Stuart Eisenberg
About Stuart Eisenberg
Stuart Eisenberg (age 63) is an independent director of Generation Income Properties (GIPR), appointed on February 3, 2020. He is an independent consultant since June 2019 following a 22-year career as partner at BDO USA’s real estate services group, where he led the national real estate and construction practice and sat on the global steering committee; he holds a bachelor’s degree from Adelphi University and is a member of the AICPA and the NYSSCPA; the Board identifies him as an audit committee financial expert .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| BDO USA, LLP | Partner, Real Estate Services Group; National real estate & construction industry practice leader; member of international steering committee | Jul 1997–Jun 2019 | Led REIT/REOC formation, structuring; public offering due diligence; financial reporting oversight |
| Independent Consultant | Consultant | Since Jun 2019 | Advisory to real estate and public-company financial reporting matters |
| Adelphi University | Education | Bachelor’s degree (year not disclosed) | Technical credentials supporting audit committee expertise |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| American Institute of Certified Public Accountants (AICPA) | Member | Not disclosed | Professional affiliation |
| New York State Society of Certified Public Accountants (NYSSCPA) | Member | Not disclosed | Professional affiliation |
Board Governance
- Independence: The Board determined Eisenberg is independent under Nasdaq Rule 5605(a)(2); all members of audit, compensation, and nominating committees are independent .
- Committee assignments (2025): Audit Committee Chair; member of Nominating & Corporate Governance Committee; not on Compensation Committee .
- Audit Committee financial expert: Eisenberg qualifies under SEC rules and meets Nasdaq financial sophistication .
- Board structure: Combined Chair/CEO (Sobelman); Benjamin Adams is Lead Independent Director; independent directors meet in executive session periodically .
- Attendance: In 2024, Board held seven meetings; no director attended under 75% of Board/committee meetings; audit met four times; compensation met once; nominating met twice .
Fixed Compensation
| Component | Amount | Notes |
|---|---|---|
| Annual cash retainer | $0 | “None of our directors has ever been paid any cash compensation” . |
| Committee membership fees | $0 | Not paid; equity-only compensation structure for directors . |
| Committee chair fees | $0 | Not paid; equity-only . |
| Meeting fees | $0 | Not paid; equity-only . |
Performance Compensation
| Grant Date | Award Type | Shares/Units | Vesting | Fair Value/Assumptions | Notes |
|---|---|---|---|---|---|
| Mar 1, 2023 | Restricted Stock | 8,803 | Over 3 years, time-based | $50,000 aggregate per director for 2023; $5.68/share; 0% forfeiture | Equity-only director pay; pro-rata vest removes annually . |
| Jun 15, 2024 | RSU | 12,255 | Vests on first anniversary | $50,000 aggregate stock awards for 2024; $4.08/share; 0% forfeiture | Time-based; continued service required . |
| Mar 31, 2025 | RSU | 31,250 | Vests on first anniversary | Not separately valued in proxy comp table | Time-based; continued service required . |
| Mar 1, 2022 | Restricted Stock | 7,143 | 1-year vest | Director equity program (historical) | Time-based . |
| Feb 3, 2020 | Restricted Stock | 2,500 | 1/3 annually | Historical grant at appointment | Time-based . |
| Jan 1, 2021 | Restricted Stock | 2,500 | 1/3 annually | Historical grant | Time-based . |
- Performance metrics: None disclosed for director grants; all director equity awards are time-based and contingent on continued service (no TSR/EBITDA/ESG metrics) .
Director Compensation (Annual)
| Year | Cash Fees | Stock Awards | Total |
|---|---|---|---|
| 2023 | $0 | $50,000 | $50,000 |
| 2024 | $0 | $50,000 | $50,000 |
Other Directorships & Interlocks
| Company | Role | Committees | Notes |
|---|---|---|---|
| None disclosed | — | — | Eisenberg’s biography lists professional affiliations but no current public-company directorships beyond GIPR . |
Expertise & Qualifications
- REIT formation and structuring; public offering due diligence; real estate acquisition/financing/reporting expertise from BDO USA career .
