Yong Man Kim
About Yong Man Kim
Chief Scientific Officer of NKGen Biotech since September 2023; previously CSO of Legacy NKGen (January 2020–September 2023) and CSO of NKMAX (since September 2017) with a director role at NKMAX since March 2021. Age 57; education includes PhD in Cell Biology (Chungnam National University), post-doc in Immunology (KRIBB), Visiting Fellow at NIH/NINDS, and research professor at Wonkwang University School of Medicine . No company TSR/revenue/EBITDA performance metrics tied to his compensation are disclosed in proxy materials; equity incentives are primarily time-based options rather than performance-based PSUs .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| NKGen Biotech (Legacy NKGen) | Chief Scientific Officer | Jan 2020 – Sep 2023 | Not disclosed |
| NKMAX Co., Ltd. | Chief Scientific Officer | Sep 2017 – present | Not disclosed |
| NKMAX Co., Ltd. | Director | Mar 2021 – present | Not disclosed |
| Wonkwang University School of Medicine | Research Professor | n/a | Not disclosed |
| NIH/NINDS | Visiting Fellow (Genetic Pharmacology Unit) | n/a | Not disclosed |
| KRIBB (Korea Research Institute of Bioscience & Biotechnology) | Post-Doc, Immunology | n/a | Not disclosed |
External Roles
| Organization | Role | Years |
|---|---|---|
| NKMAX Co., Ltd. | Director | Mar 2021 – present |
| NIH/NINDS | Visiting Fellow | n/a |
| KRIBB | Post-Doc | n/a |
| Wonkwang University School of Medicine | Research Professor | n/a |
Fixed Compensation
| Metric | 2023 |
|---|---|
| Base Salary ($) | $60,000 |
| Target Bonus (%) | Not disclosed |
| Actual Bonus Paid ($) | $0 (no bonus in 2023) |
| 401(k) Plan Participation | Eligible; no company match |
Performance Compensation
| Award Type | Grant Date | Shares/Units | Grant-date Fair Value ($) | Strike/Terms | Expiration | Vesting |
|---|---|---|---|---|---|---|
| Stock Options (2019 Plan) | 2/3/2023 | 133,450 (unexercisable as of 12/31/2023) | $749,259 | $6.67 per share | 2/3/2033 | 25% one-year cliff; remaining 75% monthly over 36 months |
- No PSUs or performance-based metrics disclosed; equity is time-based options under the 2019 Plan. The company had no formal equity ownership guidelines pre-Closing; post-Closing the compensation committee has authority over equity and may establish guidelines and clawbacks .
Equity Ownership & Alignment
| Metric | As of Jul 11, 2024 (Record Date) | As of Jan 24, 2025 (Record Date) |
|---|---|---|
| Total Beneficial Ownership (shares) | 94,052 | 162,157 |
| % of Shares Outstanding | <1% | <1% |
| Directly Owned Shares | 28,384 | 28,384 |
| Options Exercisable within 60 Days | 65,668 | 133,773 |
| Options Unexercisable | 133,450 (as of 12/31/2023) | Not disclosed |
| Shares Pledged as Collateral | Not disclosed | |
| Ownership Guidelines (Execs) | None pre-Closing; committee may establish post-Closing | |
| Compliance with Guidelines | Not disclosed |
- Vesting cadence implies ongoing monthly unlocks after the one-year cliff: 75% of 133,450 over 36 months ≈ 2,780 options/month beginning after the cliff, which may contribute to incremental insider selling capacity as tranches vest .
Employment Terms
| Term | Detail |
|---|---|
| Employment Start (Legacy NKGen) | Offer letter dated Dec 15, 2019; CSO role |
| Current Role | Chief Scientific Officer, NKGen Biotech since Sep 2023 |
| Contract Term/Expiration | Not disclosed |
| Base Salary | $60,000 (part-time status reflected) |
| Target Bonus | Not disclosed |
| Severance (non-CIC) | Generally ineligible; only CEO has severance protections |
| Change-in-Control | Generally ineligible; only CEO has CIC protections |
| Non-Compete / Non-Solicit | Not disclosed |
| Garden Leave | Not disclosed |
| Clawback Policy | Committee authorized to approve/modify clawbacks |
| Indemnification | Company provides indemnification agreements to directors/officers |
| Insider Trading Policy | Adopted; applies to directors/officers/employees |
Compensation Structure Analysis
- Shift toward equity: Dr. Kim’s 2023 pay was predominantly option value ($749k) vs minimal cash salary ($60k), indicating high at-risk pay linked to time-based vesting rather than performance metrics .
- No disclosed performance metrics: Bonuses were discretionary for other executives; no specific revenue/EBITDA/TSR metrics tied to Dr. Kim’s pay .
- Governance tooling present: Post-Closing compensation committee oversees equity plans, may institute ownership guidelines and clawbacks, but no executive-specific guideline disclosure for Dr. Kim .
Risk Indicators & Red Flags
- Limited severance/CIC protection: As a non-CEO NEO, Dr. Kim has no severance/CIC benefits, which could elevate retention risk if market conditions or role expectations shift .
- Liquidity/listing pressures: Company sought reverse stock split authority to address Nasdaq minimum bid price; Board approved a 1-for-6 split ratio, with options and RSUs subject to proportional adjustment, potentially impacting perceived dilution and option economics .
- Related party dynamics: Ongoing affiliation with NKMAX (CSO and director), which has significant equity ties to NKGen and has undergone bankruptcy proceedings, increases complexity of alignment and governance across entities .
Investment Implications
- Alignment: Dr. Kim’s meaningful option exposure and growing exercisable options suggest alignment with long-term equity value creation, though lack of performance-conditioned awards reduces pay-for-performance rigor .
- Retention: Minimal cash compensation and absence of severance/CIC provisions heighten retention risk; continued vesting provides some retention tether but less downside protection relative to market norms .
- Trading signals: Monthly vesting from the 2023 grant increases potential for incremental insider selling capacity; monitor Form 4 activity for actual selling behavior as tranches vest . Reverse split mechanics and proportional award adjustments may alter optical float and option strike/share counts, affecting execution and hedging dynamics .
- Governance/complexity: Dual roles at NKMAX (and NKMAX’s stake and proceedings) warrant monitoring for related-party transactions and potential conflicts, though company maintains related party policies and audit oversight .