William C. Zint
DELUXEAbout William C. Zint
William “Chip” C. Zint is Senior Vice President and Chief Financial Officer of Deluxe (DLX); he joined Deluxe in August 2020 and was appointed CFO in October 2022. He was 40 years old as of the FY2024 10-K (filed Feb 21, 2025). Prior experience includes finance leadership roles at NCR Corporation (CFO of Hardware 2019–2020; VP Corporate FP&A 2017–2019) . At year‑end 2024, he had roughly two years in the CFO role and four years of service at Deluxe . Pay-for-performance signals include a 70.6% AIP payout for 2024 (below target) and a 20% base-salary increase in 2024 reflecting development in the CFO role; Zint’s equity mix includes 50% PSUs tied to 3‑year cumulative revenue and 3‑year cumulative free cash flow with a relative TSR modifier, and 50% RSUs, aligning incentives to long-term value creation . Execution context: as CFO on the Q2 2025 call, Zint highlighted segment dynamics (e.g., DVM revenue +18.1% y/y and adjusted EBITDA +29.1% y/y; Print revenue −9% y/y with margin discipline), underscoring focus on mix, cost control, and margin preservation .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Deluxe Corporation | VP, Corporate Finance; later SVP & CFO | Aug 2020–Oct 2022 (VP), Oct 2022–present (CFO) | Recognized by Compensation Committee for contributions to first year of “North Star” program; 2024 LTI target raised to $1.15M from $0.85M . |
| NCR Corporation | VP Finance & CFO, Hardware | Jan 2019–Jul 2020 | Business-unit CFO experience across enterprise hardware segment . |
| NCR Corporation | VP, Corporate FP&A | May 2017–Jan 2019 | Enterprise planning/analytics leadership supporting operating rigor . |
External Roles
- No public-company directorships disclosed for Zint in DLX filings; he is listed among executive officers (not directors) in the 10‑K, and directors/nominees are listed separately in proxy ownership tables .
Fixed Compensation
Base salary approvals
| Year | Approved base salary ($) |
|---|---|
| 2023 | 500,000 |
| 2024 | 600,000 |
Summary Compensation Table (SCT) – Zint
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Salary ($) | 326,521 | 475,000 | 575,000 |
| Stock awards ($) | 149,989 | 823,691 | 1,109,935 |
| Non‑equity incentive (AIP) ($) | 191,730 | 386,531 | 304,463 |
| All other compensation ($) | — | 19,415 | 12,075 |
| Total ($) | 668,240 | 1,704,637 | 2,001,473 |
2024 AIP payout
| Item | Value |
|---|---|
| Base salary eligible ($) | 575,000 |
| Target bonus (% of salary) | 75% |
| Target award ($) | 431,250 |
| Payout (% of target) | 70.6% |
| Actual payout ($) | 304,463 |
2023 AIP payout (for context)
| Item | Value |
|---|---|
| Base salary ($) | 475,000 |
| Target bonus (% of salary) | 75% |
| Payout (% of target) | 108.5% |
| Actual payout ($) | 386,531 |
Performance Compensation
Long-term incentive awards and design
| Grant year | Grant date | RSUs granted (#) | PSUs granted (#, target) | Vesting | PSU performance metrics |
|---|---|---|---|---|---|
| 2024 | 2/14/2024 | 28,822 | 14,411 CR + 14,411 CFCF (total 28,822) | RSUs: 3-year ratable; PSUs: 3-year cliff (2024–2026) | 50% 3-yr cumulative revenue; 50% 3-yr cumulative free cash flow; relative TSR modifier ±25% |
| 2023 | 2/15/2023 | 21,739 | 10,870 CR + 10,869 CFCF (total 21,739) | RSUs: 3-year ratable; PSUs: 3-year cliff (2023–2025) | 50% 3-yr cumulative revenue; 50% 3-yr cumulative free cash flow; relative TSR modifier ±25% |
AIP framework and 2023 outcomes (company-wide metrics, weights, and results)
| Metric | Weight | Target | Actual | Outcome (% of target) |
|---|---|---|---|---|
| Enterprise adjusted revenue | 30% | 2,207 ($mm) | 2,192 ($mm) | 95.6% |
| Enterprise adjusted EBITDA | 30% | 439 ($mm) | 455 ($mm) | 117.8% |
| Enterprise adjusted EPS | 20% | 3.76 ($) | 3.97 ($) | 122.2% |
| Strategic Initiatives | 20% | Committee assessment | Committee set payout at 100% | 100% |
Vesting, realized pay indicators
- Stock vested in 2024: 9,039 RSUs vested; value realized $186,413 .
- Stock vested in 2023: 1,801 RSUs vested; value realized $34,143 .
- RSU vesting: equal one‑third on each of the first three anniversaries of grant; PSU vesting: 3‑year cliff subject to performance and TSR modifier .
