Company: IIIV
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0001728688-25-000089
Chunk: 85

Company: i3 Verticals, Inc.
Filing Date: 2025-05-09
Form: 10-Q
Item: Part I, Item 1
Chunk 85
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 was $13.07. As of March 31, 2025, total unrecognized compensation expense related to unvested stock options, including an estimate for pre-vesting forfeitures, was $12,072, which is expected to be recognized over a weighted-average period of 2.5 years. The Company's policy is to account for forfeitures of stock-based compensation awards as they occur. The total fair value of stock options that vested during the three and six months ended March 31, 2025 was $6,822 and $10,031, respectively.Restricted Stock UnitsThe Company has issued Class A common stock in the form of restricted stock units ("RSUs") under the 2018 Plan. A summary of activity related to restricted stock units for the six months ended March 31, 2025 is as follows:Restricted Stock UnitsWeighted Average Grant Date Fair ValueOutstanding at September 30, 2024771,214 $22.71 Granted691,849 26.28 Vested(171,343)23.73 Forfeited(36,022)23.07 Outstanding at March 31, 20251,255,698 $24.45 As of March 31, 2025, total unrecognized compensation expense related to unvested RSUs, including an estimate for pre-vesting forfeitures, was $21,428, which is expected to be recognized over a weighted average period of 3.0 years. 

The total fair value of RSUs that vested during the three and six months ended March 31, 2025 was $3,658 and $4,066, respectively.

14. COMMITMENTS AND CONTINGENCIES

LeasesThe Company utilizes office space and equipment under operating leases. Rent expense from continuing operations under these leases amounted to $425 and $1,421 during the three and six months ended March 31, 

37

i3 VERTICALS, Inc.NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)(in thousands, except unit, share and per share amounts)

2025, and $1,035 and $2,077 during the three and six months ended March 31, 2024. Refer to Note 11 for further discussion and a table of the future minimum payments under these leases.LitigationWith respect to all legal, regulatory and governmental proceedings, and in accordance with ASC 450-20