Virgilio Llapitan
About Virgilio Llapitan
Virgilio Llapitan is President (since 2020), Chief Operating Officer (COO, since 2023; previously COO 2020–2021), and a Director (appointed August 2023) of AppTech Payments Corp. He oversees day-to-day operations across finance, HR, marketing, and operations, bringing over three decades of fintech and financial services leadership in sales, banking, and compliance . Age 64 as of the 2025 record date; tenure at AppTech began in 2020 . The company has not disclosed executive-specific TSR, revenue growth, or EBITDA growth tied to his compensation programs in the proxies reviewed .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| AppTech Payments Corp. | President | 2020–present | Leads day-to-day execution of strategies set by CEO and Board; oversight of operations functions |
| AppTech Payments Corp. | Chief Operating Officer | 2020–2021; 2023–present | Operational leadership across finance, HR, marketing, and operations |
| AppTech Payments Corp. | Director | Aug 2023–present | Executive director; not independent under Nasdaq/SEC standards |
External Roles
No external directorships or prior external roles for Mr. Llapitan were disclosed in the reviewed proxy statements .
Fixed Compensation
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Base Salary ($) | 125,000 | 132,976 | 138,404 |
| Actual Cash Bonus ($) | 45,287 | – | – |
| Target Bonus % | Not disclosed | Not disclosed | Not disclosed |
Notes:
- Employment agreements provide for a potential annual bonus but do not disclose target percentages in proxies .
Performance Compensation
Equity and Variable Pay Summary
| Component | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Option Awards (Grant-date Fair Value, $) | 92,250 | 127,869 | 107,275 |
| Stock Awards Outstanding (as of 12/31/2023) | Grant: 1/20/2022; 9,375 unvested shares; $11,532 MV | — | — |
- Company-level option vesting terms for 2025 grants range from immediate to 12 months monthly vesting; unvested options include 1,425k options contingent on specified sales milestones (company-wide disclosure; individual NEO schedules not enumerated) .
- Employment agreements do not define specific performance metrics (e.g., revenue, EBITDA, TSR) that determine payouts; bonus eligibility is discretionary and subject to Board adjustment .
Cash Incentive Detail
| Metric | Weighting | Target | Actual | Payout Mechanics | Vesting |
|---|---|---|---|---|---|
| Annual Cash Bonus | Not disclosed | Not disclosed | $45,287 (FY22) | Discretionary; subject to Board determination | N/A |
Equity Ownership & Alignment
| Category | As of 2024 Proxy Record Date | As of 2025 Proxy Record Date |
|---|---|---|
| Total Beneficial Ownership (shares) | 371,318 (1.50%) | 394,318 (1.17%) |
| Direct Shares | 199,739 | 199,739 |
| Vested Options | 171,579 | 194,579 |
| Shares Pledged as Collateral | Not disclosed in proxies reviewed | |
| Ownership Guidelines (Exec/Director) | Not disclosed in proxies reviewed |
Observations:
- As an executive director, Mr. Llapitan’s equity mix is primarily direct stock plus vested options; no pledging was mentioned in reviewed filings .
- He did not receive separate director compensation in 2024, consistent with executive status .
Employment Terms
| Term | Provision | Details |
|---|---|---|
| Employment Status | At-will | All named executive officers’ (NEOs) employment is at will |
| Severance | None | Employment agreements do not provide severance benefits |
| Change-of-Control (CoC) | None | No CoC-related benefits (cash severance or vesting acceleration) |
| Death/Disability Benefits | None | Agreements do not provide special benefits upon death or disability |
| Clawback Policy | Not yet adopted | Board had not adopted a clawback policy; may implement per Dodd-Frank requirements |
| Perquisites | Limited/none | No special perquisites disclosed; executives eligible for standard employee benefits |
| Non-compete/Non-solicit/Garden Leave | Not disclosed | No specific restrictive covenants disclosed for NEOs in proxies reviewed |
Board Governance
- Board Service: Director since August 2023; term runs to 2026 annual meeting as a Class II director .
- Committee Roles: No committee membership indicated for Mr. Llapitan; Audit, Compensation, and Nominating committees comprised of independent directors .
- Independence: The Board determined Mr. Llapitan is not independent (executive officer) under Nasdaq and SEC rules; independent directors hold executive sessions at least twice yearly .
- Director Compensation: As an executive director, he received no separate director fees for 2024 .
Director Compensation
| Year | Cash Retainer | Equity Retainer | Committee Fees | Total |
|---|---|---|---|---|
| 2024 | – | – | – | – |
Risk Indicators and Red Flags
- Section 16 Compliance: Company reports directors and officers filed required Section 16(a) reports for 2023 and 2024 .
- Equity Plan Activity: Significant company-wide option grants and modifications in 2025; company-level vesting monthly and milestone-contingent tranches may create periodic selling pressure upon vesting, though individual NEO grant counts/schedules for Mr. Llapitan were not disclosed .
- Governance Structure: Executive dual-role (Director + COO/President) implies non-independence; mitigated by independent committees .
Compensation Structure Analysis
- Mix: Cash salary plus equity options; bonus paid in 2022, none in 2023–2024 based on proxies .
- Performance Linkage: No formal performance-metric weighting disclosed for NEO bonuses or equity; employment agreements emphasize discretion without defined targets .
- Equity Instruments: Options dominate variable pay; presence of company-level milestone-contingent options indicates some pay-for-performance at plan level, but individual NEO schedules not delineated .
Say-on-Pay & Shareholder Feedback
- 2024 proxy agenda included advisory say-on-pay and say-on-frequency votes; outcome percentages not disclosed in reviewed filings .
Expertise & Qualifications
- Summary: Three decades in fintech/financial services; leadership across sales, banking, compliance; core operational oversight responsibilities at AppTech .
- Education: Not specified in reviewed filings .
Performance & Track Record
- Company achievements in filings include strategic partnerships and corporate transactions; executive-specific performance metrics for Mr. Llapitan not disclosed in proxy summaries .
Investment Implications
- Alignment: Ownership consists of direct shares and vested options, indicating some alignment; absence of disclosed pledging is a positive, though ownership guidelines and compliance are not disclosed .
- Retention Risk: No severance or CoC protections reduce guaranteed exit economics; discretionary bonuses and option-heavy variable pay suggest retention relies on equity value realization and Board determinations .
- Trading Signals: Company-level monthly vesting cadence and milestone-contingent option tranches can create periodic insider selling windows; monitor Form 4s for Mr. Llapitan around vest dates and corporate events .
- Governance: Dual-role non-independence is common in small-cap fintech; independent committees and executive sessions provide some counterbalance, but ongoing capital needs and board-level related financing warrant attention to potential conflicts .