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Gladstone Investment Corporation (NASDAQ: GAIN) – 2025 Definitive Proxy Statement highlights

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).

Proposals up for vote:

  • Proposal 1: Elect two directors—David Gladstone (Chairman & CEO, interested) and John H. Outland (independent)—for 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.

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.

Diversity snapshot (June 30 2025): 3 female / 3 male / 1 undisclosed; 3 military veterans; racial/ethnic mix includes Hispanic/Latinx and multiracial representation.

Governance structure: Combined Chair/CEO role held by founder David Gladstone; Lead Independent Director mitigates oversight concerns. Key committees—Audit, Compensation, Ethics/Nominating, Valuation—are fully independent. Audit Committee members qualify as “audit committee financial experts.”

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).

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.

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).

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%.

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) – Punti salienti del Proxy Statement definitivo 2025

Assemblea annuale: Giovedì 7 agosto 2025 alle ore 11:00 ET tramite webcast (www.virtualshareholdermeeting.com/GAIN2025). Data di registrazione: 11 giugno 2025 (36.921.165 azioni in circolazione).

Proposte in votazione:

  • Proposta 1: Elezione di due amministratori—David Gladstone (Presidente e CEO, interessato) e John H. Outland (indipendente)—per mandati in scadenza nell’assemblea del 2028.
  • Proposta 2: Ratifica di PricewaterhouseCoopers LLP (PwC) come società di revisione contabile indipendente per l’esercizio fiscale che termina il 31 marzo 2026.

Composizione del consiglio: Sette membri; cinque indipendenti (71%). Direttore indipendente principale: Walter H. Wilkinson. Il consiglio è suddiviso in tre classi; l’indipendenza è valutata secondo le regole Nasdaq e del 1940 Act.

Profilo di diversità (al 30 giugno 2025): 3 donne / 3 uomini / 1 non dichiarato; 3 veterani militari; rappresentanza razziale/etnica comprende ispanici/latinx e multirazziali.

Struttura di governance: Ruolo combinato di Presidente/CEO detenuto dal fondatore David Gladstone; il Direttore Indipendente principale mitiga le preoccupazioni di supervisione. I comitati chiave—Revisione, Compensi, Etica/Selezione, Valutazione—sono completamente indipendenti. I membri del Comitato Revisione sono qualificati come “esperti finanziari del comitato di revisione”.

Società di revisione e compensi: PwC è il revisore dal 2006. Le spese di revisione per l’esercizio 2025 ammontano a 674.000 $ (in aumento dell’8,5% su base annua), di cui 113.000 $ classificati come attività di revisione correlate (programma ATM e offerta di debito).

Economia della gestione esterna: Il consulente riceve una commissione base del 2% sugli asset lordi medi più commissioni di incentivo (20% oltre un tasso annuo dell’8,75%). Pagamenti esercizio 2025: 23,7 milioni $ al consulente; 1,9 milioni $ all’amministratore.

Compensi degli amministratori (esercizio 2025): Gli amministratori indipendenti hanno ricevuto un compenso base di 25.000 $ più compensi per riunioni/comitati; il maggior compenso è stato di John H. Outland con 52.000 $ dalla Società (245.000 $ complessivi nel gruppo Gladstone).

Possesso azionario: Gli insider/amministratori detengono il 2,40% del capitale ordinario; David Gladstone possiede la quota maggiore (667.630 azioni, 1,81%). Nessun azionista esterno supera il 5%.

Modalità di voto: Gli amministratori sono eletti a maggioranza relativa; la ratifica di PwC richiede la maggioranza delle azioni presenti. I broker non votanti contribuiscono al quorum ma non all’esito (non routine per la Proposta 1, routine per la Proposta 2).

Gladstone Investment Corporation (NASDAQ: GAIN) – Aspectos destacados del Proxy Statement definitivo 2025

Reunión anual: Jueves 7 de agosto de 2025 a las 11:00 a.m. ET vía webcast (www.virtualshareholdermeeting.com/GAIN2025). Fecha de registro: 11 de junio de 2025 (36,921,165 acciones en circulación).