Equity Ownership & Alignment
Beneficial ownership and components
| As of | Beneficial ownership (shares) | % of class | Options exercisable within 60 days (#) | RSUs included (#) |
|---|---|---|---|---|
| Feb 24, 2025 | 87,131 | <1% | 3,906 | 61,849 |
| Feb 26, 2024 | 60,695 | <1% | 2,930 | 46,899 |
Outstanding equity awards at FY-end 2024 (unvested/unearned)
| Award type | Grant/period | Shares (#) | Notes |
|---|---|---|---|
| Stock options | 3/1/2021 | 2,930 exercisable; 976 unexercisable; strike $41.27; exp. 3/1/2031 | Ratable over 4 years |
| RSUs | 3/1/2021 | 636 | Unvested units and market value disclosed |
| RSUs | 2/16/2022 | 2,312 | — |
| RSUs | 2/15/2023 | 14,493 | — |
| RSUs | 2/14/2024 | 28,822 | — |
| PSUs (CR) | 2023–2025 | 5,435 target | 3-yr cliff, with TSR modifier |
| PSUs (CFCF) | 2023–2025 | 5,435 target | — |
| PSUs (CR) | 2024–2026 | 7,206 target | — |
| PSUs (CFCF) | 2024–2026 | 7,206 target | — |
Ownership guidelines, pledging/hedging
- Stock ownership guideline: 2.5x base salary for NEOs; 5‑year compliance window; all NEOs in compliance .
- Prohibitions: Executive officers and directors are prohibited from pledging, hypothecating, or hedging company stock; no margin accounts, collars, swaps, prepaid forwards, or short sales permitted .
Employment Terms
Severance/change-of-control (economics at hypothetical 12/31/2024 event; Zint)
| Scenario | Cash severance ($) | Other cash (e.g., outplacement/transition) ($) | RSU acceleration ($) | PSU acceleration ($) | Total ($) |
|---|---|---|---|---|---|
| Change in control termination | 900,000 | 45,000 | 1,045,081 | 1,142,173 | 3,132,254 |
| Without cause / Good Reason | 600,000 | 45,000 | 177,078 | 544,419 | 1,366,497 |
| Death or disability | — | — | 1,045,081 | 544,419 | 1,589,500 |
Policy terms
- Without cause/Good Reason: 12 months base salary, pro‑rata bonus, outplacement, and lump-sum transition payment; equity per award terms .
- Change in control: for NEOs (other than CEO), 1.5x base salary plus transition/outplacement; equity accelerates per award terms (assumes not replaced by comparable equity) .
- Clawback: Dodd‑Frank–compliant Incentive Compensation Recovery Policy adopted Aug 15, 2023 .
- Deferred compensation: No Zint contributions/earnings/withdrawals disclosed for 2023–2024 .
Performance & Track Record
- CFO commentary (Q2 2025): DVM segment revenue +18.1% y/y to $67.8M; adjusted EBITDA +29.1% y/y to $20.4M; margin +260 bps to 30.1%. Print revenue −9% y/y with EBITDA margin 32.2% (+180 bps y/y), reflecting mix shift and cost discipline .
- 2023 AIP outcomes show above‑target performance on adjusted EBITDA and EPS with near‑target revenue, reflecting operating leverage priorities .
- Committee cited Zint’s contributions to North Star in raising 2024 LTI target (alignment/retention signal) .
Compensation Structure Analysis
- Cash vs equity mix: 2024 SCT shows a heavier equity component ($1.11M stock awards) vs $575K salary and $304K AIP, indicating emphasis on long‑term equity at risk .
- Shift to PSUs/RSUs: Annual LTI mix is 50% PSUs and 50% RSUs with 3‑year measurement/cliff for PSUs and 3‑year ratable RSUs, emphasizing longer-term performance and retention .
- Performance metrics: 2023 AIP weighted to enterprise adjusted revenue (30%), adjusted EBITDA (30%), adjusted EPS (20%), and strategic initiatives (20%); PSUs tied to 3‑year cumulative revenue and cumulative FCF with relative TSR modifier ±25% .
- No hedging/pledging or gross-up red flags disclosed; clawback policy updated in 2023 .
Investment Implications
- Alignment: Zint’s equity-heavy pay and PSU design (revenue/FCF plus TSR modifier) tie outcomes to sustainable growth and cash generation; 2024 AIP at 70.6% indicates downside sensitivity when targets aren’t met, reducing windfall risk .
- Retention and selling pressure: Multi-year RSU/PSU grants (2023–2026 cycles) and prohibition on pledging/hedging reduce near-term selling pressure; upcoming RSU tranches vest annually, but ownership guidelines require retention until targets are met .
- Change-in-control economics: Zint’s CIC package (~$3.13M at 12/31/2024 assumptions) is modest vs CEO and largely equity‑linked; structure appears standard (1.5x salary, equity acceleration), limiting excessive parachute risk .
- Execution risk: Segment commentary highlights sensitivity to print declines and mix, but also disciplined cost control; PSU metrics on cumulative revenue/FCF and TSR modifier should penalize underperformance and reward transformation execution .