Alan Meder

About Alan Meder

Alan M. Meder, CFA, CPA, is Treasurer, Principal Financial and Accounting Officer (PFAO) and Assistant Secretary of DNP Select Income Fund Inc. since 2011; he holds parallel roles at Duff & Phelps Utility & Infrastructure Fund (DPG) since 2011 and at DTF Tax‑Free Income 2028 Term Fund (Treasurer since 2000; PFAO and Assistant Secretary since 2002) . He is Chief Risk Officer of Duff & Phelps Investment Management Co. (the Adviser) since 2001 and Senior Managing Director since 2014 (previously Senior Vice President 1994–2014), providing enterprise risk oversight across the Virtus‑affiliated fund complex; age 65 as of the 2025 proxy . Fund proxies do not disclose individual officer performance metrics (e.g., TSR, revenue, EBITDA) or tie them to Mr. Meder’s compensation at the Adviser; officers receive no compensation from the Funds for their services .

Past Roles

External Roles

Fixed Compensation

• Officers of the Funds receive no compensation from DNP/DPG/DTF; compensation for Mr. Meder is paid by the Adviser or affiliated entities and is not detailed in the fund proxies, so base salary, bonus and pay mix are not disclosed at the Fund level .

Performance Compensation

• The proxies disclose no Fund‑level stock/option awards, vesting schedules, or performance‑metric‑linked pay for Fund officers; any incentive structures, if applicable, would be at the Adviser and are not presented in DNP’s proxy .

Equity Ownership & Alignment

Direct, per‑officer holdings are not itemized for Mr. Meder. The proxies disclose aggregate holdings for “directors and executive officers as a group,” representing less than 1% of outstanding common stock of each Fund .

Supporting shares outstanding context:

• DNP common shares outstanding: 363,101,162 (record date Dec 8, 2023) and 370,030,932 (record date Dec 6, 2024) .
• DPG common shares outstanding: 38,181,740 (Dec 8, 2023) and 37,130,045 (Dec 6, 2024) .
• DTF common shares outstanding: 7,029,567 (both periods) .

Additional alignment indicators:

• No pledging or hedging disclosures are presented for Fund officers; the proxies do not indicate any ownership guideline requirements for officers .

Employment Terms

• Current Fund roles: Treasurer, PFAO, Assistant Secretary of DNP/DPG since 2011; DTF Treasurer since 2000, PFAO & Assistant Secretary since 2002 .
• Officers are elected annually by the Board in connection with the annual shareholder meeting; no Fund‑level employment contract, severance, change‑of‑control, non‑compete or clawback provisions are disclosed for Fund officers .
• Section 16(a) reporting: proxies note compliance, with exceptions involving other individuals (e.g., late Form 3 filings by Philip H. Hooks/DTF in 2024 or Timothy P. Riordan/DNP & DTF in 2023); Mr. Meder is not identified in reporting exceptions .

Investment Implications

• Pay‑for‑performance visibility is limited: Mr. Meder’s compensation and incentives are at the Adviser level and not disclosed in DNP’s proxy, constraining analysis of bonus metrics, equity incentives, or vesting pressure; absence of Fund‑level grants reduces direct insider selling pressure signals at DNP .
• Governance and execution: As CRO of the Adviser and PFAO/Treasurer of DNP, Mr. Meder bridges risk oversight and financial reporting, supporting audit/ERM processes across the fund complex—this tends to reduce operational and reporting risk for the Funds .
• Retention risk appears modest in the near term given multi‑decade tenure (DTF roles since 2000; DNP/DPG roles since 2011), though age (65) signals normal succession planning considerations over a medium horizon; proxies provide no severance or CoC economics to infer transition costs .
• Alignment: Aggregate insider ownership is de minimis versus shares outstanding, consistent with closed‑end fund governance, implying limited direct equity alignment at the Fund level; alignment likely manifests via Adviser‑level incentives and professional standards rather than Fund equity .