Steven H. Grapstein
About Steven H. Grapstein
Independent Trustee at Urban Edge Properties (UE) since January 14, 2015; age 67. He is CEO of Como Holdings USA, Inc. (since January 1997) and previously served as its Vice President (1985–1997). He holds a B.S. in Accounting from Brooklyn College (1979) and is a certified public accountant (1981). He has served on the boards of David Yurman (since November 2015) and Mulberry Plc (since November 2003), and previously was Chairman of Presidio International dba A|X Armani Exchange (1999–2014) and Chairman of Tesoro Corporation (NYSE: TSO) (2010–2014; director 1992–May 2015). The proxy highlights his broad real estate and retail experience and prior Fortune 100 chair role as core credentials.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Como Holdings USA, Inc. | Chief Executive Officer | Jan 1997–present | Leads international investment group; finance/operations background (CPA) cited among qualifications. |
| Como Holdings USA, Inc. | Vice President | Sep 1985–Jan 1997 | Senior operating/finance role pre-CEO. |
| Presidio International (A | X Armani Exchange) | Chairman | 1999–Jun 2014 |
| Tesoro Corporation (NYSE: TSO) | Chairman; Director | Chair 2010–2014; Director 1992–May 2015 | Former chairman of a Fortune 100 public company; significant board leadership experience. |
External Roles
| Organization | Role | Public/Private | Since | Committees/Notes |
|---|---|---|---|---|
| Mulberry Plc | Director | Public (UK) | Nov 2003 | Luxury leather goods; >30 countries. |
| David Yurman | Director | Private | Nov 2015 | Luxury jewelry and timepieces; >360 locations. |
| Several privately held hotel and real estate entities | Director | Private | N/A | Not specified. |
Board Governance
- Independence and role: Independent Trustee; currently serves as Chair of the Compensation Committee. Not listed on Audit or Corporate Governance & Nominating (CGN) committees in the committee matrix.
- Committee assignments (UE Board 2024–2025 term): Compensation Committee (Chair); not on Audit; not on CGN.
- Attendance and engagement: In 2024, the Board held 6 meetings; Compensation Committee held 5. Each incumbent trustee attended at least 75% of applicable board and committee meetings; all trustees attended the 2024 annual meeting. Independent trustees meet in executive session at each Board and committee meeting.
- Lead Independent Director: Norman K. Jenkins (Lead Trustee) elected by independent trustees; responsibilities include presiding over executive sessions and coordinating independent trustee activities.
- Committee independence: All members of key committees are independent under SEC/NYSE rules.
Committee Roles (current)
| Committee | Role | Notes |
|---|---|---|
| Compensation | Chair | Independent; committee has authority to hire independent advisors. |
| Audit | Member | Not listed as member; Audit chaired by Catherine D. Rice; financial experts designated among other trustees. |
| Corporate Governance & Nominating | Member | Not listed as member; CGN chaired by Norman K. Jenkins. |
Fixed Compensation (Director)
| Component | Amount | Detail |
|---|---|---|
| 2024 Fees Earned or Paid in Cash | $95,000 | Matches base retainer + committee chair fee. |
| Annual Cash Retainer (structure) | $75,000 | Standard non-employee trustee cash retainer. |
| Compensation Committee Chair Retainer (structure) | $20,000 | Additional annual cash retainer for Comp Chair. |
| Committee Membership Fees (structure) | $10,000 (Comp); $12,500 (Audit); $10,000 (CGN) | Not applicable if not serving as member; chairs receive separate chair fees. |
Performance Compensation (Director)
| Component | Amount/Terms | Notes |
|---|---|---|
| 2024 Equity Grant (Stock Awards) | $119,989 | He elected DSUs; annual grant ~ $120,000 grant date fair value. |
| Vesting | One-year from grant | Time-based vesting on one-year anniversary. |
| Performance metrics tied to director pay | None disclosed | Director equity is time-based; no performance-conditioned awards for directors. |
For 2024, Steven H. Grapstein’s total director compensation: $214,989 (cash $95,000; equity $119,989).
Other Directorships & Interlocks
| Topic | Details |
|---|---|
| Current public company boards | Mulberry Plc (Director since 2003). |
| Other boards | David Yurman (Director since 2015); several private hotel/real estate entity directorships. |
| Interlocks | The company discloses no compensation committee interlocks: none of UE’s executive officers serve on a board/compensation committee of another company that has an executive serving on UE’s Board or Compensation Committee. |
Expertise & Qualifications
- Financial and governance credentials: B.S. in Accounting (Brooklyn College, 1979); CPA (1981).
- Sector expertise: Broad real estate and retail sector experience across operating and board roles.
- Board leadership: Former Chairman of Tesoro (Fortune 100); deep board committee and chair experience.
Equity Ownership
| Metric | Value | Notes |
|---|---|---|
| Common Shares Beneficially Owned | 8,595 | As of March 10, 2025. |
| LTIP Units Beneficially Owned | 50,767 | Included in “Shares and Units” total; DSUs excluded from beneficial ownership. |
| DSUs (credited; excluded from beneficial ownership) | 17,173 | Excluded per SEC rules noted in proxy. |
| Unvested DSUs outstanding (12/31/2024) | 8,528 | Outstanding director equity instruments at YE 2024. |
| Total Shares and Units Beneficially Owned | 59,362 | Includes common + LTIP units; “*” indicates <1% of outstanding. |
| Shares Outstanding (context) | 125,665,871 common shares; 2,638,724 Common Units; 3,727,388 LTIP Units (issued/outstanding as of 3/10/2025) | Excludes unearned performance LTIPs and DSUs. |
| Ownership Guidelines (Board) | 3x annual cash retainer; 5-year compliance window | All non-employee trustees currently satisfy guidelines. |
Governance Assessment
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Strengths
- Independent trustee with decade-long service and deep board leadership experience, including as former chair of a Fortune 100 company; relevant retail and real estate expertise.
- Active engagement: Compensation Committee Chair; Board reports strong attendance (≥75%) and executive sessions at each meeting; robust independent oversight with a Lead Trustee.
- Alignment: Director equity awards and ownership guidelines (3x retainer) foster skin-in-the-game; all non-employee trustees meet guidelines.
- Shareholder support: High say-on-pay approval (~96.1%) indicates positive investor feedback on compensation governance.
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Potential risks/considerations
- External board roles in retail brands (David Yurman, Mulberry) could present potential related-party sensitivities if tenant relationships emerge; however, the company reports no related person transactions in 2024 and maintains formal review/approval processes for related-party transactions.
- Pledging/hedging prohibition is explicitly stated for executive officers; the proxy highlights trustee ownership guidelines but does not explicitly extend the pledging prohibition to trustees.
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RED FLAGS
- None disclosed: no related-party transactions for 2024; no committee interlocks; strong say-on-pay support.