Christopher Hunt
About Christopher Hunt
Christopher Hunt, 49, is Chief Operating Officer (COO) of International Money Express (Intermex/IMXI). He joined Intermex in March 2021 as Chief Information Officer and has served as COO since 2023; he holds a B.S. in Business Management (Decision Information Sciences) from the University of Florida . Company performance measures most tied to executive pay include Adjusted EBITDA and Adjusted EPS: in 2024, Intermex delivered Adjusted EBITDA of $121.3 million versus a $125.8 million target (driving partial bonus payout), and the stock’s TSR proxy tracker stood at 173 (from a $100 base) for 2024, with Non-PEO NEO pay linked primarily to Adjusted EBITDA and cumulative Adjusted EPS via PSUs .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Intermex (IMXI) | Chief Operating Officer | 2023–present | Oversight of operations, organizational changes, digital product development, IT/cybersecurity, and HR operations; individual goal achievement averaged 113.2% in 2024 . |
| Intermex (IMXI) | Chief Information Officer | 2021–2023 | Led IT strategy prior to appointment as acting COO in Jan 2023 (regulatory approval then permanent) . |
| Bankers Healthcare Group | Chief Technology Officer | 2013–2021 | Led technology for a financial services firm . |
| Trulite Glass & Aluminum Solutions | IT Director | 2011–2013 | Managed IT functions . |
| BankAtlantic | Systems Development Group management roles | 2005–2011 | Increasing responsibility across product development, compliance, cybersecurity . |
Fixed Compensation
| Item | 2022 | 2023 | 2024 |
|---|---|---|---|
| Salary paid ($) | 329,000 | 350,000 | 406,250 |
| Base salary rate changes | — | Base $350,000 | Increased to $400,000 effective 1/1/2024 and to $475,000 effective 12/1/2024 |
| Target annual bonus (% of base) | 40% (plan baseline) | 50% (effective 1/1/2023) | 50% |
| Actual annual cash bonus paid ($) | 157,300 | 161,875 | 157,075 |
Notes:
- 2024 annual salary rate escalated mid-year; Salary “paid” reflects proration and timing .
Performance Compensation
2024 Annual Incentive Plan (AIP)
| Metric | Weight | Target ($) | Actual ($) | Mechanics |
|---|---|---|---|---|
| Adjusted EBITDA | 75% | 150,000 | 100,500 | Quarterly binary payouts plus full-year true-up; full-year performance was $121.3m vs $125.8m target; 67% payout for full-year EBITDA component . |
| Individual Objectives | 25% | 50,000 | 56,575 | Quarterly measured; Hunt averaged 113.2% of target for individual objectives . |
| Total | 100% | 200,000 | 157,075 | Paid per plan structure . |
Additional 2024 plan detail:
- Quarterly EBITDA achievements: Q1 100%, Q2 94%, Q3 101%, Q4 91% (binary quarterly payouts), full-year EBITDA payout at 67% of target .
Long-Term Incentive (LTI) Program
| Award | Grant date | Shares/Target | Grant-date fair value ($) | Vesting/Performance |
|---|---|---|---|---|
| RSU | 2/15/2024 | 16,455 | 350,000 | Time-based; generally vests 25% annually beginning one year from grant (expected anniversaries 2/15/2025–2028), subject to continued service . |
| PSU (Adj. EPS) | 3/1/2024 | 18,163 target | 350,000 | Three-year cumulative Adjusted EPS; payout 50–200% of target after performance period; service through 3 years required . |
| RSU | 3/4/2021 | 1,765 remaining unvested at 12/31/2024 | — | Time-based, 4 annual installments from grant . |
| RSU | 2/28/2022 | 4,670 remaining unvested at 12/31/2024 | — | Time-based, 4 annual installments from grant . |
| RSU | 3/3/2023 | 6,932 remaining unvested at 12/31/2024 | — | Time-based, 4 annual installments from grant . |
| PSU (Adj. EPS) | 3/3/2023 | 9,241 target unearned at 12/31/2024 | — | Three-year cumulative Adjusted EPS; 50–200% payout . |
PSU precedent (achievement of 2022 grant):
- 2022 PSUs paid at 125.7% of target based on two-year cumulative Adjusted EPS of ~3.75; Hunt earned 8,790 shares vs 6,993 target, with vesting after the 3-year service period (through end of 2024) .
