Kenneth Quigley Jr.
About Kenneth K. Quigley, Jr.
Independent Director of UMH Properties since 2016, age 67. Attorney at Law, with prior service as President of Curry College (1996–2023) and President Emeritus (2023–present). The proxy highlights his management, governance, law, accounting, finance and REIT experience as core credentials for board service .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Curry College | President | 1996–2023 | Led institutional governance and finance |
| Central Bancorp | Director | 2010–2011 | Bank board experience |
| Randolph Bancorp | Director | 2013–2022 | Bank board experience |
| Abington Savings Bank | Director | 2022–2024 | Bank board experience |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Curry College | President Emeritus | 2023–present | Higher education leadership |
| North Shore Bank | Director | 2024–present | Banking oversight |
| Hometown Financial Group | Director | 2022–present | Banking oversight |
Board Governance
- Committee assignments: Audit Committee Chair; Compensation Committee member; both committees are comprised of independent directors, and all Audit members (including Quigley) are “audit committee financial experts” per SEC rules .
- Independence: Board determined Quigley is independent under NYSE and SEC standards .
- Attendance and engagement: Board met four times in 2024; each director attended all Board and applicable committee meetings. Independent directors held executive session at least annually (one meeting in 2024) led by the Presiding Director .
Fixed Compensation
| Component (2024) | Amount/Details | Source |
|---|---|---|
| Annual cash retainer | $60,500 | |
| Committee chair fee (Audit) | $24,200 | |
| Committee member retainer(s) | $6,050 (standard member retainer) | |
| Equity retainer (fully vested common shares) | 3,676 shares; grant-date fair value $60,497 | |
| Option awards | 11,000 options granted 1/10/2024; fair value $29,590; vest 20%/yr over 5 years | |
| Total 2024 director compensation | $180,839 |
Performance Compensation
Directors do not have performance-tied cash metrics; equity is time-based.
| Metric Type | Metric / Vesting | Value/Terms | Source |
|---|---|---|---|
| Stock options | Time-based vesting | 11,000 options (1/10/2024); vest 20% per year over 5 years; fair value $29,590 | |
| Equity retainer | Fully vested shares | 3,676 common shares granted for annual equity retainer; $60,497 fair value |
Other Directorships & Interlocks
| Company | Role | Public/Private (as disclosed) | Tenure |
|---|---|---|---|
| North Shore Bank | Director | Bank (not specified as public in proxy) | 2024–present |
| Hometown Financial Group | Director | Financial group (not specified as public in proxy) | 2022–present |
| Abington Savings Bank | Director | Bank | 2022–2024 |
| Randolph Bancorp | Director | Bancorp | 2013–2022 |
| Central Bancorp | Director | Bancorp | 2010–2011 |
- Related-party exposure: UMH’s OZ Fund includes ownership by insiders and one independent director; Quigley owns 0.96% of the OZ Fund formed by UMH in 2022 . UMH’s policy requires independent review and Business Judgment Committee approval for related-party transactions .
Expertise & Qualifications
- Audit committee financial expert; financially literate per SEC/NYSE rules .
- Legal and governance experience; management and finance background through extensive bank and higher education leadership roles .
Equity Ownership
| Metric | Value | Notes |
|---|---|---|
| Total beneficial ownership | 38,446 shares | Includes 6,200 shares issuable upon exercise of options within 60 days; less than 1% of outstanding shares |
| Options exercisable (within 60 days of 3/7/2025) | 6,200 shares | Per beneficial ownership table |
| Options unexercisable (future vesting) | 14,800 shares | Vesting schedule: 2,200 on 1/10/26; 2,000 on 3/21/26; 2,200 on 1/10/27; 2,000 on 3/21/27; 2,200 on 1/10/28; 2,000 on 3/21/28; 2,200 on 1/10/29 |
| Director stock ownership guideline | 3× annual cash retainer recommended | Directors have 5 years from start of term; 7 of 9 non-employee directors met/exceeded as of 12/31/2024 |
| Share price reference | $18.88 closing price (12/31/2024) | Used by UMH for valuation in proxy tables |
- Alignment check: Quigley’s 38,446 shares at $18.88 imply ~$726k of common stock value, well above the 3× cash retainer guideline threshold ($181,500), indicating strong ownership alignment .
Governance Assessment
- Strengths: Independent director; Audit Committee Chair with “financial expert” status; 100% meeting attendance; serves on Compensation Committee; robust anti-hedging and clawback policies apply across UMH; director ownership guidelines in place and broadly met by the board .
- Potential conflicts: 0.96% OZ Fund interest alongside insider family holdings—mitigated by UMH’s Business Judgment Committee process for related-party transactions and independent oversight requirements .
- Compensation signals: Director pay structure mixes cash retainer, equity retainer in fully vested shares, and modest stock options with 5-year vesting—typical alignment-focused design without performance-tied cash; total 2024 director compensation for Quigley was $180,839 .
- Shareholder sentiment: Say-on-pay support of 88% in 2024 suggests constructive investor engagement and acceptance of compensation governance; annual advisory votes continue in 2025 .