Steven Shulman
About Steven Shulman
Steven Shulman (age 83) has served as an independent director of Ark Restaurants Corp. since 2003. He is Managing Director of Hampton Group (private investments) since 2018 and serves as a strategic advisor to Ancoris Capital Partners, bringing extensive corporate finance and advisory experience to Ark’s Board .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Hampton Group | Managing Director | 2018–present | Private investments; corporate finance expertise |
| Various private companies | Director | Not disclosed | Governance and finance oversight |
| Ancoris Capital Partners | Strategic Advisor | Not disclosed | Strategic advisory |
External Roles
| Organization | Role | Public/Private | Notes |
|---|---|---|---|
| Hampton Group | Managing Director | Private | Private investments; finance focus |
| Ancoris Capital Partners | Strategic Advisor | Private | Strategic advisory |
| Various private companies | Director | Private | No public company boards disclosed |
Board Governance
- Independence: The Board determined Shulman is independent under NASDAQ rules .
- Committees: Member, Compensation Committee (Chair: Stephen Novick). Compensation Committee met once in fiscal 2024 .
- Attendance: The Board held five meetings in the past fiscal year; each director (including Shulman) attended at least 75% of Board and applicable committee meetings. Independent directors met twice in executive session without management .
- Board structure context: Combined Chair/CEO (Michael Weinstein); no Lead Independent Director .
| Committee | Chair | Members | Meetings (FY2024) |
|---|---|---|---|
| Compensation | Stephen Novick | Stephen Novick; Steven Shulman; Marcia Allen | 1 |
| Audit | Bruce R. Lewin | Bruce R. Lewin; Jessica Kates; Marcia Allen | 4 |
| Nominating & Corporate Governance | Stephen Novick | Stephen Novick; Bruce R. Lewin; Marcia Allen | 1 |
Fixed Compensation
Policy: Non-employee directors receive a $32,500 annual cash fee plus $1,500 per Board and committee meeting; Audit Committee Chair receives an additional $10,000 retainer. Additional $1,500 is paid if a Board meeting exceeds four hours. Directors are reimbursed for related expenses .
| Metric | FY2023 | FY2024 |
|---|---|---|
| Annual cash fees earned | $41,500 | $46,000 |
| Audit Chair cash retainer (if applicable) | Not applicable to Shulman | Not applicable to Shulman |
Performance Compensation
No performance-conditioned RSUs/PSUs or disclosed performance metrics for director pay; equity compensation consists of stock options .
| Metric | FY2023 | FY2024 |
|---|---|---|
| Option awards (grant-date fair value) | $0 | $20,849 |
Option Holdings Detail (as disclosed for directors):
- Currently exercisable options: 4,000 at $21.90 and 2,000 at $10.65 per share .
- Currently unexercisable options: 7,500 at $14.80 per share .
| Category | Shares | Exercise Price |
|---|---|---|
| Exercisable options | 4,000 | $21.90 |
| Exercisable options | 2,000 | $10.65 |
| Unexercisable options | 7,500 | $14.80 |
Other Directorships & Interlocks
- No public company directorships disclosed for Shulman; roles noted are private company directorships and advisory positions .
Expertise & Qualifications
- Corporate finance and private investment expertise; extensive advisory experience across industries .
- Long board tenure at Ark since 2003, providing continuity and institutional knowledge .
Equity Ownership
Insider trading policy prohibits short-selling, buying publicly traded options, hedging, and pledging of company stock by directors and executives, supporting alignment and risk controls .
| Ownership Metric | As of Jan 16, 2024 | As of Jan 15, 2025 |
|---|---|---|
| Beneficial ownership (shares) | 9,400 (includes options within 60 days) | 7,400 (includes options within 60 days) |
| Percent of class | Less than 1% | Less than 1% |
| Options exercisable within 60 days (included in beneficial ownership) | 8,000 | 6,000 |
Governance Assessment
- Strengths: Independent director; member of Compensation Committee; attendance at least 75%; executive sessions held by independent directors; insider trading policy prohibits hedging/pledging, contributing to alignment .
- Pay structure: In FY2024, Shulman’s director compensation included cash fees ($46,000) and option awards ($20,849), introducing equity exposure year-over-year (FY2023 option awards were $0) .
- Potential risks/structural considerations: Combined Chair/CEO and absence of a Lead Independent Director reduce independent leadership leverage; Compensation Committee met only once in FY2024, which may limit frequency of compensation oversight touchpoints .
- Conflicts/related-party exposure: No related-party transactions involving Shulman disclosed; sole notable related-party item since FY2023 is the Pascal advisory agreement ($500,000 per year), unrelated to Shulman .