[Form 4] American Electric Power Company, Inc. Insider Trading Activity
Gladstone Investment Corporation (NASDAQ: GAIN) 鈥� 2025 Definitive Proxy Statement highlights
鈥� Annual Meeting: Thursday, August 7, 2025 at 11:00 a.m. ET via webcast (www.virtualshareholdermeeting.com/GAIN2025). Record date: June 11, 2025 (36,921,165 shares outstanding).
鈥� Proposals up for vote:
- Proposal 1: Elect two directors鈥擠avid Gladstone (Chairman & CEO, interested) and John H. Outland (independent)鈥攆or terms expiring at the 2028 meeting.
- Proposal 2: Ratify PricewaterhouseCoopers LLP (PwC) as independent registered public accounting firm for fiscal year ending March 31, 2026.
鈥� Board composition: Seven members; five independent (71%). Lead Independent Director: Walter H. Wilkinson. Board is staggered into three classes; independence evaluated under Nasdaq and 1940 Act rules.
鈥� Diversity snapshot (June 30 2025): 3 female / 3 male / 1 undisclosed; 3 military veterans; racial/ethnic mix includes Hispanic/Latinx and multiracial representation.
鈥� Governance structure: Combined Chair/CEO role held by founder David Gladstone; Lead Independent Director mitigates oversight concerns. Key committees鈥擜udit, Compensation, Ethics/Nominating, Valuation鈥攁re fully independent. Audit Committee members qualify as 鈥渁udit committee financial experts.鈥�
鈥� Audit firm & fees: PwC has served since 2006. FY 2025 audit-related fees total $674k (up 8.5% YoY), with $113k categorized as audit-related (ATM program & debt offering).
鈥� External management economics: Adviser earns 2% base fee on average gross assets plus incentive fees (20% over 8.75% annualized hurdle). FY 2025 payments: $23.7 million to Adviser; $1.9 million to Administrator.
鈥� Director compensation (FY 2025): Independent directors received $25k base retainer plus meeting/committee fees; top earner was John H. Outland at $52k from the Company ($245k across Gladstone fund complex).
鈥� Share ownership: Insiders/directors own 2.40% of common stock; David Gladstone holds the largest stake (667,630 shares, 1.81%). No outside holder exceeds 5%.
鈥� Voting mechanics: Directors elected by plurality; PwC ratification requires majority of shares present. Broker non-votes count toward quorum, not outcome (non-routine for Proposal 1, routine for Proposal 2).
Gladstone Investment Corporation (NASDAQ: GAIN) 鈥� Punti salienti della Dichiarazione Definitiva di Procura 2025
鈥� Assemblea annuale: Gioved矛 7 agosto 2025 alle 11:00 ET tramite webcast (www.virtualshareholdermeeting.com/GAIN2025). Data di registrazione: 11 giugno 2025 (36.921.165 azioni in circolazione).
鈥� Proposte in votazione:
- Proposta 1: Eleggere due amministratori鈥擠avid Gladstone (Presidente e CEO, interessato) e John H. Outland (indipendente)鈥攑er mandati che scadono all鈥檃ssemblea del 2028.
- Proposta 2: Ratificare PricewaterhouseCoopers LLP (PwC) come societ脿 di revisione contabile indipendente per l鈥檈sercizio fiscale che termina il 31 marzo 2026.
鈥� Composizione del consiglio: Sette membri; cinque indipendenti (71%). Direttore indipendente principale: Walter H. Wilkinson. Il consiglio 猫 suddiviso in tre classi; l鈥檌ndipendenza 猫 valutata secondo le regole Nasdaq e del 1940 Act.
鈥� Panoramica sulla diversit脿 (30 giugno 2025): 3 donne / 3 uomini / 1 non dichiarato; 3 veterani militari; rappresentanza etnica/razziale include ispanici/latinx e multirazziali.
鈥� Struttura di governance: Ruolo combinato di Presidente/CEO detenuto dal fondatore David Gladstone; il Direttore indipendente principale mitiga i potenziali conflitti. Le principali commissioni鈥擱evisione, Compensi, Etica/Selezione, Valutazione鈥攕ono completamente indipendenti. I membri della commissione Revisione sono qualificati come 鈥渆sperti finanziari di revisione鈥�.
鈥� Societ脿 di revisione e compensi: PwC opera dal 2006. Le commissioni relative alla revisione per il 2025 ammontano a 674.000$ (in aumento dell鈥�8,5% rispetto all鈥檃nno precedente), di cui 113.000$ attribuiti a servizi correlati alla revisione (programma ATM e offerta di debito).
鈥� Economia della gestione esterna: Il consulente percepisce una commissione base del 2% sugli asset lordi medi pi霉 commissioni di incentivo (20% oltre l鈥�8,75% di rendimento annualizzato). Pagamenti 2025: 23,7 milioni $ al consulente; 1,9 milioni $ all鈥檃mministratore.
鈥� Compensi degli amministratori (2025): Gli amministratori indipendenti hanno ricevuto un compenso base di 25.000$ pi霉 indennit脿 per riunioni e commissioni; il maggior compenso 猫 stato per John H. Outland con 52.000$ dalla societ脿 (245.000$ complessivi nel gruppo Gladstone).
鈥� Possesso azionario: Insider e amministratori detengono il 2,40% del capitale ordinario; David Gladstone 猫 il maggior azionista con 667.630 azioni (1,81%). Nessun azionista esterno supera il 5%.
鈥� Meccanismi di voto: Gli amministratori sono eletti a maggioranza relativa; la ratifica di PwC richiede la maggioranza delle azioni presenti. I voti non espressi da broker sono conteggiati per il quorum, ma non per l鈥檈sito (non di routine per la Proposta 1, di routine per la Proposta 2).
