Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Effective as of January 1, 2023, the Board of Directors (the "Board") of
Reliance Global Group, Inc., a Florida corporation (the "Company"), promoted its
current Chief Accounting Officer, Joel Markovits, to the position of Chief
Financial Officer. Mr. Markovits succeeds William Lebovics in such role.
Further, effective as of January 1, 2023, the Board approved Mr. Lebovics' to
assume the role of Senior Vice President of Acquisitions of the Company.
Pursuant to the terms of the promotion letter entered into by the Company and
Mr. Markovits on December 28, 2022 (the "Promotion Letter"), Mr. Markovits will
receive an annual base salary of $275,000. Mr. Markovits was also granted 40,000
shares, per annum, of the Company's common stock, par value $0.086 per share,
with an effective grant date of December 28, 2022, which will vest monthly each
year during the duration of his employment. Mr. Markovits will receive a $10,000
cash bonus at the closing of each transaction during Mr. Markovits' employment
that results in the (i) purchase or acquisition of all or substantially all of
the assets of another entity by the Company or a subsidiary of the Company, or
(ii) purchase or acquisition of at least a majority of (a) the outstanding
capital stock of another entity by the Company or a subsidiary of the Company or
(b) the aggregate voting power represented by the issued and outstanding
securities of another entity by the Company or a subsidiary of the Company. The
foregoing summary of the Promotion Letter is qualified in its entirety by
reference to the full text of the Promotion Letter, a copy of which is filed
herewith as Exhibit 10.1 to this Current Report on Form 8-K and incorporated
herein by reference.
The Company confirms that (1) there is no family relationship between Mr.
Markovits and any director or executive officer of the Company, (2) there was no
arrangement or understanding between Mr. Markovits and any other person pursuant
to which he was promoted to the position of Chief Financial Officer with the
Company, and (3) there is no transaction between Mr. Markovits and the Company
that would require disclosure under Item 404(a) of Regulation S-K.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. Description
10.1 Promotion Letter by and between Reliance Global Group, Inc. and
Joel Markovits dated as of December 28, 2022
104 Cover Page Interactive Data File (embedded within the Inline XBRL
document)
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