Propuestas para votar:

  • Propuesta 1: Elegir dos directores—David Gladstone (Presidente y CEO, interesado) y John H. Outland (independiente)—para mandatos que expiran en la reunión de 2028.
  • Propuesta 2: Ratificar a PricewaterhouseCoopers LLP (PwC) como firma independiente de auditoría registrada para el año fiscal que termina el 31 de marzo de 2026.

Composición del consejo: Siete miembros; cinco independientes (71%). Director Independiente Principal: Walter H. Wilkinson. La junta está dividida en tres clases; la independencia se evalúa según las normas de Nasdaq y la Ley 1940.

Resumen de diversidad (30 de junio de 2025): 3 mujeres / 3 hombres / 1 no declarado; 3 veteranos militares; la mezcla racial/étnica incluye representación Hispana/Latinx y multirracial.

Estructura de gobernanza: Rol combinado de Presidente/CEO ocupado por el fundador David Gladstone; el Director Independiente Principal mitiga preocupaciones de supervisión. Comités clave—Auditoría, Compensación, Ética/Nominaciones, Valoración—son totalmente independientes. Los miembros del Comité de Auditoría califican como “expertos financieros del comité de auditoría”.

Firma de auditoría y honorarios: PwC ha servido desde 2006. Honorarios relacionados con auditoría del año fiscal 2025 totalizan $674k (un 8.5% más que el año anterior), con $113k categorizados como relacionados con auditoría (programa ATM y oferta de deuda).

Economía de gestión externa: El asesor gana una tarifa base del 2% sobre activos brutos promedio más tarifas de incentivo (20% sobre un umbral anualizado del 8.75%). Pagos del año fiscal 2025: $23.7 millones al asesor; $1.9 millones al administrador.

Compensación de directores (año fiscal 2025): Los directores independientes recibieron $25k de retención base más honorarios por reuniones/comités; el mayor ingreso fue John H. Outland con $52k de la Compañía ($245k en todo el complejo Gladstone).

Propiedad accionaria: Insiders/directores poseen el 2.40% del capital común; David Gladstone tiene la mayor participación (667,630 acciones, 1.81%). Ningún accionista externo supera el 5%.

Mecánica de votación: Los directores se eligen por pluralidad; la ratificación de PwC requiere mayoría de acciones presentes. Los votos en blanco de brokers cuentan para el quórum, no para el resultado (no rutinario para la Propuesta 1, rutinario para la Propuesta 2).

Gladstone Investment Corporation (NASDAQ: GAIN) – 2025년 확정 위임장 주요 내용

연례 주주총회: 2025년 8월 7일 목요일 오전 11시(동부시간), 웹캐스트(www.virtualshareholdermeeting.com/GAIN2025) 통해 진행. 기준일: 2025년 6월 11일 (발행주식수 36,921,165주).

투표 대상 안건:

  • 안건 1: 이사 두 명 선임—David Gladstone (회장 겸 CEO, 이해관계자) 및 John H. Outland (독립 이사)—임기는 2028년 총회까지.
  • 안건 2: PricewaterhouseCoopers LLP (PwC)를 2026년 3월 31일 종료되는 회계연도에 대한 독립 등록 공인회계법인으로 비준.

이사회 구성: 7명, 그중 5명 독립 이사(71%). 수석 독립 이사: Walter H. Wilkinson. 이사회는 3개 그룹으로 나뉘며, 독립성은 Nasdaq 및 1940년법 규정에 따라 평가.

다양성 현황 (2025년 6월 30일 기준): 여성 3명 / 남성 3명 / 비공개 1명; 군 복무 경력자 3명; 인종/민족 구성에는 히스패닉/라틴계 및 다인종 포함.

거버넌스 구조: 창립자 David Gladstone가 겸직하는 회장/CEO 역할; 수석 독립 이사가 감독 문제 완화. 주요 위원회—감사, 보상, 윤리/추천, 평가—모두 독립적임. 감사위원회 구성원은 '감사위원회 금융 전문가' 자격 보유.

감사법인 및 수수료: PwC는 2006년부터 감사 담당. 2025 회계연도 감사 관련 수수료 총액 67만 4천 달러(전년 대비 8.5% 증가), 이 중 11만 3천 달러는 감사 관련 활동(ATM 프로그램 및 부채 발행) 비용.

