Daniel A. O’Byrne
About Daniel A. O’Byrne
Daniel A. O’Byrne is Vice President of Royce Micro-Cap Trust, Inc. (RMT) and a Principal and Vice President at Royce Investment Partners; he has been employed by Royce since October 1986 and has served as an officer of the Fund since 1994. He is 63 years old (2025) and beneficially owned 15,475 RMT shares as of the August 5, 2025 record date (14,245 shares as of the July 26, 2024 record date). RMT’s proxy statements do not disclose officer compensation, specific performance metrics (e.g., TSR, revenue, EBITDA) tied to officer pay, or formal education details; officers are elected annually by the Board and serve at its pleasure.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Royce Investment Partners | Principal and Vice President | 1986–present | — |
| Royce Micro-Cap Trust, Inc. | Vice President (officer of the Fund) | 1994–present | — |
External Roles
- The DEF 14A officer biographies for RMT do not list external public company directorships or outside roles for Mr. O’Byrne.
Fixed Compensation
- RMT’s proxy statements present compensation for independent Directors, not for officers; the Fund does not have a standing compensation committee, and Independent Directors review their own compensation annually.
- No disclosure of Mr. O’Byrne’s base salary, bonus targets/awards, equity grants (RSUs/PSUs/options), perquisites, deferred compensation, pension/SERP, clawbacks, or tax gross-ups.
Performance Compensation
- No disclosure of officer performance compensation structures or metrics (e.g., revenue growth, EBITDA, TSR percentile, ESG goals), payout curves, or vesting schedules for Mr. O’Byrne in RMT’s proxy statements.
Equity Ownership & Alignment
| Metric | FY 2024 | FY 2025 |
|---|---|---|
| Shares Owned (count) | 14,245 | 15,475 |
| Shares Outstanding | 50,682,110 | 52,592,863 |
| Ownership % of Shares Outstanding | 0.028% (14,245 ÷ 50,682,110) | 0.029% (15,475 ÷ 52,592,863) |
| Change vs Prior Year (shares) | — | +1,230 (15,475−14,245) |
- Officers and Directors as a group (12 persons) owned less than 1% of outstanding shares as of each record date.
- Section 16(a) reporting: the Fund believes all officers, Directors, and >10% holders complied with filing requirements in the most recent fiscal years.
- No disclosure of shares pledged as collateral, hedging policies for officers, stock ownership guidelines for officers, or compliance status versus guidelines.
Employment Terms
| Term | Disclosure |
|---|---|
| Employment start date at Royce | October 1986 |
| Officer of RMT since | 1994 |
| Election/term | Officers are elected annually by the Board and serve at the pleasure of the Board |
| Contract term/expiration | Not disclosed |
| Severance/multiples | Not disclosed |
| Change-of-control provisions | Not disclosed |
| Clawback provisions | Not disclosed |
| Non-compete / non-solicit | Not disclosed |
| Garden leave / post-termination consulting | Not disclosed |
| Section 16 compliance | Fund reports compliance by applicable insiders in most recent fiscal years |
Investment Implications
- Pay-for-performance visibility is limited: RMT’s proxies do not disclose officer compensation structure, targets, or payouts; therefore, alignment levers (cash vs. equity mix, performance metric difficulty, clawbacks) cannot be evaluated for Mr. O’Byrne.
- Equity alignment is modest: direct ownership is ~0.03% of shares outstanding, though his holdings increased by 1,230 shares year-over-year, indicating net accumulation over the period. Group insider ownership remains <1%, and no pledging disclosures are provided.
- Retention risk and change-in-control economics are indeterminable from current filings: officers serve at the pleasure of the Board and are elected annually, but no employment agreements, severance, or CoC terms are disclosed.
- Trading signals: absence of Form 4 detail in the proxy and lack of officer comp/equity award schedules limits assessment of vesting-driven selling pressure; reported Section 16 compliance suggests regular reporting by insiders, but individual trade activity is not summarized in these filings.