Gilbert K. Lee
About Gilbert K. Lee
Jerash Holdings (US), Inc. Chief Financial Officer since November 27, 2019; age 67. Education: MBA (University of Texas at Austin, 1994), Master’s in Professional Accounting (UT Arlington, 1987), and Bachelor’s in Marketing (UT Arlington, 1982) . Company performance context: FY2025 revenue $145.8 million vs. $117.2 million in FY2024 (+24% YoY), gross margin improved to ~15% from ~14%, and net loss narrowed to ~$0.8 million from ~$2.0 million . Pay-versus-performance TSR (value of initial $100 investment): $76.32 (2023), $69.36 (2024), $117.65 (2025) .
| Metric | FY 2024 | FY 2025 |
|---|---|---|
| Revenue ($USD Millions) | $117.2 | $145.8 |
| Gross Margin (%) | ~14% | ~15% |
| Net Income (Loss) ($USD Millions) | $(2.0) | $(0.8) |
| TSR – $100 Initial Investment | 2023 | 2024 | 2025 |
|---|---|---|---|
| Value ($) | $76.32 | $69.36 | $117.65 |
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Fuling Global Inc. | Chief Financial Officer | Aug 2015 – Nov 2019 | Finance leadership at manufacturer of environmentally-friendly food service ware |
| Tanke Biosciences Corporation | CFO; then VP, Business Development | Aug 2011 – May 2015 | Finance and business development at livestock nutrition products manufacturer |
External Roles
No public company directorships or external committee roles disclosed for Mr. Lee in the proxy .
Fixed Compensation
| Component | FY 2024 | FY 2025 |
|---|---|---|
| Base Salary ($) | $127,308 | $131,124 |
| Cash Bonus ($) | $0 | $10,609 |
| All Other Compensation ($) | $32,400 | $0 |
| Monthly Base Rate per Employment Agreement | $10,000 (orig.) | Revised to $10,927 in FY2025 |
Performance Compensation
Annual Bonus
| Year | Metric | Target | Actual Payout ($) | Notes |
|---|---|---|---|---|
| FY 2025 | Not disclosed | Not disclosed | $10,609 | No bonus metric/weighting disclosed in proxy |
| FY 2024 | Not disclosed | Not disclosed | $0 | No bonus metric/weighting disclosed in proxy |
Stock Options (CFO-specific)
| Grant Date | Shares | Exercise Price | Vesting | Expiration |
|---|---|---|---|---|
| Nov 27, 2019 | 50,000 | $6.50 | Fully vested 6 months post-grant | Nov 27, 2029 |
Restricted Stock Units (Company programs; CFO participation noted)
| Grant Date | Program Size (RSUs) | CFO Allocation | Vesting | Fair Value (Program) | Status |
|---|---|---|---|---|---|
| Jun 24, 2021 | 200,000 | 3,350 RSUs | 1-year | $1,266,000 | Vested; shares issued Jun 30, 2022 |
| Feb 9, 2023 (grant date fair value on Feb 15, 2023) | 405,800 | Not specified | 2-year | $1,937,695 | As of Mar 31, 2025, 405,100 vested |
| Mar 25, 2024 | 915,040 | Not specified | 3-year (to Mar 2027) | $2,745,120 | As of Mar 31, 2025, 911,440 remained; $1,805,400 unrecognized comp exp thru Mar 2027 |
Outstanding Equity at FY-End (CFO)
| Instrument | Status | Quantity | Market/Carrying Value |
|---|---|---|---|
| Stock Options | Exercisable | 50,000 | — |
| RSUs | Unearned (unvested) | 10,800 | $36,720 |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Direct shares owned | 5,800 |
| Options currently exercisable | 50,000 |
| Beneficial ownership total (shares + in-60-days) | 55,800; <1% of outstanding |
| Shares pledged as collateral | Not disclosed in proxy |
| Ownership guidelines (multiple of salary) | Not disclosed |
| Hedging/short-term trading | Prohibited by Insider Trading Policy; no hedging/monetization, short sales, or publicly traded options |
| Clawback policy | SEC Rule 10D-1 compliant; recoup excess incentive compensation after restatements (3-year lookback). SOX clawback applies to CEO/CFO |
Employment Terms
| Term | Detail |
|---|---|
| Start date as CFO | November 27, 2019 |
| Base pay (agreement) | $10,000/month (original); revised to $10,927 in FY2025 |
| Term/renewal | 12-month term; auto-renews unless terminated |
| Termination (executive) | 30 days’ prior written notice after initial term |
| Termination (company) | For cause without notice; without cause with 30 days’ notice |
| Change-of-control | No specific change-of-control severance or accelerated vesting terms disclosed for CFO |
| Non-compete / Non-solicit | Not disclosed for CFO; confidentiality and non-solicit noted for other agreements; no CFO-specific non-compete disclosed |
Investment Implications
- Pay-for-performance alignment appears conservative for the CFO: modest salary and limited cash bonus, with equity alignment primarily via time-based RSUs and a legacy in-the-money option grant; no disclosed severance multiple or change-of-control protections suggests low golden-parachute risk .
- Upcoming RSU vesting through March 2027 (10,800 unearned units as of FY2025) could create episodic selling pressure around vest dates; anti-hedging restrictions reduce risk of misalignment but pledging policy is not explicitly disclosed .
- Skin-in-the-game is limited (<1% beneficial ownership), but option leverage provides upside alignment; corporate clawback policy (and SOX) adds accountability, particularly for CFO compensation linked to restated results .
- Operational recovery in FY2025 (24% revenue growth, margin improvement) with improved TSR underscores execution tailwinds, though persistent net losses highlight ongoing profitability execution risk .