- Audit Committee financial expert designation (SEC) and Nasdaq financial sophistication .
- CPA affiliations (AICPA, NYSSCPA) .
Equity Ownership
| As-of Date | Beneficially Owned Shares | % Outstanding | Breakdown (restricted, vested, common, warrants) |
|---|---|---|---|
| Oct 22, 2025 | 39,201 | <1% | 20,946 restricted (15,077 vested) + 3,000 common + 3,000 warrants (exercisable at $10); remainder reflects prior grants/vested units . |
| Oct 11, 2024 | 26,946 | <1% | 20,946 restricted (15,077 vested) + 3,000 common + 3,000 warrants (exercisable at $10) . |
- Anti-hedging policy prohibits hedging, short sales, and trading in publicly traded options by directors; no pledging disclosures identified .
- No stock ownership guidelines for directors disclosed; not found in proxy .
Insider Trades
| Item | Disclosure |
|---|---|
| Section 16(a) compliance | All Section 16 filings timely for 2024; all timely for 2023 (company-wide); no director-specific trade data included in proxy . |
Related Party Transactions & Potential Conflicts
- Company-level related party financing: Brown Family Enterprises, LLC loan originally $1.5M at 9% (Oct 14, 2022), amended to $5.5M and extended to Oct 14, 2026; additional secured $1.0M note (Apr 25, 2025) at 16% for first 90 days, then 9%, later extended to Dec 15, 2025 with $20k fee; interest paid $495k in 2024 and $295,510 in 2023 .
- CEO-related transactions: $610k CEO loan (May 29, 2025) at 5.75% due Aug 31, 2025; CEO guarantee fees of $387,056 (2024) and $290,316 (2023) incurred/payable .
- Board policy: Related-person transactions are reviewed, approved or ratified by the Board; formal written policy in place .
- Oversight implication: As Audit Chair and financial expert, Eisenberg’s committee oversees financial reporting and risk controls encompassing related-party transactions; robust committee activity (four audit meetings in 2024) mitigates conflict risk, but combined Chair/CEO structure elevates governance risk concentration .
Board and Committee Meetings (Engagement)
| Body | 2024 Meetings | Notes |
|---|---|---|
| Board of Directors | 7 | No director <75% attendance; executive sessions of independent directors held periodically . |
| Audit Committee (Chair: Eisenberg) | 4 | Private sessions with auditor and management; recommended inclusion of audited financials in 10-K . |
| Compensation Committee | 1 | CEO present except for executive sessions; reviews compensation strategy and executive arrangements . |
| Nominating & Governance Committee | 2 | Reviews governance structure and board assignments . |
Governance Assessment
- Strengths: Independent audit chair with SEC financial expert credentials; equity-only director compensation aligned with shareholders; anti-hedging policy; no cash fees or meeting fees; consistent engagement (audit met 4x; full Board 7x) .
- Risks/Red Flags: Combined Chair/CEO structure (Sobelman); multiple related-party financings (Brown Family Enterprises loans; CEO loans and guarantee fees) requiring vigilant independent oversight; only the CEO attended the annual meeting in 2024 while others listened by phone (optics) .
- Alignment: Eisenberg’s reported beneficial ownership rose from 26,946 (Oct 2024) to 39,201 (Oct 2025), reflecting time-based vesting equity awards; ownership <1% of outstanding shares; holds 3,000 company warrants (exercise price $10) .
- Independence/Attendance: Board confirms independence; no attendance shortfalls (<75%) in 2024; regular executive sessions of independent directors .
Overall, Eisenberg’s audit leadership and deep REIT/accounting background bolster board effectiveness amid a capital-structure reliant on related-party financing; continued transparency in related-party reviews and maintaining robust audit oversight are key mitigants to investor-confidence risks posed by the combined chair/CEO role and insider financings .