Michael White
About Michael White
Michael White is Senior Vice President and Chief Accounting Officer (principal accounting and financial officer) at Usio, appointed January 26, 2024, effective February 1, 2024; age 28 as of April 27, 2025, with a B.B.A. in Accounting from Trinity University (2019) . He joined Usio in September 2020 and advanced from Accounting Analyst to Assistant Controller, then VP Controller before his CAO appointment . Company pay-versus-performance shows net income improved to $3.305 million in 2024 from losses in 2023 and 2022, while the value of a $100 TSR investment declined to $54.68 in 2024 versus $100.00 in 2023 and $61.80 in 2022 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Usio, Inc. | Senior VP, Chief Accounting Officer (principal accounting & financial officer) | Appointed Jan 26, 2024; effective Feb 1, 2024 | Oversees principal accounting and financial officer responsibilities; previously led controllership functions |
| Usio, Inc. | VP, Controller | Apr 2022 – Jan 2024 | Led controllership; progressed from Assistant Controller and Accounting Analyst |
| Usio, Inc. | Assistant Controller | Aug 2021 – Apr 2022 | Advanced internal controls and financial reporting |
| Usio, Inc. | Accounting Analyst | Sep 2020 – Aug 2021 | Supported accounting operations and analysis |
| EPIcenter (energy startup) | Accounting Associate | May 2016 – Sep 2020 | First financial employee; implemented automated accounting systems; presented to board; managed audits, taxes, and grant reporting; established compliance and internal control effectiveness |
External Roles
No external directorships or board roles for Michael White are disclosed in the proxy biography .
Fixed Compensation
| Component | FY 2024 Amount | Notes |
|---|---|---|
| Base Salary (approved) | $180,000 | Annual base, effective Feb 1, 2024 |
| Salary (paid) | $177,348 | Reported in Summary Compensation Table |
| Bonus (cash) | $0 | No bonus reported for 2024 |
| All Other Compensation | $17,516 | See breakdown below |
| All Other Compensation Detail (FY 2024) | Amount |
|---|---|
| Matching 401(k) Contributions | $4,431 |
| Life Insurance Premiums | $609 |
| Membership Dues | $0 |
Performance Compensation
| Metric/Instrument | Weighting | Target | Actual/Payout | Grant Date | Vesting |
|---|---|---|---|---|---|
| RSUs (18,000 units) | 100% time-based (continued service) | 3-year service | 18,000 RSUs granted; aggregate 2024 stock awards value for White: $213,900 | Jun 21, 2024 | 3 equal tranches on Jun 21, 2025, 2026, 2027 |
| Restricted Stock (120,000 shares) | 100% time-based (continued service) | 10-year service | 120,000 restricted shares granted | Jun 21, 2024 | Cliff vest in full on Jun 21, 2034; earlier upon change of control |
Notes:
- RSUs vest in equal tranches over 3 years; restricted stock grants are 10-year cliff vesting; upon vesting, shares are issued .
- Footnotes specify earlier vesting upon change of control for these awards .
Equity Ownership & Alignment
| Ownership Component (as of Apr 21, 2025) | Shares/Units | % of Outstanding |
|---|---|---|
| Shares Owned (direct/indirect) | 212,316 | — |
| Shares – Rights to Acquire (within 60 days) | 19,200 | — |
| Total Beneficial Ownership | 231,516 | 0.9% |
| Shares Outstanding Reference | 26,789,191 | — |
| All values per Security Ownership table . |
- Hedging and pledging are prohibited under Usio’s Insider Trading Policy (short sales, margin accounts, pledging, derivatives) .
- One late Section 16(a) form was filed for Michael White in 2024 (disclosure of timeliness) .
- Equity plan context: 2025 Comprehensive Equity Incentive Plan approved by Board (subject to stockholder approval), with share-based award types and change-in-control provisions; see plan summary for broader governance and potential dilution considerations .
Employment Terms
- Appointment and role: Appointed SVP, Chief Accounting Officer and principal accounting & financial officer on Jan 26, 2024; effective Feb 1, 2024 .
- Compensation eligibility: Eligible for equity incentive programs and annual bonus plans, plus standard employee benefits .
- Severance and change-of-control: Proxy states only CEO (Hoch) and EVP (Carter) have employment agreements providing severance/change-in-control payments; no such payments are provided to other Named Executive Officers (including Michael White) .
- Clawback policy: Adopted in compliance with Dodd-Frank, Exchange Act Rule 10D-1, and Nasdaq Listing Rule 5608, effective Nov 6, 2023 .
Vesting Schedules and Potential Selling Pressure
| Award | Quantity | Vest Dates | Notes |
|---|---|---|---|
| RSUs | 18,000 | 6,000 on Jun 21, 2025; 6,000 on Jun 21, 2026; 6,000 on Jun 21, 2027 | Time-based; equal tranches |
| Restricted Stock | 120,000 | Cliff on Jun 21, 2034 | Earlier vesting upon change of control |
Policy constraints (no hedging/pledging) limit leverage-based selling pressure; however, RSU tranches create periodic issuance that can translate to potential sales depending on personal liquidity and tax withholding practices .
Compensation Structure Analysis
- Mix is heavily time-based equity (10-year cliff restricted stock and 3-year RSUs), emphasizing retention rather than near-term performance linkage for Michael White’s 2024 grants .
- No cash bonus disclosed for 2024; base salary set at $180,000 effective Feb 1, 2024; actual salary paid $177,348 .
- Company-wide philosophy: Compensation Committee (independent directors) balances corporate/individual performance goals with strategic objectives; NEO pay includes salary, restricted stock, stock options, and potential bonuses (company level framing) .
Performance & Track Record
- Company Pay vs Performance: Net income $3,305k (2024) vs $(475)k (2023) and $(5,483)k (2022) .
- TSR value of $100 investment: $54.68 (2024), $100.00 (2023), $61.80 (2022) .
- Michael White’s biography highlights prior process improvements and internal control effectiveness at EPIcenter and progressive financial leadership at Usio .
Compensation Committee & Governance
- Compensation determined by the Compensation Committee (independent directors), administering incentive plans and equity grants per a written charter .
- Insider Trading Policy with strict prohibitions on hedging/pledging; Section 16(a) compliance noted with a single late form for Michael White in 2024 .
Investment Implications
- Alignment: Meaningful equity ownership (0.9%) and long-dated cliff vesting create retention incentives but limited near-term performance linkage for Michael White’s awards; no pledging permitted reduces alignment risk .
- Selling pressure: Near-term RSU tranches (6k per year in 2025–2027) may create episodic supply; tax withholding practices for executives have been used at Usio for other officers and could be relevant upon vesting events .
- Change-of-control economics: No cash severance/CoC payments for Michael White, but equity awards specify earlier vesting upon change of control, balancing retention with potential dilution considerations under broader plan features .
- Execution risk: One late Section 16 filing is a minor governance blemish; overall, compensation oversight by independent committee and clawback adoption mitigate governance risk. Company fundamentals show improved net income in 2024 while TSR declined, suggesting macro/market headwinds relative to operating progress, an important context for evaluating pay-for-performance alignment going forward .