Yogaraj Jeyaprakasam
DELUXEAbout Yogaraj Jeyaprakasam
Senior Vice President, Chief Technology and Digital Officer at Deluxe since May 2022; age 47 as of FY 2024 . He leads Deluxe’s technology and digital platforms and is a visible champion of the company’s AI transformation, including the launch of the Deluxe.ai platform and DAX assistant, earning external recognition (BT150 and CIO 100) . Compensation is explicitly tied to company performance via annual AIP metrics and multi‑year PSUs measured on cumulative revenue and cumulative free cash flow with a relative TSR modifier, aligning incentives with top‑line growth, cash generation, and shareholder returns . In FY 2024, his annual incentive payout was 70.6% of target, indicating partial achievement against plan .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| American Express Company | Unit CIO, Global & Large Client Group; Head of Engineering for B2B Digital Payments | Jun 2021 – May 2022 | Led engineering for B2B digital payments; technology leadership supporting large client segments |
| American Express Company | VP, Enterprise Platforms for Sales, Marketing, and Data Platforms | May 2020 – Jun 2021 | Oversaw enterprise platforms spanning sales, marketing, and data, enabling go‑to‑market and analytics capabilities |
| American Express Company | VP, Enterprise Platforms for Sales and Marketing | Nov 2017 – May 2020 | Led platforms supporting sales/marketing processes and scale technology execution |
External Roles
No external public company board roles disclosed for Jeyaprakasam. Recognition includes BT150 and CIO 100 awards tied to Deluxe’s AI initiatives .
Fixed Compensation
Multi‑year compensation (Summary Compensation Table):
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Salary ($) | 333,333 | 556,250 | 586,250 |
| Bonus ($) | — | — | — |
| Stock Awards ($) | 1,993,141 | 872,152 | 868,632 |
| Option Awards ($) | — | — | — |
| Non‑Equity Incentive Plan Compensation ($) | 450,000 | 452,649 | 310,420 |
| Change in Pension Value & Deferred Comp Earnings ($) | — | 3,324 | 12,326 |
| All Other Compensation ($) | 115,788 | 18,424 | 12,275 |
| Total ($) | 2,892,262 | 1,902,799 | 1,789,903 |
FY 2024 annual incentive plan (AIP) payout:
| Item | FY 2024 |
|---|---|
| Eligible Base Salary ($) | 586,250 |
| Target as % of Base Salary | 75% |
| Award at Target ($) | 439,688 |
| Payout as % of Target | 70.6% |
| Actual Payout ($) | 310,420 |
Base salary progression approved by the Committee:
| Year | Approved Base Salary ($) | Change (%) |
|---|---|---|
| 2023 | 575,000 | |
| 2024 | 590,000 | 2.6% |
Performance Compensation
2024 long‑term equity awards and performance structure:
| Element | Metric | Weighting | Target | Actual/Payout | Vesting |
|---|---|---|---|---|---|
| PSUs (CFCF) | 3‑year cumulative free cash flow | 50% of PSUs | 11,278 shares target; 5,639 threshold; 22,556 max | In‑cycle, subject to relative TSR modifier; payout TBD | 3‑year cliff (Jan 1, 2024–Dec 31, 2026) |
| PSUs (CR) | 3‑year cumulative revenue | 50% of PSUs | 11,278 shares target; 5,639 threshold; 22,556 max | In‑cycle, subject to relative TSR modifier; payout TBD | 3‑year cliff (Jan 1, 2024–Dec 31, 2026) |
| Relative TSR Modifier | +/-25% of PSU payout | Modifier | N/A | Applied to PSU outcomes | N/A |
| RSUs (2024 grant) | Time‑based | 50% of LTI | 22,556 shares; grant date fair value $449,992 | N/A | Equal one‑third on each of first three anniversaries of 2/14/2024 |
| AIP (annual) | Company metrics incl. Adjusted EBITDA (30% weighting) | Annual plan | Target $439,688 | 70.6% of target; $310,420 | Annual payout |
Stock vested in 2024:
| Type | Shares Vested (#) | Value Realized ($) |
|---|---|---|
| RSUs | 34,040 | 763,745 |
| PSUs | — | — |
Grant details (2024 Awards):
| Grant Type | Shares Granted (#) | Grant Date Fair Value ($) |
|---|---|---|
| RSUs | 22,556 | 449,992 |
| PSUs (CFCF) | 11,278 target; 5,639 threshold; 22,556 max | 209,320 |
| PSUs (CR) | 11,278 target; 5,639 threshold; 22,556 max | 209,320 |
Notes:
- 2023 RSUs: equal one‑third vest on each of the first three anniversaries of 2/15/2023 .
- 2022 RSU agreement: four‑year ratable vesting schedule (dated May 13, 2022) .
