David Brainard
EverQuoteAbout David Brainard
David Brainard, 53, is EverQuote’s Chief Technology Officer (CTO) since January 2021, after serving as Head of Engineering starting in December 2019. He holds a B.A. from Wayne State University and an M.A. from Boston University, with prior engineering leadership roles at Wayfair, Liberty Mutual, Bank of America, IBM, and BMC Software . Company performance during his tenure turned materially positive in 2024, with strong revenue recovery, return to profitability, and higher adjusted EBITDA, while TSR improved vs 2023.
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Revenue ($USD Thousands) | $404,127 | $287,921 | $500,190 |
| Net Income (Loss) ($USD Thousands) | $(24,416) | $(51,287) | $32,169 |
| Adjusted EBITDA ($USD Thousands) | $5,934 | $461 | $58,215 |
| TSR – Value of $100 Investment | $39.46 | $32.77 | $53.52 |
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| EverQuote | Head of Engineering | Dec 2019–Jan 2021 | Led engineering ahead of promotion to CTO |
| EverQuote | Chief Technology Officer | Jan 2021–Present | Oversees technology platform powering insurance marketplace |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Wayfair | Head of Ad Tech Systems | Jun 2019–Dec 2019 | Led advertising technology systems |
| Liberty Mutual | Led Voluntary Benefits Engineering | Mar 2016–May 2019 | Built/led engineering for voluntary benefits |
| Bank of America | Architecture Leader | 2010–2016 | Enterprise architecture leadership |
| IBM | Principal Consultant, Global Integration Group | Prior to 2010 | Consulting across integration projects |
| BMC Software | Manager and Architect | Prior to 2010 | Product/architecture leadership |
Fixed Compensation
| Year | Base Salary ($) | Special One-time Bonus ($) | Target Bonus ($) |
|---|---|---|---|
| 2024 | $406,000 | $100,000 | $300,000 (Executive bonus plan target per offer letter) |
| 2023 | $330,000 | — | $280,000 (Executive bonus plan target per 2024 proxy) |
| Current (as disclosed) | $435,000 | — | $300,000 |
Notes:
- 2024 fixed comp includes a special $100,000 one-time bonus tied to a specified 2024 performance goal .
- Current salary and target bonus per employment letter; annual base salary adjustments occurred after FY 2024 .
Performance Compensation
Cash Incentive Plan
| Year | Metric (as disclosed) | Target ($) | Actual Payout ($) | Vesting |
|---|---|---|---|---|
| 2024 | Executive bonus plan (specific metrics not disclosed) | $300,000 | $420,000 | N/A |
| 2023 | Executive bonus plan (specific metrics not disclosed) | $280,000 | $46,875 | N/A |
Equity Awards
Select outstanding equity awards at FY 2024 year-end (counts and market value at 12/31/2024; market price $19.99/share used by company):
| Grant Type | Grant Date | Unvested Units/Shares (#) | Market Value ($) | Vesting Schedule |
|---|---|---|---|---|
| RSU | 2/23/2021 | 1,859 | $37,161 | Equal quarterly over 4 years from 2/15/2021 |
| RSU | 2/11/2022 | 3,959 | $79,140 | Equal quarterly over 4 years from 1/1/2022 |
| RSU | 2/17/2023 | 33,750 | $674,663 | Equal quarterly over 4 years from 1/1/2023 |
| RSU | 7/24/2023 | 27,500 | $549,725 | Equal quarterly over 4 years from 8/20/2023 |
| RSU | 2/12/2024 | 44,358 | $890,315 | Equal quarterly over 4 years from 1/1/2024 |
Key option awards (unexercisable at 12/31/2024):
| Grant Date | Strike ($) | Expiration | Unexercisable Options (#) | Vesting |
|---|---|---|---|---|
| 6/28/2022 | $9.41 | 6/7/2032 | 9,375 | Equal quarterly over 4 years from 5/20/2022 |
| 10/24/2022 | $5.54 | 10/23/2032 | 10,000 | Equal quarterly over 2 years from 11/20/2024 |