외부 관리 경제성: 자문사는 평균 총자산의 2% 기본 수수료와 인센티브 수수료(연 8.75% 초과분의 20%)를 받음. 2025 회계연도 지급액: 자문사에 2,370만 달러, 관리자에 190만 달러.

이사 보수 (2025 회계연도): 독립 이사는 기본 보수 2만 5천 달러와 회의/위원회 수당 수령; 최고 수령자는 John H. Outland으로 회사로부터 5만 2천 달러(Gladstone 펀드 전체로는 24만 5천 달러).

주식 보유 현황: 내부자/이사들이 보통주 2.40% 보유; David Gladstone가 최대 지분 보유(667,630주, 1.81%). 외부 주주는 5% 초과 보유자 없음.

투표 방식: 이사는 다수 득표제로 선출; PwC 비준은 출석 주식 과반수 필요. 중개인 무투표는 정족수에는 포함되나 결과에는 영향 없음(안건 1은 비일상적, 안건 2는 일상적 안건).

Gladstone Investment Corporation (NASDAQ: GAIN) – Points clés de la déclaration de procuration définitive 2025

Assemblée annuelle : Jeudi 7 août 2025 à 11h00 ET via webcast (www.virtualshareholdermeeting.com/GAIN2025). Date d’enregistrement : 11 juin 2025 (36 921 165 actions en circulation).

Propositions soumises au vote :

  • Proposition 1 : Élection de deux administrateurs—David Gladstone (Président & CEO, intéressé) et John H. Outland (indépendant)—pour des mandats expirant à l’assemblée de 2028.
  • Proposition 2 : Ratification de PricewaterhouseCoopers LLP (PwC) en tant que cabinet d’audit indépendant enregistré pour l’exercice clos le 31 mars 2026.

Composition du conseil : Sept membres ; cinq indépendants (71 %). Administrateur principal indépendant : Walter H. Wilkinson. Le conseil est divisé en trois classes ; l’indépendance est évaluée selon les règles du Nasdaq et de la loi de 1940.

Profil diversité (30 juin 2025) : 3 femmes / 3 hommes / 1 non divulgué ; 3 anciens militaires ; la diversité raciale/ethnique inclut des représentants hispaniques/latinx et multiraciaux.

Structure de gouvernance : Rôle combiné de Président/CEO détenu par le fondateur David Gladstone ; l’administrateur principal indépendant atténue les préoccupations de supervision. Les comités clés—Audit, Rémunération, Éthique/Propositions, Évaluation—sont entièrement indépendants. Les membres du comité d’audit sont qualifiés d’« experts financiers du comité d’audit ».

Cabinet d’audit et honoraires : PwC est en fonction depuis 2006. Les honoraires liés à l’audit pour l’exercice 2025 s’élèvent à 674 000 $ (en hausse de 8,5 % en glissement annuel), dont 113 000 $ classés comme liés à l’audit (programme ATM et émission de dette).

Économie de la gestion externe : Le conseiller perçoit des frais de base de 2 % sur les actifs bruts moyens plus des frais d’incitation (20 % au-delà d’un seuil annualisé de 8,75 %). Paiements pour l’exercice 2025 : 23,7 millions $ au conseiller ; 1,9 million $ à l’administrateur.

Rémunération des administrateurs (exercice 2025) : Les administrateurs indépendants ont reçu 25 000 $ de rémunération de base plus des honoraires pour réunions/comités ; le mieux rémunéré était John H. Outland avec 52 000 $ de la Société (245 000 $ dans l’ensemble du groupe Gladstone).

Détention d’actions : Les initiés/administrateurs détiennent 2,40 % du capital ordinaire ; David Gladstone détient la plus grande part (667 630 actions, 1,81 %). Aucun détenteur extérieur ne dépasse 5 %.

Mécanique de vote : Les administrateurs sont élus à la pluralité ; la ratification de PwC nécessite la majorité des actions présentes. Les votes non exprimés des courtiers comptent pour le quorum, pas pour le résultat (non routinier pour la proposition 1, routinier pour la proposition 2).

Gladstone Investment Corporation (NASDAQ: GAIN) – Höhepunkte der endgültigen Vollmachtsunterlage 2025

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).

