Adina Storch
About Adina Storch
Adina G. Storch is Senior Vice President, General Counsel and Corporate Secretary of Global Industrial Company (GIC), appointed October 25, 2021. She graduated summa cum laude from Yale College and holds a J.D. from Yale Law School, where she served as a senior editor of The Yale Law Journal; she previously served as General Counsel, Chief Compliance Officer and Corporate Secretary of Cedar Realty Trust and was a partner at Kasowitz Benson Torres & Friedman LLP and an associate at Shearman & Sterling LLP (Paris) . Age 53 and an executive officer since 2021, her compensation is tied to company scorecards centered on Adjusted Operating Income and Net Sales; company performance context during her tenure includes Q1 2025 revenue of $321M (gross margin 34.9%) and Q2 2025 revenue of $358.9M (gross margin 37.1%), with Q2 operating income up 26.9% YoY . Pay-versus-performance disclosures highlight the linkage between NEO compensation and Total Shareholder Return (TSR), Net Income, and Adjusted Operating Income, with the most important measures being Net Sales, Gross Profit, Gross Margin, and Adjusted Operating Income .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Cedar Realty Trust | General Counsel, Chief Compliance Officer, Corporate Secretary | Not disclosed | Led corporate governance and regulatory compliance for a public REIT |
| Kasowitz Benson Torres & Friedman LLP | Partner | Not disclosed | Advised domestic and international companies on capital markets and regulatory matters |
| Shearman & Sterling LLP (Paris) | Associate | Not disclosed | Cross-border legal experience supporting capital markets transactions |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| — | None disclosed in proxy materials | — | — |
Fixed Compensation
| Component | 2024 Amount | 2025 Terms | Notes |
|---|---|---|---|
| Base Salary | $511,808 | Minimum annual base salary $511,808 (unchanged for 2025) | Employment agreement sets minimum; committee discretion to increase |
| Target Bonus % | 50% of base salary | 50% of base salary | Based on individual, departmental, and company objectives |
| Car Allowance | Included in “All Other Compensation”; $36,123 total other comp (2024) | Provided under employment agreement | Auto allowance specifically noted in executive arrangements |
Performance Compensation
2024 Non-Equity Incentive (Cash) Scorecard and Payout
| Metric | Weighting | Target ($) | Cap (%) | Actual (% of target) | Payout Ratio | Weighted Average Result |
|---|---|---|---|---|---|---|
| Adjusted Operating Income | 55% | $255,904 | 154 | 77 | 42.5 | — |
| Net Sales Performance | 15% | $255,904 | 154 | 90 | 75 | — |
| Customer Scorecard | 3% | $255,904 | 154 | 93 | — | — |
| Operational Scorecard | 3% | $255,904 | 154 | 95 | — | — |
| Product Merchandising Scorecard | 3% | $255,904 | 154 | 90 | — | — |
| Human Capital Scorecard | 3% | $255,904 | 154 | 95 | — | — |
| Strategic Plan Implementation Scorecard | 3% | $255,904 | 154 | 75 | — | — |
| Individual Objectives | 15% | $255,904 | 154 | 110 | — | — |
| Weighted Average Eligible Non-Equity Incentive Compensation | — | — | — | — | — | 64.6% |
Total 2024 non-equity incentive paid to Adina Storch: $165,378 .
