Chris Laisure
About Chris Laisure
Chris Laisure is President – Public Sector at i3 Verticals (IIIV), serving in this role since November 2022. He is 45 years old, attended East Tennessee State University, and spent four years in the U.S. Navy prior to his business career . Previously, he was CEO of i3‑BIS, LLC (acquired by IIIV) and CEO of Business Information Systems (BIS) from 2006–2021, where he led growth in public sector software solutions . During his tenure at IIIV, company performance included FY2024 revenue from continuing operations of $229.9M (+1.4% YoY) and Adjusted EBITDA of $58.3M (slightly below FY2023), with TSR metrics disclosed in the pay-versus-performance table (value of an initial $100 investment: $105.07 in FY2023; $105.91 in FY2024) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| i3 Verticals, Inc. | President – Public Sector | Nov 2022–present | Leads IIIV’s largest vertical; public sector cited as ~50% of revenues at time of promotion announcement . |
| i3‑BIS, LLC (wholly owned IIIV subsidiary) | Chief Executive Officer | Feb 2021–Nov 2022 | Drove integration and growth in state/local government solutions prior to elevation to IIIV executive team . |
| Business Information Systems (BIS) | Chief Executive Officer | 2006–2021 | Led growth across public sector software (e.g., land records, taxation, motor vehicle) through to IIIV acquisition . |
| BIS / BIS HQ, GP | Vice President; President (BIS HQ, GP) | Concurrent with 2006–2021 | Governance/leadership roles across BIS entities . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| United States Navy | Service Member | 4 years (pre‑college) | Early-career leadership/discipline; foundational experience before ETSU . |
Fixed Compensation
- Chris Laisure is not listed as a Named Executive Officer (NEO) in the latest proxy’s Summary Compensation Table; therefore, base salary, target bonus, and total reported compensation were not disclosed for him .
Performance Compensation
- Annual bonus design and metrics (company framework): IIIV’s Compensation Committee uses a discretionary cash bonus program for executives guided by goals set at the start of the fiscal year; for FY2024, the goals were Adjusted EBITDA, Adjusted EBITDA Margin, Annual Recurring Revenue (ARR), and stock price performance (absolute and relative). The Committee does not pre‑assign weightings and retains discretion; NEO FY2024 targets (ex‑CEO) were 10% of base salary, but actual bonuses were $0 due to performance versus guidelines. No Laisure‑specific bonus target was disclosed .
Performance incentive framework used by IIIV for FY2024 (company plan, not individual-specific):
| Metric | Weighting | Target/Threshold | Result/Notes |
|---|---|---|---|
| Adjusted EBITDA | Discretionary | Committee guidelines (not formulaic) | Goals not met; no NEO cash bonuses paid for FY2024 . |
| Adjusted EBITDA Margin | Discretionary | Committee guidelines | As above . |
| Annual Recurring Revenue (ARR) | Discretionary | Committee guidelines | As above . |
| Stock Price (absolute and vs peers) | Discretionary | Committee guidelines | As above . |
Long‑term incentives (company program context):
- In recent years, IIIV used time‑based stock options as the principal LTI for executives; PSUs outstanding for some executives vest on pro forma adjusted diluted EPS over five years (PSU targets were adjusted in Nov 2024 for the Merchant Services divestiture). These details were disclosed for NEOs; there is no Laisure‑specific PSU/RSU disclosure in the proxy .
Equity Ownership & Alignment
Equity holdings and derivative awards disclosed for Christopher (Chris) Laisure (initial statement as an officer):
| As of Filing | Security | Amount | Ownership Form | Notes |
|---|---|---|---|---|
| 11/16/2022 (Form 3) | Class A Common Stock | 23,700 | Direct | Initial statement upon becoming a Section 16 officer . |
| 11/16/2022 (Form 3) | Class A Common Stock | 35,185 | Indirect | The Laisure Donor Advised Fund . |
| 11/16/2022 (Form 3) | Class A Common Stock | 544,714 | Indirect | Held by BIS HQ, GP; Laisure is President of BIS HQ, GP . |
| 11/16/2022 (Form 3) | Stock Option (Right to Buy) | 25,000 underlying | Direct | Grant date 2/11/2022; exercise price $26.53; expires 2/11/2032; vests in three equal annual installments beginning 2/11/2023, subject to continued service . |
Vesting schedule details on 2/11/2022 option grant:
- Vesting: ratably in three equal annual installments beginning on 2/11/2023 (expected vesting anniversaries 2/11/2023, 2/11/2024, 2/11/2025), subject to continued service .
- As a reference point, the closing share price on 9/30/2024 was $21.31; at that date this specific option (strike $26.53) was underwater (status can change with the stock price) .
