Sunny Park

About Sunny Park

Sunny (Youngsun) Park was appointed to ClearOne’s board on June 20, 2025 as a nominee of First Finance Ltd., bringing over two decades of legal, public policy, and governance experience. She is an attorney with an LL.M. in Taxation (NYU), a J.D. (Golden Gate University), and a B.A. (Yonsei University), and previously served as the first AAPI woman Mayor of Buena Park and a City Council Member (2018–2022) . As of her initial Section 16 filing on August 18, 2025, she reported no beneficial ownership of CLRO securities .

Past Roles

External Roles

Board Governance

• Appointment and board structure: On June 20, 2025, CLRO expanded its Board from four to five members and appointed Sunny Park and Eric Boehnke as nominees of First Finance Ltd. to serve until the next annual meeting .
• Investor-designation rights: Under the Purchase Agreement, First Finance has the right to designate two directors for so long as Class B Preferred remains outstanding and beneficially owned, and CLRO agreed to continue nominating such designees at meetings .
• Independence/related-party: CLRO disclosed no arrangements or family relationships requiring Item 404(a) related-party disclosure for Park; she will receive standard director compensation . Independence classification under Nasdaq rules was not explicitly stated in these filings.
• Committees: 2025 proxy described committees (pre-appointment) as: Audit and Compliance (Chair: Eric L. Robinson), Compensation (Chair: Bruce Whaley), Nominating (Chair: Larry R. Hendricks), all comprised of independent directors . Q2/Q3 2025 filings and the June 25, 2025 8‑K did not disclose updated committee assignments for Park .
• Attendance: 2024 board had 9 meetings with no director under 75% attendance; Park’s appointment was mid-2025 and updated attendance data has not been disclosed .

Fixed Compensation

• CLRO stated Park will receive “standard director compensation” upon appointment; specific amounts for Park were not disclosed in Q2/Q3 filings and the 8‑K .
• Context: In 2024, non-employee directors received cash fees (e.g., $70,200 for Robinson; $58,500 for Higley; $36,400 for Hendricks/Whaley) with no option awards, indicating a cash-centric director compensation structure prior to Park’s appointment .

Performance Compensation

No director performance metrics (TSR, EBITDA, ESG) tied to director compensation were disclosed for Park. The compensation committee did not employ consultants in 2024 and emphasizes market practices and equity incentives primarily for executives, not directors .

Other Directorships & Interlocks

No other public company board roles for Park were disclosed in CLRO filings .

Expertise & Qualifications

• Legal credentials: LL.M. in Tax Law (NYU), J.D. (Golden Gate University), B.A. (Yonsei University) .
• Technical/legal areas: Estate planning, tax law, civil litigation, asset protection, regulatory/public policy, housing law .
• Public governance: Mayor/City Council (Buena Park), and appointments to regional/state bodies (California Board of Accountancy; Orange County Fire Authority; SCAG), with contributions to infrastructure, economic development, renewable energy, and housing initiatives .

Equity Ownership

As of Q2/Q3 2025 filings, CLRO did not disclose director stock ownership guidelines applicable to Park .

Governance Assessment

• Strengths
  • Deep legal and governance expertise across tax, civil litigation, and public-sector policy; relevant to audit/compliance and strategic transactions .
  • No Item 404(a) related-party transactions disclosed for Park; standard director compensation supports independence from management incentives .
• Risks and RED FLAGS
  • Investor-affiliated appointment: Park’s nomination right stems from First Finance’s financing and board designation rights; this can influence board independence and strategic decision-making. First Finance beneficially owned ~32.4% on an as-converted basis as of Q3 2025 and can designate two directors, concentrating influence — a governance risk for minority shareholders .
  • Strategic restructuring and going concern: CLRO faces substantial doubt about going concern, is executing asset sales, and issued Class A Redeemable Preferred (mandatorily redeemable for 100% of asset-sale net proceeds), limiting liquidity for operations — increases reputational and oversight risks for the Board; heightened need for independent oversight in transactions and redemption mechanics .
  • Committee transparency: Filings to date did not disclose Park’s committee assignments; lack of clarity on committee roles during a strategic transaction phase reduces visibility into board effectiveness .
  • Ownership alignment: Initial Form 3 reported no beneficial ownership; if persistent, low skin-in-the-game could weaken alignment signals unless policy discourages director share holdings .

Overall implication: Park adds legal/public governance capacity during a complex restructuring, but investor-affiliated designation and concentrated shareholder influence heighten conflict risks. Robust committee placement (e.g., audit/nominating), transparent disclosure of her roles, and evidence of independent decision-making will be key to sustaining investor confidence amid asset sales, preferred stock redemption, and any reverse merger or strategic transaction .