Matthew Ganovsky
About Matthew Ganovsky
Matthew Ganovsky, age 60, is Co-Founder and President of Abacus Global Management (formerly Abacus Life). He has been a leader in the life settlements industry for over 25 years, co-founding Abacus Settlements in 2004 and managing the broker division with involvement in 3,000+ transactions; he began serving as President of the public company upon closing of the June 30, 2023 business combination . Company performance metrics tied to executive pay include Adjusted EBITDA growth (the Compensation Committee paid 200% of base salary to select NEOs for 2024 after the company exceeded 30% Adjusted EBITDA growth) and 2025 Adjusted Net Income targets guiding both cash bonuses and performance RSUs .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Abacus Settlements (now subsidiary) | Co-Founder and Managing Partner | 2004–present | Built broker division; involved in >3,000 life settlement transactions . |
| Abacus Global Management (public co.) | President | Since Jun 30, 2023 | Executive leadership at the parent post-SPAC merger closing . |
External Roles
| Organization | Role/Interest | Years | Strategic Relevance |
|---|---|---|---|
| Nova Funds (Nova Trading (US), LLC; Nova Holding (US) LP) | Indirect minority ownership interest (with other founders) | Not disclosed | Company provides servicing; $471,094 service revenue in 2024; related-party activity ceased in Q1’25 as Nova portfolio was sold . |
| KMG Group Holdings, LLC | Co-owner (with Kirby and McNealy) | Not disclosed | KMG sold 75% interest in National Insurance Brokerage (NIB) to Abacus for $3,000,000 on Apr 24, 2025 (related-party transaction) . |
Fixed Compensation
| Metric | 2024 | 2025 |
|---|---|---|
| Base Salary (President) | $300,000 | $350,000 (effective May 8, 2025) |
| Bonus Plan Design | Target opportunity ranged from 50%–200% of beginning base salary; metric: Adjusted EBITDA growth; paid in cash/equity; CEO and certain NEOs paid at 200% for >30% growth; individual discretion ±10% of base salary | Annual cash bonus tied to 2025 Adjusted Net Income (same criteria as performance RSUs) with President target/stretch $600,000/$1,200,000 |
Notes:
- Company maintains 401(k) with match; executives receive standard benefits; perquisites discretionary; no tax gross-ups .
Performance Compensation
| Incentive | Metric | Weighting | Target | Stretch | Payout Mechanics | Vesting |
|---|---|---|---|---|---|---|
| Annual Cash Bonus (2025) | Adjusted Net Income | Not disclosed | $600,000 (President) | $1,200,000 (President) | Interpolated between 0%–200% of target vs. ANI; same criteria as Performance RSUs | Cash, paid post-Committee determination |
| Performance RSUs (2025 Grant) | Adjusted Net Income | Not disclosed | 173,031 RSUs (President) | 346,062 RSUs (President) | If 2025 Adjusted Net Income = $70m “Target,” 50% forfeited; if $140m “Stretch,” 100% convert to time-based; interpolation between 0%–200% of target | After Determination Date, one-third annually over three years; potential accelerated vesting upon certain market cap targets |
| Prior Equity (indicative, 2024) | Time-based RSUs; Stock Options | Not disclosed | 24,000 RSUs and 76,725 options (subject to vesting) for each of certain reporting founders (includes Ganovsky) | — | Options/RSUs subject to vesting; design consistent with 2024 awards disclosed for NEOs | Vesting as per award agreements; NEO option terms in 2024 grants had 3-year ratable vesting |
Clawback: Incentive-based compensation subject to Nasdaq 5608-compliant recoupment policy (applies to current/former executive officers) and award agreements include recovery language; recovery after financial restatement regardless of fault; Board has discretion on method of recovery .
