Adam Martinez
About Adam Martinez
Adam Martinez, age 47, is Offerpad’s Chief Legal Officer and Secretary, appointed in March 2025. He previously served as Deputy General Counsel (Oct 2020–Mar 2025), SVP, Corporate Operations (Jan 2024–Mar 2025), Head of Legal Operations (Oct 2020–Jan 2024), and Head of Legal (Jul 2018–Oct 2020). Martinez holds a B.A. in Political Science from Arizona State University and a J.D. from the Sandra Day O’Connor College of Law at ASU; he is admitted to practice in Arizona. Company performance context during his senior tenure includes 2024 revenue of $919 million, gross profit of $72 million, and a pay-versus-performance table showing cumulative TSR value of $2.16 for 2024 and GAAP net loss of $62,159 thousand, with Adjusted Net Income of $(53,437) thousand.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Offerpad Solutions Inc. | Chief Legal Officer and Secretary | Mar 2025–Present | Lead legal function and corporate governance as CLO/Secretary. |
| Offerpad Solutions Inc. | SVP, Corporate Operations | Jan 2024–Mar 2025 | Oversaw corporate operations alongside legal responsibilities. |
| Offerpad Solutions Inc. | Deputy General Counsel | Oct 2020–Mar 2025 | Senior legal leadership across corporate matters. |
| Offerpad Solutions Inc. | Head of Legal Operations | Oct 2020–Jan 2024 | Led legal operations execution. |
| Offerpad Solutions Inc. | Head of Legal | Jul 2018–Oct 2020 | Led legal department. |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Rose Law Group | Corporate Counsel | Jan 2014–Jul 2018 | Corporate legal counsel across transactions and advisory. |
| Combs Law Group | Partner | May 2007–Dec 2013 | Legal practice leadership and client service. |
Fixed Compensation
- No Adam‑specific base salary or bonus disclosures in 2024–2025 proxies; he is not presented as a named executive officer (NEO). Company-wide program context: NEO base salaries and target bonus percentages are disclosed, but not applicable to Martinez.
Performance Compensation
- Company program context for 2024 (applies to NEOs, not specifically disclosed for Martinez).
| Metric | Weighting | Target | Actual | Payout | Vesting/Settlement |
|---|---|---|---|---|---|
| Adjusted Net Income | 70% (NEOs other than CEO) | $(8.2) | $(53.4) | 0% of target | Annual bonuses payable in cash/stock per plan |
| Individual Performance Goals | 30% (NEOs other than CEO) | N/A | 100% achieved | 30% of target; paid 50% cash/50% fully vested shares |
Notes:
- For 2024, CEO bonus depended solely on Adjusted Net Income (not achieved); NEO bonuses were 50% cash/50% stock; amounts for specific NEOs are disclosed.
Equity Ownership & Alignment
| Item | Details |
|---|---|
| Total beneficial ownership | 37,014 shares (includes options exercisable within 60 days) |
| Direct/common shares | 6,884 shares |
| Options exercisable (≤60 days) | 30,130 shares |
| Ownership as % of outstanding | <1% (27,710,358 shares outstanding as of Jun 17, 2025) |
| Anti-hedging policy | Insider Trading Policy prohibits hedging transactions for directors/officers/employees |
| Clawback policy | Recovery of erroneously paid incentive compensation for Section 16 officers (time- and performance-vesting equity included) |
Additional context:
- Equity compensation plan totals (as of Dec 31, 2024): 1,008,255 RSUs outstanding and 109,846 PSUs at target; 843,769 options outstanding; 962,133 shares available for future issuance. These are plan-level, not Adam-specific.
Employment Terms
| Aspect | Disclosure |
|---|---|
| Appointment date | Chief Legal Officer since March 2025; Secretary role noted in proxy notices |
| Contract terms | No specific employment agreement terms disclosed for Martinez in available filings; employment agreements and severance for other executives are detailed separately. |
Investment Implications
- Alignment: Martinez’s disclosed beneficial ownership is small (<1%), comprised largely of options exercisable within 60 days; anti-hedging and clawback policies mitigate misalignment risk but low “skin in the game” may limit direct equity exposure. Monitor future RSU/PSU grants and any Form 4 activity for selling pressure signals.
- Performance pay discipline: 2024 bonus payouts were zero for corporate Adjusted Net Income but paid for individual goals, indicating a framework that penalizes financial underperformance while rewarding execution; this informs broader management incentive alignment even though Adam’s specific metrics are not disclosed.
- Retention risk: No Adam‑specific severance or change‑in‑control terms are disclosed; as an internal veteran across legal and operations since 2018, tenure suggests lower near‑term transition risk. Continue to monitor 8‑K filings for any employment agreement updates and contingent RSU awards following the June 2025 plan amendment.
- Governance and shareholder signals: Strong Say‑on‑Pay approvals (~98–99%) and explicit clawback/anti‑hedging policies point to shareholder‑friendly oversight. Compensation peer set includes industry comparables (Opendoor, Zillow, Redfin), moderating pay inflation risk.