Mark Grant
About Mark Grant
William Mark Grant (age 55) was appointed President and CEO of Lifeward (Nasdaq: LFWD) effective June 2, 2025, and joined the Board as a Class II director; he holds a B.S. in Industrial Technology from East Carolina University . He brings 25+ years of medtech leadership, including serving as Medtronic VP for the Americas overseeing a $1.5B region and a 2,000‑person commercial organization, and as President, Americas & Chief Commercial Officer at IMRA Surgical . Early tenure highlights include record Medicare placements of ReWalk systems, improved Q3 2025 gross margin to 43.7% (vs. 36.2% in Q3 2024), reduced quarterly cash burn to $3.8M, and CE‑mark approval for ReWalk 7 enabling European sales; management reaffirmed 2025 revenue guidance of $24–26M and projected non‑GAAP net loss of $12–14M . For broader context pre‑dating his arrival, Lifeward’s Pay‑Versus‑Performance table shows a $100 TSR value of $20.09 in 2024 (vs. $63.23 in 2023 and $61.80 in 2022) and net losses each year, underscoring turnaround imperatives .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Medtronic plc | Vice President, Americas Region | 2004–2023 | Led $1.5B Americas region and a 2,000‑person commercial organization; opened VA access and optimized revenue cycle; drove competitive strategy in diabetes home care . |
| IMRA Surgical | President, Americas & Chief Commercial Officer | 2023–2025 | Set operational and commercial strategies; built multi‑channel go‑to‑market; contributed to capital raising and enterprise strategy . |
| Bristol Myers Squibb | Various roles | Pre‑2004 | Commercial experience in life sciences . |
| FLA Orthopedics | Various roles | Pre‑2004 | Orthopedics commercial roles . |
External Roles
No current public company directorships are disclosed for Mark Grant in the 2025 DEF 14A or appointment 8‑K .
Fixed Compensation
| Component | 2025 Terms | Notes |
|---|---|---|
| Base Salary | $435,000 | Effective upon start; subject to periodic adjustments . |
| Target Annual Bonus | 70% of base salary | Performance‑based; Compensation Committee determines objectives . |
| 2025 Bonus Guarantee | Minimum of 70% of base salary, prorated for 2025 | Payable if employed on bonus payment date . |
Performance Compensation
| Metric | Weighting | Target | Actual/Payout | Vesting/Timing |
|---|---|---|---|---|
| CEO Annual Bonus Metrics | Not disclosed | Determined by Compensation Committee | Not disclosed | Annual cash bonus, subject to objectives . |
Note: The company’s prior-year non‑equity plan (2024) used business objectives across revenue (30%), market development (15%), net loss (30%), and personal objectives (25%) for named executives; this predates Grant’s tenure and is provided for context only .
Equity Awards (Incentives and Vesting)
| Award Type | Grant Date | Size/Strike | Vesting | Notes |
|---|---|---|---|---|
| Inducement Stock Option | June 2, 2025 | 400,000 options; exercise price = closing price on grant date | 25% annually, starting on first anniversary of grant date (four equal annual installments) | Inducement under Nasdaq Rule 5635(c)(4) . |
• Grant structure and vesting are designed to align with long‑term value creation and retention; options are subject to the company’s award agreement and plan terms .
Equity Ownership & Alignment
| Item | Status |
|---|---|
| Beneficial Ownership | As of June 23, 2025 (record date for DEF 14A), Mark Grant was listed without a reported share count and identified as having commenced as President and co‑CEO on June 2, 2025 . |
| Vested vs. Unvested | Inducement options vest 25% annually beginning first anniversary of grant, implying no vesting before June 2, 2026 under stated schedule . |
| Hedging/Pledging | Company policy prohibits pledging company securities as collateral and prohibits hedging and short‑term or speculative transactions absent compliance approvals; margin use is prohibited . |
| Clawback | Amended and restated clawback policy (adopted Sept 13, 2023) requires recovery of incentive compensation upon certain restatements, covering current and former executive officers . |
| Ownership Guidelines | No specific executive stock ownership multiple is disclosed in the 2025 DEF 14A . |
Employment Terms
| Term | Base Case Termination (w/o Cause/by Good Reason) | Change‑of‑Control (within 90 days pre‑CoC or 12 months post‑CoC) | Other |
|---|---|---|---|
| Severance | 6 months base salary continuation; target bonus paid over 6 months; employer‑equivalent health premium reimbursement during severance period; accrued benefits . | 12 months base salary continuation; lump‑sum target bonus for then‑current year; employer‑equivalent health premium reimbursement during CoC severance period; accrued benefits . | Non‑compete and non‑solicit covenants for 12 months post‑termination; confidentiality, trade secrets and inventions clauses; indemnification agreement . |
Structure indicates double‑trigger CoC severance (termination in proximity to a CoC required for enhanced benefits) .