Gladstone Investment Corporation (NASDAQ: GAIN) 鈥� Aspectos destacados de la Declaraci贸n Definitiva de Poder 2025
鈥� Reuni贸n Anual: Jueves 7 de agosto de 2025 a las 11:00 a.m. ET v铆a webcast (www.virtualshareholdermeeting.com/GAIN2025). Fecha de registro: 11 de junio de 2025 (36,921,165 acciones en circulaci贸n).
鈥� Propuestas para votar:
- Propuesta 1: Elegir a dos directores鈥擠avid Gladstone (Presidente y CEO, interesado) y John H. Outland (independiente)鈥攑ara mandatos que expiran en la reuni贸n de 2028.
- Propuesta 2: Ratificar a PricewaterhouseCoopers LLP (PwC) como firma independiente de auditor铆a registrada para el a帽o fiscal que finaliza el 31 de marzo de 2026.
鈥� Composici贸n del consejo: Siete miembros; cinco independientes (71%). Director Independiente Principal: Walter H. Wilkinson. El consejo est谩 dividido en tres clases; la independencia se eval煤a seg煤n las reglas de Nasdaq y la Ley 1940.
鈥� Resumen de diversidad (30 de junio de 2025): 3 mujeres / 3 hombres / 1 sin revelar; 3 veteranos militares; la mezcla racial/茅tnica incluye representaci贸n hispana/latinx y multirracial.
鈥� Estructura de gobernanza: Rol combinado de Presidente/CEO ocupado por el fundador David Gladstone; el Director Independiente Principal mitiga preocupaciones de supervisi贸n. Comit茅s clave鈥擜uditor铆a, Compensaci贸n, 脡tica/Nominaci贸n, Valoraci贸n鈥攃ompletamente independientes. Miembros del Comit茅 de Auditor铆a calificados como 鈥渆xpertos financieros en auditor铆a鈥�.
鈥� Firma de auditor铆a y honorarios: PwC ha prestado servicios desde 2006. Honorarios relacionados con auditor铆a para 2025 totalizan $674k (aumento del 8.5% interanual), con $113k clasificados como relacionados con auditor铆a (programa ATM y oferta de deuda).
鈥� Econom铆a de la gesti贸n externa: El asesor recibe una tarifa base del 2% sobre activos brutos promedio m谩s tarifas de incentivo (20% sobre un umbral anualizado del 8.75%). Pagos 2025: $23.7 millones al asesor; $1.9 millones al administrador.
鈥� Compensaci贸n de directores (2025): Los directores independientes recibieron una retenci贸n base de $25k m谩s honorarios por reuniones/comit茅s; el mayor ingreso fue John H. Outland con $52k de la Compa帽铆a ($245k en todo el complejo Gladstone).
鈥� Propiedad accionaria: Insiders/directores poseen el 2.40% del capital com煤n; David Gladstone tiene la mayor participaci贸n (667,630 acciones, 1.81%). Ning煤n accionista externo supera el 5%.
鈥� Mec谩nica de votaci贸n: Los directores son elegidos por pluralidad; la ratificaci贸n de PwC requiere mayor铆a de acciones presentes. Los votos no emitidos por brokers cuentan para el qu贸rum, no para el resultado (no rutinario para la Propuesta 1, rutinario para la Propuesta 2).
Gladstone Investment Corporation (NASDAQ: GAIN) 鈥� 2025雲� 頇曥爼 鞙勳瀯鞛� 欤检殧 雮挫毄
鈥� 鞐半 欤检＜齑濏殞: 2025雲� 8鞗� 7鞚� 氇╈殧鞚� 鞓れ爠 11鞁�(霃欕秬鞁滉皠), 鞗轨簮鞀ろ姼(www.virtualshareholdermeeting.com/GAIN2025) 韱淀暣 歆勴枆. 旮办鞚�: 2025雲� 6鞗� 11鞚� (氚滍枆 欤检嫕 36,921,165欤�).
鈥� 韴憸 雽�靸� 鞎堦贝:
- 鞎堦贝 1: 鞚挫偓 霊� 氇� 靹犾瀯鈥擠avid Gladstone (須岇灔 瓴� CEO, 鞚错暣甏�瓿勳瀽) 氚� John H. Outland (霃呺 鞚挫偓)鈥旍瀯旮半姅 2028雲� 齑濏殞旯岇.
- 鞎堦贝 2: 2026雲� 3鞗� 31鞚� 膦呺 須岅硠鞐半弰鞐� 雽�頃� 霃呺 霌彪 瓿奠澑須岅硠氩曥澑鞙茧 PricewaterhouseCoopers LLP (PwC) 鞀轨澑.
鈥� 鞚挫偓須� 甑劚: 7氇� 欷� 5氇呾澊 霃呺 鞚挫偓(71%). 靾橃劃 霃呺 鞚挫偓: Walter H. Wilkinson. 鞚挫偓須岆姅 3臧� 韥措灅鞀る 雮橂墭氅�, 霃呺靹膘潃 雮橃姢雼� 氚� 1940雲� 氩曤 旮办鞙茧 韽夑皜霅�.
鈥� 雼れ枒靹� 順勴櫓(2025雲� 6鞗� 30鞚� 旮办): 鞐劚 3氇� / 雮劚 3氇� / 氙戈车臧� 1氇�; 甑� 氤惦 瓴诫牓鞛� 3氇�; 鞚胳/氙检” 甑劚鞐愲姅 頌堨姢韺媺/霛柬嫶瓿� 氚� 雼れ澑膦� 韽暔.
