Steven Lefkowitz
CorMedixAbout Steven Lefkowitz
Independent director; Age 69; currently serving since June 2017, with prior board service from August 2011 to June 2016 and interim CFO tenure from August 2013 to July 2014. President and Founder of Wade Capital Corporation since June 1990; education includes an A.B. from Dartmouth College (1977) and an M.B.A. from Columbia University (1985). The Board cites his financial expertise and prior director experience as qualifications for service at CorMedix .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| CorMedix Inc. | Interim Chief Financial Officer | Aug 2013 – Jul 2014 | Finance leadership during transition |
| CorMedix Inc. | Director | Aug 2011 – Jun 2016; Jun 2017 – present | Independent director; Audit Chair (see below) |
| Wade Capital Corporation | President & Founder | Jun 1990 – present | Financial advisory leadership |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Public company boards | Not disclosed | — | None specified in proxy |
| Private company boards | Director (unspecified entities) | Not disclosed | General board experience; no specific committees disclosed |
Board Governance
- Independence: The Board determined Lefkowitz is independent under Nasdaq rules; all committee assignments noted are composed of independent directors .
- Committee assignments: Audit Committee Chair; also serves on Audit Committee with Alan W. Dunton and Gregory Duncan .
- Financial expert designation: The Board determined Lefkowitz qualifies as an “audit committee financial expert” under SEC rules .
- Attendance: In FY2024, Board held 4 meetings; Audit Committee held 4; Compensation Committee 2; Nominating & Governance Committee 1. Each director attended at least 75% of Board and applicable committee meetings .
- Board leadership: Chair is independent director Myron Kaplan; CEO is separate, supporting independent oversight .
- Director stock ownership guidelines: Non‑employee directors must own $100,000 of common stock within five years of joining the Board; may be met via deferred compensation, RSU vesting, or option exercise .
- Hedging/pledging policy: Directors are restricted from hedging/monetization transactions and short sales; pledging/margin is strongly discouraged .
- Section 16 compliance: All directors/officers filed timely reports in 2024; one delinquent Form 4 was noted for a different executive (Mistry) due to administrative error .
Fixed Compensation
2024 Director Compensation (cash fees and option grant accounting value):
| Name | Fees Earned or Paid in Cash ($) | Option Awards ($) | Total ($) |
|---|---|---|---|
| Steven Lefkowitz | 93,000 | 81,564 | 174,564 |
Program structure (2024):
- Annual cash retainer $55,000; Audit Chair $23,000; other committee chair/member fees as listed; annual option grants typically 30,000 shares (vesting described below). The schedule also includes $15,000 for Strategy Committee members where applicable .
Performance Compensation
- Equity vehicle: Stock options for non‑employee directors; 2024 grant accounting value $81,564 for Lefkowitz .
- Outstanding director options (as of 12/31/2024): 138,000 shares for Lefkowitz .
- Vesting mechanics: First‑time election grant of 30,000 options vests one‑third at grant, then one‑third on first and second anniversaries; annual grant of 30,000 options vests monthly over one year .
- Governance controls: No dividends on unvested awards; explicit prohibition on repricing options/SARs without stockholder approval .
Other Directorships & Interlocks
- Elliott/Manchester board rights: Manchester Securities Corp. (affiliate of Elliott Associates) has rights to appoint/nominate up to two Board members; nominees identified as Janet Dillione and Myron Kaplan. Lefkowitz is not disclosed as an Elliott‑appointed director .
- Related party transactions: None reported for 2024; all related party transactions must be pre‑approved by the Audit Committee per written policy .
Expertise & Qualifications
- Capital markets and finance: Founder/president of Wade Capital; designated audit committee financial expert, indicating deep financial reporting and controls knowledge .
- Governance and board experience: Prior director roles at public and private companies; multi‑year tenure at CorMedix including prior interim CFO experience .
Equity Ownership
Beneficial ownership as of September 30, 2025:
| Holder | Total Beneficial Ownership (Shares) | % of Common Stock Outstanding | Breakdown |
|---|---|---|---|
| Steven Lefkowitz | 245,650 | <1% | 95,498 direct; 2,000 spouse; 30,152 held by Wade Capital Corp. Money Purchase Plan; 118,000 options issuable upon exercise |
Additional notes:
- Beneficial ownership methodology counts options vested/exercisable or becoming exercisable within 60 days .
- Indicative value of direct/indirect shareholdings (excluding options) using 9/30/2025 close $11.63: 127,650 shares × $11.63 ≈ $1.48 million, suggesting compliance with $100,000 director ownership guideline (calculation based on disclosed price and shares) .
Governance Assessment
- Strengths: Independent Audit Chair with SEC “financial expert” designation; robust insider trading controls (hedging/short‑sale restrictions; discourages pledging); formal clawback policy adopted (mandatory for restatements, discretionary for misconduct); attendance thresholds met; no 2024 related party transactions reported .
- Alignment: Significant personal equity stake held directly/indirectly; director ownership guidelines in place; equity grants use time‑based vesting and prohibit repricing without stockholder approval .
- Potential watch‑items: Elliott/Manchester’s appointment rights for two directors create an influential shareholder dynamic at the board level (not tied to Lefkowitz, but relevant to overall governance context) .
- Overall signal: Lefkowitz’s role and credentials reinforce audit oversight quality; disclosures do not indicate conflicts or misalignment specific to Lefkowitz in 2024–2025 .