Joel Markovits
About Joel Markovits
Joel Markovits, age 44, is Chief Financial Officer (CFO) of Reliance Global Group (RELI) since January 1, 2023, after serving as Chief Accounting Officer (Feb 2022–Dec 2022) and Financial Reporting Manager (Jun 2021–Jan 2022). He previously was a senior manager at KPMG LLP (2015–2021), leading large global audits and data analytics initiatives, and has been a New Jersey CPA since November 2013 . Company performance under his finance leadership shows modest revenue growth and stabilizing (still negative) EBITDA: FY2022–FY2024 revenues rose from $11.8M* to $14.1M, while EBITDA improved from -$3.94M* to -$1.94M* . The company’s pay-versus-performance table reports negative net income in 2024 and depressed cumulative TSR ($0.16 value of $100 initial investment, calculated from Dec 31, 2021), underscoring challenging shareholder returns .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Reliance Global Group, Inc. | Chief Financial Officer | 2023–Present | Principal financial officer; certifications under SOX 302/906; oversight of disclosure controls and financial reporting . |
| Reliance Global Group, Inc. | Chief Accounting Officer | 2022 | Led accounting policy and external reporting through year-end 2022 . |
| Reliance Global Group, Inc. | Financial Reporting Manager | 2021–2022 | Built SEC reporting and controls post-Nasdaq listing . |
| KPMG LLP | Senior Manager (Audit/Data Analytics) | 2015–2021 | Led complex global audits (U.S. GAAP/IFRS); data & analytics innovation for largest U.S. business unit . |
External Roles
No external directorships or public company board roles disclosed in RELI filings; no outside compensation committee memberships noted .
Fixed Compensation
| Component ($) | 2023 | 2024 |
|---|---|---|
| Base Salary | $286,019 | $315,000 |
| Bonus | $34,581 | — |
| Stock Awards (Grant-Date FV) | $88,031 | $42,493 |
| All Other Compensation | $2,034 (de minimis fringe benefits) | — |
| Total | $410,665 | $357,493 |
Key observations:
- Base salary increased ~10% YoY, while annual bonus fell to zero in 2024; equity grant value down by ~52% YoY, reducing total compensation .
Performance Compensation
| Incentive Type | Metric | Weighting | Target | Actual/Payout | Vesting |
|---|---|---|---|---|---|
| RSUs (grant in 2025) | Service-based (time vest) | N/A | N/A | RSUs granted per table below | Eight equal bi-monthly installments (Oct 15, 2025–Jan 31, 2026) |
Executive RSU grants (2025):
| Name | Grant Date Value ($) | RSUs Granted | Vesting Schedule |
|---|---|---|---|
| Joel Markovits (CFO) | $315,000 | 213,704 | Eight equal bi-monthly installments from 10/15/2025 through 1/31/2026 |
Notes:
- 2025 grants are time-based RSUs (no disclosed performance weighting/targets), vesting rapidly over ~4.5 months—front-loaded equity delivery can create near-term supply dynamics if shares are sold upon vest .
Equity Ownership & Alignment
| Date | Shares Beneficially Owned | Ownership % | Breakdown/Notes |
|---|---|---|---|
| Record Date: Oct 17, 2024 | 10,836 | * (<1%) | Includes 26 shares acquirable within 60 days; some shares withheld for payroll taxes . |
| Record Date: Mar 31, 2025 | 40,669 | 1.37% | Direct common shares; no options listed for Markovits in 2025 table . |
- Anti-hedging/anti-pledging: Company policy prohibits hedging and pledging of company stock for all employees, officers, and directors—positive alignment signal; no pledging disclosed for Markovits .
- Ownership guideline: Not disclosed for executives in proxy; compliance status not stated .
Insider reporting:
- Section 16(a) timeliness: Markovits failed to timely file 15 Form 4s for FY2024 period (14 related to one transaction, one related to two transactions); in prior year, five late Form 4s were reported—process/control red flag .