Abstimmungsvorschläge:

  • Vorschlag 1: Wahl von zwei Direktoren—David Gladstone (Vorsitzender & CEO, beteiligt) und John H. Outland (unabhängig)—für Amtszeiten bis zur Versammlung 2028.
  • Vorschlag 2: Bestätigung von PricewaterhouseCoopers LLP (PwC) als unabhängige registrierte Wirtschaftsprüfungsgesellschaft für das am 31. März 2026 endende Geschäftsjahr.

Zusammensetzung des Vorstands: Sieben Mitglieder; fünf unabhängig (71%). Leitender unabhängiger Direktor: Walter H. Wilkinson. Der Vorstand ist in drei Klassen gestaffelt; Unabhängigkeit wird nach Nasdaq- und 1940-Act-Regeln bewertet.

Diversitätsübersicht (30. Juni 2025): 3 Frauen / 3 Männer / 1 nicht offengelegt; 3 Militärveteranen; rassisch/ethnisch vertreten sind Hispanics/Latinx und multirassische Mitglieder.

Governance-Struktur: Kombinierte Rolle von Vorsitzendem/CEO durch Gründer David Gladstone; leitender unabhängiger Direktor mildert Überwachungsbedenken. Schlüsselkomitees—Audit, Vergütung, Ethik/Nominierung, Bewertung—sind vollständig unabhängig. Mitglieder des Prüfungsausschusses sind als „Finanzexperten des Prüfungsausschusses“ qualifiziert.

Wirtschaftsprüfungsgesellschaft & Gebühren: PwC ist seit 2006 tätig. Prüfungsbezogene Gebühren für das Geschäftsjahr 2025 betragen 674.000 $ (plus 8,5 % gegenüber Vorjahr), davon 113.000 $ als prüfungsbezogen klassifiziert (ATM-Programm & Schuldenangebot).

Externe Managementvergütung: Der Berater erhält eine Grundgebühr von 2 % auf durchschnittliche Bruttovermögen plus Anreizgebühren (20 % über einem annualisierten Hürdenwert von 8,75 %). Zahlungen im Geschäftsjahr 2025: 23,7 Mio. $ an den Berater; 1,9 Mio. $ an den Administrator.

Direktorenvergütung (Geschäftsjahr 2025): Unabhängige Direktoren erhielten eine Grundvergütung von 25.000 $ plus Sitzung-/Ausschussgebühren; Top-Verdiener war John H. Outland mit 52.000 $ von der Gesellschaft (245.000 $ im Gladstone-Fondsverbund).

Aktienbesitz: Insider/Direktoren besitzen 2,40 % des Stammkapitals; David Gladstone hält die größte Beteiligung (667.630 Aktien, 1,81 %). Kein externer Anteilseigner überschreitet 5 %.

Abstimmungsmodalitäten: Direktoren werden nach Mehrheitsprinzip gewählt; die Bestätigung von PwC erfordert die Mehrheit der anwesenden Aktien. Broker-Non-Votes zählen zum Quorum, nicht zum Ergebnis (nicht routinemäßig für Vorschlag 1, routinemäßig für Vorschlag 2).

Positive
  • 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.
Negative
  • 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—an inherent conflict mitigated by oversight committees but not eliminated. Audit fees rose 8.5% to $674k, still modest relative to assets. PwC tenure (≈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) – Punti salienti del Proxy Statement definitivo 2025

Assemblea annuale: Giovedì 7 agosto 2025 alle ore 11:00 ET tramite webcast (www.virtualshareholdermeeting.com/GAIN2025). Data di registrazione: 11 giugno 2025 (36.921.165 azioni in circolazione).

Proposte in votazione:

  • Proposta 1: Elezione di due amministratori—David Gladstone (Presidente e CEO, interessato) e John H. Outland (indipendente)—per mandati in scadenza nell’assemblea del 2028.
  • Proposta 2: Ratifica di PricewaterhouseCoopers LLP (PwC) come società di revisione contabile indipendente per l’esercizio fiscale che termina il 31 marzo 2026.

Composizione del consiglio: Sette membri; cinque indipendenti (71%). Direttore indipendente principale: Walter H. Wilkinson. Il consiglio è suddiviso in tre classi; l’indipendenza è valutata secondo le regole Nasdaq e del 1940 Act.

