Neostellar Capital Corp.
For the period ended May 28, 2025. Filed Apr 11, 2025.
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What shareholders are asked to vote on at a company's meeting. It is where to find what directors and top executives are paid, and who owns the most shares.
May 28, 2025 · Filed Apr 11, 2025
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 14A
Proxy Statement Pursuant to Section 14(a) of
the Securities Exchange Act of 1934 (Amendment No. )
| Filed by the Registrant ☒ | |
|---|---|
| Filed by a Party other than the Registrant ☐ | |
| Check the appropriate box: | |
| ☐ | Preliminary Proxy Statement |
| ☐ | Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) |
| ☒ | Definitive Proxy Statement |
| ☐ | Definitive Additional Materials |
| ☐ | Soliciting Material under §240.14a-12 |
| SuRo Capital Corp. | |
|---|---|
| (Name of Registrant as Specified In Its Charter) | |
| (Name of Person(s) Filing Proxy Statement, if other than the Registrant) | |
| Payment of Filing Fee (Check all boxes that apply): | |
| ☒ | No fee required. |
| ☐ | Fee paid previously with preliminary materials. |
| ☐ | Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14(a)-6(i)(1) and 0-11. |
SURO CAPITAL CORP.
640 Fifth Avenue, 12th Floor
Dear Stockholder:
You are cordially invited to attend the 2025 Annual Meeting of Stockholders (the “Annual Meeting”) of SuRo Capital Corp. (the “Company”) to be held on May 28, 2025 at 9:00 a.m., Eastern Time, at the office of Eversheds Sutherland (US) LLP, The Grace Building, 1114 Sixth Avenue, 40th Floor, New York, New York 10036.
The notice of annual meeting and the proxy statement (the “Proxy Statement”) accompanying this letter provide an outline of the business to be conducted at the Annual Meeting. At the Annual Meeting, you will be asked to: (i) re-elect two members of the board of directors of the Company (the “Board”), each of whom will serve for a term of three years and until their respective successors are duly elected and qualified; (ii) provide an advisory vote on executive compensation; (iii) recommend, in a non-binding vote, the frequency of an advisory vote to approve the compensation of the Company’s named executive officers, (iv) approve an amendment and restatement of the SuRo Capital Corp. Amended and Restated 2019 Equity Incentive Plan; (v) ratify the selection of CBIZ CPAs P.C. to serve as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2025; and (vi) transact such other business as may properly come before the Annual Meeting or any postponement or adjournment thereof. Details of the business to be conducted at the Annual Meeting are set forth in the accompanying Notice of 2025 Annual Meeting of Stockholders and Proxy Statement.
The Company’s Board unanimously recommends that you vote “1 YEAR” for the frequency of the advisory vote to approve the compensation of the Company’s named executive officers and “FOR” each of the other proposals to be considered and voted on at the Annual Meeting.
The Company has elected to provide access to its proxy materials to certain of its stockholders over the internet under the U.S. Securities and Exchange Commission’s “notice and access” rules. On or about April 11, 2025, the Company intends to mail to most of its stockholders a Notice of Internet Availability of Proxy Materials containing instructions on how to access the Proxy Statement and the annual report on Form 10-K for the year ended December 31, 2024 (the “Annual Report”), and how to submit proxies by telephone or through the internet. All other stockholders will receive a copy of the Proxy Statement and the Annual Report by mail. The Notice of Internet Availability of Proxy Materials also contains instructions on how you can elect to receive a printed copy of the Proxy Statement and the Annual Report. The Company believes that providing its proxy materials over the internet will expedite stockholders’ receipt of proxy materials, lower the costs associated with the Annual Meeting and conserve resources.
It is important that your shares of the Company’s common stock be represented at the Annual Meeting. If you are unable to attend the Annual Meeting in person, I urge you to complete, date and sign the enclosed proxy card and promptly return it in the envelope provided, vote your shares by telephone, or vote via the internet in accordance with the instructions printed on the Notice of Internet Availability of Proxy Materials or the proxy card. You will be able to vote electronically atwww.proxyvote.comor by calling 1-800-690-6903. Your vote and participation in the governance of the Company are very important.
