Company: IMXI
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001683695-25-000063
Chunk: 81

Company: International Money Express, Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Item 8
Chunk 81
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,498 $18.81 (1) The aggregate fair value of all RSUs granted during the three months ended March 31, 2025 was approximately $4.1 million.Share AwardsDuring the three months ended March 31, 2024, 911 fully vested shares were granted to the Lead Independent Director and Chairs of the Committees of the Board of Directors. The Company recognized compensation expense for the share awards of $20.1 thousand for the three months ended March 31, 2024 (none in 2025), which are included in salaries and benefits in the condensed consolidated statement of income and comprehensive income. Effective in the second quarter of 2024, the grant of share awards to certain of 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 $0.5 million and $0.4 million for the three months ended March 31, 2025 and 2024, respectively, which is included in salaries and benefits in the condensed consolidated 

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statements of income and comprehensive income. As of March 31, 2025, there was $5.0 million of unrecognized compensation expense related to RSAs, which is expected to be recognized over a weighted-average period of 2.0 years.A summary of RSA activity during the three months ended March 31, 2025 is presented below:Number of RSAsWeighted-AverageGrant PriceOutstanding (nonvested) at December 31, 2024227,518 $20.65 Granted(1)121,825 $18.43 Vested(90,508)$19.14 Forfeited— $— Outstanding (nonvested) at March 31, 2025258,835 $20.13 (1) The aggregate fair value of all RSAs granted during the three months ended March 31, 2025 was approximately $2.2 million.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.