Scott Korman
About Scott Korman
Scott Korman (age 70) is an independent director of Reliance Global Group, Inc. (RELI) serving since 2019. He holds a B.S. in Economics from the University of Pennsylvania Wharton School and is designated the Audit Committee Financial Expert by the Board .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Nashone, Inc. | President (founder) | 1984 – Present | Private equity, financial advisory, M&A, general management |
| Innervate Radiopharmaceuticals LLC | Founder, Managing Member, CEO | May 2019 – Present | Leadership in radiopharmaceuticals |
| Sentry Laboratories LLC | CEO | Feb 2020 – Present | Operations leadership |
| Adenocyte LLC | CFO and Board Member | 2018 – Present | Finance and board governance |
| Best Manufacturing Group LLC | Chairman & CEO (prior) | Prior (dates not specified) | Manufacturing operations leadership |
| Welsh Farms Inc. | President & CEO (prior) | Prior (dates not specified) | Dairy processing leadership |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Tofutti Brands, Inc. | Director | Dec 2011 – Present | Public company service noted; additional board service on various non-profits |
Board Governance
- Committee assignments and chair roles (2024 activity):
- Audit Committee: Independent members Korman (Chair), Ben Fruchtzweig, Sheldon Brickman; 5 meetings; Korman designated “audit committee financial expert” per SEC/Nasdaq .
- Compensation Committee: Independent members Korman, Fruchtzweig (Chair), Brickman; 5 meetings .
- Nominating & Governance Committee: Independent members Korman, Brickman (Chair), Fruchtzweig; 1 meeting .
- Board & committee attendance: The Board held 14 meetings in 2024; each incumbent director attended at least 75% of Board and committee meetings; all directors attended the 2024 annual meeting (virtually) .
- Independence: All three standing committees are composed entirely of independent directors; Korman serves on all three, chairing the Audit Committee .
- Leadership structure: CEO and Chair roles combined due to company size; Board oversees risk via periodic reports and delegated committee responsibilities .
Fixed Compensation
| Year | Cash Fees ($) | Equity/Stock Awards ($) | Options (#) | Total ($) |
|---|---|---|---|---|
| 2024 | 51,000 | 11,766 | - | 62,766 |
| 2023 | 45,000 | 22,680 | - | 67,680 |
- Outside Director equity cap: Non-employee director grant-date fair value may not exceed $300,000 per fiscal year (2025 Equity Plan; also highlighted in 2024 Omnibus Plan) .
- Equity plan capacity: 2024 Omnibus Plan authorized 1,000,000 shares; 2025 Equity Plan proposes 2,000,000 shares; administration exclusively by independent Compensation Committee .
Performance Compensation
| Plan Feature | Details |
|---|---|
| Potential performance metrics (2025 Equity Plan) | Earnings per share, net income, operating income, gross revenue, TSR, share price, cash flow, ROA/ROE/ROC, debt measures, acquisitions/dispositions, overhead reduction, and other GAAP/non-GAAP targets selectable by the Compensation Committee . |
| Award types available | Stock options (ISOs/NQSOs), SARs, restricted stock, RSUs, performance units/shares, cash-based and other stock-based awards; exercise price not less than fair market value; max option term 10 years . |
- Director awards in 2024 were stock grants; no non-equity incentive pay and no options reported for Korman .
- Clawback: Company adopted an SEC-compliant incentive compensation recovery policy in 2023 focused on executive officers and financial reporting measures; not specifically applied to non-employee director equity .
Other Directorships & Interlocks
| Company | Relationship to RELI | Potential Interlock/Conflict |
|---|---|---|
| Tofutti Brands, Inc. | External board seat | No RELI-related transactions disclosed in proxy sections reviewed; monitor for supplier/customer overlaps . |
Expertise & Qualifications
- Financial oversight: Audit Chair and SEC/Nasdaq-defined “financial expert”; deep experience in PE, M&A, and corporate finance .
- Industry breadth: Prior leadership across manufacturing, distribution, and dairy; current biotech/medtech leadership roles (Innervate, Sentry, Adenocyte) .
- Education: B.S. Economics, University of Pennsylvania Wharton School .
Equity Ownership
| Holder | Shares Beneficially Owned | % of Outstanding | Basis/Notes |
|---|---|---|---|
| Scott Korman | 63,860 | 2.15% (of 2,974,869 shares) | Shares held directly; percentage based on record date outstanding shares |
- Anti-hedging/anti-pledging: Company policy prohibits hedging and pledging by directors and employees, supporting alignment; no exceptions disclosed .
Governance Assessment
- Positives:
- Audit Committee Chair with financial expert designation; all committees composed of independent directors; active committee cadence (Audit 5x, Comp 5x, Nominating 1x in 2024) .
- Ownership alignment: 63,860 shares (2.15% of outstanding), with anti-hedging/anti-pledging policy in place .
- Director pay mix skews toward cash retainer and modest equity; outside director grant cap at $300k mitigates pay inflation risk .
- Watchpoints / Red flags:
- Section 16(a) timeliness: Korman failed to timely file one Form 4 for one transaction in 2024—minor compliance lapse but worth monitoring .
- Combined CEO/Chair structure: Company maintains combined roles due to size; heightens reliance on independent committee chairs like Korman for oversight .
- Multiple external operating roles: Active leadership across several private entities could present time-commitment pressures; no related-party transactions disclosed in reviewed sections, but monitor for future conflicts .
Overall, Korman’s audit leadership, independence, and share ownership support investor confidence, while the minor Section 16 filing issue and combined CEO/Chair structure suggest continued focus on board processes and disclosures .