William Grant III
SelectQuoteAbout William Grant III
Chief Operating Officer of SelectQuote since 2019; previously Chief Marketing Officer and President of the Senior Division (2017–2019) and SVP of Marketing, Senior Division (2012–2017). Age 50 (as of Sept 30, 2025), undergraduate degree from the University of Kansas; brother of Robert Grant, the Company’s President . FY2025 company performance included revenue of $1.52 billion, net income of $47.5 million, and Adjusted EBITDA of $126.25 million, with Senior division Adjusted EBITDA margin of 27% and strategic financing actions (securitization and preferred equity) that reduced total debt by nearly $300 million .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| SelectQuote – Senior Division | SVP, Marketing | 2012–2017 | Led marketing for Senior Division; foundation for later operational leadership |
| SelectQuote | Chief Marketing Officer; President, Senior Division | 2017–2019 | Oversaw Senior business; precursor to COO role |
| SelectQuote | Chief Operating Officer | 2019–present | Company-wide operations leadership; Senior division delivered 27% Adjusted EBITDA margin in FY2025 |
External Roles
- No external directorships or public company board roles disclosed in the proxy for William Grant III .
Fixed Compensation
| Component | FY2025 Amount | Notes |
|---|---|---|
| Base Salary | $440,274 | 3% YoY increase for FY2025 |
| Target Annual Incentive (Total) | $330,205 (75% of base) | Company component 75%; individual component 25% |
| All Other Compensation | $15,302 | As reported in SCT |
Performance Compensation
Annual Cash Incentive Structure and FY2025 Payout
| Metric | Weight (of total bonus) | Target | Actual/Payout Basis | Payout (% of target) | Payout ($) |
|---|---|---|---|---|---|
| Revenue (consolidated) | 25% (⅓ of 75%) | Targets set > prior-year actual | Scale: 70%–126% performance → 40%–200% payout | Included in company component result | Part of $341,763 company payout |
| Adjusted EBITDA (consolidated) | 25% (⅓ of 75%) | Targets set > prior-year actual | Scale same as revenue | Included in company component result | Part of $341,763 company payout |
| Operating Cash Flow (consolidated) | 25% (⅓ of 75%) | Threshold: $(39.7)M; Target: $(19.7)M; Max: $0.3M | Scale: threshold 50%, target 100%, max 200% | Included in company component result | Part of $341,763 company payout |
| Individual Performance | 25% | Pre-set qualitative/quantitative goals | CEO/Committee assessment | 100% | $82,551 |
| Aggregate FY2025 Bonus | — | — | — | 129% of total target | $424,314 |
FY2025 Equity Awards (Granted October 28, 2024)
| Award Type | Units Granted | Grant-Date Fair Value | Vesting | Performance Conditions |
|---|---|---|---|---|
| RSUs | 319,489 | $648,563 | Time-based, vesting per plan; unvested balances disclosed below | None (time-based) |
| PVUs (Price-Vested Units) | 319,489 | $1,194,889 | Ratable in 3 annual installments starting 1-year after grant, subject to continued employment | 60-day average price hurdles: $3.13, $6.00, $9.00; each hurdle vests one-third of PVUs within 5-year period |
| Total | — | $1,843,452 | — | — |
FY2025 Vesting Activity
| Shares Acquired on Vesting | Value Realized |
|---|---|
| 469,727 | $1,948,050 |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial Ownership | 5,556,486 shares; 3.2% of outstanding (175,884,846) |
| Breakdown (footnote) | 3,037,808 direct; 10,681 via Mainstar Trust IRA; 1,150,000 via W. Thomas Grant III Irrevocable Trust; 268,628 options exercisable within 60 days; 1,089,369 via Haakon Capital LLC (shared voting/dispositive power with Robert Grant) |
| Unvested RSUs (6/30/2025) | 425,985 units; market value $1,013,845 (price $2.38) |
| Unearned PVUs (6/30/2025) | 212,993 units; payout value $506,923 |
| Stock Options | 118,308 (8/1/2020, $17.89 strike, exp 8/1/2030) ; 112,740 exercisable + 37,580 unexercisable (8/1/2021, $17.80 strike, exp 8/1/2031) |
| In-the-Money Status | Options out-of-the-money at $2.38; zero intrinsic value at FY-end |
| Ownership Guidelines | 3x base salary requirement; all NEOs in compliance as of record date |
| Hedging/Pledging | Hedging, short selling, margin purchases, and pledging prohibited (case-by-case pledging exceptions require pre-approval) |
Employment Terms
| Provision | Terms | Economics (FY2025) |
|---|---|---|
| Agreement Term | 3-year initial term; auto-renews annually unless 90-day notice | — |
| Severance (no cause / good reason) | Pro-rated bonus + lump sum equal to (base salary + target bonus) + COBRA reimbursement | Pro-rated bonus: $330,205; Cash severance: $770,479; Health benefits: $11,853; Total: $1,112,537 |
| Change-in-Control (double trigger) | Severance multiple of 1.5x for W. Grant III (2x for CEO); paid if termination within 90 days before or 2 years after CIC | Pro-rated bonus: $330,205; Cash severance: $1,155,719; Accelerated equity: $2,576,979; Total: $4,062,903 |
| Restrictive Covenants | Non-compete and non-solicit generally 2 years post-termination; reduced to 18 months post-CIC for non-CEO unless company increases Severance Multiple to 2 | — |
| Clawback Policy | Mandatory recovery of incentive comp upon restatements under SEC/NYSE rules; applies regardless of misconduct; adopted 2023; filed as 10-K Ex. 97.1 | |
| Excise Tax Gross-Ups | None provided on CIC |
Compensation Structure Analysis
- Cash vs equity mix: FY2025 equity grants ($1.843M FV) materially exceed cash base ($440k), reinforcing long-term alignment; annual cash incentive paid above target (129%) driven by company metrics performance .
