Joseph Sanborn
EverQuoteAbout Joseph Sanborn
Joseph Sanborn, 55, is EverQuote’s Chief Financial Officer and Treasurer, appointed June 16, 2023, after joining the company in 2019 and serving in strategy and finance leadership roles . He holds an M.P.P. from Harvard University and a B.S. in Business Administration from Georgetown University, and spent 20+ years in investment banking across J.P. Morgan, Robertson Stephens, SVB Alliant, Rutberg & Co. (Head of M&A), and JEGI (Co-Head of Technology Banking) . Under current leadership, EverQuote reported 2024 GAAP net income of $32.2 million and has emphasized alignment of executive pay with TSR, revenue, Variable Marketing Dollars, net income and adjusted EBITDA in pay-versus-performance disclosures . In 2025, management highlighted strong execution with Q2 and Q3 revenue growth of 34% and 20% YoY, record net income and adjusted EBITDA, and capital returns via a $50 million buyback program and a $21 million repurchase (900,000 shares) from Link Ventures affiliates, with CFO commentary on confidence in free cash flow and balance sheet .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| EverQuote | SVP Corporate Development & Strategy | Sep 2019–Mar 2022 | Led strategic finance/planning, corporate development, IR |
| EverQuote | EVP Strategy, Finance & Operations | Mar 2022–Mar 2023 | Expanded oversight of finance and operations |
| EverQuote | Chief Strategy Officer | Mar 2023–Jun 2023 | Drove corporate strategy prior to CFO appointment |
| EverQuote | CFO & Treasurer | Jun 2023–Present | Principal financial officer; capital allocation including buybacks |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| JEGI (Jordan Edmiston Group) | Managing Director & Co-Head, Technology Banking | 2014–2019 | Led expansion into software, internet, tech-enabled services |
| Rutberg & Company | Managing Director & Head, M&A | 2007–2014 | Led strategic advisory business |
| SVB Alliant; Robertson Stephens; J.P. Morgan | Investment Banking Roles | Various | Corporate finance, advisory foundations |
| Education | Harvard (M.P.P. – Business Regulation Policy); Georgetown (B.S. Accounting) | — | Technical policy and accounting training |
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Base Salary ($) | $314,085 | $416,000 |
| Target Bonus ($) | $300,000 (executive bonus plan target) | $300,000 (current target per offer letter) |
| Actual Bonus Paid ($) | $0 (Bonus column) | $108,522 (includes $100,000 special one-time bonus) |
| Non-Equity Incentive Plan Payout ($) | $35,120 | $450,000 |
Notes:
- Current base salary set at $460,000 per offer letter; eligibility for $300,000 target under executive bonus plan .
- 2024 one-time $100,000 cash bonus component disclosed for NEOs .
Performance Compensation
Equity Awards (Grants and Vesting)
| Grant Type | Grant Date | Units/Options | Fair Value/Market Value ($) | Vesting & Terms |
|---|---|---|---|---|
| RSU | 2/12/2024 | 45,493 | $909,405 market value at 12/31/2024 | Equal quarterly over 4 years from 1/1/2024 |
| PSU | 2/12/2024 | 45,223 | $904,008 market/payout value at 12/31/2024 | 25% after 1 year from 1/1/2024, then quarterly; subject to achievement of financial metrics at 10-K filing |
| RSU | 6/29/2023 | 65,625 | $1,311,844 market value at 12/31/2024 | Equal quarterly over 4 years from 5/20/2023 |
| RSU | 2/17/2023 | 11,813 | $236,142 market value at 12/31/2024 | Quarterly over 4 years from 1/1/2023 |
| RSU | 7/28/2021 | 1,425 | $28,486 market value at 12/31/2024 | 25% after 12 months from 8/15/2021; then quarterly |
| RSU | 10/27/2021 | 4,167 | $83,298 market value at 12/31/2024 | 12.5% after 6 months from 11/15/2021; then quarterly |
| RSU | 4/26/2022 | 4,271 | $85,377 market value at 12/31/2024 | 12.5% after 6 months from 1/1/2022; then quarterly |
| Option Award | Grant Date | Exercisable | Unexercisable | Strike | Expiration |
|---|---|---|---|---|---|
| Stock Option | 6/28/2022 | 15,625 | 9,375 | $9.41 | 6/27/2032 |
| Stock Option | 7/24/2023 | 19,029 | 11,418 | $7.10 | 7/23/2033 |
Performance-based RSUs (Company-level design and cadence)
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Company-specific financial target (2025) | Not disclosed | Min threshold: 33% of grant; Max: 100% | Not disclosed | 0–100% of grant | Cumulative vest over 4 years upon target achievement |
| Company-specific financial target (12-month period ending 2027–2029) | Not disclosed | Min threshold: 10% of grant; Max: 100% | Not disclosed | 0–100% of grant | Cumulative vest over 4 years upon target achievement |
Notes:
- pRSUs granted in 2025 and for 12-month periods ending between 2027–2029 have explicit threshold ranges; unrecognized comp for RSUs/pRSUs/options was $31.8 million company-wide at 9/30/2025, to be recognized over 2.6 years, indicating ongoing vesting cadence that can drive supply .
