SCHEDULE 14A
(RULE 14a-101)
Information Required in Proxy Statement
Schedule 14A Information
Proxy Statement Pursuant to Section 14(a) of the
Securities
Exchange Act of 1934
Filed by the Registrant x
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 | |
☐ | Soliciting Material Pursuant to |
Apollo Investment Corporation
(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 the appropriate box):
No fee required. |
Fee paid previously with preliminary materials. |
Fee computed |
9 West 57th Street
New York, New York 10019
June 19, 2019
Dear Stockholder:
You are cordially invited to attend the 20192022 Annual Meeting of Stockholders of Apollo Investment Corporation, a Maryland corporation (the “Company”), to be held in person, electronically via live webcast, and telephonically via listen-only conference call simultaneouslyvirtually on August 6, 20199, 2022 at 9:3010:00 a.m., Eastern Daylight Time. The in-person meeting will be held at the New York offices of
The listen-only conference call will be accessible by dialing 1-877-328-2502 (Toll Free) or 1-412-317-5419 (International).
You have the right to receive notice of and to vote at the Annual Meeting of Stockholders if you were a stockholder of record at the close of business on June 12, 2019.13, 2022. It is important that your shares be represented at the Annual Meeting. Even if you plan to attendPlease follow the meeting in person or electronicallyinstructions on the Notice of Internet Availability of Proxy Materials and authorize a proxy via the live webcast, I urge you to complete, date and sign the enclosed proxy card and promptly return it in the envelope provided. If you prefer, you can save time by authorizing your proxy through the Internet or telephone to vote your shares. I encourage you to vote via the Internet as it saves us significant time and processing costs. However, the Notice of Internet Availability of Proxy Materials includes instructions on how to request a hard copy of the proxy statement and proxy card for the Annual Meeting free of charge, and you may vote your proxy by telephone as described inreturning your proxy card to us after you request the Proxy Statement and on the enclosed proxy card.hard copy materials. Your vote and participation in the governance of the Company is very important to us.
Sincerely yours, |
John J. Hannan |
Chairman of the Board of Directors |
APOLLO INVESTMENT CORPORATION
9 West 57th Street
New York, New York 10019
(212) 515-3450
NOTICE OF VIRTUAL ANNUAL MEETING OF STOCKHOLDERS
TO BE HELD ON AUGUST 6, 2019
Online Meeting Only – No Physical Meeting Location
To the Stockholders of Apollo Investment Corporation:
The 20192022 Annual Meeting of Stockholders of Apollo Investment Corporation, a Maryland corporation (the “Company”), will be held virtually on Thursday, August 9, 2022 at the New York offices of
1. | To consider and vote upon the election of |
2. | To consider and vote upon ratifying the selection of |
3. | To transact such other business as may properly come before the meeting and any |
The 20192022 Annual Meeting of Stockholders of the Company will alsoonly be accessible electronicallyvirtually via live webcast over the Internet at www.virtualshareholdermeeting.com/AINV2019 and telephonically by dialing 1-877-328-2502 (Toll Free) or 1-412-317-5419 (International). Please note that those using the dial-in number for the listen-only conference call will not be able to vote or submit questions. AINV2022.
You have the right to receive notice of and to vote at the meeting if you were a stockholder of record at the close of business on June 12, 2019. Even if13, 2022. A list of these stockholders will be open for examination by any stockholder for any purpose germane to the Annual Meeting for a period of 10 days prior to the Annual Meeting at the Company’s principal executive offices at 9 West 57th Street, New York, New York 10019, and electronically during the Annual Meeting at www.virtualshareholdermeeting.com/AINV2022 when you enter your 16-Digit control number. The Company is furnishing a proxy statement and proxy card to its stockholders on the Internet, rather than mailing printed copies of those materials to its stockholders. If you received a Notice of Internet Availability of Proxy Materials by mail, you will not receive a printed copy of the proxy statement and proxy card unless you request them. Instead, the Notice of Internet Availability of Proxy Materials will instruct you as to how you may access and review the proxy statement, and vote your proxy, on the Internet.
Whether or not you plan to attend, please sign the enclosed proxy card and return it promptlyparticipate in the self-addressed envelope provided or authorizeAnnual Meeting, we encourage you to vote your proxyshares by telephone or throughfollowing the Internet. Please refer toinstructions on the voting instructions provided on your proxy card. Notice of Internet Availability of Proxy Materials.
In the event there are not sufficient shares present for a quorum or sufficient votes to approve or ratify the 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.
