Company: IIIV
Filing Date: 2025-01-10
Form Type: DEF 14A
Source: 0001728688-25-000006
Chunk: 44

Company: i3 Verticals, Inc.
Filing Date: 2025-01-10
Form: DEF 14A
Chunk 44
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 forma adjusted diluted earnings per share for the fiscal year ended September 30, 2024 (after giving effect to the classification of the results of the Merchant Services Business in discontinued operations) was $0.46, which was below the adjusted target of $1.08 for such fiscal year as set forth above. However, such PSUs subject to vesting based on performance for the fiscal years ended September 30, 2024, and September 30, 2023, remain eligible for vesting in respect of future fiscal years during such five-year performance period as described above.

Retirement Plans

We currently maintain a 401(k) savings plan for eligible employees, including our named executive officers, and provide discretionary matching contributions to 401(k) plan participants. We do not maintain a defined benefit pension plan.

Employee Benefits

Eligible employees, including our named executive officers, may participate in broad-based and comprehensive employee benefit programs, including medical, dental, vision, life and disability insurance. Our named executive officers participate in these programs on the same basis as other eligible employees.

No Tax Gross-Ups

We do not make gross-up payments to cover our named executive officers’ personal income taxes that may pertain to any of the compensation or perquisites paid or provided by the Company.

Employment Agreements

The Company is party to an employment agreement with Mr. Whitson as described below, and is not a party to an employment agreement with any other named executive officer. Pursuant to Mr. Whitson’s employment agreement, he currently receives an annual base salary of $270,375, reviewed annually by the Compensation Committee, and is eligible to participate in standard benefit plans. Mr. Whitson is also eligible to receive an annual performance bonus payment equal to 50% of his base salary for achieving performance criteria established by the Board.

Under Mr. Whitson’s employment agreement, if we terminate his employment without “Cause” or Mr. Whitson terminates his employment for “Good Reason” (as such terms are defined therein), then in addition to any accrued amounts of base salary and bonuses earned but not yet paid, Mr. Whitson is entitled to receive (1) employee and fringe benefits under any and all employee benefit plans, which are from time to time generally made available to the executive employees of i3 Verticals, LLC, for a period of twelve months after the date of termination, (2) a pro-rata portion of his annual bonus payment for the fiscal year in which termination occurs, assuming achievement of any applicable