Charles Allen
About Charles Allen
Independent director of 60 Degrees Pharmaceuticals (SXTP) since July 2023, age 49. Director biography notes service starting July 11, 2023, while the director roster lists “Director Since” July 12, 2023; both indicate July 2023 tenure . He holds a BS in Mechanical Engineering from Lehigh University and an MBA from the Mason School of Business at William & Mary, and brings investment banking and capital markets experience; the Board concluded his financial-industry leadership qualifies him for service .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| BTCS Inc. | Chief Executive Officer | Feb 5, 2014 – Present | Responsible for overall corporate strategy and direction |
| BTCS Inc. | Chairman of the Board | Sep 11, 2014 – Present | Board leadership |
| Global Bit Ventures Inc. | Chief Executive Officer | Jan 12, 2018 – Present | Corporate leadership |
| Global Bit Ventures Inc. | Director | Oct 10, 2017 – Present | Board oversight |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Innovation1 Biotech Inc. | Director | Since Dec 2, 2022 | Board service |
| SXTP | Director | Since July 2023 (proxy roster lists July 12; bio notes July 11) | Audit Committee Chair; member of Compensation and Nominating & Corporate Governance |
Board Governance
- Independence: The Board affirmatively determined Allen has no material relationship and is independent under Nasdaq rules .
- Committees and roles:
- Audit Committee: Chair (members: Allen, Stephen Toovey, Paul Field) . The Board determined all members are independent and Allen is the audit committee financial expert; the committee met four times in FY2024 .
- Compensation Committee: Member; chaired by Paul Field (members: Field, Allen, Toovey) .
- Nominating & Corporate Governance Committee: Member; chaired by Stephen Toovey (members: Toovey, Allen, Field) .
- Attendance and engagement:
- Board met five times in 2024; each director attended all Board meetings .
- Committee attendance was at least 67% in 2024 .
- Independent directors hold executive sessions at least annually and met once in 2024 .
- Governance practices: Written charters for all committees; directors have full access to management and outside advisors; Audit Committee reviews related-party transactions .
Fixed Compensation
| Year | Fees Earned or Paid in Cash ($) | Stock Awards ($) | Option Awards ($) | Total ($) |
|---|---|---|---|---|
| 2024 | 73,000 | — | 912 (grant-date fair value) | 73,912 |
Performance Compensation
| Item | Provision |
|---|---|
| Outside Director Annual Compensation Cap | Aggregate annual cash + equity capped at $500,000; $750,000 in initial year |
| Change-in-Control Treatment (Outside Directors) | Full vesting and lapse of restrictions; performance goals deemed achieved at 100% unless otherwise provided |
| Eligibility for Awards | Directors eligible under the 2022 Equity Incentive Plan |
| Section 409A Compliance | Plan designed to be exempt from or comply with 409A; no company obligation to indemnify for 409A taxes |
No director-specific performance metrics (e.g., TSR, revenue growth) tied to Allen’s compensation were disclosed .
Other Directorships & Interlocks
| Company | Role | Public Company Status | Notes |
|---|---|---|---|
| BTCS Inc. | CEO; Chairman | Not stated in proxy | Long-standing leadership; blockchain industry focus |
| Innovation1 Biotech Inc. | Director | Not stated in proxy | Biotech director role |
| Global Bit Ventures Inc. | CEO; Director | Not stated in proxy | Executive and board roles |
The proxy does not disclose interlocks with SXTP competitors, suppliers, or customers .
Expertise & Qualifications
- Financial and capital markets expertise; extensive experience structuring financings, IPOs, M&A; Board designated Allen as audit committee financial expert .
- Technical education (BS Mechanical Engineering) and MBA; international project experience across multiple sectors .
Equity Ownership
| Holder | Direct Shares | Options Exercisable (Fully Vested) | Strike Price | Total Beneficial Ownership | Percent of Class |
|---|---|---|---|---|---|
| Charles Allen | 234 | 284 | $318.00 | 518 | <1% |
- Group ownership: Directors and officers as a group (7 persons) owned 69,868 shares, 1.69% of outstanding as of Aug 14, 2025; reverse split reflected .
- Section 16(a): No delinquent insider filings noted for Allen; late filings were disclosed for Cheryl Xu and Kristen Landon in 2024–2025 .
Governance Assessment
- Strengths:
- Independence affirmed; no material relationships beyond directorship .
- Audit Chair with “financial expert” designation; committee independence and regular private sessions with auditors enhance oversight quality .
- Clear committee charters; Audit Committee explicitly oversees related-party transactions .
- Full Board attendance by all directors in 2024 signals engagement .
- Watch items / potential red flags:
- Committee attendance “at least 67%” in 2024 suggests room to improve engagement at the committee level; monitor future proxies for individual director attendance disclosure .
- Ownership alignment is modest (518 shares; <1%); consider whether director equity grants increase alignment over time .
- Multiple external leadership roles (e.g., BTCS CEO/Chair) may raise time-commitment questions; no conflicts disclosed, but ongoing monitoring warranted .
- Related-party transactions: Company states no transactions >$120,000 involving directors/officers since Jan 1, 2023 other than ordinary compensation; Audit Committee reviews any such items per policy .