鈥� 歆�氚瓣惮臁� 甑“: 彀诫鞛� David Gladstone臧� 瓴胳瀯頃橂姅 須岇灔/CEO 鞐暊; 靾橃劃 霃呺 鞚挫偓臧� 臧愲弲 氍胳牅 鞕勴檾. 欤检殧 鞙勳洂須屸�旉皭靷�, 氤挫儊, 鞙るΜ/於旍矞, 韽夑皜鈥旊霊� 霃呺鞝侅瀯. 臧愳偓鞙勳洂須� 鞙勳洂鞚� '臧愳偓鞙勳洂須� 鞛 鞝勲臧�' 鞛愱博 氤挫湢.
鈥� 須岅硠氩曥澑 氚� 靾橃垬耄�: PwC電� 2006雲勲秬韯� 靹滊箘鞀� 欷�. 2025 須岅硠鞐半弰 臧愳偓 甏�霠� 靾橃垬耄� 齑濎暋 $674,000 (鞝勲厔 雽�牍� 8.5% 歃濌皜), 鞚� 欷� $113,000電� 臧愳偓 甏�霠� 靹滊箘鞀�(ATM 頂勲攴鸽灗 氚� 攵�毂� 氚滍枆) 韽暔.
鈥� 鞕鸽秬 甏�毽� 瓴届牅靹�: 鞛愲靷姅 韽夑窢 齑濎瀽靷办潣 2% 旮半掣 靾橃垬耄岇檧 鞚胳劶韹半笇 靾橃垬耄�(鞐� 8.75% 齑堦臣攵勳潣 20%)毳� 靾橃法. 2025雲� 歆�旮夓暋: 鞛愲靷棎 $23.7氚彪, 甏�毽瀽鞐� $1.9氚彪.
鈥� 鞚挫偓 氤挫垬(2025 須岅硠鞐半弰): 霃呺 鞚挫偓霌れ潃 旮半掣 氤挫垬 $25,000瓿� 須岇潣 氚� 鞙勳洂須� 靾橂嫻鞚� 氚涭潓; 斓滉碃 靾橂牴鞛愲姅 John H. Outland鞙茧 須岇偓鞐愳劀 $52,000 靾橂牴(Gladstone 韼�霌� 鞝勳泊搿滊姅 $245,000).
鈥� 欤检嫕 氤挫湢 順勴櫓: 雮措秬鞛� 氚� 鞚挫偓霌れ澊 氤错喌欤� 2.40% 氤挫湢; David Gladstone臧� 斓滊寑 欤检＜搿� 667,630欤�(1.81%) 氤挫湢. 鞕鸽秬 欤检＜電� 5% 齑堦臣 氤挫湢鞛� 鞐嗢潓.
鈥� 韴憸 氚╈嫕: 鞚挫偓電� 雼れ垬霌濏憸鞝滊 靹犾稖; PwC 鞀轨澑鞐愲姅 於滌劃 欤检嫕鞚� 瓿茧皹靾� 頃勳殧. 欷戧皽鞚� 氙疙埇響滊姅 鞝曥”靾� 瓿勳偘鞐� 韽暔霅橂倶 瓴瓣臣鞐愲姅 氚橃榿霅橃 鞎婌潓(鞎堦贝 1鞚� 牍勳澕靸侅爜, 鞎堦贝 2電� 鞚检儊鞝� 鞎堦贝).
Gladstone Investment Corporation (NASDAQ: GAIN) 鈥� Points cl茅s de la d茅claration d茅finitive de procuration 2025
鈥� Assembl茅e annuelle : Jeudi 7 ao没t 2025 脿 11h00 ET via webcast (www.virtualshareholdermeeting.com/GAIN2025). Date d鈥檈nregistrement : 11 juin 2025 (36 921 165 actions en circulation).
鈥� Propositions soumises au vote :
- Proposition 1 : 脡lection de deux administrateurs鈥擠avid Gladstone (pr茅sident & CEO, partie int茅ress茅e) et John H. Outland (ind茅pendant)鈥攑our des mandats expirant lors de l鈥檃ssembl茅e de 2028.
- Proposition 2 : Ratification de PricewaterhouseCoopers LLP (PwC) en tant que cabinet d鈥檃udit ind茅pendant enregistr茅 pour l鈥檈xercice clos le 31 mars 2026.
鈥� Composition du conseil : Sept membres ; cinq ind茅pendants (71%). Directeur ind茅pendant principal : Walter H. Wilkinson. Le conseil est divis茅 en trois classes ; l鈥檌nd茅pendance est 茅valu茅e selon les r猫gles du Nasdaq et de la loi de 1940.
鈥� Instantan茅 diversit茅 (30 juin 2025) : 3 femmes / 3 hommes / 1 non divulgu茅 ; 3 anciens militaires ; la repr茅sentation raciale/ethnique inclut des Hispaniques/Latinx et des multiraciaux.
鈥� Structure de gouvernance : R么le combin茅 de pr茅sident/CEO occup茅 par le fondateur David Gladstone ; le directeur ind茅pendant principal att茅nue les pr茅occupations de supervision. Les principaux comit茅s鈥擜udit, R茅mun茅ration, 脡thique/Nomination, 脡valuation鈥攕ont enti猫rement ind茅pendants. Les membres du comit茅 d鈥檃udit sont qualifi茅s d鈥櫬� experts financiers en audit 禄.
