Onur Erzan

About Onur Erzan

Onur Erzan (age 49) is Senior Vice President of AllianceBernstein L.P., Head of Global Client Group and Head of Private Wealth, and serves as President and Chief Executive Officer of the AB Mutual Funds, AllianceBernstein Global High Income Fund, Inc. (AGHIF) and AllianceBernstein National Municipal Income Fund, Inc. (ANMIF) since April 2021; he has also been President and CEO of the AB ETFs since May 2022 . He is an “Interested Director” (affiliated with the Adviser) and currently a Class Two Director with a term expiring in 2026; he will resign as a Class Two Director of each Fund contingent upon the election of Alexander Chaloff as a Class Two Director . Prior to joining AB in January 2021, he spent over 19 years at McKinsey as a senior partner and co-leader of its Wealth & Asset Management practice and co-led Banking & Securities Solutions globally; he is also a member of the Equitable Holdings Management Committee .
Note: AWF’s proxy statements do not disclose fund-level TSR, revenue, or EBITDA metrics tied to Mr. Erzan’s compensation; the Funds do not pay compensation to “interested” directors and fund officers’ compensation is paid by the Adviser .

Past Roles

External Roles

Fixed Compensation

• Fund-level policy: Neither Fund pays any fees or reimburses expenses to a Director when the Director is an “interested person.” Accordingly, Mr. Erzan (an Interested Director) receives no director fees from the Funds; compensation is paid by the Adviser. No pension/retirement benefits are provided by the Funds to directors, with a disclosed one-time 2024 retirement benefit for two former directors of other AB funds borne entirely by the Adviser via fee waiver .

Performance Compensation

• Not disclosed at fund level. The proxy statements provide no details on base salary, target/actual bonus, RSUs/PSUs/options, performance metrics, vesting schedules, severance, change-in-control, clawbacks, tax gross-ups, deferred comp, or perquisites for Mr. Erzan. Compensation for fund officers is paid by the Adviser and is not detailed in the Funds’ proxies .

Equity Ownership & Alignment

As a director/officer, Mr. Erzan’s beneficial ownership in the specific Funds and aggregate AB Funds Complex is disclosed as dollar ranges.

Notes:

• The proxies do not disclose any pledging or hedging arrangements for Mr. Erzan .
• No options/RSUs/PSUs or in-the-money values are disclosed at the Fund level .

Employment Terms

• Not disclosed. The Funds’ proxies do not include employment agreements, severance/change-of-control economics, non-compete/non-solicit, garden leave, or consulting arrangements for Mr. Erzan; such terms, if any, would be with the Adviser (AllianceBernstein L.P.) and are not reported here .

Board Governance

• Role and tenure: Interested Director (Class Two; term to 2026) with service as a director since April 2021; will resign as Class Two Director contingent on Alexander Chaloff’s election as Class Two Director .
• Committee memberships: All Board committees (Audit; Governance & Nominating; Independent Directors) are composed exclusively of Independent Directors. As an Interested Director, Mr. Erzan does not serve on Board committees .
• Board leadership/independence: The Board is chaired by an Independent Director; Independent Directors meet in executive session at every Board meeting .
• Meetings: During fiscal year 2024, each Fund’s Board met four times .

Director Compensation

• Interested Director compensation from the Funds: $0 (per policy that no fees/expenses are paid when a Director is an “interested person”) .
• Independent Directors’ compensation is disclosed by the Funds and across the AB Funds Complex; these schedules exclude Interested Directors like Mr. Erzan .

Performance & Track Record

• Background: Extensive leadership in wealth/asset management from AB executive roles and prior 19+ years at McKinsey .
• Fund or stock performance during tenure: Not disclosed in the Funds’ proxy statements .

Board Service History and Dual-Role Implications

• Board service: Director of AB Funds from April 2021 to December 2024; continues as director for AGHIF and ANMIF as Class Two (term to 2026), with resignation contingent upon election of Mr. Chaloff as Class Two Director .
• Dual-role considerations: Mr. Erzan serves as President & CEO of the Funds while also a director (Interested). Governance mitigants include an Independent Chair, independent-only committees, and executive sessions of Independent Directors at every meeting .

Compensation Structure Analysis

• Cash vs equity mix: Not disclosed at Fund level; the Funds do not compensate Interested Directors and do not grant equity awards .
• Performance metric targets/payouts: Not disclosed at Fund level .
• Repricings/modifications of awards: None disclosed at the Fund level .

Risk Indicators & Red Flags

• Related-party/affiliation: Mr. Erzan is an “Interested Director” due to affiliation with the Adviser; the Adviser is an affiliate of each Fund .
• Director independence safeguards: Independent Chair and independent-only committees; Independent Directors meet in executive session at every Board meeting .
• Section 16 compliance: The 2024 proxy notes one late Form 3 for a controller; no issues are noted for Mr. Erzan .
• Say-on-pay: Not applicable/disclosed for these closed-end funds .

Equity Ownership & Alignment Details (Expanded)

• As-of 2023: Mr. Erzan reported “None” in the individual Funds and “Over $100,000” in aggregate across the AB Funds Complex .
• As-of 2024: Mr. Erzan reported “None” in the Funds individually and “Over $100,000” in aggregate across the AB Funds Complex .
• As-of record date (2025): Directors and officers as a group owned <1% of shares of either Fund .

Employment Terms (Expanded)

• Fund officer roster confirms Mr. Erzan is President & CEO of both Funds; proxies provide titles but do not provide contract, severance, or incentive terms .
• No disclosures of non-compete, non-solicit, or change-of-control provisions at the Fund level .

Investment Implications

• Alignment: At the Fund level, there are no director fees or equity awards for Interested Directors; Mr. Erzan’s fund-specific holdings are “None,” though he has “Over $100,000” invested across the AB Funds Complex, which provides broad complex-level alignment but limited direct AWF alignment .
• Insider selling pressure: Absent fund-level equity grants/options and with “None” reported holdings in the specific Funds, there is minimal risk of forced selling from vesting/option exercises at the Fund level; any compensation-related selling dynamics would reside at the Adviser and are not disclosed here .
• Governance: Dual-role risk (executive + director) is mitigated by an Independent Chair, independent-only committees, and regular executive sessions; the planned transition of his Class Two director seat to another Interested Director (Chaloff) upon election further reduces potential concentration of roles on the Board .
• Data gaps: Lack of disclosed pay-for-performance metrics, vesting schedules, or severance/change-in-control terms at the Fund level limits direct assessment of compensation alignment or retention risk for Mr. Erzan via AWF documents .