Edward Jackson
About Edward Jackson
Edward Jackson, age 59, has served as a director of HireQuest, Inc. since July 2019. He has more than 35 years of insurance industry experience and is President of Bass Underwriters, Inc., a large managing general insurance agent in which he and CEO Richard Hermanns own a majority stake. Jackson holds a Bachelor of Science in Risk Management and Insurance from Florida State University; he beneficially owns more than 5% of HQI’s voting stock and is considered independent by the Board notwithstanding related-party relationships noted below .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Bass Underwriters, Inc. | President; majority owner with CEO | Current | Oversees management operations, marketing strategies, underwriting reviews, and claims procedures |
| Hire Quest Holdings, LLC and related companies | Member and consultant | Prior to 2019 | Advisory role prior to current HQI board service |
| Häagen-Dazs franchise (one of largest in North America) | Owner and President | Current | Franchising experience; operational oversight |
| Insurance inspection services company | Founder | Current | Provides inspection services for insurers nationwide |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| The Richard F. and Lisa S. Hermanns Dynasty Trust | Trustee | Current | 17.3% holder of HQI; voting/disposition requires majority of three trustees; trustees (incl. Jackson) disclaim individual beneficial ownership |
No other public-company directorships are disclosed for Jackson in the 2025 proxy .
Board Governance
- Independence: The Board determined Jackson satisfies Nasdaq independence despite ownership interests in entities transacting with HQI; to avoid appearance of conflict, Jackson does not serve on any Board committees .
- Committee memberships: None; he is not a member of Audit, Compensation, or Nominating & Corporate Governance Committees .
- Board leadership context: Five of six directors are independent; all committees are fully independent; executive sessions of independent directors occur at all Board meetings .
- Attendance: In 2024, the full Board met six times; committees met as follows—Audit (5), Compensation (3), Nominating (1). Each director attended at least 75% of meetings of the Board and committees of which they were a member; all directors attended the 2024 annual meeting .
Fixed Compensation
| Metric | 2024 | Notes |
|---|---|---|
| Cash fees | $0 | Jackson elected stock in-lieu of cash retainers |
| Stock awards (grant-date fair value) | $150,247 | Represents value of stock elected in-lieu of cash retainers (vested and unvested) |
| Options | $0 | No option awards in 2024 |
| Total | $150,247 | — |
Director Compensation Plan schedule (eligibility, not Jackson-specific actuals):
- Annual Board retainer: $36,000; Committee retainers: Audit $5,500; Compensation $3,500; Nominating $3,500; Chair retainers: Audit $8,500; Compensation $5,500; Nominating $5,500; Vice Chair additional $12,500; payable in cash quarterly or stock at director election .
- Annual Restricted Shares: 4,000 restricted shares granted at each annual meeting; vest in full on the three-month anniversary of grant .
- Stock ownership requirement: Directors must own, by the second anniversary of initial election, shares (excluding restricted shares) equal in value to the Board Annual Retainer .
