Zachary Richmond
About Zachary Richmond
Zachary P. Richmond, age 45, serves as Treasurer of Herzfeld Credit Income Fund, Inc. (HERZ) and has held this officer role since 2020. His principal occupation is with Ultimus Fund Solutions, LLC, where he is Vice President and Director of Financial Administration (Feb 2019–present); education and prior roles are not disclosed in the company’s proxy. The proxy does not provide TSR or operating performance metrics tied to his role; as of Sept 30, 2025, he reported no beneficial ownership of HERZ common stock.
Past Roles
No prior roles for Mr. Richmond are disclosed in the proxy beyond his current external employment.
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Not disclosed in company proxy | — | — | — |
The proxy lists current principal occupation (Ultimus), but does not provide earlier work history for Mr. Richmond.
External Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Ultimus Fund Solutions, LLC | Vice President; Director of Financial Administration | Feb 2019–present | Provides fund administration/financial administration expertise; Mr. Richmond serves as the Fund’s Treasurer while employed by Ultimus. |
Fixed Compensation
No executive officer (NEO) cash compensation tables are provided in the HERZ proxy; director compensation is disclosed, but officer salary/bonus information is not. As a result, base salary, target bonus, and actual bonus for the Treasurer are not disclosed.
| Year | Base salary ($) | Target bonus (%) | Actual bonus ($) | Notes |
|---|---|---|---|---|
| FY2025 | Not disclosed | Not disclosed | Not disclosed | HERZ proxy reports director fees and audit fees; officer cash compensation is not presented. |
Performance Compensation
The proxy does not disclose stock/option grants, PSU/RSU awards, performance metrics, or vesting schedules for Mr. Richmond.
| Award type | Metric(s) | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|---|
| Not disclosed | — | — | — | — | — | — |
No officer equity awards or metric frameworks (e.g., revenue/EBITDA/TSR targets) for the Treasurer are presented in the proxy.
Equity Ownership & Alignment
| Holder | Shares beneficially owned | % of class | Notes |
|---|---|---|---|
| Zachary P. Richmond (Treasurer) | None reported (“-”) | — | No beneficial ownership reported as of Sept 30, 2025. |
| Executive officers and directors as a group | 7,181,444 | 42.47% | Large aggregate ownership primarily reflects holdings of other insiders; not attributable to Mr. Richmond. |
Additional alignment items:
- Pledging/hedging: Not disclosed in proxy for Mr. Richmond.
- Stock ownership guidelines/Compliance: Not disclosed for officers.
- Options (exercisable/unexercisable) and RSUs/PSUs (vested/unvested): Not disclosed for officers.
Employment Terms
- Appointment/role: Treasurer since 2020 (officer of the Fund).
- Employer: Ultimus Fund Solutions, LLC (Vice President; Director of Financial Administration).
- Employment agreement, severance, change‑of‑control (single/double trigger), accelerated vesting, non‑compete/non‑solicit, garden leave, post‑termination consulting: Not disclosed in the proxy for the Treasurer.
- Pension/SERP/Deferred comp: The proxy notes no pension or retirement benefits paid by the Fund to directors and executive officers; no officer-specific deferred comp/SERP for Mr. Richmond is disclosed.
Investment Implications
- Alignment and insider pressure: Mr. Richmond reported no beneficial ownership, implying minimal direct alignment via equity and negligible insider selling pressure from his position. Governance alignment stems from fiduciary and administrative responsibilities rather than equity exposure.
- Compensation transparency: The proxy omits officer compensation detail (cash/equity and performance metrics), limiting pay‑for‑performance assessment and obscuring retention incentives at the Fund level; compensation and retention drivers likely sit with his external employer (Ultimus).
- Retention risk: As an Ultimus employee serving as Fund Treasurer, retention hinges on Ultimus employment and service arrangements rather than HERZ‑specific incentive design; no HERZ severance/CoC protections or retention bonuses are disclosed that would bind him to the Fund.
- Governance context: While aggregate insider ownership is high (42.47%), this is concentrated in other insiders; Mr. Richmond’s lack of reported ownership reduces personal stock‑price sensitivity.
Overall: The Treasurer role appears administrative with limited disclosed direct equity-based alignment and no disclosed incentive metrics. From a trading/compensation signal perspective, we see no evidence of officer equity grants, vesting cliffs, or 10b5‑1 selling activity for Mr. Richmond in the proxy, suggesting low direct insider‑flow impact from this officer; retention and incentives are driven externally via Ultimus.