Jeet Mahal
About Jeet Mahal
Jeet Mahal (age 53) is Chief Operating Officer at Jasper Therapeutics (JSPR). He has served as COO since March 2022, previously as CFO and Corporate Secretary (Sep 2021–Sep 2023), Chief Business Officer (Sep 2021–Mar 2022), and earlier as Chief Financial and Business Officer since Dec 2019 . Education: B.A. Molecular & Cell Biology (UC Berkeley), M.Eng. (NC State), M.S. Molecular & Cell Biology (Illinois Institute of Technology), MBA (Duke) . Company performance disclosures show 2024 cumulative TSR value of $343 for an initial $100 investment and net loss of $71.3M; 2023 TSR $63 and net loss $64.5M, framing pay-versus-performance context .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Portola Pharmaceuticals | VP Strategic Marketing; VP Business Development | 2013–2019 (BD), 2019 (Strategic Marketing) | Led BD partnerships for Andexxa, Bevyxxa, cerdulatinib; key role in IPO and royalty financings |
| Johnson & Johnson | Director, Business & New Product Development (CV) | 2006–2008 | Worked on cardiovascular in-licensing and Xarelto product development |
| COR Therapeutics | Drug development laboratories | Early career | Scientific foundations in drug development |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Not disclosed | — | — | No public external board roles disclosed in company filings |
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Base Salary ($) | $461,693 | $481,301 |
| Target Bonus (%) | 45% | 45% |
| Actual Cash Bonus ($) | $187,024 | $184,098 |
Key policies:
- No tax gross-ups; executives received no gross-up payments in 2024 and company does not intend to enter agreements with gross-ups .
- 401(k) match up to $3,000 per employee in 2024 .
Performance Compensation
| Component | Metric | Target | Actual/Payout | Vesting/Timing |
|---|---|---|---|---|
| Annual Incentive (2024) | Corporate milestones across clinical (urticaria, asthma), CMC, research/translational, and corporate goals | 45% of base salary | Company attainment 85%; payout $184,098 (base × target × 85%) | Paid for fiscal year 2024 |
| Long-Term Incentives (2024 grant) | Stock options, 40,000 shares | N/A | Grant date fair value included in “Option Awards” ($612,732 total options for 2024) | 25% vests on 2/15/2025, then 1/48 monthly; 10-year term |
Program governance:
- Clawback policy (effective Oct 1, 2023) recovers erroneously awarded incentive-based comp upon accounting restatement under SEC Rule 10D-1 .
- Hedging/pledging prohibited for all executives under Insider Trading Policy .
- Compensation Committee engaged Alpine Rewards as independent consultant; no conflicts identified . Compensation Committee members: Nolet (Chair), von Emster, Brun .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total beneficial ownership | 83,841 shares; <1% of outstanding shares as of Apr 30, 2025 |
| Stock ownership guidelines | Not disclosed |
| Hedging/pledging | Prohibited (no short sales, options, hedging, margin, or pledging) |
| Lock-up obligations | Signatory to lock-up agreements in offerings (Feb 2024, Sep 2025), restricting sales during lock-up periods |
Outstanding equity awards (as of Dec 31, 2024):
| Grant Date | Vesting Start | Exercisable | Unexercisable | Exercise Price | Expiration | Vesting Terms |
|---|---|---|---|---|---|---|
| 6/1/2020 | 12/12/2019 | 17,772 | — | $7.10 | 6/1/2030 | Standard schedule |
| 3/21/2022 | 3/21/2022 | 3,350 | 2,730 | $35.40 | 3/21/2032 | 25% at 1-year, then monthly |
| 4/7/2022 | 3/21/2022 | 2,814 | 693 | $31.20 | 4/7/2032 | 25% at 1-year, then monthly |
| 3/17/2023 | 3/3/2023 | 15,310 | 19,689 | $18.70 | 3/17/2033 | 25% at 1-year, then monthly |
| 2/15/2024 | 2/15/2024 | — | 40,000 | $17.95 | 2/15/2034 | 25% on 2/15/2025, then monthly |
Notes:
- Standard option vesting: 25% on first anniversary, 1/48 monthly thereafter; service-contingent .
- No RSU/PSU grants disclosed for Mahal; 2024 PRSUs were granted to CEO with $35 price trigger, not to Mahal .
Employment Terms
| Provision | Base Term | Change-in-Control (Double Trigger within 24 months) |
|---|---|---|
| Salary & Bonus Multiples | 12 months base salary; COBRA up to 12 months (termination without Cause or for Good Reason) | 12 months base salary + 100% of target bonus; COBRA up to 12 months |
| Equity Vesting on Termination | Not specified outside CoC; follows plan terms | Full vesting of service-based awards; performance-based deemed satisfied at target |
| At-will; notice | At-will employment; standard benefits eligibility | — |
Historical plan:
- Prior Severance Plan (terminated June 10, 2024) provided, upon qualifying CoC termination: 12 months base salary and full acceleration of equity awards (performance deemed at 100% target) .
Trading controls:
- Strict insider trading controls, Rule 10b5-1 pre-clearance, reporting timing for Section 16 insiders outlined in company policy documents .
Investment Implications
- Alignment signals: Majority of incentive value in options with multi-year vesting; clawback and anti-hedging/pledging strengthen alignment; beneficial ownership is modest (<1%), but option overhang and new grants tie upside to execution .
- Retention risk: Base severance provides 12 months salary/COBRA; CoC protection includes bonus multiple and accelerated vesting (double-trigger), reducing turnover risk during strategic events .
- Selling pressure: Lock-up agreements signed in recent offerings constrain near-term discretionary sales; ongoing monthly vesting of options could create periodic sellable supply, subject to trading windows and policies .
- Performance linkage: 2024 annual bonus tied to clinical and corporate milestones, paid at 85% attainment; long-term equity value contingent on share price performance, with overall company TSR disclosures indicating strong 2024 rebound vs 2023, while losses persist (biotech development stage) .
