Richard J. Walz

About Richard J. Walz

Richard J. Walz (born 1959) serves as Chief Compliance Officer (CCO) of Ellsworth Growth and Income Fund Ltd. (ECF) and has held this officer position since 2015; he is also CCO of registered investment companies within the Gabelli Fund Complex since 2013 . Officers hold office for an indefinite term until they resign/retire or a successor is duly elected and qualified . Company filings do not disclose education or additional biographical details beyond his role, year of birth, and tenure .

Past Roles

External Roles

Fixed Compensation

• The 2025 proxy presents a compensation table for Trustees and “officers, if any, who were compensated by the Fund,” but it lists only Trustee amounts for FY 2024 and provides no individual compensation detail for officers such as Mr. Walz .
• The Fund states it compensates officers who are employed by the Fund and not by the Adviser; during the six months ended March 31, 2025, ECF accrued $42,105 in payroll expenses (aggregate, not officer-specific), while noting officers may receive incentive-based variable compensation from affiliates of the Adviser .
• Clawback (Rule 10D-1) disclosure: no restatements requiring recovery; erroneously awarded compensation outstanding $0; recovery forgone $0 .

Performance Compensation

• No disclosure of officer performance metrics (e.g., revenue/EBITDA/TSR goals), targets, or incentive plan payouts for Mr. Walz in the 2025 proxy or 2025 semiannual report; compensation disclosures focus on Trustees and aggregate payroll expense for Fund-employed officers .

Equity Ownership & Alignment

• The proxy’s beneficial ownership table lists Mr. Walz with zero Common Shares; no officer options/RSUs/PSUs are disclosed for the Fund .
• The proxy does not disclose any pledged shares or hedging by Mr. Walz; he is not identified with any pledged holdings in the beneficial ownership table .
• Section 16(a) compliance: Based on the Fund’s review of electronic filings for FY 2024, officers and Trustees complied with applicable reporting requirements .

Employment Terms

• Officers “hold office for an indefinite term” until resignation/retirement or until a successor is elected and qualified .
• Adviser relationship: Gabelli Funds, LLC is the Fund’s Adviser and Administrator; officers may be employed by the Adviser/affiliates, with the Fund only compensating officers who are employed by the Fund (board-approved) .
• No individual employment agreements, severance, or change‑of‑control provisions are disclosed for Mr. Walz in the 2025 proxy or 2025 semiannual report .

Investment Implications

• Alignment: Mr. Walz holds 0 Common Shares in ECF, indicating minimal direct equity alignment; the Fund does not disclose officer equity awards, and closed‑end fund officer compensation is typically cash-based and often paid by the Adviser rather than the Fund .
• Incentives and selling pressure: With no disclosed equity awards and zero beneficial ownership, there is no identifiable vesting calendar or insider selling overhang linked to Mr. Walz at the Fund level .
• Governance and compliance signal: Controls and procedures were concluded effective in the most recent semiannual filing period; clawback disclosures show $0 erroneously awarded compensation and $0 recovery forgone, supporting a low observed governance/compensation‑restatement risk profile for the period .
• Retention: Tenure as ECF CCO since 2015 and as CCO across the Gabelli Fund Complex since 2013 suggests organizational continuity in compliance leadership; however, the absence of disclosed employment agreements or severance terms leaves retention economics undisclosed .