Susan P. Hollander
About Susan P. Hollander
Susan P. Hollander is Chief Accounting Officer (CAO) of Power REIT (PW), age 57, serving as an officer since 2020, with responsibilities across strategic accounting, compliance, SEC filings, and financial reporting . She is not a full-time employee, and the Trust notes it has two officers overseeing activities (CEO/CFO David Lesser and CAO Hollander) . Education: B.S. in Economics from Binghamton University (SUNY) . Company performance context during her tenure: Pay-versus-Performance disclosures show severe negative TSR and net losses over 2022–2024, and the Trust did not use financial performance measures to link NEO pay to performance .
Company TSR and Net Income (Pay-Versus-Performance disclosed)
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Value of $100 investment (TSR) | $5.73 | $0.94 | $1.93 |
| Net Income ($USD Millions) | -$14.3 | -$14.4 | -$24.7 |
Company Revenues and EBITDA (context)
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Revenues ($USD) | $7,602,539* | $1,139,148* | $1,920,193* |
| EBITDA ($USD) | $6,091,040* | -$1,969,525* | -$440,800* |
Values retrieved from S&P Global.*
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Intelligen Power Systems | Controller | Since 2017 | Supported accounting/finance operations alongside PW’s CEO; public company reporting expertise |
| Millennium Sustainable Ventures Corp. (formerly Millennium Investment & Acquisition Co.) | Controller | Since 2017 | Financial reporting and compliance support |
| IntelliStay Hospitality Management, LLC | Controller | Since 2017 | Financial reporting and operations support |
| Boston Provident, LP (hedge fund) | Controller | 22+ years, ended before 2017 | Financial reporting, trading operations, fund accounting, performance reporting |
External Roles
No public-company board roles or external directorships disclosed for Ms. Hollander in PW’s filings. Skip.
Fixed Compensation
| Component | FY 2023 | FY 2024 |
|---|---|---|
| Base Salary ($USD) | $66,000 | $66,000 |
| Target Bonus (%) | Not disclosed | Not disclosed |
| Bonus Paid ($USD) | $0 | $0 |
| Stock Awards ($USD) | $0 | $0 |
| Option Awards ($USD) | $0 | $0 |
| All Other Compensation ($USD) | $0 | $0 |
| Total ($USD) | $66,000 | $66,000 |
Notes:
- The Trust did not grant stock awards or options to Hollander in 2023 or 2024 .
Performance Compensation
- The Trust did not use financial performance measures to link NEO pay to performance for the most recently completed fiscal year; it reports as a smaller reporting company with limited Pay-vs-Performance disclosures .
| Award Type | Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|---|
| 2022 Non-Qualified Stock Options (NSOs) | Service-based (time) | 100% | 36 months continuous service | As of 12/31/2024: 6,042 exercisable; 1,458 unexercisable | N/A (vesting) | Monthly over 36 months from Aug 1, 2022; grant date Jul 15, 2022; 10-year term; strike $13.44; expiration 7/15/2032 |
Additional equity plan details:
- 2020 Equity Incentive Plan authorizes ISOs/NSOs, RSAs, RSUs, SARs, performance awards; no grants to officers in 2023–2024 .
Equity Ownership & Alignment
| As-of Date | Direct Common Shares | Options (vested/vesting within 60 days) | Total Beneficial Ownership | % of Outstanding Shares | Notes |
|---|---|---|---|---|---|
| Mar 31, 2025 | 2,300 | 7,083 (NSOs @ $13.44) | 9,383 | <1% | Based on 3,389,661 shares outstanding |
| Jul 28, 2025 | Not broken out | Not broken out | 9,800 | <1% | Based on 3,389,961 shares outstanding |
Vested vs unvested options at FY-end:
- As of Dec 31, 2024: 6,042 exercisable; 1,458 unexercisable; strike $13.44; expiration 7/15/2032 .
In-the-money value signal:
- Company common stock price at 12/31/2024 was $1.33; Hollander’s options at $13.44 were deeply out-of-the-money (no intrinsic value at that date) .
Hedging/Pledging:
- Insider Trading and Hedging Policy prohibits short-term trading, short sales, options trading, hedging, and pledging for employees and executive officers; consequently, no executive may hedge or pledge PW shares .
Ownership guidelines:
- No executive stock ownership guidelines disclosed; not addressed in filings .
