What changed in this filing

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Item 1. Business

2026-02-19 compared with 2025-03-03 · 107 added, 80 removed, 382 unchanged (33% of the section changed)

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we believe that tomorrow’s insurance buyer will demand it.

We believe that most clients currently buying through single-product platforms are either over-paying or not properly covered because 1) their current insurance company does not offer the appropriate coverage or 2) valuable coverages were removed to make the pricing competitive.

We are able to solve that by partnering with over 200 carriers and using technology to shop for our clients and quickly identify the Carrier who is targeting their segment of the market.

We believe that most insurance buyers currently buying through single-product platforms are either over-paying or not properly covered because 1) their current insurance company does not offer the appropriate coverage or 2) valuable coverages were removed to make the pricing competitive.

We are able to solve that by partnering with over 200 carriers and using technology to shop for our clients and quickly identify the carrier that is targeting their segment of the market.

This allows us to provide value by finding the right coverage at the lowest price so that the client does not have to spend hours shopping for themselves.

We are client-centric by design.

Everything starts and ends with the client.

Our agents deliver unrivaled choice, transparent advice, and concierge-level service, supported by more than 200 top-tier carrier relationships.

Knowledgeable sales and service agents

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Additionally, in contrast to the traditional insurance agency model, we separate the sales function from the service function, thus enabling agents to focus on selling, and service personnel to focus on delivering superior client service.

This model has helped drive best-in-class net promoter scores for client service, 4.0x the 2024 P&C industry average according to Qualtrics XM Institute.

Proprietary technology

Independent agents typically are working on outdated technology platforms, leading to delays in insurance quotes and very limited ability to interact with their client.

We have leveraged our scale to empower our agents and now our clients with technology that allows them to run quotes and place business quickly and accurately.

After signing their documents electronically, clients can engage with Goosehead’s industry-leading service team via phone, text, online chat, or email.

Goosehead's Digital Agent, a proprietary online quoting platform, allows clients to shop their home and auto insurance rates with top carriers.

The Digital Agent combines millions of data points, which includes Goosehead's proprietary quoting data over hundreds of thousands of transactions from 20+ years of experience, to bring clients actual quotes specific to their needs.

Clients can then bind these quotes through a short call with one of our local licensed agents with expertise in the client's specific market.

Not only do we provide our clients choice in product, we also provide them with choice on how they wish to interact with us.

Today, clients have the option to run a quote themselves online or directly with one of our agents - all in a matter of minutes - because of our proprietary quoting technology, and, in some cases, binding technology.

We have spent two decades building what we believe is the most advanced personal lines insurance platform in the industry.

Unlike single-carrier platforms that limit choice or traditional independents that rely on legacy systems, our proprietary technology empowers agents, simplifies the client experience, and strengthens our relationships with top carriers.

Independent agents typically work on outdated technology platforms, leading to delays in insurance quotes and coverage issuance.

We have leveraged our scale and carrier relationships to deeply integrate with carriers, allowing agents to run quotes and place business quickly and accurately.

Goosehead's Digital Agent, a proprietary online quoting platform, allows clients to shop their home and auto insurance rates with more than 100 top carriers.

Clients can input into Digital Agent as few as three data points - name, address, and date of birth - the platform then automatically populates other information about a client's homes and vehicles, and in less than two minutes provides clients with home and auto quotes from a breadth of insurance companies.

The Digital Agent combines millions of data points, which includes Goosehead's proprietary quoting data over millions of transactions from 20+ years of experience, to bring clients actual quotes specific to their needs.

Digital Agent provides clients an opportunity to bind quotes directly within the platform for a limited number of carriers, or clients can bind these quotes through a short call with one of our local licensed agents with expertise in the client's specific market.

If a client prefers to quote and bind over the phone, our agents seamlessly guide them through the process.

All client data is treated confidentially with the client's privacy and security top of mind.

Goosehead does not sell or share the client's data without the client's permission.

