Daniel Brignardello
EVERTECAbout Daniel Brignardello
Daniel Brignardello, age 49, is Executive Vice President and Group Head of Latam (since February 2024), following roles as Senior Vice President and Chief Delivery Officer (July 2021–February 2024) and Vice President of Processing and Fraud Prevention Services (joined July 2017) . He holds a Computer Analyst degree from Universidad de la República (2000) and a PMD from ESADE (2009), has 25+ years in payments, taught cryptography at Universidad de la República (2000–2003), and serves on the board of ICT4V (since 2015) . EVTC’s incentive framework that governs his performance pay is tied to one‑year Adjusted EBITDA with a three‑year vesting and a Relative TSR modifier versus the Russell 2000; 2025 EBITDA goals were set above 2024 with continued TSR modifiers .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Evertec, Inc. | EVP, Group Head of Latam | Feb 2024–present | Leads EVTC’s Latam group |
| Evertec, Inc. | SVP & Chief Delivery Officer | Jul 2021–Feb 2024 | Chief Delivery function |
| Evertec, Inc. | VP, Processing & Fraud Prevention Services | Jul 2017–Jul 2021 | Processing/Fraud services leadership |
| PayTrue (Uruguay) | Chief Operating Officer | 2003–Jun 2017 | Payments solutions operations |
| Trintech | Senior Software Engineer | 2000–2003 | Engineering in payments tech |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Universidad de la República (Uruguay) | Teacher, Cryptography chair (Grade 1) | 2000–2003 | Academic teaching in cryptography |
| ICT4V (Montevideo) | Board Member | 2015–present | Technology and innovation organization |
Fixed Compensation
- Daniel is not listed as a Named Executive Officer (NEO) in the 2024/2025 proxy NEO compensation tables; individual base salary and bonus details are not separately disclosed for him . He participates in EVTC’s annual incentive and long‑term incentive programs applicable to executives .
Performance Compensation
| Component | Metric | Target | Actual | Payout Scale | Vesting | Notes |
|---|---|---|---|---|---|---|
| Performance RSUs | Adjusted EBITDA (1‑year, FY2024 for 2024 grants) | $327.4m earns 100% | Measured over FY2024; payout determined at vest; pending disclosure | 0–200% based on EBITDA attainment | 3‑year service, vests Feb 28, 2027 | EBITDA target set ex‑ante; shares earned subject to service |
| Performance RSUs | Relative TSR vs Russell 2000 (3‑year) | 50th percentile = 1.00x | Measured over grant’s 3‑year period; pending | 0.75x at ≤35th pct; 1.25x at ≥75th pct | Same vest date as performance RSUs | TSR modifier adjusts earned EBITDA RSUs ±25% |
| Time‑based RSUs | Service condition | n/a | n/a | n/a | Three equal tranches on Feb 28, 2025/2026/2027 for 2024 grants | Standard RSU service‑based vesting |
Equity Ownership & Alignment
| Metric | Value |
|---|---|
| Common shares beneficially owned | 27,033 (Direct) |
| Shares outstanding (Record Date, proxy) | 64,028,083 |
| Ownership as % of outstanding | ~0.042% (27,033 ÷ 64,028,083) |
| Hedging/Pledging | Prohibited by company policy |
| Stock ownership guidelines | Minimum ownership guidelines apply to executives |
| Options | Not disclosed for Daniel; EVTC indicates NEOs had no outstanding options at year‑end 2024 |
Employment Terms
| Provision | Key terms |
|---|---|
| Coverage | Daniel is expressly subject to the Evertec Group, LLC Executive Severance Policy . |
| Severance (company policy for covered executives, non‑CIC window) | Lump sum equal to then‑current annual base salary; pro‑rata annual bonus based on actual performance; earned but unpaid prior year bonus; continued employer health coverage for 18 months post‑termination (subject to COBRA election) . |
| RSU treatment on Qualifying Termination (non‑CIC window) | Time‑based RSUs vest pro‑rata as of termination; Performance‑based RSUs vest pro‑rata based on actual performance at end of performance period . |
| RSU acceleration requires release | Acceleration/continued vesting contingent on signing non‑revocable separation agreement and general release . |
| Section 409A | Intended short‑term deferral; 6‑month delay for “specified employee” separations; Puerto Rico governing law . |
| Clawback | Comprehensive clawback policy in place . |
| Non‑compete/confidentiality | RSU agreements reaffirm existing confidentiality and non‑compete covenant agreements . |
Vesting Schedules and Potential Insider Selling Pressure Windows
| Award cohort | Vesting mechanics | Key dates |
|---|---|---|
| 2024 LTIP time‑based RSUs | 3 equal tranches | Feb 28, 2025; Feb 28, 2026; Feb 28, 2027 |
| 2024 LTIP performance RSUs | Earn via FY2024 EBITDA and 3‑yr TSR; service vest | Feb 28, 2027 |
| 2022/2023 time‑based RSUs (select grants) | 3‑year service cliff vest | Feb 25, 2025 (2022 grants); Feb 24, 2026 (2023 grants) |
Note: EVTC prohibits hedging/pledging; any sales around vesting dates would be for tax withholding or discretionary, subject to individual 10b5‑1 planning (not disclosed here) .
Performance & Track Record
- EVTC’s Compensation Committee reiterated 2025 performance‑based RSUs will use one‑year Adjusted EBITDA above 2024 levels plus a Relative TSR modifier vs Russell 2000 over three years, with PBRSUs subject to a full three‑year service period before vesting .
Risk Indicators & Red Flags
- Section 16 compliance: EVTC disclosed a late Form 3 filing for Daniel’s initial statement of beneficial ownership (filed Feb 27, 2024) .
- Governance mitigants: Clawback policy, prohibition on hedging/pledging, and executive ownership guidelines reduce alignment risk .
Compensation Peer Group and Say‑on‑Pay Context
- 2024 say‑on‑pay support fell to 62.2% (from 98.5% in 2023) primarily due to a one‑time non‑performance CEO award; the Committee enhanced disclosure and committed to performance‑based structures for any future special awards .
- Peer group adjustments (Dec 2024): removed Black Knight, EVO Payments, MoneyGram; added nCino, Payoneer Global, Shift4 Payments, Verint Systems; philosophy anchored at median positioning .
Investment Implications
- Alignment: Brignardello’s equity is predominantly RSU‑based with performance RSUs tied to EBITDA and Relative TSR, promoting near‑term execution and share price alignment; clawback and no‑pledging strengthen governance .
- Calendar watch: Potential selling pressure around RSU vest dates (Feb 25, 2025; Feb 24, 2026; Feb 28, 2027), typically driven by tax withholding and diversification; monitor Section 16 filings near these dates for actual activity .
- Retention/termination economics: Executive Severance Policy provides one‑year salary severance plus pro‑rated bonus and pro‑rated RSU vesting on Qualifying Termination, lowering forced‑sale risk and supporting retention through service‑based vesting .
- Minor compliance flag: Late Form 3 in 2024 is a small process issue; no broader legal proceedings or pledging indicated in proxy .