Kabeer Aziz
About Kabeer Aziz
Kabeer Aziz, age 35, has served as an independent Class I director of AN2 Therapeutics (ANTX) since November 2019 and is a member of the Audit Committee. He co-founded Adjuvant Capital in 2018 and is a Partner focused on infectious disease investments; he holds a B.S. in Finance and Economics from NYU Stern . The Board has determined he is independent under Nasdaq rules; Class I terms run through the 2026 annual meeting .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Global Health Investment Fund | Senior Associate | Oct 2015 – Sep 2018 | Healthcare-focused impact investing |
| Metalmark Capital | Investment Associate | Jul 2013 – Sep 2015 | Private equity investing |
| Greenhill & Co. | Analyst | Jun 2011 – Jun 2013 | Investment banking |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Adjuvant Capital | Co-founder; Partner | Oct 2018 – present | Life sciences investor focused on global public health |
| MinervaX ApS (private) | Director | Current | Private company board seat |
| Pulmocide Ltd. (private) | Director | Current | Private company board seat |
| Frontier Nutrition, Inc. (private) | Director | Current | Private company board seat |
| Other public company directorships | — | — | None disclosed |
Board Governance
| Attribute | Detail |
|---|---|
| Independence | Board determined all directors other than CEO are independent; Aziz is independent |
| Board class/term | Class I; continues in office until the 2026 annual meeting |
| Committees | Audit Committee member (Audit members: Stephanie Wong—Chair/Financial Expert; Kabeer Aziz; Joseph Zakrzewski) |
| Committee chairs | None for Aziz |
| Attendance | Each director attended ≥75% of Board and applicable committee meetings in FY2024; all directors attended the 2024 Annual Meeting |
| Meetings held (2024) | Board: 10; Audit: 4; Compensation: 8; Nominating & Governance: 3 |
| Lead Independent Director | Margaret FitzPatrick (duties include presiding over executive sessions, agenda-setting with Chair/CEO) |
Fixed Compensation
| Component | 2024 Amount | Notes |
|---|---|---|
| Cash fees | $43,553 | Fees earned/paid in cash for 2024 |
| Annual Board retainer (policy) | $40,000 | Standard Board member cash retainer per policy |
| Audit Committee member retainer (policy) | $7,500 | Additional for Audit Committee members (non-chair) |
| Committee chair retainers (policy) | Audit Chair: $15,000; Comp Chair: $15,000; N&G Chair: $8,000 | For reference; Aziz is not a chair |
| Board/Lead Independent/Chair adders (policy) | Board Chair: $30,000; Lead Independent: $25,000 | For reference; Aziz does not hold these roles |
Notes:
- Policy revised Mar 28, 2024 and Nov 21, 2024; directors may elect fully vested RSUs in lieu of cash retainers (with 1.1x share conversion on 30-day average price) and may defer RSU settlement beginning 2025 .
Performance Compensation
| Component | 2024 Grant/Value | Vesting/Terms | Notes |
|---|---|---|---|
| Option awards | $104,514 | Director Annual Grant under policy vests fully by next annual meeting or 1-year from grant; time-based (no performance metrics) | |
| Stock awards (RSUs in lieu of cash) | $769 | Fully vested RSUs elected in lieu of Q4 cash retainer by some directors; Aziz shows $769 incremental RSU value | |
| Equity cap | $750,000 annual cap per director ($1,000,000 in first year) | 2022 Plan limit on aggregate director cash + equity | |
| Change-in-control | Full acceleration of Director Initial/Annual Grants upon change in control while in service | Under 2022 Plan and director policy |
There are no performance metric-based conditions for director equity (time-based vesting only) .
Other Directorships & Interlocks
| Entity | Relationship | Potential Interlock/Conflict Consideration |
|---|---|---|
| Adjuvant Global Health Technology Fund, L.P. and Adjuvant Global Health Technology Fund DE, L.P. | 5% stockholders of ANTX (combined 7.89% as of 3/24/2025) | Aziz is a limited partner of Adjuvant Capital GP, L.P. and shares voting/dispositive power over Adjuvant funds’ ANTX shares; he disclaims beneficial ownership except to extent of pecuniary interest |
| Adjuvant agreements with ANTX | Global Health Agreement (2019) and Amended & Restated Agreement (2021) supporting public health access and development of epetraborole | Related-person context given Aziz’s affiliation with Adjuvant; overseen under related-party policy |
Expertise & Qualifications
- Infectious disease and life sciences investing; sourcing/executing deals focused on vaccines and therapeutics for infectious disease .
- Audit Committee member with board-level exposure to financial reporting and related-party oversight; Audit Committee is chaired by a financial expert (Wong) .
- Education: B.S. in Finance and Economics, NYU Stern School of Business .
Equity Ownership
| Holder | Direct/Common Shares | Options Exercisable ≤60 Days | Indirect/Shared (Adjuvant funds) | Total Beneficial | % Outstanding |
|---|---|---|---|---|---|
| Kabeer Aziz | 8,972 | 108,969 | 2,373,500 (shares held by Adjuvant funds; Aziz shares voting/dispositive power as LP of GP; disclaims beneficial ownership except to pecuniary interest) | 2,491,441 | 8.25% |
Additional alignment/controls:
- Outstanding option awards (non-employee director): 108,969 options as of 12/31/2024 .
- Hedging/pledging: Company policy prohibits hedging, short sales, and pledging/margin use by directors and employees .
- Stock ownership guidelines: None disclosed for directors in the proxy (no guideline language appears; policy covers retainers and equity).
Governance Assessment
Key positives
- Independence affirmed; serves on Audit Committee with independent members; Board reports ≥75% attendance and full attendance at 2024 Annual Meeting, supporting engagement .
- Material personal ownership and options align incentives; ability to take RSUs in lieu of cash further aligns pay with equity .
- Robust related-party oversight: Audit Committee reviews related-person transactions pursuant to a formal policy; hedging/pledging prohibited .
Watch items
- Aziz’s affiliation with Adjuvant (a 5%+ stockholder) and the Company’s agreements with Adjuvant create potential perceived conflicts; while the Board deemed him independent and the Audit Committee oversees related-party transactions, careful recusals and transparent disclosure remain important .
- Audit Committee membership alongside related-party oversight responsibilities heightens the need for process integrity when Adjuvant matters arise; Wong serves as Audit Chair/financial expert, which mitigates risk .
RED FLAGS (monitor)
- Related-party exposure via Adjuvant funds (ownership and agreements) despite independence determination; ensure documented recusals and third-party terms for any Adjuvant-related dealings .
Confidence signals
- Consistent Board/committee meeting cadence with ≥75% attendance; independent Audit Chair designated as financial expert; equity-heavy director compensation mix .