Fiscal year 2025 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.
Each company listed discloses HRTG in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named HRTG in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.
| Named executive officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension / NQDC | All other | Total |
|---|---|---|---|---|---|---|---|---|
| Ernie Garateix | $875,500 | $0 | $2,757,824 | $0 | $1,663,450 | $0 | $45,123 | $5,341,897 |
| Chief Executive Officer | ||||||||
| Kirk Lusk | 824,000 | 0 | 947,598 | 0 | 782,800 | 0 | 55,532 | 2,609,930 |
| Chief Financial Officer | ||||||||
| Tim Moura | 650,000 | 0 | 409,504 | 0 | 218,855 | 0 | 35,384 | 1,313,743 |
| President, Narragansett Bay Insurance Company | ||||||||
A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.
| Named executive officer | FY2025 total | FY2024 total | FY2023 total | Δ FY2024→2025 |
|---|---|---|---|---|
| Ernie Garateix | $5,341,897 | $4,334,512 | $4,995,816 | +1,007,385 |
| Kirk Lusk | 2,609,930 | 2,593,561 | 2,538,359 | +16,369 |
| Tim Moura | 1,313,743 | 1,187,804 | 1,674,295 | +125,939 |
Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.
Every insider equity transaction reported on Form 4 after the 2025 proxy statement — acquisitions, dispositions, exercises, and withholdings — and therefore not reflected in any table in that document.
| Insider | Role | Transaction date | Code | Shares | Price | Value | Security | Source |
|---|---|---|---|---|---|---|---|---|
| Sharon Binnun | Chief Accounting Officer | 2026-05-01 | D | 9,200 | $29 | $266,753 | Common | Form 4 ↗ |
| Paul L. Whiting | Director | 2026-05-19 | A | 15,000 | 24 | 352,500 | Common | Form 4 ↗ |
| Paul L. Whiting | Director | 2026-05-19 | A | 1,000 | 24 | 24,450 | Common | Form 4 ↗ |
| Irini Barlas | Director | 2026-06-10 | A | 2,703 | 0 | 0 | Common | Form 4 ↗ |
| Joseph Vattamattam | Director | 2026-06-10 | A | 2,703 | 0 | 0 | Common | Form 4 ↗ |
| Richard Widdicombe | Director | 2026-06-10 | A | 2,703 | 0 | 0 | Common | Form 4 ↗ |
| Pete Apostolou | Director | 2026-06-10 | A | 2,703 | 0 | 0 | Common | Form 4 ↗ |
| Paul L. Whiting | Director | 2026-06-10 | A | 2,703 | 0 | 0 | Common | Form 4 ↗ |
| Paul L. Whiting | Director | 2026-06-10 | D | 9,662 | 0 | 0 | Common | Form 4 ↗ |
| Sharon Binnun | Chief Accounting Officer | 2026-06-22 | D | 9,200 | 24 | 224,103 | Common | Form 4 ↗ |
| Sharon Binnun | Chief Accounting Officer | 2026-07-01 | D | 9,200 | 27 | 244,493 | Common | Form 4 ↗ |
Transaction codes per Form 4: A acquisition · S open-market sale · F tax withholding · M option exercise · G gift. Value = shares × price as reported. Dividend-equivalent and fractional-share accrual rows (derivative Class A, under $10,000 and under 2,000 shares) are aggregated per date; every row appears in full below.
| Executive | Award | Grant date | Threshold | Target | Granted | Maximum | Grant-date fair value |
|---|---|---|---|---|---|---|---|
| Tim Moura | OTHER | — | — | — | — | — | $409,504 |
| Ernie Garateix | OTHER | — | — | — | — | — | 2,757,824 |
| Kirk Lusk | OTHER | — | — | — | — | — | 947,598 |
Grant-level vehicle detail not disclosed.
% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.
| Executive | Award | Shares unvested | Exercise price | Market value unvested |
|---|---|---|---|---|
| Ernie Garateix | RSU | 404,412 | — | $11,833,095 |
| Ernie Garateix | RSU | 36,848 | — | 1,078,172 |
| Tim Moura | PSU | 44,446 | — | 1,300,490 |
| Tim Moura | RSU | 4,630 | — | 135,474 |
| Kirk Lusk | RSU | 196,078 | — | 5,737,242 |
| Tim Moura | RSU | 98,039 | — | 2,868,621 |
| Ernie Garateix | RSU | 30,271 | — | 885,729 |
| Tim Moura | RSU | 5,472 | — | 160,111 |
| Ernie Garateix | PSU | 290,598 | — | 8,502,897 |
| Kirk Lusk | PSU | 85,470 | — | 2,500,852 |
| Kirk Lusk | RSU | 18,496 | — | 541,194 |
| Kirk Lusk | PSU | 52,020 | — | 1,522,105 |
| Tim Moura | PSU | 26,263 | — | 768,455 |
| Kirk Lusk | RSU | 15,195 | — | 444,606 |
| Ernie Garateix | PSU | 176,869 | — | 5,175,187 |
We provide base salaries, which are intended to be generally competitive with salaries of similarly situated executives at comparable companies and are based on the executive officer's role and responsibilities, individual job performance and experience.
| CEO STI target (% of salary) | 120% |
|---|---|
| CEO LTI target (% of salary) | — |
| Independent consultant | — |
| Clawback policy | true |
| Anti-hedging | false |
| Anti-pledging | True |
| Meeting year | Meeting date | For | Against | Abstain | Support | Outcome |
|---|---|---|---|---|---|---|
| 2026 | 2026-06-10 | 16,268,417 | 1,049,362 | 271,068 | 93.94% | Passed |
| 2025 | 2025-06-10 | 15,111,279 | 4,260,104 | 776,477 | 75% | Passed |
| 2024 | 2024-06-05 | 11,287,051 | 3,531,897 | 520,202 | 73.58% | Passed |
| 2023 | 2023-06-07 | 9,824,172 | 1,967,360 | 777,746 | 78.16% | Passed |
| 2022 | 2022-06-23 | 12,840,029 | 4,497,724 | 60,985 | 73.8% | Passed |
| 2021 | 2021-05-25 | 15,995,720 | 3,444,819 | 729,706 | 79.3% | Passed |
Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.
| Meeting year | Meeting date | Approval — company's computation |
|---|---|---|
| 2026 | 2026-06-10 | 93.94%a |
| 2025 | 2025-06-10 | 75%b |
| 2024 | 2024-06-05 | 73.58%c |
a. Voting standard not stated in the filing.
b. Approved under the standard stated in the filing — “Abstentions will have the effect of a vote against the approval of the Say on Pay proposal.”.
c. Approved under the standard stated in the filing — “Abstentions will have the effect of a vote against the approval of the Say on Pay proposal.”.
Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.
| Ratio (CEO : median employee) | — |
|---|---|
| CEO total compensation | — |
| Median employee compensation | — |
| Director | Cash fees | Stock awards | Option awards | Non-equity incentive | All other | Total |
|---|---|---|---|---|---|---|
| Richard WiddicombeIndependent · Board Chair | $171,875 | $60,000 | $0 | $0 | $79,998 | $311,873 |
| Irini BarlasIndependent · Audit (Chair) · Corporate Governance and Nominating | 137,750 | 60,000 | 0 | 0 | — | 197,750 |
| Paul L. WhitingIndependent · Audit · Compensation (Chair) · Corporate Governance and Nominating | 136,750 | 60,000 | 0 | 0 | — | 196,750 |
| Joseph VattamattamIndependent · Audit · Compensation | 135,000 | 60,000 | 0 | 0 | — | 195,000 |
| Pete ApostolouIndependent · Compensation · Corporate Governance and Nominating (Chair) | 132,500 | 60,000 | 0 | 0 | — | 192,500 |
| Mark BersetNot independent · Not standing for re-election · Departed during FY | 95,000 | 60,000 | 0 | 0 | — | 155,000 |
| Nicholas PappasIndependent · Not standing for re-election · Departed during FY | 133,750 | — | 0 | 0 | — | 133,750 |
| Vijay WalvekarIndependent · Not standing for re-election · Departed during FY | 132,500 | — | 0 | 0 | — | 132,500 |
| Ernie GarateixEmployee director | 0 | 0 | 0 | — | 0 | 0 |
| Annual cash retainer | $125,000 |
|---|---|
| Annual equity retainer | $40,000 |
| Per board meeting fee | — |
| Committee chair fees (audit / comp / nom-gov) | 5,000 / 5,000 / 5,000 |
| Stock ownership guideline | — |
| Component | FY2025 |
|---|---|
| Cash retainers and fees | $1,075,125 |
| Equity awards (grant-date value) | $360,000 |
| All other compensation | $79,998 |
| Total cost of the board | $1,515,123 |
Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.
Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.
| Rank | Company | FY | Chief executive | Salary | Stock awards | Option awards | Non-equity incentive | Total |
|---|---|---|---|---|---|---|---|---|
| 1 | Heritage Insurance Holdings, Inc. | 2025 | Ernie Garateix | $875,500 | $2,757,824 | $0 | $1,663,450 | $5,341,897 |
Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.
Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.
Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.
| # | Supports | Document | Filed | Accession | Location in document |
|---|---|---|---|---|---|
| 1 | Section 01, Ernie Garateix | DEF 14A | 2026-04-30 | 0001193125-26-197339 | Section “Summary Compensation Table” · page 21. As printed: 5,341,897. Filing ↗machine: r2 · c27 · span 259277–259286 |
| 2 | Section 01, Kirk Lusk | DEF 14A | 2026-04-30 | 0001193125-26-197339 | Section “Summary Compensation Table” · page 21. As printed: 2,609,930. Filing ↗machine: r4 · c27 · span 263109–263118 |
| 3 | Section 01, Tim Moura | DEF 14A | 2026-04-30 | 0001193125-26-197339 | Section “Summary Compensation Table” · page 21. As printed: 1,313,743. Filing ↗machine: r6 · c27 · span 266937–266946 |
| 4 | Section 03, Tim Moura OTHER | DEF 14A | 2026-04-30 | 0001193125-26-197339 | Section “EXECUTIVE COMPENSATION” · grants of plan-based awards table. Filing ↗machine: t85 · r6 · c15 · span 266257–266264 |
| 5 | Section 03, Ernie Garateix OTHER | DEF 14A | 2026-04-30 | 0001193125-26-197339 | Section “EXECUTIVE COMPENSATION” · grants of plan-based awards table. Filing ↗machine: t85 · r2 · c15 · span 258593–258602 |
| 6 | Section 03, Kirk Lusk OTHER | DEF 14A | 2026-04-30 | 0001193125-26-197339 | Section “EXECUTIVE COMPENSATION” · grants of plan-based awards table. Filing ↗machine: t85 · r4 · c15 · span 262429–262436 |
| 7 | Section 07, pay ratio | 10-K/A | 2026-03-19 | 0001193125-26-115451 | Section “CEO Pay Ratio”. As printed: —. Filing ↗ |
| 8 | Section 08, Richard Widdicombe | DEF 14A | 2026-04-30 | 0001193125-26-197339 | Section “Director Compensation”. As printed: 311,873. Filing ↗machine: t111 · r9 · c15 · span 446641–446648 |
| 9 | Section 08, Irini Barlas | DEF 14A | 2026-04-30 | 0001193125-26-197339 | Section “Director Compensation”. As printed: 197,750. Filing ↗machine: t111 · r3 · c15 · span 439252–439259 |
| 10 | Section 08, Paul L. Whiting | DEF 14A | 2026-04-30 | 0001193125-26-197339 | Section “Director Compensation”. As printed: 196,750. Filing ↗machine: t111 · r8 · c15 · span 445477–445484 |
| 11 | Section 08, Joseph Vattamattam | DEF 14A | 2026-04-30 | 0001193125-26-197339 | Section “Director Compensation”. As printed: 195,000. Filing ↗machine: t111 · r6 · c15 · span 442984–442991 |
| 12 | Section 08, Pete Apostolou | DEF 14A | 2026-04-30 | 0001193125-26-197339 | Section “Director Compensation”. As printed: 192,500. Filing ↗machine: t111 · r2 · c15 · span 438046–438053 |
| 13 | Section 08, Mark Berset | DEF 14A | 2026-04-30 | 0001193125-26-197339 | Section “Director Compensation”. As printed: 155,000. Filing ↗machine: t111 · r4 · c15 · span 440484–440491 |