Sincerely yours,
/s/ Mark D. Klein
Mark D. Klein
Chairman, Chief Executive Officer and President
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**SURO CAPITAL CORP.
**640 Fifth Avenue, 12th Floor
(212) 931-6331
**NOTICE OF ANNUAL MEETING OF STOCKHOLDERS
TO BE HELD ON MAY 28, 2025
To the Stockholders of SuRo Capital Corp.:
NOTICE IS HEREBY GIVEN THAT the 2025 Annual Meeting of Stockholders (the “Annual Meeting”) of SuRo Capital Corp. (the “Company”) will be held on May 28, 2025 at 9:00 a.m., Eastern Time, at the office of Eversheds Sutherland (US) LLP, The Grace Building, 1114 Sixth Avenue, 40th Floor, New York, New York 10036.
The Annual Meeting will be held for the following purposes:
| 1. | To re-elect two members of the board of directors of the Company (the “Board”), each of whom will serve for a term of three years and until their successors are duly elected and qualified; |
| 2. 3. | To provide an advisory vote on executive compensation; To recommend, in a non-binding vote, the frequency of an advisory vote to approve the compensation of the Company’s named executive officers; |
| 4. | To approve the amendment and restatement of the SuRo Capital Corp. Amended and Restated 2019 Equity Incentive Plan; |
| 5. 6. | To ratify the selection of CBIZ CPAs P.C. to serve as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2025; and To transact such other business as may properly come before the Annual Meeting or any postponement or adjournment thereof. |
You have the right to receive notice of and to vote at the Annual Meeting if you were a stockholder of record at the close of business on April 1, 2025 (the “Record Date”). Regardless of whether you expect to be present in person at the Annual Meeting, please sign the enclosed proxy and return it promptly in the self-addressed envelope provided, or register your vote by telephone or through the internet. You must have your control number, found on your proxy card or Notice of Internet Availability of Proxy Materials, in order to vote. Prior to the Annual Meeting, you may vote your shares electronically atwww.proxyvote.comor by calling 1-800-690-6903. Instructions are shown on the proxy card and the Notice of Internet Availability of Proxy Materials. In the event there are not sufficient votes for a quorum or to approve or ratify any of the foregoing proposals at the time of the Annual Meeting, the Annual Meeting may be adjourned in order to permit further solicitation of proxies by the Company.
**Important Notice Regarding the Availability of Proxy Materials for the Annual Meeting of Stockholders to Be Held on May 28, 2025.**The proxy statement (the “Proxy Statement”) and our annual report on Form 10-K for the fiscal year ended December 31, 2024 (the “Annual Report”) are available on the internet at*https://investors.surocap.com/financial-information/sec-filings.*The Notice of Internet Availability of Proxy Materials contains instructions on how you can elect to receive a printed copy of the Proxy Statement and the Annual Report free of charge.
The following information applicable to the Annual Meeting may be found in the Proxy Statement and/or accompanying proxy card:
| ● | the date, time and location of the meeting; |
| ● | a list of the matters intended to be acted on and our recommendations regarding those matters; |
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| ● | any control/identification numbers that you need to access your proxy card; and |
| ● | information about attending the meeting and voting in person. |
If you are unable to participate in the meeting, we urge you to follow the instructions printed on the Notice of Internet Availability of Proxy Materials or the proxy card to authorize a proxy vote by telephone or through the internet, or complete, date and sign the enclosed proxy card and promptly return it in the envelope provided.
By Order of the Board of Directors,
/s/ Allison Green
Allison Green
Corporate Secretary
New York, New York
This is an important meeting. To ensure proper representation at the Annual Meeting, stockholders are requested to promptly authorize a proxy vote by telephone or through the internet, or execute and return promptly the accompanying proxy card, which is being solicited by the Board. You may authorize a proxy by telephone or through the internet by following the instructions in the Notice of Internet Availability of Proxy Materials or the proxy card. You may execute the proxy card using the methods described in the proxy card. Executing the proxy card is important to ensure a quorum at the Annual Meeting. Proxies may be revoked at any time before they are exercised by submitting a written notice of revocation or a subsequently executed proxy, or by participating in the Annual Meeting and voting.
