Alan Levine
AxogenAbout Alan Levine
Alan M. Levine (age 57) has served as an independent director of Axogen since May 2019. He is currently Chairman, President, and CEO of Ballad Health (since February 2018), with prior CEO roles at Mountain States Health Alliance and North Broward Hospital District, and senior health policy posts in Florida and Louisiana. He holds an MBA, MS in Health Science, and BS in Health Education/Community Health from the University of Florida. The Board cites his healthcare management, policy/regulatory, and budgeting/financial reporting expertise; he is designated an audit committee financial expert and meets Nasdaq independence standards .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Ballad Health | Chairman, President & CEO | Feb 2018–present | Leads integrated healthcare delivery system |
| Mountain States Health Alliance | President & CEO | Jan 2014–Jan 2018 | Largest health system in upper east TN and southwest VA |
| Health Management Associates | Senior Advisor to Board; President, Florida Group; Corporate SVP | Jul 2010–Jan 2014 | Hospital and facilities operator |
| Louisiana Department of Health and Hospitals | Secretary; Senior Health Policy Advisor to Governor Bobby Jindal | Jan 2008–Jul 2010 | Cabinet role overseeing health policy |
| North Broward Hospital District | President & CEO | Jul 2006–Jan 2008 | One of largest public health systems in U.S. |
| Florida Agency for Health Care Administration | Secretary | Jun 2004–Jul 2006 | Oversight of >30,000 facilities and $17B Medicaid program |
| Office of Governor Jeb Bush (Florida) | Deputy Chief of Staff; Senior Health Policy Advisor | Jan 2003–Jun 2004 | Senior executive government role |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| State University System of Florida – Board of Governors | Member; Chair of Audit & Compliance; Chair of Research & Academic Excellence; Chair of Select Committee on 2+2 Education Attainment | Current (dates not individually specified) | Multiple oversight and audit leadership roles |
| Ballad Health | Chairman, President & CEO | Feb 2018–present | Operational leadership of integrated health system |
No other public company directorships for Mr. Levine are disclosed in Axogen’s proxy biographies .
Board Governance
- Committee assignments: Audit Committee member (financial expert) and Compensation Committee member; not a chair. Audit Committee members are William Burke (Chair), Alan M. Levine, and Amy Wendell; Compensation Committee members are Amy Wendell (Chair), John H. Johnson, Alan M. Levine, and Guido Neels .
- Independence: Board determined Mr. Levine is independent under Nasdaq Rule 5605(a)(2); he meets heightened independence standards for Audit and Compensation Committees .
- Attendance: In 2024, each director attended at least 75% of Board and committee meetings; the Board met 6 times and acted by written consent 5 times. In 2023, each director attended at least 98% of meetings, with the Board meeting 7 times and acting by written consent 9 times .
- Committee engagement: Audit Committee met 4 times and acted by written consent 2 times in 2024; Compensation Committee met 6 times and acted by written consent 7 times in 2024 .
- Governance signals: Lead Independent Director role discontinued after appointment of an independent Chairman (Aug 2024), reducing governance complexity .
Fixed Compensation
| Quarterly Cash Retainers ($) | 2024 | 2025 |
|---|---|---|
| Board Member | 12,500 | 12,500 |
| Audit Committee Member | 2,500 | 2,500 |
| Compensation Committee Member | 1,875 | 1,875 |
| Alan Levine – 2024 Director Compensation ($) | Amount |
|---|---|
| Fees Earned or Paid in Cash | 67,500 |
| Stock Awards (ASC 718 fair value) | 75,000 |
| Option Awards (ASC 718 fair value) | 74,999 |
| All Other Compensation | — |
| Total | 217,499 |
Alignment note: The $67,500 cash fees correspond to base Board retainer ($50,000 annually) plus Audit member ($10,000 annually) and Compensation member ($7,500 annually), evidencing multi-committee service .
