Thomas Antonucci
About Thomas Antonucci
Thomas Antonucci (born 1968) serves as Chief Financial Officer and Treasurer of Special Opportunities Fund, Inc. (SPE) and has held these roles since January 2014; he is classified as an “interested person” due to his affiliation with Bulldog Investors, LLP, the Fund’s Adviser . His principal occupation is Director of Operations of the Adviser and Ryan Heritage, LLP, indicating a finance/operations leadership background within the advisory complex supporting SPE . The proxy does not disclose executive-specific performance metrics (TSR, revenue, EBITDA) tied to Antonucci’s role, and the Fund does not present officer-level pay-for-performance frameworks in its filings .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Special Opportunities Fund, Inc. (SPE) | Chief Financial Officer & Treasurer | Since Jan 2014 | Oversees finance and treasury operations for the 1940 Act closed-end fund |
| Bulldog Investors, LLP (Adviser to SPE) | Director of Operations | Since Nov 2006 | Operational leadership at the Adviser supporting Fund administration and execution |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Bulldog Investors, LLP | Director of Operations | Since Nov 2006 | Adviser operations oversight impacting SPE’s advisory and back-office functions |
| Ryan Heritage, LLP | Director of Operations | Past five years (as disclosed) | Operations role within affiliated entity serving SPE’s ecosystem |
Fixed Compensation
- Officer compensation for “interested persons” (including Antonucci) is not paid by the Fund or, if any compensation is paid by the Fund for officer services, the amount is deducted from the advisory fee paid to the Adviser; the Fund has no bonus, profit sharing, pension or retirement plan .
- SPE’s proxies do not disclose Antonucci’s base salary, target bonus, or actual bonus; officer compensation details are not itemized in the DEF 14A and are typically handled at the Adviser level for 1940 Act funds .
Performance Compensation
- No officer incentive (bonus/PSU/RSU/options) programs are disclosed by SPE; the Fund states it has no bonus or profit sharing plan, and filings do not provide performance metric linkages, weighting, targets, or payouts for officers .
Equity Ownership & Alignment
- Antonucci’s beneficial ownership in SPE’s equity is disclosed as zero across multiple years; no pledging or hedging by officers is disclosed in the proxies. Management ownership (directors and officers, as a group) is consistently reported as <2% of common shares (and <1–2% of preferred shares depending on year) .
| Metric | 2015 | 2017 | 2019 | 2021 | 2022 | 2023 | 2025 |
|---|---|---|---|---|---|---|---|
| Dollar Range of SPE Equity Owned (Antonucci) | None | $0 | $0 | $0 | $0 | $0 | $0 |
| Management Ownership (Group) | <2% common | — | — | <2% common | <2% common, <1% preferred | <2% common, <1% preferred | — |
- Stock ownership guidelines for officers and any compliance status are not disclosed; the proxies limit ownership disclosures to “dollar range” tables and aggregate management ownership .
- The Fund and Adviser maintain Codes of Ethics restricting personal securities transactions, functioning as a guardrail against misalignment, but do not articulate officer-specific ownership/pledging policies in the proxy .
Employment Terms
- No employment agreement, severance, change-of-control economics, non-compete/non-solicit, garden leave, or post-termination consulting terms for Antonucci are disclosed in SPE’s proxies; searches of recent proxies and Item 5.02 8-Ks returned no results ; 8-K 5.02 filings: none found [List: 8-K 5.02=0].
Investment Implications
- Pay-for-performance visibility is limited: SPE’s structure compensates officers via the Adviser rather than the Fund, and the Fund discloses no officer-level pay metrics, incentives, or vesting schedules; this limits direct linkage of Antonucci’s compensation to SPE NAV/TSR outcomes in public filings .
- Alignment risk: Antonucci has consistently disclosed zero personal holdings in SPE, reducing direct “skin-in-the-game” alignment with fund shareholders; combined with group ownership <2%, insider selling pressure appears minimal, but alignment relies heavily on Adviser economics rather than Fund equity participation .
- Retention/transition risk appears moderated by long tenure and deep affiliation with the Adviser (Director of Operations since 2006; CFO/Treasurer since 2014), but the absence of disclosed employment protections (severance/CoC) suggests retention levers sit within Adviser arrangements not visible to public shareholders .
- Governance note: Antonucci is an “interested person” of the Adviser, and the Board does not have a standing compensation committee; director compensation is cash-based while officer pay is not disclosed at the Fund level, highlighting a governance model common to closed-end funds but with limited insight into executive incentives .