Employment Terms
| Term | Details |
|---|---|
| Employment Agreement | None; the Trust does not have employment agreements with Mr. Lesser or Ms. Hollander |
| Role Start/Officer Since | Officer since 2020; CAO responsibilities defined |
| Full-time Status | Neither Mr. Lesser nor Ms. Hollander are full-time employees |
| Severance Provisions | Not disclosed in filings reviewed |
| Change-of-Control (Equity) | Under PW’s 2020 Plan, if awards are not assumed/continued/substituted in a corporate transaction, vesting/exercisability accelerates in full for current participants before the effective time; awards terminate if not exercised by the effective time; Board may accelerate at its discretion; absent specific award provisions, no additional change-in-control acceleration occurs |
| Clawback Policy | Adopted Nov 20, 2023 (Exhibit 97.1 to 2023 10-K); permits recovery of incentive-based compensation upon Accounting Restatements |
| Insider Trading Policy | Prohibits hedging/pledging; applies to officers and family members in same household; filed as exhibit to 2023 10-K |
| Non-compete/Non-solicit | Not disclosed in filings reviewed |
Compensation Structure Analysis
- Shift to cash-only in 2023–2024: No equity grants to officers in 2023 or 2024; Hollander’s compensation consisted entirely of base salary with no bonus or equity awards .
- Prior option grant (2022) is time-based and currently out-of-the-money, providing limited near-term realizable value without a substantial stock recovery .
- The Trust discloses it did not use financial performance measures for NEO pay in the latest year, limiting pay-for-performance alignment .
- Equity plan allows acceleration upon corporate transactions where awards are not assumed, but absent specific award terms, no additional acceleration is provided solely on change-in-control; for Hollander’s 2022 options, acceleration would not create intrinsic value unless the transaction price exceeds $13.44 .
Risk Indicators & Red Flags
- Severe negative TSR (value of $100 investment fell to $1.93 in 2024) and large net losses indicate challenging performance backdrop .
- No employment agreement and part-time status for CAO could increase retention risk in stressed scenarios .
- Hedging/pledging prohibited by policy—positive for alignment; no evidence of pledging .
- No recent equity awards to officers (2023–2024), potentially limiting long-term retention incentives during turnaround .
Investment Implications
- Alignment: Hollander’s beneficial ownership is small (<1%), and her sole equity exposure is a 2022 option grant struck at $13.44—far above the last disclosed price ($1.33 at 12/31/24), implying limited realizable value and modest ownership alignment near term .
- Retention Risk: Absence of an employment agreement and part-time status may elevate continuity risk for the CAO role, especially under operational stress or restructuring .
- Selling Pressure: Hedging and pledging are prohibited, reducing mechanical selling risks; options being OTM also reduce exercise-driven selling in the near term .
- Change-of-Control Economics: Equity could accelerate if not assumed in a transaction, but Hollander’s options require a deal price above $13.44 to create value; absent that, change-of-control does not materially enrich the CAO .
- Pay-for-Performance: With no financial performance metrics used for NEO pay and no recent equity grants, incentives may not be tightly linked to value creation; combined with negative TSR and net losses, expect continued investor scrutiny of compensation structure .
Citations
**[1532619_0001641172-25-021939_ex.htm:19]** DEF 14A: Officers not full-time; governance overview
**[1532619_0001641172-25-021939_ex.htm:94]** DEF 14A: Summary Compensation Table 2023–2024 (salary and totals)
**[1532619_0001641172-25-021939_ex.htm:95]** DEF 14A: Outstanding Equity Awards table; 2022 NSO details; $1.33 stock price at 12/31/2024
**[1532619_0001641172-25-021939_ex.htm:99]** DEF 14A: 2020 Plan—Corporate Transaction; Change-in-Control provisions
**[1532619_0001641172-25-021939_ex.htm:100]** DEF 14A: Acceleration mechanics if awards not assumed; Board discretion
**[1532619_0001641172-25-021939_ex.htm:102]** DEF 14A: Security ownership—Hollander 2,300 shares + 7,083 options; 9,383 total; <1%; shares outstanding
**[1532619_0001641172-25-021939_ex.htm:110]** DEF 14A: Exhibits including 2020 Plan; other agreements
**[1532619_0001641172-25-021939_ex.htm:111]** DEF 14A: Clawback Policy exhibit reference (97.1)
**[1532619_0001641172-25-021939_formdef14a.htm:12]** DEF 14A: Insider trading/hedging policy; officer summary; age; education; officer since
**[1532619_0001641172-25-021939_formdef14a.htm:13]** DEF 14A: No employment agreements; executive compensation narrative
**[1532619_0001641172-25-021939_formdef14a.htm:14]** DEF 14A: Clawback details; award timing; compensation discussion
**[1532619_0001641172-25-021939_formdef14a.htm:15]** DEF 14A: Pay Versus Performance table; TSR and net income; notes
**[1532619_0001641172-25-021939_formdef14a.htm:16]** DEF 14A: Security ownership—Hollander 9,800 as of 7/28/2025; <1%; shares outstanding
Notes: Company Revenues and EBITDA values marked with an asterisk were retrieved from S&P Global.