Nate Swan
About Nate Swan
Nate Swan is Chief Sales Officer of Forrester Research, appointed effective January 3, 2023, after more than two decades of sales leadership at Gartner focused on inside sales, major accounts, leadership development, coaching, and sales enablement . During his tenure as a named executive officer, Forrester’s pay-versus-performance disclosure shows challenging 2024 outcomes: company TSR implied value of an initial $100 investment fell to $38 (from $64 in 2023), net income was a loss of $5.7 million, and CV bookings growth was -5.3% year over year . The Compensation Committee suspended the 2024 cash incentive plan but later awarded discretionary bonuses equal to 27% of target in February 2025, and emphasized long-term equity, including time-based RSUs and 2023 PSUs tied to CV growth and Adjusted EBITDA margin, vesting in March 2026 between 22.5%–150% depending on performance .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Gartner | Sales leadership (inside sales, major accounts), leadership development/coaching, sales enablement | Not disclosed | Built and scaled high-growth sales organizations; drove revenue growth with repeatable data-driven selling motion |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| None disclosed in reviewed company filings | — | — | — |
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Base Salary ($) | 410,858 | 420,600 |
| Cash Bonus ($) | 234,400 | 90,720 (discretionary; 27% of target awarded in Feb 2025) |
| All Other Compensation ($) | 21,257 | 17,416 |
| Total ($) | 1,845,290 | 1,028,719 |
- 2024 “All Other Compensation” includes $10,350 Company 401(k) match plus group term life insurance and miscellaneous items .
- The Executive Cash Incentive Plan was suspended for 2024; target bonus levels remained unchanged for ownership guideline calculations, with average NEO target ≈72.5% of base salary and 27% discretionary bonuses paid in February 2025 .
Performance Compensation
Equity Awards (RSUs and PSUs)
| Award Type | Grant/Status | Quantity | Grant Date Fair Value ($) | Vesting Terms | Performance Metrics / Payout Range |
|---|---|---|---|---|---|
| Time-based RSUs | Granted in 2024 | 24,003 | 499,982 | 25% on each of April 1, 2025–2028 | N/A |
| Time-based RSUs | Outstanding at 12/31/2024 | 9,899 | 155,117 market value at $15.67 | One-third on each of Feb 1, 2025/2026/2027 | N/A |
| Performance-based RSUs (PSUs) | Outstanding at 12/31/2024 | 7,566 | 26,676 market value at $15.67 (at threshold) | Can vest on March 1, 2026 at 22.5%–150% of total depending on 2025 results | Two metrics: CV as of 12/31/2025 and Adjusted EBITDA margin for 2025; 75% of PSUs tied to CV Growth with payout curve; 25% tied to margin; 100% vest at both targets; forfeiture if minimum CV not met |
- 2024 vesting/realization: 3,300 RSUs vested; value realized $85,140; no option exercises reported .
- The Committee did not issue new PSUs in 2024 given 2023 performance and projected 2024 results .
Stock Options
| Detail | Value |
|---|---|
| Options outstanding (12/31/2024) | 7,567 exercisable; 22,699 unexercisable |
| Exercise price | $33.04 |
| Expiration | February 28, 2033 |
| Vesting schedule | One-third exercisable on each of March 1, 2025/2026/2027 |
Equity Ownership & Alignment
| Ownership as of March 17, 2025 | Shares | Shares Subject to Exercisable Options/Vesting RSUs | % of Outstanding |
|---|---|---|---|
| Nate Swan | 6,349 | 21,134 | * (less than 1%) |
- Stock ownership guidelines: executive officers must hold shares equal to at least 1x total annual on-target earnings; five years to reach target; until compliant, must retain 100% of net shares from equity vests/exercises. Unexercised options and unvested RSUs do not count toward guideline. Company states directors and executive officers have fully complied since adoption .
- Insider trading policy filed with 2024 10-K; Company currently has no hedging policy, a potential alignment risk; pledging policy not disclosed in the proxy sections reviewed .
Employment Terms
| Term | Details |
|---|---|
| Role and start date | Appointed Chief Sales Officer; effective January 3, 2023 |
| Executive Severance Plan | Applies to all executive officers; Qualifying Termination includes termination without cause or for good reason in connection with a change in control; adopted May 15, 2014 |
| Change-in-control equity | Accelerated vesting value shown separately; for Swan: $649,804 at $15.67/share |
| Termination upon change in control (double-trigger) | Salary continuation $420,000; incentive compensation $581,280; medical/dental $25,402; outplacement $20,000; accelerated unvested equity $649,804; total $1,696,485 |
| Termination without cause (no change in control) | Salary continuation $420,000; incentive compensation $134,400; medical/dental $25,402; outplacement $10,000; total $589,802 |
| Clawback policy | Mandatory recovery of erroneously awarded incentive compensation under SEC Rule 10D-1/NASDAQ; lookback covers three completed fiscal years preceding the restatement |
| Pension/Deferred comp | No defined benefit pension; no nonqualified deferred compensation plans |
Investment Implications
- Compensation alignment and performance risk: 2024’s suspended cash incentive plan and discretionary bonus (27% of target) reflect challenging execution as company TSR declined and CV bookings contracted; long-term equity remains the primary lever, with 2023 PSUs gating on CV growth and Adjusted EBITDA margin and potentially vesting up to 150% in March 2026, which could reinforce focus on profitable growth through 2025 .
- Insider selling pressure and retention: Upcoming vesting cadence (Feb 1, Mar 1, Apr 1 annually) plus stock ownership guidelines that require retention of net shares until compliance should moderate near-term selling, though absence of a hedging policy is a governance red flag that could weaken alignment if executives use derivatives to offset exposure .
- Ownership and skin-in-the-game: Swan’s direct ownership is small in absolute terms (<1%); alignment relies on meaningful unvested equity (RSUs/PSUs) and options that are out to 2033 at a $33.04 strike. With proxy market values computed at $15.67, option moneyness appears negative at year-end 2024, making RSUs/PSUs the more salient incentive over the medium term .
- Change-of-control economics: Double-trigger cash severance and separate single-trigger equity acceleration create meaningful upside in a sale scenario; total potential value at 12/31/2024 approximates $1.70 million, indicating moderate protection and retention but not excessive parachute risk relative to peer norms disclosed qualitatively by the Committee .
- Trading signals: Watch 2025 KPIs—CV growth and Adjusted EBITDA margin—because they directly determine Swan’s 2023 PSUs vesting in March 2026; equity vest dates in early spring each year can create incremental supply. Discretionary bonuses in 2025 tied to 2024 outcomes signal Committee willingness to reward expense management despite suspended plan metrics .