Richard Verma
Deputy Secretary for Management and Resources
Observations
  • Millionaire
Estimated Net Worth
  • estimated net worth
    $5.1 M - $16.8 M
Salary
  • salary
    Unknown
Employment
  • Started 03/30/2023

Financial Disclosure Details - OGE Form 278e (09/27/2022)

Positions Held Outside United States Government

#
Organization
City
Position
To
1
The Asia Group
Washington DC, District of Columbia
Vice Chairman
9/2020
2
Purchase, New York
General Counsel
Present
3
Paladin Capital Advisory Group
Washington DC, District of Columbia
Advisory Board Member
Present
4
Seattle , Washington
Board Member
Present
5
US India Strategic Partnership Forum
Washington DC, District of Columbia
Board Member
Present
6
Lehigh University
Bethlehem, Pennsylvania
Trustee
Present
7
New York City, New York
Trustee
Present
8
Washington DC, District of Columbia
Board Member
Present
9
Baltimore , Maryland
Board Member
Present
10
Belfer Center, Harvard University
Boston, Massachusetts
Senior Fellow
Present

Employment Assets & Income and Retirement Accounts

#
Description
Value
Income Type
Income Amount
1
Paladin Capital Advisory Group
Advisory Board Member income
$10,000
2
Ford Foundation
Trustee Income
$22,000
3
T. Rowe Price
Director Income
$180,000
4
T. Rowe Price, vested restricted stock units
$500,001 - $1,000,000
None (or less than $201)
5
Mastercard 401(k)
5.1
State Street Target Retirement Fund 2035
$50,001 - $100,000
None (or less than $201)
6
Steptoe & Johnson LLP 401(k)
6.1
Vanguard Target Retirement 2035
$100,001 - $250,000
None (or less than $201)
7
The Asia Group 401(k)
7.1
T. Rowe Price Retirement 2035 Fund
$100,001 - $250,000
None (or less than $201)

Employment Agreements and Arrangements

#
Employer Or Party
City
Status And Terms
Date
1
Baltimore , Maryland
Contingent upon action of the Nominating and Corporate Governance Committee of the Board of Directors of T. Rowe Price Group, Inc. (TROW), as authorized pursuant to TROW’s 2017 Non-Employee Director Incentive Plan, any unvested restricted stock units (RSUs) from my 2022 award would vest pro rata upon resignation from the board of directors. At that time, I will receive a pro rata stock payout of the 2022 RSUs, and the remainder of any unvested 2022 RSUs would be forfeited. Additionally, I will receive any previously vested RSU’s from prior years that have not yet been paid out.
2/2018
2
Purchase, New York
I will continue to participate in this defined contribution plan. The plan sponsor will not make further contributions after my separation.
10/2020
3
The Asia Group
Washington, District of Columbia
I will continue to participate in this defined contribution plan. The plan sponsor will not make further contributions.
7/2017
4
Washington, District of Columbia
I will continue to participate in this defined contribution plan. The plan sponsor will not make further contributions.
5/2011
5
Purchase, New York
By action of the Human Resources and Compensation Committee of the board, as authorized by the MasterCard Incorporated 2006 Long Term Incentive Plan, my unvested Restricted Stock Units (RSUs) will vest pro rata upon separation. At that time, I will receive a stock payout. The remainder of any unvested RSUs will be forfeited.
10/2020
6
Purchase, New York
By action of the Human Resources and Compensation Committee of the board, as authorized by the MasterCard Incorporated 2006 Long Term Incentive Plan, my unvested Performance Stock Units (PSUs) will vest pro rata upon separation. At that time, I will receive a stock payout. The remainder of any unvested PSUs will be forfeited.
10/2020
7
Purchase, New York
I will retain my vested stock options. By action of the Human Resources and Compensation Committee of the board, as authorized by the MasterCard Incorporated 2006 Long Term Incentive Plan, my unvested options will vest pro rata upon separation. At that time, I will be able to exercise my options and acquire stock. The remainder of any unvested options will be forfeited.
10/2020
8
Purchase, New York
Pursuant to Mastercard company policy, I will receive a bonus for work performed in calendar year 2022 that is based on both individual and company performance. I will forfeit this bonus if I resign prior to the date on which it is paid, or if I do not receive it prior to assuming the duties of Deputy Secretary for Management and Resources at the Department of State. I will not receive a bonus for work performed in calendar year 2023.
2/2022