Change-in-control treatment (standard form under 2020 Plan):
- If awards are assumed, PSUs convert to RSUs at target or based on performance through the transaction; RSUs then follow RSU rules (double-trigger acceleration on qualifying termination within 2 years). If awards are not assumed, full acceleration at closing (single trigger) .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial ownership | 27,537 shares as of April 21, 2025; “<1%” of outstanding (30,127,597 shares) . |
| Unvested equity at 12/31/2024 | RSUs: 43,742 shares excluded from beneficial ownership; PSUs: 27,404 target shares excluded (deliverable within 30 days after vesting) . |
| Outstanding awards detail | Unvested RSUs: 1,765 (2021), 4,670 (2022), 6,932 (2023), 16,455 (2024); unearned PSUs: 9,241 (2023), 18,163 (2024 target) . |
| Options | None outstanding for Hunt; company has de-emphasized options, using full-value awards (RSAs/RSUs/PSUs) . |
| Stock ownership guidelines | Other Executive Officers: 2x base salary; as of 12/31/2024, all NEOs (including Hunt) were in compliance by holdings or 50% retention requirement . |
| Hedging/pledging | Prohibited: short sales, derivatives, hedging/monetizations, pledging, margin accounts for executives/directors per policy (filed with 10-K) . |
| 2024 vesting flow | 15,200 shares vested to Hunt in 2024 (value realized $277,293) . |
| Section 16 compliance | One late Form 4 filing for Hunt (and select NEOs) in 2024 . |
Vesting cadence (supply considerations):
- RSUs generally vest 25% annually beginning one year after grant; for 2024 grants, expected vest dates are on/around 2/15/2025 and 3/1/2025 for first tranches, then annually through the fourth anniversary, subject to rounding and continued employment .
Employment Terms
| Provision | Summary (Hunt Employment Agreement) |
|---|---|
| Role and agreement dates | Employment Agreement dated March 1, 2021 (as CIO), amended April 20, 2023 to COO; base salary increased to $475,000 effective Dec 1, 2024; target bonus increased to 50% effective Jan 1, 2023 . |
| Restrictive covenants | Non-solicit (customers/employees) during employment and 3 years post-employment; non-compete during employment and 9 months post-employment; confidentiality indefinite; non-disparagement perpetual . |
| Severance (no cause/good reason) | Cash severance equals continuation of base salary for 9 months; 12/31/2024 illustrative scenario shows $593,750 Cash Severance and $128,327 value of equity vesting, totaling $722,077 (company year-end price $20.83 used to value equity) . |
| CIC treatment | If awards assumed and terminated without cause within 2 years post-CIC, full equity acceleration; if not assumed, full acceleration at closing; PSUs convert to RSUs at target or based on performance through CIC . |
| Potential payments (12/31/2024 scenarios) | - Termination w/o cause or good reason: Cash $593,750; equity vest value $128,327; total $722,077 .<br>- Termination w/o cause prior to 2nd anniversary of a CIC (awards assumed): Cash $593,750; equity vest value $1,200,752; total $1,794,502 .<br>- CIC (awards not assumed): Equity acceleration value $1,200,752 . |
Merger-related retention program (August 2025):
- The Compensation Committee adopted a Retention Bonus Program tied to the pending Western Union merger; Hunt’s retention bonus is $475,000, payable 50% at closing and 50% six months later (or paid at a specified “Retention Date” if no closing), subject to continued employment or qualifying termination; award agreements deem existing employment agreements terminated at closing (restrictive covenants survive) and waive “good reason” claims due to termination of those agreements .