Performance Compensation
| Program Term | 2023 | 2024 | 2025 |
|---|---|---|---|
| Annual equity grant to reelected directors (value) | $150,000 | $150,000 | $150,000 |
| Instrument mix | 50% options / 50% RSUs | 50% options / 50% RSUs | RSUs only |
| Vesting | Options and RSUs vest 1 year from grant anniversary | Options and RSUs vest 1 year from grant anniversary | RSUs vest 1 year from grant anniversary |
| Option term | 10 years | 10 years | n/a (RSUs only) |
| Performance metrics | None disclosed for director equity awards |
| Newly Elected Director Equity Grant | Value | Vesting | Instrument |
|---|---|---|---|
| Induction grant | $250,000 | Option vests in 3 equal annual installments | Non-qualified stock option |
| Non-Employee Director Annual Compensation Limit | Amount |
|---|---|
| Annual cap (cash + grant date fair value of awards) | $750,000 |
| First-year cap | $1,000,000 |
Structural signal: The shift to RSUs-only in 2025 reduces option risk and emphasizes time-based alignment; no director performance metrics (TSR/financial) are disclosed for equity awards .
Other Directorships & Interlocks
| Company/Entity | Role | Exchange/Type | Committee Roles |
|---|---|---|---|
| State University System of Florida – Board of Governors | Member | Government board | Chair of Audit & Compliance; Chair of Research & Academic Excellence; Chair of Select Committee on 2+2 |
| Ballad Health | Chairman, President & CEO | Private/Health system | Executive leadership (operational) |
Potential interlock/conflict observation: As a health system CEO, Levine’s organization could be a purchaser of medical products broadly; Axogen’s proxy outlines an Audit Committee process for reviewing any related person transactions, but no specific related-party transaction involving Levine is disclosed in the sections retrieved .
Expertise & Qualifications
- Audit committee financial expert designation; strong finance/risk background .
- Skills matrix indicates Finance/Risk Management, Healthcare Marketing, Payer/Provider, Public Policy/Government Relations, Senior Leadership, Strategy/M&A .
- Deep executive leadership across integrated health systems and state health agencies .
Equity Ownership
| Item | Value |
|---|---|
| Shares Beneficially Owned | 115,688 |
| Underlying options/RSUs/PSUs (currently exercisable or vesting within 60 days) | 85,525 |
| Percent of Shares Outstanding | <1% (“*” in proxy) |
| Shares pledged as collateral | None; shares “are not subject to any pledge” unless noted; no pledge noted for Levine |
| Ownership Guidelines | Directors must hold ≥3× annual retainer; compliance required within 5 years of Feb 2022 or initial designation; in-the-money vested options count |
| Compliance Status (as of Dec 31, 2024) | Each non-employee director meets required level |
Governance Assessment
- Board effectiveness: Levine contributes healthcare operations and policy/regulatory depth, sits on Audit (financial expert) and Compensation Committees—enhancing oversight of financial reporting, cybersecurity, culture/human capital, and compensation governance .
- Independence and attendance: Independent under Nasdaq rules, with strong attendance profile (≥75% in 2024; ≥98% in 2023), supporting engagement and reliability .
- Pay alignment: Director pay mix is balanced—cash retainers tied to committee service plus equity; 2025 shift to RSUs-only improves simplicity and reduces option-related risk; director pay capped by plan limits—reducing inflation risk .
- Ownership alignment: Meaningful beneficial ownership with no pledging; guidelines require ≥3× retainer and are met—positive alignment signal .
- Conflicts/related-party exposure: Audit Committee has a formal related-person transaction review policy; no specific related-party transactions involving Levine are shown in the retrieved sections. His dual role as a health system CEO warrants ongoing monitoring for potential customer/vendor intersections, but current disclosures do not indicate conflicts .
RED FLAGS to monitor
- Health system CEO role could intersect with Axogen’s customer base—monitor disclosures for any related-party transactions in future proxies/8-Ks .
- No director-specific performance metrics underpinning equity awards—common for directors, but investors may prefer clearer performance linkage; Axogen’s structure favors time-based RSUs in 2025 .
Overall: Levine’s governance profile is solid—independent status, audit financial expertise, strong attendance, capped and transparent director compensation, and compliance with ownership guidelines all support investor confidence. Structural changes to director equity in 2025 and formal related-party review processes further mitigate governance risk .