Scott W. Appleby
About Scott W. Appleby
Scott W. Appleby (age 60) is an Independent Class I Director of Eagle Point Income Company Inc. (EIC), serving since inception with a current term expiring at the 2027 annual meeting . He is President of Appleby Capital, Inc. (since April 2009), and previously spent 25+ years in investment banking and equity research; he holds an M.B.A. from Cornell University and a B.S. from the University of Vermont . He meets NYSE independence standards for closed-end funds and is not an “interested person” under the 1940 Act .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Appleby Capital, Inc. | President | Since Apr 2009 | Founder/operator of financial advisory firm |
| Deutsche Bank; Robertson Stephens; ABN Amro; Paine Webber | Senior equity analyst/banking roles | Not specified (prior to 2009) | Covered global exchanges, alt asset managers, fintech; early internet analyst in 1997 |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Eagle Point Credit Company Inc. | Independent Director | Current | Audit Committee member; Nominating Committee Chair |
| Eagle Point Institutional Income Fund | Independent Trustee | Current | Audit Committee member; Nominating Committee Chair |
| Eagle Point Enhanced Income Trust | Independent Trustee | Current | Audit Committee member; Nominating Committee Chair |
| Eagle Point Defensive Income Trust | Independent Trustee | Current | Audit Committee member; Nominating Committee Chair |
| Other public company boards (past 5 yrs) | — | None disclosed | — |
Board Governance
- Board structure: 6 directors; 4 Independent (Appleby, McDonald, Tramontano, Weiss) and 2 interested (Majewski, Matthews) .
- Lead Independent Director: Jeffrey L. Weiss .
- Committees: Audit and Nominating; both comprise all Independent Directors .
- Appleby’s roles at EIC: Audit Committee member; Nominating Committee Chair .
- Meetings and attendance (FY 2024): Board (5), Audit (5), Nominating (3); each director attended ≥75% of aggregate meetings; all six directors attended the 2024 annual meeting of stockholders .
- Independence safeguards: Independent Directors and their immediate family members did not own securities of the Adviser or its control affiliates as of the record date .
Fixed Compensation
| Component | Amount | Notes |
|---|---|---|
| Annual retainer (Independent Director) | $60,000 | Standard cash fee for Independent Directors |
| Nominating Committee Chair fee | $5,000 | Additional annual cash fee for chair |
| Total cash from EIC (FY 2024) | $65,000 | Reported aggregate compensation from EIC for FY 2024 |
| Pension/retirement benefits | None | Directors do not receive pension or retirement benefits from EIC |
| Equity compensation | Not disclosed | No equity grants disclosed for directors; interested directors receive no compensation |
Aggregate compensation across the Eagle Point fund complex for Mr. Appleby was $191,500 for FY 2024 (timing detail in footnotes regarding accrual/payment) . The Nominating Committee (comprised solely of Independent Directors) recommends Independent Director compensation; there is no separate compensation committee .
Performance Compensation
| Performance Element | Structure | Metrics | Status |
|---|---|---|---|
| Cash bonus | N/A | N/A | No director performance bonus disclosed |
| Stock awards (RSUs/PSUs) | N/A | N/A | No director equity awards disclosed |
| Options | N/A | N/A | No director option awards disclosed |
| Clawbacks / performance conditions | N/A | N/A | Not disclosed for directors |
Other Directorships & Interlocks
| Company/Entity | Role | Interlock/Notes |
|---|---|---|
| Eagle Point Credit Company Inc. | Independent Director | Member of Audit; Chair of Nominating; within same fund complex |
| Eagle Point Institutional Income Fund | Independent Trustee | Member of Audit; Chair of Nominating; within same fund complex |
| Eagle Point Enhanced Income Trust | Independent Trustee | Member of Audit; Chair of Nominating; within same fund complex |
| Eagle Point Defensive Income Trust | Independent Trustee | Member of Audit; Chair of Nominating; within same fund complex |
| Other public company boards (past 5 yrs) | — | None aside from Eagle Point fund complex |
Implication: Multi-board service within the Eagle Point complex concentrates oversight within a single sponsor ecosystem; however, Appleby is expressly independent of the Adviser and its control affiliates per ownership disclosures .
Expertise & Qualifications
- Financial markets expertise: Former senior equity analyst covering exchanges, alternative asset managers, and financial technology; among the earliest internet analysts (1997) .
- Governance experience: Nominating Committee Chair across all four Eagle Point fund boards; member of multiple Audit Committees .
- Education: M.B.A., Cornell University; B.S., University of Vermont .
Equity Ownership
| Security | Beneficial Ownership | % Outstanding | Dollar Range |
|---|---|---|---|
| EIC Common Stock | 5,159 shares | <1% (as reported) | $50,001 – $100,000 |
| EIC Preferred Stock | None | — | — |
Notes: Aggregate dollar range of equity securities across the Eagle Point fund complex is “Over $100,000” .
Governance Assessment
- Independence and alignment: Appleby is an Independent Director, not an “interested person,” and neither he nor his immediate family owned securities of the Adviser or its control affiliates as of the record date—supportive of independence .
- Committee effectiveness: Serves as Nominating Committee Chair and Audit Committee member at EIC; across the complex, he chairs Nominating and serves on Audit, indicating strong engagement with board composition and financial oversight .
- Engagement: The board met five times in 2024, with ≥75% attendance by each director; Appleby attended the 2024 annual meeting with all directors present—solid baseline engagement signal .
- Compensation structure: 100% cash-based director pay (no equity disclosed), with modest chair fee ($5k) on top of the $60k retainer; total EIC compensation of $65k for FY 2024. Aggregate complex compensation of $191.5k reflects multi-board service .
- Potential conflicts: While the Adviser is affiliated with Stone Point and Enstar, Appleby is not affiliated with the Adviser, and independent directors showed no ownership in the Adviser or its control affiliates as of the record date. Related-party transactions concern the Adviser/Administrator, not Appleby personally .
- RED FLAGS: None identified specific to Appleby. No related-party transactions, hedging/pledging, or attendance issues disclosed for him; no separate compensation committee (Nominating Committee recommends independent director pay) is a structural nuance but typical for closed-end funds .