Business Context and Reporting Period
This Form 8-K Current Report was filed by International Money Express, Inc. (IMXI) on December 7, 2020. The filing reports the appointment of a new Chief Financial Officer and the execution of a related employment agreement.
Key Financial Metrics
This filing does not contain financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity metrics. The document focuses exclusively on executive compensation and appointment details.
Material Changes
The primary material change reported is the appointment of Andras Q. Bende as Chief Financial Officer, effective December 7, 2020. Mr. Bende brings prior experience as CFO of Computer Services, Inc. and Bank BPH (majority owned by GE Capital).
Management Commentary and Compensation Details
The Company entered into an indefinite-term employment agreement with Mr. Bende containing the following terms:
- Base Salary: $425,000 per year, subject to Board discretion for increases.
- Performance Bonus: Target annual bonus of 40% of base salary. Payout is based 25% on personal objectives and 75% on EBITDA results or other measures.
- Equity Awards: Grant of 15,000 restricted stock units and options to purchase 40,000 shares of common stock. Both awards vest in equal installments over four years, with grants to be made no later than March 15, 2021.
- Relocation: One-time fee of $125,000 plus reimbursement for temporary housing and travel expenses for up to 60 days.
- Severance: In the event of termination without Cause or for Good Reason, Mr. Bende is entitled to nine months of base salary continuation and a pro-rata portion of the target bonus.
Investor Verification Checklist
- Verify the vesting schedule and grant date for the 15,000 RSUs and 40,000 stock options.
- Review the specific EBITDA targets and personal objectives defined by the Board for the performance bonus.
- Confirm the definitions of "Cause," "Disability," and "Good Reason" in the attached Employment Agreement (Exhibit 10.1) to understand severance triggers.
- Assess the impact of the $125,000 relocation fee and ongoing compensation on the Company's operating expenses.