Our choice model, superior sales and service agents, and proprietary technology have led to 84% client retention during 2024, which we believe is among the best in our industry.

After clients sign their policy documents electronically, clients can engage with Goosehead's industry-leading service team via phone, text, mobile app, online chat, or email.

Agent perspective

Among the three largest captive insurance companies, State Farm, Farmers, and Allstate, there are over 39,000 agents in the United States, and these agents face some acute pain points in their businesses.

First, only having

one carrier to sell leads to lower close rates and client retention as these companies lack options to move the business to another Carrier.

In addition, many agents will lose their ability to write certain lines of business in some areas due to underwriting rules from the carrier – this is especially true after a catastrophic loss in the agent’s city or county.

There is a large population of captive insurance agencies operating across the United States, and these agencies face some acute pain points in their businesses.

First, only having one carrier to sell leads to lower close rates and client retention as these companies lack options to move the business to another carrier.

In addition, agencies risk losing their ability to write certain lines of business in some areas due to underwriting rules from the carrier – this is especially true after a catastrophic loss in the agency’s city or county.

Low close rates are also due to the agents’ outdated and ineffective marketing playbook.

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This broken marketing model leads to high overhead costs and limited success.

Additionally, these captive agents are working on outdated technology platforms and many have no economic interest in their book of business.

Finally, and most importantly, these agents are responsible for processing all of their client’s service needs in house;

Additionally, these captive agencies are working on outdated technology platforms and many have no economic interest in their book of business.

Finally, and most importantly, these agencies are responsible for processing all of their client’s service needs in house;

the more successful they are at sales, the quicker their growth stalls because of the time necessary to manage customer service work.

When agents join Goosehead, they immediately get access to sell a wide array of carriers so that they have product to accommodate most clients, which drastically improves close rates.

Instead of expensive retail space and spending money on ineffective marketing strategies, they follow our proven go-to-market strategy by developing Referral Partner relationships.

Instead of expensive retail space and investing in ineffective marketing strategies, they follow our proven go-to-market strategy by developing Referral Partner relationships.

This strategy allows them to spend much less on marketing and can yield dozens of high-quality clients referred directly to them, driving higher levels of productivity.

All policy fulfillment and servicing is handled by our centralized service team, which retains our clients at 84%, unlocking the agent’s time to focus on new sales.

All policy fulfillment and servicing is handled by our centralized service team, which retains our clients at 85%, unlocking the agency’s time to focus on new sales.

Our 13 corporate-owned sales offices and 489 corporate sales agents serve as the blueprint for what is possible in the Goosehead model, and our corporate agents provide critical training and support to help the franchise agents reach their full potential.

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In addition to recruiting current insurance agents with a superior value proposition, we are also bringing in sales and marketing-savvy professionals who are attracted to the recession-resistant and residual economics offered by a career in insurance.

The value and opportunity we provide to agents has led to our growth to 1,103 operating franchise locations.

The value and opportunity we provide to agents has resulted in a network of 1,009 operating franchise locations.

Carrier perspective

Insurance carriers are seeking profitable growth, and their focus is on maximizing the ratio of client lifetime value to acquisition costs.

Carriers who distribute through independent agents have lots of complexity and costs dealing with thousands of independent representatives with no standard training, different levels of expertise, and no quality control functions.

Working with Goosehead allows them to have scale distribution with a single point of contact.

Goosehead handles all training and enforces standards through a centralized quality control team.

Carriers who distribute through independent agents have many complexities and costs dealing with thousands of independent representatives with no standard training, different levels of expertise, and no quality control functions.

Working with Goosehead allows them to have scale distribution - access to more than 2,600 licensed agents and national distribution - with a dedicated point of contact for a seamless partnership experience.

Goosehead handles all training and enforces standards through a centralized quality control team that reviews 100% of new policies at the point of sale to drive profitability.

Because Goosehead can provide profitable growth without complexity, it has earned special product access in geographies where carriers have heavily restricted capacity, and higher commissions than what agents normally earn.