Option Exercises and Stock Vested in 2024
| Item | Shares | Value realized ($) |
|---|---|---|
| Options exercised | — | — |
| Stock awards vested | 15,200 | 277,293 |
Performance & Track Record (pay-relevant)
- Annual bonus linkage: 2024 full-year Adjusted EBITDA of $121.3m vs $125.8m target led to a 67% payout on the EBITDA component; Hunt’s individual objectives paid above target, averaging 113.2% across 2024, producing a total AIP of $157,075 vs $200,000 target .
- LTI performance: 2022 PSUs paid at 125.7% of target (Hunt: 8,790 shares vs 6,993 target) on cumulative Adjusted EPS performance, reinforcing the link between longer-term earnings power and equity payouts .
- Company pay-versus-performance context: 2024 TSR proxy tracker at 173; Net income $58.8m; Adjusted EBITDA $121.3m, which the Compensation Committee views as the most important driver of NEO pay outcomes in 2024 .
Compensation Structure Analysis (signals)
- Mix tilts to at-risk pay: AIP weighted to Adjusted EBITDA (75%) plus quarterly/annual mechanics; LTI split 50% RSUs (retention) and 50% PSUs (3-year cumulative Adjusted EPS), consistent with market practice and reinforcing long-term value creation .
- Equity cadence and dilution control: Emphasis on full-value awards (RSUs/PSUs) rather than options, limiting overhang; Hunt has no options outstanding .
- Policy safeguards: SEC/Nasdaq-compliant clawback (2023); strict anti-hedging/anti-pledging; stock ownership guidelines (2x base for officers) with confirmed compliance as of 12/31/2024 .
Risk Indicators & Red Flags
- Hedging/pledging risk: Mitigated by explicit prohibitions (short sales, derivatives, pledging, margin) .
- Severance economics: Modest relative to market (9-month salary continuation); equity acceleration under CIC follows standard single/double-trigger rules depending on award assumption, limiting windfall risk absent CIC or termination .
- Form 4 timeliness: One late Form 4 for Hunt in 2024 (administrative), not indicative of trading risk by itself .
- Related-party transactions: None disclosed for Hunt under Item 404(a) at appointment; no family relationships; no arrangements regarding selection as officer .
Equity Ownership & Vesting Pressure (next 12–24 months)
- RSU tranches from 2024 grants begin vesting on 2/15/2025 and 3/1/2025 (25% annually thereafter), contributing to predictable sell-to-cover flows; 2023 and 2022 RSUs continue to vest annually on grant anniversaries (subject to continued service) .
- PSU overhang: 2023 and 2024 tranches will settle post three-year performance periods based on cumulative Adjusted EPS (50–200%), creating performance-tied equity supply/realization risks aligned with earnings delivery .
Employment Terms (Covenants and Retention)
- Non-compete (9 months), non-solicit (3 years), and perpetual confidentiality/non-disparagement strengthen post-employment protections; standard severance framework likely reduces opportunistic departures .
- 2025 merger retention bonus ($475,000) directly addresses near-term retention risk through and after closing, while superseding prior employment agreements at closing (restrictive covenants preserved) .
Investment Implications
- Alignment: Hunt’s pay is highly performance-linked—AIP to Adjusted EBITDA and LTI to multi-year Adjusted EPS—while strict ownership and trading policies align incentives with shareholders and reduce hedging/pledging risk .
- Retention and execution: Four-year RSU vesting and three-year PSU cycles create meaningful retention hooks; the additional $475,000 merger retention award further stabilizes leadership continuity through a pivotal transaction process .
- Supply/liquidity: Regular RSU vesting dates (starting 2/15/2025 and 3/1/2025 for 2024 grants) can create periodic sell-to-cover activity; PSU settlements are performance-contingent, aligning potential equity realizations with longer-term earnings outcomes .
- Downside risk controls: Modest severance (9 months) outside of CIC and standardized CIC treatment constrain unearned windfalls; clawback adoption adds further downside governance protections .