Charles Li
About Charles Li
Charles Li, Ph.D., age 40 as of March 18, 2025, is an independent director of Ekso Bionics Holdings, Inc. (EKSO) and has served on the board since March 2018 . He is Chief Business Officer at Angel Pharmaceuticals (since October 2020) and a senior analyst at Puissance Capital (since 2015), with prior roles at Harvard University (Research Assistant, 2011–2015), Fosun Capital (analyst, 2009), and Harvest Fund (analyst, 2010) . He holds a Ph.D. from Harvard’s John A. Paulson School of Engineering and Applied Sciences and B.S./B.A. degrees from Xi’an Jiaotong University .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Angel Pharmaceuticals | Chief Business Officer | Oct 2020–present | Senior business leadership; pharma market experience |
| Puissance Capital | Senior Analyst | 2015–present | Investment analysis; involved in multiple investments |
| Harvard University | Research Assistant | 2011–2015 | Academic research; tech background |
| Fosun Capital | Analyst | 2009 | Early career finance experience |
| Harvest Fund | Analyst | 2010 | Early career finance experience |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| None disclosed (public company boards) | — | — | No other public company directorships reported in the last five years |
Board Governance
- Committee assignments: Chair, Compensation Committee; Member, Audit Committee .
- Audit committee financial expert: Board designates Charles Li as an “audit committee financial expert” (along with Mary Ann Cloyd) .
- Independence: Board assessed Puissance/Angel Pond affiliation and deemed Li independent; he is not employed by, actively engaged in management of, nor an owner of Angel Pond .
- Attendance: Board met 10 times in 2024; each director attended ≥75% of board and committee meetings; all current directors attended the 2024 annual meeting .
| Committee | Role | Members (2024–2025) | 2024 Meetings |
|---|---|---|---|
| Compensation | Chair | Charles Li; Deborah Lafer Scher | 3 |
| Audit | Member; Financial Expert | Mary Ann Cloyd (Chair); Corinna Lathan; Charles Li | 4 |
| Nominating & Governance | Not a member | Corinna Lathan (Chair); Mary Ann Cloyd; Deborah Lafer Scher | 1 |
- Board leadership: No chair since March 2023; CEO presides. Lead Independent Director: Cloyd since June 2024 (previously Lathan) with defined duties for executive sessions and agenda-setting .
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Fees Earned or Paid in Cash ($) | $50,776 | $50,343 |
| Stock Awards ($) | $92,327 | $87,963 |
| Option Awards ($) | — | — |
| Total ($) | $153,672 | $138,306 |
| Annual Director Retainers (policy) | Member ($) | Chair ($) |
|---|---|---|
| Board of Directors | 35,000 | 70,000 |
| Audit Committee | 7,500 | 15,000 |
| Compensation Committee | 5,000 | 10,000 |
| Nominating & Governance Committee | 5,000 | 10,000 |
| Lead Independent Director | 25,000 annual retainer | — |
| Outstanding Director Equity (as of Dec 31, 2024) | Count |
|---|---|
| Options (#) | 14,334 |
| RSUs (#) | 78,217 |
- Annual equity grant: Non-employee directors receive ~ $100,000 in RSUs annually, vesting at the earlier of next annual meeting or one year from grant .
Performance Compensation
- As Compensation Committee Chair, Li oversaw 2024 executive short-term incentive plan tied to revenue, cash spend, and operational milestones (e.g., predictable revenue models, brand awareness, reimbursement streamlining, new product/regulatory certifications, operations and strategic initiatives) .
| 2024 STIP Metrics & Outcomes | H1 2024 Achievement | FY 2024 Achievement |
|---|---|---|
| Aggregate achievement (%) | 51% | 24% |
| CEO target bonus (% of salary) | 75% (2024) | — |
| CFO/COO target bonus (% of salary) | 50% (2024) | — |
| 2024 Paid Incentive Awards ($) | CEO: $94,501; CFO: $54,600; COO: $54,600 | — |
- Compensation consultant usage: No independent consultant engaged in 2024; company intends to engage one ahead of next advisory vote. In 2023, Compensia was engaged for benchmarking (director and executive programs) .
Other Directorships & Interlocks
| Entity | Relationship | Details |
|---|---|---|
| Angel Pond Capital LLC | Related-party history | Puissance Capital (Li’s employer) is an affiliate of Angel Pond; EKSO entered a mutual release and settlement agreement with Angel Pond on Feb 4, 2023 for $325; Board considered this and maintained Li’s independence . |
Expertise & Qualifications
- Financial and technology background with designation as audit committee financial expert, supporting oversight of reporting, controls, and risk .
- Advanced technical education (Ph.D. in engineering) plus investment analysis experience, relevant to EKSO’s robotics and med-tech focus .
Equity Ownership
| Ownership Metric | April 10, 2024 | March 18, 2025 |
|---|---|---|
| Shares Beneficially Owned (#) | 160,855 | 160,855 |
| Options exercisable within 60 days (#) | 14,334 | 14,334 |
| RSUs vesting within 60 days (#) | 67,392 | — |
| Common shares held (#) | 79,129 | 146,521 |
| Ownership as % of class | <1% | <1% |
- Hedging policy: EKSO prohibits hedging/monetization transactions by directors, officers, employees, or consultants .
Say-on-Pay & Shareholder Feedback
| Proposal (2024 Annual Meeting) | For | Against | Abstain | Broker Non-Votes |
|---|---|---|---|---|
| Say-on-Pay (Advisory) | 6,303,399 | 631,663 | 124,065 | 4,366,114 |
| Frequency of Future Say-on-Pay | 1 Year | 2 Years | 3 Years | Abstain |
|---|---|---|---|---|
| Stockholder Preference | 6,840,255 | 25,427 | 125,746 | 67,699 |
Insider Filings
| Year | Late Section 16(a) Filings (Form 4) | Notes |
|---|---|---|
| 2023 | 1 | One late Form 4 for Charles Li due to administrative error |
| 2024 | 1 | One late Form 4 for Charles Li due to administrative error |
Governance Assessment
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Strengths
- Independent director with audit committee financial expert designation; chairs Compensation Committee; active Audit Committee member—supports board effectiveness in oversight of financial reporting and pay practices .
- Solid attendance in 2024; board and committee meeting cadence disclosed; presence of lead independent director and clawback policy enhance governance .
- Director compensation aligns with equity ownership via annual RSUs and reasonable cash retainers; ownership <1% but includes options and RSUs .
-
Potential risks / RED FLAGS
- Related-party exposure via Puissance/Angel Pond consulting history (settled at $325) requires continued vigilance; board concluded independence, but investors may monitor future dealings for conflicts .
- Administrative late Section 16 filings in 2023 and 2024 indicate minor compliance lapses; not unusual but worth monitoring .
- Nasdaq minimum bid price compliance risk addressed via reverse split proposal in 2025; dilution risk from equity plan share increases and inducement warrant—monitor for pay/equity overhang and shareholder dilution .
-
Implications
- Li’s dual role (Compensation Chair; Audit Member) with financial expertise should support disciplined pay-for-performance execution; planned engagement of independent comp consultant in next cycle is a positive step for benchmarking rigor .
- Equity-heavy director pay ties directors to stock performance; prohibition on hedging supports alignment .
- Ongoing disclosure of related party policies and audit committee oversight of such transactions mitigate conflict risk; continued transparency advised .