YES as explained in the product detail
www.jms2win.com/download
JMS Multisites is able to parse URL with domain, subdomains and subdirectories.
All the possibilities are availables.
So yes you can decide to have slave site like
www.domain.com/slave
In your sample, you have inconsistency between the URL that you mentioned and the directory structure.
If your master (
www.domain.tld) is located in directory \var\hosts\master\
then the subdirectories will be located in \var\hosts\master\slaveX
and not beside the master as mentioned.
This will be a subdirectory of your master.