Scott M. Quist
Chairman of the Board, President, and Chief Executive Officer at SECURITY NATIONAL FINANCIAL
CEO
Executive
Board
About Scott M. Quist
Scott M. Quist is 71 and serves as Chairman of the Board, President, and Chief Executive Officer of Security National Financial Corporation; he has been CEO since 2012, President since 2002, and a director since 1986 . He holds a B.S. in Accounting and a law degree from Brigham Young University . Pay-versus-performance disclosures show 2024 TSR value of an initial $100 investment at 140 and GAAP net income of $26.536 million; the PEO’s “compensation actually paid” was $1.407 million . Revenues rose from $313.0 million in FY 2023 to $328.0 million in FY 2024*, while EBITDA increased from $30.6 million to $47.5 million*, supporting cash and equity bonus outcomes; quarterly net income in 2025 has trended higher (Q1: $4.338 million; Q2: $6.506 million; Q3: $7.815 million) .
Company performance context (Fiscal years)
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Revenues ($) | $371,692,768* | $313,014,266* | $327,976,807* |
| EBITDA ($) | $60,140,083* | $30,648,750* | $47,465,954* |
| Net Income - (IS) ($) | $25,690,302 | $14,495,058 | $26,535,768 |
Values marked with * were retrieved from S&P Global.
Recent quarterly (latest four quarters, oldest→newest)
| Metric | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 |
|---|---|---|---|---|
| Revenues ($) | $79,155,556* | $81,091,611* | $87,509,663* | $86,270,572* |
| EBITDA ($) | $3,463,573* | $7,441,739* | $10,380,617* | $16,240,275* |
| Net Income - (IS) ($) | $(41,747)* | $4,338,292 | $6,506,355 | $7,815,026 |
Values marked with * were retrieved from S&P Global.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Security National Financial Corp. | President | Since 2002 | Long-tenured operating leadership across insurance, mortgages, memorial services |
| Security National Financial Corp. | Director | Since 1986 | Continuity of governance; family-led leadership structure |
| National Alliance of Life Companies (NALC) | President; Treasurer/Director | President: 1990–2000; Treasurer/Director: 1993–2013 | Industry influence, regulatory engagement; network advantages |
| National Association of Life Companies | Treasurer/Director | 1986–1991 | Policy engagement prior to merger with ACLI |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Key Bank of Utah | Regional Director | Since 1993 | Banking relationships and market intelligence |
| ACLI Forum 500 | Board of Governors member | N/A | Small insurer advocacy and policy voice |
Fixed Compensation
| Component ($) | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Base Salary | $651,533 | $692,533 | $751,700 |
| Bonus | $382,500 | $334,500 | $337,500 |
| All Other Compensation | $48,318 | $51,184 | $52,563 |
| Total | $1,175,138 | $1,182,762 | $1,345,577 |
Notes: “All Other Compensation” includes company-paid automobile-related costs, life/medical/disability insurance, and 401(k) contributions .
Performance Compensation
Annual Incentive and Options Mix
- Policy: Annual cash bonus tied to “Company financial performance”; specific metrics or weightings are not disclosed . CEO is excluded from committee deliberations on his own pay .
- Equity focus: Options are primary long-term incentive; designed to align executives with shareholders and reward appreciation in Class A common stock .
Option Grants to Scott M. Quist (FY 2024)
| Grant Date | Number of Options (#) | Exercise Price ($/sh) | Closing Price on Grant ($/sh) | Expiration | Grant Date Fair Value ($) |
|---|---|---|---|---|---|
| 12/06/2024 | 6,950 | $14.39 | $13.08 | 12/06/2029 | $14,900 |
| 12/06/2024 | 58,050 | $13.08 | $13.08 | 12/06/2034 | $188,914 |
Outstanding Equity Awards (Selected for Scott M. Quist)
| Option Grant Date | Exercisable (#) | Unexercisable (#) | Exercise Price ($) | Expiration |
|---|---|---|---|---|
| 12/03/2021 | 57,881 | — | $8.13 | 12/03/2026 |
| 12/02/2022 | 71,663 | — | $6.14 | 12/02/2027 |
| 12/01/2023 | 68,250 | — | $7.97 | 12/01/2028 |
| 12/06/2024 | — | 6,950 | $14.39 | 12/06/2029 |
| 12/06/2024 | — | 58,050 | $13.08 | 12/06/2034 |
Vesting
| Grant Date | Vesting Schedule |
|---|---|
| All executive option grants | 25% per quarter over one year following grant |
Option Exercises (2023)
| Metric | Value |
|---|---|
| Shares acquired on exercise (#) | 32,902 |
| Value realized ($) | $96,074 |
Equity Ownership & Alignment
| Ownership Metric | As of 3/31/2024 | As of 3/31/2025 |
|---|---|---|
| Class A Common Stock (Beneficially Owned) (#) | 495,124 | 525,361 |
| Class A % of Class | 2.6% | 2.6% |
| Class C Common Stock (Beneficially Owned) (#) | 350,235 | 373,063 |
| Class C % of Class | 11.0% | 10.6% |
| Total A+C Shares (#) | 845,359 | 898,424 |
| Total A+C % of Class | 3.8% | 3.8% |
| Options currently exercisable (#) | 261,249 (Class C-equivalent, optionable as A/C) | 214,045 (Class C-equivalent, optionable as A/C) |
- Additional control: Scott M. & Lisa J. Quist Family Trust beneficially owns 1,463,978 Class C shares (49.9%) as of 3/31/2024; noted at 1,537,177 Class C (46.3%) as of 3/31/2025; trustees are S. Andrew Quist, Amanda J. Nelson, and Adam G. Quist (shared voting/investment power) .
