Derek Mullins

About Derek Mullins

Derek Mullins (year of birth: 1973) serves as Chief Financial Officer and Treasurer of MCN since 2024, appointed by the Board and serving at its pleasure; he performs these duties pursuant to a Services Agreement between the Fund and PINE Advisors, LLC, which receives an annual fee and expense reimbursement . His recent background includes Managing Partner at PINE Advisor Solutions (2018–present), Director of Operations at ArrowMark Partners (2009–2018), and CFO/Treasurer roles at Meridian Fund, Inc. (2013–2018) . The proxy does not disclose education or fund performance metrics (TSR, revenue, EBITDA) specific to Mullins; officers receive no compensation from the Fund and performance-linked pay items are not detailed .

Past Roles

External Roles

Fixed Compensation

• Officers of the Fund receive no compensation from the Fund; they may be officers/employees of the Adviser and receive compensation in such capacities, but such details are not disclosed in the proxy .
• Base salary, target bonus, perquisites, pension/SERP, and deferred compensation for Mullins are not disclosed in the MCN proxy .

Performance Compensation

• No disclosure of RSUs/PSUs, options, performance metric weighting, targets, or payouts for Fund officers; the proxy does not present incentive plan details for Mullins .
• No clawback, tax gross-ups, or award modification/repricing disclosures applicable to Mullins in the proxy .

Equity Ownership & Alignment

• Officers’ beneficial ownership table explicitly lists “Derek Mullins — None” .
• No breakdown of vested vs. unvested shares or exercisable vs. unexercisable options is provided .

Employment Terms

• Role/tenure: Chief Financial Officer and Treasurer since 2024; officers serve at the pleasure of the Board until successors are appointed or earlier resignation/removal .
• Services Agreement: Mullins serves pursuant to a Services Agreement between the Fund and PINE Advisors, LLC; PINE receives an annual fee (payable monthly) and out-of-pocket expense reimbursement; designations must be approved by the Board (and majority of Independent Trustees for the CCO) .
• Employment agreements, severance, change-of-control, non-compete/non-solicit, garden leave, and post-termination consulting terms for Mullins are not disclosed in the proxy .

Investment Implications

• Alignment: Mullins holds no MCN shares as of Dec 31, 2024, indicating limited direct “skin-in-the-game”; group insider ownership is <1% of outstanding shares, reducing alignment-based signaling for officers .
• Compensation structure: Officers are not compensated by the Fund; service is rendered via PINE’s Services Agreement. Absence of disclosed incentive metrics and equity awards suggests minimal pay-for-performance linkage at the Fund level for this officer, limiting compensation-derived trading signals .
• Retention: As an outsourced CFO/Treasurer under a Services Agreement, retention risk is tied to PINE’s contract terms rather than a personal employment agreement; severance and change-of-control economics are not disclosed, reducing visibility into exit costs or acceleration features .
• Insider selling pressure: With no Fund share ownership disclosed for Mullins, near-term selling pressure from Form 4-type dispositions is likely minimal; however, the proxy does not cover hedging/pledging, which remains a monitoring area .
• Governance: Board approval governs officer designations; outsourced model centralizes administrative continuity within PINE, but limits disclosure of individual executive incentives—investors should focus on Fund-level performance and Adviser contract terms rather than officer-level compensation levers .