Christina Wiater
About Christina Wiater
Christina Wiater, 43, is AAMI’s Principal Financial Officer and Principal Accounting Officer, roles she has held since 2020; previously Controller (2018–2022) and Assistant Controller (2013–2018). She began her career at PwC as an audit manager focused on private equity and asset management; she holds a B.S. in Business Administration and an M.S. in Accounting from Babson College and is a CPA . Company performance during her tenure includes total shareholder return (TSR) rising from a $100 base in 2020 to $263 in 2024 and Net Income of $86.8M and ENI EPS of $2.76 in 2024 . AAMI’s executive compensation framework includes robust clawbacks (2017 policy with four triggers and SEC Rule 10D-1 policy), 300% salary stock ownership guidelines for non-CEO NEOs (in compliance), and prohibitions on hedging and pledging for officers .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| AAMI | Principal Financial Officer & Principal Accounting Officer | 2020–present | Oversees financial reporting and corporate tax; principal finance/accounting officer |
| AAMI | Controller | 2018–2022 | Led accounting and control processes |
| AAMI | Assistant Controller | 2013–2018 | Responsible for accounting and control processes |
External Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| PricewaterhouseCoopers LLP | Manager, Audit (PE/Asset Management focus) | Prior to 2013 | Assurance on PE/asset manager clients; technical accounting foundation |
Fixed Compensation
| Year | Base Salary ($) | All Other Compensation ($) |
|---|---|---|
| 2022 | 425,000 | 50,000 |
| 2023 | 425,000 | 50,000 |
| 2024 | 425,000 | 50,000 (401k $34,500 + DCP $15,500) |
- Deferred Compensation Plan (DCP): Company contribution $15,500 in 2024; aggregate DCP balance $95,925 as of year-end 2024 .
- AAMI contributes 10% of eligible compensation to Profit Sharing & 401(k) and DCP combined, up to $50,000; contributions vest over five years .
Performance Compensation
| Year | Incentive Type | Target ($) | Actual ($) | Cash Component ($) | Equity Component ($) | Vesting / Design |
|---|---|---|---|---|---|---|
| 2023 performance (granted 2/15/2024) | Discretionary annual incentive | 700,000 target per contract | 560,011 (cash 455,000 + RSU grant date FV 105,006) | 455,000 | 105,006 (11,481 RSUs at $21.34/share; see Grants table) | Time-based RSUs vest in three equal annual tranches (2/15/2025–2/15/2027) |
| 2024 performance (awarded Feb 2025) | Discretionary annual incentive | 700,000 target | 840,000 | 532,000 | ~308,000 RSUs granted 2/14/2025; to be reported in 2025 SCT | RSUs vest ratably over 3 years per standard plan |
- Program design: for incentives >$1,000,000, the excess tier split evenly between cash and RSUs; RSUs vest ratably over 3 years; dividends follow RSU vesting .
- Clawbacks: 2017 policy (restatement, improper conduct with significant impact, “cause,” risk policy violations) and Rule 10D-1 policy (accounting restatements) .
- Performance metric disclosure: For Wiater, the Compensation Committee exercises discretion based on company performance and individual contributions (no fixed weighting disclosed) .
Equity Ownership & Alignment
| Item | Amount/Detail |
|---|---|
| Beneficial ownership | 19,125 shares (less than 1%) as of 3/19/2025 |
| Shares outstanding (basis for % calc) | 37,066,328 as of 3/19/2025 |
| Options | None outstanding |
| Unvested RSUs (12/31/2024) | 14,187 units: 11,481 (granted 2/15/2024) + 2,706 (granted 2/15/2023) |
| Unvested RSU market value (12/31/2024) | $373,686 (at $26.34/share) |
| Ownership guidelines | NEOs: 300% of base salary; all NEOs currently in compliance |
| Hedging/Pledging | Prohibited for officers (including NEOs) |
Vesting schedule and potential selling pressure:
- 2/15/2024 grant (11,481 RSUs): 3,827 vest on each of 2/15/2025, 2/15/2026, 2/15/2027, subject to continued employment .
- 2/15/2023 grant (2,706 RSUs): 902 vest on each of 2/15/2024, 2/15/2025, 2/15/2026, subject to continued employment .
- 2024 RSU vestings realized: 1,353 shares vested in 2024; value realized $29,698 .
