Elena Piliptchak
About Elena Piliptchak
Elena Piliptchak (age 48) is an independent Class III director at Presidio Property Trust (SQFT), appointed on May 9, 2024, with her current term expiring at the 2026 annual meeting . She is a portfolio manager and founder of Ouray Capital Management (2014–present), with prior investing roles at Highfields Capital, Tiger Europe (co-founder/PM), and Axial Capital; she holds an MBA from Harvard Business School and a BS in Accounting & Finance from Kansas State University . The board determined she is independent under Nasdaq rules .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Ouray Capital Management, LLC | Portfolio Manager, Founder | 2014–present | Concentrated small-cap public equities investing |
| Axial Capital Management LLC | Senior Investment Professional | 2012–2014 | Long/short equity “Tiger Cub” fund (~$1.5B AUM) |
| Tiger Europe Management LLC | Portfolio Manager, Co‑founder | 2008–2012 | Long/short equity “Tiger Cub” fund |
| Tiger Europe Master Fund Ltd. | Director | 2008–2012 | European-focused “Tiger Cub” fund oversight |
| Highfields Capital Management LP | Analyst | 2003–2007 | Fundamental public equity analysis |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Kansas State University Foundation | Asset Management Committee Member | Dec 2020–Dec 2022 | Oversight of endowment investments |
Board Governance
- Current board committees: Nominating & Corporate Governance; Strategic Planning & Cybersecurity; not a committee chair .
- Independence: The board determined she is independent; SQFT states she qualifies under SEC/Nasdaq standards .
- Attendance: In FY2024, all directors attended 100% of board and committee meetings on which they served .
- Board structure: Combined Chair/CEO (Heilbron) with a Lead Independent Director (James R. Durfey), who presides over independent sessions and liaises with management .
- Appointment pathway: Appointed pursuant to a cooperation agreement with the Zuma Investor Group; board size increased from six to seven on her appointment .
Fixed Compensation
| Component | 2024 Amount | Notes |
|---|---|---|
| Cash meeting fees | $30,000 | Disclosed “Fees earned or Paid in Cash” for 2024 |
| Annual stock awards | $0 | No 2024 director stock award for Piliptchak |
| Other director compensation | $0 | No other compensation disclosed for Piliptchak |
| Policy note | — | Each non‑employee director received $10,000 per board meeting attended in 2024 |
Performance Compensation
| Item | Disclosure |
|---|---|
| Performance metrics used for director pay | None disclosed; director equity awards (when granted) vest annually over three years |
| 2024 equity/RSUs for Piliptchak | None granted in 2024 |
Other Directorships & Interlocks
- Current public company directorships: None disclosed beyond SQFT .
- Prior boards: Director, Tiger Europe Master Fund Ltd. (2008–2012) .
- Activist/settlement linkage: Appointed as part of SQFT’s cooperation agreement with the Zuma Investor Group; investor group agreed to a standstill and to vote with the board; if she cannot serve, Zuma may propose a mutually acceptable replacement while holding ≥3% ownership through the agreement’s term .
Expertise & Qualifications
- Education: MBA (Harvard Business School); BS Accounting & Finance (Kansas State University) .
- Core expertise: Public equity investing, portfolio management, governance and capital allocation from investor perspective .
- Board-relevant skills: Financial analysis, capital markets, and governance oversight (serves on Nominating & Corporate Governance; Strategic Planning & Cybersecurity) .
Equity Ownership
| Measure (as of March 31, 2025) | Amount |
|---|---|
| Total beneficial ownership (shares) | 239,881 |
| Ownership as % of outstanding shares | 1.5% (of 14,154,032 shares outstanding) |
| Breakdown – Samara Growth Fund, LP | 53,927 shares |
| Breakdown – Samara Select Fund, LP | 50,991 shares |
| Breakdown – Ouray Select, LP | 76,475 shares |
| Breakdown – Ouray Partners International Ltd. | 46,688 shares |
| Breakdown – Directly owned by Piliptchak | 11,800 shares |
| Unvested director restricted shares (12/31/24) | 0 (none) |
Form 3 (May 22, 2024) reported holdings by entity consistent with the above: Samara Growth (53,927), Samara Select (50,991), Ouray Select (76,475), Ouray International (46,688), and 11,800 directly owned. See SEC filing: https://www.sec.gov/Archives/edgar/data/1080657/000149315224021007/0001493152-24-021007-index.htm
Insider Filings
| Form | Filing Date | Transaction/Reporting Date | Note/Position Reported |
|---|---|---|---|
| Form 3 | 2024-05-22 | 2024-05-09 | Initial director holdings across Ouray/Samara vehicles and 11,800 direct; no transaction, position reporting only. SEC: https://www.sec.gov/Archives/edgar/data/1080657/000149315224021007/0001493152-24-021007-index.htm |
Governance Assessment
-
Positive signals
- Independent director with deep public-equity investing background; placed on governance and strategy committees, aligning skills with oversight needs .
- Perfect attendance in 2024 alongside the board .
- Simple, cash-based director pay with no 2024 equity grant to Piliptchak; low risk of pay complexity/conflicts at the director level .
-
Watch items / potential red flags
- Activist settlement dynamics: Her appointment was part of a cooperation agreement; investor group voting commitments and replacement rights could be perceived as influence over board composition, though she is independent under Nasdaq rules .
- Board leadership: Combined Chair/CEO structure; mitigated by a Lead Independent Director, but governance purists may prefer an independent chair .
- Control environment history: SQFT disclosed a 2023 material weakness relating to income tax provision; although outside her committee remit (not on Audit), it remains a governance oversight consideration for the board .
-
Related-party and conflicts
- Company states there were no related-party transactions involving Piliptchak; compensation conforms to standard non-employee director program .
- Beneficial ownership primarily via funds she manages; no pledging/hedging disclosures specific to her; the company maintains an insider trading policy with trading windows and MNPI safeguards .
Additional Context (Shareholder Voice & Policies)
- Say‑on‑Pay: Prior vote (2022) approved with ~90% support; next advisory votes scheduled for 2025 .
- Clawback: Nasdaq Rule 10D‑1 compliant clawback policy adopted (focused on Section 16 officers) .
- Director education/governance guidelines: Corporate Governance Guidelines in place; Nom/Gov Committee oversees board effectiveness and conflicts .
Sources: SQFT 2025 Proxy (DEF 14A, Apr 17, 2025) ; 8‑K and Cooperation Agreement (May 10, 2024) .