Profilo di diversità (al 30 giugno 2025): 3 donne / 3 uomini / 1 non dichiarato; 3 veterani militari; rappresentanza razziale/etnica comprende ispanici/latinx e multirazziali.

Struttura di governance: Ruolo combinato di Presidente/CEO detenuto dal fondatore David Gladstone; il Direttore Indipendente principale mitiga le preoccupazioni di supervisione. I comitati chiave—Revisione, Compensi, Etica/Selezione, Valutazione—sono completamente indipendenti. I membri del Comitato Revisione sono qualificati come “esperti finanziari del comitato di revisione”.

Società di revisione e compensi: PwC è il revisore dal 2006. Le spese di revisione per l’esercizio 2025 ammontano a 674.000 $ (in aumento dell’8,5% su base annua), di cui 113.000 $ classificati come attività di revisione correlate (programma ATM e offerta di debito).

Economia della gestione esterna: Il consulente riceve una commissione base del 2% sugli asset lordi medi più commissioni di incentivo (20% oltre un tasso annuo dell’8,75%). Pagamenti esercizio 2025: 23,7 milioni $ al consulente; 1,9 milioni $ all’amministratore.

Compensi degli amministratori (esercizio 2025): Gli amministratori indipendenti hanno ricevuto un compenso base di 25.000 $ più compensi per riunioni/comitati; il maggior compenso è stato di John H. Outland con 52.000 $ dalla Società (245.000 $ complessivi nel gruppo Gladstone).

Possesso azionario: Gli insider/amministratori detengono il 2,40% del capitale ordinario; David Gladstone possiede la quota maggiore (667.630 azioni, 1,81%). Nessun azionista esterno supera il 5%.

Modalità di voto: Gli amministratori sono eletti a maggioranza relativa; la ratifica di PwC richiede la maggioranza delle azioni presenti. I broker non votanti contribuiscono al quorum ma non all’esito (non routine per la Proposta 1, routine per la Proposta 2).

Gladstone Investment Corporation (NASDAQ: GAIN) – Aspectos destacados del Proxy Statement definitivo 2025

Reunión anual: Jueves 7 de agosto de 2025 a las 11:00 a.m. ET vía webcast (www.virtualshareholdermeeting.com/GAIN2025). Fecha de registro: 11 de junio de 2025 (36,921,165 acciones en circulación).

Propuestas para votar:

  • Propuesta 1: Elegir dos directores—David Gladstone (Presidente y CEO, interesado) y John H. Outland (independiente)—para mandatos que expiran en la reunión de 2028.
  • Propuesta 2: Ratificar a PricewaterhouseCoopers LLP (PwC) como firma independiente de auditoría registrada para el año fiscal que termina el 31 de marzo de 2026.

Composición del consejo: Siete miembros; cinco independientes (71%). Director Independiente Principal: Walter H. Wilkinson. La junta está dividida en tres clases; la independencia se evalúa según las normas de Nasdaq y la Ley 1940.

Resumen de diversidad (30 de junio de 2025): 3 mujeres / 3 hombres / 1 no declarado; 3 veteranos militares; la mezcla racial/étnica incluye representación Hispana/Latinx y multirracial.

Estructura de gobernanza: Rol combinado de Presidente/CEO ocupado por el fundador David Gladstone; el Director Independiente Principal mitiga preocupaciones de supervisión. Comités clave—Auditoría, Compensación, Ética/Nominaciones, Valoración—son totalmente independientes. Los miembros del Comité de Auditoría califican como “expertos financieros del comité de auditoría”.

Firma de auditoría y honorarios: PwC ha servido desde 2006. Honorarios relacionados con auditoría del año fiscal 2025 totalizan $674k (un 8.5% más que el año anterior), con $113k categorizados como relacionados con auditoría (programa ATM y oferta de deuda).

Economía de gestión externa: El asesor gana una tarifa base del 2% sobre activos brutos promedio más tarifas de incentivo (20% sobre un umbral anualizado del 8.75%). Pagos del año fiscal 2025: $23.7 millones al asesor; $1.9 millones al administrador.