Employment Terms
| Term | Detail |
|---|---|
| Employment start at RELI | Jun 2021 (Financial Reporting Manager) |
| CFO effective date | Jan 1, 2023 |
| Contract term/expiration | Not disclosed in filings reviewed. |
| Severance/bonus multiples | Not disclosed in filings reviewed. |
| Non-compete/non-solicit | Not disclosed in filings reviewed. |
| Garden leave/consulting | Not disclosed in filings reviewed. |
Company Performance (context for pay-for-performance)
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Revenue ($) | $11.8M* | $13.7M | $14.1M |
| EBITDA ($) | -$3.94M* | -$1.96M* | -$1.94M* |
Values with asterisk retrieved from S&P Global.
Additional pay-versus-performance indicators:
- 2024 Net (Loss) Income: $(9,072) thousand .
- Cumulative TSR (value of $100 initial investment, calculated from Dec 31, 2021): 2022 $8.82, 2023 $0.56, 2024 $0.16—material deterioration in shareholder value .
Governance, Incentives & Policies
- Equity plans: Company adopted multiple plans (2019, 2023, 2024, and 2024 Omnibus; 2025 Equity Plan subsequently approved). 2025 Equity Plan authorizes 2,000,000 shares, administered by independent Compensation Committee, permits options, RSUs, SARs, and performance awards; non-employee director annual grant cap $300,000 . 2024 Omnibus Plan authorized 1,000,000 shares with similar features .
- Change-of-control: Plans allow vesting acceleration or performance goal deeming upon change-of-control; may trigger 280G excise tax consequences for participants .
- Clawback: Board-approved clawback policy (2023) mandates recovery of incentive-based compensation over a 3-year lookback following an accounting restatement, covering any compensation tied to financial reporting measures .
- Say-on-Pay (2025): 1,082,884 FOR; 21,626 AGAINST; 2,313 ABSTAIN; Broker non-votes 710,958—high support for executive compensation .
Compensation Structure Analysis
- Cash vs equity mix: 2024 showed higher fixed salary and reduced bonus/equity versus 2023, lowering total pay; however, 2025 introduced substantial time-based RSU grants to NEOs, including Markovits ($315k, 213,704 RSUs), suggesting a shift toward accelerated equity delivery rather than long-duration performance-based equity .
- Performance metrics in incentives: Recent RSUs are service-based with rapid vesting; no PSUs or explicit financial/TSR targets disclosed for Markovits in 2025 grants, weakening pay-for-performance alignment .
- Governance red flags: Repeated late Section 16 filings (15 late Form 4s in FY2024 period for Markovits) indicate compliance risks around insider reporting timeliness .
Investment Implications
- Alignment: Anti-hedging/anti-pledging and a robust clawback are positives for shareholder alignment; however, time-based RSUs with rapid vesting and lack of disclosed performance conditions dilute incentive rigor .
- Near-term supply risk: The 213,704 RSUs vest in eight bi-monthly tranches between Oct 2025 and Jan 2026—multiple potential liquidity events could increase insider selling pressure during this window (behavior not disclosed; dynamic risk exists) .
- Execution track record: Revenues grew modestly into 2024 but EBITDA remains negative; pay-versus-performance data shows significant TSR deterioration through 2024—supporting scrutiny on incentive design and capital allocation under the CFO’s tenure .
- Process controls: Late insider filings are a governance risk that can create perception issues and potential regulatory exposure; remediation of Section 16 processes is advisable before further equity issuance .
Overall, Markovits’ 2025 equity grant structure emphasizes speed of vesting over performance rigor, while company TSR and profitability metrics remain challenged—investors should monitor RSU vest events, insider trading patterns, and any evolution toward performance-conditioned equity.
Sources
- Executive roles and background; SOX certifications
- 2024/2023 compensation detail
- RSU grants and vesting (2025 8-K Item 5.02)
- Beneficial ownership (2024, 2025)
- Anti-hedging/pledging policy; Section 16 delinquency
- Clawback policy
- Equity plan features (2024 Omnibus; 2025 Equity Plan)
- Company performance (revenues, EBITDA) (other values retrieved from S&P Global)
- Pay-versus-performance (TSR; net income)
- Say-on-pay voting results