Business Context and Reporting Period
This Form 8-K Current Report was filed by International Money Express, Inc. (IMXI) on October 3, 2019. The filing discloses the appointment of a new Chief Operating Officer and the terms of his employment agreement.
Key Financial Metrics
This filing does not contain financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on executive compensation and personnel changes.
Material Changes
The primary material change reported is the appointment of Joseph Aguilar as Chief Operating Officer, effective September 23, 2019. Mr. Aguilar joins the company from Sigue Corporation, where he served as President of the International Division and previously held the role of Chief Operating Officer.
Management Commentary and Compensation Details
The filing details the employment agreement entered into with Mr. Aguilar on September 23, 2019:
- Base Salary: $315,000 per year, subject to Board discretion for increases.
- Target Bonus: $100,000 annually, with 25% based on personal objectives and 75% on EBITDA results or other Board-established measures.
- Severance: In the event of termination without Cause or resignation for Good Reason, Mr. Aguilar is entitled to nine months of base salary continuation and a pro-rata portion of the target bonus.
- Restrictive Covenants: Includes non-solicitation (3 years post-employment), non-competition (9 months post-employment), non-disclosure, and perpetual non-disparagement.
Investor Verification Checklist
- Verify the impact of the new COO's experience on the company's international expansion strategy.
- Review the attached Employment Agreement (Exhibit 10.1) for specific definitions of "Cause," "Disability," and "Good Reason."
- Monitor future earnings reports to assess the achievement of the EBITDA targets tied to the executive's bonus structure.
- Confirm that no other undisclosed transactions or relationships exist between Mr. Aguilar and the company as of the last fiscal year.