Company: IMXI
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001683695-25-000030
Chunk: 135

Company: International Money Express, Inc.
Filing Date: 2025-02-27
Form: 10-K
Item: Item 8
Chunk 135
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 the Company's independent directors was replaced with the grant of RSAs as described below.Restricted Stock AwardsThe RSAs issued under the 2020 Plan to the Company’s employees generally vest in four equal annual installments beginning one year after the date of grant while RSAs issued to certain of the Company’s independent directors vest at the end of the three-month calendar quarter in which the grant is made. The Company recognized compensation expense for RSAs granted of $1.9 million, $1.2 million and $0.6 million for the years ended December 31, 2024, 2023 and 2022, respectively, which is included in salaries and benefits in the consolidated statements of income and comprehensive income. As of December 31, 2024, there was $3.2 million of unrecognized compensation expense related to RSAs, which is expected to be recognized over a weighted-average period of 1.7 years.A summary of the RSA activity during the year ended December 31, 2024 is presented below:Number of RSAsWeighted-AverageGrant PriceOutstanding (nonvested) at December 31, 2023191,980 $19.53 Granted(1)114,527 $21.05 Vested(78,989)$18.52 Forfeited— $— Outstanding (nonvested) at December 31, 2024227,518 $20.65 (1) The aggregate fair value of all RSAs granted during the year ended December 31, 2024 was approximately $2.4 million, which was determined based on the market value of our stock as of that date.Performance Stock UnitsPSUs granted under the 2020 Plan to the Company’s employees generally vest subject to attainment of performance criteria during the service period established by the Compensation Committee. Each PSU represents the right to receive one share of common stock, and the actual number of shares issuable upon vesting is determined based upon performance compared to financial performance targets. The PSUs vest based on the achievement of certain adjusted earnings per share targets for a period of up to three years combined with a service period of three years. Compensation cost is recognized over the requisite service period when it is probable that the performance condition will be satisfied. During the fourth quarter of 2024, the Company reassessed the probability of vesting for the PSU awards granted in 2023 and determined that it was not probable that the performance targets