Michael E. Rosenfeld
About Michael E. Rosenfeld
IEH lists the director as “Michael E. Rosenfield,” age 42, serving on the Board since 2018 as a Class I Director . He is Co‑Founder, Principal, and COO of Olive Tree Holdings, and previously spent 11 years as Chief of Staff to the Founder/Chairman of a private family investment office managing a $360 million commercial real estate portfolio . Education: BA in Political Science, Emory University (2006), MBA in Corporate Finance, NYU Stern (2016) .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Private family investment office | Chief of Staff to Founder/Chairman | 11 years; $360M portfolio across 1.5M sq ft from NY to Miami Beach | Senior operational/finance stewardship across multi‑state CRE assets |
| Olive Tree Holdings | Co‑Founder, Principal, COO | Current | Scaled acquisitions, raised outside equity, portfolio transformation |
External Roles
| Organization | Role | Scope/Key Metrics | Notes |
|---|---|---|---|
| Olive Tree Holdings (NYC) | Co‑Founder, Principal, COO | Lifetime portfolio value $2B; 17,000+ workforce/affordable units across 9 states; $465M+ outside equity raised | Multifamily acquisition/management focus; growth and operational transformation |
Board Governance
- Independence: IEH deems Rosenfeld independent under Nasdaq Rule 4200(a)(15) (company not listed on Nasdaq) .
- Committees: Compensation Committee member (Chair: Gerald Chafetz; other members: Allen Gottlieb, Michael E. Rosenfeld) . Not on Audit Committee .
- Attendance: FY ended Mar 31, 2025—Board held six meetings; five were joint with Audit (one director absent at each joint meeting); standalone Board meeting had full attendance . Compensation Committee held three meetings by teleconference with all members present; one unanimous written consent action .
- Board structure: Seven directors, staggered into Class I (four seats) and Class II (three seats) .
Fixed Compensation
| Component | Amount | Structure/Notes |
|---|---|---|
| Annual Board retainer (cash) | $12,500 | Payable quarterly to non‑executive directors |
| Committee membership fee (cash) | $5,000 per committee | Payable quarterly; applies to Rosenfeld’s Compensation Committee seat |
| Committee chair premium (cash) | $2,500 per committee chair | Not applicable to Rosenfeld (not a chair) |
| FY2025 actual cash paid | $15,000 | Disclosed non‑employee director cash compensation; no option awards recorded in FY2025 |
Performance Compensation
| Award Type | Grant/Status | Quantity | Exercise Price | Expiration |
|---|---|---|---|---|
| Stock Options | Outstanding/exercisable | 5,000 | $12.75 | 10/26/2028 |
| Stock Options | Outstanding/exercisable | 5,000 | $6.01 | 5/8/2033 |
| Stock Options | Outstanding/exercisable | 5,000 | $8.28 | 5/8/2035 |
- Performance metrics tied to director equity: None disclosed for non‑employee director awards .
- Hedging/pledging: Company insider trading policy prohibits hedging and pledging by directors, officers, and employees .
- Clawbacks: Company provides clawback for incentive‑based compensation consistent with Dodd‑Frank (example in CFO agreement) .
Other Directorships & Interlocks
| Category | Details |
|---|---|
| Public company boards | None disclosed for Rosenfeld . |
| Private/Non‑profit boards | Not disclosed beyond Olive Tree Holdings . |
| Interlocks/Related parties | Company reports no material related‑party transactions involving directors; Rosenfeld deemed independent . |
Expertise & Qualifications
- Finance and accounting expertise from senior operational roles in real estate and investment management .
- Education: BA Emory (2006), MBA NYU Stern (2016), concentration in Corporate Finance .
- Operational scaling, capital raising, and asset transformation experience (Olive Tree metrics) .
Equity Ownership
| Holder | Beneficial Ownership (shares) | % of Outstanding | Notes |
|---|---|---|---|
| Michael E. Rosenfeld | 15,000 | * (<1%) | Footnote indicates vested options to purchase 15,000 shares; percent denoted as less than 1% . |
| Shares Outstanding (Record Date) | 2,431,278 | — | As of July 28, 2025 (Record Date) |
- Options detail: See Performance Compensation table for strike and expiration; non‑employee director equity awards outstanding .
- Pledging/Hedging: Prohibited by company policy .
Governance Assessment
- Committee role and independence: Rosenfeld’s position on the Compensation Committee as an independent director supports oversight of executive pay; all Compensation Committee meetings had full member attendance in FY2025, indicating engagement .
- Compensation alignment: Modest cash retainer with equity options creates some alignment, though overall ownership is <1%—alignment is present but limited in scale for a micro‑cap; hedging/pledging prohibitions strengthen alignment .
- Conflicts/related parties: No related‑party transactions disclosed and non‑Nasdaq independence assessed affirmatively; external role in real estate does not overlap with IEH’s connectors manufacturing, indicating low direct conflict risk .
- Process and controls: Presence of active committees, audit financial expert designation on Audit Committee (not Rosenfeld), and insider trading/ethics policies are positives for board effectiveness .
RED FLAGS: None disclosed specific to Rosenfeld (no pledging/hedging permitted; no related‑party transactions reported; attendance at Compensation Committee meetings was full) .