Ian McDonald
About Ian McDonald
Ian McDonald, 38, is an independent Class I director of Abpro Holdings, Inc., serving since the November 13, 2024 Business Combination; he is nominated for re‑election to a term ending at the 2028 annual meeting. He is CEO and a director of Bright Minds Biosciences Inc. (Nasdaq: DRUG) since 2017, with prior roles in investment banking and private equity, and on the management team at TSX‑listed Avnel Gold where he helped execute a $160 million sale within one year. He holds a B.A. in Business from Arizona State University. The Board cites his public company executive/board experience and biosciences industry background as qualifications for continued service.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Avnel Gold (TSX) | Management team (strategy, M&A, capital markets) | Aug 2016 – Sep 2017 | Developed corporate strategy leading to ~$160M sale within one year |
| Canadian Investment Bank; Private Equity (Vancouver, London, Toronto) | Senior roles | Not disclosed | Guided clients in raising hundreds of millions of dollars |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Bright Minds Biosciences Inc. (Nasdaq: DRUG) | Chief Executive Officer and Director | 2017 – Present | Currently serves; counts as 1 public company board |
| Various TSXV/CSE-listed and private companies | Director | Not disclosed | Prior board service (companies not named) |
Board Governance
- Committee assignments: Member—Audit; Compensation; Nominating & Corporate Governance; all chaired by Anthony D. Eisenberg. Each member, including McDonald, is deemed “independent” under Nasdaq rules for the respective committees.
- Independence status: Board determined McDonald is independent for audit, compensation, and nominating committees per Nasdaq and SEC rules.
- Attendance/engagement: Board did not meet in 2024 due to formation at the November 13, 2024 Closing; Audit Committee met twice post‑Closing in 2024. Independent directors hold executive sessions at least twice a year.
- Term and service: Class I director; term expires at the 2025 annual meeting, nominated to serve until 2028.
Fixed Compensation
| Component | Amount (USD) | Notes |
|---|---|---|
| Annual Board Cash Retainer | $40,000 | Paid quarterly in arrears |
| Audit Committee—Member Retainer | $7,500 | Paid quarterly in arrears |
| Compensation Committee—Member Retainer | $5,000 | Paid quarterly in arrears |
| Nominating & Corporate Governance—Member Retainer | $4,000 | Paid quarterly in arrears |
| Indicative Annual Cash (Board + 3 committee memberships) | $56,500 | Sum of disclosed retainers based on current memberships |
- 2024 director pay: No compensation was paid to non‑employee directors during 2024 at ACAB, Abpro Corporation, or New Abpro.
Performance Compensation
| Award Type | Grant Date | Quantity | Vesting | Change-of-Control | Exercise Price | Expiration |
|---|---|---|---|---|---|---|
| Initial stock options (non‑employee director) | July 2025 | 60,600 | Cliff vest on first anniversary of grant | Accelerates in full | Not disclosed | Not disclosed |
| Annual stock options (non‑employee director) | At each annual meeting | 30,300 | Cliff vest on first anniversary of grant | Accelerates in full | Not disclosed | Not disclosed |
- Program terms: Initial award upon appointment/election; annual award at each annual meeting; both under the 2024 Incentive Plan; equity awards paid to all non‑employee directors in July 2025 (including McDonald).
- Equity plan context: As of Sept 2, 2025, options under the 2024 Plan have a weighted average exercise price of $0.32 (plan‑level disclosure; not director‑specific).
Other Directorships & Interlocks
| Company | Role | Committee/Interlock Notes |
|---|---|---|
| Bright Minds Biosciences Inc. (Nasdaq: DRUG) | CEO & Director | No compensation committee interlocks disclosed; ABP’s compensation committee members (including McDonald) are non‑employees, and no executive officer of ABP serves on boards/compensation committees of entities with reciprocal executive overlap. |
Expertise & Qualifications
- Public company CEO and director experience in biosciences; capital markets/M&A execution, including a ~$160M sale at Avnel Gold.
- Prior senior roles in investment banking and private equity across multiple geographies (Vancouver, London, Toronto), with capital raising track record.
- Academic credential: B.A. in Business, Arizona State University.
Equity Ownership
| Holder | Shares Beneficially Owned | % of Class | Notes |
|---|---|---|---|
| Ian McDonald | — | — | No beneficial ownership reported as of Sept 2, 2025; options granted in July 2025 are unvested and not exercisable within 60 days, thus excluded. |
- Beneficial ownership table based on 80,166,667 shares outstanding; directors McDonald, Eisenberg, and Lee reported “—” holdings.
Governance Assessment
- Independence and committee coverage: McDonald is independent and serves on all three key committees (Audit, Compensation, Nominating/Governance), enhancing board oversight breadth.
- Engagement signals: Audit Committee met twice post‑Closing in 2024; board did not meet in 2024 given the late 2024 formation—attendance rates for individuals are not disclosed. Executive sessions of independent directors are held at least twice annually.
- Pay structure and alignment: Cash retainers are modest; equity is delivered via time‑based stock options with one‑year cliff vest and full acceleration on change‑of‑control, which aligns tenure yet introduces potential windfall risk if a transaction occurs shortly after grant.
- Ownership alignment: No beneficial ownership disclosed for McDonald as of Sept 2, 2025; initial unvested options granted in July 2025 indicate early-stage alignment build rather than established ownership.
- Conflicts/related-party exposure: No related‑party transactions involving McDonald are disclosed; material related‑party items pertain to other executives (e.g., Ian Chan promissory note/warrants).
- Risk controls: Insider trading policy prohibits hedging and pledging (with limited exceptions); one director had a 10b5‑1 plan in effect as of the record date (not identified).
RED FLAGS
- Change‑of‑control acceleration for director equity may create perceived incentive misalignment in event‑driven scenarios.
- No reported personal share ownership as of the record date reduces current “skin‑in‑the‑game,” though timing and vesting mechanics explain exclusion.
Mitigants
- Independent status across all committees and regular independent director executive sessions support governance quality.
- Explicit related‑party transaction review procedures via Audit Committee charter; no McDonald‑related transactions disclosed.