Kim Tobler
About Kim Tobler
Five Point Holdings’ Chief Financial Officer, Treasurer and Vice President since September 15, 2023; previously VP – Treasury & Tax (2016–2023). Age 64 at appointment; B.S. and MAcc in Accounting from Brigham Young University; former EY tax partner and Irvine Company SVP – Finance & Reporting .
Company performance context: revenues rose from $211.7M (FY23) to $237.9M (FY24) and EBITDA improved from $46.1M (FY23) to $86.9M (FY24) during his tenure window [FY23→FY24], alongside pay-versus-performance TSR index moving from 44.17 (2023) to 54.39 (2024) for a $100 initial investment . Revenues and EBITDA below are provided for longer context.
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Revenues ($) | $42,694,000 | $211,732,000 | $237,926,000 |
| EBITDA ($) | $(22,201,000) | $46,101,000 | $86,912,000 |
| Note: Financial values above are retrieved from S&P Global via GetFinancials. |
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Five Point Holdings, LLC | VP – Treasury & Tax | 2016–2023 | Senior finance leader; supported capital strategy and audit committee engagement . |
| Ernst & Young LLP | Tax Partner | 1995–2003; 2008–2016 | Led tax advisory for real estate clients; senior leadership experience . |
| Irvine Company | SVP – Finance & Reporting | 2003–2008 | Led finance/reporting for major real estate developer . |
External Roles
No public-company directorships or committee roles for Mr. Tobler were disclosed in the available filings reviewed (DEF 14A; CFO appointment 8-K) .
Fixed Compensation
| Component | 2023 | 2024 |
|---|---|---|
| Base Salary ($) | $350,000 | $500,000 |
Performance Compensation
Annual Incentive Plan (AIP) – Structure and Outcome (2024)
- Weighting: 70% corporate goals, 30% individual goals .
- Corporate metrics and 2024 achievement: Adjusted Cash Flow (Max); Modified SG&A (Max); Revolving Credit Facility Maturity Extension (Target); SF and Valencia regulatory approvals (Max and Threshold, respectively); Great Park management agreement extension (Max) .
- Individual goal highlights (Tobler): supported capital strategies, improved construction budgeting, managed corporate expenses under budget, created project pro forma/tracking system .
| Metric | Weighting | Target definition | 2024 Result | Payout factor |
|---|---|---|---|---|
| Adjusted Cash Flow | Part of 70% corporate | Threshold/Target/Max: $50.0M / $83.1M / $130.0M | Actual $250.0M (Max) | Max |
| Modified SG&A | Part of 70% corporate | Threshold/Target/Max: $64.1M / $61.6M / $59.1M | Actual $58.0M (Max) | Max |
| Revolver Maturity Extension | Part of 70% corporate | Extension/capacity-based | Achieved (Target) | Target |
| SF Regulatory Approvals | Part of 70% corporate | Legislative/regulatory milestones | Max | Max |
| Valencia Regulatory Approvals | Part of 70% corporate | Legislative/regulatory milestones | Threshold | Threshold |
| Great Park Mgmt Agreement | Part of 70% corporate | Multi-year extension | Max | Max |
| Individual Objectives (Tobler) | 30% individual | Finance, budgeting, expense mgmt, pro formas | Achieved (committee judgment) | Incorporated |
| AIP Element (Tobler) | Target ($) | 2024 Payout (% of Target) | Actual Payout ($) |
|---|---|---|---|
| Annual Incentive | $1,000,000 | 140% | $1,400,000 |
Long-Term Incentives (2024 grants)
Program mix: ~70% performance-based RSUs (PSUs) and ~30% time-based RSUs; PSUs split between share-price and strategic-milestone tranches; 3-year measurement period .
| Award Type | Target Grant Value ($) | Share Count / Terms | Vesting / Hurdles |
|---|---|---|---|
| Time-based RSUs | $330,000 | 109,271 RSUs (grant 3/8/2024) | Vests ratably over 3 years on Mar 8, 2025/2026/2027 (continued service) . |
| PSUs – Share Price | Included in $770,000 total PSU target | 145,695 target PSUs (3/8/2024 grant) | 3-year performance; vest 33% at $4.10 (threshold) and 100% at $7.10 (target); measure by highest 20-day avg close from Dec 1, 2026–Feb 28, 2027 . |
| PSUs – Strategic Milestones | Included in $770,000 total PSU target | 109,271 target PSUs (3/8/2024 grant) | Vests 33%/67%/100% on achieving 1/2/3 milestones by Mar 8, 2027 (financial partners; address 2028 notes; project approvals) . |
Other design notes: the company did not grant stock options or SARs in 2024 .
