Peter Ahn
About Peter Ahn
Peter Ahn, age 60, has served as an independent director of Canterbury Park Holding Corporation since October 5, 2022. He co-founded Hemisphere in 2001, a private investment group active across gaming, restaurant, and hotel businesses; prior roles include investment banker at Jefferies (1999–2001) and four years in fixed income and equity capital markets at RBC Dain Rauscher. He holds a B.A. in Economics from Macalester College and an MBA in Strategic Management from the University of Minnesota’s Carlson School of Management . The Board has determined Ahn is independent under Nasdaq standards, and he is designated an “audit committee financial expert” .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Jefferies & Company, Inc. | Investment Banker | 1999–2001 | Capital markets expertise applied to board finance oversight |
| RBC Dain Rauscher | Fixed Income and Equity Capital Markets | Four years prior to 1999–2001 | Market and financing perspectives for audit/governance work |
External Roles
| Organization | Role | Tenure | Scope/Impact |
|---|---|---|---|
| Hemisphere (private investment group) | Co‑Founder | 2001–present | Founding/investing in gaming, restaurant, and hotel businesses; industry insights relevant to Canterbury Park |
Board Governance
- Independence: Independent director; Audit Committee financial expert .
- Board leadership: Combined Chair/CEO structure with a Lead Independent Director (Carin Offerman) empowered to set agendas, chair independent sessions, and act as liaison; mitigates governance concentration .
- Attendance: In 2024, each director attended ≥75% of Board and applicable committee meetings; all directors attended the 2024 Annual Meeting. In 2023, each director attended ≥75% and attended the Annual Meeting .
- Executive sessions: Board meetings generally included executive sessions without management/non‑independent directors .
| Committee | Role | Members (2025) | Meetings (2024) | Notes |
|---|---|---|---|---|
| Audit | Member | Chronister (Chair), Offerman, Ahn, Himle | 4 | Ahn is an SEC-defined audit committee financial expert; signed Audit Committee Report |
| Governance | Member | Himle (Chair), Ahn, Schramm, Bausch | 2 | Oversees board composition, effectiveness, and ESG/community impact matters |
| Compensation | Not a member | Offerman (Chair), Bausch, Schramm, Chronister | 2 | — |
Fixed Compensation
- Structure (non‑employee directors): Annual cash retainer $30,000; Audit Committee member $8,000; Governance Committee member $4,000; Committee chair +$4,000; Lead Independent Director +$4,000 .
- Equity: Annual deferred stock grant set at $40,000 fair value (2024 grant vested one year after grant; shares deliverable one year post‑vesting; 2025 plan repeats same value/terms) .
| Year | Fees Earned or Paid in Cash ($) | Stock Awards ($) | Total ($) |
|---|---|---|---|
| 2024 | 42,000 | 40,000 | 82,000 |
| 2023 | 50,333 | 30,000 | 80,333 |
- Mix: 2024 cash ≈51% and equity ≈49% (derived from amounts) . 2023 cash ≈63% and equity ≈37% (derived) .
- One‑time 2023 addition: Each non‑employee director received a $10,000 cash retainer for long‑term strategic growth initiatives (embedded in totals) .
Performance Compensation
- Director equity grants are time‑based, not performance‑conditioned; no director‑specific performance metrics disclosed (no TSR/EBITDA targets for directors) .
| Grant | Grant Date | Shares | Vesting | Delivery/Restrictions | Notes |
|---|---|---|---|---|---|
| Deferred Stock (Annual) | June 6, 2024 | 1,789 | Vests one year after grant if still serving to next annual meeting | Shares deliver one year after vest; sales restricted until 2nd anniversary unless Board permits | Applies to all non‑employee directors including Ahn |
| Deferred Stock (Planned) | June 5, 2025 (meeting date) | $40,000 ÷ FMV shares | Same as 2024 terms | Same restrictions | Compensation Committee determined 2025 awards |
Other Directorships & Interlocks
| Category | Company | Role/Details |
|---|---|---|
| Current public company boards | None disclosed in proxy | — |
| Private company boards/roles | Hemisphere | Co‑Founder |
| Interlocks/Shared directorships with competitors/suppliers/customers | None disclosed | — |
Expertise & Qualifications
- Industry: Deep experience in gaming, restaurant, and hotel businesses via Hemisphere .
- Finance: Investment banking/capital markets background (Jefferies; RBC Dain Rauscher) .
- Governance/Financial: Audit committee financial expert designation .
- Education: BA in Economics (Macalester College), MBA in Strategic Management (University of Minnesota – Carlson School) .
Equity Ownership
| Date (Record/As of) | Total Beneficial Ownership (Shares) | Of which: Acquirable within 60 days (Shares) | % of Class |
|---|---|---|---|
| April 10, 2025 | 3,951 | 3,092 | <1% (asterisk in table) |
| April 11, 2024 | 2,162 | 2,162 | <1% (asterisk in table) |
| As of Dec 31, 2024 | Deferred Stock Awards Outstanding (Shares) |
|---|---|
| Peter Ahn | 3,092 |
- Insider trading policy: Prohibits hedging/monetization (e.g., collars, swaps, exchange funds), short selling, margin transactions, and trades in derivatives; imposes minimum six‑month holding period for open‑market purchases .
- Section 16(a) compliance: Company reports timely filings in 2024 for directors; one late Form 4 noted for CEO, not directors .
- Related‑party transactions: None entered/proposed since the beginning of 2024 and since the beginning of 2023 .
Governance Assessment
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Strengths
- Independent director with SEC “financial expert” status; serves on Audit and Governance Committees, directly engaged in financial reporting oversight and board effectiveness processes .
- Strong attendance and engagement: ≥75% attendance and Annual Meeting participation; committees met regularly (Audit 4; Governance 2) indicating active oversight cadence .
- Compensation alignment: Balanced cash/equity mix; equity delivered via deferred stock with holding constraints, promoting longer‑term alignment; no options or meeting fees disclosed .
- Conflict controls: No related‑party transactions disclosed; Audit Committee charter vests review/approval of any related‑party transactions; robust insider trading/hedging restrictions .
-
Watch items
- Combined Chair/CEO role concentrates authority; mitigation via empowered Lead Independent Director (agenda control, executive sessions, liaison functions) is positive, but investors typically prefer an independent chair .
- Director equity grants are time‑based; absence of performance conditions for director equity is standard practice but offers limited pay‑for‑performance signaling at the director level .
-
Red flags
- None identified in filings for Ahn: no pledging/hedging, no related‑party exposures, no delinquent Section 16 filings, no legal proceedings mentioned .