William McCauley
About William McCauley
William McCauley, age 52, is Chief Financial Officer of Abacus Global Management (ABL). He joined Abacus Settlements in January 2020 as CFO, previously serving as CFO at IFP Advisors and Director of Finance at McKinsey & Company; he holds a BS in Accounting from Bentley University and an MBA from Babson College . During his tenure, ABL delivered 2024 revenue of $111.9M vs. $66.4M in 2023 (69% YoY growth) and increased Adjusted EBITDA to $61.6M from $39.3M (57% YoY), reflecting scale-up and acquisitions . The company guided 2025 Adjusted Net Income to $70–$78M, reinforcing a pay-for-performance framework tied to net income-based RSUs for executives .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Abacus Settlements / LMA | Chief Financial Officer | Jan 2020–present | Managed financial activities and developed financing models across operating subsidiaries . |
| IFP Advisors, LLC | Chief Financial Officer | Prior to 2020 (not specified) | Responsible for all financial activities, including debt and equity financing . |
| McKinsey & Company | Director of Finance | Jan 2017–May 2018 | Oversaw financial statements for more than 30 start-up businesses . |
Fixed Compensation
Multi-year compensation for William McCauley (NEO):
| Metric | 2023 | 2024 |
|---|---|---|
| Salary ($) | $250,000 | $300,000 |
| Bonus ($) | $300,000 | $200,000 (special cash bonus) |
| Stock Awards ($) | $3,080,000 | $1,140,940 |
| Option Awards ($) | — | $149,999 |
| Nonequity Incentive Plan Compensation ($) | — | $600,000 (annual bonus tied to 2024 Adjusted EBITDA) |
| All Other Compensation ($) | $31,167 | $45,368 |
| Total ($) | $3,661,167 | $2,436,307 |
2025 salary action:
- Base salary increased to $450,000 effective May 8, 2025 .
Performance Compensation
2024 Annual Bonus Plan (realized):
- Metric: Adjusted EBITDA growth vs. 2023; Target payout range 50%–200% of beginning base salary; individual modifier ±10% of base .
- Actual outcome: Company exceeded 30% Adjusted EBITDA growth; payout determined at 200% of base salary; McCauley received $600,000 in cash; plus a special $200,000 cash bonus in August 2024 for acquisition execution .
2025 Performance-Based RSUs and Cash Bonus:
| Component | Metric | Target | Stretch | Vesting |
|---|---|---|---|---|
| Performance-Based RSUs | Adjusted Net Income (FY 2025) | 292,362 RSUs (at Target) | 584,725 RSUs (200% of Target) | One-third annually on each of the first three anniversaries of the Determination Date; potential accelerated vesting upon market cap targets . |
| Annual Cash Bonus | Adjusted Net Income (FY 2025) | $650,000 | $1,300,000 | Payable after Committee determination of performance; interpolation applies . |
Equity award detail and vesting schedules:
| Grant Date | Award Type | Quantity | Exercise Price | Expiration | Vesting | Notes |
|---|---|---|---|---|---|---|
| Oct 27, 2023 | RSUs | 500,000 | — | — | Originally 10% on Jul 3, 2024; 90% on Jul 3, 2026 ; Revised on Apr 2, 2025 to one-third on Jul 3, 2024, one-third on Jul 3, 2025, one-third on Jul 3, 2026 . | Change-in-control accelerates vesting . |
| Feb 13, 2024 | RSUs | 12,000 | — | — | One-third annually over 3 years . | — |
| Feb 13, 2024 | Non-Qualified Stock Options | 38,363 | $12.37 | Feb 13, 2034 | One-third annually over 3 years; 12,788 later vested on Feb 13, 2025 . | — |
| Dec 13, 2024 | RSUs | 125,000 | — | — | One-third annually over 3 years . | Change-in-control accelerates vesting . |
| Mar 27, 2025 | RSUs | 125,000 | — | — | One-third annually over 3 years . | Change-in-control accelerates vesting . |
| May 8, 2025 | Performance-Based RSUs | 292,362 (Target) / 584,725 (Stretch) | — | — | Time-based vesting begins after Determination Date; one-third annually over 3 years; potential market cap acceleration . | — |
Equity Ownership & Alignment
| Category | Quantity / Detail | Notes |
|---|---|---|
| Beneficial ownership | 66,788 shares; <1% of outstanding | Includes RSUs representing 54,000 shares and 12,788 vested options . |
| Shares outstanding (reference) | 95,616,386 as of Apr 22, 2025 | For percentage context . |
| Unvested RSUs (12/31/2024) | 587,000 | 4,000 later vested on Feb 13, 2025 . |
| Options outstanding | 38,363 @ $12.37 expiring Feb 13, 2034 | One-third annual vest; 12,788 vested by Feb 13, 2025 . |
| Hedging/pledging | Hedging, short sales, and publicly-traded options transactions prohibited; pledging prohibited unless pre-cleared by General Counsel | Insider trading windows and pre-clearance procedures apply . |
Section 16 reporting and insider activity:
- Company disclosed late Form 4 filings by McCauley on July 9, 2024 and December 18, 2024 .
