Tod Reichert
About Tod Reichert
Tod K. Reichert (age 63) is Corporate Secretary of OFS Capital Corporation, serving since 2017; he also holds senior legal and administrative roles across OFS’s affiliated management entities . He holds a J.D. from Rutgers University School of Law–Newark and a BFA from the University of North Carolina; he is NACD Directorship Certified and has a CERT Certificate in Cyber Oversight . During his tenure, OFS operates as an externally managed BDC; officers (including Reichert) are compensated by affiliated entities and reimbursed by OFS for allocable portions under the Administration Agreement—there is no direct, company-paid executive compensation . Company performance context (FY 2022–FY 2024) is summarized below to frame pay-for-performance alignment.
Company Performance Context (FY)
| Metric ($USD) | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Revenues | $1,073,000* | $479,000* | $505,000* |
| EBITDA | $35,786,000* | $40,050,000* | $33,429,000* |
| Net Income - (IS) | -$7,586,000* | -$465,000* | $28,442,000* |
- Values retrieved from S&P Global.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| MCG Capital Corporation (Nasdaq: MCGC) | General Counsel, Chief Compliance Officer, Corporate Secretary | Not disclosed | Led legal/compliance; oversaw complex litigation; advised board on securities law and transactions; member of credit and SBIC investment committees |
| Private Practice (NY, Princeton, Boston) | Attorney | Not disclosed | Corporate/securities legal counsel experience supporting governance and transactions |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| OFS Capital Corporation | Corporate Secretary | Since 2017 | Corporate governance, disclosure, and board/stockholder processes |
| Hancock Park Corporate Income, Inc. | Corporate Secretary | Not disclosed | Governance and disclosure oversight for affiliate BDC |
| OFS Credit Company, Inc. | Corporate Secretary | Not disclosed | Governance and disclosure oversight for affiliate BDC |
| OFSAM Holdings & OFSAM | General Counsel & Corporate Secretary | Not disclosed | Legal risk oversight, governance, corporate administration for parent entities |
| OFS Advisor & Orchard First Source Capital, Inc. | Managing Director, Chief Administrative Officer & General Counsel | Not disclosed | Oversees legal and operational functions supporting investment management platform |
Fixed Compensation
- Structure: None of OFS’s officers receive direct compensation from OFS; Reichert is paid by Orchard First Source Capital, Inc. (affiliate) with OFS reimbursing the administrator for the allocable portion of his compensation under the Administration Agreement .
- Components: Base salary, target bonus, and actual bonus amounts for Reichert are not disclosed in OFS’s proxy; compensation is handled via affiliate reimbursement rather than direct OFS pay .
| Component | Disclosure | Notes |
|---|---|---|
| Base Salary | Not disclosed | Paid by affiliate; OFS reimburses allocable portion |
| Target Bonus % | Not disclosed | No direct OFS executive bonus program disclosed |
| Actual Bonus | Not disclosed | Not disclosed for Reichert |
| Perquisites | Not disclosed | Not disclosed for Reichert |
| Pension/SERP | Not disclosed | Not disclosed |
| Deferred Compensation | Not disclosed | Not disclosed |
Performance Compensation
- No equity awards (RSUs/PSUs), stock options, or performance-based cash plans for Reichert are disclosed in OFS’s proxy; OFS’s officers are not directly compensated by the Company .
- Performance metrics (e.g., revenue growth, EBITDA, TSR) are not tied to disclosed officer incentive plans at OFS given the externally managed structure .
| Incentive Type | Metric Linkage | Weighting/Target | Actual/Payout | Vesting |
|---|---|---|---|---|
| RSUs/PSUs | Not disclosed | — | — | — |
| Stock Options | Not disclosed | — | — | — |
| Annual Cash Incentive | Not disclosed | — | — | — |
Equity Ownership & Alignment
| Holder | Shares Beneficially Owned | % of Outstanding | Notes |
|---|---|---|---|
| Tod K. Reichert | 0 | N/A | No common stock ownership disclosed as of April 16, 2025 |
| Shares Outstanding (reference) | 13,398,078 | — | Shares outstanding at record date |
- Pledging/Hedging: OFS’s Code of Ethics does not expressly prohibit hedging; derivative transactions require clearance from the Chief Compliance Officer—no pledging disclosed for Reichert. Notably, OFSAM Holdings’ shares (beneficially attributed to Richard Ressler) are pledged for a revolving credit facility; one independent director (Healy) has pledged shares .
- Ownership Guidelines: No executive stock ownership guideline disclosure for Reichert; director guideline details not presented in the proxy .
Employment Terms
| Term | Disclosure | Details |
|---|---|---|
| Employment Start (OFS Corporate Secretary) | Disclosed | Held position since 2017 |
| Contract/Employment Agreement | Not disclosed | No individual agreement terms disclosed |
| Severance Provisions | Not disclosed | No severance multiples or terms disclosed |
| Change-of-Control | Not disclosed | No single/double trigger or acceleration terms disclosed |
| Non-Compete/Non-Solicit | Not disclosed | Not disclosed |
| Clawback Provisions | Not disclosed | No compensation clawback policy disclosure for officers; Insider Trading & Code of Ethics policies are disclosed broadly |
| Insider Trading Policy | Disclosed | Policy governs transactions by “Access Persons”; derivative transactions require clearance |
| Legal Proceedings | Disclosed (none) | No legal proceedings in past 10 years against any directors or officers, including Reichert |
Investment Implications
- Low ownership alignment: Reichert held zero OFS shares as of April 16, 2025, reducing direct economic alignment with public shareholders .
- Externally managed compensation structure: As compensation is paid by affiliates and reimbursed by OFS, traditional pay-for-performance levers (bonus metrics, equity awards, vesting) are not disclosed for Reichert, limiting visibility into incentive alignment .
- Hedging permissibility: OFS’s Code of Ethics permits hedging with compliance clearance, which can diminish alignment if used; no hedging/pledging by Reichert is disclosed, but affiliate and one director pledges exist (credit facility collateral and line of credit) .
- Retention risk appears moderate: Tenure since 2017 across broad legal/admin responsibilities suggests institutional knowledge; no disclosed severance or change-of-control economics that could signal near-term transition incentives or disincentives .
- Governance comfort: No legal proceedings involving officers (including Reichert) over the last ten years, and structured committee oversight of related-party transactions and compliance frameworks, support governance stability despite external management conflicts inherent to BDCs .