William Stilley
About William B. Stilley, III
William B. Stilley, III (age 57) is an independent director of Avalon GloboCare Corp. (ALBT), serving on the Board since July 5, 2018; he is currently CEO of Adovate, LLC (since January 2023) and previously led Adial Pharmaceuticals as CEO (2010–2022) and served on Adial’s board until September 2023 . He holds an MBA with honors from UVA’s Darden School and a B.S. in Commerce/Marketing from UVA’s McIntire School; he is a former U.S. Marine Corps Captain, bringing operational and leadership experience to the board . The Board has affirmatively determined he is independent under Nasdaq and SEC rules; he also serves as the Audit Committee financial expert and Chair .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Adovate, LLC | Chief Executive Officer | Jan 2023–present | Executive leadership and operating oversight |
| Purnovate, Inc. (subsidiary of Adial) | Chief Executive Officer | Jan 2021–May 2023 | Biotech operating leadership |
| Adial Pharmaceuticals, Inc. | Chief Executive Officer; Director | CEO: Dec 2010–Aug 2022; Director: Dec 2010–Sep 2023 | Financing/M&A; board governance |
| Clinical Data, Inc. | SVP, Business Development & Strategic Projects | Aug 2008–Dec 2010 | Strategic projects and BD execution |
| Adenosine Therapeutics, LLC | COO & CFO | Until Aug 2008 | Finance/operations until acquisition by Clinical Data |
| Diffusion Pharmaceuticals | Interim Chief Business Officer; Advisor | Sep 2015–Mar 2018 | Advisory and interim executive support |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Virginia BIO | Advisory Board Member | Current | Statewide biotech organization governance |
| UVA Darden School & UVA School of Engineering | Guest Lecturer | Ongoing | Academic engagement and thought leadership |
Board Governance
- Committee assignments: Audit Committee Chair; member of Nominating & Corporate Governance Committee; not on Compensation Committee .
- Independence: Determined independent under Nasdaq/SEC rules; designated audit committee financial expert with financial sophistication .
- Attendance/engagement: Board met 5 times in 2024; each director attended at least 75% of aggregate Board and committee meetings; Audit (4 meetings), Compensation (2), Nominating & Corporate Governance (1) .
- Oversight scope (as Audit Chair): Reviews financial statements, auditor independence/performance, internal controls, disclosure controls, and approves related-party transactions .
Fixed Compensation
| Component | 2024 Amount (USD) |
|---|---|
| Annual cash fees | $70,000 |
| Stock awards | — |
| Option awards (grant-date value of vested) | $2,697 |
| Meeting fees | Not disclosed |
| Committee chair fees | Not disclosed |
| Total | $72,697 |
Performance Compensation
| Instrument | Quantity/Detail | Valuation/Terms |
|---|---|---|
| Stock options (vested in 2024) | 533 options vested | Grant-date fair value $2,697; strike/expiration not disclosed for director awards |
| PSUs/RSUs | Not disclosed | — |
| Performance metrics tied to director pay | None disclosed | No TSR/financial metric linkage disclosed for director compensation |
Clawback policy: Awards under the Amended & Restated 2020 Plan are subject to forfeiture/recoupment under Company clawback policy adopted Nov 16, 2023 and applicable law .
Other Directorships & Interlocks
| Company | Role | Tenure | Notes |
|---|---|---|---|
| Adial Pharmaceuticals, Inc. | Director | Dec 2010–Sep 2023 | Prior public company board; no current public board roles disclosed |
| Various public companies | Audit Chair (not specified) | Prior | Biography notes audit chair roles but does not list specific issuers |
Expertise & Qualifications
- Financial expertise: Audit Committee financial expert; prior CFO/COO roles and extensive financing/M&A experience .
- Industry experience: Significant biotech leadership (Adial, Purnovate, Adovate) and BD/strategic projects (Clinical Data) .
- Education and leadership: MBA (Darden), B.S. Commerce/Marketing (UVA), U.S. Marine Corps Captain .
Equity Ownership
| Holder | Common Shares Owned | Options Exercisable ≤60 Days | Total Beneficial Ownership | % of Shares Outstanding |
|---|---|---|---|---|
| William B. Stilley, III | 0 | 2,665 | 2,665 | <1% (asterisk indicates less than 1.0%) |
- Anti-hedging: Company prohibits hedging/monetization transactions (e.g., collars, forwards) for directors, officers, employees, and related parties; pledging policy not explicitly disclosed .
Governance Assessment
- Strengths: Independent Audit Chair with financial expert designation and active committee oversight; formal charters, insider trading policy with anti-hedging, and clawback in place; Board separation of Chair/CEO roles supports independent oversight .
- Alignment: Director equity exposure is minimal (<1% ownership; beneficial interests via options only), which may limit direct alignment but avoids concentration risk .
- Conflicts oversight: Multiple related-party transactions (Chairman Lu: lease, line of credit, preferred exchange; consulting by Director Tauzin/family) elevate conflict risk; Audit Committee (chaired by Stilley) is responsible for reviewing/approving related-party transactions, a critical mitigant .
- Risk signals to monitor: CEO resignation effective Nov 30, 2025 (transition risk/continuity), board vacancy search underway; ensure robust audit oversight during leadership change .
- Attendance/engagement: Minimum 75% attendance threshold met across directors and committees in 2024; Audit Committee met 4 times, indicating substantive engagement in financial oversight .
RED FLAGS: Related-party dealings with the Chairman (leases, financing, equity transactions) and consulting by a director/family member require vigilant, independent Audit Committee scrutiny to protect minority investors . Limited personal share ownership by Stilley (<1%) may reduce “skin-in-the-game” alignment, though it also minimizes potential self-dealing risk .