Alice Tham

About Alice Tham

Alice H. Tham is the Fund’s Secretary (2019–present) and an Operations Manager at Thomas J. Herzfeld Advisors, Inc. (2012–present) supporting fund administration and governance functions . Her age is disclosed as 31 (2021), 33 (2023), and 34 (2024), reflecting continuity in the role and tenure since 2019 . The Fund does not disclose individual executive officer performance metrics (e.g., TSR, revenue or EBITDA growth) at the officer level; performance disclosures in recent proxy materials focus on fund-level advisory fee changes and investment strategy rather than officer-specific KPIs .

Past Roles

External Roles

Fixed Compensation

• CUBA proxy statements provide director compensation tables and do not itemize or disclose individual executive officer compensation (e.g., base salary, bonus, equity awards) for officers such as the Secretary; officers are identified as personnel of the external Adviser rather than Fund employees .
• Directors and executive officers of the Fund do not receive pension or retirement benefits from the Fund, and no pension/SERP amounts are disclosed for executive officers .

Performance Compensation

• No officer-level performance award metrics (weightings, targets, payouts, vesting) are disclosed for Ms. Tham; incentive economics are structured at the Adviser/Fund level via the amended advisory agreement rather than through individual officer grant programs .
• Fund-level incentive fee mechanics: 10% of pre‑incentive fee net investment income per quarter, subject to a 2.25% quarterly hurdle (9% annualized) and “catch‑up” provisions; no incentive fee would have been paid for FY 2024 and the December 31, 2024 semiannual period, on a pro forma basis .

Equity Ownership & Alignment

• Section 16 compliance: the Fund reports Reporting Persons complied with filing requirements for FY 2024 and through May 7, 2025, with one exception unrelated to Ms. Tham (a late Form 3 for B. Herzfeld) .
• Shares pledged/hedging, stock ownership guidelines, and compliance status are not disclosed for executive officers in the proxy materials .

Employment Terms

• Officer affiliation: the Fund identifies Ms. Tham (Secretary) as an officer or employee of Thomas J. Herzfeld Advisors, Inc., indicating her employment relationship is with the external Adviser rather than the Fund .
• Severance, change-of-control, non‑compete/non‑solicit, garden leave, clawbacks, tax gross‑ups, deferred compensation elections, and perquisites are not disclosed for executive officers in the proxy materials .

Profile Timeline Across Proxies

Investment Implications

• Alignment and selling pressure: Ms. Tham reported no beneficial ownership of the Fund’s common stock at both Sep 14, 2023 and Apr 30, 2025, which implies minimal direct insider selling pressure from her holdings and limited “skin‑in‑the‑game” alignment via personal share ownership .
• Retention risk: Tenure since 2012 at the Adviser and since 2019 as Fund Secretary indicates continuity in operations and governance support; however, no employment agreement terms (severance/COC) are disclosed to assess retention economics .
• Compensation structure vs performance: The amended advisory agreement compensates the Adviser with a 1.25% base fee on managed assets plus a 10% quarterly incentive fee on pre‑incentive fee net investment income above a 2.25% quarterly hurdle; the Board acknowledges this structure can incentivize leverage and higher‑yield assets at the fund level, increasing operational demands and potential risk while not directly linking pay to Ms. Tham’s individual KPIs .
• Governance influence: Ms. Tham is not a director and does not sit on Board committees; the Board is majority independent, and committee work is performed by independent directors, suggesting her role is administrative rather than policy‑setting—reducing direct governance‑driven trading signals tied to her individual actions .