Equity Ownership & Alignment
| Ownership Item | Detail |
|---|---|
| Beneficial ownership (Class A common) | 81,902 shares owned; 8,080 RSUs vesting within 60 days; 45,391 options exercisable within 60 days; less than 1% ownership |
| Ownership guidelines | Not disclosed for executives in proxy |
| Hedging policy | Prohibits short sales, puts/calls, derivatives, and instruments designed to hedge EverQuote stock |
| 10b5-1 plans | Executives may adopt Rule 10b5-1 trading plans; may also trade when not in possession of MNPI |
| Pledging | No pledging policy disclosure; no pledging reported for Sanborn in proxy |
Employment Terms
| Term | Detail |
|---|---|
| Employment start date (CFO) | Appointed June 16, 2023; initial base $330,000; target bonus $300,000; 105,000 RSUs with four-year ratable quarterly vesting |
| Current compensation terms | Base salary $460,000; eligible for executive bonus plan target $300,000 |
| Non-compete | 18 months post-termination |
| Non-solicit | 24 months post-termination (employees and customers) |
| Confidentiality | In perpetuity |
| Severance plan | Executive Severance Plan effective Nov 5, 2023 |
| Change-of-control (CoC) economics (termination following CoC) | Severance $416,000; bonus $416,000; accelerated equity vesting value $2,884,063; welfare continuation not disclosed for CFO ($0 shown) |
| Other qualifying termination (no CoC) | Severance $208,000; accelerated equity vesting value $963,243; welfare continuation not shown for CFO ($0) |
| Equity acceleration terms | RSUs/options become immediately vested upon qualifying termination events per tables |
| Clawback (compensation recovery) | Adopted per Nasdaq rules; applies to incentive-based comp from Oct 2, 2023 if accounting restatement occurs |
| Perquisites & benefits | Broad-based benefits; 401(k) match up to 2% of salary; life insurance; parking |
| Tax gross-ups | Not disclosed |
Performance & Track Record
| Indicator | Evidence |
|---|---|
| Financial performance | 2024 GAAP net income $32.169 million; pay-versus-performance framework references TSR, Revenue, VMD, Net Income, Adjusted EBITDA |
| 2025 execution | Q2 revenue +34% YoY to $156.6m; record net income $14.7m; adjusted EBITDA $22.0m; buyback program announced ($50m) |
| Q3 momentum | Q3 revenue +20% YoY to $173.9m; net income $18.9m; adjusted EBITDA $25.1m; $21m repurchase of 900,000 shares from Link Ventures affiliates |
| Capital allocation stance | CFO emphasized opportunistic buybacks reflecting confidence in free cash flow and trajectory; M&A to support P&C growth partner strategy |
Compensation Committee Analysis
- The Compensation Committee (chair: Mira Wilczek; members: Sanju Bansal, Paul Deninger) met seven times in 2024; engages Compensia, Inc. for benchmarking and peer group guidance; the Board approves equity awards on recommendation .
- Anti-hedging and compensation recovery policies indicate governance focus on alignment and compliance .
Related Party Transactions
- EverQuote paid approximately $12.3 million in 2024 to Link Ventures-affiliated entities for marketing and data services under agreements deemed arm’s length; detailed governance procedures in place for related person transactions .
- Q3 2025 repurchased 900,000 Class A shares ($21.0 million) from Link Ventures affiliates, reducing float while preserving liquidity; CFO cited confidence in long-term growth and free cash flow .
Investment Implications
- Pay-for-performance structure relies on PSUs tied to company financial metrics with threshold-to-maximum payout ranges and multi-year vesting, aligning incentives with revenue/EBITDA/value drivers; however, specific metric weightings and targets are not disclosed, limiting transparency on annual bonus calibration .
- Double-trigger CoC severance and immediate vesting upon qualifying terminations elevate retention risk value but provide clarity on downside protection; CFO’s severance equals 12 months base plus target bonus under CoC termination scenarios and 6 months base otherwise, with material equity acceleration potential .
- Quarterly RSU/PSU vesting cadence and company-wide unrecognized stock comp suggest steady supply that could create selling overhang, mitigated by anti-hedging and potential 10b5-1 usage; absence of pledging disclosure is a positive .
- Strong 2025 performance and opportunistic buybacks indicate disciplined capital allocation under Sanborn, which can be read as management confidence and a supportive trading signal; ongoing related-party links with Link Ventures warrant continued governance monitoring .