iii
PROXY STATEMENT FOR 2025 ANNUAL MEETING OF STOCKHOLDERS
TABLE OF CONTENTS
| Page | |
|---|---|
| NOTICE OF ANNUAL MEETING OF STOCKHOLDERS TO BE HELD ON MAY 28, 2025 | ii |
| PROXY STATEMENT | 1 |
| Purpose of Meeting | 2 |
| Record Date | 2 |
| Quorum Required | 2 |
| Broker Non-Votes | 2 |
| Vote Required | 3 |
| Information Regarding This Solicitation | 4 |
| Notice of Internet Availability of Proxy Materials | 4 |
| Electronic Delivery of Proxy Materials | 5 |
| Security Ownership of Certain Beneficial Owners and Management | 5 |
| Delinquent Section 16(a) Reports | 7 |
| PROPOSAL I: ELECTION OF DIRECTOrs | 8 |
| Information about the Director-Nominees and Directors | 8 |
| Interested Director | 9 |
| Independent Directors | 9 |
| Information about the Executive Officers Who Are Not Directors | 11 |
| CORPORATE GOVERNANCE | 12 |
| Director Independence | 12 |
| Board Leadership Structure | 12 |
| Board of Directors’ Role in Risk Oversight | 13 |
| Committees of the Board of Directors | 13 |
| Communication with the Board of Directors | 16 |
| Hedging, Speculative Trading and Pledging of Securities | 16 |
| Code of Business Conduct and Ethics | 16 |
| COMPENSATION OF DIRECTORS | 17 |
| COMPENSATION DISCUSSION AND ANALYSIS | 18 |
| Compensation Philosophy and Objectives | 18 |
| Independent Compensation Consultant | 18 |
| Assessment of Market Data | 19 |
| Assessment of Company Performance | 19 |
| Stockholder Advisory Vote on Executive Compensation | 20 |
| Executive Compensation Components | 20 |
| Risk Management and Compensation Policies and Practices | 23 |
| Employment Agreements | 24 |
| 1940 Act Restrictions on Company Performance Based Compensation | 28 |
| Tax Deductibility of Compensation | 28 |
| Conclusion | 28 |
| COMPENSATION COMMITTEE REPORT | 29 |
| COMPENSATION OF EXECUTIVE OFFICERS | 30 |
| Summary Compensation Table | 30 |
| Grants of Plan-Based Awards | 31 |
| Outstanding Equity Awards at Fiscal Year End | 31 |
| Equity Awards Vested in Fiscal Year | 32 |
| Potential Payments Upon Change in Control or Termination of Employment | 32 |
| Chief Executive Officer Pay Ratio | 34 |
| Pay Versus Performance Table | 34 |
| RELATED PARTY TRANSACTIONS AND CERTAIN RELATIONSHIPS | 38 |
| PROPOSAL II: ADVISORY VOTE ON EXECUTIVE COMPENSATION | 39 |
| PROPOSAL III: advisory vote on Frequency of advisory votes on EXECUTIVE COMPENSATION | 40 |
iv
| PROPOSAL iv: APPROVAL OF AMENDMENT AND RESTATEMENT OF THE SURO CAPITAL CORP. AMENDED AND RESTATED 2019 EQUITY INCENTIVE PLAN | 41 |
|---|---|
| PROPOSAL v: RATIFICATION OF SELECTION OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM | 47 |
| AUDIT COMMITTEE REPORT | 48 |
| Pre-Approval Policies and Procedures | 48 |
| Review with Management | 48 |
| Review and Discussion with Independent Registered Public Accounting Firm | 48 |
| Conclusion | 48 |
| OTHER BUSINESS | 50 |
| SUBMISSION OF STOCKHOLDER PROPOSALS | 51 |
| PRIVACY NOTICE | 52 |
| APPENDIX A: SURO CAPITAL CORP. AMENDED AND RESTATED 2019 EQUITY INCENTIVE PLAN | A - 1 |
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**SURO CAPITAL CORP.
640 Fifth Avenue, 12th Floor
(212) 931-6331
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.