Michael Erickson
About Michael S. Erickson
Independent Trustee of Destra Multi-Alternative Fund (DMA) since November 2018; birth year 1952. Background includes COO/CFO roles at Erickson Holding Corp. (2003–present) and McGee Island LLC (2015–present), prior Chairman of the Board and CFO of AeroAstro (nearly ten years), director at Decimal, Inc., and CPA experience at Coopers & Lybrand. He also serves as a director of Meridian Fund, Inc.; he holds an MBA from Stanford Graduate School of Business .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| AeroAstro | Chairman of the Board and CFO | Nearly ten years | Leadership and financial management |
| Decimal, Inc. | Director | Not disclosed | Board experience in online IRA administration |
| Coopers & Lybrand | Certified Public Accountant | Not disclosed | Financial/accounting foundation |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Erickson Holding Corp. (passive real estate holding company) | COO/CFO | 2003–present | Executive financial oversight |
| McGee Island LLC (real estate management) | COO/CFO | 2015–present | Executive operations/finance |
| Meridian Fund, Inc. (RIC; 4 portfolios) | Director | Current | Registered investment company governance |
Board Governance
- Independence: DMA’s Board consists of trustees who are not “Interested Persons”; Erickson is an Independent Trustee and is nominated for re-election as a Class I Trustee, remaining independent if re-elected .
- Committees: Member of Audit Committee; Chair of Nominating & Governance Committee. Audit Committee met four times in FY ended March 31, 2025; Nominating & Governance met two times in FY ended March 31, 2025 . In FY ended March 31, 2024, Audit met four times; Nominating & Governance met two times .
- Attendance: Board met four times in FY 2025 and six times in FY 2024; each trustee attended at least 75% of Board and applicable committee meetings in those fiscal years .
- Board leadership: Chairman is Nicholas Dalmaso (independent); no Lead Independent Director disclosed .
- Executive sessions frequency: Not disclosed.
Fixed Compensation
| Metric | FY 2024 | FY 2025 |
|---|---|---|
| Aggregate Compensation from DMA Fund (cash) | $8,710 | $5,797 |
| Aggregate Total Compensation from Fund Complex (cash retainer) | $39,000 | $39,000 |
| Annual Independent Trustee Cash Retainer (policy) | $39,000 | $39,000 |
| Chairman of Board Cash Retainer (policy) | $46,000 | $46,000 |
| Meeting fees / committee fees (director) | Not disclosed | Not disclosed |
Notes:
- Allocation of retainer across funds is based on each fund’s net assets as of prior year-end; this drives year-over-year differences in DMA-specific aggregate compensation .
Performance Compensation
| Component | Disclosure | Detail |
|---|---|---|
| Equity awards (RSUs/PSUs/DSUs) | Not disclosed | No equity grants disclosed; compensation described as cash retainers |
| Stock options | Not disclosed | None disclosed |
| Bonus / performance pay | Not disclosed | None disclosed |
| Performance metrics tied to pay | Not disclosed | No TSR/EBITDA/ESG metrics linked to director pay disclosed |
| Clawback provisions | Not disclosed | Not disclosed for directors |
| Change-of-control / severance | Not disclosed | Not disclosed for directors |
Other Directorships & Interlocks
| Company | Role | Overlap/Interlock |
|---|---|---|
| Meridian Fund, Inc. | Director | Network link: DMA’s CFO/Treasurer Derek Mullins previously served as Meridian Fund CFO (2013–2018), indicating industry network overlap, not a disclosed related-party transaction |
- No additional public company boards or committee roles for Erickson beyond Meridian Fund are disclosed .
Expertise & Qualifications
- Financial management: Prior CFO/COO roles and CPA background; Audit Committee member experience .
- Education: MBA from Stanford Graduate School of Business .
- Investment company governance: Director at Meridian Fund; Chair of Nominating & Governance at DMA .
Equity Ownership
| Item | Status |
|---|---|
| Beneficial ownership of DMA/Fund Complex | None; as of September 30, 2025 no Independent Trustee beneficially owned equity securities in the Fund or Fund Complex |
| Ownership as % of shares outstanding | 0% (none beneficially owned) |
| Vested vs unvested shares | Not applicable (no equity holdings) |
| Options (exercisable/unexercisable) | Not applicable (none disclosed) |
| Shares pledged as collateral | Not disclosed; no pledge reported |
Governance Assessment
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Strengths:
- Independent status with long tenure; chairs Nominating & Governance Committee, indicating leadership in board refreshment and independence processes .
- Finance and operations expertise (CPA, CFO/COO) supports audit oversight; consistent committee engagement and at least 75% attendance across Board/committees in FY 2024–2025 .
- No beneficial ownership in adviser/underwriter and compliance with Section 16/30(h) filing requirements reported, reducing related-party risks .
-
Weaknesses/RED FLAGS:
- No personal share ownership in DMA/Fund Complex; lack of “skin in the game” may weaken alignment with shareholders, especially in a closed-end fund context .
- Compensation structure is 100% cash retainer with no equity-linked or performance-conditioned elements; no stock ownership guidelines disclosed for directors .
- Activist concentration: Saba Capital beneficially owned ~24.94% of shares at the 2025 record date, and its partner Paul Kazarian sits on the Board; this shifts governance dynamics and could pressure strategic decisions; independence vigilance is required, though not a conflict directly attributable to Erickson .
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Other notes:
- Chairman is independent (Dalmaso), Audit Committee chaired by Murphy (audit committee financial expert), which supports oversight quality; Erickson’s committee roles emphasize governance rather than finance leadership .
- No related-party transactions involving Erickson are disclosed in the proxies reviewed .
Director Compensation Structure Analysis
- Year-over-year change in DMA-specific aggregate compensation: decreased from $8,710 (FY 2024) to $5,797 (FY 2025), driven by asset-based allocation across the Fund Complex; total complex retainer unchanged at $39,000 .
- Mix: cash-only retainers; no meeting fees or equity grants disclosed; no performance metrics linking director pay to outcomes .
Related Party Transactions
- None disclosed for Erickson in the reviewed proxy statements .
Say-on-Pay & Shareholder Feedback
- No say-on-pay proposals disclosed in the reviewed DMA proxy statements; proxies focused on trustee elections .
Compensation Committee Analysis
- DMA uses a Nominating & Governance Committee for board nominations; Erickson chairs this committee. Use of independent compensation consultants for director pay is not disclosed; director pay is a standardized cash retainer across the Fund Complex .