Garrett S. Sill
About Garrett S. Sill
Garrett S. Sill (age 54) is Chief Financial Officer and Treasurer of Security National Financial Corporation, serving in this role since 2013; he previously held finance leadership positions within the Company’s subsidiaries. He is a CPA and holds a B.A. in Accounting from Weber State University and an MBA from the University of Utah . Company pay-versus-performance data shows the value of an initial $100 TSR at 79 (2022), 123 (2023), and 140 (2024), alongside net income of $25.69M (2022), $14.50M (2023), and $26.54M (2024) . Recent three-year fundamentals indicate revenue and EBITDA trends as below (S&P Global data).
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| SecurityNational Mortgage Company (subsidiary) | CFO & Treasurer | 2002–2011 | Led finance during mortgage operations growth and cyclical markets |
| Security National Life Insurance Company (subsidiary) | VP & Assistant Treasurer | 2011–2013 | Strengthened treasury/finance at life insurer ahead of promotion to parent CFO |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Weber State University School of Accounting & Taxation | Chairman, Advisory Council | Ongoing | Academic-industry link; talent pipeline and governance perspective |
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Salary ($) | $335,875 | $359,042 |
| Bonus ($) | $216,850 | $218,000 |
| Stock Option Awards ($) | $77,453 | $211,364 |
| All Other Compensation ($) | $43,236 | $45,801 |
| Total ($) | $673,414 | $834,207 |
Perquisites detail (2024): auto-related $4,200; medical insurance $27,131; group life $222; long-term disability $448; defined contribution contribution $13,800 .
Performance Compensation
- Annual incentive is tied to Company financial performance, but specific metrics, target levels, and weightings are not disclosed; stock options are used to align with shareholder value creation .
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Annual Financial Performance (exact metrics not disclosed) | N/A | Not disclosed | Not disclosed | Bonus paid: $218,000 (2024) | N/A |
| Stock Options (12/06/2024 grant) | N/A | N/A | N/A | Grant-date FV: $211,364 (65,000 options at $13.08) | 25% per quarter over one year |
Option exercises and value realized (2024): 34,355 shares; $244,592 realized .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial Ownership – Class A | 100,078 shares; <1% of Class A |
| Beneficial Ownership – Class C | 244,524 shares; 6.9% of Class C |
| Combined Ownership | 344,602 shares; 1.4% of total Class A & C |
| Options – Exercisable | 222,890 shares (Class C or Class A at holder election) currently exercisable |
| Options – Unexercisable | 65,000 shares from 12/06/2024 grant at $13.08, expiring 12/06/2034 |
| Vesting Cadence | Options vest 25% per quarter over one year from grant |
| Insider Trading Policy | Blackout periods and prohibition on trading with MNPI; applies to insiders and related insiders |
| Deferred Compensation | Balance $142,676 including 11,860 Class A shares at $12.03 (12/31/2024) |
| Pledging/Hedging | Not explicitly disclosed in proxy; insider trading policy described but no pledging clause cited |
| Ownership Guidelines | Not disclosed in the proxy |
Insider transactions and selling pressure:
- 02/19/2025: Disposition to issuer of 2,300 Class A shares at $13.30; remaining directly held 72,517 shares (Form 4) .
- Historical Form 4 activity includes option grants and vesting schedules; recent filing references options vesting beginning March 2025 .
