Joy C. Hou
About Joy C. Hou
Independent director of Interlink Electronics (LINK) since 2020; age 49 in the 2025 proxy. Current roles: COO and Head of Hospitality at Inhabitr; prior Head of Product Development for Real Assets (Americas) at Apex Group; cofounder and CEO of MREN. Education: Cornell University; volunteer board director, Cornell Asian Alumni Association. Board rationale: selected for extensive business experience spanning Wall Street (DLJ, Lehman, Barclays; closed $10B in real estate transactions) and entrepreneurship in technology and real assets .
Past Roles
| Organization | Role | Tenure/Timing | Committees/Impact |
|---|---|---|---|
| Donaldson, Lufkin & Jenrette; Lehman Brothers; Barclays | Investment banking roles across debt/equity; Head of Hospitality Practice at Barclays | 10 years on Wall Street; closed $10B in RE transactions | Structured finance, dispositions, joint ventures; investor relations |
| Apex Group (Americas) | Head of Product Development for Real Assets | Prior to Inhabitr; Apex with $3T AUA | Product development for institutional real assets |
| RAISC, Inc. | CEO & Co‑Founder | Pre‑MREN | Centralized data for $3B CRE assets; supported $1.5B dispositions |
| MREN | Co‑Founder & CEO | Ongoing (since 2013) | Cloud CRE market network; BD and technology leadership |
External Roles
| Organization | Role | Status | Notes |
|---|---|---|---|
| Inhabitr | COO and Head of Hospitality | Present | AI‑powered furnishing platform for commercial real estate |
| MREN | Co‑Founder & CEO | Present | Cloud‑based commercial real estate market network |
| Cornell Asian Alumni Association | Volunteer Board Director | Present | University relations engagement |
Board Governance
- Independence: Board determined Hou is independent under Nasdaq rules; she serves on all three standing committees .
- Committee assignments: Audit (member), Compensation (member), Nominating & Corporate Governance (chair). Audit committee chaired by Maria Fregosi; compensation committee chaired by David Wolenski; Hou chairs nominating and corporate governance .
- Attendance and board activity: Board met nine times (2022), five times (2023), six times (2024); each director attended at least 75% of board and committee meetings annually .
- Lead Independent Director: David J. Wolenski serves as Lead Independent Director overseeing independent director sessions and agenda setting alongside the executive chair/CEO .
- Director election and shareholder support (2025): Joy Hou received 8,412,917 “For” votes, 3,902 “Withhold”; broker non‑votes 1,022,096. Say‑on‑pay received strong support (8,408,118 “For”; 7,066 “Against”; 1,635 “Abstain”; 1,022,096 broker non‑votes) .
Board and committee engagement (meeting counts):
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Board meetings (#) | 9 | 5 | 6 |
| Audit Committee meetings (#) | 5 | 4 | 4 |
| Compensation Committee meetings (#) | 1 | 1 | 0 (business by unanimous written consent) |
| Nominating & Corporate Governance Committee meetings (#) | 1 | 1 | 0 (business by unanimous written consent) |
| Attendance threshold | ≥75% for all directors | ≥75% for all directors | ≥75% for all directors |
Fixed Compensation
Outside Director compensation policy: annual cash retainer $10,000; annual equity grant $5,000 in common stock each July 15; initial equity grant $5,000 on onboarding. No options or restricted stock outstanding for directors at year‑end 2023 or 2024 .
Director compensation (Joy C. Hou):
| Component ($) | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Fees Earned or Paid in Cash | 15,000 | 10,000 | 10,000 |
| Stock Awards (fair value) | 5,000 | 5,000 | 5,000 |
| Total | 20,000 | 15,000 | 15,000 |
Annual equity grant details:
| Grant Date | Shares Granted | Notes |
|---|---|---|
| July 15, 2022 | 600 shares | Annual equity award |
| July 15, 2023 | 696 shares | Annual equity award |
| July 15, 2024 | 1,282 shares | Annual equity award |
Insider trading policy: hedging/lending prohibited; pledging permitted subject to policy terms (company‑wide). No disclosure of Hou pledging shares; policy allowance may be a governance consideration .