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Many “insuretech” carriers saw the complexity of working with traditional agents and have sought to build models that eliminate the role of the agent.

As they have grown, many have realized that the market still prefers to work with an agent (according to the Independent Insurance Agents & Brokers of America, Inc.), and that Goosehead allows them to reach that segment of the market without all the traditional complexity.

We now distribute for many of the insuretechs, increasing the breadth of our product portfolio.

Distributing through Goosehead allows Carriers to see higher retention rates and have a better client experience when compared with other distribution channels, increasing the client lifetime value for the carrier.

Distributing through Goosehead allows Carriers to see higher retention rates and have a better client experience when compared with other distribution channels,

increasing the client lifetime value for the carrier.

This value enables Goosehead to have a very competitive carrier portfolio, ensuring that clients find the best solution and increasing agents’ close rates.

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Our Go-to-Market Strategy

Goosehead's growth strategy is powered by a unified approach across three distinct but complementary channels:

corporate, franchise and enterprise sales.

These channels don't compete - they strengthen each other and reinforce our national brand presence.

How it all works together:

• A franchise agency thrives, expands, and becomes a hub for recruiting, retention, and community trust.

• A corporate office proves performance in a new market, establishing momentum for franchise-led growth.

• An enterprise relationship unlocks national exposure, creating referral volume that drives success for both local franchises and corporate teams.

• Together, these channels form a high-performance ecosystem, built to scale efficiently while staying anchored in quality and service.

Our business model allows both our corporate and franchise sales agents to concentrate on sales and marketing activities related to acquiring new clients and issuing new policies, thus growing New Business Revenue and Renewal Revenue more rapidly than in other systems.

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We do not compensate Referral Partners for leads, but rather they rely on our servicing capabilities to generate repeat business.

Goosehead’s Digital Agent provides a best-in-class way to shop for personal insurance — allowing clients to find the right coverage at the best price.

The platform provides a simple, transparent, and efficient way to get insurance quotes.

With as little as three data points—name, address, and date of birth—the proprietary tool arms clients with actionable home and auto quotes from a variety of A-rated insurance companies in less than two minutes and connects them with a knowledgeable agent to complete the purchase process.

The Digital Agent, available across the U.S., is powered by key data integrations and a proprietary database.

It automatically populates information about client's homes and vehicles during the quoting process and combines that information with millions of data points from two decades worth of Goosehead's expert agents’ quoting decisions and accumulated experiences.

Goosehead’s Digital Agent platform provides a best-in-class way to shop for personal insurance — allowing clients to find the right coverage at the best price.

The platform provides a simple, transparent, and efficient way to get insurance quotes and connects them with a knowledgeable agent to complete the purchase process, thereby maintaining the benefits of knowledgeable agents to ensure they have the right coverage at the right price.

The Digital Agent platform, available across the U.S., is powered by key data integrations and a proprietary database.

It automatically populates information about a client's homes and vehicles during the quoting process and combines that information with millions of data points from two decades worth of Goosehead's expert agents’ quoting decisions and accumulated experiences.

Our model, which allows agents to focus on New Business Revenue, is highly differentiated from the traditional insurance agency model.

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Our agents are freed from the burden of ongoing service, and as a result, both corporate sales and franchise agents are substantially more productive than top performers in our industry as it relates to new sales.

Compared to the 2024 Best Practices Study, which uses 2023 industry data, our corporate sales agents with more than three years of tenure averaged 2.8x as much New Business Production per Agent in both 2024 and 2023 as the industry best practice.

Compared to the 2025 Best Practices Study, which uses 2024 industry data, our corporate sales agents with more than three years of tenure averaged 2.5x as much New Business Production per Agent in 2025 and 2.8x in 2024 as the industry best practice.

Franchise sales agents with more than three years of tenure averaged 2.0x in 2025 and 1.9x in 2024 as much New Business Production per Agent (Franchise) as the industry best practice.