| 7/24/2023 | $7.10 | 7/23/2033 | 6,875 | Equal quarterly over 4 years from 8/20/2023 |
| 7/24/2023 | $7.10 | 7/23/2033 | 9,515 | Equal quarterly over 2 years from 8/20/2023 |
Equity Ownership & Alignment
| Category | Detail |
|---|---|
| Total beneficial ownership | 15,310 shares Class A (less than 1% of outstanding) |
| Breakdown (within 60 days of 4/8/2025) | 6,201 shares Class A owned; 2,500 RSUs vesting; 6,609 options exercisable |
| Shares outstanding (record date) | 32,552,265 Class A; 3,604,278 Class B |
| Ownership guidelines | NEOs must hold ≥1x base salary; CEO 5x; Directors 3x; five-year compliance period; individuals “currently compliant” subject to phase-in (as of 2022) |
| Hedging/derivatives | Prohibited for employees and directors under insider trading policy |
| Clawback | Executive compensation recovery policy compliant with Nasdaq/SEC, applies to incentive comp on/after Oct 2, 2023 |
| Pledging | No pledging disclosure; anti-hedging policy addresses derivatives but not pledging |
Employment Terms
- Start date and role: Offer letter dated Nov 8, 2019; employment began Dec 9, 2019; now CTO .
- Current compensation eligibility: Base salary $435,000; discretionary annual target bonus $300,000 .
- Restrictive covenants: Confidentiality in perpetuity; non-solicit of employees/customers 24 months; non-compete 12 months post-termination .
- Severance plan: Executive Severance Plan effective Nov 5, 2023 .
- Anti-hedging and clawback policies: Company-wide; see above .
- Retirement and benefits: 401(k) with 2% match; standard employee benefits and limited perquisites (e.g., company-paid parking above tax-deductible amounts) .
Change-of-Control Economics (Hypothetical as of 12/31/2024)
| Item | Amount ($) |
|---|---|
| Severance Payments (12 months base) | $406,000 |
| Bonus Payments (1x Target) | $406,000 |
| Welfare Benefits Continuation | $31,044 |
| Additional Vested Equity Awards (accelerated) | $2,094,546 |
Other Qualifying Termination (No Change-of-Control)
| Item | Amount ($) |
|---|---|
| Severance Payments (6 months base) | $203,000 |
| Welfare Benefits Continuation | $15,522 |
| Additional Vested Equity Awards (accelerated; excludes out-of-the-money options) | $622,751 |
Investment Implications
- Pay-for-performance alignment: 2024 non-equity incentive payout ($420k) exceeded target amid a sharp rebound in revenue and profitability; equity is primarily in time-vested RSUs with scheduled quarterly vesting, promoting retention but fewer explicit performance ties vs PSUs granted to the CEO/CFO .
- Retention and selling pressure: Upcoming quarterly RSU vesting and options becoming exercisable (6,609 within 60 days of 4/8/2025) may create routine liquidity windows; adoption of 10b5-1 plans is permitted but not disclosed for Brainard .
- Change-of-control protections: Double-trigger-style tables show standard 12-month salary and target bonus multiples, and full acceleration of unvested equity upon qualifying CoC termination—balanced economics without disclosed tax gross-ups .
- Governance and alignment: Company-wide anti-hedging and clawback policies reduce misalignment risk; stock ownership guidelines require NEOs to hold ≥1x salary with five-year compliance period, supporting long-term alignment (as of 2022, compliance noted) .
- Execution track record context: Company’s FY 2024 revenue recovery (+73.7% y/y) and return to net income, with adjusted EBITDA expanding to $58.2M, indicate improved operational execution in the CTO’s domain supporting marketplace scaling; TSR improved vs 2023 but remains below 2022 levels, signaling recovery but continued sensitivity to insurance industry cycles .