- Shift to PVUs with stock price hurdles ($3.13/$6/$9) adds high-leverage pay-for-performance sensitivity; vesting ratably, reducing cliff risk .
- No repricing of underwater options disclosed; options struck at $17.80–$17.89 sit far out-of-the-money at $2.38, increasing reliance on RSUs/PVUs for realizable value .
- Ownership requirements (3x salary) and anti-hedging/anti-pledging policy mitigate misalignment and selling risk; compliance confirmed .
Performance & Track Record
- FY2025 highlights: Revenue $1.52B (+ >15% YoY), Net Income $47.5M, Adjusted EBITDA $126.25M (>20% above forecasts); Senior division Adjusted EBITDA margin 27%; Healthcare Services revenue $743M with 225% Adjusted EBITDA growth YoY; Life division revenue $173M and 32% Adjusted EBITDA growth .
- Strategic financing: $100M commissions receivable securitization and $350M preferred equity raised; combined actions reduced total debt by nearly $300M and improved liquidity and cost of capital .
Compensation Peer Group & Say-on-Pay
- Peer group updated in March 2024 to reflect healthcare services focus (Accolade, eHealth, HealthEquity, Alignment Healthcare, EverQuote, MediaAlpha, BRP Group, GoHealth, MultiPlan, Veradigm, CarGurus, GoodRx, Shutterstock, Tripadvisor, Trupanion, ZipRecruiter); no percentile targeting/benchmarking; decisions informed by market practices and internal equity .
- 2024 say-on-pay approval ~92%; Committee retained Semler Brossy as independent consultant; program emphasizes pay-for-performance with double-trigger CIC and no excise gross-ups .
Equity Ownership & Alignment Details (Expanded)
| Beneficial Owner | Shares | % of Class | Notable Notes |
|---|---|---|---|
| William Grant III | 5,556,486 | 3.2% | Includes direct, IRA, trust holdings, options exercisable within 60 days, and Haakon Capital LLC shared interest |
Investment Implications
- Alignment strong: Large personal stake (3.2% of shares) and compliance with 3x salary ownership, plus anti-hedging/anti-pledging constraints, align incentives with long-term value creation; PVUs directly tied to stock price appreciation at $3.13/$6/$9 hurdles .
- Limited near-term option exercise pressure: Options deeply out-of-the-money at $2.38 strike vs $17.80/$17.89; realized value will stem from RSU/PVU vesting and performance against price hurdles—monitor 60-day average price windows for potential vest-trigger events and related selling for tax .
- Retention risk moderate: Double-trigger CIC with 1.5x multiple and 2-year non-compete/non-solicit (18 months post-CIC unless multiple increased) provide retention and protection; meaningful accelerated equity on CIC ($2.58M) could create event-driven incentives; watch M&A scenarios .
- Pay-for-performance credible: FY2025 bonus exceeded target (129%) on revenue/Adjusted EBITDA/OCF performance; continued focus on Senior division efficiency and Healthcare Services scaling supports future incentive attainment; track company-selected measures (Adjusted EBITDA, Revenue, OCF) for read-through to bonus outcomes .
- Governance considerations: Familial relationship with President Robert Grant disclosed; robust committee processes, independent consultant, clawback policy, and no excise gross-ups mitigate governance red flags; maintain vigilance on related-party interests via Haakon Capital LLC .