The top executives and board members of Rocket Companies. Inc. (NYSE: RKT) appear poised for fruitful times should the newly listed stock perform well in coming years.
The Detroit-based parent company of Quicken Loans had its initial public offering on Aug. 6, netting $1.8 billion. The stock had a brief surge on its second day, but most of those gains were wiped out this week as the stock fell back to around $19 per share.
Nearly all of top executives have received restricted shares of stock that will grow in value in coming years if the stock's value continues to grow, as is common with publicly traded companies.
Additionally, many Rocket Companies executives have been awarded the option to purchase thousands of shares at the IPO price of $18 that could also increase in value.
Below is a breakdown of each officer and board member's holdings in the company based on mandatory federal securities filings, including the aggregate worth of all the shares at the close of the market on the afternoon of Thursday, Aug. 13.
Gilbert directly owns 28,334 shares of the company's Class A common stock, while affiliated entities that he controls own another 344,231 shares. All were acquired at $18 and were worth nearly $6.5 million. He also directly owns over 1.1 million shares of Class D common stock and indirectly owns nearly another 2 billion. Those shares translate to his majority voting power, rather than economic interest. Gilbert's wife, Jennifer, a Rocket Companies board member, indirectly has the same holdings through her marriage to Dan Gilbert.
On Aug. 5 Farner was awarded 850,000 shares as part of the company's IPO, which were worth over $15.9 million. The shares are restricted and will fully vest over three years. Additionally, on Aug. 10, a trust controlled by Farner purchased 204,000 shares at $18, which were worth over $3.8 million.
Farner separately was awarded the option to purchase just over one million restricted shares using the company's stock options program at $18 per share. The shares will fully vest over three years and were worth $19.6 million.
Booth was awarded 312,500 shares of the company's restricted common stock. Separately she was awarded the option on 385,010 shares of common stock at $18 per share, that were worth just over $7.2 million.
Walters was awarded 375,000 shares of common stock, which were worth over $7 million. The shares are restricted and will fully vest over three years.
Walters was also awarded options to buy 462,012 shares. The options are also restricted and will fully vest over three years, and were worth over $8.6 million.
Board member Tellem, the executive chair of media firm Eko, was awarded 11,111 restricted shares of the company's stock, which will vest over three years provided Tellem remains a director on the company's board. Separately, a federal securities filing shows that Tellem's spouse Arn Tellem, vice chairman of the Detroit Pistons NBA team, acquired 35,000 shares at $18 each on Aug. 10 which were worth $655,900.
Shank, the CEO and co-founder of Siebert Williams Shank & Co. LLC also received 11,111 restricted shares, which will vest on the same timeline as Nancy Tellem's.
Rizik, the chief tax officer of Gilbert umbrella company Rock Ventures, was awarded 25,000 restricted shares of the company's Class A common stock on Aug. 5 which will fully best over three years, provided Rizik remains in his position.
Brown was granted 75,000 shares of the company's restricted common stock, which will fully vest over three years provided Brown remains in his position.
Vitale was awarded 187,500 shares as part of the company's IPO last week, which were worth just over $3.5 million. Vitale separately was awarded the option on 231,006 shares as part of the company's stock options program at $18 per share, or a total of more than $4.15 million.
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What Quicken Loans execs, board members got in the IPO - Crain's Detroit Business
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