Performance Compensation
Directors do not have performance-linked bonus metrics (e.g., revenue growth or TSR targets) disclosed. Equity is granted per plan terms and via stock election in-lieu of cash. Program mechanics relevant to economic alignment:
| Program Element | Parameter | Vesting/Trigger | Limits/Conditions |
|---|---|---|---|
| Annual Restricted Shares | 4,000 shares per year | Vest at 3 months post-grant | Granted at annual meeting |
| Stock Purchase Matching Program | 20% match on director open-market purchases | Matching restricted shares vest at 2 years | Max $25,000 value per director per year; must still hold matched shares at vest; service requirement |
Other Directorships & Interlocks
| Counterparty/Entity | Relationship | Potential Conflict | Financial Magnitude (HQI) | Notes |
|---|---|---|---|---|
| Worlds Franchisees (35 franchisees; 69 offices at 12/31/24) | Jackson owns 10.7%–25.4% of each franchisee; Hermanns’ family owns 14.7%–62.8% | Related-party franchise ownership | Franchisee royalties: 2022 $8.676m; 2023 $9.577m; 2024 $9.442m | Multiple asset sales to Worlds Franchisees in 2022 and 2024; portions paid by Jackson and Hermanns’ family per ownership |
| Jackson Insurance Agency | Owned by Jackson and family member | Brokers HQI corporate and franchise insurance | Commissions retained: 2022 $138,000; 2023 $189,000; 2024 $145,000 | Commission 9%–11% of premiums; benefits accrue to Jackson and family |
| Bass Underwriters, Inc. | Majority owned by Jackson and Hermanns | Assists in brokering certain HQI policies | Commissions retained: 2022 ~$24,000; 2023 ~$23,000; 2024 ~$34,000; Jackson’s share: 2022 ~$10,800; 2023 ~$9,700; 2024 ~$15,300 | Remainder of premiums paid to unrelated carriers |
| Insurance Technologies, Inc. | Majority owned by Jackson, Hermanns, and their trusts | Provides IT dev/security, licenses, and project services | HQI payments: 2022 ~$245,000; 2023 ~$443,000; 2024 ~$520,000; Jackson’s revenue share: 2022 ~$5,852; 2023 ~$4,800; 2024 ~$3,700 | Most funds are pass-through licenses/third-party dev; retained amounts minimal |
| The Hermanns Dynasty Trust | Jackson is one of three trustees of 17.3% shareholder | Potential influence via trustee role | 2,421,050 shares; 17.3% of class | Trustees disclaim individual beneficial ownership; decisions require majority |
Expertise & Qualifications
- Insurance industry leadership: 35+ years; licensed across General Lines, Surplus Lines, Health, and Life; President of Bass Underwriters .
- Franchising and operations: Owner/President of a leading Häagen-Dazs franchise; founded national insurance inspection services firm .
- Board-identified skills: Finance and Accounting; M&A; Sales and Marketing; Risk Management; Corporate Management and Strategy .
Equity Ownership
| Metric | As of Apr 28, 2025 | Notes |
|---|---|---|
| Total beneficial ownership (shares) | 2,630,976 | Includes 2,628,134 shares outright and 2,842 restricted shares |
| Ownership (% of class) | 18.8% | Record date: April 28, 2025 |
| Restricted shares (unvested) | 2,842; vest between May 13, 2025 and Feb 13, 2027 | — |
| Shares pledged as collateral | None known; Company is unaware of any pledging by 5% holders, directors, or NEOs | |
| Hedging/derivatives policy | Prohibits hedging, short sales, margin accounts, and options without advance approval | |
| Director ownership guideline | Must own shares equal to Board retainer value within two years of initial election (excludes restricted shares) |
Governance Assessment
- Independence and committee exclusion: While the Board affirmed Jackson’s independence under Nasdaq rules, it explicitly excludes him from all committees to avoid even the appearance of conflict due to related-party ties (insurance brokerage via Jackson Insurance and Bass; franchise interests via Worlds Franchisees; IT services via Insurance Technologies). This is a prudent mitigation but signals persistent related-party exposure that investors should monitor .
- Alignment: Jackson’s ownership stake (18.8%) and election to receive all director compensation in stock in 2024 ($150,247; 100% equity) indicate significant skin-in-the-game and alignment with shareholder outcomes .
- Attendance and engagement: Board and committee cadence is regular; all directors met minimum attendance (≥75%) and attended the annual meeting, supporting baseline engagement .
- Policies and controls: Robust related-party transaction policy administered by the Audit Committee; hedging prohibitions; fully independent committees; executive sessions of independent directors each meeting—all supportive of governance quality .
- Red flags:
- Extensive related-party transactions with entities owned or co-owned by Jackson, including material franchise royalties and insurance commissions; while disclosed and reviewed, these constitute ongoing conflicts risk .
- Trustee role over a 17.3% shareholder trust could concentrate influence; trustees disclaim individual beneficial ownership, but governance optics warrant monitoring .
- Mitigations:
- Audit Committee oversight of related-party transactions; Board’s decision to keep Jackson off committees; disclosure of transaction magnitude and terms .