Christopher McKay
About Christopher McKay
Christopher McKay, age 48, is OppFi’s Chief Risk and Analytics Officer, a role he has held since June 2013; he previously served as Senior Director, Partnership Analytics at Capital One and held various risk leadership roles at HSBC, most recently Director, Risk. He holds a B.S. in Industrial Engineering and Operations Research from UC Berkeley, and is one of three named executive officers in 2024. OppFi’s proxy does not disclose McKay-specific TSR or revenue/EBITDA performance linkages beyond the bonus framework; in 2024, senior leadership bonuses paid out at 127% of target based on financial metrics (75% weight) and individual performance (25%).
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Capital One | Senior Director, Partnership Analytics | Apr 2012–Jun 2013 | Analytics leadership for partner programs; commercial impact via portfolio insights |
| HSBC | Director, Risk (and prior roles) | Not disclosed | Enterprise risk leadership; credit and operational risk management experience |
External Roles
- Not disclosed in the proxy for Mr. McKay.
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Salary ($) | $337,963 | $345,625 |
| Stock Awards ($) | — | $323,465 |
| Non-Equity Incentive Plan Awards ($) | $196,650 | $263,218 |
| All Other Compensation ($) | $35,451 | $29,341 |
| Total Compensation ($) | $570,064 | $961,649 |
Notes:
- All Other Compensation includes employer contributions to 401(k), insurance premiums, HSA matching and recognition awards.
- OppFi maintains a 401(k) with matching up to 4% and semi-annual HSA contributions ($125 individual; $250 family).
Performance Compensation
| Component | Metric | Weighting | Target | Actual/Payout | Vesting |
|---|---|---|---|---|---|
| Annual Bonus (2024) | Financial metrics (specifics not disclosed) | 75% | Threshold 85%; Cap 200% | Overall payout approved at 127% of target; McKay paid $263,218 | Cash (annual) |
| Annual Bonus (2024) | Individual performance | 25% | Not disclosed | Included in overall 127% payout | Cash (annual) |
Equity incentive framework:
- RSUs to executive officers generally vest over three years (25% at grant, remaining 75% quarterly over 36 months for grants on/after Apr 1, 2024); pre-2024 RSUs vest 25% at year 1 then quarterly over 36 months.
- PSUs generally vest over four years, subject to specified performance targets (not detailed in proxy).
Vesting Schedules and Insider Selling Pressure
| Instrument | Grant/Terms | Quantity (as of 12/31/24) | Strike | Expiration | Upcoming Vesting |
|---|---|---|---|---|---|
| Stock Options (Plan 7/21/2021) | Time-based | 203,125 exercisable; 46,875 unexercisable | $10.45 | 7/21/2031 | 31,250 vested 1/21/2025; 31,250 vested 4/21/2025; remainder vests 7/21/2025 |
| Stock Options (Plan 7/21/2021) | Time-based | 203,125 exercisable; 46,875 unexercisable | $20.00 | 7/21/2031 | Same schedule as above |
| RSUs (10/1/2021; 4/1/2024) + LTIP Shares (2022 award) | Time-based and performance-based | 105,053 unvested units | N/A | N/A | 11,937 RSUs vested 1/1/2025; 1,463 LTIP vested 2/3/2025; 11,938 RSUs vested 4/1/2025; remaining LTIP and RSUs vest quarterly May 2025–May 2026 (LTIP) and Jul 2025–Apr 2027 (RSUs) |
Signals:
- Large quarterly RSU/LTIP cadence through 2026–2027 can create periodic insider selling windows; OppFi’s insider trading policy governs timing.
Equity Ownership & Alignment
| Category | Amount | Notes |
|---|---|---|
| Total Beneficial Ownership (shares) | 1,978,543 | Includes Class V and Class A holdings; 2.3% of outstanding common stock |
| Ownership (% of outstanding) | 2.3% | As of record date April 14, 2025 |
| Class V Voting Stock (via OppFi Units through OFMH) | 1,451,489 | Exchangeable into Class A; reflects retained OppFi Units |
| Class A Common Stock | 56,840 | Direct ownership |
| Options – Exercisable | 437,500 | Fully vested as of record date; additional 31,250 vest within 60 days |
| Options – Vesting within 60 days | 31,250 | Short-term incremental exercisability |
| PSUs – Vesting within 60 days | 1,464 | Short-term vesting of performance-based units |
| Anti-Hedging Policy | Prohibits hedging, options/derivatives, monetization | Applies to all directors, officers, employees |
| Pledging of Shares | Not disclosed | No pledging disclosure in proxy |
Employment Terms
| Term | Disclosure |
|---|---|
| Employment Agreement | Not currently party to an employment agreement with the Company |
| Start Date in Current Role | June 2013 (OppFi and OppFi-LLC) |
| Severance | No severance provisions disclosed for McKay (agreement exists only for CFO) |
| Change-of-Control Economics | Not disclosed at the executive-specific level for McKay |
| Non-Compete/Non-Solicit | Not disclosed for McKay |
| Clawback | Not disclosed; Company maintains governance policies (Code of Ethics) |
| Insider Trading | Policy in place; trading windows and compliance referenced |
Related party note:
- McKay’s daughter was an OppFi employee; 2024 compensation did not exceed $120,000; 2023 compensation was approximately $133,000; arrangements consistent with peers.
Governance Context (Compensation Committee and EGC status)
- As an emerging growth company and smaller reporting company, OppFi uses scaled executive compensation disclosures and is not required to hold a Say-on-Pay vote.
- Compensation Committee engaged Frederic W. Cook & Co. as independent consultant; committee met four times in 2024.
Investment Implications
- Alignment: McKay’s 2.3% beneficial ownership, including substantial Class V units, and a meaningful equity grant cadence indicate strong “skin in the game,” further reinforced by anti-hedging restrictions. Near-term vesting of options (July 2025 milestone) and quarterly RSUs/LTIPs through 2027 can create periodic supply but also maintain retention through continued vesting.
- Pay-for-performance: 2024 bonus paid at 127% of target under a framework weighting financial metrics (75%) and individual performance (25%), signaling above-target execution in the year (specific financial metrics not disclosed). Equity awards (RSUs/PSUs) are multi-year and performance/time-based, aligning longer-term risk management outcomes with shareholder value.
- Retention and flexibility: Absence of an employment agreement and undisclosed severance/change-of-control terms for McKay reduce contractual lock-ins (lower fixed costs for shareholders) but place more emphasis on equity and ongoing vesting for retention. Monitoring vest calendars and Form 4 filings is prudent for gauging insider selling pressure around quarterly vest dates.
- Governance watchlist: Minor related party transaction (daughter employment) appears immaterial and consistent with peer compensation; broader “controlled company” governance structure persists at OppFi, which may affect committee independence composition, though Audit Committee independence standards are met.