Jonathan Horwitz
About Jonathan Horwitz
Jonathan S. Horwitz (born 1955) serves as Executive Vice President, Principal Executive Officer (PEO), and Compliance Liaison for The Putnam Funds, including Putnam Premier Income Trust (PPT), a role he has held since 2004 . As PEO, he signs Sarbanes‑Oxley certifications and the fund’s semiannual shareholder report, evidencing direct responsibility for disclosure controls and internal control over financial reporting . Fund officers are employees of Franklin Advisers or its affiliates and, by virtue of those positions, benefit indirectly from the management and servicing fees paid by the fund; officer compensation is not paid directly by PPT . PPT reported net assets of $360,158,654.72 as of December 31, 2024, providing context for the scale of operations under the PEO’s oversight .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| The Putnam Funds (including PPT) | Executive Vice President, Principal Executive Officer, and Compliance Liaison | 2004–Present | Oversees fund disclosure controls and internal control over financial reporting; signs SOX 302/906 certifications and N‑CSR/S filings, ensuring compliance with the Investment Company Act and Exchange Act reporting |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Not disclosed in fund filings for officers | — | — | The proxy lists officer positions and principal occupations; no external board or public company roles are disclosed for Mr. Horwitz . |
Fixed Compensation
- Officers of PPT are employees of Franklin Advisers or its affiliates and receive no direct remuneration from the fund for serving as officers; they benefit indirectly from management and servicing fees paid by the fund .
- PPT reimburses Franklin Advisers for an allocated amount covering compensation and related expenses of certain officers and their staff who provide administrative services; the aggregate reimbursement is determined annually by the Trustees .
| Item | Disclosure | Source |
|---|---|---|
| Base salary | Not disclosed at the individual officer level in PPT filings | |
| Target/actual bonus | Not disclosed at the individual officer level in PPT filings | |
| Officer pay source | Employed and paid by Franklin Advisers; fund reimburses aggregate officer comp/expenses annually | |
| Pension/SERP/Deferred comp | Not disclosed for officers; trustee deferred comp noted separately (not applicable to officers) | |
| Perquisites | Not disclosed for officers |
Performance Compensation
- Officer compensation frameworks, performance metrics, and incentive weightings are not disclosed for Mr. Horwitz in PPT filings .
- Item 18 “Recovery of Erroneously Awarded Compensation” is marked “Not Applicable,” indicating no recovery policy disclosure applies to PPT’s filings in this context .
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Not disclosed for PPT officers | — | — | — | — | — |
Equity Ownership & Alignment
- Section 16(a) compliance: PPT indicates all applicable Section 16(a) filing requirements for fund officers, trustees, and >10% holders were complied with during the relevant fiscal periods .
- Individual beneficial ownership, vested/unvested equity, options, and pledging details for Mr. Horwitz are not disclosed in PPT’s proxy materials; trustee holdings are presented, but officer holdings are not .
| Item | Status | Source |
|---|---|---|
| Total beneficial ownership (shares) | Not disclosed for Mr. Horwitz | |
| Ownership as % of shares outstanding | Not disclosed | |
| Vested vs. unvested shares | Not disclosed | |
| Options (exercisable/unexercisable) | Not disclosed | |
| Pledging of shares | Not disclosed | |
| Stock ownership guidelines | Not disclosed for officers |
Employment Terms
- Term and capacity: Each officer serves an indefinite term until resignation, retirement, death, or removal .
- Indemnification: PPT indemnifies its Trustees and officers against liabilities and expenses relating to litigation in connection with their offices, subject to good‑faith and best‑interest standards; PPT provides liability insurance for the benefit of its Trustees and officers .
- Compensation flow: Administrative fees to Franklin Templeton Services are paid by the investment manager; PPT reimburses Franklin Advisers for allocated compensation and related expenses of certain officers and their staff annually as determined by the Trustees .
| Provision | Terms | Source |
|---|---|---|
| Term length | Indefinite; serves until resignation/retirement/death/removal | |
| Severance | Not disclosed | |
| Change‑of‑control | Not disclosed | |
| Clawback | Not applicable per Item 18 (no recovery policy disclosure) | |
| Indemnification | Indemnified except for willful misfeasance, bad faith, gross negligence, or reckless disregard; liability insurance provided |
Additional Governance and Role Evidence
- Signature authority and controls: Mr. Horwitz signs PPT’s semiannual N‑CSRS, certifying fair presentation and effectiveness of disclosure controls and internal control over financial reporting; Section 906 certification affirms compliance with Exchange Act requirements and fair presentation of financial condition and results of operations .
- Officer roster context: PPT fund information lists Mr. Horwitz as Executive Vice President, Principal Executive Officer, and Compliance Liaison among the fund’s officers .
Investment Implications
- Compensation alignment: With officer compensation paid by Franklin Advisers and only aggregate reimbursements disclosed at the fund level, PPT does not provide pay‑for‑performance linkages or equity alignment details for Mr. Horwitz; investors cannot assess incentive structures, vesting pressure, or pay mix from fund filings .
- Retention risk: Long tenure since 2004 and indemnification/liability insurance suggest institutional stability and low immediate retention risk, though absence of disclosed severance or CoC terms leaves transition economics opaque .
- Trading signals: PPT affirms Section 16 compliance but does not disclose officer‑level holdings or transactions; without Form 4 data for Mr. Horwitz in fund materials, insider selling/buying pressure cannot be evaluated from available documents .
- Execution risk: Mr. Horwitz’s recurring SOX certifications and control assertions indicate a focus on compliance rigor; operational execution risks more likely hinge on portfolio management and adviser processes rather than PEO compensation incentives at the fund level .