Keith Feldman
About Keith Feldman
Keith Feldman is Chief Financial Officer of United Homes Group, Inc. (UHG), serving in the role since the Business Combination. He is 48 years old and holds a B.S. in Accounting from Binghamton University; he is both a CFA charterholder and a CPA. His background spans capital markets, corporate finance, and investor relations with prior leadership roles at NorthStar Realty Europe, Colony Capital, and NorthStar Asset Management, and board-level oversight as audit chair at Lordstown Motors (Nu Ride). Performance statistics such as TSR, revenue growth, and EBITDA growth for his tenure were not disclosed in the proxy materials.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| NorthStar Realty Europe Corp. (NYSE: NRE) | Chief Financial Officer & Treasurer | May 2017 – Sep 2019 | Led finance for a European commercial REIT until acquisition by AXA IM Real Assets. |
| Colony Capital, Inc. | Managing Director | Jan 2017 – Oct 2019 | Capital markets, corporate finance, investor relations responsibilities. |
| NorthStar Asset Management Group Inc. | Managing Director | Jul 2014 – Jan 2017 | Capital markets and corporate finance leadership. |
| NorthStar Realty Finance Corp. | Managing Director | Jan 2014 – Jul 2014 | Corporate finance and investor relations. |
| NorthStar Realty Finance Corp. | Director | Jan 2012 – Dec 2013 | Board-level oversight. |
| DiamondHead Holdings Corp. (DHHC) | Chief Financial Officer | Oct 2020 – Business Combination | SPAC CFO role; capital markets and finance. |
| Goldman Sachs; J.P. Morgan Chase; KPMG LLP | Various financial positions | Not disclosed | Early-career finance roles. |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Lordstown Motors Corp. (Nu Ride, Inc.) | Director; Audit Committee Chair | Oct 2020 – Mar 2024 | Board oversight; several class action/derivative cases name Feldman individually. |
| DiamondHead Holdings Corp. (DHHC) | Director | Inception – Aug 2, 2022 | Resigned as director (no disagreement). |
Fixed Compensation
| Metric | FY 2024 | FY 2025 Target |
|---|---|---|
| Base Salary ($) | $400,000 | $400,000 |
| Annual Cash Bonus Potential ($) | Not disclosed | $500,000 |
| Non-Equity Incentive Plan Compensation (Actual, $) | $118,187 | Not disclosed |
| Stock Awards – Grant-Date Fair Value ($) | $138,000 | Not disclosed |
| Option Awards – Grant-Date Fair Value ($) | $433,200 | Not disclosed |
| All Other Compensation ($) | $17,428 | Not disclosed |
| Total Compensation ($) | $1,106,815 | Not disclosed |
Performance Compensation
| Component | Metric(s) | Weighting | Target Definition | Threshold Payout | Target Payout | Max Payout | Actual Payout FY 2024 |
|---|---|---|---|---|---|---|---|
| Annual Cash Bonus | Pretax profit, revenue, closings | Not disclosed | Company-defined pretax profit; revenue; closings | 50% of metric portion | 100% of metric portion | 125% cap per metric | $118,187 total non-equity incentive paid |
| Performance Stock Units (2024 awards) | Stock price VWAP hurdle | N/A | Vest if VWAP ≥ $18.00 for 20 of 30 consecutive trading days through Mar 30, 2028 | N/A | N/A | N/A | 40,000 PSUs outstanding; payout value $169,200 as of 12/31/2024 |
| Performance Stock Units (2025 framework) | Stock price VWAP hurdle | N/A | Vest if VWAP ≥ $13.50 for 20 of 30 consecutive trading days through Mar 31, 2029 | N/A | N/A | N/A | Approved count: 40,000 PSUs |
| Time-Based Stock Options (vesting) | Service-based | N/A | Vest ratably over 4 years commencing on 1-year anniversary of grant | N/A | N/A | N/A | Approved counts noted below |
Equity Ownership & Alignment
| Metric | Value |
|---|---|
| Total Beneficial Ownership (Class A) | 483,448 shares |
| Ownership as % of Class A Shares Outstanding | 2.2% (based on 21,628,512 shares outstanding) |
| Shares Outstanding (Class A, record date) | 21,628,512 |
| Options – Exercisable | 58,878 (Grant: 5/25/2023; $11.64 strike; exp. 5/25/2033) |
| Options – Unexercisable | 176,636 (5/25/2023 grant) + 120,000 (2/16/2024 grant) = 296,636 total |
| PSUs – Unearned Outstanding (2024 awards) | 40,000; market/payout value $169,200; VWAP ≥ $18 by 3/30/2028 |
