Scott W. Appleby
About Scott W. Appleby
Independent director since May 2014 (Class I; current term through the 2027 annual meeting), age 60. President of Appleby Capital, Inc. since April 2009; previously a senior equity analyst and banker at Deutsche Bank, Robertson Stephens, ABN Amro and Paine Webber. MBA (Cornell University) and BS (University of Vermont); among the first analysts to cover electronic brokerages in 1997, and an active writer/speaker on exchanges, asset managers and fintech .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Appleby Capital, Inc. | President | Since Apr 2009 | Financial advisory leadership; focuses on exchanges/fintech/asset managers |
| Deutsche Bank; Robertson Stephens; ABN Amro; Paine Webber | Senior equity analyst/banking roles | 25+ years cumulative | Covered global exchanges, alternative asset managers, fintech; early Internet/e-brokerage coverage |
External Roles
| Organization | Role | Committees |
|---|---|---|
| Eagle Point Income Company Inc. | Independent Director | Audit Committee member; Nominating Committee chair |
| Eagle Point Institutional Income Fund | Independent Trustee | Audit Committee member; Nominating Committee chair |
| Eagle Point Enhanced Income Trust | Independent Trustee | Audit Committee member; Nominating Committee chair |
| Eagle Point Defensive Income Trust | Independent Trustee | Audit Committee member; Nominating Committee chair |
| Private company and community boards | Director (various) | Not disclosed (names not provided) |
Board Governance
- Independence and composition: ECC’s six-member Board has four Independent Directors (including Appleby) and two “interested” directors (CEO Thomas P. Majewski and Chair James R. Matthews). Appleby meets NYSE and 1940 Act independence standards .
- Committee assignments: All Independent Directors, including Appleby, serve on both the Audit Committee and the Nominating Committee. Appleby chairs the Nominating Committee; Jeffrey L. Weiss chairs the Audit Committee .
- Leadership/engagement: Weiss serves as Lead Independent Director; the Independent Directors meet outside management’s presence .
- Attendance: In FY2024, the Board held 5 meetings; the Audit Committee met 5 times; the Nominating Committee met 3 times, and each Director attended at least 75% of applicable meetings. All six Directors attended the 2024 annual meeting .
- Tenure/class: Appleby has served since May 2014; Class I Director with term expiring at the 2027 annual meeting .
Fixed Compensation
| Component | Amount (USD) | Notes |
|---|---|---|
| Annual cash retainer (Independent Director) | $95,000 | Annual fee for Independent Directors |
| Audit Committee Chair fee | $12,500 | Additional annual cash for Audit Chair (Weiss) |
| Nominating Committee Chair fee | $5,000 | Additional annual cash for Nominating Chair (Appleby) |
| Appleby – Aggregate cash from ECC (FY2024) | $100,000 | Company paid; reflects base plus committee chair fee timing (see footnotes) |
| Appleby – Aggregate cash from Fund Complex (FY2024) | $191,500 | Across ECC and affiliated Eagle Point funds |
| Pension/retirement benefits | None | Directors do not currently receive pension/retirement benefits |
Performance Compensation
| Metric/Instrument | Structure | Vesting/Targets |
|---|---|---|
| Equity awards (RSUs/PSUs/options) | No equity awards disclosed; director pay disclosed as cash fees only | Not applicable |
Directors’ compensation is determined by the Nominating Committee (no separate compensation committee); Independent Directors are paid cash retainers and applicable chair fees .
Other Directorships & Interlocks
| Entity | Relationship/Interlock | Potential Conflict Note |
|---|---|---|
| Stone Point/Trident (Adviser owner) | Board Chair James R. Matthews is a Managing Director of Stone Point, which indirectly owns the Adviser; Appleby is independent and not affiliated with the Adviser | Structural conflict at company level noted; Appleby and other Independent Directors oversee Adviser; no Independent Directors or immediate family owned Adviser securities per proxy |
| Trident ECC Aggregator LP (5%+ holder) | 5.822,728 ECC common shares (4.8% as of Mar 31, 2025) are held by a Stone Point-affiliated vehicle | Highlights Stone Point influence; underscores need for robust independent oversight |
Expertise & Qualifications
- Equity research/markets: Deep coverage of exchanges, alternative asset managers, fintech; early Internet/e-brokerage analyst credentials .
- Education: MBA (Cornell) and BS (University of Vermont) .
- Governance: Chairs Nominating Committee across Eagle Point fund complex, indicating experience with board refreshment and independent director compensation .
Equity Ownership
| As-of Date (Record Date) | Common Shares Beneficially Owned | % of Class | Notes |
|---|---|---|---|
| Mar 28, 2024 | 20,158 | <1% | 85,301,892 common outstanding |
| Mar 31, 2025 | 20,158 | <1% | 120,183,480 common outstanding |
| Oct 24, 2025 | 20,158 | <1% | 130,832,939 common outstanding |
| Dollar range (ECC holdings) | Over $100,000 | — | Proxy-reported dollar range |
No pledging or hedging disclosures for Appleby were identified in ECC’s proxy; proxies state that none of the Independent Directors or their immediate family members owned securities of the Adviser or its control affiliates (mitigates related-party exposure) .
Governance Assessment
-
Positives
- Independent, experienced markets professional; chairs Nominating Committee; strong engagement indicated by 75%+ attendance and leadership roles across the fund complex .
- Meaningful personal alignment: over $100,000 dollar-range ECC holdings; consistent beneficial ownership reported across years .
- Clear independence from Adviser: proxy notes no ownership of Adviser securities by Independent Directors or immediate family members .
-
Watch items
- External-manager structure and significant fees (Adviser earned ~$42.9 million in base and incentive fees in FY2024) warrant vigilant independent oversight; Board includes an interested director affiliated with the Adviser’s primary owner (Stone Point) .
- Multi-board service within the Eagle Point complex enhances continuity but can concentrate interlocks across affiliated vehicles; continued focus on attendance and capacity remains important (attendance met thresholds in FY2024) .
- 2025 proposed conversion to a Delaware statutory trust alters certain shareholder rights and board mechanics (e.g., trust governance, control share statute application); underscores the importance of independent director vigilance during structural changes .
Overall: Appleby’s independence, capital markets expertise, and committee leadership (Nominating Chair) support board effectiveness. Given ECC’s external-adviser model and Stone Point affiliation, his role in nominations/independent director compensation and cross-fund governance is a key investor-confidence factor .