Dan Cahir
eXp World HoldingsAbout Dan Cahir
Independent director since November 2018; age 42. CEO and CIO of Sapling Capital, with >15 years investing across public and private equity; prior roles at Long Light Capital (portfolio manager), Ziff Brothers Investments, Madrone Capital Partners, and Bain & Co. BA Economics (summa cum laude) from Claremont McKenna (2005) and MBA from Harvard Business School (2011) . He is independent under Nasdaq rules and serves as Compensation Committee Chair and Audit Committee member .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Sapling Capital, LLC | Chief Executive Officer & Chief Investment Officer | Jun 2018–present | Leads public/private investing and risk management |
| Long Light Capital | Portfolio Manager | Jun 2013–Jun 2018 | Managed public equity; evaluated VC/PE allocations |
| Ziff Brothers Investments | Investment Team Member | Sep 2011–Apr 2013 | Public/private investment analysis |
| Madrone Capital Partners | Investment Team Member | Aug 2007–Sep 2009 | Led analysis across VC, PE, public equity |
| Bain & Company | Consultant | Sep 2005–Jun 2007 | Advised Fortune 500 and PE on M&A/growth/efficiency |
External Roles
| Organization | Role | Public Company? | Tenure | Notes |
|---|---|---|---|---|
| Sapling Capital, LLC | CEO & CIO | No | Jun 2018–present | Investment firm leadership |
| Other public company boards | — | — | — | None disclosed in EXPI proxy |
Board Governance
- Committee assignments and meeting cadence:
- Compensation Committee: Chair; six meetings in 2024 .
- Audit Committee: Member; five meetings in 2024 (financial expert designation is the Chair, Randall Miles) .
- Independence and attendance:
- Independent director; Board determined all directors except Glenn Sanford and Monica Weakley are independent; all committee members (Audit/Comp/Nominating) meet Nasdaq/SEC independence standards .
- Board met four times in 2024; all incumbent directors attended at least 75% of Board and committee meetings and attended the 2024 Annual Meeting .
- Structure and oversight:
- CEO serves as Chairman; Board maintains Audit, Compensation, Nominating & Corporate Governance, Sustainability, and Equity Committees with published charters; annual Board and committee self-evaluations; enterprise risk management processes formalized in Q1 2025 .
- Compensation committee interlocks:
- Current Compensation Committee members (Miles, Cahir, Reichheld) did not serve as officers of EXPI in the past year; Glenn Sanford left the Compensation Committee on May 21, 2024, improving independence posture .
Fixed Compensation
| Component | Policy Detail | 2024 Actual (Cahir) |
|---|---|---|
| Annual cash retainer | $200,000 cash, paid monthly to independent directors | $200,000 cash |
| Leadership fees | $25,000 for Compensation Committee Chair (prorated when applicable) | $14,588 cash (Chair role began June 2024) |
| Total cash (2024) | — | $214,588 |
Notes:
- Director compensation reviewed vs peers (COMP, HOUS, RDFN, RMAX, REAX, FTHM, DOUG); Board deemed program competitive .
Performance Compensation
| Grant Type | Grant Date | Vesting | Grant Date Fair Value |
|---|---|---|---|
| Stock options (annual independent director grant) | Nov 29, 2024 | Monthly equal installments over 3 years, subject to continued service | $99,843 |
- Independent director equity framework: initial option grant at first election ($300,000 fair value), then annual option grants ($100,000 fair value) beginning in 4th year, all time-vested monthly over 3 years .
- No director-specific performance metrics (e.g., PSUs/TSR hurdles) disclosed for non-employee directors; options are time-based .
Other Directorships & Interlocks
| Area | Detail |
|---|---|
| Other public company boards | None disclosed for Cahir |
| Compensation Committee Interlocks | None; members (Miles, Cahir, Reichheld) not current/past-year EXPI officers |
| Related-party transactions | None >$120,000 involving directors/officers; no indebtedness arrangements; Audit Committee oversees any related-party approvals |
Expertise & Qualifications
- Finance and risk management; public and private equity investing; M&A and growth strategies; advisory experience with Fortune 500/PE clients .
Equity Ownership
| Metric | Value |
|---|---|
| Beneficial ownership (Jan 31, 2025) | 172,043 (entirely options exercisable within 60 days) |
| Ownership % of class | <1% (“*” in proxy table) |
| Outstanding options (Dec 31, 2024) | 193,424 (no unvested stock awards) |
| Shares pledged | Company prohibits pledging; no pledging disclosures for Cahir |
| Hedging policy | Company prohibits short sales, hedging, and derivative transactions by directors |
Insider Trades
| Date | Type | Security | Quantity/Terms | Notes |
|---|---|---|---|---|
| Nov 29, 2024 | Option grant | Company stock options | Grant date fair value $99,843; vests monthly over 3 years | Annual independent director grant under 2024 Equity Incentive Plan |
| 2024 Section 16 compliance | — | — | — | No delinquent Section 16(a) reports for Cahir; only Glenn and Penny Sanford reported late Form 4s for gifts |
Governance Assessment
- Strengths:
- Independent chairmanship of key committee: Cahir chairs Compensation Committee and sits on Audit; committees met frequently (Comp 6x, Audit 5x) .
- Formal clawback policy (executive incentives), anti-hedging/anti-pledging policies, and robust committee charters/self-evaluations support governance discipline .
- No related-party transactions; Compensation Committee membership independent and free of interlocks .
- Watch items / potential red flags:
- Concentrated voting control: Glenn Sanford (27.19%) and Penny Sanford (17.35%) have an agreement to vote as a group, substantially influencing Board outcomes, including director elections .
- Combined CEO-Chair structure may limit independent oversight at the full Board level despite committee independence .
- Ownership alignment: Cahir’s beneficial ownership appears primarily via options (<1% of outstanding), with limited disclosed direct share holdings; alignment relies on option-based exposure .
- Shareholder sentiment:
- Say-on-pay support was ~95% at 2024 Annual Meeting, indicating broad investor acceptance of compensation practices (context for overall governance climate) .
Overall: Cahir’s finance and risk background, chairing Compensation and serving on Audit, enhances board effectiveness and pay oversight. Independence and policies are strong, but the controlling shareholder voting agreement and CEO-Chair combination warrant continued monitoring for board autonomy and investor confidence .