Jack Olmstead
About Jack Olmstead
Jack Olmstead, age 71, has served as an independent director of HireQuest, Inc. since June 2020 and is President of Tri-City Electrical Contractors, Inc., bringing 37+ years of operations and management experience in electrical construction relevant to HireQuest’s served end-markets . He chairs the Compensation Committee and sits on the Nominating & Corporate Governance Committee, with board independence affirmed by HQI (five of six directors are independent) . Olmstead beneficially owns 68,833 HQI shares (65,743 outright; 3,090 restricted shares vesting between May 13, 2025 and Feb. 13, 2027), representing <1% of outstanding shares .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Tri-City Electrical Contractors, Inc. | President | 37+ years of operations/management experience (noted) | Led growth and strategic planning in electrical construction; extensive industry connections |
| Associated Builders and Contractors, Inc., Gulf Coast Chapter | President (prior) | Not disclosed | Industry leadership in contractor community |
| Children’s Home Society of Florida, Central Florida Chapter | Board member (prior) | Not disclosed | Community engagement; nonprofit governance |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| CEO Council of Tampa | Board member | Not disclosed | Business network/leadership in Tampa region |
| Build Tampa Bay | Board member | Not disclosed | Workforce/industry development in Tampa Bay |
| Lifepath Hospice; PACE Center for Girls (Hillsborough County) | Supporter | Not disclosed | Philanthropy and community support |
Board Governance
| Governance Attribute | Disclosure |
|---|---|
| Independence | HQI affirms five of six directors are independent; all board committees comprised solely of independent directors . |
| Leadership structure | Combined Chair/CEO (Hermanns) with active independent Vice Chairman (Malhotra) overseeing agendas, committee membership recommendations, and executive sessions . |
| Committees | Olmstead: Compensation (Chair); Nominating & Corporate Governance (Member) . |
| Meetings & attendance (2024) | Board: 6; Audit: 5; Compensation: 3; Nominating & Governance: 1; all directors attended ≥75% of meetings of the Board and their committees; all directors attended the 2024 annual meeting . |
| Hedging/Pledging policy | Prohibitions on hedging, short sales, options trading, margin accounts; company states it is unaware of any director/NEO pledging company stock . |
| Related party oversight | Audit Committee administers related-party transaction policy and approves transactions; no related-party transactions disclosed involving Olmstead . |
Fixed Compensation
| Item | Amount/Structure | Notes |
|---|---|---|
| Board Annual Retainer (cash) | $36,000 | Payable quarterly in arrears; directors may elect stock in lieu of cash . |
| Committee Annual Retainers (cash) | Audit: $5,500; Compensation: $3,500; Nominating & Governance: $3,500 | Non-chair members . |
| Committee Chair Annual Retainers (cash) | Audit Chair: $8,500; Compensation Chair: $5,500; Nominating & Governance Chair: $5,500 | Chair positions . |
| Vice Chairman Annual Retainer (cash) | $12,500 | Applies to Vice Chairman role . |
| 2024 Director Compensation – Olmstead | Cash fees: $0; Stock awards: $163,735; Total: $163,735 | Olmstead elected stock in-lieu of cash retainers; stock fair value based on grant-date closing price; includes vested and unvested shares . |
| Reimbursement | Reasonable business expenses reimbursed | Standard practice . |
Performance Compensation
| Plan/Metric | Design Details | Applies to |
|---|---|---|
| Annual Restricted Shares (Directors) | 4,000 restricted shares granted on each annual meeting date; vest in full three months after grant; issued under 2019 Plan | Non-employee directors, including Olmstead . |
| CEO Pre-Tax Income Bonus | 0.5% of combined system-wide pre-tax income, adjusted for extraordinary items | CEO (Hermanns) . |
| CEO Sales Increase Bonus | 8x the YoY percentage increase in system-wide sales × base salary; “System-Wide Sales” includes all franchise and company operations . | |
| NEO Performance Bonus (Non-CEO) | Up to 50% of base salary based on tiered goals: YoY sales growth (same-store and new stores), sales from acquisitions, maintenance of core staff payroll, AR turns improvement, workers’ comp loss ratio improvement | McAnnar; Crane . |
| Clawback Policy | Adopted Dec 2023 per Nasdaq Rule 10D-1; recovery of erroneously awarded comp upon restatement; filed as Exhibit 97.1 to 2024 Form 10-K | Executives; governance framework overseen by board/Comp Committee . |
Other Directorships & Interlocks
| Company | Listing | Role | Interlocks/Conflicts |
|---|---|---|---|
| None disclosed (public companies) | — | — | No public company directorships disclosed for Olmstead . |
| Tri-City Electrical Contractors, Inc. | Private | President | Operates in construction; HQI serves construction staffing—industry overlap but no related-party transactions disclosed involving Olmstead . |
Expertise & Qualifications
- Deep operating experience in electrical construction, strategic planning, and growth in a related industry HQI serves, bringing customer perspective and industry relationships .
- Board skill matrix reflects competencies in HR/compensation, governance/public company experience, M&A, sales/marketing, and corporate management/strategy (CEO-level) .
- Committee leadership (Compensation Chair) with oversight of executive pay structures and risk in incentive design .
Equity Ownership
| Holder | Shares Held Outright | Restricted Shares (Unvested) | Vesting Schedule | Options | % of Class |
|---|---|---|---|---|---|
| Jack Olmstead | 65,743 | 3,090 | Vests between May 13, 2025 and Feb 13, 2027 | None disclosed | <1% |
| Director Ownership Guidelines | Must own, by second anniversary of initial election, shares (excluding restricted shares) with value equal to Board Annual Retainer at appointment | Applies to non-employee directors | |||
| Hedging/Pledging | Hedging, short selling, options trading, margin accounts prohibited; company unaware of any director pledging shares | Alignment safeguard | |||
| Stock Purchase Matching Program | Company matches 20% of director open-market purchases (up to $25,000/year in restricted stock) vesting two years post-purchase while service/ownership maintained | Additional alignment mechanism |
Governance Assessment
- Strengths
- Independent director; chairs Compensation Committee; member of Nominating & Governance; all committees are fully independent—supports board oversight quality .
- Strong attendance standards met (≥75% for 2024) and routine executive sessions; clear risk oversight roles assigned to committees .
- Robust insider trading policy prohibiting hedging/margin accounts; no pledging reported—positive alignment signal .
- Director compensation election in stock (2024: $163,735 entirely in equity) suggests personal alignment and skin-in-the-game .
- Watch items
- Compensation Committee does not currently use an external consultant; management is actively involved in compensation recommendations—potential risk of management influence in pay setting; committee retains authority but should monitor benchmarking rigor .
- Combined Chair/CEO structure—mitigated by independent Vice Chairman, but still a governance sensitivity for some investors .
- Significant related-party transactions exist at the company (Jackson/Hermanns interests in franchisees and insurance/IT vendors) overseen by Audit Committee; none disclosed involving Olmstead, but overall board must continue robust conflict management .
- Overall view
- Olmstead’s industry-operating pedigree and committee leadership are additive to board effectiveness. His equity-heavy director pay and ownership, coupled with strict anti-hedging policies, support alignment. Continued vigilance on pay governance (consultant independence, performance metric rigor) and company-wide related-party exposure remains prudent .
Appendix: Committee Assignments (Current)
| Director | Audit | Compensation | Nominating & Corporate Governance |
|---|---|---|---|
| Jack Olmstead | — | Chair | Member |