Clifford Stein
About Clifford Stein
Clifford Stein (age 67) is an independent director of Data Storage Corporation (DTST), reappointed to the Board on January 12, 2024 after prior service from June 2010 to November 2020. He is an attorney admitted to the Florida Bar since 1982 and the CEO of Savitar Realty Advisors (founded 1988), with experience as a court‑appointed Receiver, Examiner, and Trustee in real estate matters; DTST cites his leadership and legal expertise as core qualifications .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Data Storage Corporation (DTST) | Director | Jun 2010 – Nov 2020 | Prior board tenure; legal/leadership contribution |
| Data Storage Corporation (DTST) | Director | Jan 12, 2024 – present | Audit Committee member; independent under Nasdaq rules |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Savitar Realty Advisors | Chief Executive Officer | 1988 – present | Advises lenders/financial institutions on nonperforming real estate assets; invests/manages real estate and develops/invests in oil & gas properties in Northern US |
| Various courts (state and federal) | Receiver, Examiner, Trustee | Not specified | Court appointments in litigation involving real estate transactions |
Board Governance
- Committee assignments: Audit Committee member (Audit Chair: John Argen; members: Stein, Nancy M. Stallone); Audit Committee independence confirmed, Stallone designated “Financial Expert” .
- Independence: Board determined Stein is independent; DTST’s Board majority independent; no lead independent director .
- Attendance: In 2024 the Board met 8 times; Audit 4; Compensation 7; M&A 1; Nominating & Corporate Governance 2; each director participated in ≥75% of Board and committee meetings; independent directors met in executive session at least twice per year .
- Related-party transactions oversight: Audit Committee reviews/approves related party transactions; 2023–2025 leases/funding involved entities affiliated with executives, but no transactions disclosed involving Stein .
Fixed Compensation
| Component | FY 2024 Amount (USD) | Notes |
|---|---|---|
| Cash fees (annual/meeting) | $8,000 | “Fees earned or paid in cash” for non‑employee director |
| Committee chair/membership fees | Not disclosed | No separate committee fee disclosure for Stein |
| Meeting fees | Not disclosed | Board/committee meeting counts disclosed, no per‑meeting fees for Stein |
Performance Compensation
| Component | FY 2024 Grant Date Fair Value (USD) | Instruments/Counts | Vesting/Terms |
|---|---|---|---|
| Stock awards | $30,700 | RSUs; unvested RSUs outstanding: 5,000 (as of 12/31/2024) | RSUs generally vest 33.33% annually over three years per equity awards footnote; equity grants typically upon appointment/first Board meeting, option exercise price set at grant‑date closing price |
| Option awards | $27,698 | Options outstanding: 5,000 (as of 12/31/2024) | DTST states director/board options vest 33.33% annually over three years in noted awards; pricing at market close on grant date |
| Performance Metric | Target/Weighting | Status |
|---|---|---|
| Non‑equity incentive plan for directors | None disclosed | Director comp table shows no non‑equity incentives |
Change‑of‑control/transaction acceleration: Upon consummation of the 2025 divestiture, all outstanding unvested equity awards of employees and directors will accelerate and fully vest per grant terms (accelerated vesting trigger) .
Other Directorships & Interlocks
| Company | Role | Timing | Notes |
|---|---|---|---|
| None disclosed | — | Past 5 years | DTST biographical disclosure lists other public company directorships if applicable; none listed for Stein |
Expertise & Qualifications
- Legal credentials: Attorney; Florida Bar since 1982; expert witness in real estate litigation; court‑appointed Receiver/Examiner/Trustee .
- Executive/industry experience: CEO of Savitar Realty Advisors since 1988; real estate and oil & gas investment/management; advisory to lenders and financial institutions .
- Board qualification: DTST cites leadership and legal experience as rationale for board service .
Equity Ownership
| Metric | As of May 7, 2024 | As of Aug 7, 2025 |
|---|---|---|
| Shares beneficially owned | 267,935 | 282,516 |
| Ownership % of outstanding | 3.84% | 3.92% |
| Equity Awards Status (Director) | 12/31/2024 |
|---|---|
| Options outstanding (shares) | 5,000 |
| Unvested RSUs outstanding (shares) | 5,000 |
Policy alignment:
- Anti‑hedging/anti‑pledging: Insider Trading Policy prohibits hedging or pledging of DTST stock (short sales, derivatives, collars, etc.), applicable to directors and officers .
Insider Trades (Section 16)
| Filing | Date | Link |
|---|---|---|
| Form 3 (Initial statement) | Jan 19, 2024 | https://www.sec.gov/Archives/edgar/data/1535036/000173112224000102/0001731122-24-000102-index.htm |
| Form 4 (Ownership change) | Apr 3, 2024 | https://www.sec.gov/Archives/edgar/data/1535036/000173112224000580/0001731122-24-000580-index.htm |
| Form 4 (Ownership change) | Jun 11, 2025 | https://www.dtst.com/sec-filings/all-sec-filings/content/0001731122-25-000861/ownership.html |
Note: DTST disclosed certain untimely Section 16(a) reports, including a Form 4 for Stein on April 3, 2024 .
Governance Assessment
- Strengths: Independent audit committee member; legal and fiduciary experience (court appointments) enhances oversight of controls and related‑party review; Board uses executive sessions and maintains anti‑hedging/anti‑pledging policies supporting alignment .
- Alignment/skin‑in‑the‑game: Material personal stake (≈3.9% as of 2025), plus RSUs/options; policy limits hedging/pledging risk .
- Watch‑items / RED FLAGS:
- Section 16(a) timeliness: Company flagged untimely filings (including Stein), a minor governance lapse that can signal process weaknesses .
- No lead independent director: Combined Chair/CEO and absence of a lead independent director may dilute independent board leadership .
- Transaction‑related acceleration: Divestiture triggers full vesting of unvested director equity; while disclosed, acceleration without performance linkage can weaken pay‑for‑performance optics .
- Related‑party environment: Multiple leases/funding with entities affiliated with executives (not Stein), underscoring reliance on Audit Committee vigilance .
Overall, Stein’s legal background and sizeable ownership support audit oversight and shareholder alignment; investors should monitor equity award policy application (e.g., acceleration triggers), board leadership structure, and filing controls to sustain confidence .