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Carrier provided information;

Reagan Consulting 2024 Best Practices Study (using 2023 data)

Reagan Consulting 2025 Best Practices Study (which uses 2024 data)

(1) Represents industry best practice per Reagan Consulting;

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Corporate sales also serves as a research and development department, where we develop best practices and beta test new technology before implementing system-wide.

We open corporate offices in strategic markets and seed new offices with high-preforming agents.

These teams build brand equity, drive production, and establish the foundation for future franchise expansion.

Additionally, our corporate sales function serves as an invaluable support network for our franchise sales function, providing sales coaching and mentoring for Franchisees.

The majority of candidates are sourced through a combination of on-campus recruiting, employee referrals and highly targeted internet recruiting campaigns.

Most candidates are sourced through a combination of on-campus recruiting, employee referrals and highly targeted internet recruiting campaigns.

Our recruitment team seeks candidates with strong communication skills who display a high aptitude for learning new concepts, are motivated by professional and financial incentives, and display the ability to succeed in a team-oriented environment.

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All agents are required to become fully licensed P&C agents prior to training.

New agents continue a targeted ramp-up curriculum through their first six months while actively selling insurance.

The combination of hiring highly-motivated and talented individuals, giving them proper tools and training, and removing the burden of ongoing client service allows our corporate sales agents to become significantly more productive than average personal lines agents.

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We also generate Ancillary Revenue in the form of Contingent Commissions from Carriers related to the overall growth and loss performance of the Book of Business we have placed with them.

Corporate sales is comprised of employed sales agents located in 12 sales offices across Texas, Illinois, Colorado, Ohio, Florida, North Carolina, and Arizona.

As of December 31, 2024, we had corporate sales offices operating in the following locations:

Westlake, Texas;

Coppell, Texas;

Fort Worth, Texas;

Houston, Texas;

The Woodlands, Texas;

Austin, Texas;

Rosemont, Illinois;

Charlotte, North Carolina;

Englewood, Colorado;

Orlando, Florida;

Tempe, Arizona;

and Columbus, Ohio.

Corporate sales is comprised of employed sales agents located in 13 sales offices across Texas, Illinois, Colorado, Ohio, Florida, North Carolina, Arizona, and Tennessee.

In 2022, Goosehead began transitioning top corporate sales agents into franchise ownership.

These highly successful corporate agents have performed well as agency owners.

Owning a Goosehead franchise has become a viable and lucrative career path for top agents, which we believe helps Goosehead recruit top talent in the industry.

Owning a Goosehead franchise has become a viable and lucrative career path for top corporate agents, which we believe helps Goosehead recruit top talent in the industry.

Franchise sales

Franchise sales consists of operations that are owned and managed by Franchisees.

Franchise sales is the backbone of our distribution network and consists of operations that are owned and managed by Franchisees.

These are local entrepreneurs delivering personalized service in their communities, supported by our technology training and back-office infrastructure.

Many of our strongest franchise agencies have evolved into multi-producer operations.

This distribution is composed of Franchisees and sales agents that they hire as employees in their franchised businesses.

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As of December 31, 2025, we have 1,009 franchises operating which represents a 9% decrease in 2025 compared to 2024.

Franchise sales agent count grew 1% in 2025 compared to 2024.

We have franchise locations operating in the following states, which cover over 97% of the US population:

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State December 31, 2025

California 73

Pennsylvania 44

North Carolina 36

New Jersey 30

Our partnerships team forges high-value partnerships with national and regional platforms - mortgage servicers, lenders, and real estate companies - to offer scalable insurance solutions to their customers.

These relationships generate consistent lead flow, expand our ability to capture clients outside the home purchase process, and create visibility that benefits our entire ecosystem.

We offer two partnership models:

(1) enterprise partnerships and (2) embedded franchise partnerships.

Enterprise partnerships provide lead flow to our enterprise sales team (included within the results of corporate sales), which assists the partners' clients in shopping for insurance;

in exchange, we pay the partners a fee.