鈥� Cabinet d鈥檃udit & honoraires : PwC est en fonction depuis 2006. Les frais li茅s 脿 l鈥檃udit pour l鈥檈xercice 2025 s鈥櫭﹍猫vent 脿 674 000 $ (en hausse de 8,5 % en glissement annuel), dont 113 000 $ sont class茅s comme li茅s 脿 l鈥檃udit (programme ATM & 茅mission de dette).
鈥� 脡conomie de la gestion externe : Le conseiller per莽oit des honoraires de base de 2 % sur les actifs bruts moyens plus des frais d鈥檌ncitation (20 % au-del脿 d鈥檜n seuil annualis茅 de 8,75 %). Paiements 2025 : 23,7 millions $ au conseiller ; 1,9 million $ 脿 l鈥檃dministrateur.
鈥� R茅mun茅ration des administrateurs (exercice 2025) : Les administrateurs ind茅pendants ont re莽u une r茅mun茅ration de base de 25 000 $ plus des frais de r茅union/comit茅 ; le mieux r茅mun茅r茅 茅tait John H. Outland avec 52 000 $ de la soci茅t茅 (245 000 $ dans l鈥檈nsemble du groupe Gladstone).
鈥� Possession d鈥檃ctions : Les initi茅s/administrateurs d茅tiennent 2,40 % des actions ordinaires ; David Gladstone d茅tient la plus grande part (667 630 actions, 1,81 %). Aucun actionnaire externe ne d茅passe 5 %.
鈥� M茅canismes de vote : Les administrateurs sont 茅lus 脿 la pluralit茅 ; la ratification de PwC requiert la majorit茅 des actions pr茅sentes. Les votes non 茅mis par les courtiers comptent pour le quorum, mais pas pour le r茅sultat (non routinier pour la proposition 1, routinier pour la proposition 2).
Gladstone Investment Corporation (NASDAQ: GAIN) 鈥� H枚hepunkte der endg眉ltigen Vollmachtsmitteilung 2025
鈥� Jahreshauptversammlung: Donnerstag, 7. August 2025 um 11:00 Uhr ET per Webcast (www.virtualshareholdermeeting.com/GAIN2025). Stichtag: 11. Juni 2025 (36.921.165 ausstehende Aktien).
鈥� 础产蝉迟颈尘尘耻苍驳蝉惫辞谤蝉肠丑濒盲驳别:
- Vorschlag 1: Wahl von zwei Direktoren鈥擠avid Gladstone (Vorsitzender & CEO, beteiligt) und John H. Outland (unabh盲ngig)鈥攆眉r Amtszeiten bis zur Versammlung 2028.
- Vorschlag 2: Best盲tigung von PricewaterhouseCoopers LLP (PwC) als unabh盲ngige zugelassene Wirtschaftspr眉fungsgesellschaft f眉r das Gesch盲ftsjahr bis 31. M盲rz 2026.
鈥� Vorstandsstruktur: Sieben Mitglieder; f眉nf unabh盲ngig (71%). Lead Independent Director: Walter H. Wilkinson. Vorstand ist in drei Klassen gestaffelt; Unabh盲ngigkeit gem盲脽 Nasdaq- und 1940er-Gesetz bewertet.
鈥� Diversit盲ts眉bersicht (30. Juni 2025): 3 Frauen / 3 M盲nner / 1 nicht offengelegt; 3 Milit盲rveteranen; ethnische/rassische Zusammensetzung umfasst hispanische/latinx und multirassische Vertretung.
鈥� Governance-Struktur: Kombinierte Rolle des Vorsitzenden/CEO gehalten vom Gr眉nder David Gladstone; Lead Independent Director mindert 脺berwachungsbedenken. Schl眉sselkomitees鈥擜udit, Verg眉tung, Ethik/Nominierung, Bewertung鈥攕ind vollst盲ndig unabh盲ngig. Audit-Komitee-Mitglieder sind als 鈥濧udit Committee Financial Experts鈥� qualifiziert.
鈥� Wirtschaftspr眉fungsgesellschaft & Geb眉hren: PwC ist seit 2006 t盲tig. F眉r das Gesch盲ftsjahr 2025 betragen die pr眉fungsbezogenen Geb眉hren 674.000 $ (plus 8,5 % gegen眉ber Vorjahr), davon 113.000 $ als pr眉fungsnahe Leistungen (ATM-Programm & Schuldenemission).
鈥� Externe Managementverg眉tung: Berater erh盲lt 2 % Grundgeb眉hr auf durchschnittliche Bruttoverm枚gen plus Erfolgsgeb眉hren (20 % 眉ber 8,75 % annualisierte H眉rde). Zahlungen 2025: 23,7 Mio. $ an Berater; 1,9 Mio. $ an Administrator.
鈥� Verg眉tung der Direktoren (2025): Unabh盲ngige Direktoren erhielten 25.000 $ Grundverg眉tung plus Sitzung-/Ausschussgeb眉hren; Spitzenverdiener war John H. Outland mit 52.000 $ von der Gesellschaft (245.000 $ im Gladstone-Fondsverbund).
鈥� Aktienbesitz: Insider/Direktoren besitzen 2,40 % des Stammkapitals; David Gladstone h盲lt die gr枚脽te Beteiligung (667.630 Aktien, 1,81 %). Kein externer Anteilseigner 眉berschreitet 5 %.
鈥� 础产蝉迟颈尘尘耻苍驳蝉尘辞诲补濒颈迟盲迟别苍: Direktoren werden nach Mehrheitsprinzip gew盲hlt; die Best盲tigung von PwC erfordert die Mehrheit der anwesenden Aktien. Broker-Non-Votes z盲hlen zum Quorum, nicht zum Ergebnis (nicht routinem盲脽ig f眉r Vorschlag 1, routinem盲脽ig f眉r Vorschlag 2).