Employment Terms
| Term | Detail |
|---|---|
| Employment Agreement | Not disclosed for Garrett S. Sill in 2025 DEF 14A; CEO agreement terms are disclosed separately . |
| Severance | Not disclosed for Sill in the proxy . |
| Change-of-Control | Not disclosed for Sill; Director plan has acceleration, but executive acceleration not specified . |
| Clawback Provisions | Not specified in proxy; general Code of Conduct and Insider Trading Policy referenced . |
| Non-compete/Non-solicit | Not disclosed . |
| Tax Gross-ups | Not disclosed; perquisites enumerated without tax gross-up items |
| Auto-Renewal/Term | Not disclosed . |
Option Grants and Vesting Detail (Selected)
| Grant Date | Number of Options | Exercise Price ($) | Expiration | Vesting |
|---|---|---|---|---|
| 11/30/2018 | 27,472 | 3.96 | 11/30/2028 | 25% per quarter over one year (standard) |
| 12/06/2019 | 32,704 | 4.12 | 12/06/2029 | 25% per quarter over one year |
| 03/27/2020 | 31,147 | 2.99 | 03/27/2030 | 25% per quarter over one year |
| 12/03/2021 | 34,729 | 7.39 | 12/03/2031 | 25% per quarter over one year |
| 12/02/2022 | 38,588 | 5.85 | 12/02/2032 | 25% per quarter over one year |
| 12/01/2023 | 42,000 | 7.59 | 12/01/2033 | 25% per quarter over one year |
| 12/06/2024 | 65,000 | 13.08 | 12/06/2034 | 25% per quarter over one year (unexercisable at 12/31/2024) |
Compensation Committee and Governance
- Compensation Committee: H. Craig Moody (Chair), Gilbert A. Fuller, John L. Cook, Shital A. Mehta, Robert G. Hunter, M.D.; all independent. Oversees salary, annual incentives, equity programs; 3 meetings in 2024 .
- Say-on-Pay: At 6/23/2023 meeting, votes were 38,991,463 for, 539,876 against, 20,682 abstentions; advisory frequency vote supported every three years .
- Equity plan amendment: Board seeks 3,000,000 additional shares for the 2022 Equity Incentive Plan; burn rate and overhang disclosed; 85.66% options exercisable as of 3/31/2025 .
Performance & Track Record
- Pay vs Performance (Company-level): Initial $100 TSR values of 79 (2022), 123 (2023), 140 (2024); Net Income $25.690M (2022), $14.495M (2023), $26.536M (2024) .
- Option realization: 2024 exercise generated $244,592 of value for Sill (aligned with price appreciation) .
Company fundamentals during recent years:
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Revenues ($) | 371,692,768* | 313,014,266* | 327,976,807* |
| EBITDA ($) | 60,140,083* | 30,648,750* | 47,465,954* |
| Net Income ($) | 25,690,302* | 14,495,058* | 26,535,768* |
| Values retrieved from S&P Global.* |
Risk Indicators & Red Flags
- Section 16 Filing Delinquencies: One inadvertent late filing noted for Sill in 2024 .
- Related Party: Sill sits on investment committees that exercise shared voting for the 401(k) and Non-Qualified Deferred Compensation Plan .
- Option Repricing/Modification: No repricing disclosed; exercise prices adjusted only for stock dividends per plan terms .
- Pledging/Hedging: No explicit pledging policy disclosure; insider trading policy details provided .
Equity Ownership & Alignment (Expanded)
| Category | Detail |
|---|---|
| Stock Ownership Plan Influence | 401(k) Plan holds 2,566,396 Class A and 140,897 Class C; investment committee includes Sill with shared voting; participants vote their own shares . |
| Non-Qualified Deferred Comp Plan | Plan holds 876,441 Class A; investment committee includes Sill with shared voting . |
Employment Terms (Company Programs Relevant to Equity)
- Stock Purchase Plan (2015): Company may purchase up to 60,000 Class A shares per year from officers/directors to cover taxes upon option exercises, priced at closing sale price on exercise day, only during permitted trading windows .
Investment Implications
- Pay-for-Performance alignment: CFO compensation includes a meaningful cash bonus without disclosed metric detail, but heavy use of options (short, one-year quarterly vesting) creates near-term vesting cadence and potential selling pressure for tax/monetization (e.g., Feb 2025 disposition) .
- Skin-in-the-game: Sill holds 344,602 shares (1.4% combined) and 222,890 exercisable options plus 65,000 unexercisable as of year-end, indicating material alignment and option-driven upside sensitivity .
- Retention risk: Absence of disclosed individual severance/change-of-control protections for the CFO lowers guaranteed retention economics; equity vests quickly (one year), which may encourage periodic exercises but does not embed long multi-year retention beyond the 10-year option term .
- Governance and dilution: The proposed increase to the 2022 plan share reserve (3,000,000 shares) expands equity capacity; equity overhang and burn rate are disclosed and should be tracked for dilution implications on minority holders .
- Performance context: Company net income rebounded in 2024, and TSR improved versus 2022; monitoring fundamentals and upcoming vest dates can inform trading signals around potential insider exercises or dispositions .