Embedded franchise partnerships purchase a Goosehead Insurance franchise, through which they provide insurance solutions to their clients.

Embedded franchise partnerships pay Initial Franchise Fees, New Business Royalties and Renewal Royalties, as do our traditional franchises.

Compared to our traditional franchisees, embedded franchise partnerships tend to be better capitalized, more sophisticated, and benefit from inherent lead flow - enabling them to scale more rapidly, achieve greater growth, and sustain long-term operations.

Profitability of Corporate and Franchise Sales

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The Company also earns and records Renewal Royalty Fees revenue equal to 50% of the Renewal Commissions generated by franchise sales and incurs fixed and variable fulfillment and administrative costs.

As illustrated in the charts below, the Company’s earnings rate on commissions generated by corporate sales remains constant at 100% of the commission amount for each term a policy remains in force, while its earnings rate on commissions generated by franchise sales increases by 150% from the initial term of the policy to the first renewal term.

renewal term.

This increase in earnings rate from the initial term to the first renewal term results in built-in revenue growth for retained franchise sales.

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Our service agents are also focused on selling additional insurance coverages to clients, which result in additional New Business Revenue.

Our centralized service team spread across five service centers provides us with the ability to cover the U.S.

time zones more broadly, and the ability to better manage business continuity risks.

We manage our service centers with the goal to maximize NPS, which we believe maximizes retention.

This differentiated level of service has enabled us to earn an NPS of 89 in 2024, a modest decrease from 92 in 2023 and 4.0x the 2024 industry average, according to Qualtrics XM Institute and Bain & Company, Inc.

Our centralized service team spread across four service centers provides us with the ability to cover the U.S.

time zones more broadly and better manage business continuity risks.

We manage our service centers with the goal of maximizing NPS, which we believe maximizes retention.

This differentiated level of service has enabled us to earn an NPS of 77 in 2025, a decrease from 89 in 2024 yet 3.5x the 2024 industry average, according to Qualtrics XM Institute and Bain & Company, Inc.

Our high degree of client satisfaction drove our 85% Client Retention rate during 2025, which we believe to be among the highest in the industry.

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The agents in corporate sales are fundamentally different than the typical agents in the personal lines industry.

Substantially all of our agents are recent college graduates, whereas 66% of personal lines agents in the industry are over 40 years old, according to Zippia.

The majority of our agents are recent college graduates,

whereas 66% of personal lines agents in the industry are over 40 years old, according to Zippia.

This gives us a significant advantage both in the short- and long-term.

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This has enabled our agents to generate approximately 2.5x as much new business as top performing personal lines agents after three years, according to the 2025 Best Practices Study.

Over the long-term, we believe these factors will enable us to avoid

the shrinking workforce challenges that many of our competitors face and win an even larger market share from other agencies.

According to Independent Insurance Agents & Brokers of America, Inc., 33% of independent agencies anticipate a change of control within the next five years.

Over the long-term, we believe these factors will enable us to avoid the shrinking workforce challenges that many of our competitors face and win an even larger market share from other agencies.

According to a 2024 report from Independent Insurance Agents & Brokers of America, Inc., 33% of independent agencies anticipate a change of control within the next five years.

We believe an aging industry workforce will create significant disruption in the personal lines distribution industry, and we will be in a position to win displaced clients.

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Importantly, our integrated solution allows us to pivot quickly and upgrade our technology offering as market dynamics change.

We believe our single, sales-oriented technology platform is differentiated relative to most insurance agency IT environments that utilize disparate accounting-driven agency management vendors and legacy mainframe systems across their operations.

Our technology platform has been a key enabler of our rapid growth while also driving efficiencies.

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Prior to co-founding Goosehead, Mr.

Jones was a Senior Partner and Director at Bain & Company, a global management consulting firm, where he also served for many years as Global Head of Recruiting.