- Majority-independent board (5 of 7 directors) enhances oversight credibility.
- Virtual-only meeting allows broader shareholder participation at reduced cost.
- Continued engagement of PwC provides audit continuity and industry expertise.
- Diversity matrix disclosure shows progress on gender and veteran representation, aligning with ESG expectations.
- Chair/CEO dual role plus related-party advisory fees present potential conflicts of interest.
- Audit fees increased 8.5% YoY without detailed explanation of cost drivers.
- No directors attended 2024 annual meeting, raising engagement concerns.
- High 2% base management fee and 20% incentive fee may pressure net investment income.
Insights
TL;DR: Routine proxy; majority-independent board, but combined Chair/CEO and sizable related-party fees warrant monitoring.
The DEF 14A is conventional with only two proposals. Governance practices meet Nasdaq independence rules; five of seven directors are independent and committees are fully independent. However, David Gladstone retains dual Chair/CEO authority while his Adviser collects 2% base fees and performance incentive fees鈥攁n inherent conflict mitigated by oversight committees but not eliminated. Audit fees rose 8.5% to $674k, still modest relative to assets. PwC tenure (鈮�19 years) enhances institutional knowledge yet invites rotation debates. No shareholder rights changes or anti-takeover measures are proposed. Overall impact is limited but investors should remain attentive to fee structure and board refreshment cadence.
TL;DR: No direct financial catalysts; vote maintains status quo and external management economics.
From a valuation perspective, the proxy delivers minimal immediate price sensitivity. Electing incumbents and re-approving PwC ensure continuity. Advisory fees of $23.7 m and admin fees of $1.9 m reveal ongoing cost drag (~3.3% of FY 2025 average assets by my estimate), typical for BDCs but material for NII margins. Audit fee uptick is immaterial. The staggered board and plurality voting lower takeover probability, supporting the externally managed model. Absent changes to fee schedule, leverage limits or dividend policy, I view the filing as neutral to the investment thesis.
Gladstone Investment Corporation (NASDAQ: GAIN) 鈥� Punti salienti della Dichiarazione Definitiva di Procura 2025
鈥� Assemblea annuale: Gioved矛 7 agosto 2025 alle 11:00 ET tramite webcast (www.virtualshareholdermeeting.com/GAIN2025). Data di registrazione: 11 giugno 2025 (36.921.165 azioni in circolazione).
鈥� Proposte in votazione:
- Proposta 1: Eleggere due amministratori鈥擠avid Gladstone (Presidente e CEO, interessato) e John H. Outland (indipendente)鈥攑er mandati che scadono all鈥檃ssemblea del 2028.
- Proposta 2: Ratificare PricewaterhouseCoopers LLP (PwC) come societ脿 di revisione contabile indipendente per l鈥檈sercizio fiscale che termina il 31 marzo 2026.
鈥� Composizione del consiglio: Sette membri; cinque indipendenti (71%). Direttore indipendente principale: Walter H. Wilkinson. Il consiglio 猫 suddiviso in tre classi; l鈥檌ndipendenza 猫 valutata secondo le regole Nasdaq e del 1940 Act.
鈥� Panoramica sulla diversit脿 (30 giugno 2025): 3 donne / 3 uomini / 1 non dichiarato; 3 veterani militari; rappresentanza etnica/razziale include ispanici/latinx e multirazziali.
鈥� Struttura di governance: Ruolo combinato di Presidente/CEO detenuto dal fondatore David Gladstone; il Direttore indipendente principale mitiga i potenziali conflitti. Le principali commissioni鈥擱evisione, Compensi, Etica/Selezione, Valutazione鈥攕ono completamente indipendenti. I membri della commissione Revisione sono qualificati come 鈥渆sperti finanziari di revisione鈥�.
鈥� Societ脿 di revisione e compensi: PwC opera dal 2006. Le commissioni relative alla revisione per il 2025 ammontano a 674.000$ (in aumento dell鈥�8,5% rispetto all鈥檃nno precedente), di cui 113.000$ attribuiti a servizi correlati alla revisione (programma ATM e offerta di debito).
鈥� Economia della gestione esterna: Il consulente percepisce una commissione base del 2% sugli asset lordi medi pi霉 commissioni di incentivo (20% oltre l鈥�8,75% di rendimento annualizzato). Pagamenti 2025: 23,7 milioni $ al consulente; 1,9 milioni $ all鈥檃mministratore.
鈥� Compensi degli amministratori (2025): Gli amministratori indipendenti hanno ricevuto un compenso base di 25.000$ pi霉 indennit脿 per riunioni e commissioni; il maggior compenso 猫 stato per John H. Outland con 52.000$ dalla societ脿 (245.000$ complessivi nel gruppo Gladstone).
鈥� Possesso azionario: Insider e amministratori detengono il 2,40% del capitale ordinario; David Gladstone 猫 il maggior azionista con 667.630 azioni (1,81%). Nessun azionista esterno supera il 5%.
鈥� Meccanismi di voto: Gli amministratori sono eletti a maggioranza relativa; la ratifica di PwC richiede la maggioranza delle azioni presenti. I voti non espressi da broker sono conteggiati per il quorum, ma non per l鈥檈sito (non di routine per la Proposta 1, di routine per la Proposta 2).
Gladstone Investment Corporation (NASDAQ: GAIN) 鈥� Aspectos destacados de la Declaraci贸n Definitiva de Poder 2025
鈥� Reuni贸n Anual: Jueves 7 de agosto de 2025 a las 11:00 a.m. ET v铆a webcast (www.virtualshareholdermeeting.com/GAIN2025). Fecha de registro: 11 de junio de 2025 (36,921,165 acciones en circulaci贸n).