Equity Ownership & Alignment
Beneficial ownership as of February 24, 2025:
| Holder | Shares Beneficially Owned | Percent of Class | Notes |
|---|---|---|---|
| Yogaraj Jeyaprakasam | 122,165 | <1% | Includes 61,832 RSUs |
Outstanding equity awards at FY‑end 2024 (unvested/unearned):
| Award | Grant/Period | Unvested/Unearned (#) | Market/Payout Value ($) |
|---|---|---|---|
| RSU | 5/13/2022 | 8,326 | 188,084 |
| RSU | 2/15/2023 | 15,346 | 346,666 |
| RSU | 2/14/2024 | 22,556 | 509,540 |
| PSU (CFCF) | 1/1/2022–12/31/2024 | 6,620 | 155,040 |
| PSU (CR) | 1/1/2022–12/31/2024 | 7,145 | 167,336 |
| PSU (CFCF) | 1/1/2023–12/31/2025 | 5,755 | 129,994 |
| PSU (CR) | 1/1/2023–12/31/2025 | 5,755 | 129,994 |
| PSU (CFCF) | 1/1/2024–12/31/2026 | 5,639 | 127,385 |
| PSU (CR) | 1/1/2024–12/31/2026 | 5,639 | 127,385 |
Additional alignment/policy items:
- Stock ownership guidelines: 2.5x base salary for other NEOs; five years to achieve; all NEOs in compliance .
- Insider trading policy prohibits pledging and hedging of company stock by executive officers and directors .
- No option awards listed for Jeyaprakasam at FY‑end 2024 in the outstanding awards table .
Employment Terms
| Item | Details |
|---|---|
| Employment start date | May 2022 (appointed SVP, Chief Technology and Digital Officer) |
| Years in role/company (end of 2024) | 3 years in position; 3 years of service |
| Severance – Change in Control | Cash severance $885,000; other cash $45,000; RSU acceleration $1,044,291; PSU acceleration $1,029,517; total illustrative $3,003,808 (assuming termination on 12/31/2024; stock price $22.59) |
| Severance – Without Cause | Cash severance $590,000; other cash $45,000; RSU acceleration $210,184; PSU acceleration $516,498; total illustrative $1,361,682 |
| Death/Disability | RSU acceleration $1,044,291; PSU acceleration $516,498; total illustrative $1,560,789 |
| Equity acceleration terms | Accelerated vesting of outstanding equity awards per award agreements upon qualifying events |
| Restrictive covenants & clawbacks | Forfeiture of options/RSUs/PSUs and repayment of gains/dividends for competitive activity, solicitation, confidentiality breaches, or termination for Cause; release from competitive/solicitation restrictions upon termination without Cause . Updated Incentive Compensation Recovery Policy adopted Aug 15, 2023; policy filed in 10‑K . |
| Ownership/hedging/pledging | Prohibited for executives; holding requirements until guidelines met |
Deferred compensation:
- Executive contributions in 2024: $149,155; aggregate earnings $30,582; year‑end balance $241,336 .
Risk Indicators & Red Flags
- Late Form 4 (administrative): Company filed a late Form 4 for Jeyaprakasam due to automatic dividend reinvestment purchases; disclosed in proxy .
- Hedging/pledging: Prohibited by policy; no pledging disclosed .
- Clawback: Dodd‑Frank compliant policy in place; reduces reputational risk from misstatement‑related incentive recapture .
Compensation Structure Analysis
- Pay mix continues to emphasize equity via RSUs and performance‑conditioned PSUs; options are absent, lowering leverage but strengthening retention and alignment through time‑ and performance‑vesting .
- AIP payout at 70.6% of target in 2024 indicates measured performance against annual objectives, with Adjusted EBITDA comprising 30% weighting among metrics .
- PSUs measured on 3‑year cumulative revenue and free cash flow with a relative TSR modifier; 2024 PSUs shifted to traditional three‑year goals aligned to North Star long‑range plan, strengthening multi‑year accountability .
Investment Implications
- Alignment: Strong pay‑for‑performance design with PSUs on revenue and free cash flow, plus relative TSR, aligns Jeyaprakasam’s incentives with Deluxe’s growth and cash priorities; RSUs provide retention and steady vesting cadence .
- Insider supply: Multiple RSU tranches from 2022 (four‑year ratable), 2023, and 2024 (three‑year ratable) create predictable annual vesting events that can add near‑term selling pressure if net shares are sold to cover taxes, though holding requirements apply until ownership guidelines are met .
- Retention and change‑of‑control: Illustrative CIC economics ($3.0M) and without‑cause severance ($1.36M) indicate moderate protection while preserving performance linkage through equity acceleration rules; clawback and restrictive covenants reduce governance risk .
- Execution track record: Leadership of Deluxe.ai and DAX launches and external recognition suggest capability in scaling AI and digital platforms, which are central to Deluxe’s transformation thesis; supports value‑creation potential in Payments/Data segments .