Jones has received a wide variety of accolades for his leadership accomplishments, including being recognized as one of the Top Rated CEOs from among

more than 7,000 companies with less than 1,000 employees on Glassdoor’s “Employee’s Choice Award” in 2017.

Jones was a Senior

Partner and Director at Bain & Company, a global management consulting firm, where he also served for many years as Global Head of Recruiting.

Jones has received a wide variety of accolades for his leadership accomplishments, including being recognized as one of the Top Rated CEOs from among more than 7,000 companies with less than 1,000 employees on Glassdoor’s “Employee’s Choice Award” in 2017.

◦ Mark Miller serves as the President and Chief Executive Officer for Goosehead.

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At Sabre, he held multiple operating and finance positions and was instrumental in the company’s initial public offering and its subsequent $5 billion privatization transaction.

joined Goosehead in 2016 as Controller, was promoted to Vice President - Finance in 2020, and Chief Financial Officer in 2022.

Jones currently oversees Goosehead’s internal and external financial reporting, financial planning and analysis, treasury function, and investor relations.

services as the Chief Financial Officer and Chief Operating Officer for Goosehead.

Jones joined Goosehead in 2016 as Controller, was promoted to Vice President - Finance in 2020, and Chief Financial Officer in 2022.

Jones was also appointed to serve as the Company's Chief Operating Officer.

Jones oversees Goosehead’s finance, operations, and strategic go-to-market revenue generating functions.

Jones made significant contributions in strengthening the finance function leading up to and following the Company’s initial public offering.

Jones also led the development of Goosehead’s enterprise sales business and strategic partnerships, the fastest-growing segment in company history.

Prior to joining Goosehead, Mr.

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We have a highly-developed process for recruiting new agents that we have continually refined over the last decade and that has resulted in higher success rates for our corporate sales agents.

We plan to continue to expand our recruiting to additional college campuses and engage in highly targeted internet recruiting campaigns as we grow.

We plan to continue to expand our recruiting both on college campuses and targeted internet recruiting campaigns as we grow.

Our compensation package for sales agents is very competitive in comparison to other professional services and offers attractive long-term compensation opportunities.

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franchise sales agents with more than three years of tenure averaged 2x as much New Business Production per Agent (Franchise) as the industry best practice.

We believe there is an opportunity to further expand productivity.

We believe there is opportunity to further expand productivity.

We have historically deployed the intellectual capital accumulated in corporate (including sales practices, client relationship management practices, recruiting practices and technology) into franchisees to optimize new business production.

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We've made investments in technology to outrun our competitors, and we will continue to find opportunities to utilize technology to widen the gap between us and any nascent competition.

We intend to continue to add productive capacity to our corporate and franchise networks in varied geographies, building new go-to-market motions through enterprise sales and partnerships, and developing new technologies to

engage with clients and partners in the ways they find most optimal - be it through agent interaction or digitally direct.

Markets & marketing

We primarily compete in the approximately $453 billion (according to S&P Global Market Intelligence) U.S.

We primarily compete in the approximately $533 billion (according to the National Association of Insurance Commissioners Data) U.S.

personal lines P&C industry.

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Agents are encouraged to procure new clients through both relationships with Referral Partners and traditional channels (friends, family, client referrals, inbound inquiries and outbound inquiries), and we give them proprietary tools and technology to leverage our years of experience in successfully executing this go-to-market strategy.

Through our enterprise sales component of our corporate team, we help mortgage originators and servicers, real estate professionals, auto, fintech and financial services companies close more business by simplifying the insurance process for their clients – fast accurate quotes from our carrier portfolio with minimal lift.

Our integrated tools and responsive agent network ensure clients get timely, tailored coverage aligned with closing timelines or lending requirements.

The Company represents over 200 Carriers, of which 76 provide national coverage.

During 2024, three carriers represented more than 10% of total revenue at 19%, 15%, and 10%.

During 2025, two carriers represented more than 10% of total revenue at 19% and 13%.