鈥� Propuestas para votar:
- Propuesta 1: Elegir a dos directores鈥擠avid Gladstone (Presidente y CEO, interesado) y John H. Outland (independiente)鈥攑ara mandatos que expiran en la reuni贸n de 2028.
- Propuesta 2: Ratificar a PricewaterhouseCoopers LLP (PwC) como firma independiente de auditor铆a registrada para el a帽o fiscal que finaliza el 31 de marzo de 2026.
鈥� Composici贸n del consejo: Siete miembros; cinco independientes (71%). Director Independiente Principal: Walter H. Wilkinson. El consejo est谩 dividido en tres clases; la independencia se eval煤a seg煤n las reglas de Nasdaq y la Ley 1940.
鈥� Resumen de diversidad (30 de junio de 2025): 3 mujeres / 3 hombres / 1 sin revelar; 3 veteranos militares; la mezcla racial/茅tnica incluye representaci贸n hispana/latinx y multirracial.
鈥� Estructura de gobernanza: Rol combinado de Presidente/CEO ocupado por el fundador David Gladstone; el Director Independiente Principal mitiga preocupaciones de supervisi贸n. Comit茅s clave鈥擜uditor铆a, Compensaci贸n, 脡tica/Nominaci贸n, Valoraci贸n鈥攃ompletamente independientes. Miembros del Comit茅 de Auditor铆a calificados como 鈥渆xpertos financieros en auditor铆a鈥�.
鈥� Firma de auditor铆a y honorarios: PwC ha prestado servicios desde 2006. Honorarios relacionados con auditor铆a para 2025 totalizan $674k (aumento del 8.5% interanual), con $113k clasificados como relacionados con auditor铆a (programa ATM y oferta de deuda).
鈥� Econom铆a de la gesti贸n externa: El asesor recibe una tarifa base del 2% sobre activos brutos promedio m谩s tarifas de incentivo (20% sobre un umbral anualizado del 8.75%). Pagos 2025: $23.7 millones al asesor; $1.9 millones al administrador.
鈥� Compensaci贸n de directores (2025): Los directores independientes recibieron una retenci贸n base de $25k m谩s honorarios por reuniones/comit茅s; el mayor ingreso fue John H. Outland con $52k de la Compa帽铆a ($245k en todo el complejo Gladstone).
鈥� Propiedad accionaria: Insiders/directores poseen el 2.40% del capital com煤n; David Gladstone tiene la mayor participaci贸n (667,630 acciones, 1.81%). Ning煤n accionista externo supera el 5%.
鈥� Mec谩nica de votaci贸n: Los directores son elegidos por pluralidad; la ratificaci贸n de PwC requiere mayor铆a de acciones presentes. Los votos no emitidos por brokers cuentan para el qu贸rum, no para el resultado (no rutinario para la Propuesta 1, rutinario para la Propuesta 2).
Gladstone Investment Corporation (NASDAQ: GAIN) 鈥� 2025雲� 頇曥爼 鞙勳瀯鞛� 欤检殧 雮挫毄
鈥� 鞐半 欤检＜齑濏殞: 2025雲� 8鞗� 7鞚� 氇╈殧鞚� 鞓れ爠 11鞁�(霃欕秬鞁滉皠), 鞗轨簮鞀ろ姼(www.virtualshareholdermeeting.com/GAIN2025) 韱淀暣 歆勴枆. 旮办鞚�: 2025雲� 6鞗� 11鞚� (氚滍枆 欤检嫕 36,921,165欤�).
鈥� 韴憸 雽�靸� 鞎堦贝:
- 鞎堦贝 1: 鞚挫偓 霊� 氇� 靹犾瀯鈥擠avid Gladstone (須岇灔 瓴� CEO, 鞚错暣甏�瓿勳瀽) 氚� John H. Outland (霃呺 鞚挫偓)鈥旍瀯旮半姅 2028雲� 齑濏殞旯岇.
- 鞎堦贝 2: 2026雲� 3鞗� 31鞚� 膦呺 須岅硠鞐半弰鞐� 雽�頃� 霃呺 霌彪 瓿奠澑須岅硠氩曥澑鞙茧 PricewaterhouseCoopers LLP (PwC) 鞀轨澑.
鈥� 鞚挫偓須� 甑劚: 7氇� 欷� 5氇呾澊 霃呺 鞚挫偓(71%). 靾橃劃 霃呺 鞚挫偓: Walter H. Wilkinson. 鞚挫偓須岆姅 3臧� 韥措灅鞀る 雮橂墭氅�, 霃呺靹膘潃 雮橃姢雼� 氚� 1940雲� 氩曤 旮办鞙茧 韽夑皜霅�.
鈥� 雼れ枒靹� 順勴櫓(2025雲� 6鞗� 30鞚� 旮办): 鞐劚 3氇� / 雮劚 3氇� / 氙戈车臧� 1氇�; 甑� 氤惦 瓴诫牓鞛� 3氇�; 鞚胳/氙检” 甑劚鞐愲姅 頌堨姢韺媺/霛柬嫶瓿� 氚� 雼れ澑膦� 韽暔.
鈥� 歆�氚瓣惮臁� 甑“: 彀诫鞛� David Gladstone臧� 瓴胳瀯頃橂姅 須岇灔/CEO 鞐暊; 靾橃劃 霃呺 鞚挫偓臧� 臧愲弲 氍胳牅 鞕勴檾. 欤检殧 鞙勳洂須屸�旉皭靷�, 氤挫儊, 鞙るΜ/於旍矞, 韽夑皜鈥旊霊� 霃呺鞝侅瀯. 臧愳偓鞙勳洂須� 鞙勳洂鞚� '臧愳偓鞙勳洂須� 鞛 鞝勲臧�' 鞛愱博 氤挫湢.