Performance Compensation
| Performance‑linked elements for non‑employee directors | Status |
|---|---|
| PSUs, performance options, or cash bonuses tied to metrics | None disclosed; equity grants are fixed‑value common stock awards; no options outstanding |
No director performance metrics (TSR, EBITDA, ESG) are disclosed for non‑employee director compensation; pay structure emphasizes modest cash retainer and fixed‑value equity .
Other Directorships & Interlocks
- No current public company directorships disclosed for Hou beyond LINK .
- Company‑level interlocks and related‑party context: CEO Steven Bronson and CFO Ryan Hoffman hold roles at BKF Capital Group and Qualstar; cost‑sharing and consulting arrangements exist between LINK, Qualstar, and BKF. Audit Committee (including Hou) reviews related‑person transactions under its charter .
Key related‑party transactions (for context):
| Arrangement | FY 2023 | FY 2024 | Notes |
|---|---|---|---|
| Interlink billed Qualstar (Irvine office) | $37,000 | $19,000 | Facility cost sharing |
| Interlink billed BKF (Irvine office) | $5,000 | $4,000 | Facility cost sharing |
| Interlink incurred for Qualstar (Camarillo facility) | $75,000 | $79,000 | Facility cost sharing |
| Interlink provided consulting to Qualstar | $671,000 | $335,000 | Operational services |
| M&A advisory (Bronson Financial LLC) | $120,000 | $40,000; agreement terminated April 2024 | BKF subsidiary engagement |
Expertise & Qualifications
- Finance and capital markets: 10 years on Wall Street; structured finance, dispositions, investor relations; closed $10B in transactions .
- Technology and real assets: Founder/operator at MREN; product leadership at Apex; operating leadership at Inhabitr .
- Board competencies: Nominating & governance committee chair; audit committee financial literacy; oversight experience across risk, conflicts, and governance .
Equity Ownership
| Metric | As of Q1 2023 | As of Q1 2024 | As of Q1 2025 |
|---|---|---|---|
| Total beneficial ownership (shares) | 12,135 | 18,899 | 20,181 |
| Ownership (%) | <1% | <1% | 0.2% |
| Held jointly with spouse | 7,385 | 11,774 | 13,056 |
| Held by minor child | 4,750 | 7,125 | 7,125 |
| Shares outstanding (reference) | 6,609,798 | 9,860,368 | 9,864,214 |
Governance Assessment
- Board effectiveness and engagement: Hou is independent, sits on all committees, and chairs Nominating & Corporate Governance—positioned to influence board composition, conflicts oversight, and governance standards. Committee activity shows regular Audit engagement; Compensation and Nominating actions handled via unanimous consent in 2024, reflecting a light agenda year .
- Alignment and incentives: Director pay is modest and balanced between cash ($10k) and equity ($5k) with no option overhang; Hou’s growing share ownership (12,135 → 20,181) supports skin‑in‑the‑game alignment .
- Shareholder support signals: Strong re‑election support (8.41M “For”; minimal withholds) and robust say‑on‑pay approval in 2025 suggest investor confidence in oversight and compensation frameworks .
- Conflicts and related‑party exposure: Company maintains multiple related‑party arrangements with entities affiliated with management (BKF, Qualstar); Audit Committee (including Hou) is charged with reviewing such transactions. The termination of the Bronson Financial M&A advisory agreement in April 2024 reduces ongoing related‑party exposure. Risk consideration: company’s insider policy permits pledging (not disclosed for Hou), which can be viewed unfavorably by some governance frameworks .
- RED FLAGS to monitor: Persistence of related‑party transactions; any pledging of shares by insiders/directors under the policy; and low committee meeting frequency in certain years that may indicate limited formal deliberations outside audit oversight .