2024 Equity Grants (Annual and Special)
| Grant Type | Grant Date | Shares/Units (#) | Options (#) | Exercise Price ($/sh) | Grant Date Fair Value ($) |
|---|---|---|---|---|---|
| Annual RSUs and Options | 2/28/2024 | 23,458 | 7,924 | 43.83 | $1,004,743 |
| Special Time-Based RSUs | 8/27/2024 | 15,205 | — | — | Included in outstanding awards |
Equity Award Performance Metrics and Vesting
| Award Type | Performance Metric | Vesting Schedule | Specific Tranches |
|---|---|---|---|
| Performance-Based RSUs (various grants) | Adjusted Operating Income growth | Cliff vest at 3 years for 2023 and 2024 grants; multi-year vesting for earlier grants | 1,891 (vests through 2025) ; 4,105 (vests 12/31/2025) ; 5,502 (vests 12/31/2026) |
| Time-Based RSUs (2/21/2023) | Time-based | 25% annually over 4 years from grant date | 1,539 unvested at 12/31/2024 |
| Time-Based RSUs (2/28/2024) | Time-based | 25% annually over 4 years from grant date | 2,751 unvested at 12/31/2024 |
| Special Time-Based RSUs (8/27/2024) | Time-based | 25% annually over 4 years from grant date | 15,205 unvested at 12/31/2024 |
2024 vestings realized: 806 (2021 TBRSUs) for $27,017 and 513 (2023 TBRSUs) for $22,767; no option exercises in 2024 .
Equity Ownership & Alignment
Beneficial Ownership (as of 12/31/2024)
| Holder | Shares of Common Stock | RSUs Vesting Within 60 Days | Options Exercisable or Becoming Exercisable Within 60 Days | Percent of Common Stock |
|---|---|---|---|---|
| Adina G. Storch | 5,828 | — | 14,623 | <1% |
Closing price of common stock on 12/31/2024: $24.79 .
Ownership Guidelines vs. Actual
| Base Salary (2025) | Guideline Multiple | Required Ownership ($) | Shares Held | Implied Value at $24.79 ($) | Compliance Status |
|---|---|---|---|---|---|
| $511,808 | 1x base salary | $511,808 | 5,828 | ~$144,678 (5,828 × $24.79) | Below guideline; 5-year phase-in applies |
Policy notes:
- Unvested RSUs and unearned performance RSUs do not count towards guidelines .
- No anti-hedging or anti-pledging policy; employees may hedge or pledge company securities (red flag) .
- Clawback policy adopted per NYSE/Exchange Act Section 10D (effective Oct 1, 2023) .
Outstanding Equity Awards (Year-End 2024)
| Award | Exercisable (#) | Unexercisable (#) | Exercise Price ($) | Expiration | Unvested RSUs (#) | Vesting Reference |
|---|---|---|---|---|---|---|
| Stock Options | 5,217 | 1,739 | 40.34 | 10/25/2031 | — | — |
| Stock Options | 3,300 | 3,299 | 32.59 | 02/13/2032 | — | — |
| Stock Options | 1,317 | 3,949 | 28.99 | 02/21/2033 | — | — |
| Stock Options | — | 7,294 | 43.83 | 02/28/2034 | — | — |
| Performance-Based RSUs | — | — | — | — | 1,891 | Vest through 2025 (AOI growth) |
| Performance-Based RSUs | — | — | — | — | 4,105 | Vest 12/31/2025 (AOI growth) |
| Performance-Based RSUs | — | — | — | — | 5,502 | Vest 12/31/2026 (AOI growth) |
| Time-Based RSUs | — | — | — | — | 1,539 | 25% per year from 2/21/2023 |
| Time-Based RSUs | — | — | — | — | 2,751 | 25% per year from 2/28/2024 |
| Special Time-Based RSUs | — | — | — | — | 15,205 | 25% per year from 8/27/2024 |
Insider selling pressure indicators:
- No option exercises in 2024 .
- Annual TBRSU vest dates likely around 2/21 (2023 grants), 2/28 (2024 grants), and 8/27 (special 2024 grants) each year for four years; these are potential supply events upon delivery .
- As of 12/31/2024, options were out-of-the-money; accelerated vesting value of Storch’s options was $0 under termination scenarios (see Employment Terms) .