Sources of Compensation Exceeding $5,000 in a Year

#
Source
City
Duties
1
Paladin Capital Advisory Group
Washington DC, District of Columbia
Advisory Board Member
2
New York City, New York
Trustee
3
Baltimore , Maryland
Board of Directors
4
The Asia Group
Washington , District of Columbia
Vice Chairman
5
Purchase, New York
General Counsel
6
Advamed
Washington, District of Columbia
Asia Group Consulting Services Client
7
Bloomberg
New York , New York
Asia Group consulting services client
8
Menlo Park , California
Asia Group consulting services client
9
PhRMA
Washington, District of Columbia
Asia Group Consulting Client
10
Bentonville, Arkansas
Asia Group consulting services client.

Spouse's Employment Assets & Income and Retirement Accounts

#
Description
Value
Type
Amount
1
Verma & Waters LLP (Legal Services)
$100,001 - $250,000
legal fees (solo legal practice)
2
Verma & Waters Self Employed 401(k)
2.1
Fidelity Asset Manager 50%
$50,001 - $100,000
None (or less than $201)

Other Assets and Income

#
Description
Value
Type
Amount
1
U.S. bank (cash)
$500,001 - $1,000,000
Interest
$201 - $1,000
2
529 College Savings Plan of Maryland Account 1
2.1
T. Rowe Price Balanced Portfolio
$15,001 - $50,000
None (or less than $201)
2.2
T. Rowe Price Portfolio 2027
$15,001 - $50,000
None (or less than $201)
2.3
Money Market Account
$100,001 - $250,000
None (or less than $201)
3
529 College Savings Plan of Maryland Account 2
3.1
T. Rowe Price Balanced Portfolio
$15,001 - $50,000
None (or less than $201)
3.2
T. Rowe Price Portfolio 2027
$15,001 - $50,000
None (or less than $201)
3.3
Money Market Account
$100,001 - $250,000
None (or less than $201)
4
529 College Savings Plan of Maryland Account 3

Transactions

#
Description
Type
Date
Amount
Nothing reported in this section

Liabilities

#
Creditor
Amount
Incurred
Term
1
Sandy Spring Bank
$1,000,001 - $5,000,000
2020
30 years

Gifts and Travel Reimbursements

#
Source Name
City
Description
Value
Nothing reported in this section

Endnotes

Section
#
Description
2
7.1
The fund holdings are available at: https://www.troweprice.com/personal-investing/funds/mutual- funds/prospectuses-reports/portfolio-holdings.html
6
2.1
The fund holdings are available at https://www.troweprice.com/personal-investing/troweprice-529/portfolio- composition.html; and the underlying funds’ holdings are available at https://www.troweprice.com/personal- investing/funds/mutual-funds/prospectuses-reports/portfolio-holdings.html)
6
2.2
The fund holdings are available at https://www.troweprice.com/personal-investing/troweprice-529/portfolio- composition.html; and the underlying funds’ holdings are available at https://www.troweprice.com/personal- investing/funds/mutual-funds/prospectuses-reports/portfolio-holdings.html)
6
3.1
The fund holdings are available at https://www.troweprice.com/personal-investing/troweprice-529/portfolio- composition.html; and the underlying funds’ holdings are available at https://www.troweprice.com/personal- investing/funds/mutual-funds/prospectuses-reports/portfolio-holdings.html)
6
3.2
The fund holdings are available at https://www.troweprice.com/personal-investing/troweprice-529/portfolio- composition.html; and the underlying funds’ holdings are available at https://www.troweprice.com/personal- investing/funds/mutual-funds/prospectuses-reports/portfolio-holdings.html)
6
4.1
The fund holdings are available at https://www.troweprice.com/personal-investing/troweprice-529/portfolio- composition.html; and the underlying funds’ holdings are available at https://www.troweprice.com/personal- investing/funds/mutual-funds/prospectuses-reports/portfolio-holdings.html)
6
4.2
The fund holdings are available at https://www.troweprice.com/personal-investing/troweprice-529/portfolio- composition.html; and the underlying funds’ holdings are available at https://www.troweprice.com/personal- investing/funds/mutual-funds/prospectuses-reports/portfolio-holdings.html)

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