Paul Christians
About Paul Christians
Paul Christians is Chief Revenue Officer at i3 Verticals (IIIV) since May 2024, after serving as Chief Operating Officer from November 2022 to May 2024 and President of the Public Sector vertical from May 2019 to November 2022 . He holds a Bachelor of Arts from Iowa State University . He was age 65 in the 2024 proxy executive officer table and has been with i3 Verticals since the May 2019 acquisition of Pace Payments Systems . Under his and management’s public-sector focus, i3 Verticals reported Q3 2025 revenue growth of 12% year over year and SaaS revenue growth of 24%, with contract pipelines and statewide deals progressing; Christians highlighted strategic wins and margin-supportive pricing provisions across transportation, justice tech, ERP, utilities and education markets .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| i3 Verticals | Chief Revenue Officer | May 2024 – present | Led unified go-to-market under single brand; advanced statewide court system negotiations and multi-market wins across transportation, public safety, ERP, utilities, and education . |
| i3 Verticals | Chief Operating Officer | Nov 2022 – May 2024 | Oversaw operations; PSU grant aligned to multi‑year adjusted diluted EPS growth targets to drive performance over five fiscal years . |
| i3 Verticals | President, Public Sector Division | May 2019 – Nov 2022 | Ran Public Sector vertical following Pace acquisition; built long‑term government relationships and conference engagement footprint . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Pace Payments Systems (subsidiary/formerly independent) | CEO (post-acquisition) | May 2019 – Nov 2022 | Integrated payments operations at i3; leadership continuity post-acquisition . |
| Pace Payments Systems | Chairman & CEO | Oct 2009 – May 2019 | Grew payments platform acquired by i3 Verticals in 2019 . |
| Prime Office Products | Chairman & CEO | May 1999 – Sep 2005 | Led company sold to Staples; demonstrated M&A execution track record . |
Fixed Compensation
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Base Salary ($) | $350,000 | $357,673 |
| Target Bonus (% of salary) | 15% | Not disclosed (no FY2024 bonus paid) |
| Actual Bonus Paid ($) | $17,500 (5% of salary) | $0 |
| All Other Compensation ($) | $4,703.94 (health/401k matching) | $30,964 |
- The FY2023 bonus was discretionary, approved by the Compensation Committee; FY2024 shows no bonus paid for Christians .
Performance Compensation
Equity Incentives (Grants and Structure)
| Award Type | Grant Date | Shares/Units (#) | Grant-date Fair Value ($) | Performance Metric | Vesting Schedule |
|---|---|---|---|---|---|
| RSUs | Nov 16, 2022 | 5,000 | $111,400 | None (time-based) | 4 equal annual installments beginning Nov 16, 2023, subject to continued service . |
| PSUs | Nov 2022 (in connection with COO promotion) | 25,000 | Not shown in FY2023 SCT due to ASC 718 grant accounting | Pro forma adjusted diluted EPS growth (targets increase each year) | Eligible to vest 5,000 shares per fiscal year over five years (FY2023–FY2027); unearned tranches can catch up if later-year targets achieved; requires continued employment . |
| Stock Options | Feb 13, 2023 | 75,000 | $1,115,196 | None (time-based) | Vests in 4 equal annual installments beginning Feb 13, 2024, subject to continued service; exercise price $26.31 . |
| Stock Options | Feb 13, 2024 | 75,000 | $789,563 | None (time-based) | Vests in 4 equal annual installments beginning Feb 13, 2025, subject to continued service; exercise price $19.22 . |
Annual Bonus Mechanics (FY2023)
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Discretionary cash bonus | Not formula-weighted | 15% of FY2023 base salary | Committee paid 5% of salary | $17,500 | Cash (paid for FY2023) |
- PSUs tie directly to adjusted diluted EPS growth, with increasing annual targets and a multi‑year catch‑up provision, reinforcing multi‑year performance alignment .
