Ho Min (Jimmy) Kim
About Ho Min (Jimmy) Kim
Ho Min (Jimmy) Kim, age 53, is Chief Financial Officer (principal financial and accounting officer) and a director of Spark I Acquisition Corporation (SPKL) since December 2021. He co-founded SparkLabs Group (Partner since May 2012), previously co-founded and served as President of N3N (IoT platform), and led portal/web services at Nexon; he holds a B.S. in Biomedical Engineering from Northwestern and an M.S. in Life Sciences from KAIST . SPKL is a SPAC with no operating revenues to date and thus no TSR/revenue/EBITDA performance metrics disclosed; Kim provides SOX certifications on internal controls and fair presentation of financials .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| SparkLabs Group | Co‑Founder; Partner; Investment Committee member (SparkLabs Korea, Global, Ignition Funds) | May 2012–present | Venture investing and fund governance; ecosystem building |
| N3N (IoT platform) | Co‑Founder; President | Not disclosed | Built IoT visualization/data platform; operating leadership |
| Nexon Corp. | Head of Portal & Web Services | Not disclosed | Led online gaming portal/web services |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| SparkLabs Group | Partner; Investment Committees (Korea, Global, Ignition) | May 2012–present | External to SPKL; governance of multiple venture funds |
| N3N | Co‑Founder; President (prior) | Not disclosed | External operating role prior to SPKL |
Fixed Compensation
| Component | FY 2024 Amount ($) | Frequency/Terms |
|---|---|---|
| CFO Consulting Fees | 25,000 | Paid quarterly under consultancy agreement; no employment agreement |
| Director Fees (Independent Directors, for context) | 75,000 per director | Paid quarterly; independent directors only (Kim is not independent) |
Performance Compensation
| Instrument | Grant Date | Shares/Units | Fair Value ($) | Vesting Schedule | Performance Metrics | Status |
|---|---|---|---|---|---|---|
| RSUs/PSUs | — | — | — | — | — | Company discloses no long‑term plans or stock option plans |
| Stock Options | — | — | — | — | — | Company discloses no stock option plans |
| Annual Cash Bonus | — | — | — | — | — | Not disclosed; compensation is fixed consulting fees |
Equity Ownership & Alignment
| Holder | Class A Shares | Class B Shares | % of Outstanding Ordinary Shares |
|---|---|---|---|
| Ho Min (Jimmy) Kim | 0 | 0 | <1% |
| Initial Shareholders (Sponsor + officers/directors, for alignment context) | — | — | 39.1% |
- Founder shares are Class B, convertible 1:1 into Class A; Sponsor holds 5,572,078 Class B (33.9% of ordinary shares), and officers/directors collectively hold 39.1% of ordinary shares; they intend to vote in favor of proposals, highlighting control influence .
- No disclosure of any pledging or hedging by Kim; stock ownership guidelines not disclosed .
Employment Terms
| Term | Detail |
|---|---|
| Role & start | CFO and Director since December 2021 |
| Agreement type | Consultancy agreement; no employment agreement; no key‑person insurance |
| Severance | Not disclosed |
| Change‑of‑Control | Not disclosed |
| Clawback | Not disclosed (Code of Ethics adopted) |
| Perquisites | Reimbursement of out‑of‑pocket expenses; audit committee reviews quarterly; no cap |
| Sponsor financing | $1.9M unsecured note to Sponsor (Jan 28, 2025); option to convert up to $1.5M into working capital warrants at $1.00 if a business combination closes |
Board Governance
- Independence and dual role: Kim is CFO and a director (not independent); the Board maintains majority independence: five of eight directors are independent (Do, S‑B Kim, Lan, Ling, Mohr) .
- Committees (Kim does not sit on committees; all members are independent):
- Audit Committee: Willy Lan (Chair), Cuong Viet Do, Shin‑Bae Kim; Lan and Do qualify as “financial experts” .
- Compensation Committee: Catherine Mohr (Chair), Shin‑Bae Kim .
- Nominating Committee: Shin‑Bae Kim (Chair), Catherine Mohr .
- Meeting attendance and executive sessions: Not disclosed .
Director Compensation
| Component | Annual Amount ($) | Notes |
|---|---|---|
| Independent Director Retainer | 75,000 per independent director | Paid quarterly |
| Auditor fees (context) | Marcum audit fees: $198,790 (2023), $51,500 (2022) | Ratified by audit committee |
Compensation Structure Analysis
- Increased guaranteed vs at‑risk pay: Executive compensation structured as fixed consulting fees; no equity awards or options for Kim, indicating low vesting/selling pressure .
- Peer group/benchmarking: Not disclosed; SPAC stage .
- Discretionary bonuses, repricing, tax gross‑ups: Not disclosed .
- Related party transactions: Sponsor and insiders receive consulting fees and expense reimbursements; Sponsor note allows warrant conversion upon business combination—potential alignment/conflict considerations .
Performance & Track Record
- SPAC status: No operating revenues to date; business combination still pending; SPKL record date Class A share price ~$10.8434; Trust redemption price ~$10.87 (context) .
- SOX certifications: Kim signed CEO/CFO certifications and Section 906 attestation on FY2024 10‑K .
Say‑on‑Pay & Shareholder Feedback
- No say‑on‑pay proposals disclosed; 2024 DEF 14A covered director elections and auditor ratification; 2025 DEF 14A covered extension and adjournment proposals .
Risk Indicators & Red Flags
- Dual role (officer + director) reduces independence; mitigated by majority‑independent board and independent committees .
- Sponsor/insider control: Initial shareholders own 39.1%; Sponsor incentives tied to founder shares/private warrants; potential misalignment if redemptions leave low float .
- Financing structure: Sponsor note with potential warrant conversion increases dilution risk post‑combination .
- No employment or severance disclosure: Retention economics and change‑of‑control terms unknown .
Investment Implications
- Alignment: Kim’s lack of direct share ownership and fixed consulting fee structure minimizes vesting‑related selling pressure but offers limited equity‑based alignment; governance relies on independent committees to balance insider influence .
- Retention/continuity: Absence of employment or severance terms suggests flexibility but also unquantified retention risk; compensation is modest ($25k FY2024) indicating low cash drain pre‑deal .
- Trading signals: With no RSU/option vesting cadence and no disclosed insider Form 4 activity in filings, selling pressure is more likely tied to SPAC deal outcomes, sponsor warrant conversions, and public redemptions rather than executive award vesting cycles .
- Governance watch‑items: Monitor extension/redemption dynamics, sponsor conversions, and eventual de‑SPAC compensation framework (equity plans, performance metrics) to reassess alignment post‑business combination .