Kevin Tang

About Kevin Tang

Kevin Tang (age 58) is an independent Chair of the Board at Aurinia Pharmaceuticals (AUPH) since September 12, 2024; he resides in California and is President of Tang Capital Management, LLC, a life sciences-focused investment firm he founded in 2002 . He holds a B.S. from Duke University and previously led life sciences research at Deutsche Banc Alex Brown (Managing Director, 1993–2001) . The Board has determined he is independent; the Chair role is separated from the CEO, enhancing oversight .

Past Roles

External Roles

Board Governance

• Roles: Chair of the Board; Chair of the Governance & Nomination Committee; member of Audit and Compensation Committees .
• Independence: Board majority independent (86%); Chair is independent with separate CEO role .
• Attendance: FY2024 attendance for Kevin Tang—Board 6/6, Compensation 2/2, Governance & Nomination 2/2 .
• Executive sessions: Independent directors held in-camera sessions after each regular Board meeting; met 6 times in 2024 .
• Committee structure: Wholly independent Audit, Compensation, and Governance Committees with authority to retain advisors; charters posted .

Fixed Compensation

Policy reference (for other directors): Board member retainer $45,000; prior Chair $80,000; committee chair/member retainers: Audit $20,000/$10,000; Compensation $15,000/$7,500; Governance $10,000/$5,000 .

Performance Compensation

Compensation governance: WTW engaged as independent consultant; no consultant conflicts identified .

Other Directorships & Interlocks

No current outside public company board listed for Kevin Tang in the proxy’s “Other Board Membership” table .

Expertise & Qualifications

• Sector expertise: Formation and leadership of multiple biotech companies; deep governance through acquisitions (Innoviva, AstraZeneca, Endo) .
• Financial/analytical skill: Former MD and head of Life Sciences research at Deutsche Banc Alex Brown .
• Education: B.S., Duke University .

Equity Ownership

• Director equity outstanding: Tang had no director RSUs or options outstanding as of year-end 2024 (consistent with waived compensation) .
• Share ownership guidelines: Directors must hold 3× annual retainer; Covered Persons must retain 50% of after-tax shares until guidelines met; unvested RSUs count; options and unearned PAs do not .
• Hedging/pledging prohibited: Company insider trading policy bans hedging and pledging of Company stock .

Governance Assessment

• Strengths

  • Independent Chair with separation from CEO; Board majority independent—enhances oversight and accountability .
  • High engagement/attendance (Board 6/6; committee meetings fully attended) .
  • Waiver of all director compensation—signals shareholder alignment and reduces potential pay-related conflicts .
  • Significant skin-in-the-game via 7.3% beneficial ownership—strong alignment with shareholder value creation .
  • Robust governance infrastructure—majority voting policy, independent committees, clawback policy updated for SEC rules, prohibition of hedging/pledging .

• Risks and potential conflicts

  • Concentration of influence: Chair role plus fund ownership at 7.3% may create perceptions of outsized influence; ongoing transparency and adherence to related-party policies critical .
  • Committee footprint: Simultaneous service on Audit, Compensation, and Governance—ensure adequate checks/balances and rotating leadership to avoid over-centralization .
  • Interlocks/network ties: Historical leadership at Heron, La Jolla, etc.; while valuable, monitor for conflicts in supplier/customer/competitor contexts; Company discloses no related-party transactions since Jan 1, 2024 .

• RED FLAGS

  • Large beneficial stake coupled with Chair position—manage through robust independence protocols, disclosure, and majority voting policy .
  • Ensure continued compliance with prohibitions on hedging/pledging and vigilant monitoring of any potential related-party dealings .

Appendix: Board & Committee Attendance (FY2024)

Appendix: Director Compensation Policy (FY2024, context)

Notes on Related-Party Transactions

• Policy in place for identification, review, and approval; no related-person transactions >$120,000 since January 1, 2024 .