Lawrence A. Maglione, Jr.
About Lawrence A. Maglione, Jr.
Independent director at Data Storage Corporation (DTST), age 63, serving on the board since at least October 2002 and a director of subsidiary CloudFirst since 2001. A Certified Public Accountant, he is a partner at Eisner & Maglione CPAs, LLC (since 2007), with prior operating experience as co‑founder, CFO and EVP of North American Telecommunications Corporation. Education: B.S. in Accountancy (Hofstra University) and M.S. in Taxation (Long Island University) .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Eisner & Maglione CPAs, LLC | Partner | Jan 2007–present | Financial management and advisory leadership |
| Data Storage Corporation (subsidiary CloudFirst) | Director (CloudFirst) | Aug 29, 2001–present | Board oversight of subsidiary operations |
| North American Telecommunications Corp. | Co‑founder; CFO & EVP | Not disclosed (historical) | Led finance, legal, administration functions |
External Roles
| Organization/Board | Role | Public company? | Notes |
|---|---|---|---|
| Eisner & Maglione CPAs, LLC | Partner | Private | Accounting firm partner |
| Other public company directorships (last 5 years) | — | — | None disclosed in DTST proxy biographies |
Board Governance
- Independence: Board has determined Mr. Maglione is independent under Nasdaq rules; he chairs the Nominating & Corporate Governance Committee and serves as Chair of the Merger & Acquisition Committee .
- Committees and roles:
- Nominating & Corporate Governance Committee: Chair .
- Merger & Acquisition Committee: Chair .
- Audit Committee: Not a member (Audit comprises Argen (Chair), Stein, Stallone; Stallone designated financial expert) .
- Compensation Committee: Not a member (Grover (Chair), Correll) .
- Attendance: In 2023, each director attended at least 75% of Board and committee meetings for which they served (Board: 5; Audit: 6; Compensation: 1; M&A: 1; Nominating: 2) .
- Board leadership: CEO also serves as Chair; no Lead Independent Director designated .
- Executive sessions: Independent directors meet in executive session at each regular Board meeting .
Fixed Compensation
| Component | 2023 | 2024 |
|---|---|---|
| Cash fees (annual retainer/meeting fees) | $40,644 (includes $6,000 director fees + $34,644 paid to Eisner & Maglione CPAs, LLC for accounting and due diligence services) | $8,000 |
Notes:
- Cash paid to his accounting firm (Eisner & Maglione CPAs, LLC) for services is disclosed in the director compensation footnote (related-party professional services) .
Performance Compensation
| Equity Element | 2023 | 2024 |
|---|---|---|
| Stock awards (grant date fair value) | $25,663 | $30,700 |
| Option awards (grant date fair value) | $25,633 | $27,698 |
| Vesting/terms | Options under DTST plans generally vest 33.33% annually over 3 years; options have max 10-year term; exercise price ≥ FMV at grant |
Performance metrics used for director equity: None disclosed (awards appear time‑based; performance metrics in “Pay vs Performance” apply to executives, not directors) .
Other Directorships & Interlocks
| Type | Detail | Governance Implication |
|---|---|---|
| Co‑trustee relationship | Mr. Maglione is co‑trustee (with CEO’s spouse) of a trust (Lasata 2012 Trust) that holds DTST shares beneficially attributed to CEO Charles Piluso . | Potential interpersonal/affiliation tie with CEO; Board nonetheless determined independence under Nasdaq rules . |
| Professional services | $34,644 paid in 2023 to Eisner & Maglione CPAs, LLC (firm where he is partner) for accounting/due diligence services . | Related‑party service; Audit Committee is responsible for related‑party transaction review/approval . |
| Other public boards | None disclosed in last five years . | Limits public-company interlocks; reduces conflict risk. |
Expertise & Qualifications
- CPA; MS in Taxation; 35+ years in financial management and public accounting across technology, retail services, manufacturing .
- Governance roles: Chair of Nominating & Corporate Governance and M&A Committees .
- Not designated DTST “audit committee financial expert” (that designation is held by Nancy M. Stallone) .
Equity Ownership
| Metric | As of 2024 Record Date | As of 2025 Record Date |
|---|---|---|
| Beneficial ownership (shares) | 28,328 (<1%) | 56,243 (<1%) |
| Composition detail | Includes 13,330 common shares, 12,498 options exercisable within 60 days, and 2,500 RSUs vesting within 60 days . | Aggregate shares disclosed; options/RSUs outstanding separately below . |
Outstanding director equity (as of 12/31/2024):
- Options: 30,834 shares underlying options outstanding .
- Unvested RSUs: 5,000 .
Policies affecting alignment:
- Insider Trading Policy prohibits hedging and pledging of DTST stock by directors and employees .
Governance Assessment
Key positives
- Independent status with governance leadership (chairs Nominating & Corporate Governance and M&A), supporting board process and transaction oversight .
- Strong financial/accounting background (CPA, tax expertise), valuable for governance and M&A diligence .
- Anti‑hedging/pledging policy enhances ownership alignment; independent director sessions at each regular Board meeting .
Watch items / potential red flags
- Related‑party exposure: Payment to his firm ($34,644 in 2023) for services; although subject to Audit Committee oversight, it introduces perceived conflict risk .
- Co‑trustee of CEO family trust holding DTST shares, creating an affiliation tie; Board still determined independence under Nasdaq rules .
- Section 16 compliance: Company disclosed certain untimely ownership reports, including a Form 4 filing by Mr. Maglione on June 11, 2025 (administrative compliance risk, typically modest but notable) .
- Board leadership structure lacks a Lead Independent Director while CEO is Chair, concentrating authority (structural governance consideration) .
Insider Trades and Filings (Disclosure Compliance)
| Item | Date | Note |
|---|---|---|
| Form 4 (insider transaction report) | June 11, 2025 | Listed by company among untimely Section 16(a) reports in 2025 proxy . |
Appendix: Board/Committee Snapshot (DTST, latest proxy)
| Committee | Members | Chair | Notes |
|---|---|---|---|
| Audit | John Argen (Chair); Clifford Stein; Nancy M. Stallone | Argen | Stallone designated “Audit Committee Financial Expert” . |
| Compensation | Matthew Grover (Chair); Todd A. Correll | Grover | Independent members per Nasdaq rules . |
| Nominating & Corporate Governance | Lawrence A. Maglione, Jr. (Chair); John Argen | Maglione | Oversees board composition, evaluations, governance guidelines . |
| Merger & Acquisition | Lawrence A. Maglione, Jr. (Chair); John Argen; Todd A. Correll | Maglione | Transaction oversight role; relevant during 2025 divestiture process . |
| Cybersecurity & Risk | Matthew Grover (Chair); Uwayne A. Mitchell | Grover | Board retains overall risk oversight; committee focuses on cyber/risk governance . |
Sources: DTST DEF 14A (Aug 8, 2025) ; DTST DEF 14A (May 7, 2024) .