| 14 | Section 08, Nicholas Pappas | DEF 14A | 2026-04-30 | 0001193125-26-197339 | Section “Director Compensation”. As printed: 133,750. Filing ↗machine: t111 · r5 · c3 · span 440987–440994 |
| 15 | Section 08, Vijay Walvekar | DEF 14A | 2026-04-30 | 0001193125-26-197339 | Section “Director Compensation”. As printed: 132,500. Filing ↗machine: t111 · r7 · c3 · span 443486–443493 |
| 16 | Section 08, Ernie Garateix | DEF 14A | 2026-04-30 | 0001193125-26-197339 | Section “Director Compensation”. As printed: 0. Filing ↗ |
| 17 | Section 02, Sharon Binnun 2026-05-01 | Form 4 | 2026-05-05 | 0001639407-26-000010 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 18 | Section 02, Paul L. Whiting 2026-05-19 | Form 4 | 2026-05-20 | 0001272769-26-000002 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 19 | Section 02, Paul L. Whiting 2026-05-19 | Form 4 | 2026-05-20 | 0001272769-26-000002 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 20 | Section 02, Irini Barlas 2026-06-10 | Form 4 | 2026-06-12 | 0001616723-26-000002 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 21 | Section 02, Joseph Vattamattam 2026-06-10 | Form 4 | 2026-06-12 | 0001607784-26-000002 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 22 | Section 02, Richard Widdicombe 2026-06-10 | Form 4 | 2026-06-12 | 0001186207-26-000002 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 23 | Section 02, Pete Apostolou 2026-06-10 | Form 4 | 2026-06-12 | 0001607789-26-000002 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 24 | Section 02, Paul L. Whiting 2026-06-10 | Form 4 | 2026-06-12 | 0001272769-26-000004 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 25 | Section 02, Paul L. Whiting 2026-06-10 | Form 4 | 2026-06-12 | 0001272769-26-000004 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 26 | Section 02, Sharon Binnun 2026-06-22 | Form 4 | 2026-06-24 | 0001639407-26-000012 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 27 | Section 02, Sharon Binnun 2026-07-01 | Form 4 | 2026-07-02 | 0001639407-26-000014 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 28 | Section 06, 2026 vote | Form 8-K | 2026-06-11 | 0001193125-26-267535 | Item 5.07 · say-on-pay result. As reported: 93.94% (votes for as printed: 16,268,417). Filing ↗ |
| 29 | Section 06, 2025 vote | Form 8-K | 2025-06-11 | 0001193125-25-139195 | Item 5.07 · say-on-pay result. As reported: 75% (votes for as printed: 15,111,279). Filing ↗ |
| 30 | Section 06, 2024 vote | Form 8-K | 2024-06-07 | 0001628280-24-027257 | Item 5.07 · say-on-pay result. As reported: 73.58% (votes for as printed: 11,287,051). Filing ↗ |
| 31 | Section 01 trend, Δ column (computed) | Computed | — | computed | Δ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1) |
| 32 | Section 09b board cost (computed) | Computed | — | computed | Cash 1,075,125 + equity 360,000 + all other 79,998 = 1,515,123, summed across the director compensation table rows.machine: formula: Σ = 1,515,123 |
| 33 | Heritage Insurance Holdings, Inc. (subject), Section 10b CEO total | DEF 14A | 2026-04-30 | 0001193125-26-197339 | CEO total compensation as printed in Heritage Insurance Holdings, Inc.'s own proxy. As printed: 5,341,897. Filing ↗machine: r2 · c27 · span 259277–259286 |