Phillip Meikle
About Phillip Meikle
Independent director since October 16, 2024; age 61; B.S. from West Virginia University College of Engineering; 32+ years in orthopedic and spine industries, founder/CEO of Biosystems of New England (sold to Stryker in 2019) and consultant to Stryker Spine for the past five years . Determined independent under Nasdaq standards in the 2025 proxy; Board met nine times in FY2024 and all directors (including Meikle) attended at least 75% of board/committee meetings .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Biosystems of New England, Inc. | Founder, President & CEO | 1992–2019 (sold to Stryker) | Built leading orthopedic distribution; distributor for Medtronic Spine (1992–2002) and Stryker Spine (2002–2019) |
| Bone Biologics (BBLG) | Director | Appointed Oct 16, 2024 | Governance/board service; independent director |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Stryker Spine | Consultant | ~2019–present | Industry-awarded executive; Stryker Spine Hall of Fame inductee |
Board Governance
- Independence: Board determined Meikle is independent; Board currently composed entirely of independent directors (Stroever, Angle, Gagnon, Meikle) .
- Committee assignments: As of FY2024/FY2025 proxy disclosure, committees are comprised of Stroever, Gagnon, Angle; Meikle is not listed on Audit, Compensation, or Nominating & Corporate Governance committees .
- Attendance: Each director attended ≥75% of board/committee meetings in FY2024 .
| Committee | Members | Chair | Meikle Member? |
|---|---|---|---|
| Audit | Stroever, Gagnon, Angle | Robert Gagnon | No |
| Compensation | Stroever, Gagnon, Angle | Bruce Stroever | No |
| Nominating & Corporate Governance | Stroever, Gagnon, Angle | Sid Angle | No |
Fixed Compensation
| Period | Fees Earned or Paid in Cash ($) | Notes |
|---|---|---|
| FY2024 | 4,264 | Pro-rated from appointment on Oct 16, 2024 |
| Director Compensation Policy (current) | Amount ($) | Notes |
|---|---|---|
| Annual Board Service Retainer (Independent Director) | 25,000 | Paid quarterly, pro-rated for partial service |
| Annual Board Chair Retainer (Independent Chair) | 35,000 | Paid quarterly, pro-rated |
| Committee Chair Retainer (Audit) | 5,000 | In addition to board retainer |
| Committee Chair Retainer (Compensation) | 5,000 | In addition to board retainer |
| Committee Chair Retainer (Corporate Governance) | 5,000 | In addition to board retainer |
Performance Compensation
| Period | Option Awards (Grant-Date Fair Value, $) | Stock Options Outstanding (#, as of 12/31/2024) | Equity Grant Mechanics |
|---|---|---|---|
| FY2024 | 27,987 | 28,194 | Initial grant: NSO to purchase 9 shares, vests at next annual meeting; Annual grant: NSO sized to $50,000 option value, vests quarterly over one year; Pro-rated annual grant for off-cycle appointments; 10-year term; strike at 100% FMV on grant date |
- Anti-hedging: Insider trading policy prohibits directors from hedging or engaging in transactions that offset declines in Company equity granted as compensation .
- Clawbacks: Stock awards subject to recoupment per applicable law/listing standards; Company may add further clawback terms .
- Option repricing authority: Board may reprice/cancel-and-regrant options/SARs under the 2015 Plan, subject to Nasdaq standards and participant consent .
Other Directorships & Interlocks
| Category | Detail |
|---|---|
| Current public company boards | None disclosed in the 2025 proxy biography for Meikle . |
| Private/industry roles | Consultant to Stryker Spine . |
| Potential interlocks | Historical distribution relationships (Stryker, Medtronic) noted; Company disclosed no related-party transactions involving Meikle under Item 404(a) at appointment . |
Expertise & Qualifications
- 32+ years in orthopedic and spine sectors; founder/operator background with deep commercial channel experience .
- Education: B.S., West Virginia University College of Engineering .
- Industry recognition: Stryker Spine Hall of Fame inductee; Distributor of the Year at Stryker and Medtronic Danek Spine .
Equity Ownership
| As of | Total Beneficial Ownership (shares) | % Outstanding | Composition | Pledging/Hedging | Ownership Guidelines |
|---|---|---|---|---|---|
| April 11, 2025 | 14,101 | <1% | Includes 14,092 shares underlying stock options exercisable within 60 days | Hedging prohibited by policy; pledging not disclosed | Director stock ownership guidelines not disclosed in proxy |
Governance Assessment
-
Positives:
- Independence and board now fully independent; enhances oversight .
- Strong domain expertise and commercial network in spine/orthopedics; potentially accretive to clinical and partnering strategy .
- Attendance ≥75% and adoption of anti-hedging and clawback policies support alignment and risk management .
- Related-party safeguards: No Item 404(a) transactions involving Meikle at appointment; proxy reports no related-party transactions since 2023 .
-
Watch items and RED FLAGS:
- Repricing authority in the 2015 Equity Plan could be shareholder-unfriendly if used; monitor Compensation Committee actions and disclosures for any repricing of director options .
- External consultancy to Stryker underscores a potential perceived conflict if BBLG pursues strategic transactions with Stryker; Company disclosed no related-party dealings, but continued monitoring of disclosures is prudent .
- Committee engagement: Meikle was not assigned to Audit/Compensation/Nominating committees as of FY2024/FY2025 proxy; expanding committee participation could strengthen board effectiveness .