鈥� 須岅硠氩曥澑 氚� 靾橃垬耄�: PwC電� 2006雲勲秬韯� 靹滊箘鞀� 欷�. 2025 須岅硠鞐半弰 臧愳偓 甏�霠� 靾橃垬耄� 齑濎暋 $674,000 (鞝勲厔 雽�牍� 8.5% 歃濌皜), 鞚� 欷� $113,000電� 臧愳偓 甏�霠� 靹滊箘鞀�(ATM 頂勲攴鸽灗 氚� 攵�毂� 氚滍枆) 韽暔.
鈥� 鞕鸽秬 甏�毽� 瓴届牅靹�: 鞛愲靷姅 韽夑窢 齑濎瀽靷办潣 2% 旮半掣 靾橃垬耄岇檧 鞚胳劶韹半笇 靾橃垬耄�(鞐� 8.75% 齑堦臣攵勳潣 20%)毳� 靾橃法. 2025雲� 歆�旮夓暋: 鞛愲靷棎 $23.7氚彪, 甏�毽瀽鞐� $1.9氚彪.
鈥� 鞚挫偓 氤挫垬(2025 須岅硠鞐半弰): 霃呺 鞚挫偓霌れ潃 旮半掣 氤挫垬 $25,000瓿� 須岇潣 氚� 鞙勳洂須� 靾橂嫻鞚� 氚涭潓; 斓滉碃 靾橂牴鞛愲姅 John H. Outland鞙茧 須岇偓鞐愳劀 $52,000 靾橂牴(Gladstone 韼�霌� 鞝勳泊搿滊姅 $245,000).
鈥� 欤检嫕 氤挫湢 順勴櫓: 雮措秬鞛� 氚� 鞚挫偓霌れ澊 氤错喌欤� 2.40% 氤挫湢; David Gladstone臧� 斓滊寑 欤检＜搿� 667,630欤�(1.81%) 氤挫湢. 鞕鸽秬 欤检＜電� 5% 齑堦臣 氤挫湢鞛� 鞐嗢潓.
鈥� 韴憸 氚╈嫕: 鞚挫偓電� 雼れ垬霌濏憸鞝滊 靹犾稖; PwC 鞀轨澑鞐愲姅 於滌劃 欤检嫕鞚� 瓿茧皹靾� 頃勳殧. 欷戧皽鞚� 氙疙埇響滊姅 鞝曥”靾� 瓿勳偘鞐� 韽暔霅橂倶 瓴瓣臣鞐愲姅 氚橃榿霅橃 鞎婌潓(鞎堦贝 1鞚� 牍勳澕靸侅爜, 鞎堦贝 2電� 鞚检儊鞝� 鞎堦贝).
Gladstone Investment Corporation (NASDAQ: GAIN) 鈥� Points cl茅s de la d茅claration d茅finitive de procuration 2025
鈥� Assembl茅e annuelle : Jeudi 7 ao没t 2025 脿 11h00 ET via webcast (www.virtualshareholdermeeting.com/GAIN2025). Date d鈥檈nregistrement : 11 juin 2025 (36 921 165 actions en circulation).
鈥� Propositions soumises au vote :
- Proposition 1 : 脡lection de deux administrateurs鈥擠avid Gladstone (pr茅sident & CEO, partie int茅ress茅e) et John H. Outland (ind茅pendant)鈥攑our des mandats expirant lors de l鈥檃ssembl茅e de 2028.
- Proposition 2 : Ratification de PricewaterhouseCoopers LLP (PwC) en tant que cabinet d鈥檃udit ind茅pendant enregistr茅 pour l鈥檈xercice clos le 31 mars 2026.
鈥� Composition du conseil : Sept membres ; cinq ind茅pendants (71%). Directeur ind茅pendant principal : Walter H. Wilkinson. Le conseil est divis茅 en trois classes ; l鈥檌nd茅pendance est 茅valu茅e selon les r猫gles du Nasdaq et de la loi de 1940.
鈥� Instantan茅 diversit茅 (30 juin 2025) : 3 femmes / 3 hommes / 1 non divulgu茅 ; 3 anciens militaires ; la repr茅sentation raciale/ethnique inclut des Hispaniques/Latinx et des multiraciaux.
鈥� Structure de gouvernance : R么le combin茅 de pr茅sident/CEO occup茅 par le fondateur David Gladstone ; le directeur ind茅pendant principal att茅nue les pr茅occupations de supervision. Les principaux comit茅s鈥擜udit, R茅mun茅ration, 脡thique/Nomination, 脡valuation鈥攕ont enti猫rement ind茅pendants. Les membres du comit茅 d鈥檃udit sont qualifi茅s d鈥櫬� experts financiers en audit 禄.
鈥� Cabinet d鈥檃udit & honoraires : PwC est en fonction depuis 2006. Les frais li茅s 脿 l鈥檃udit pour l鈥檈xercice 2025 s鈥櫭﹍猫vent 脿 674 000 $ (en hausse de 8,5 % en glissement annuel), dont 113 000 $ sont class茅s comme li茅s 脿 l鈥檃udit (programme ATM & 茅mission de dette).
鈥� 脡conomie de la gestion externe : Le conseiller per莽oit des honoraires de base de 2 % sur les actifs bruts moyens plus des frais d鈥檌ncitation (20 % au-del脿 d鈥檜n seuil annualis茅 de 8,75 %). Paiements 2025 : 23,7 millions $ au conseiller ; 1,9 million $ 脿 l鈥檃dministrateur.
