Lawrence Levitt
About Lawrence L. Levitt
Independent director at RadNet, Inc. (RDNT), age 82 as of March 31, 2025, serving on the Board since 2005 with deep finance and accounting expertise; certified public accountant with an MBA in Accounting from UCLA and designated an “audit committee financial expert.” Tenure includes Chair of the Compensation Committee since 2007, Audit Committee member since 2005, and Nominating & Governance Committee member since 2011; classified by the Board as independent under Nasdaq and SEC rules, with 100% Board/committee meeting attendance in 2024.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| RadNet, Inc. | Director | 2005–present | Audit Committee member (since 2005); Compensation Committee Chair (since 2007); Nominating & Governance Committee member (since 2011); audit committee financial expert |
| Canyon Management Company | President & CFO | 1987–present | Manages privately held investment fund; brings financial/accounting expertise |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Canyon Management Company | President & CFO | 1987–present | Private fund manager; no public company directorships disclosed for Levitt |
Board Governance
- Independence: Levitt is one of four directors deemed independent (with Jacobs, Spurlock, Swartz).
- Committee assignments: Audit; Compensation (Chair); Nominating & Governance; designated audit committee financial expert (with Swartz).
- Attendance: Board met 6x in 2024; Audit 4x; Compensation 4x; N&G 0x (1 written consent). All directors attended 100% of eligible meetings.
- Lead Independent Director: David L. Swartz oversees executive sessions and CEO evaluation liaison.
- Majority voting with resignation policy for failed majority in uncontested elections.
Committee Assignments
| Committee | Membership | Chair | Notes |
|---|---|---|---|
| Audit | Levitt (member) | Swartz | Levitt = audit committee financial expert |
| Compensation | Levitt (Chair); Jacobs; Spurlock; Swartz | Levitt | Retains independent consultant; no interlocks |
| Nominating & Governance | Levitt; Jacobs (Chair); Spurlock; Swartz | Jacobs | Related-party review oversight |
Fixed Compensation
| Element | Amount | Notes |
|---|---|---|
| Annual cash retainer | $85,000 | Effective Jan 1, 2024 |
| Compensation Committee Chair retainer | $15,000 | Levitt received this |
| Meeting fees (per committee meeting) | $1,500 | Applies per meeting |
| 2024 cash paid to Levitt | $106,750 | Sum of retainer, chair fee, meeting fees |
Performance Compensation
| Grant | Grant Date | Shares | Fair Value | Vesting |
|---|---|---|---|---|
| Annual director equity grant (RS) | June 13, 2024 | 2,591 | $159,994 | Vests at end of current term (coincides with Annual Meeting) |
- No director performance metrics disclosed; director equity is time-based restricted stock (not PSUs/options).
Other Directorships & Interlocks
| Category | Detail |
|---|---|
| Public company directorships | None disclosed for Levitt in proxy. |
| Compensation Committee interlocks | None; no RDNT executive serves on another company’s board/comp committee that would create interlocks. |
Expertise & Qualifications
- CPA; MBA in Accounting (UCLA); extensive financial accounting background; designated audit committee financial expert.
- Board skills matrix flags governance, financial, operations, human capital, industry, and risk management across all directors (Levitt included).
Equity Ownership
| Holder | Shares Beneficially Owned | % Outstanding | Unvested RS | Options |
|---|---|---|---|---|
| Lawrence L. Levitt | 169,957 | <1% (“*”) | 2,591 | Not cited in footnote (only RS noted) |
- Hedging prohibited; pledging generally prohibited unless specific exception approved by CLO; no pledging/hedging disclosures for Levitt.
- Company-wide insider trading policy applies; Section 16 compliance noted (one late Form 4 by another officer, not Levitt).
Say‑on‑Pay & Shareholder Feedback
| Year | Say‑on‑Pay Approval |
|---|---|
| 2023 | ~88% For (excluding abstentions/broker non‑votes) |
| 2024 | ~89% For (excluding abstentions/broker non‑votes) |
- Shareholder engagement program described; Board added Director Skills matrix and maintains majority voting/resignation policy.
Potential Conflicts or Related‑Party Exposure
- No related‑party transactions disclosed involving Levitt; N&G Committee oversees and approves related‑party transactions.
- Notable related‑party items elsewhere: BRMG agreement tied to CEO; lease with HFB Heirs Trust II; neither involves Levitt.
Director Compensation Program Context
| Program Feature | Detail |
|---|---|
| Annual equity | $160,000 per non‑employee director (RS grant) |
| Max total director compensation | $500,000 per year per non‑employee director (plan cap) |
| Independent consultant | Pearl Meyer advises; conflict‑free assessment completed |
Governance Assessment
- Positives: Long‑tenured independent director with CPA/MBA and audit committee financial expert designation; chairs Compensation Committee; 100% meeting attendance; independent consultant used for comp; majority voting with resignation policy; strong say‑on‑pay support (89% in 2024).
- Alignment: Holds 169,957 shares beneficially and receives annual RS grant; hedging prohibited; no pledging disclosed.
- Watch items: Entire Board did not attend 2024 Annual Meeting (engagement optics); combined CEO/Chair structure persists; significant related‑party transactions with BRMG/HFB Heirs Trust II (not Levitt-specific).
Overall, Levitt’s independence, financial expertise, committee leadership, and attendance support board effectiveness; lack of Levitt-specific conflicts and meaningful ownership are investor‑confidence positives, while company‑level related‑party arrangements and non‑attendance at the annual meeting are broader governance watch points.