Policies impacting alignment and trading:
- Clawback/recoupment policy applies to current and former Section 16 officers (which includes Laisure): recovery of erroneously awarded incentive compensation following any accounting restatement, administered by the Compensation Committee, without misconduct requirement (subject to Nasdaq-impracticability exceptions) .
- Insider Trading Policy prohibits short-term speculative trading, short sales, and hedging/monetization transactions (e.g., prepaid forwards, swaps, collars, exchange funds); standing/limit orders are discouraged .
Pledging and ownership guidelines:
- The proxy discloses anti‑hedging but does not specifically disclose a pledging policy or individual pledging for Laisure; stock ownership guideline status for Laisure is not disclosed .
Employment Terms
- No individual employment agreement, severance, or change‑of‑control agreement for Laisure is disclosed in the proxy. Where disclosed, severance/CoC terms and equity treatment tables pertain to specific NEOs (e.g., Whitson, Maple) and equity award agreements for NEOs; no Laisure‑specific contract terms are presented .
- Company equity award agreements for NEOs include single‑trigger option vesting upon change‑of‑control (with cash-out at intrinsic value) and double‑trigger for RSUs/PSUs if not assumed or if terminated without cause/for good reason within a specified period; death/disability triggers immediate vesting under those agreements. These provisions were disclosed for NEOs; Laisure‑specific award agreements are not disclosed .
Performance & Track Record
- Public Sector vertical importance: At Laisure’s elevation to President – Public Sector, management stated the vertical was the company’s largest and responsible for roughly half of revenues, underscoring his remit’s strategic significance .
- Company performance context during his tenure:
- FY2024 revenue from continuing ops: $229.9M (+1.4% YoY); Adjusted EBITDA from continuing ops: $58.3M (vs. $59.4M FY2023). ARR in Q4 FY2024 was $188.2M (vs. $175.1M Q4 FY2023) .
- TSR (value of initial $100 investment) as disclosed: FY2022 $99.55; FY2023 $105.07; FY2024 $105.91 .
- Strategic portfolio actions: sale of Merchant Services Business (~$438M proceeds) with proceeds substantially used to pay down the 2023 Senior Credit Facility; acquisition of inLumon to strengthen permitting/licensing in Public Sector .
Compensation Committee & Governance (pay design signals)
- Compensation Committee members: Timothy McKenna (Chair) and Elizabeth Seigenthaler Courtney; independent consultant FW Cook advises the Committee .
- Pay philosophy: heavier emphasis on long‑term equity; discretionary annual cash bonuses to mitigate short‑term risk‑taking; 2024 NEO cash bonuses not paid due to performance versus guidelines .
- Say‑on‑Pay: 97% approval at the 2024 Annual Meeting (covering prior-year NEO pay), indicating strong shareholder support for the program .
- Risk controls: formal clawback policy; anti‑hedging; equity grant policy timing awards after quarterly filings to avoid MNPI issues .
Company Performance Metrics (context during Laisure’s tenure)
| Metric | FY2022 | FY2023 | FY2024 |
|---|---|---|---|
| TSR – value of initial $100 investment | $99.55 | $105.07 | $105.91 |
| Net Income (Loss), $000s | (23,217) | (2,652) | 175,130 (includes gain on sale) |
| Adjusted EBITDA from continuing ops, $000s | 43,489 | 59,399 | 58,308 |
Investment Implications
- Alignment and retention: Laisure’s substantial indirect equity exposure via BIS HQ, GP (544,714 Class A shares listed on his initial Form 3), direct holdings, and a 2022 service‑vesting option grant align him with long‑term value creation; the company’s clawback and anti‑hedging policies further reinforce alignment. Option strike ($26.53) was above the 9/30/2024 share price ($21.31), reducing near‑term exercise‑driven selling pressure at that date; monitor current price vs strike to assess when options turn in‑the‑money .
- Transparency gap: As a non‑NEO, Laisure’s cash compensation, bonus targets, and any new equity awards after the 2022 option are not disclosed in the proxy, limiting pay‑for‑performance precision; rely on future Section 16 filings to track grants/transactions .
- Execution focus: His remit spans IIIV’s largest vertical (Public Sector), highlighted as a core growth driver; company actions (divest merchant acquiring; de‑lever; reinvest in Public Sector software like inLumon) put greater onus on his segment execution and ARR expansion .
- Governance risk checks: No tax gross‑ups; no evidence of option repricing; strong Say‑on‑Pay support suggest low governance overhang; pledging policy not explicitly disclosed—continue to monitor for any pledging or hedging exceptions .
Notes and gaps: No Laisure‑specific employment contract, severance, change‑in‑control, or pledging disclosures were found in the proxy. No Form 4 transactions for Laisure appeared in the document set reviewed; ongoing monitoring of Section 16 filings is recommended .