Equity Ownership & Alignment
| Date (as of) | Beneficial Ownership (Shares) | Ownership (%) of Class A | Breakdown |
|---|---|---|---|
| Dec 27, 2023 | 256,362 | 1.1% | Includes options exercisable within 60 days totaling 255,417 shares . |
| Dec 27, 2024 | 302,195 | 1.3% | Includes 945 Class A shares and options exercisable within 60 days totaling 301,250 shares . |
- Anti‑hedging policy: Section 16 officers are prohibited from hedging or monetization transactions (e.g., collars, swaps) and short‑term speculative trading; standing/limit orders discouraged .
- Pledging: Proxy footnotes disclose pledging by other executives (e.g., Daily, Whitson) but do not disclose any pledges for Christians .
- Ownership increased year over year (256,362 to 302,195), driven largely by options becoming exercisable; this creates material upside leverage to share price appreciation .
Employment Terms
| Provision | Status/Terms |
|---|---|
| Employment agreement / severance | Not party to agreements entitling cash payments upon termination or change in control (no cash severance) . |
| Change-of-control treatment (as of 9/30/2024, assuming $21.31 stock price) | Options accelerate and are cashed out at fair value minus exercise price; RSUs and PSUs accelerate if terminated without cause/for good reason within 12 months post‑CoC or if awards are not assumed; total estimated value $796,050 (Options $156,750; RSUs $106,550; PSUs $532,750) . |
| Death/Disability (as of 9/30/2024) | Options and RSUs accelerate; total estimated $263,300 (Options $156,750; RSUs $106,550) . |
| Prior-year CoC sensitivity (as of 9/30/2023) | Estimated total $634,200 (RSUs $105,700; PSUs $528,500; options underwater at $21.14 not reflected) . |
| Clawback (Recoupment) | Company adopted Dodd‑Frank/Nasdaq‑compliant policy in 2023; mandatory recovery of erroneously awarded incentive compensation upon accounting restatement (no misconduct requirement) . |
| Insider trading / hedging | Prohibits short sales, options, and hedging/monetization transactions for directors and Section 16 officers . |
Vesting Schedules and Key Dates
| Award | Tranche Schedule | Next Key Vest / Condition |
|---|---|---|
| RSUs (5,000 granted 11/16/2022) | 1,250 shares annually over 4 years starting 11/16/2023 (equal installments) | Annual vest each Nov 16 through 2026, subject to continued service . |
| PSUs (25,000 granted FY2022 replacement) | 5,000 shares eligible each fiscal year FY2023–FY2027, subject to adjusted diluted EPS targets and service; unearned tranches can vest in later years if targets met | Annual EPS target testing each fiscal year through FY2027 . |
| Options (75,000 granted 2/13/2023; $26.31 strike) | 18,750 annually starting 2/13/2024 (4-year ratable) | Feb 13 each year through 2027, subject to continued service . |
| Options (75,000 granted 2/13/2024; $19.22 strike) | 18,750 annually starting 2/13/2025 (4-year ratable) | Feb 13 each year through 2028, subject to continued service . |
Execution Highlights
- Christians emphasized a unified brand strategy and deep public sector focus, citing statewide court system negotiations, transportation kiosk rollouts, ERP deployments, utility ePortal wins, and education footprint expansion to new states; he noted strong win rates and margin expansion supported by price escalation provisions .
- He described limited reliance on integration partners (about 1 in 5–6 deals), with stronger coordination in transportation and robust direct relationships across state and municipal clients, supported by extensive conference engagement (300+ annually) .
Investment Implications
- Alignment: Pay mix is equity‑heavy with multi‑year PSUs tied to adjusted diluted EPS growth and sizable option grants; FY2024 total comp was $1.18M with no cash bonus, highlighting at‑risk, performance‑linked design .
- Retention and M&A optionality: No cash severance; equity accelerates on change‑of‑control (double trigger or non‑assumption) with illustrative value of ~$0.8M as of 9/30/2024, which can support retention and deal execution incentives without golden parachute optics .
- Trading signals: Material options becoming exercisable annually each Feb 13 and RSU annual vestings each Nov 16 create predictable liquidity windows; no pledging disclosures for Christians and strict anti‑hedging policy reduce forced‑sale risks .
- Execution risk: Strategy centers on public sector software with large, multi‑year implementations; Christians’ comments point to pipeline strength, multi‑state rollouts, and pricing discipline, but delivery and statewide program timelines remain execution variables .