- Anti-hedging/pledging policies reduce leverage-related sell risk; however, periodic sell-to-cover around vesting dates may still occur under insider-trading windows .
Employment Terms
| Provision | Key terms |
|---|---|
| Employment agreement | Entered May 4, 2023; base salary $425,000; eligible for target annual bonus $700,000 payable in cash and equity, subject to individual and company performance |
| Termination without cause / good reason | Greater of (i) 12 months’ base salary + most recently paid annual bonus OR (ii) $1,125,000; plus 12 months COBRA; plus pro-rated cash bonus for year of termination equal to greater of most recent bonus or $700,000; plus accelerated vesting of all restricted stock awards and RSUs |
| Death/Disability | Accelerated vesting of all outstanding RSUs; 12 months COBRA premium portion if disability |
| Illustrative payout (12/31/2024 basis) | Salary $425,000; COBRA $29,519; Bonus $700,000; Accelerated vesting $373,686; Total $1,528,205 |
| Clawbacks | 2017 Clawback Policy (four triggers) and Rule 10D-1 policy (restatements) |
| Hedging/Pledging | Prohibited for officers |
Company Performance During Wiater’s Tenure
| Metric | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|
| TSR – value of $100 investment | 191 | 254 | 205 | 191 | 263 |
| Peer group TSR – $100 | 98 | 133 | 119 | 133 | 174 |
| Net Income ($M) | 315.5 | 896.4 | 100.6 | 67.1 | 86.8 |
| ENI EPS | 1.08 | 1.47 | 1.89 | 1.78 | 2.76 |
Compensation Structure Analysis
- Mix and trend: For 2024, Wiater’s total annual incentive was $840,000 (above target), split $532,000 cash and ~$308,000 time-based RSUs granted 2/14/2025, aligning realized pay with company and individual performance; prior-year (2023 performance) equity was granted 2/15/2024 and vests over three years .
- Equity design: Time-based RSUs with three-year ratable vesting and dividends tracking vesting; for larger incentives, the portion above $1,000,000 is split evenly between cash and RSUs, increasing equity exposure at higher payouts .
- Governance mitigants: Dual clawback policies, stringent ownership guidelines (300% of base for NEOs, currently compliant), and prohibitions on hedging/pledging reduce misalignment risk .
- Metric transparency: The Compensation Committee uses discretion for Wiater’s AIP based on holistic factors rather than fixed quantitative weightings; while flexible, this reduces external visibility into pay-for-performance rigor .
Equity Ownership & Alignment Details
| Component | Detail |
|---|---|
| Beneficial ownership as % of SO | Approx. 0.05% based on 19,125 shares owned and 37,066,328 shares outstanding as of 3/19/2025 |
| Vested vs unvested | Unvested RSUs total 14,187 as of 12/31/2024 (market value $373,686 at $26.34) |
| Options exposure | None; no options outstanding |
| Ownership guideline status | In compliance; NEOs required to hold 300% of salary and retain 50% of net shares until met |
| Hedging/pledging | Prohibited for officers |
Risks, Red Flags, and Related Policies
- Severance economics: Single-trigger acceleration of RSUs on termination without cause/good reason (and on death/disability) is shareholder-unfriendly vs double-trigger CIC standards; however, COBRA limited to 12 months and no tax gross-ups disclosed .
- Discretionary AIP: Lack of disclosed metric weightings may weaken external assessment of pay-for-performance tightness, though 2024 above-target award coincided with improved ENI EPS and higher TSR value .
- Clawbacks and insider policy: Robust dual clawbacks and strict anti-hedging/anti-pledging policies mitigate reputational and risk-taking concerns .
Investment Implications
- Alignment and retention: Three-year RSU vesting through 2027 creates meaningful retention hooks and staggered vest dates (Feb 15 each year), while anti-hedging/pledging rules support alignment and reduce leverage risks .
- Pay-for-performance: Above-target 2024 incentive and RSU deferral link Wiater’s realized pay to ongoing performance; however, discretionary AIP design reduces metric transparency, warranting continued monitoring of award outcomes vs TSR/ENI trends .
- Separation economics: Generous severance and single-trigger acceleration upon without cause/good reason termination lower downside employment risk, which may increase turnover optionality during leadership transitions or strategic shifts .
- Trading signals: Expect periodic Form 4 activity around scheduled vest dates (mid-February) for sell-to-cover; no pledging allowed, lowering forced selling risk from collateral calls .