Business Context and Reporting Period
This Form 8-K Current Report is filed by HMS Income Fund, Inc. (the "Company") for the reporting period of April 26, 2016. The filing addresses corporate governance changes, specifically the departure of a director and the appointment of a new director to the Board.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on personnel changes and does not contain financial performance data.
Material Changes
- Resignation: Mr. Curtis L. Hartman resigned from the Board of Directors and the Pricing Committee effective April 26, 2016. He had served as a director since 2013. The resignation was to pursue other opportunities and was not due to any dispute with the Company.
- Appointment: Mr. Nicholas T. Meserve was appointed as a director and member of the Pricing Committee effective April 26, 2016. His term is scheduled to expire at the 2016 Annual Meeting of Stockholders.
Outlook, Risks, and Management Commentary
The Company's sub-adviser, MSC Adviser I, LLC, selected Mr. Meserve as its nominee in accordance with the sub-advisory agreement. Mr. Meserve brings experience as a Managing Director at Main Street Capital Corporation and previously as a director and portfolio manager at Highland Capital Management, LP. The Board concluded that his experience in the financial services industry and investment management makes him suitable for the Board. An indemnification agreement has been entered into with Mr. Meserve.
Investor Verification Checklist
- Verify the effective date of Mr. Hartman's resignation and Mr. Meserve's appointment (April 26, 2016).
- Confirm that Mr. Meserve's term is limited to the 2016 Annual Meeting of Stockholders.
- Review the sub-advisory agreement terms regarding director nominations by MSC Adviser I, LLC.
- Check for any subsequent filings regarding the 2016 Annual Meeting of Stockholders to confirm the election status of Mr. Meserve.