Board Governance (Director Service, Committees, Independence)
- Service: Elected as a Class II director at the 2025 Annual Meeting, with term through the 2028 annual meeting .
- Independence: The Board determined that executive officers (including the CEO) are not independent; all current members of Audit, Compensation, and Nominating & Corporate Governance committees are independent under Nasdaq and SEC rules .
- Committees: Audit (Marshall—Chair, Poduska, Levy), Compensation (Poduska—Chair, Richner, Turk), Nominating & Governance (Richner—Chair, Swinford); Grant is not listed as a member of these committees .
- Board Leadership: Chair and CEO roles are separated; Israeli law generally requires separation absent shareholder approval; the company maintains separation (Chair: Joseph Turk) .
Director Compensation (Context)
- Non‑employee directors receive cash retainers, meeting fees, and annual RSU awards (historically $50,000, vesting quarterly); the Chair role was proposed to receive double the standard director annual cash and equity grant amounts prospectively (subject to approval) .
- Employee directors (e.g., CEO) historically have not received additional fees for Board service; prior CEO’s director compensation was not paid separately, with compensation reported in the executive tables .
Performance & Track Record (Early Tenure Indicators)
| Metric/Highlight | Detail |
|---|---|
| Q3 2025 Revenue | $6.2M, up ~1% YoY; up ~8% vs. Q2 2025 . |
| Segment Mix | ReWalk/MyoCycle/traditional products $3.1M (+24% YoY); AlterG $3.1M (−15% YoY) . |
| Gross Margin | 43.7% in Q3 2025 vs. 36.2% in Q3 2024, aided by facility closure and manufacturing transitions . |
| Operating Efficiency | Cash used in operations improved to $3.8M in Q3 2025 vs. $4.5M in Q3 2024 . |
| Reimbursement/Access | Consecutive record Medicare beneficiary placements; first Medicare Advantage payment processed in ~30–60 days . |
| Regulatory | CE‑mark approval for ReWalk 7 enables European sales (≈40% of exoskeleton sales historically) . |
| Liquidity | $2.0M cash and cash equivalents as of Sept 30, 2025; subsequently entered $3.0M loan with Oramed Ltd. . |
| Leadership Commentary | CEO emphasized focused execution, channel strategy, and operational rigor; expects growth in both AlterG and Mylan/MyoCycle, while navigating timing with payers . |
Additional context: Lifeward recorded a non‑cash $2.8M goodwill impairment in 9M 2025 tied to share price decline; does not affect liquidity .
Compensation Structure Analysis (Signals)
- Cash vs. Equity Mix: Initial package balances fixed pay with high at‑risk equity via a 400,000 option inducement that vests over 4 years, favoring long‑term alignment over near‑term cash .
- Guaranteed 2025 Bonus: A prorated, minimum 70% of salary guarantee for 2025 supports transition/retention in the first partial year; thereafter purely performance‑based .
- CoC Economics: Double‑trigger protection of 12 months salary plus target bonus and benefits aligns with market for small‑cap medtech while limiting windfalls absent an actual termination in proximity to a transaction .
- Governance Safeguards: Clawback policy (Dodd‑Frank/Nasdaq compliant), hedging/pledging prohibitions, and independent compensation committee oversight mitigate pay‑risk misalignment .
Investment Implications
- Alignment: The four‑year option grant with time‑based vesting and prohibitions on hedging/pledging create meaningful long‑term alignment; clawback adds downside discipline .
- Retention/Execution: The one‑time 2025 bonus guarantee reduces near‑term attrition risk during a leadership handoff; non‑compete/non‑solicit for 12 months post‑termination further mitigates key‑person risk .
- Early Operating Momentum: Record Medicare placements, CE‑mark expansion, improved gross margin, and lower cash burn are early positives under Grant, but the business remains loss‑making and reliant on payer timing and scale benefits; guidance implies continued losses in 2025 before further efficiency gains .
- Governance: CEO also serves as director (not independent), but Chair/CEO roles are separated and committees remain fully independent, limiting dual‑role governance concerns .