Grady Grant
Aptevo TherapeuticsAbout Grady Grant
Grady Grant, III (age 70) has served as an independent director of Aptevo Therapeutics since August 2016. He is currently EVP/Partner at Vanigent BioPharm; prior roles include SVP at Evolve Biosystems (through April 2022), Interim Chief Commercial Officer at New Vision Pharmaceuticals (2020–2021), VP of Sales at Tissue Tech (2018–2020), VP of Medical Sales at Mead Johnson Nutrition (2011–2018), and 30 years at Eli Lilly including VP of Sales Neuroscience (2006–2011). He holds a bachelor’s degree in pharmaceutical science from Temple University and is certified as a Board Director by the NACD .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Eli Lilly and Company | Vice President of Sales, Neuroscience | 2006–2011 | Senior commercial leadership; pharma sales expertise |
| Mead Johnson Nutrition Company (public) | Vice President of Medical Sales | 2011–2018 | Pediatric nutrition commercial leadership |
| Tissue Tech Limited | Vice President of Sales | 2018–2020 | Regenerative medicine sales |
| New Vision Pharmaceuticals LLC | Interim Chief Commercial Officer | 2020–2021 | Contract pharma CCO; BFS packaging |
| Evolve Biosystems | Senior Vice President | Through April 2022 | Microbiome products; newborn gut health |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Vanigent BioPharm | EVP/Partner | Current | Operating partner role in biopharma |
Board Governance
- Committee assignments: Audit Committee (member), Compensation Committee (member), Nominating & Corporate Governance Committee (member); not a chair of any committee .
- Audit Committee “financial expert” designation: the Board determined every Audit member, including Mr. Grant, qualifies under SEC rules .
- Independence: Board affirmed Mr. Grant is independent under Nasdaq listing standards; all Audit, Compensation, and Nom/Gov committees are 100% independent .
- Attendance and engagement: Board met 7 times in 2024; each director attended at least 75% of aggregate Board and committee meetings on which they served .
- Committee activity levels: Audit met 4 times (2024); Compensation met 6 times (2024); Nom/Gov met 2 times (2024) .
- Board leadership: Independent Chair (Dr. Niederhuber); no Lead Independent Director because the Chair is independent; no Vice Chair .
- Compensation Committee process: regular executive sessions; independent consultant (Willis Towers Watson) engaged in 2024 for executive and director compensation; consultant provided no other services .
Fixed Compensation
| Component | Amount | Notes |
|---|---|---|
| Fees Earned in Cash (2024) | $65,000 | Actual cash paid in 2024 to Grady Grant |
| Annual Cash Retainer | $40,000 | Director cash retainer (program) |
| Committee Member Retainers | Audit $10,000; Compensation $7,500; Nom/Gov $7,500 | Program rates; Mr. Grant serves on all three, which is consistent with his 2024 cash total (40,000 + 10,000 + 7,500 + 7,500 = $65,000) |
Performance Compensation
| Equity Award Type | Grant Date | Shares | Vesting | Notes |
|---|---|---|---|---|
| RSU (annual non-employee director grant) | July 17, 2024 | 25 RSUs | 100% cliff at first anniversary (July 17, 2025) | 2024 grant to each non-employee director; shift to 100% RSUs for annual director grants |
| Options | — | — | — | No option awards outstanding for non-employee directors as of 12/31/2024 |
Director equity awards are time-based and not tied to financial or TSR metrics. The plan prohibits repricing of options/SARs; minimum one-year vesting; awards subject to clawback and anti-hedging/pledging policies as in effect .
Other Directorships & Interlocks
| Company | Role | Public Company? | Notes |
|---|---|---|---|
| None disclosed | — | — | No other public company board service disclosed for Mr. Grant in the proxy biography |
Expertise & Qualifications
- Sales and Marketing expertise: explicitly identified in Board skills matrix for Mr. Grant .
- Leadership, governance, risk management, and finance experience: Board skills matrix indicates broad competencies across these domains .
- NACD director certification and 30+ years pharma experience (Eli Lilly); commercial leadership roles at Mead Johnson and others .
- Audit Committee “financial expert” status (Board determination) .
Equity Ownership
| Holder | Shares Beneficially Owned (as of 6/20/2025) | % of Outstanding | Notes |
|---|---|---|---|
| Grady Grant, III | — (no shares reported) | <1% | Beneficial ownership table shows “—” and “* Less than one percent” |
| Unvested RSUs (as of 12/31/2024) | 25 RSUs | — | 2024 annual RSU grant; vests July 17, 2025 |
Stock ownership guidelines: Non-employee directors must own qualifying shares equal to 1× annual Board retainer; due to declining stock price, Covered Persons (including directors) currently do not meet targets and must retain 50% of after-tax shares until guideline compliance .
Governance Assessment
- Strengths: Independent director across three key committees; designated audit committee financial expert; strong commercial and sales/marketing background; consistent meeting attendance (≥75%) .
- Compensation alignment: Director pay is modest cash plus time-based RSUs; no options outstanding; plan features include no repricing, minimum vesting, clawback, and no tax gross-ups, which are shareholder-friendly safeguards .
- Ownership alignment: Mr. Grant reported no share ownership as of June 20, 2025, and directors as a group are not meeting ownership guidelines due to stock price decline—monitor for improved alignment as RSUs vest and additional purchases are made .
- Conflicts/related-party exposure: Company policy requires Audit Committee review/approval of any related-person transactions ≥$120,000; none occurred in 2024 or 2023—a positive governance signal .
- Engagement signals: Compensation Committee uses independent advice (WTW) and meets in executive session, indicating governance rigor; Audit Committee holds ESG oversight and risk discussions .
Notes on Committee Detail
| Committee | Membership | Chair | 2024 Meetings |
|---|---|---|---|
| Audit | Abdun-Nabi; Grant; Harsanyi; Kunz | Harsanyi | 4 |
| Compensation | Abdun-Nabi; Grant; Harsanyi; Kunz; Niederhuber | Kunz | 6 |
| Nominating & Corporate Governance | Niederhuber; Kunz; Grant | Niederhuber | 2 |
| Executive | White; Abdun-Nabi; Harsanyi; Niederhuber | Harsanyi | — |
RED FLAGS
- Ownership guideline shortfall (directors not meeting targets due to stock price decline); requires retention of 50% of after-tax shares until compliance .
- Minimal personal share ownership reported for Mr. Grant as of June 20, 2025 (no shares reported), reducing perceived “skin in the game” until RSUs vest .
- Equity awards to directors are time-based; no performance metrics tied to director compensation (typical, but limits pay-for-performance linkage) .
References
- Committee memberships, independence, meetings, skills matrix, and audit financial expert designation .
- Director biography, age, tenure, education, NACD certification .
- Director compensation program and 2024 cash fees .
- RSU grant details and vesting .
- Clawback, minimum vesting, no repricing, no tax gross-ups (plan features) .
- Ownership guidelines and current non-compliance due to stock price .
- Beneficial ownership table (as of June 20, 2025) .
- Related person transactions (none in 2024 or 2023) .
