Kurtis Jang
About Kurtis Jang
Kurtis Jang is Chief Operating Officer and a Director of Spark I Acquisition Corporation (SPKL), serving since July 2021; he is 56 years old and holds a B.S. in Managerial Economics from the University of Illinois, Urbana-Champaign . Prior to SPKL, he was CEO of Prudential Life Insurance Company of Korea (2015–2020) and previously led Chubb Korea; he currently serves on the board of AIG Korea . As a SPAC, SPKL has generated no operating revenues to date; therefore traditional TSR, revenue, and EBITDA performance metrics are not applicable pre-business combination .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Prudential Life Insurance Company of Korea | Chief Executive Officer | 2015–2020 | CEO-level leadership of a major Korea life insurer |
| Chubb Korea | Chief Executive Head | Not disclosed | Executive leadership in Korea P&C insurance |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| AIG Korea | Director (Board Member) | Not disclosed | Board governance at global insurer’s Korea unit |
Fixed Compensation
| Component | 2024 Amount | Frequency/Notes |
|---|---|---|
| COO Consulting Fee (Jang) | $180,000 | Paid monthly under consultancy agreements prior to business combination |
| Management Team Services (aggregate) | $77,500 per month | Company-level monthly fees until completion or liquidation |
Notes:
- SPKL pays consulting fees to executives and independent directors rather than traditional salaries; CEO $350,000/year; CFO $25,000/year; each independent director $75,000/year; Sponsor managing member $36,000/year (context for pay structure) .
- No employment agreements are in place with officers; no long-term compensation or stock option plans maintained as of 2024 .
Performance Compensation
No RSUs/PSUs, option grants, or disclosed performance-linked metrics/bonuses for Jang; SPKL states it does not have long-term compensation plans or stock option plans, and compensation is via consulting agreements pre-business combination .
Equity Ownership & Alignment
| Holding Detail (Record Date May 21, 2025) | Shares | % of Class | % of Outstanding |
|---|---|---|---|
| Class B Ordinary Shares (Founder Shares) – Jang | 100,000 | 1.6% of Class B | Less than 1% of total ordinary shares |
Additional alignment/vesting terms:
- Sponsor founder shares lock-up: not transferable until the earlier of (A) one year after completion of a business combination; or (x) price ≥ $11.50 for any 20 trading days within any 30-day period commencing ≥150 days after business combination; or (y) completion of a liquidation/merger/capital stock exchange .
- Sponsor transferred 850,000 founder shares to officers/directors (aggregate) on April 1, 2022; these 850,000 shares are not subject to forfeiture if the forward purchaser terminates/reduces its commitment; fair value disclosed as non-employee equity-based compensation to be recognized upon a business combination .
- Beneficial ownership context: Initial shareholders (Sponsor, officers, directors) held 39.1% of outstanding ordinary shares as of May 21, 2025 .
Pledging/Hedging/Ownership Guidelines:
- No disclosure of pledging or hedging policies specific to Jang; no director/executive stock ownership guidelines disclosed .
Employment Terms
- Employment agreements: None with officers; services provided via consultancy and board services agreements .
- Severance/change-of-control: Not disclosed (no severance multiple or CoC triggers disclosed) .
- Clawback: Compensation Recovery Policy adopted March 27, 2024 requiring recovery of excess compensation from Section 16 officers upon any accounting restatement, administered by the Compensation Committee in compliance with Exchange Act Rule 10D-1 and Nasdaq listing standards .
- Non-compete/non-solicit/garden leave: Not disclosed .
Board Governance
- Board service: Jang has been a Director of SPKL since July 2021; he is an executive (COO) and therefore not an independent director .
- Independence: Majority independent board (five of eight directors independent: Cuong Do, Shin‑Bae Kim, Willy Lan, Tony Ling, Catherine Mohr) .
- Committee roles: Jang is not listed on audit, compensation, or nominating committees. Audit Committee: Willy Lan (Chair), Cuong Do, Shin‑Bae Kim; Compensation Committee: Catherine Mohr (Chair), Shin‑Bae Kim; Nominating Committee: Shin‑Bae Kim (Chair), Catherine Mohr .
- Attendance and executive sessions: Not disclosed .
- Dual-role implications: As COO+Director and non-independent, Jang does not sit on key committees, which are fully independent per Nasdaq rules; this mitigates independence concerns despite dual role .
Director Compensation (Context)
| Component | Amount | Frequency/Notes |
|---|---|---|
| Independent Director Retainer (each) | $75,000 | Paid (generally quarterly) under board services agreements |
| Committee fees/chair fees | Not disclosed | Committee membership and chair roles disclosed, no separate fee disclosure |
| Equity grants/DSUs | Not disclosed | No long-term equity plans maintained as of 2024 |
Related Party & Conflicts
- Initial shareholders’ interests: Sponsor and certain officers/directors have substantial founder shares and private warrants; the proxy details potential conflicts (e.g., ability to profit even if Class A shares decline) and voting alignment toward extensions/business combination .
- Administrative support agreement: $300,000 for office space/utilities/administrative support, prepaid and amortized; agreement extended and fully amortized by June 30, 2025 .
- Working capital loans: Sponsor provided unsecured promissory notes ($1.9M dated Jan 28, 2025; $2.5M dated Jun 25, 2025) to fund transaction costs; convertible into warrants upon business combination at lender’s discretion .
Performance & Track Record
- SPKL status: Blank check company focused on completing a business combination; no operating revenues and pursuing potential targets (e.g., negotiating terms with Kneron after prior non-binding LOIs) .
- Company results: Interest income from trust; operating expenses and related-party fees disclosed; not indicative of operating performance pre-combination .
Equity Ownership & Beneficial Holders (Context)
- As of May 21, 2025: 10,000,000 Class A and 6,422,078 Class B outstanding; Sponsor held 5,572,078 Class B (86.8% of Class B; 33.9% of outstanding); executives/directors collectively held 850,000 Class B .
- Sponsor converted 4,000,000 Class B to 4,000,000 Class A on July 8, 2025 (post-record date), impacting capital structure .
Investment Implications
- Alignment and potential selling pressure: Founder share lock-up terms (1-year post-combination or price-based release at $11.50 for 20/30 days ≥150 days post-close) suggest potential selling windows and supply overhang after de‑SPAC, affecting post-merger trading dynamics .
- Pay-for-performance risk: Pre-combination compensation is fixed consulting fees without performance metrics; clawback policy exists but would only apply upon accounting restatements; lack of equity/PSU structure pre-close reduces direct performance linkage for Jang until a transaction is completed .
- Governance mitigants: Independent committees oversee audit, compensation, and nominations; Jang’s dual role does not extend to these committees, supporting governance independence .
- Conflict awareness: Initial shareholder economic interests and voting power (39.1%) highlight incentives to consummate a transaction and support deadline extensions, which investors should factor into dilution/redemption dynamics .
Disclosures Not Found
- Bonuses, RSUs/PSUs, option awards, vesting schedules specific to Jang; severance/CoC terms; non-compete/non-solicit; hedging/pledging; director ownership guidelines; board attendance rates; say‑on‑pay history; compensation peer group composition .