Form 4: i3 Verticals GC Vests 15,000 Shares on EPS Targets

i3 Verticals' General Counsel, Paul Maple, acquired 15,000 shares of Class A common stock following the vesting of performance-based restricted stock units due to achieved EPS targets.

Summary

• Paul Maple, General Counsel and Secretary of i3 Verticals, Inc. (IIIV), acquired 15,000 shares of Class A common stock.
• The acquisition occurred on November 14, 2025, and was a result of the vesting of performance-based restricted stock units (RSUs).
• The vesting was triggered by the achievement of specific adjusted diluted earnings per share (EPS) targets, as determined by the Compensation Committee of the Board of Directors.
• These performance-based RSUs were originally granted on September 2, 2022.
• Following this transaction, Paul Maple directly beneficially owns 48,269 shares of Class A common stock.
• An additional 10,000 performance-based restricted stock units remain eligible to vest in respect of performance for future fiscal years.

Sentiment

Score: 8

Explanation: The vesting of performance-based restricted stock units signifies the achievement of specific adjusted diluted earnings per share targets, indicating strong company performance and effective executive incentive alignment.

Positives

• The achievement of adjusted diluted earnings per share targets indicates strong financial performance by i3 Verticals, Inc.
• The vesting of performance-based restricted stock units demonstrates effective alignment of executive compensation with company performance and shareholder interests.

Future Outlook

An additional 10,000 performance-based restricted stock units remain eligible to vest for future fiscal years, contingent on the achievement of future performance targets.

Management Comments

• The Compensation Committee of the Board of Directors determined that adjusted diluted earnings per share targets were achieved as of November 14, 2025.

Industry Context

This transaction reflects a common practice in the financial technology and payment processing industry, where companies like i3 Verticals utilize performance-based equity compensation to incentivize executives. Such vesting events, tied to specific financial metrics, are standard mechanisms for aligning management's interests with long-term shareholder value creation.

Comparison to Industry Standards

• Performance-based restricted stock units are a prevalent compensation tool across the technology and financial services sectors, similar to practices at companies like Fiserv, Global Payments, and Block (formerly Square).
• The successful vesting of these units, based on achieving adjusted diluted EPS targets, indicates strong operational execution, comparable to industry leaders who consistently meet or exceed their financial objectives.
• This aligns i3 Verticals' executive compensation structure with best practices observed in high-growth, performance-driven companies within its peer group.

Corporate Governance

Stakeholder Impact

• Shareholders: Positive, as the vesting indicates the achievement of financial performance targets (EPS), which can contribute to increased shareholder value and confidence.
• Employees (specifically Paul Maple): Positive, as he received equity compensation for achieving performance goals, aligning his interests with the company's success.

Next Steps

• Continued eligibility for 10,000 performance-based restricted stock units to vest in future fiscal years, contingent on future performance.

Key Dates

Recommendation

The vesting of performance-based restricted stock units for a key executive, triggered by the achievement of adjusted diluted earnings per share targets, indicates solid operational performance by i3 Verticals. This event, while positive, is a routine compensation matter and typically warrants a 'hold' recommendation unless combined with other significant financial or strategic news. It reinforces confidence in management's ability to meet financial goals.

Keywords

i3 Verticals, IIIV, Paul Maple, Form 4, Insider Transaction, Restricted Stock Units, Performance Vesting, Executive Compensation, Class A Common Stock, Earnings Per Share Targets