William Ho
RAPT TherapeuticsAbout William Ho
William Ho, M.D., Ph.D., is Chief Medical Officer (CMO) of RAPT Therapeutics and age 59 as of March 25, 2025, with tenure since May 2015. He holds an M.D. and Ph.D. in Microbiology & Immunology from Stanford, completed Internal Medicine residency at UCSF, and Medical Oncology fellowship at University of Washington/Fred Hutch; undergraduate A.B. in Molecular Biology from Princeton . Annual incentives are tied to corporate performance objectives (operational, clinical, regulatory milestones), with 2024 plan achievement assessed at 120% and payouts based on target bonus percent and achievement, reinforcing pay-for-performance alignment . RAPT prohibits executive hedging/pledging and maintains a Dodd-Frank compliant clawback, supporting governance-focused alignment .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Genentech, Inc. | Exploratory Clinical Development (BioOncology); roles up to Senior Medical Director | 2005–2012 | Led early oncology clinical programs within BioOncology, contributing to R&D execution . |
| Igenica Biotherapeutics, Inc. | VP, Clinical Development; Consultant | Oct 2012–Feb 2015; Feb 2015–Jun 2016 | Directed clinical development; continued advisement through consulting period supporting program continuity . |
| RAPT Therapeutics, Inc. | Chief Medical Officer | May 2015–Present | Oversees clinical strategy and execution for lead programs and pipeline . |
External Roles
Not disclosed for Dr. Ho in the proxy .
Fixed Compensation
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Base Salary ($) | $463,000 | $481,000 |
| Target Bonus (%) | 40% (plan target set for 2024; prior-year target not enumerated) | 40% |
| Actual Non-Equity Incentive ($) | $150,000 | $221,260 |
- 2025 base salary approved at $499,000 (effective for FY2025) .
Performance Compensation
| Plan Element | FY 2024 |
|---|---|
| Metric categories | Adjusted clinical development goals, in-licensing, workforce retention, and other operational/regulatory milestones . |
| Target achievement | 100% baseline (standard plan design) . |
| Actual achievement | 120% approved by Compensation Committee . |
| Target bonus % | 40% of annual base salary . |
| Payout formula | Base salary × Target bonus % × Achievement % . |
| Vesting | Cash bonus; equity awards vest monthly over multi-year periods, options generally 48 months . |
Equity Ownership & Alignment
| Ownership Detail | Amount |
|---|---|
| Shares held directly | 19,496 |
| Options exercisable within 60 days | 223,806 |
| Total beneficial ownership | 243,302 (less than 1%) |
| Ownership % of shares outstanding | <1% |
- Hedging, short selling, margin purchases, and pledging are prohibited for executives under RAPT’s insider trading policy .
- Equity awards emphasize multi-year vesting; options are performance-linked to stock appreciation and generally vest monthly over 48 months .
Outstanding Equity Awards (as of Dec 31, 2024)
| Grant Date | Vest Commencement | Exercisable (#) | Unexercisable (#) | Exercise Price ($) | Expiration |
|---|---|---|---|---|---|
| 10/30/2019 | 10/30/2019 | 7,807 | — | 12.00 (repriced to $1.57; premium applies if exercised before Nov 13, 2025) | 10/29/2029 |
| 1/30/2020 | 1/1/2020 | 20,000 | — | 44.66 (repriced to $1.57; premium applies before Nov 13, 2025) | 1/30/2030 |
| 1/28/2021 | 1/1/2021 | 53,854 | 1,146 | 19.53 (repriced to $1.57; premium applies before Nov 13, 2025) | 1/28/2031 |
| 1/28/2022 | 1/1/2022 | 40,104 | 14,896 | 19.86 (repriced to $1.57; premium applies before Nov 13, 2025) | 1/28/2032 |
| 1/31/2023 | 1/1/2023 | 26,833 | 29,167 | 29.05 (repriced to $1.57; premium applies before Nov 13, 2025) | 1/31/2033 |
| 1/30/2024 | 1/1/2024 | 17,187 | 57,813 | 24.75 (repriced to $1.57; premium applies before Nov 13, 2025) | 1/31/2034 |
- 2024 annual grant: Stock options for 75,000 shares, vesting in 48 equal monthly installments from Jan 1, 2024; grant at FMV on grant date .
- Company-wide one-time option repricing on Nov 13, 2024 reduced exercise prices on Eligible Options (> $8.00 strike) to $1.57, subject to a one-year retention period; early exercise before Nov 13, 2025 requires paying original higher strike. No change to share count, vesting or expirations .
Employment Terms
| Provision | Terms |
|---|---|
| Employment letter | At-will; employment letter dated July 2019. Initial base $360,500; increased to $385,000 and target bonus to 40% upon IPO; base increased to $481,000 (Jan 2024) and $499,000 (Jan 2025) . |
| Severance (no CIC) | If terminated without cause or for good reason (outside 12 months post-CIC): 9 months base salary continuation and up to 9 months COBRA reimbursement or equivalent taxable payments, subject to release and compliance conditions . |
| Severance (within 12 months post-CIC) | If terminated without cause or for good reason: 12 months base salary continuation; lump-sum cash equal to target annual bonus; up to 12 months COBRA reimbursement or equivalent taxable payments; acceleration of vesting and exercisability of all outstanding equity awards . |
| Triggers | Double-trigger for full CIC benefits (CIC plus qualifying termination) . |
| Clawback | Incentive compensation subject to recoupment upon required financial restatements for last 3 completed fiscal years, per Dodd-Frank/Nasdaq rules ; awards under plans are subject to clawback provisions . |
| Insider trading policy | Pre-clearance required; hedging, short selling, margin purchases, and pledging prohibited . |
Compensation Structure Analysis
- Equity-heavy compensation with multi-year option vesting aligns with long-term value creation; annual bonuses tied to operational and clinical milestones reflect stage-appropriate performance focus for a development-stage biotech .
- 2024 option repricing is a notable governance event designed to retain and motivate amid widespread underwater options; retention period and premium exercise price reduce immediate dilution and encourage service through Nov 13, 2025 .
- No tax gross-ups, limited perquisites, and prohibition of hedging/pledging indicate shareholder-friendly practices; double-trigger CIC mitigates windfall risk without termination .
Risk Indicators & Red Flags
- Option Repricing (Nov 2024): Reduces strike to $1.57 with a one-year retention condition, highlighting retention priorities and potential dilution concerns in absence of accelerated vesting changes .
- Pledging/Hedging: Prohibited by policy (reduces alignment risk) .
- Clawback policy: In place; mitigates restatement-related incentive risk .
- Insider sales/Forms 4: Searched for 2024–2025; none found in available dataset (limitation acknowledged) [List: Form 4 search returned 0].
Investment Implications
- Alignment: Ho’s compensation emphasizes at-risk equity with monthly vesting options and bonus payouts linked to clinical/regulatory execution, aligning incentives to key value inflections for RAPT’s pipeline .
- Retention and potential selling pressure: The repricing’s retention period through Nov 13, 2025 may constrain early exercises at the new strike; monitor post-retention exercises and option expirations for potential selling pressure as repriced options become economically attractive .
- Governance: Double-trigger CIC, clawback, no gross-ups, and hedging/pledging prohibitions reduce shareholder risk, though the 2024 repricing warrants continued scrutiny of equity dilution and future grant calibration by the Compensation Committee (Radford engaged) .
- Ownership: Beneficial ownership is modest (<1%) but includes substantial options exercisable within 60 days; watch incremental vesting and any changes in exercisable balances as catalysts for potential trading activity around clinical milestones .