| PSUs – 2025 Framework | 40,000; VWAP ≥ $13.50 by 3/31/2029 |
| Hedging/Pledging | Company policy prohibits hedging, margin purchases, and pledging; 10b5-1 plans permitted |
| Ownership Guidelines | Not disclosed |
Employment Terms
| Term | Detail |
|---|---|
| Agreement Term | 3 years with automatic 12-month renewals (at-will; terminable by company with/without cause; by executive with/without good reason; death/disability) |
| Severance (non-CoC) | Base Severance Benefit: 12 months of base salary; Incentive Severance Benefit upon termination without cause or for good reason (subject to release) |
| Change-in-Control (CoC) | Acceleration of equity awards and certain additional benefits in certain circumstances, including upon a Change in Control |
| Non-Compete / Non-Solicit | Not disclosed |
| Clawback Provisions | Not disclosed |
| 10b5-1 Trading Plans | Permitted under company insider trading policy |
| Hedging/Pledging | Prohibited by policy (collars, forward sale contracts; margin; pledging) |
Outstanding Equity Awards (Detail as of December 31, 2024)
| Instrument | Grant Date | Exercisable (#) | Unexercisable (#) | Exercise Price | Expiration | PSU/RSU (#) | Market/Payout Value ($) | Vesting Terms |
|---|---|---|---|---|---|---|---|---|
| Stock Options | 5/25/2023 | 58,878 | 176,636 | $11.64 | 5/25/2033 | — | — | Ratable over 4 years from grant date |
| Stock Options | 2/16/2024 | — | 120,000 | $6.96 | 2/16/2034 | — | — | Ratable over 4 years; 1-year cliff |
| PSUs (2024 awards) | 2/16/2024 | — | — | — | — | 40,000 | $169,200 | Vest if VWAP ≥ $18 for 20 of 30 days through 3/30/2028 |
| PSUs (2025 framework) | N/A | — | — | — | — | 40,000 | N/A | Vest if VWAP ≥ $13.50 for 20 of 30 days through 3/31/2029 |
Risk Indicators & Red Flags
- Feldman is named as an individual defendant in several class action and derivative lawsuits tied to the DiamondPeak–Lordstown Motors merger and disclosures on pre-orders/production timelines (cases in federal courts in Ohio and Delaware, and Delaware Chancery Court).
- Insider trading policy prohibits hedging and pledging of company stock, reducing misalignment risks; 10b5-1 plans are allowed for pre-scheduled transactions.
Compensation Committee & Benchmarking Notes
- Compensation Committee comprises independent directors (chair: Alan Levine), retained WealthPoint as external compensation consultant for 2024–2025; remit includes peer selection and program design.
- 2025 executive compensation framework approved Jan 22, 2025 covers base, cash bonus (quantitative/qualitative metrics), and time-based/performance-based equity.
Employment & Governance Context
- 2025 Annual Meeting results documented (director elections and auditor ratification); Feldman is listed as a Company proxyholder in meeting materials.
Investment Implications
- Pay-for-performance alignment: Feldman’s cash bonus is explicitly tied to pretax profit, revenue, and closings, with a 50%/100%/125% payout curve that incentivizes both top-line and profitability execution; his 2025 bonus target equals 125% of salary ($500k).
- Equity leverage and vesting catalysts: Significant option exposure (exercisable 58,878; unexercisable 296,636 at $11.64/$6.96 strikes) plus PSUs with stock-price hurdles ($18 vest condition for 2024 awards; $13.50 for 2025 framework) create potential selling pressure upon vesting/price thresholds and align incentives to share price appreciation.
- Retention and CoC economics: A 3-year agreement with automatic renewals and 12 months’ base severance plus incentive severance reduces near-term retention risk, but equity acceleration upon a Change in Control could alter incentives during the Board’s strategic alternatives review.
- Alignment safeguards: Company-wide prohibition on hedging and pledging mitigates misalignment/financing risk; 10b5-1 plan permissibility supports orderly diversification.
- Legal overhang: The Lordstown-related suits naming Feldman are a monitoring item for reputational or distraction risk, though not necessarily financially material to UHG; watch for disclosures or resolutions.