Jack Levine
About Jack Levine
Jack Levine (age 74) is an independent director of Strawberry Fields REIT, Inc. (STRW) serving since June 2021. He is a licensed CPA (Florida since 1983; New York since 2009), designated as an SEC “audit committee financial expert,” with 35+ years advising public and private companies; he holds an M.A. from NYU and a B.A. from Hunter College. Externally, he chairs the Audit Committee at Blink Charging Co. (NASDAQ: BLNK) and has served as audit chair at multiple companies. Within STRW, he chairs the Audit Committee and serves on the Compensation Committee.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Provista Diagnostics, Inc. | Audit Committee Chair | 2011–2018 | Led audit oversight at a cancer diagnostics company |
| SignPath Pharma, Inc. | Director; Audit Committee Chair | Since 2010 | Board/audit leadership; company was public-reporting prior to 2017 |
| Public/private companies (various) | Financial/consulting services (CPA) | 35+ years | Deep finance, controls, and reporting expertise |
External Roles
| Organization | Listing | Role | Tenure | Notes |
|---|---|---|---|---|
| Blink Charging Co. | NASDAQ: BLNK | Audit Committee Chair | Since 2019 | EV charging operator; audit leadership |
| SignPath Pharma, Inc. | Private (public-reporting pre-2017) | Director; Audit Chair | Since 2010 | Clinical-stage biopharma |
Board Governance
- Independence and roles: STRW states its three standing committees are comprised exclusively of independent directors; Levine serves on two of them (Audit—Chair; Compensation—Member), indicating board-determined independence. He is the Board-designated “audit committee financial expert.”
- Committee assignments:
- Audit Committee: Jack Levine (Chair), Ted Lerman, Stanford Gertz
- Compensation Committee: Stanford Gertz, Jack Levine, Mark Myers
- Nominating & Corporate Governance: Ted Lerman, Stanford Gertz, Mark Myers
- Attendance: The Board held six meetings in 2024; each current director attended at least 75% of Board and committee meetings while serving.
- Governance structure: CEO also serves as Chair (no split role); independent directors meet in executive session.
Fixed Compensation
| Component | 2024 Amount | Notes |
|---|---|---|
| Annual director cash retainer | $60,000 | Standard fee for independent directors; Levine received $60,000 in 2024 |
| Committee chair/member fees | Not disclosed | No separate committee or chair fee schedule disclosed |
| Meeting fees | Not disclosed | Not specified |
Performance Compensation
| Element | Structure | Metrics/Targets | Payouts (2024) |
|---|---|---|---|
| Equity awards (RSUs/DSUs/Options) | None disclosed for directors | N/A | N/A |
No director equity grants, performance metrics, or equity-based retainers are disclosed for 2024; compensation appears all-cash for independent directors.
Other Directorships & Interlocks
| Company | Overlap/Interlock Risk | Notes |
|---|---|---|
| Blink Charging Co. | Low direct interlock risk | Unrelated industry (EV charging) vs. STRW’s healthcare REIT focus; governance skill transfer may be positive |
Expertise & Qualifications
- SEC “audit committee financial expert”; “financially sophisticated” under NYSE American standards.
- CPA (FL since 1983; NY since 2009); 35+ years of audit/financial consulting.
- Advanced education: M.A. (NYU); B.A. (Hunter College).
- Multi-company audit committee chair experience (Blink; SignPath; Provista).
Equity Ownership
| Ownership Detail | As of Mar 13, 2025 (Proxy Record Date) | Post-Form 4 Updates (2025) |
|---|---|---|
| Beneficially owned common shares | 110,000 (1.6% of common) | 120,000 after 10,000 open-market purchase on May 19, 2025 at $10.07 |
| Additional purchases | N/A | 130,000 after another 10,000 purchase on July 8, 2025 at $9.92 |
| Shares pledged as collateral | None for any directors/executives | None (per proxy) |
| OP units | None disclosed | N/A |
These open-market buys by Levine in 2025 increase his stake to 130,000 shares and signal alignment with shareholders’ interests.
Related-Party Exposure (Context for Audit Oversight)
- Lease concentration with related parties: 67 of 124 facilities (year-end 2024) tenanted by entities affiliated with CEO Moishe Gubin and Director Michael Blisko.
- Indiana/Tennessee master leases (various) with tenants owned 40–50%+ by related parties; numerous facility-level schedules provided in the proxy.
- 2024 master lease change: STRW terminated a tenant purchase option and entered a new 10-year master lease with related-party tenants; STRW paid $18.0 million consideration to the tenants to terminate the option and induce the new lease (3% annual escalators).
- Cash/deposits with bank chaired by CEO: ~$5.9 million deposit at OptimumBank at Dec 31, 2024; CEO is its Board Chair.
Governance Assessment
Strengths
- Audit leadership and financial expertise: Levine chairs STRW’s Audit Committee and qualifies as an SEC financial expert; he also chairs the audit committee at BLNK, bringing seasoned oversight to STRW’s financial controls and auditor independence.
- Independence and engagement: Committee compositions are independent-only, and Levine serves on Audit (Chair) and Compensation; attendance met or exceeded 75% thresholds in 2024.
- Ownership alignment: Levine made two open-market purchases in 2025, raising his stake to 130,000 shares; no pledging disclosed.
Risks / RED FLAGS to Monitor
- High related-party exposure: A significant portion of rent is from related-party tenants affiliated with CEO/Director; 2024 lease restructuring included an $18.0 million payment to related tenants. This elevates conflict-of-interest risk and places greater onus on audit and independent director oversight (Levine’s domain).
- CEO/Chair duality: Combined CEO/Chair roles can concentrate power; underscores the importance of strong independent committee leadership and executive sessions.
- Director pay structure: Director compensation appears entirely cash-based ($60,000) with no disclosed equity retainer or chair premium; while simple, it may limit long-term equity alignment relative to peers, though Levine’s open-market purchases partially offset this.
Items Not Disclosed (as of the latest proxy)
- Director stock ownership guidelines and compliance status.
- Director equity grants/RSUs, meeting fees, chair fees, or performance-linked director pay.
Summary Signals for Investors
- Positive: Independent audit chair with deep CPA credentials and multi-company audit leadership; active share purchases in 2025 increase skin-in-the-game; attendance thresholds met.
- Caution: Elevated related-party transactions require robust, ongoing audit and independent oversight; board leadership structure (CEO/Chair combined) amplifies the need for strong independent directors.