Drew Ireland
About Drew Ireland
Chief Operating Officer of FrontView REIT, Inc. (FVR) since the IPO closing in October 2024; his employment agreement became effective upon consummation of the IPO and establishes duties reporting to the Co-CEOs and Board . Background includes 17 years at NADG with responsibility across acquisition, development, operations and dispositions for 2.5 million+ sq ft of retail/multifamily, preceded by roles at Wells Fargo (commercial lending) and Lincoln Property Company (development); MBA from SMU Cox School of Business . As of April 3, 2025, he held no beneficially owned shares of common stock (<1%) per the proxy’s ownership table . Compensation is predominantly time-based RSUs (no disclosed PSUs or option awards), with an annual cash bonus determined by Board-set criteria; FVR has an NYSE-compliant clawback policy and strict hedging/pledging prohibitions .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| FrontView predecessor (NARS-affiliated platform) | Executive Director | Since 2016 | Led acquisition process and asset management of portfolio |
| NADG | Various transaction and operations roles | 17 years | Involved in 2.5M+ sq ft of retail/multifamily acquisition, development, operations, dispositions |
| Wells Fargo | Commercial Lending | Not disclosed | Credit and financing experience in commercial lending |
| Lincoln Property Company (Dallas) | Development Associate | Not disclosed | Development execution and market operations exposure |
External Roles
- No external public company directorships or committee roles for Ireland disclosed in S-11/A or the 2025 proxy .
Fixed Compensation
| Metric | FY 2024 | FY 2025 |
|---|---|---|
| Base Salary ($) | $400,000 (annualized; paid pro rata post-internalization) | $400,000 (subject to annual Board review) |
| Target Bonus (% of Base) | 25% | 25% |
| Actual Annual Bonus ($) | $25,000 (paid for 2024) | Not disclosed; minimum $100,000 guaranteed for 2025 per employment agreement |
| Health/Benefits | Company-paid health insurance premiums (2024) | 401(k) match: 100% up to 4% of eligible comp; fully vested (effective 1/1/2025) |
Performance Compensation
Annual Cash Bonus
| Element | 2024 | 2025 |
|---|---|---|
| Performance Metrics | Board-determined criteria; specifics not disclosed | Board-determined criteria; specifics not disclosed |
| Weighting | Not disclosed | Not disclosed |
| Target ($) | $100,000 (25% of $400,000 base) | $100,000 minimum guaranteed by contract |
| Actual Payout ($) | $25,000 | Not disclosed |
| Vesting | Cash; payable post year-end (no later than March 15) | Cash; payable post year-end (no later than March 15) |
Equity Awards – IPO RSUs (Time-Based)
| Grant | Grant Date | Units | Grant Date Fair Value ($) | Vesting |
|---|---|---|---|---|
| IPO RSU grant (time-based) | Oct 4, 2024 | 52,632 | $1,000,008 | 5 equal annual installments; first 10,526 eligible to vest on Oct 4, 2025 |
- Acceleration: Full acceleration of time-based awards upon Change in Control if employed through the transaction .
Equity Awards – Annual RSUs (Time-Based)
| Grant Cycle | Target Grant Value ($) | Vesting |
|---|---|---|
| 2025 Annual equity award eligibility | $300,000 target grant date value | 4 equal annual installments from grant date |
Equity Ownership & Alignment
| Item | Status |
|---|---|
| Common Stock Beneficially Owned | 0 shares (<1%) as of April 3, 2025 |
| OP Units | 9,616 OP Units received in internalization (exchangeable 1:1 into Common Stock) |
| RSUs Outstanding (Unvested) | 52,632 RSUs (IPO grant; time-based) |
| Vested vs Unvested | All RSUs unvested as of 12/31/2024; first tranche eligible 10/4/2025 |
| Pledging | No pledging by any executives/directors; pledging prohibited by Insider Trading Policy |
| Hedging | Prohibited (collars, forwards, publicly-traded options, derivatives) |
| Insider Trading Controls | Special insiders require pre-clearance; 48-hour validity window |
| Stock Ownership Guidelines | Not disclosed in proxy/10-K |
Lock-up: Directors and officers agreed, subject to exceptions, not to sell shares/OP Units through April 1, 2025, which could impact trading dynamics around expiration .
Employment Terms
| Term | Provision |
|---|---|
| Effective Date | Upon consummation of IPO (October 2024) |
| Title/Duties | COO; duties commensurate with role; additional service to subsidiaries as requested |
| Contract Term | Open-ended until terminated per Section 4 |
| Non-Compete | During employment and 12 months post-termination; Restricted Territory includes U.S.; Restricted Business defined around outparcel property businesses and Company lines/proposed lines ≥10% revenue |
| Non-Solicitation | Of “Protected Business Relationships” during Restricted Period |
| Non-Recruitment | No recruiting of Company employees/contractors during Restricted Period |
| Severance (no CIC window) | Lump sum 1x base + two-year average bonus; accrued benefits; prior-year bonus if earned; prorated target bonus; 12 months health continuation; full vesting of time-based awards |
| Severance (CIC window) | Lump sum 2x base + two-year average bonus; accrued benefits; accelerated vesting |
| 409A | Payment timing/compliance; 6-month delay for “specified employees” |
| Clawback | Company-wide clawback policy adopted (SEC/NYSE Rule 10D-1 compliant); three-year lookback on restatements |
Investment Implications
- Pay-for-performance alignment is modest: cash bonus criteria are Board-determined but not disclosed, while equity is purely time-based RSUs with automatic acceleration on Change in Control—limited direct linkage to quantifiable operating KPIs (revenue, EBITDA, TSR) .
- Retention risk mitigants are robust: 12-month non-compete/non-solicit, multi-year RSU vesting cadence, and severance economics (1x outside CIC; 2x in CIC window for Ireland) provide meaningful retention levers alongside lock-up and insider pre-clearance controls .
- Insider selling pressure appears contained near-term: no pledged shares; hedging/pledging prohibited; Ireland had 0 beneficial common shares as of April 3, 2025, with unvested RSUs beginning to vest from Oct 2025—selling dynamics likely driven by RSU vesting and any OP Unit exchanges rather than large pre-existing common holdings .
- Governance safeguards (clawback; insider trading policy; REIT ownership limits) reduce misalignment and compliance risk; however, absence of disclosed performance metrics or PSU frameworks may dampen direct incentive linkage to operational value creation .