Employment Terms
Core Employment Agreement
| Term | Detail |
|---|---|
| Commencement | October 25, 2021; SVP, General Counsel & Corporate Secretary |
| Base Salary | Minimum $511,808; unchanged for 2025 |
| Target Bonus | 50% of base salary |
| Annual Equity Target | Not less than 94.23% of base salary |
| Car Allowance | Provided |
| Most Favorable Terms | If inconsistencies between equity award agreements and employment agreement, the terms most favorable to Storch apply |
Severance and Change-in-Control Economics (as of 12/31/2024)
| Scenario | Cash Severance | Accelerated Options Value | Accelerated RSUs Value | Notes |
|---|---|---|---|---|
| Termination Without Cause or Resignation for Good Reason | $256,002 | $0 (options out-of-money) | $788,272 | Plus COBRA reimbursement up to 6 months; rights to enhanced severance if peers receive more |
| Death or Total Disability | $255,904 (pro-rated bonus based on greater of target or 2-year average) | — | $788,272 | Accrued obligations paid |
| Change in Control Only | — | — | — | CiC alone does not trigger cash per table |
| Termination Within Period Following CiC (Without Cause/Good Reason) | $256,002 | $0 | $788,272 | Equity awards vest 100% (performance at target); options exercisable ≥90 days |
Equity acceleration provisions:
- Upon termination by the Company (including Good Reason within 6 months post-CiC): all outstanding equity awards vest 100% (performance awards at target); options remain exercisable ≥90 days, not beyond original expiration .
- Standard option agreements for other NEOs: 3-month post-termination exercise; 1-year upon death or disability; forfeiture for Cause .
Policies:
- Clawback for restatements (NYSE/10D compliant) .
- No anti-hedging/anti-pledging policy (employees may hedge/pledge) .
Company Performance Context (2025 To-Date)
| Metric | Q1 2025 | Q2 2025 |
|---|---|---|
| Revenue ($) | $321,000,000 | $358,900,000 |
| Gross Margin (%) | 34.9% | 37.1% (+190 bps YoY; +220 bps seq) |
| Operating Income ($) | — | $33,500,000 (+26.9% YoY) |
| Operating Cash Flow ($) | — | $31,800,000 |
Pay-versus-Performance linkage:
- Most important measures: Net Sales, Gross Profit, Gross Margin, Adjusted Operating Income .
- TSR (fixed $100 since 12/31/2019) value for Company: $127.05 vs peer group $187.17 for 2024 .
Investment Implications
- Pay-for-performance alignment: Storch’s cash bonus was driven 70% by financial metrics (55% AOI, 15% Net Sales), with total non-equity payout at 64.6% of target; actual 2025 YTD performance shows margin expansion and Q2 operating income growth, supporting the linkage of incentives to AOI and sales execution .
- Retention risk and change-in-control economics: Her agreement includes immediate 100% vesting of all equity upon termination by the Company or Good Reason within six months of a CiC, plus six months’ salary and COBRA—more protective than standard peer terms, which may reduce retention risk but increases CiC cost and potential event-driven supply from accelerated RSU delivery .
- Insider selling pressure: No options exercised in 2024 and options were out-of-the-money; however, TBRSUs vest annually on/around 2/21, 2/28, and 8/27 for the next several years, representing recurring potential share delivery events; monitor those dates for supply overhang .
- Alignment and governance signals: She holds 5,828 shares (~$145K at $24.79), below the 1x salary guideline but within the five-year phase-in period (through 2026); unvested RSUs do not count. The lack of anti-hedging/anti-pledging policy is a governance red flag that could weaken alignment if hedging/pledging were used, though no such activity is disclosed .
- Compensation structure: 2024 total compensation of $1.718M was equity-heavy (stock awards $884K, options $121K), consistent with retention and long-term alignment; special RSU grants in 2024 add to forward vesting cadence (8/27) .
- Shareholder posture: Annual say-on-pay established in 2023, with ~94.5% approval that year; 2025 ballot includes advisory vote—ongoing investor support indicates limited pay-related overhang currently .