Adam Gusky

About Adam Gusky

Independent director of Abacus Global Management, Inc. (ABL); age 50; on the Board since the July 2023 business combination; BA in History and MBA from Duke University; Chief Investment Officer at East Management Services, LP (since inception in 2010), with responsibilities across financial due diligence, reserve-based lending, and corporate hedging strategy. The Board has affirmatively determined that Gusky is independent under Nasdaq rules.

Past Roles

External Roles

Board Governance

• Board classification: Gusky is a Class I director; term expires at the 2027 annual meeting.
• Independence: Affirmatively determined independent under Nasdaq Rule 5605(a)(2).
• Committee memberships: Not listed as a member of the Audit, Compensation, or Nominating & Corporate Governance Committees (committees comprise Schulte, Radka, van Katwijk, and Corbett).
• Attendance: Each director attended at least 75% of meetings of the Board and applicable committees in FY 2024; Board met 5x, Audit 4x, Compensation 2x, Nominating 1x; six directors attended last year’s annual meeting.
• Board leadership and engagement: CEO serves as Chair; Board does not have a Lead Independent Director; independent directors meet regularly in executive session; at least one “audit committee financial expert” on Audit Committee.

Fixed Compensation

• Director compensation earned by Gusky in FY 2024: $75,000 in stock awards; no cash fees.

Performance Compensation

• Non-employee director compensation is equity retainer only; no disclosed performance-based metrics, RSUs, options, or meeting-fee incentives for directors.
• No director-specific performance metrics tied to compensation disclosed (e.g., revenue, EBITDA, TSR, ESG).

Other Directorships & Interlocks

Expertise & Qualifications

• Investment and financial oversight: CIO role covering due diligence, reserve-based lending, hedging strategy; experience investing in public and private companies.
• Education: BA (History) and MBA from Duke University.
• Board qualification: Board determined independence; Audit Committee has designated financial experts (Schulte, van Katwijk), though Gusky is not a committee member.

Equity Ownership

• Hedging/pledging policy: Directors/officers prohibited from short sales, hedging, monetization, and pledging company securities, unless pledging is pre-cleared by General Counsel. No pledging by Gusky is disclosed.
• Section 16 compliance: Gusky filed a late Form 4 on November 27, 2024.

Governance Assessment

• Positives:

  • Independent status affirmed; board committees comprised entirely of independent directors; regular executive sessions.
  • Director compensation is equity-only (unrestricted stock), aligning director incentives with shareholder value; no cash meeting fees.
  • Strong related-party transaction policy with Audit Committee oversight and director recusal where a director is a related person.

• Red flags / monitoring items:

  • East Asset Management is a 16.9% beneficial owner and creditor (12% PIK note moved to EAM), while Gusky is CIO at East Management Services (affiliate of sponsor), creating a perceived conflict risk and influence over capital structure; continued scrutiny of related-party financing, terms, and approvals is warranted.
  • No Lead Independent Director while CEO serves as Chair; investors often prefer a lead independent director for stronger counterbalance.
  • Late Section 16 filing (Form 4) by Gusky on November 27, 2024; typically minor but worth noting for compliance culture.

• Attendance/engagement:

  • Meets minimum engagement threshold: directors attended at least 75% of meetings; board and committee meeting cadence disclosed.

• Committee service:

  • Gusky does not serve on any standing board committees; limits direct role in audit/compensation/nominating oversight despite investment expertise.

• Director compensation alignment:

  • Annual $75,000 equity grant; absence of option/RSU grants for directors and lack of performance linkage suggests straightforward alignment with stock performance without complex metrics.

• Related-party environment beyond East:

  • Nova Funds services and trading activities with minority indirect ownership stakes by management (not Gusky); Carlisle Acquisition introduces related-party receivables and fund interactions; Board outlines procedures for Review/Approval.

Overall, Gusky presents as an independent director with deep investment and risk oversight credentials; however, his senior role within East’s affiliate ecosystem alongside East’s material ownership and creditor status at ABL requires continued vigilance on related-party transactions, governance safeguards, and transparent committee oversight to sustain investor confidence.

Insider Trade/Reporting Events