鈥� R茅mun茅ration des administrateurs (exercice 2025) : Les administrateurs ind茅pendants ont re莽u une r茅mun茅ration de base de 25 000 $ plus des frais de r茅union/comit茅 ; le mieux r茅mun茅r茅 茅tait John H. Outland avec 52 000 $ de la soci茅t茅 (245 000 $ dans l鈥檈nsemble du groupe Gladstone).
鈥� Possession d鈥檃ctions : Les initi茅s/administrateurs d茅tiennent 2,40 % des actions ordinaires ; David Gladstone d茅tient la plus grande part (667 630 actions, 1,81 %). Aucun actionnaire externe ne d茅passe 5 %.
鈥� M茅canismes de vote : Les administrateurs sont 茅lus 脿 la pluralit茅 ; la ratification de PwC requiert la majorit茅 des actions pr茅sentes. Les votes non 茅mis par les courtiers comptent pour le quorum, mais pas pour le r茅sultat (non routinier pour la proposition 1, routinier pour la proposition 2).
Gladstone Investment Corporation (NASDAQ: GAIN) 鈥� H枚hepunkte der endg眉ltigen Vollmachtsmitteilung 2025
鈥� Jahreshauptversammlung: Donnerstag, 7. August 2025 um 11:00 Uhr ET per Webcast (www.virtualshareholdermeeting.com/GAIN2025). Stichtag: 11. Juni 2025 (36.921.165 ausstehende Aktien).
鈥� 础产蝉迟颈尘尘耻苍驳蝉惫辞谤蝉肠丑濒盲驳别:
- Vorschlag 1: Wahl von zwei Direktoren鈥擠avid Gladstone (Vorsitzender & CEO, beteiligt) und John H. Outland (unabh盲ngig)鈥攆眉r Amtszeiten bis zur Versammlung 2028.
- Vorschlag 2: Best盲tigung von PricewaterhouseCoopers LLP (PwC) als unabh盲ngige zugelassene Wirtschaftspr眉fungsgesellschaft f眉r das Gesch盲ftsjahr bis 31. M盲rz 2026.
鈥� Vorstandsstruktur: Sieben Mitglieder; f眉nf unabh盲ngig (71%). Lead Independent Director: Walter H. Wilkinson. Vorstand ist in drei Klassen gestaffelt; Unabh盲ngigkeit gem盲脽 Nasdaq- und 1940er-Gesetz bewertet.
鈥� Diversit盲ts眉bersicht (30. Juni 2025): 3 Frauen / 3 M盲nner / 1 nicht offengelegt; 3 Milit盲rveteranen; ethnische/rassische Zusammensetzung umfasst hispanische/latinx und multirassische Vertretung.
鈥� Governance-Struktur: Kombinierte Rolle des Vorsitzenden/CEO gehalten vom Gr眉nder David Gladstone; Lead Independent Director mindert 脺berwachungsbedenken. Schl眉sselkomitees鈥擜udit, Verg眉tung, Ethik/Nominierung, Bewertung鈥攕ind vollst盲ndig unabh盲ngig. Audit-Komitee-Mitglieder sind als 鈥濧udit Committee Financial Experts鈥� qualifiziert.
鈥� Wirtschaftspr眉fungsgesellschaft & Geb眉hren: PwC ist seit 2006 t盲tig. F眉r das Gesch盲ftsjahr 2025 betragen die pr眉fungsbezogenen Geb眉hren 674.000 $ (plus 8,5 % gegen眉ber Vorjahr), davon 113.000 $ als pr眉fungsnahe Leistungen (ATM-Programm & Schuldenemission).
鈥� Externe Managementverg眉tung: Berater erh盲lt 2 % Grundgeb眉hr auf durchschnittliche Bruttoverm枚gen plus Erfolgsgeb眉hren (20 % 眉ber 8,75 % annualisierte H眉rde). Zahlungen 2025: 23,7 Mio. $ an Berater; 1,9 Mio. $ an Administrator.
鈥� Verg眉tung der Direktoren (2025): Unabh盲ngige Direktoren erhielten 25.000 $ Grundverg眉tung plus Sitzung-/Ausschussgeb眉hren; Spitzenverdiener war John H. Outland mit 52.000 $ von der Gesellschaft (245.000 $ im Gladstone-Fondsverbund).
鈥� Aktienbesitz: Insider/Direktoren besitzen 2,40 % des Stammkapitals; David Gladstone h盲lt die gr枚脽te Beteiligung (667.630 Aktien, 1,81 %). Kein externer Anteilseigner 眉berschreitet 5 %.
鈥� 础产蝉迟颈尘尘耻苍驳蝉尘辞诲补濒颈迟盲迟别苍: Direktoren werden nach Mehrheitsprinzip gew盲hlt; die Best盲tigung von PwC erfordert die Mehrheit der anwesenden Aktien. Broker-Non-Votes z盲hlen zum Quorum, nicht zum Ergebnis (nicht routinem盲脽ig f眉r Vorschlag 1, routinem盲脽ig f眉r Vorschlag 2).
FAQ
When is the 2025 GAIN annual meeting and how can I attend?
What items are on the Gladstone Investment (GAIN) proxy ballot?
What is the record date and share count for voting eligibility?
How much is Gladstone Investment paying PricewaterhouseCoopers?
What management fees did the external Adviser earn in FY 2025?
Is the GAIN board considered independent?
Do insiders hold a significant stake in GAIN?
