Apimeds Pharmaceuticals US, Inc. has filed an amendment to a previously signed settlement agreement that restructures the composition of the company’s board of directors. The First Amendment to the Confidential Settlement and Mutual Release Agreement was executed on September 10, 2026. The agreement involves the company, its subsidiary MindWave Innovations Inc., Erik Emerson, Lokahi Therapeutics Inc., FreeT Inc. (formerly Inscobee Inc.), and Apimeds Inc.
The amendment modifies Section 10(a) of the original Settlement Agreement, which was dated April 24, 2026. The new structure divides the board's composition into two distinct periods. During an interim period between the effective date of the Settlement Agreement and a Preferred Stock Conversion, the Board will consist solely of Elona Kogan, Carol O'Donnell, Dr. Bennett Weintraub, and Sungjoon Chae. Under this interim arrangement, none of these directors may be removed without the written consent of Dr. Vin Menon and the Inscobee Parties.
Following the interim period, the Board will expand to seven members. The composition will include four independent directors nominated by MindWave, two directors nominated by Menon (one of whom will be Menon himself), and Sungjoon Chae.
Separately, the filing reports that Sungjoon Chae was appointed to the Board effective September 10, 2026. Mr. Chae was nominated by the Inscobee Parties under the terms of the amended settlement. He currently serves as Co-Chief Executive Officer of the company, a role he has held since May 4, 2026. The filing notes that there are no family relationships between Mr. Chae and the company's officers or directors, nor are there related party transactions requiring disclosure. The material terms of his compensation arrangements as a director have not yet been determined as of the date of the report.