Employment Terms
| Term | Details |
|---|---|
| Employment agreement | Entered in 2023 in connection with Business Combination; at-will employment with initial term of 36 months and automatic 12-month renewals if not terminated ≥90 days before expiration . |
| Severance (without cause / good reason) | Greater of one year of continued base salary or salary for balance of current term; subject to timely release of claims . |
| Non-compete / non-solicit | 1 year post-termination . |
| Change-of-control | Unvested awards generally vest immediately upon qualifying termination in connection with change in control (as defined under Section 409A references) . |
| Clawback | Not specifically disclosed . |
| Tax gross-ups | No obligations to make tax gross-ups . |
| Benefits | Eligible for 401(k) with company match and medical/welfare insurance; all other benefits comparable to full-time employees . |
Financial Performance Context
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Total Revenues ($) | $66,401,451 | $111,923,786 |
| Adjusted EBITDA ($) | $39,290,780 | $61,592,431 |
| Net Income Attributable to Common Stockholders ($) | $9,516,626 | $(23,961,050) |
Additional disclosures:
- Full-year 2024 revenue grew 69% YoY; Adjusted EBITDA grew 57% YoY; company initiated 2025 Adjusted Net Income outlook of $70–$78M .
Compensation Structure Analysis
- Mix shift toward performance-linked equity: 2025 compensation introduces performance-based RSUs tied to Adjusted Net Income with sizable stretch targets; vesting over three years and potential acceleration on market cap targets align incentives to earnings growth and value creation .
- 2024 bonus tied to Adjusted EBITDA growth reinforced operational execution; McCauley’s special cash bonus recognized acquisition execution (Carlisle, etc.), indicating Board alignment around M&A milestones .
- Equity-heavy awards and large stock-based compensation adjustments ($43.4M in 2024) are significant non-GAAP drivers; investors should monitor dilution, vesting calendars, and tax-related share withholding practices (McCauley may elect share forfeiture to cover taxes) .
Risk Indicators & Red Flags
- Late Section 16 filings (Form 4) for McCauley were disclosed in 2024; while not determinative of misconduct, repeated timeliness issues can signal process risk in insider reporting .
- Related party and acquisition activity (Carlisle, NIB) increases complexity; Board describes formal related party review processes, but concentration of insider interests warrants continued monitoring .
- Heavy reliance on non-GAAP measures and substantial stock-based compensation adjustments increase the gap between GAAP and Adjusted results; careful reconciliation is essential .
Investment Implications
- Alignment: 2025 performance RSUs directly tie McCauley’s equity to Adjusted Net Income targets, with material upside at stretch; time-based vesting and potential market cap acceleration can enhance retention and focus on profitable growth .
- Vesting overhang: Significant RSU tranches vesting on July 3, 2024/2025/2026 and on annual anniversaries of 2024/2025 grants could create episodic supply; McCauley may settle taxes via share withholding, affecting float around vest dates .
- Retention economics: Severance provides at least 12 months of salary; double-trigger change-of-control acceleration of equity reduces exit friction and may be supportive in strategic transactions, but increases sensitivity to acquisition outcomes .
- Execution and value creation: 2024 results show strong revenue and Adjusted EBITDA growth, with bonuses reflecting operational achievements (including acquisitions); continued delivery toward 2025 Adjusted Net Income target is a key catalyst tied to executive payout curves .