Franchise agreements

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Total operating franchises decreased by 9% to 1,009 in 2025 from 1,103 in 2024, an improvement in franchise turnover compared to the 10% decrease in 2024 from 1,226 in 2023.

Growing total operating franchises is an important growth lever for the business.

Franchise sales agent count grew 1% in 2025 compared to 2024.

Growing total franchise sales agents is an important growth lever for the business.

The insurance brokerage business is highly competitive, and numerous firms actively compete with us for customers and insurance markets.

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Some states, such as Texas, permit insurance agents to charge Agency Fees, while other states prohibit this practice.

In recent years, several states considered new legislation or regulations regarding the compensation of brokers by Carriers.

In recent years, several states considered new legislation or regulations

regarding the compensation of brokers by Carriers.

The proposals ranged in nature from new disclosure requirements to new duties on insurance agents and brokers in dealing with customers.

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In states with file-and-use laws, the insurer does not have to wait for the regulator’s approval to use a rate, but the rate must be filed with the regulatory authority prior to being used.

In states with use-and-file laws, the insurer must file rates within a certain

period of time after the insurer begins to use them.

In states with use-and-file laws, the insurer must file rates within a certain period of time after the insurer begins to use them.

Under all three types of rating laws, the regulator has the authority to disapprove a rate filing.

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Imperative to our continued success, and the primary reason for our decision to go public in 2018, is our ability to attract and retain the most talented individuals available.

In May 2025, we hired our first Chief Human Resources Officer (CHRO), reflecting our commitment to aligning our people strategy with our ambitious business goals.

The CHRO role focuses on:

• Developing innovative programs to attract, develop and retain top talent.

• Strengthening the high-performance culture with an emphasis on our principles of meritocracy and servant leadership.

• Leveraging advanced technologies and data-driven decision-making to enhance workforce productivity.

• Building on and enhancing Goosehead’s human resources infrastructure to support aggressive, long-term growth in personal lines insurance.

We will continue to strive for a one-of-a-kind company culture and offer a competitive compensation and benefits package, which includes health insurance, a 401(k) plan, an Employee Stock Purchase Program, and the potential for option awards.

As of December 31, 2024, we had approximately 1,580 full-time and no part-time employees.

As of December 31, 2025, we had approximately 1.6 thousand full-time and no part-time employees.

Our Franchisees are independent businesses, and we do not control the essential terms and conditions of employment for their employees;

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We also host week-long onsite training courses at our corporate headquarters.

We also regularly reach out to our employees and franchise partners by conducting in-person town halls across various geographic locations in the United States.

We regularly reach out to our employees and franchise partners by conducting in-person town halls across various geographic locations in the United States.

This feedback loop is extremely valuable and often results in near real-time updates to our operating platform to deliver better service and business processes to our agent network.

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We contracted with a third-party solutions team to encourage and facilitate independent and timely reporting and investigation of alleged policy violations.

Goosehead does not tolerate any form of discipline, reprisal, threats, intimidation, or other retaliatory conduct against an

employee for making a good faith complaint of a perceived incident of discrimination or harassment or for cooperating in an investigation by the company or any federal, state, or local agency of such a complaint.

Goosehead does not tolerate any form of discipline, reprisal, threats, intimidation, or other retaliatory conduct against an employee for making a good faith complaint of a perceived incident of discrimination or harassment or for cooperating in an investigation by the company or any federal, state, or local agency of such a complaint.

Operating principles

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The full text of our code of business conduct and ethics policy is available on our website at https://ir.gooseheadinsurance.com/governance/documents-and-charters.

Any waiver of the code for directors or executive officers may be made only by our Board of Directors or a board committee to which the board has delegated that authority and will be promptly disclosed to our shareholders as required by applicable U.S.

Any waiver of the code for directors or executive officers may be made only by our Board of Directors or a board

committee to which the board has delegated that authority and will be promptly disclosed to our shareholders as required by applicable U.S.

federal securities laws and the corporate governance rules of the Nasdaq Global Select Market.

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business