Seongsoo Park

About Seongsoo Park

Seongsoo Park, 49, has served on AEON’s board since April 2024 as Daewoong’s designee, and is a Class III director with a term scheduled to expire at AEON’s 2026 annual meeting. He is the Chief Executive Officer of Daewoong (since April 2024) and previously served as Executive Vice President and Division Head at Daewoong (2015–2024) and Head of Daewoong America (2011–2015). Park holds a bachelor’s degree in Manufacturing Pharmacy and a master’s in Medicinal Chemistry from Seoul National University and is a licensed pharmacist (RPh) in Korea .

Past Roles

External Roles

Board Governance

• Classification and term: Class III director; term expires at AEON’s 2026 annual meeting .
• Committee assignments: None. Audit Committee (Thunen, Chair; Carter; Fischer), Compensation Committee (Fischer, Chair; Carter; Palmisano), Nominating & Corporate Governance Committee (Palmisano, Chair; Thunen) .
• Independence: AEON’s board determined four of seven directors are independent (Thunen, Fischer, Carter, Palmisano); Park is the designee of a related party (Daewoong) and is not listed among the independent directors .
• Attendance: In 2024, each incumbent director then-serving attended at least 80% of Board and committee meetings .

Fixed Compensation

• Program framework for non-employee directors (2024):
  • Annual Retainer: $45,000; Chairman retainer: $25,000
  • Committee Chair retainers: Audit $15,000; Compensation $10,000; Nominating $7,500
  • Committee member (non-chair) retainers: Audit $7,500; Compensation $5,000; Nominating $2,500
  • Paid quarterly in arrears .

• Park’s AEON director compensation (2024): As Daewoong’s affiliated designee, Park did not receive director compensation in 2024. The Subscription Agreement required the designee not be compensated; AEON’s director compensation table shows $0 for Park .

Performance Compensation

• Annual equity grants for non-employee directors (2024 program):
  • Initial option grant on appointment: FV ≈ $180,000; vests over 3 years .
  • Annual option grant on annual meeting: FV ≈ $150,000; vests in full by next annual meeting or 1 year .
  • 2024 additional retention grants: options (1,337 shares) vest over 18 months; RSUs (501 units) vest 2 years; change-in-control vesting applies .
• Park: no equity awards in 2024 (consistent with non-compensated designee status) .

Other Directorships & Interlocks

• Related-party interlocks:
  • Appointment: AEON obligated to appoint Daewoong’s designee (Park) as Class III director; designee not compensated .
  • Financing: Daewoong purchased AEON senior secured convertible notes totaling $15.0 million ($5.0m on Mar 24, 2024; $10.0m on Apr 12, 2024), secured by first-priority liens on substantially all AEON assets; Shelf registration obligations for resale; security agreement and guaranty in place .
  • License amendment: If AEON ceases commercialization and clinical advancements over any six-month period, Daewoong may purchase ABP-450 know-how for $1.00 (Termination Purchase Right), which expires upon Daewoong selling 50% of its AEON common stock holdings (including affiliates and conversion shares) .

Implications: Park’s dual role as Daewoong CEO and AEON director amid active financing, collateralization of AEON assets, and license controls creates a high related-party influence zone requiring strict recusal and audit committee oversight to protect minority shareholders .

Expertise & Qualifications

• Technical and industry expertise: Leadership across drug research, product development, manufacturing, commercialization, marketing, regulatory approvals, and international partnerships .
• Education and credentials: BS in Manufacturing Pharmacy, MS in Medicinal Chemistry (Seoul National University); Licensed pharmacist (RPh) .

Equity Ownership

• Beneficial ownership: Park is not listed among named beneficial owners in AEON’s April 21, 2025 table; directors named include Fischer, Carter, Palmisano, Thunen, Forth, and officers (Oh, Wilson, Sy), with group total of 91,465 shares; Park has no reportable beneficial ownership disclosed as of that date .
• Policies:
  • Anti-hedging policy prohibits hedging or offsetting declines in AEON equity for directors, officers, and employees .

Governance Assessment

• Independence and conflicts:
  • Not independent; Daewoong designee status and concurrent CEO role at Daewoong align with material related-party exposure (convertible notes, security interest, and license terms) .
• Board effectiveness:
  • Attendance ≥80% indicates baseline engagement in 2024 .
  • No committee memberships reduces direct influence over audit, compensation, and nominations; however, related-party matters require rigorous audit committee review and documented recusals .
• Compensation and alignment:
  • No AEON director compensation or equity grants in 2024 for Park per designee terms; alignment via AEON equity not established in proxy disclosures .
• Controls and policies:
  • Insider trading and anti-hedging policies in place; Dodd-Frank-compliant clawback policy applies to Section 16 officers (not directors) .

Red Flags

• Related-party control risk: Convertible notes with first-priority liens; appointment obligation and no-compensation arrangement for Daewoong designee; license amendment enabling purchase of know-how for $1 on program cessation .
• Independence gap: Park not among independent directors; requires strict governance protocols on conflicts and recusal .

Positive Signals

• Strong operational/regulatory background in pharma; Board meeting attendance threshold met in 2024 .

Committee Assignments Snapshot (Park)