Claudia Brandon

About Claudia Brandon

Claudia A. Brandon (year of birth 1956) serves as Executive Vice President (since 2008 for NHS and NRO; 2013 for NML) and Secretary (since 2006 for NHS; 2003 for NRO; 2013 for NML). She is Senior Vice President at Neuberger Berman (since 2007) and Senior Vice President at Neuberger Berman Investment Advisers LLC (NBIA) (since 2008), with prior roles including Vice President at Neuberger Berman (2002–2006) and Vice President, Mutual Fund Board Relations at NBIA (2000–2008) . As Fund Secretary, she is the designated point of contact for stockholder communications, nominee recommendations, and proposals directed to the Boards . Officers are appointed by the Directors and serve at the pleasure of the Board .

Past Roles

External Roles

No external directorships or outside roles for Ms. Brandon are disclosed in the proxy statement .

Fixed Compensation

• Officers who are directors, officers, or employees of NBIA or its affiliates “serve as a Director and/or officer without any compensation from the Funds.” As a result, the Fund does not disclose base salary, target bonus, or cash compensation for officers such as Ms. Brandon; any compensation would be at NBIA/Neuberger Berman and is not reported in the Fund’s proxy .

Performance Compensation

• The Fund does not disclose stock-based awards (RSUs/PSUs), options, performance metrics, or payouts for officers; Fund-level pay-for-performance details for Ms. Brandon are not reported because officers receive no compensation from the Funds .

Equity Ownership & Alignment

• The proxy provides dollar-range ownership for Directors, not officers; there is no beneficial ownership breakdown, pledging, hedging, or compliance with stock ownership guidelines disclosed for officers such as Ms. Brandon .
• As Secretary, Ms. Brandon is the stockholder communication conduit (address on file), reinforcing her governance alignment role rather than investment alignment via equity compensation .

Employment Terms

• Appointment and Tenure: Officers are appointed by the Directors and serve at the pleasure of the Board; Ms. Brandon has served as EVP since 2008 (NHS) and Secretary since 2006 (NHS) .
• Secretary Duties: Stockholder communications, nominee recommendations, and proposals are directed to Ms. Brandon at the Funds’ New York office .
• Retirement/COC/Severance: The proxy details director retirement policy and board processes but does not disclose officer employment contracts, severance, change-of-control terms, non-compete, non-solicit, or garden leave provisions for Ms. Brandon .

Investment Implications

• Compensation alignment: With no Fund-level compensation for officers, there are no pay-for-performance levers, incentive metrics, or vesting schedules linked to NHS outcomes for Ms. Brandon; alignment is through governance responsibilities rather than equity or cash compensation .
• Retention risk: Long tenure across NB/NBIA and multi-fund Secretary/EVP roles suggest continuity and low near-term retention risk at the Fund level; no employment contract terms or retention bonuses are disclosed to indicate additional retention mechanisms .
• Trading signals: Absence of insider equity holdings/transactions, pledging, hedging, or vesting schedules for officers limits insider-selling pressure and reduces compensation-driven trading signals tied to this executive .
• Execution/governance: Ms. Brandon’s role centers on fund governance and stockholder communication rather than portfolio performance drivers (TSR, revenue/EBITDA growth); portfolio outcomes are overseen by the Boards and investment manager, not by the Fund Secretary .