Timothy Riordan

About Timothy Riordan

Timothy P. Riordan is Vice President of DNP Select Income Fund Inc. and DTF Tax-Free Income 2028 Term Fund Inc., serving since 2023; he is age 60 and is based with Robert W. Baird & Co. Incorporated in Louisville, KY . Officers of the Funds (including Riordan) receive no compensation from the Funds and are compensated by the Adviser or the Fund administrators in their capacities with those firms, limiting direct pay-for-performance linkages to DNP/DTF outcomes . Prior career roles include Senior Vice President, Fund Administration at Baird since 2019 and senior roles at J.J.B. Hilliard, W.L. Lyons, LLC (2018–2019 SVP; 1998–2018 VP), indicating deep fund administration expertise rather than portfolio investment decision-making . The Funds disclosed a Section 16 compliance issue: Riordan was late filing an initial Form 3 for DNP and DTF in FY2023, a minor governance process flag rather than an economic risk, but relevant for control/reporting rigor .

Past Roles

External Roles

Fixed Compensation

• Not disclosed by the Funds; officers receive no compensation from DNP/DTF and are paid by the Adviser or Fund administrators (Baird/Virtus Fund Services), so base salary, bonus, and perquisites for Riordan are not reported in the proxy statements .

Performance Compensation

• Not disclosed by the Funds; no RSU/PSU or option awards from DNP/DTF to officers are reported. Officers’ pay-for-performance structures, if any, would exist at their employers (e.g., Baird) and are outside Fund disclosures .
• No Fund-level vesting schedules, performance metric weightings, or payout mechanics for Riordan are disclosed .

Equity Ownership & Alignment

• Individual officer ownership in DNP/DTF is not itemized; the proxies provide director holdings and a “directors and executive officers as a group” line. Officers as a group (with directors) held 223,267 DNP common shares vs. 370,030,932 shares outstanding as of Nov 30, 2024, implying ~0.06% group ownership, underscoring limited insider alignment via stock holdings at the Fund level (computed from cited figures) .
• No disclosure of shares pledged or hedged by Riordan; no individual breakdown of vested/unvested equity or options for officers is provided .
• Beneficial owners of DNP preferred stock include Corebridge Financial (660 shares; 50.0%) and MetLife/MIM (538 shares; 40.76%), shaping preferred governance dynamics but not related to Riordan’s compensation alignment .

Employment Terms

• Start date/tenure: Vice President of DNP and DTF since 2023; specifically noted since January 2023 in the FY2023 proxy .
• Contract/severance/change-of-control: Not disclosed for officers in Fund proxies; officers are employees of the Adviser or Fund administrators and compensated there, so their employment terms (including severance and CIC provisions) are not Fund-level disclosures .
• Section 16 compliance: Late Form 3 filing for DNP and DTF was noted for Riordan in FY2023; subsequent year compliance was clean, indicating remediation of the administrative lapse .

Investment Implications

• Compensation alignment and selling pressure: Because Riordan is compensated by Baird in his fund administration role and not via DNP/DTF equity awards, there are no Fund-level RSU/option vesting cliffs or insider selling pressure tied to his personal compensation disclosed; trading signals from his pay structure are minimal at the Fund level .
• Retention risk: Retention dynamics hinge on Baird’s employment terms rather than Fund-specific contracts. No severance/CIC economics are disclosed at the Fund level for Riordan, limiting direct assessment of Fund-specific retention incentives . His multi-decade administration tenure suggests institutional expertise and continuity, but formal non-compete/solicit terms are not disclosed .
• Governance/process control: The noted late Form 3 filing in FY2023 is a process control flag but was isolated and later compliance was affirmed, mitigating ongoing risk signals .
• Net takeaway: Riordan’s role is operational and administrative, with compensation and incentives residing at Baird; thus, equity-aligned or vesting-driven signals at the Fund level are not present. Monitoring Section 16 filings for timely compliance and any future role changes remains prudent, but no Fund-disclosed compensation levers suggest near-term trading signals tied to his activities .