Robert Grant
SelectQuoteAbout Robert Grant
Robert Grant, 41, is President of SelectQuote (since October 2021), with prior leadership roles across Senior, Life, and revenue functions; he holds an undergraduate degree from the University of Kansas . FY2025 company performance: revenue $1.522B (+15% YoY), net income $47.6M, and Adjusted EBITDA $126.25M; Senior division delivered 27% Adjusted EBITDA margin and Healthcare Services revenue grew to $743M . Long-horizon TSR has been challenging; the pay‑versus‑performance table shows a $100 investment in SelectQuote at $12.36 by FY2025 (vs $105.30 for the peer index) . Robert’s FY2025 annual incentive paid at 126% of target, reflecting consolidated revenue/EBITDA outperformance and individual goal achievement at 90% .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| SelectQuote – Senior Division | Director of Sales & Operations | 2013–2016 | Built operational foundations for Senior division sales operations . |
| SelectQuote – Life Division | SVP Sales | 2016–2017 | Led Life division sales; contributed to product/placement improvements later cited in Life performance . |
| SelectQuote | Chief Revenue Officer | 2017–2019 | Drove go‑to‑market across lines; precedes subsequent margin improvements referenced in company performance summaries . |
| SelectQuote – Senior Division | President | 2019–2021 | Oversaw Senior division; company reports sustained margin focus and efficiency in Senior during later periods . |
| SelectQuote | President | Oct 2021–present | Company‑wide leadership; FY2025 results included revenue growth, EBITDA beat, securitization and preferred equity financing . |
External Roles
No external directorships/roles for Robert Grant disclosed in the proxy .
Fixed Compensation
Multi‑year cash and annual bonus structure for Robert Grant:
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Base Salary ($) | 450,000 | 463,500 | 477,405 |
| Target Bonus (% of Salary) | 75% | 75% | 75% |
| Target Bonus ($) | 337,500 | 347,625 | 358,054 |
| Actual Annual Incentive ($) | 464,991 | 577,318 | 451,148 |
| Actual Payout (% of Target) | 138% | 166% | 126% |
Performance Compensation
Annual incentive design emphasizes consolidated performance and individual goals.
| Component | Weighting | Metric | Target | Actual | % of Target | Payout Mechanics | FY2025 Robert Payout Impact |
|---|---|---|---|---|---|---|---|
| Company | 75% | Revenue | $1,447,950k | $1,522,391k | 105% | Scale: 0%<70%; 40% at 70%; linear 70–110% (+2%/pt); 110–126% (+5%/pt); max 200% | Company component paid 138% of target; $370,586 . |
| Company | 75% | Adjusted EBITDA | $106,388k | $126,220k | 119% | Same scale as revenue | Contributed to 138% company payout . |
| Company | 75% | Operating Cash Flow | $(19,700)k | $(11,666)k | Better than target | Scale: threshold $(39.7)M at 50%; target $(19.7)M at 100%; max $0.3M at 200% | Supported company payout . |
| Individual | 25% | Executive objectives (e.g., Senior margins, Healthcare margin lift, capital actions) | N/A | N/A | N/A | Committee‑approved % of target based on objectives | 90% of individual target; $80,562 . |
Long‑term equity (FY2025 grants):
- RSUs: Retention and performance recognition; vest in 3 equal annual installments .
- Price‑Vested Units (PVUs): 5‑year performance period; vest upon meeting stock price hurdles for any 60‑day average (tranches at $3.13, $6.00, $9.00), then time‑vest ratably over 3 years starting 1‑year from grant .
FY2025 equity award sizes for Robert Grant:
- RSUs: 367,412 units (target value $1.15M within $2.3M total grant) .
- PVUs: 367,412 units (target value $1.15M within $2.3M total grant) .
Equity Ownership & Alignment
Ownership, awards, and policies (as of FY2025):
| Item | Detail |
|---|---|
| Beneficial Ownership | 5,902,526 shares; 3.3% of outstanding . |
| Breakdown | Direct: 2,891,333; Robert Clay Grant Irrevocable Trust: 1,242,000; Three minor‑children trusts: 184,200; Options exercisable within 60 days: 495,624; Haakon Capital LLC (shared power): 1,089,369 (counted once across insiders) . |
| Stock Ownership Guidelines | 3× base salary for President; all NEOs in compliance as of record date . |
| Anti‑Hedging/Short‑Selling/Pledging | Prohibited for directors/officers; limited exceptions only with pre‑approval . |
| 2025 Shares Vested | 539,076; value realized $2,235,806 (RSUs and PVUs) . |
Outstanding awards (June 30, 2025):
| Type | Grant Date | Units Unvested | Market Value ($) |
|---|---|---|---|
| RSUs | 08/01/2021 | 10,804 | $25,714 |
| RSUs | 08/01/2022 | 169,491 | $403,389 |
| RSUs | 09/13/2023 | 575,001 | $1,368,502 |
| RSUs | 10/28/2024 | 489,883 | $1,165,922 |
| PVUs (unearned) | 08/01/2022 | 575,000 | $1,368,500 |
| PVUs (unearned) | 09/13/2023 | 287,500 | $684,249 |
| PVUs (unearned) | 10/28/2024 | 244,941 | $582,960 |
| Options (exercisable) | 08/22/2018 (ISO) | 4,448 @ $1.88; exp 08/22/2028 | |
| Options (exercisable) | 05/20/2020 (IPO) | 200,000 @ $20.00; exp 05/20/2030 | |
| Options (exercisable) | 08/01/2020 | 118,308 @ $17.89; exp 08/01/2030 | |
| Options (exercisable/unexercisable) | 08/01/2021 | 129,651 / 43,217 @ $17.80; exp 08/01/2031 |
Notes:
- RSUs vest in 3 annual installments for 2022–2024 grants; earlier RSUs vest over 4 years for 2020–2021 grants .