By Order of the Board of Directors, |
Joseph D. Glatt, |
Corporate Secretary |
New York, New York
June 19, 2019
This is an important meeting. To ensure proper representation at the meeting, please follow the instructions on the Notice of Internet Availability of Proxy Materials to authorize a proxy to vote your shares via the Internet or telephone, or by requesting, signing, dating and returning a proxy card. Even if you vote your shares prior to the meeting, you still may participate in the virtual Annual Meeting.
APOLLO INVESTMENT CORPORATION
9 West 57th Street
New York, New York 10019
(212) 515-3450
PROXY STATEMENT
2022 Virtual Annual Meeting of Stockholders
This Proxy Statement is furnished in connection with the solicitation of proxies by the Board of Directors of Apollo Investment Corporation, a Maryland corporation (the “Company,” “we,” “us” or “our”), for use at the Company’s 20192022 Annual Meeting of Stockholders (the “Meeting”) to be held on Tuesday, August 6, 20199, 2022 at 9:3010:00 a.m., Eastern Daylight Time, virtually at the New York offices of
We encourage you to access the Meeting prior to the start time. The live webcast and listen-only conference call will begin promptly at 9:3010:00 a.m. Eastern Daylight Time. We will have technicians ready to assist you with any technical difficulties you may have accessing the live webcast or listen-only conference call. If you encounter any difficulties accessing the live webcast and listen-only conference call beforevirtual meeting during check-in or during the Meeting time,meeting, please call 1-877-328-2502 (Toll Free) or 1-412-317-5419 (International).the technical support number that will be posted on the virtual meeting platform log-in page at www.virtualshareholdermeeting.com/AINV2022. Technical support will be available starting at 9:0030 a.m. on August 6, 20199, 2022 and will remain available until thirty minutes after the Meeting has finished. The virtual meeting platform is fully supported across browsers (Internet Explorer,(Edge, Firefox, Chrome, and Safari) and devices (desktops, laptops, tablets, and cell phones) running the most updated version of applicable software and plugins. Participants should ensure that they have a strong WiFi connection wherever they intend to participate in the Meeting. Participants should also give themselves plenty of time to dial-in to the conference call or log in and ensure that they can hear audio prior to the start of the Meeting.
We encourage you to vote your shares either by voting in person atfollowing the Meeting or electronically viainstructions on the live webcastNotice of the Meeting or byInternet Availability of Proxy Materials and granting a proxy (i.e., authorizing someone to vote your shares). If you properly sign, date and mailprovide voting instructions, either via the accompanying proxy card or authorize your proxyInternet, by telephone or through the Internet,by requesting, signing, dating and returning a proxy card, and the Company receives itthem in time for voting at the Meeting, the persons named as proxies will vote your shares in the manner that you specify.
You may revoke a proxy at any time before it is exercised by notifying the Company’s Secretary in writing, by submitting a properly executed later-dated proxy, or by participating in the virtual Meeting and voting online. Participating in personthe virtual Meeting does not revoke your proxy unless you also vote online at the Meeting. Any stockholder of record attending the Meeting may vote in person whether or not he or she has previously authorized his or her shares to be voted by proxy.
If your shares are registered in the name of a bank, brokerage firm or other nominee, you will receive instructions from your bank, broker or other nominee that you must follow in order to instruct how your shares are to be voted at the Meeting.
If you want to submit a question during the Meeting, log into the live webcast at
www.virtualshareholdermeeting.com/Only questions submitted via the live webcast that are pertinent to Meeting matters will be answered during the Meeting, subject to time constraints.
Please note that no questions may be submitted via the listen-only conference call. Questions or comments that are not related to the proposals under discussion, are about personal concerns not shared by stockholders generally, or use blatantly offensive language may be ruled out of order. Additionally, the Company may not be able to answer multiple questions submitted by the same stockholder. Questions pertinent to Meeting matters that cannot be answered during the Meeting due to time constraints will be posted online and answered at www.virtualshareholdermeeting.com/1
Purpose of Meeting
At the Meeting, you will be asked to vote on the following proposals:
1. | To consider and vote upon the election of |
2. | To consider and vote upon ratifying the selection of |
3. | To transact such other business as may properly come before the meeting and any postponement or adjournment thereof. |
Voting Securities
You may vote your shares at the Meeting only if you were a stockholder of record at the close of business on June 12, 201913, 2022 (the “Record Date”). There were 68,068,42663,518,718 shares of the Company’s common stock outstanding on the Record Date. Each share of common stock is entitled to one vote on each matter to be voted on at the Meeting. Stockholders do not have the right to cumulate votes in the election of directors.