- Plan governance roles: Quist serves on investment committees for the company 401(k) plan and Non-Qualified Deferred Compensation Plan, which hold sizable Class A/C positions .
- Deferred compensation: Balance of $1,085,679 at 12/31/2023 including 120,631 Class A shares; $1,523,852 at 12/31/2024 including 126,671 Class A shares .
- Pledging/hedging: No pledging disclosures identified; Insider Trading Policy imposes blackout restrictions but does not explicitly disclose hedging prohibitions in the proxy excerpt .
Employment Terms
| Term | Key Provision |
|---|---|
| Agreement | Employment agreement dated 12/4/2012; extended initially to 12/4/2018; further extended to 12/4/2024 and then to 12/31/2030 . |
| Base obligations | Maintain not less than current salary/benefits; $1,000,000 group term life and $500,000 whole life insurance . |
| Disability | Salary continuation for up to five years at 75% of current compensation . |
| Change-of-control | If sale/merger and not retained in current position, continue current compensation and benefits for seven years (single-trigger on non-retention) . |
| Retirement benefits | Commence at retirement age ≥65, five years post-disability, or termination without cause; payable for 20 years at 75% of then-current compensation; benefits transferable to heirs if death before completion . |
| Accrued liability | $7,556,363 as of 12/31/2023; $7,215,806 as of 12/31/2024 . |
Board Governance
- Dual role: CEO also serves as Chairman; the Board argues this enhances agenda focus and leadership continuity .
- Lead independent director: In 2024, the Board designated H. Craig Moody as lead director for executive sessions; in 2025, the proxy states there is no lead independent or presiding director, though independent directors meet in executive sessions .
- Committees:
- Audit: Independent directors; Gilbert A. Fuller (Chair). Met three times in 2023; three times in 2024 .
- Compensation: Independent directors; H. Craig Moody (Chair). Met two times in 2023; three times in 2024 .
- Executive: Includes Scott M. Quist (Chair), Andrew Quist, Gilbert Fuller, H. Craig Moody .
- Nominating & Governance: Independent directors; H. Craig Moody (Chair). Met twice in 2023 .
- Attendance: Board held five meetings in 2023; all directors attended all meetings .
Director Compensation (for governance context)
- Retainer: Outside directors receive $43,200 per year ($3,600/month); plus $750 per day for certain management/audit meetings .
- Equity: Annual grant of either options to purchase 1,000 Class A shares or 1,000 RSUs; in 2023 each Outside Director also received options to purchase 7,000 Class A shares; cashless exercise permitted; director options vest 25% per quarter over one year .
Say‑on‑Pay & Shareholder Feedback
- 2023 say-on-pay vote: 38,991,463 “for”, 539,876 “against”, 20,682 abstentions; shareholders selected triennial say‑on‑pay frequency .
- Compensation consultant usage: Committee references third-party reports but no named consultant disclosed .
Related Party & Control Considerations
- Family relationships: S. Andrew Quist and Adam G. Quist are sons, and Jason G. Overbaugh is nephew, of Scott M. Quist; they received compensation disclosed in the Summary Compensation Table .
- Multi‑class voting: Class C shares carry 10 votes per share, amplifying voting control via family trust holdings .
- Stock Purchase Plan: Company may purchase up to 60,000 Class A shares per year from officers/directors upon option exercise to cover their tax obligations (during trading windows) .
Performance Compensation Details
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Annual Cash Bonus (PEO) | Not disclosed | Not disclosed | $337,500 (2024) | Paid | N/A |
| Stock Options (PEO) | N/A | N/A | $203,814 grant-date fair value (2024) | Granted | 25% quarterly over 1 year |
Investment Implications
- Alignment: Material share ownership (3.8% combined A+C in both 2024 and 2025) and option exposure, plus long-standing insider plan committee roles, indicate strong alignment and influence; multi‑class voting and the family trust’s ~46–50% of Class C further concentrate control .
- Retention/COC economics: The employment agreement’s seven-year severance upon non-retention post‑sale/merger and 20‑year retirement at 75% of then‑current compensation create high change‑of‑control costs and strong retention incentives, but also potential M&A friction for acquirers .
- Pay-for-performance: Cash bonuses are tied to unspecified “financial performance,” while options reward sustained appreciation; 2024 TSR and net income improved, and quarterly net income trends in 2025 are rising, supporting payouts .
- Liquidity and selling pressure: Frequent annual stock dividends (5% again in 2025; 37th consecutive year) enhance float and potential liquidity; the Stock Purchase Plan facilitates insider tax obligations on option exercises without open‑market selling, moderating selling pressure around vesting/exercise events .
- Governance risk: CEO/Chair dual role without a consistent lead independent director, related‑party family ties in management/board, and multi‑class voting are governance overhangs; however, committees are comprised of independent directors, with active audit oversight and regular executive sessions .
Values marked with * were retrieved from S&P Global.