Dennis L. Triplett
About Dennis L. Triplett
Dennis L. Triplett (age 78) is an independent director of Paysign, Inc., serving since May 2018. He previously led UMB Bank’s Healthcare Services division as CEO (Mar 2004–Apr 2015) and Chairman (Apr 2015–Mar 2017), founding what became the fifth-largest HSA custodian in the U.S. ($2.6B assets; >1.25M accounts). He has 35+ years in banking, extensive credit/debit card expertise, and holds an MBA from the University of Missouri .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| UMB Bank, N.A. – Healthcare Services | CEO | Mar 2004–Apr 2015 | Founded HSA division; scaled to 5th-largest custodian with $2.6B assets and >1.25M accounts . |
| UMB Bank, N.A. – Healthcare Services | Chairman | Apr 2015–Mar 2017 | Oversight of healthcare payments solutions and strategic growth . |
| UMB Bank, N.A. | Product Development (Medical Savings Account) | Late 1990s | Developed card products supporting HSAs, FSAs, HRAs . |
| Various Midwestern banks | President & CEO | Not disclosed | Led banking operations; credit/debit card experience . |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Employers Council on Flexible Compensation (ECFC) | Chair | 2007–2014 | Industry leadership on consumer-directed benefits . |
| ABA HSA Council | Founding Board Member | Not disclosed | HSA policy and industry standards . |
| AHIP HSA Leadership Council | Chair | 2009–2013 | National health policy engagement on HSAs . |
| Greater Kansas City Crime Commission | Board Member | Since 2011 | Civic service . |
| Community for Coaches | Chairperson | Since 2016 | Non-profit leadership . |
| UMB Healthcare Services Strategic Advisory Council | Member | Since 2016 | Advisory role . |
Board Governance
- Independence: The Board determined Triplett is independent under Nasdaq rules; he meets audit committee independence standards (Rule 10A-3) and serves as an independent member of the Nominating Committee .
- Committees and roles (2024 activity):
- Audit Committee: Member; met 4 times .
- Nominating & Corporate Governance Committee: Member; met 4 times .
- Compensation Committee: Not a member; committee met 5 times .
- Attendance: The Board met 4 times in 2024; each director attended at least 75% of Board and applicable committee meetings; all directors attended the 2024 annual meeting .
- Executive sessions: Non-management directors meet periodically without management; sessions chaired by the Chairman .
- 2025 election outcome (signal of support):
- Dennis L. Triplett received 31,859,748 “For”, 608,872 “Withheld”, and 626,676 broker non-votes in the May 7, 2025 annual meeting .
- Say-on-pay and frequency (signal of governance alignment):
- Say-on-pay 2025: For 31,789,535; Against 447,549; Abstain 231,536; broker non-votes 626,676 .
- Frequency: “3 Years” received 21,528,943 votes vs “1 Year” 10,274,223; “2 Years” 389,637; Abstain 275,817; broker non-votes 626,676; Board opted triennial to reflect shareholder preference .
Fixed Compensation
| Year | Annual Retainer (Cash) $ | Restricted Stock Awards $ | Option Awards $ | Non-Equity Incentive $ | Total $ |
|---|---|---|---|---|---|
| 2024 | 21,000 | 84,600 | – | – | 105,600 |
| 2023 | 21,000 | 104,200 | – | – | 125,200 |
- Independent directors receive $21,000 annual cash fees; travel expenses reimbursed .
Performance Compensation
- No performance-based director metrics or incentive plans disclosed; director awards are time-based restricted stock; no options or non-equity incentive compensation for directors in 2023–2024 .
Other Directorships & Interlocks
- Current public company boards: None disclosed for Triplett .
- Prior public company boards: Not disclosed .
- Private/non-profit/academic boards: Listed in External Roles above .
- Interlocks/conflicts: No related-party transactions with directors reported for 2023–2024; Audit Committee oversees related-party reviews .
Expertise & Qualifications
- Core expertise: Consumer-directed healthcare payments, HSA custody, banking operations, card products; 35+ years in banking .
- Education: MBA, University of Missouri; graduate of several banking schools .
- Industry leadership: ECFC Chair (2007–2014); AHIP HSA Leadership Council Chair (2009–2013); ABA HSA Council founding board member .
Equity Ownership
| As-of Date | Beneficial Ownership (Shares) | Percent of Class | Options/RSUs Exercisable or Issuable Within 60 Days |
|---|---|---|---|
| Mar 19, 2025 | 230,000 | <1% (“*” per proxy) | 0 |
| Mar 22, 2024 | 210,000 | <1% (“*” per proxy) | 0 |
- Section 16 compliance: No late Form 4 filings reported for Triplett in 2023 or 2024; late filers named did not include Triplett .
- Anti-hedging: Company discourages hedging/monetization transactions; subject to Insider Trading Policy .
Governance Assessment
- Strengths: Independent status with dual committee service (Audit; Nominating), consistent meeting participation, and strong shareholder support in 2025 election; no related-party transactions disclosed; presence of an SEC/Nasdaq-compliant clawback policy adopted in 2023 .
- Alignment: Holds 230,000 shares (<1% of class), suggesting equity exposure; director compensation includes equity grants alongside modest cash retainer .
- Process & oversight: Audit Committee role includes related-party reviews; Board maintains independent committees and codified ethics/insider trading policies .
- Shareholder signals: Triennial say-on-pay frequency strongly supported by holders; say-on-pay passed comfortably in 2025 .
- RED FLAGS: None disclosed regarding related-party transactions, legal proceedings, or attendance shortfalls; potential governance gap—no formal anti-hedging policy (company discourages rather than prohibits) .