Equity Ownership & Alignment
Beneficial Ownership (as of March 31, 2025)
| Holder | Class A Shares | % of Class A | Notes |
|---|---|---|---|
| Kim Tobler | 49,898 | <1% | Includes 28,971 Class A shares held by family trust (co-trustees: Mr. and Mrs. Tobler) . |
Company policies prohibit hedging and pledging of company shares by directors and executive officers, enhancing alignment with shareholders .
Outstanding and Unvested Equity (as of Dec 31, 2024; close $3.78)
| Award | Unvested Units | Market/Payout Value ($) |
|---|---|---|
| Time-based RSUs (3/8/2024) | 109,271 | $413,044 |
| PSUs – Share Price (2024) | 145,695 (target) | $550,727 (payout value basis at ref price) |
| PSUs – Strategic Milestones (2024) | 109,271 (target) | $413,044 (payout value basis at ref price) |
Vesting schedules:
- RSUs: 36,423 vested on Mar 8, 2025; remaining RSUs vest equally on Mar 8, 2026 and Mar 8, 2027 (continued service) .
- Share-price PSUs (2024): measured over Dec 1, 2026–Feb 28, 2027; 33% vests at $4.10; 100% at $7.10; linear interpolation in between .
- Strategic-milestone PSUs (2024): vest upon achievement of 1/2/3 milestones by Mar 8, 2027 at 33%/67%/100% .
Shares vested in 2024: none for Mr. Tobler .
Employment Terms
Five Point’s Senior Management Severance and Change in Control Plan applies (double-trigger CIC; no excise-tax gross-ups; clawback policy in place) .
| Scenario (as of 12/31/2024; $3.78 ref price) | Cash Severance | AIP Severance | Benefits | Equity Acceleration | Total |
|---|---|---|---|---|---|
| Termination without Cause | $1,842,500 | $1,000,000 | $1,337 | $1,376,815 | $4,220,652 |
| Termination without Cause or for Good Reason with Change in Control | $2,456,667 | $1,000,000 | $1,337 | $1,376,815 | $4,834,819 |
| Death or Disability | — | $1,000,000 | — | $1,376,815 | $2,376,815 |
Key terms:
- Severance multiple in CIC: 2x salary+bonus average for participants other than CEO (3x for CEO) if terminated within 24 months post-CIC (or within 6 months pre-CIC at acquirer’s request) .
- RSUs: 100% vest on termination without cause, death, or disability; CIC-related terminations trigger full vest .
- PSUs: continue to vest per original schedule post-termination without cause/death/disability; vest at target if not assumed in CIC (or convert to time-based at target if assumed); full vest at target upon qualifying CIC termination .
- Clawback: recovery of erroneously awarded incentive compensation following an accounting restatement (3-year lookback) .
Compensation Structure Highlights (alignment signals)
- Cash vs equity mix: 2024 LTI awards were 70% PSUs / 30% RSUs; PSUs split between price (~60%) and strategic milestone (~40%) conditions; aligns payouts to value creation and financing/regulatory execution .
- AIP metrics: heavily weighted to Adjusted Cash Flow and SG&A discipline; both achieved at Max in 2024 (supports pay-for-performance) .
- Say-on-pay: 99% approval in 2024 indicates broad investor support for program design .
- No options granted in 2024; reduces upside asymmetry risk .
- Anti-hedging and anti-pledging policies reduce misalignment/leveraging risk .
Investment Implications
- Alignment/retention: substantial unvested RSUs/PSUs, double-trigger CIC protection, and a clawback policy suggest moderate retention risk and strong alignment with share-price appreciation and specific financing/regulatory milestones .
- Near-term selling pressure: scheduled RSU vesting through 2027 and potential PSU vesting in 2026–2027 could add episodic supply; absence of hedging/pledging reduces forced sale risk .
- Pay-for-performance: 2024 AIP paid 140% of target driven by outsized adjusted cash flow and SG&A control, while LTI is tied to ambitious share-price and strategic outcomes—credible signals of management confidence and operational execution .
- Execution focus areas: PSU milestones (financing partners; addressing 2028 notes; key approvals) and share-price hurdles concentrate management attention on capital structure and entitlement catalysts likely to influence equity value .