Company. This grant of restricted stock units, which will vest ratably over a three-year period beginning on February 15, 2024, is subject to the terms and conditions of the Stock Plan and applicable award certificates.
No family relationship exists between Mr. Yarad and any of the Company’s directors or executive officers. There are no arrangements or understandings between Mr. Yarad and any other person pursuant to which Mr. Yarad was selected as an officer of the Company, nor are there any transactions to which the Company is or was a participant and in which Mr. Yarad had or will have a direct or indirect material interest subject to disclosure under Item 404(a) of Regulation S-K.
A copy of the related press release, which the Company issued on September 18, 2023, is attached as Exhibit 99.1 hereto.
|Item 9.01||Financial Statements and Exhibits.|
The following exhibits are being filed herewith:
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|Date: September 18, 2023 ||ALTI GLOBAL, INC.|
|/s/ Michael Tiedemann|
|Chief Executive Officer|
AlTi Global Appoints Stephen D. Yarad as Chief Financial Officer
NEW YORK, NY, September 18, 2023 – AlTi Global, Inc. (NASDAQ: ALTI) (“AlTi" or the “Company”), a leading independent global wealth and asset manager, today announced the appointment of Stephen D. Yarad as Chief Financial Officer and Treasurer, effective immediately.
“As a seasoned leader with extensive financial services experience, I am pleased to welcome Stephen Yarad to the executive management team”, said Michael Tiedemann, Chief Executive Officer. “Steve’s public company CFO experience and track record spanning over three decades will be valuable as we scale the AlTi operating platform, while delivering innovative wealth and asset management solutions to clients on a global scale. Given his significant exposure to capital markets and international experience, Steve brings deep corporate finance and operational expertise that will benefit AlTi and its shareholders.”
Mr. Yarad joins AlTi from MFA Financial, Inc. (NYSE: MFA), a leading residential mortgage REIT, where he served as Chief Financial Officer and Treasurer since September of 2010. Prior to joining MFA, he was an audit partner in the New York financial services practice of KPMG LLP. Mr. Yarad began his career with KPMG in Australia in 1991 and during his career in public accounting he served several of the firm’s largest global financial services clients in Asia-Pacific, Europe, and North America.
Mr. Yarad holds a Bachelor of Commerce in Accounting and Finance from the University of New South Wales and a Graduate Diploma in Applied Finance and Investment from the Securities Institute of Australia. He is a licensed CPA in New York and New Jersey, a member of the American Institute of Certified Public Accountants, and an associate member of the Institute of Chartered Accountants in Australia.
AlTi is a leading independent global wealth and asset manager providing entrepreneurs, multi-generational families, institutions, and emerging next-generation leaders with fiduciary capabilities as well as alternative investment strategies and advisory services. AlTi’s comprehensive offering is underscored by a commitment to impact or values-aligned investing and generating a net positive impact through its business activities. The firm currently manages or advises on approximately $69 billion in combined assets and has an expansive network with over 470 professionals across three continents. For more information, please visit us at www.Alti-global.com.
Head of Investor Relations
AlTi Global, Inc.