Compensación de directores (año fiscal 2025): Los directores independientes recibieron $25k de retención base más honorarios por reuniones/comités; el mayor ingreso fue John H. Outland con $52k de la Compañía ($245k en todo el complejo Gladstone).

Propiedad accionaria: Insiders/directores poseen el 2.40% del capital común; David Gladstone tiene la mayor participación (667,630 acciones, 1.81%). Ningún accionista externo supera el 5%.

Mecánica de votación: Los directores se eligen por pluralidad; la ratificación de PwC requiere mayoría de acciones presentes. Los votos en blanco de brokers cuentan para el quórum, no para el resultado (no rutinario para la Propuesta 1, rutinario para la Propuesta 2).

Gladstone Investment Corporation (NASDAQ: GAIN) – 2025년 확정 위임장 주요 내용

연례 주주총회: 2025년 8월 7일 목요일 오전 11시(동부시간), 웹캐스트(www.virtualshareholdermeeting.com/GAIN2025) 통해 진행. 기준일: 2025년 6월 11일 (발행주식수 36,921,165주).

투표 대상 안건:

  • 안건 1: 이사 두 명 선임—David Gladstone (회장 겸 CEO, 이해관계자) 및 John H. Outland (독립 이사)—임기는 2028년 총회까지.
  • 안건 2: PricewaterhouseCoopers LLP (PwC)를 2026년 3월 31일 종료되는 회계연도에 대한 독립 등록 공인회계법인으로 비준.

이사회 구성: 7명, 그중 5명 독립 이사(71%). 수석 독립 이사: Walter H. Wilkinson. 이사회는 3개 그룹으로 나뉘며, 독립성은 Nasdaq 및 1940년법 규정에 따라 평가.

다양성 현황 (2025년 6월 30일 기준): 여성 3명 / 남성 3명 / 비공개 1명; 군 복무 경력자 3명; 인종/민족 구성에는 히스패닉/라틴계 및 다인종 포함.

거버넌스 구조: 창립자 David Gladstone가 겸직하는 회장/CEO 역할; 수석 독립 이사가 감독 문제 완화. 주요 위원회—감사, 보상, 윤리/추천, 평가—모두 독립적임. 감사위원회 구성원은 '감사위원회 금융 전문가' 자격 보유.

감사법인 및 수수료: PwC는 2006년부터 감사 담당. 2025 회계연도 감사 관련 수수료 총액 67만 4천 달러(전년 대비 8.5% 증가), 이 중 11만 3천 달러는 감사 관련 활동(ATM 프로그램 및 부채 발행) 비용.

외부 관리 경제성: 자문사는 평균 총자산의 2% 기본 수수료와 인센티브 수수료(연 8.75% 초과분의 20%)를 받음. 2025 회계연도 지급액: 자문사에 2,370만 달러, 관리자에 190만 달러.

이사 보수 (2025 회계연도): 독립 이사는 기본 보수 2만 5천 달러와 회의/위원회 수당 수령; 최고 수령자는 John H. Outland으로 회사로부터 5만 2천 달러(Gladstone 펀드 전체로는 24만 5천 달러).

주식 보유 현황: 내부자/이사들이 보통주 2.40% 보유; David Gladstone가 최대 지분 보유(667,630주, 1.81%). 외부 주주는 5% 초과 보유자 없음.

투표 방식: 이사는 다수 득표제로 선출; PwC 비준은 출석 주식 과반수 필요. 중개인 무투표는 정족수에는 포함되나 결과에는 영향 없음(안건 1은 비일상적, 안건 2는 일상적 안건).

Gladstone Investment Corporation (NASDAQ: GAIN) – Points clés de la déclaration de procuration définitive 2025

Assemblée annuelle : Jeudi 7 août 2025 à 11h00 ET via webcast (www.virtualshareholdermeeting.com/GAIN2025). Date d’enregistrement : 11 juin 2025 (36 921 165 actions en circulation).

Propositions soumises au vote :

  • Proposition 1 : Élection de deux administrateurs—David Gladstone (Président & CEO, intéressé) et John H. Outland (indépendant)—pour des mandats expirant à l’assemblée de 2028.
  • Proposition 2 : Ratification de PricewaterhouseCoopers LLP (PwC) en tant que cabinet d’audit indépendant enregistré pour l’exercice clos le 31 mars 2026.

