John "Yogi" Spence
About John "Yogi" Spence
John “Yogi” Spence is Vice President of XAI Madison Equity Premium Income Fund (MCN), serving since 2024; he was born in 1962 and is concurrently Co‑Chief Executive Officer of XA Investments LLC (since 2016) and Co‑Founding Partner of XMS Capital Partners, LLC (since 2006). XA Investments (the Fund’s Adviser) is controlled by Theodore J. Brombach and John “Yogi” Spence and managed approximately $950 million in assets as of March 31, 2025 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| XA Investments LLC (Adviser) | Co‑Chief Executive Officer | 2016–present | Leads the alternative investment platform advising MCN; Adviser AUM ≈ $950 million as of Mar 31, 2025 |
| XMS Capital Partners, LLC | Co‑Founding Partner | 2006–present | Founding partner; controlling person of the Adviser (with Brombach), shaping strategy and oversight |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| XA Investments LLC | Co‑Chief Executive Officer | 2016–present | Responsible for overseeing overall investment strategy and implementation for MCN via the Adviser |
| XMS Capital Partners, LLC | Co‑Founding Partner | 2006–present | Provides leadership and industry relationships that underpin XA Investments’ platform |
Fixed Compensation
- Officers of the Fund receive no compensation from the Fund; they may be officers or employees of the Adviser and receive compensation in those capacities. Specific base salary, target bonus, and cash compensation figures for Mr. Spence are not disclosed in MCN’s proxy materials .
Performance Compensation
- Performance-based compensation structures (RSUs/PSUs, options, metrics, weighting, vesting schedules, payouts) for Mr. Spence are not disclosed at the Fund level. MCN’s proxy states officers receive no compensation from the Fund; Adviser-level award details are not provided in MCN filings reviewed .
Equity Ownership & Alignment
| Metric | Dec 31, 2024 | Sep 30, 2025 (FY End) |
|---|---|---|
| Beneficial Ownership (shares) | 2,500 | 2,573.791 |
| Ownership Form | Direct (D) | Direct (D) |
| DRIP Shares Included | — | 73.791 received via MCN Dividend Reinvestment Plan |
- Officers serve at the pleasure of the Board; no stock ownership guidelines, pledging, or hedging policies for officers are disclosed in the proxy materials reviewed. The Adviser and Sub‑Adviser maintain written Codes of Ethics and compliance policies pursuant to Rule 17j‑1 and Rule 206(4)-7, respectively .
Employment Terms
- Position: Vice President of the Fund; appointed by the Board; principal business address 321 North Clark Street, Suite 2430, Chicago, IL 60654 .
- Term: Officers serve at the pleasure of the Board until successors are appointed; no fixed term length disclosed .
- Severance / Change‑of‑Control: No severance multiples, change‑of‑control triggers, accelerated vesting, tax gross‑ups, or clawback specifics for officers are disclosed in the MCN proxy filings reviewed .
- Governance context: MCN (a Delaware statutory trust) is subject to the Control Share Statute, governing shareholder voting thresholds and rights—relevant for control transactions but not an employment contract for officers .
Investment Implications
- Limited transparency on pay‑for‑performance: Fund‑level filings explicitly state officers are not compensated by the Fund, and Adviser‑level compensation (cash/equity, metrics, vesting) for Spence is not disclosed—reducing visibility into alignment levers at the individual level from MCN’s filings .
- Ownership alignment is modest but increasing via DRIP: Spence held 2,500 shares as of year‑end 2024 and 2,573.791 as of FY 2025, with 73.791 acquired via DRIP—suggesting accumulation rather than selling pressure in the period reviewed .
- Retention risk centered at Adviser: As Co‑CEO of XA Investments and controlling person of the Adviser, Spence’s retention and incentives likely reside within Adviser‑level arrangements, which are not detailed in MCN’s proxy—investors should monitor Adviser disclosures and any future 8‑K or Form 4 activity for insight into compensation and transactions .
- Governance and controls: Codes of Ethics and compliance frameworks at the Adviser/Sub‑Adviser provide procedural safeguards; however, absence of disclosed hedging/pledging prohibitions for officers at the Fund level warrants ongoing surveillance of Section 16 filings and proxy updates .