Equity Ownership & Alignment
| Ownership Detail | As of 2024 Proxy (Mar 20, 2024) | As of 2025 Proxy (Apr 22, 2025) |
|---|---|---|
| Beneficial Shares | 12,593,250 | 10,047,729 |
| % of Outstanding | 19.8% | 10.5% |
| Vested Awards Included in Totals | Does not include 24,000 RSUs or 76,725 options still subject to vesting for each reporting founder | Includes 8,000 RSUs and 25,575 options vested for each reporting founder |
| Additional Disclaimed/Indirect | — | Excludes 2,347,046 shares held by trusts established by Ganovsky (disclaimed beneficial ownership) |
| Pledging/Hedging | Company policy prohibits hedging/shorts and pledging unless pre-cleared by General Counsel; pre-clearance and blackout windows apply |
Equity Plan Capacity (Dec 31, 2024): 230,175 securities to be issued upon exercise of outstanding options/warrants/rights (weighted avg exercise $12.37); 10,215,756 shares remaining available for future issuance .
Insider Reporting: Company disclosed late Form 4 filings by Ganovsky on Nov 25, 2024 and Dec 10, 2024 .
Lock-ups/Overhang: Registration and support agreements restrict transfers for significant holders post-SPAC, with specific lock-up and standstill arrangements (e.g., Carlisle sellers through July 3, 2025; 15% per 30-day sale cap) and SPAC-related lock-ups for founders; company warned of potential selling pressure as lock-ups roll off .
Employment Terms
| Term | Disclosure |
|---|---|
| Employment Agreements | In 2023, Abacus entered into employment agreements with named executive officers at-will; term 36 months with 12-month auto-renewals unless terminated ≥90 days before expiration . |
| Severance | If terminated without cause or resigns for good reason and signs release, receives the greater of 1 year base salary or balance of current term; higher severance if termination occurs in connection with a change in control (multiples not disclosed) . |
| Restrictive Covenants | Non-compete and non-solicit for 1 year post-termination . |
| Governance/Trading | Pre-clearance required; quarter-end blackout from 10 days before quarter-end to 3rd business day after earnings release; event-specific blackouts possible . |
Note: While 8-K compensation actions explicitly apply to “executive officers,” including Presidents such as Ganovsky , the detailed 2023 employment agreement terms are described for “named executive officers”; the company does not expressly list Ganovsky’s individual agreement in the proxy.
Related-Party Transactions (governance risk lens)
- Nova Funds: Company earned $471,094 servicing revenue in 2024; founders (including Ganovsky) have indirect minority ownership; company also purchased ~$98.4m of policies from Nova in 2024; Nova portfolio sold by year-end; $0 revenue in Q1’25 .
- NIB Acquisition: On Apr 24, 2025, company acquired National Insurance Brokerage for $3,000,000 from sellers including KMG (equally owned by Ganovsky, Kirby, McNealy) and Jay Jackson — a related-party transaction .
- Related-party approvals: Company has a formal related-person transaction review policy overseen by the Audit Committee .
Compensation Committee & Governance
- Committee membership: Compensation Committee chaired by Mary Beth Schulte, with members Cornelis M. van Katwijk and Karla Radka (independent) .
- Use of independent consultant: 2025 pay actions were based on peer compensation analysis provided by a hired compensation consultant .
- Codes/Policies: Insider trading policy, hedging/pledging prohibitions, corporate governance guidelines posted; code of ethics applies to officers and directors .
Performance & Track Record
- Company performance used in pay decisions: Compensation Committee determined >30% 2024 Adjusted EBITDA growth, leading to maximum (200% of salary) bonuses for select NEOs; plan allowed equity in lieu of cash .
- Industry contributions: Ganovsky has been a leader in the sector for 25+ years and has overseen origination across thousands of transactions via the broker division .
Investment Implications
- Alignment: Large direct ownership (10.5%) and additional disclaimed trust holdings suggest strong alignment; 2025 incentives link directly to Adjusted Net Income with sizable President-level RSU/cash upside, plus three-year vesting that encourages retention .
- Selling pressure risk: Founders/large holders face staged lock-up expirations and standstill caps; management highlights potential overhang as restrictions roll off, which can pressure shares; late Form 4 filings are an optics risk .
- Governance mitigants: Robust clawback policy and hedging/pledging prohibitions reduce misalignment and risk-taking incentives; Audit/Comp committees led by independents with formal related-party review process .
- Related-party exposure: Transactions (Nova servicing/policy trades; NIB acquisition from entities owned by executives) are disclosed and subject to policy, but warrant monitoring for pricing/terms and future capital allocation discipline .