Composition du conseil : Sept membres ; cinq indépendants (71 %). Administrateur principal indépendant : Walter H. Wilkinson. Le conseil est divisé en trois classes ; l’indépendance est évaluée selon les règles du Nasdaq et de la loi de 1940.

Profil diversité (30 juin 2025) : 3 femmes / 3 hommes / 1 non divulgué ; 3 anciens militaires ; la diversité raciale/ethnique inclut des représentants hispaniques/latinx et multiraciaux.

Structure de gouvernance : Rôle combiné de Président/CEO détenu par le fondateur David Gladstone ; l’administrateur principal indépendant atténue les préoccupations de supervision. Les comités clés—Audit, Rémunération, Éthique/Propositions, Évaluation—sont entièrement indépendants. Les membres du comité d’audit sont qualifiés d’« experts financiers du comité d’audit ».

Cabinet d’audit et honoraires : PwC est en fonction depuis 2006. Les honoraires liés à l’audit pour l’exercice 2025 s’élèvent à 674 000 $ (en hausse de 8,5 % en glissement annuel), dont 113 000 $ classés comme liés à l’audit (programme ATM et émission de dette).

Économie de la gestion externe : Le conseiller perçoit des frais de base de 2 % sur les actifs bruts moyens plus des frais d’incitation (20 % au-delà d’un seuil annualisé de 8,75 %). Paiements pour l’exercice 2025 : 23,7 millions $ au conseiller ; 1,9 million $ à l’administrateur.

Rémunération des administrateurs (exercice 2025) : Les administrateurs indépendants ont reçu 25 000 $ de rémunération de base plus des honoraires pour réunions/comités ; le mieux rémunéré était John H. Outland avec 52 000 $ de la Société (245 000 $ dans l’ensemble du groupe Gladstone).

Détention d’actions : Les initiés/administrateurs détiennent 2,40 % du capital ordinaire ; David Gladstone détient la plus grande part (667 630 actions, 1,81 %). Aucun détenteur extérieur ne dépasse 5 %.

Mécanique de vote : Les administrateurs sont élus à la pluralité ; la ratification de PwC nécessite la majorité des actions présentes. Les votes non exprimés des courtiers comptent pour le quorum, pas pour le résultat (non routinier pour la proposition 1, routinier pour la proposition 2).

Gladstone Investment Corporation (NASDAQ: GAIN) – Höhepunkte der endgültigen Vollmachtsunterlage 2025

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).

Abstimmungsvorschläge:

  • Vorschlag 1: Wahl von zwei Direktoren—David Gladstone (Vorsitzender & CEO, beteiligt) und John H. Outland (unabhängig)—für Amtszeiten bis zur Versammlung 2028.
  • Vorschlag 2: Bestätigung von PricewaterhouseCoopers LLP (PwC) als unabhängige registrierte Wirtschaftsprüfungsgesellschaft für das am 31. März 2026 endende Geschäftsjahr.

Zusammensetzung des Vorstands: Sieben Mitglieder; fünf unabhängig (71%). Leitender unabhängiger Direktor: Walter H. Wilkinson. Der Vorstand ist in drei Klassen gestaffelt; Unabhängigkeit wird nach Nasdaq- und 1940-Act-Regeln bewertet.

Diversitätsübersicht (30. Juni 2025): 3 Frauen / 3 Männer / 1 nicht offengelegt; 3 Militärveteranen; rassisch/ethnisch vertreten sind Hispanics/Latinx und multirassische Mitglieder.

Governance-Struktur: Kombinierte Rolle von Vorsitzendem/CEO durch Gründer David Gladstone; leitender unabhängiger Direktor mildert Überwachungsbedenken. Schlüsselkomitees—Audit, Vergütung, Ethik/Nominierung, Bewertung—sind vollständig unabhängig. Mitglieder des Prüfungsausschusses sind als „Finanzexperten des Prüfungsausschusses“ qualifiziert.

Wirtschaftsprüfungsgesellschaft & Gebühren: PwC ist seit 2006 tätig. Prüfungsbezogene Gebühren für das Geschäftsjahr 2025 betragen 674.000 $ (plus 8,5 % gegenüber Vorjahr), davon 113.000 $ als prüfungsbezogen klassifiziert (ATM-Programm & Schuldenangebot).

