Company: IIIV
Filing Date: 2025-01-10
Form Type: DEF 14A
Source: 0001728688-25-000006
Chunk: 41

Company: i3 Verticals, Inc.
Filing Date: 2025-01-10
Form: DEF 14A
Chunk 41
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 regarding Adjusted EBITDA (a non-GAAP financial measure), including the manner in which Adjusted EBITDA is calculated and a reconciliation of Adjusted EBITDA to the most comparable GAAP measure, see Appendix A.

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In November 2023, the Compensation Committee set the following target bonus percentages (expressed as a percentage of 2024 base salary payable to such named executive officers).

| Named Executive Officer |     | Target Bonus Percentage |
| Greg Daily              |     | —%                      |
| Geoff Smith             |     | 10%                     |
| Clay Whitson            |     | 10%                     |
| Rick Stanford           |     | 10%                     |
| Paul Maple              |     | 10%                     |
| Paul Christians         |     | 10%                     |

In connection with considering the short-term cash incentive compensation to be paid to our named executive officers (other than Mr. Daily) for the fiscal year ended September 30, 2024, at a meeting held in November 2024, the Compensation Committee took note of the fact that the Company did not meet the performance guidelines set by the Compensation Committee for fiscal year 2024 in respect of the Adjusted EBITDA growth, Adjusted EBITDA margin, ARR or Company stock price performance (both based on absolute stock price performance and in comparison to a selected group of peer companies) goals. Taking these factors into account, the Compensation Committee determined not to award cash bonuses to any of our named executive officers for the fiscal year ended September 30, 2024).

Equity Compensation

Pursuant to our 2018 Plan, we may grant equity-based incentive awards in order to attract, motivate and retain employees, including our named executive officers. Equity awards are generally granted annually to eligible employees, including our named executive officers (other than Mr. Daily, as described further below). Equity incentive awards have historically been made to executive officers in February of each year following the filing of our Quarterly Report on Form 10-Q for our first quarter ended December 31. Consistent with this framework, annual equity incentive awards for our fiscal year ended September 30, 2024, were made to our named executive officers (aside from the promotional grants made to Mr. Smith as described below) with a grant date of February 13, 2024. The Compensation Committee may also approve additional equity-based awards to executives in certain special circumstances, such as upon an executive’s initial employment