Thomas Morgan
About Thomas Morgan
Thomas K. Morgan is 66 and serves as Chief Compliance Officer (CCO) of Herzfeld Credit Income Fund, Inc. (HERZ) and of Thomas J. Herzfeld Advisors, Inc., the Fund’s investment adviser, since 2018 . He is also Managing Partner of TMorgan Advisers LLC, providing compliance consulting and outsourced CCO services since 2015 . Education credentials, performance metrics (TSR, revenue, EBITDA), and pay-versus-performance disclosures are not provided in the 2025 DEF 14A .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Thomas J. Herzfeld Advisors, Inc. | Chief Compliance Officer | 2018–present | Compliance leadership at the Adviser to HERZ under the investment advisory contract, supporting fund governance and regulatory adherence |
| TMorgan Advisers LLC | Managing Partner | 2015–present | Provides compliance consulting and outsourced CCO services; external expertise potentially informs HERZ’s compliance posture |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| TMorgan Advisers LLC | Managing Partner | 2015–present | Compliance consulting and outsourced CCO services |
Equity Ownership & Alignment
| Holder | Number of Shares | Percent of Class | Notes |
|---|---|---|---|
| Thomas K. Morgan | – | Less than 1% | Beneficial ownership determined under Rule 13d-3; no explicit share count disclosed |
| Executive officers and directors (group) | 7,181,444 | 42.47% | Significant group ownership; includes Erik M. Herzfeld and advisory-managed shares |
- Footnotes reference: beneficial ownership determinations per Exchange Act Rule 13d-3; certain holdings reported via Form 4s; advisory-managed shares attributed to portfolio manager capacity .
Employment Terms
| Item | Disclosure |
|---|---|
| Role | Chief Compliance Officer (Fund and Adviser) |
| Start Date | 2018 to present |
| Address of Record | c/o HERZ, 119 Washington Avenue, Suite 504, Miami Beach, FL 33139 |
- No proxy disclosures on employment contract term, severance, change-of-control triggers, non-compete/non-solicit, garden leave, or consulting arrangements for Morgan in the reviewed DEF 14A .
Board Governance (Context)
- HERZ’s Board consists of five members, chaired by Independent Director Cecilia L. Gondor; all committee chairs and members are Independent Directors, with regular executive sessions excluding management. Directors attended at least 75% of meetings in FY ended June 30, 2025 .
- Nominating and Governance Committee: comprised solely of Independent Directors; met twice in FY 2025; maintains criteria and process for director nominations; charter available on the Fund’s website .
- Director compensation (context): aggregate $137,000 paid to directors in FY 2025; interested directors receive no director compensation; no pension or retirement benefits for directors or executive officers of the Fund .
Investment Implications
- Alignment: Morgan’s beneficial ownership is less than 1%, with no explicit share count disclosed, indicating limited direct equity alignment relative to peers; however, overall group ownership is substantial at 42.47% and advisory-controlled shares are material, concentrating influence outside of the CCO role .
- Retention risk: The DEF 14A does not disclose Morgan’s cash compensation, bonus targets, equity grants, vesting schedules, or severance/CIC protections, limiting visibility into pay-for-performance alignment and retention incentives for the CCO function .
- Governance signal: As CCO of both the Fund and its Adviser, Morgan’s remit centers on regulatory compliance rather than financial execution; board structure and independent committee oversight suggest robust governance processes, which can mitigate compliance-related risks but do not provide trading signals tied to Morgan-specific performance incentives .
Note: The 2025 DEF 14A provides director compensation and ownership context but lacks executive officer compensation detail for Thomas K. Morgan; no disclosures were found on performance-linked incentives, vesting schedules, severance/CIC, pledging/hedging, or clawbacks for Morgan in the reviewed proxy sections .