Thomas W. Corbett, Jr.
About Thomas W. Corbett, Jr.
Independent Class III director at Abacus Global Management, Inc. (formerly Abacus Life, Inc.), age 75, serving on the board since July 2020 (predecessor East Resources Acquisition Company) and continuing post-business combination in July 2023; current Class III term runs until the 2026 annual meeting . Former Governor of Pennsylvania, prior Pennsylvania Attorney General and U.S. Attorney (W.D. Pa.); B.A. in Political Science from Lebanon Valley College and J.D. from St. Mary’s University School of Law .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Commonwealth of Pennsylvania | Governor | 2011–2015 | Executive leadership; risk management experience cited as board qualification |
| Commonwealth of Pennsylvania | Attorney General | Not disclosed | Senior legal leadership; risk management background |
| U.S. Department of Justice | U.S. Attorney, W.D. Pennsylvania | Not disclosed | Federal law enforcement leadership |
| Corbett Consulting, LLC | Principal member | Since 2015 | Strategic advisory experience |
| Composites Consolidation Company LLC | Director | 2015–2016 | Board service (private company) |
| Animal Friends of Pittsburgh | Board member | Until 2019 | Non-profit governance |
External Roles
| Organization | Role | Status | Notes |
|---|---|---|---|
| Variety Club, The Children’s Charity Pittsburgh | Board member | Current | Non-profit board service |
Board Governance
- Independence: The board affirmatively determined Mr. Corbett is independent under Nasdaq rules .
- Committee assignments: Member, Nominating and Corporate Governance Committee (chair is Karla Radka) .
- Attendance: In FY2024, each director attended at least 75% of aggregate board and applicable committee meetings; board met 5x, Audit 4x, Compensation 2x, Nominating & Governance 1x .
- Board leadership structure: CEO Jay Jackson is also Chair; no Lead Independent Director; independent directors meet regularly in executive session .
- Years of service on this board: Director since July 2020 (predecessor) and continuing with Abacus since July 2023 .
Fixed Compensation
| Component | 2023 | 2024 (paid/awarded in 2025) | Notes |
|---|---|---|---|
| Annual director retainer (equity) | $46,200 stock award value (grant for FY2023) | $75,000 stock award value (grant on Apr 2, 2025 for FY2024) | Non-employee directors receive equity-only retainers; no cash fees |
| Committee chair premium (Audit Chair only) | Not applicable to Corbett | Not applicable to Corbett | Audit Chair receives additional $15,000 in stock; applies to Mary Beth Schulte |
| Meeting fees | None | None | No meeting fees; reasonable travel expenses reimbursed |
- Policy detail: Non-employee directors receive annual unrestricted common stock equal to $75,000; Audit Committee chair receives an additional $15,000 in unrestricted stock; directors receive no other compensation beyond expense reimbursements .
Performance Compensation
| Performance-linked element | Structure | Metrics | Status |
|---|---|---|---|
| Performance-based pay for directors | Not provided | Not applicable | Director pay is equity retainer; no performance awards or bonuses disclosed |
Directors do not receive cash bonuses, options tied to performance, or other performance-based compensation; compensation is equity retainer only .
Other Directorships & Interlocks
| Company/Entity | Public/Private/Non-Profit | Role | Dates | Notes |
|---|---|---|---|---|
| Composites Consolidation Company LLC | Private | Director | 2015–2016 | Prior board service |
| Animal Friends of Pittsburgh | Non-Profit | Board member | Until 2019 | Prior non-profit board service |
| Variety Club, The Children’s Charity Pittsburgh | Non-Profit | Board member | Current | External non-profit role |
| Amended & Restated Registration Rights Agreement (post-Business Combination) | Agreement | Party | Since 2023 | Company granted resale registration rights to certain holders including Mr. Corbett |
- No current public company directorships disclosed for Mr. Corbett .
Expertise & Qualifications
- Government and legal leadership: Former Governor of Pennsylvania; prior Pennsylvania Attorney General; former U.S. Attorney (W.D. Pa.) .
- Risk management and oversight experience highlighted by the company as qualification for board service .
- Education: B.A., Lebanon Valley College; J.D., St. Mary’s University Law School .
Equity Ownership
| Metric | As of Mar 20, 2024 | As of Apr 22, 2025 | Notes |
|---|---|---|---|
| Beneficially owned shares | 17,500 | 27,732 | Both less than 1% of outstanding shares |
| % of outstanding | <1% | <1% | Outstanding shares: 63,694,758 (2024); 95,616,386 (2025) |
| Derivatives/Options | None disclosed | None disclosed | Director compensation is in unrestricted stock; no options reported for directors |
| Hedging/Pledging | Company prohibits hedging; pledging prohibited unless pre-cleared by General Counsel | Policy in effect | Insider Trading Policy restricts hedging and pledging for directors |
- Section 16(a) compliance: 2024 delinquent filers listed did not include Mr. Corbett; late filings were attributed to other insiders (Ganovsky, Gusky, McCauley) . In 2023, a late filing was noted for Alberta Investment Management Corp.; no mention of Mr. Corbett .
Related-Party/Conflict Scan
- Disclosed related-party items include: Sponsor/East Asset Management PIK Note; SPV Investment Facility; Nova Funds relationships (minority interests held by certain executives); Carlisle acquisition (related party transactions post-acquisition); and April 2025 NIB acquisition from entities owned by executives. None of these identify Mr. Corbett as a related party participant .
- Mr. Corbett is a party to the Amended and Restated Registration Rights Agreement, granting resale rights alongside other insiders and sponsors (customary for de-SPAC transactions) .
Governance Assessment
-
Strengths
- Independent director with high-level legal/government leadership and risk oversight experience; serves on Nominating & Corporate Governance Committee .
- Board-wide attendance at or above 75% in FY2024; directors meet regularly in executive session without management .
- Director pay is equity-only (no cash retainers or meeting fees), aligning director incentives with shareholders .
-
Watch items / RED FLAGS
- No Lead Independent Director; CEO also serves as Chair, which can weaken independent oversight; while not specific to Mr. Corbett, it affects overall board effectiveness .
- Company maintains various related-party arrangements (sponsor note, prior SPV facility, post-acquisition related-party transactions with Carlisle funds; NIB purchase from executives). Mr. Corbett is not a party to these, but the environment necessitates strong independent oversight from the Nominating & Governance Committee .
- Insider resale rights via registration agreement could introduce periodic liquidity overhang; Mr. Corbett is a signatory alongside other insiders .
-
Signals
- Independence affirmed under Nasdaq rules; membership on governance committee positions Mr. Corbett to influence director nominations, governance guidelines, and CEO succession oversight .
- Equity ownership increased year over year (17,500 → 27,732 shares), modest in absolute terms but directionally positive for alignment; still <1% .
- No reported Section 16(a) delinquencies for Mr. Corbett in 2024, supporting compliance discipline .