Externe Managementvergütung: Der Berater erhält eine Grundgebühr von 2 % auf durchschnittliche Bruttovermögen plus Anreizgebühren (20 % über einem annualisierten Hürdenwert von 8,75 %). Zahlungen im Geschäftsjahr 2025: 23,7 Mio. $ an den Berater; 1,9 Mio. $ an den Administrator.

Direktorenvergütung (Geschäftsjahr 2025): Unabhängige Direktoren erhielten eine Grundvergütung von 25.000 $ plus Sitzung-/Ausschussgebühren; Top-Verdiener war John H. Outland mit 52.000 $ von der Gesellschaft (245.000 $ im Gladstone-Fondsverbund).

Aktienbesitz: Insider/Direktoren besitzen 2,40 % des Stammkapitals; David Gladstone hält die größte Beteiligung (667.630 Aktien, 1,81 %). Kein externer Anteilseigner überschreitet 5 %.

Abstimmungsmodalitäten: Direktoren werden nach Mehrheitsprinzip gewählt; die Bestätigung von PwC erfordert die Mehrheit der anwesenden Aktien. Broker-Non-Votes zählen zum Quorum, nicht zum Ergebnis (nicht routinemäßig für Vorschlag 1, routinemäßig für Vorschlag 2).

SEC Form 4
FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number: 3235-0287
Estimated average burden
hours per response: 0.5
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
X
Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.
1. Name and Address of Reporting Person*
Moreadith Randall

(Last) (First) (Middle)
601 GENOME WAY, SUITE 2001

(Street)
HUNTSVILLE AL 35806

(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
Serina Therapeutics, Inc. [ SER ]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
Director 10% Owner
X Officer (give title below) Other (specify below)
Chief Scientific Officer
3. Date of Earliest Transaction (Month/Day/Year)
06/30/2025
4. If Amendment, Date of Original Filed (Month/Day/Year)
6. Individual or Joint/Group Filing (Check Applicable Line)
X Form filed by One Reporting Person
Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 06/30/2025 M 6,500 A $0.06 6,500 D
Common Stock 06/30/2025 S 6,500 D $5.78(1) 0 D
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Stock Option (right to buy) $0.06 06/30/2025 M 6,500 (2) 05/06/2031 Common Stock 6,500 $0 514,686 D
Explanation of Responses:
1. The price reported in Column 4 of Table I is a weighted average price. These shares were sold in multiple transactions at prices ranging from $5.68 to $6.05. The reporting person undertakes to provide to Serina Therapeutics, Inc., any security holder of Serina Therapeutis, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote to this Form 4.
2. The stock options are fully vested.
Remarks:
/s/ Randall Moreadith 07/02/2025
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

When is the 2025 GAIN annual meeting and how can I attend?

August 7, 2025 at 11:00 a.m. ET via webcast at www.virtualshareholdermeeting.com/GAIN2025 using the control number on your proxy card.

What items are on the Gladstone Investment (GAIN) proxy ballot?

Shareholders will vote to elect two directors (David Gladstone and John Outland) and ratify PwC as independent auditor for FY 2026.

What is the record date and share count for voting eligibility?

The record date is June 11, 2025; 36,921,165 common shares are entitled to vote.

How much is Gladstone Investment paying PricewaterhouseCoopers?

Audit and related fees for FY 2025 total $674,000, up from $621,300 in FY 2024.

What management fees did the external Adviser earn in FY 2025?

Gladstone Management Corporation collected $23.7 million in advisory fees and $1.9 million in administration fees.

Is the GAIN board considered independent?

Yes, five of seven directors are independent under Nasdaq and 1940 Act criteria.

Do insiders hold a significant stake in GAIN?

Directors and officers collectively own 2.40 % of outstanding shares; the largest insider holder is CEO David Gladstone with 1.81 %.
Serina Therapeutics

NYSE:SER

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SER Stock Data

61.10M
3.60M
65.36%
3.4%
0.31%
Biotechnology
Pharmaceutical Preparations
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United States
HUNTSVILLE