Company: IIIV
Filing Date: 2025-01-10
Form Type: DEF 14A
Source: 0001728688-25-000006
Chunk: 35

Company: i3 Verticals, Inc.
Filing Date: 2025-01-10
Form: DEF 14A
Chunk 35
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 the proceeds from the sale of the Merchant Services Business to pay down all of our outstanding debt on our 2023 Senior Credit Facility; and

• Completion of the acquisition of inLumon, Inc. on August 1, 2024 to complement our product offerings in our Public Sector segment with a strong permitting and licensing solution in exchange for purchase consideration of $18.0 million in cash, the issuance of 311,634 shares of our Class A common stock, and $2.0 million in contingent consideration.

Key Compensation Actions for Fiscal Year 2024

The following highlights key compensation actions of the Company with respect to the Company’s named executive officers for the fiscal year ended September 30, 2024:

• Effective January 1, 2024, Messrs. Whitson, Stanford, Maple, Christians and Smith’s annual base salaries were increased to $270,375, $324,450, $283,250, $360,500 and $236,900 respectively, which reflected a 3% increase for each such named executive officer, in comparison to the base salary paid to such individuals during the calendar year ended December 31, 2023. Mr. Daily’s base salary remained at $341,250, the same base salary paid to Mr. Daily during the calendar year ended December 31, 2023.

• Messrs. Whitson, Stanford, Maple, Christians and Smith were eligible to receive short-term awards for the fiscal year ended September 30, 2024, in the form of a cash bonus as approved by the Compensation Committee. Under the terms of these awards approved by the Compensation Committee in November 2023, Messrs. Whitson, Stanford, Maple, Christians and Smith were each eligible for a target payout opportunity of 10% of 2024 base salary. Taking into account the Compensation Committee’s review of applicable factors as described in more detail below, the Compensation Committee determined not to award cash bonuses to Messrs. Whitson, Stanford, Maple, Christians and Smith for the fiscal year ended September 30, 2024. Consistent with past practice, the Compensation Committee decided, in consultation with Mr. Daily, to not make available any cash incentive opportunities for Mr. Daily in fiscal year 2024 due to his considerable ownership share in the Company.

• In February 2024, the Company granted stock options to Messrs. Whitson, Stanford, Maple, Christians and Smith exercisable for 100,000, 100,000,