- PVUs vest time‑based after price hurdles are satisfied, over 3 annual installments starting 1 year post‑grant .
- Change‑in‑control acceleration applies to time‑based conditions for options/RSUs; PVUs performance satisfied only if CoC price meets applicable hurdles .
Employment Terms
| Term | Key Provisions |
|---|---|
| Agreement | 3‑year initial term; auto‑renewals for 1‑year periods unless 90‑day notice . |
| Severance (no cause / good reason) | Lump sum equal to base salary + target bonus; pro‑rated bonus; COBRA reimbursement . |
| CoC (“double trigger”) | Severance multiple 1.5× (base + target bonus) for Robert; 2× for CEO; requires qualifying termination within 90 days before or 2 years after CoC . |
| Non‑compete / Non‑solicit | Generally 2 years post‑termination; reduced to 18 months for non‑CEO NEOs after CoC unless company elects to increase severance multiple to 2× . |
| Clawback | Mandatory recovery of erroneously awarded incentive comp upon restatements per SEC/NYSE rules; policy filed with FY2025 10‑K . |
| Tax gross‑ups | None; “best‑net” cutback to avoid 280G excise tax if more advantageous . |
Illustrative termination values for Robert Grant (as of June 30, 2025):
| Scenario | Pro‑rated Bonus ($) | Cash Severance ($) | Health ($) | Equity Acceleration ($) | Total ($) |
|---|---|---|---|---|---|
| Without cause / good reason | 358,054 | 835,459 | 19,926 | — | 1,213,439 |
| CoC + qualifying termination | 358,054 | 1,253,189 | — | 2,963,527 | 4,574,770 |
Compensation Committee & Governance Signals
- Independent Compensation & Talent Development Committee; Semler Brossy retained as independent consultant; no delegation in FY2025 .
- Peer group refreshed in March 2024 (Accolade, Alignment Healthcare, BRP Group, eHealth, GoHealth, GoodRx, HealthEquity, MediaAlpha, MultiPlan, Shutterstock, Tripadvisor, Trupanion, Veradigm, ZipRecruiter, CarGurus); committee does not target specific market percentile .
- Say‑on‑pay strongly supported: ~92% approval in 2024; 2025 votes were 79,848,312 For / 3,006,318 Against / 151,996 Abstentions (broker non‑votes 31,437,302) .
Compensation Structure Analysis
- Pay‑for‑performance: Annual bonus linked to revenue, Adjusted EBITDA, and operating cash flow (each 1/3 weight); FY2025 consolidated outperformance drove 138% company component payout; individual component at 90% reflecting Healthcare margin headwinds .
- Shift toward PVUs: FY2025 equity evenly split between PVUs and RSUs (vs higher RSU weight in FY2024), reinforcing stock price appreciation alignment and retention with minimized dilution (no options granted FY2025) .
- Governance guardrails: Double‑trigger CoC, no tax gross‑ups, clawback adopted, ownership guideline compliance, and anti‑pledging/hedging policy .
Risk Indicators & Red Flags
- Related parties: Robert Grant is brother of COO William Grant III; familial ties disclosed (monitor decision‑making independence and succession planning rigor) .
- Equity overhang/vesting supply: Significant unvested RSUs/PVUs outstanding (e.g., 489,883 RSUs and 244,941 PVUs from 2024 grants), implying ongoing vesting supply that could create selling pressure as units settle; mitigated by ownership guidelines requiring retention of vested shares until compliance achieved .
- TSR underperformance: Cumulative TSR materially below peer index in PVP table, elevating execution and incentive alignment scrutiny despite FY2025 operational beat .
Equity Ownership & Alignment Details
| Category | Data |
|---|---|
| Ownership % | 3.3% of 175,884,846 shares outstanding . |
| Options status | Multiple legacy grants largely out‑of‑the‑money (exercise prices $17.80–$20.00) and one small ISO at $1.88; expirations 2028–2031 . |
| Compliance | Meets 3× salary ownership guideline; all NEOs compliant at record date . |
| Pledging/Hedging | Prohibited by policy; no pledging disclosed for Robert . |
Investment Implications
- Alignment: Large PVU exposure plus 3× ownership guideline and anti‑hedging/pledging policy align Robert with long‑term shareholders; FY2025 equity split (RSU/PVU) reinforces retention and stock price focus .
- Retention risk: Double‑trigger CoC with 1.5× cash and meaningful equity acceleration creates potential change‑of‑control costs, but standard market practice; ongoing vesting of substantial RSUs/PVUs supports retention .
- Trading signals: Significant scheduled RSU/PVU vesting could add supply; watch for 10b5‑1 plans and Form 4 activity into vest dates; FY2025 vestings were sizeable ($2.24M value realized) .
- Execution: FY2025 outperformance on revenue and EBITDA and capital actions (securitization, preferred equity) are positives; however, long-horizon TSR remains weak versus peers, and Healthcare margin variability affected individual payouts—monitor delivery on Healthcare margin targets and Senior margin durability .
Note: All figures and terms are sourced from SelectQuote’s DEF 14A (October 2, 2025) and related SEC filings as cited above.