Quorum Required
A quorum must be present at the Meeting for any business to be conducted. The presence at the Meeting, in person electronically via the live webcast(virtually), or by proxy, of holders of shares of stock of the Company entitled to cast a majority of the votes entitled to be cast on the Record Date will constitute a quorum. Abstentions and broker non-votes will be deemed to be present for the purpose of determining a quorum for the Meeting. Those stockholders accessing the Meeting via the listen-only conference call will not be deemed to be “present” for purposes of determining a quorum for the Meeting. If a stockholder of the Company does not vote in person at the Meeting or electronically via the live webcast or does not submit voting instructions to its broker, bank or other nominee, the broker, bank or other nominee will not be permitted to vote the stockholder’s shares on non-routine proposals. The ratification of the selection of PricewaterhouseCoopersDeloitte & Touche LLP as the Company'sCompany’s independent registered public accounting firm for the year ending March 31, 20202023 (Proposal 2) is considered routine under applicable rules. The election of directors (Proposal 1) is considered non-routine under applicable rules. For non-routine proposals, a broker, bank or other nominee that holds shares in street name on behalf of a stockholder must receive voting instructions from the beneficial owner of the shares in order for the shares to be voted at the Meeting. A "broker non-vote"“broker non-vote” with respect to a matter occurs when a broker, bank or other nominee holding shares on behalf of a beneficial owner has not received voting instructions from the beneficial owner on a particular proposal and does not have, or chooses not to exercise, discretionary authority to vote the shares on such proposals.
Vote Required
Election of Directors
. The election of a Director requires the affirmative vote of a majority of the total votes cast for and affirmatively withheld as to such nominee. If you vote “Withhold Authority” with respect to a nominee, your shares will not be voted with respect to the person indicated. Because Directors are elected by an affirmative vote of the majority of the total votes cast for and affirmatively withheld, votes to withhold authority will have the effect of a vote against a nominee. Broker non-votes will not be included in determining the number of votes cast and as a result will have no effect on this proposal.Ratification of Independent Registered Public Accounting Firm.
The affirmative vote of a majority of the votes cast at the MeetingAdditional Solicitation.
If there are not enough shares represented at the Meeting for a quorum or votes to approve or ratify a proposal at the Meeting, the Chairman of the Meeting may adjourn the Meeting to permit the further solicitation of proxies.A stockholder vote may be taken on any proposal in this Proxy Statement prior to any such adjournment if a quorum is present and there are sufficient votes for approval of such proposal.
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Authorizing a Proxy for Shares Held in Your Name
If you are a record holder of shares of the Company’s common stock, you may authorize a proxy to vote on your behalf by following the instructions provided on the Notice of Internet Availability of Proxy Materials. Authorizing your proxy will not limit your right to participate in the virtual Meeting and vote your shares online. A properly completed and submitted proxy will be voted in accordance with your instructions unless you subsequently revoke your instructions. If you authorize a proxy without indicating your voting instructions, the proxyholder will vote your shares according to the Board’s recommendations. Internet and telephone voting procedures are designed to authenticate the stockholder’s identity and to allow stockholders to vote their shares and confirm that their instructions have been properly recorded. Your Internet or telephone vote authorizes the named proxies to vote your shares in the same manner as if you had marked, signed and returned a proxy card.
Revoking Your Proxy
If you are a stockholder of record, you can revoke your proxy at any time before it is exercised by: (i) delivering a written revocation notice that is received prior to the Meeting to Apollo Investment Corporation at 9 West 57th Street, New York, New York 10019, Attention: Secretary; (ii) submitting a later-dated proxy that we receive before the conclusion of voting at the Meeting; or (iii) participating in the virtual Meeting and voting online. If you hold shares of a Company’s common stock through a broker, bank, trustee or nominee, you must follow the instructions you receive from them in order to revoke your voting instructions. Participating in the virtual Meeting does not revoke your proxy unless you also vote online at the Meeting.
Information Regarding This Solicitation
The Company will bear the expense of the solicitation of proxies for the Meeting, including the cost of preparing, printing and mailing this Proxy Statement, the accompanying Notice of Annual Meeting of Stockholders, and proxy card. If brokers, trustees, or fiduciaries and other institutions or nominees holding shares in their names, or in the name of their nominees, which are beneficially owned by others, forward the proxy materials to, and obtain instructions from, such beneficial owners, we will reimburse such persons for their reasonable expenses in so doing.
In all cases where a telephonic proxy is solicited, the Georgeson representative is required to ask each stockholder to confirm his or her full name and to confirm a portion of the address that appears on the stockholder’s account registration. The Georgeson representative will ask the stockholder to confirm that he or she has either received the proxy materials in the mail or has been provided a notice and access notification. If the stockholder is a corporation or entity, the Georgeson representative is required to ask for the person’s title and confirmation that the person is authorized to direct the voting of the shares. If the information solicited matches the information provided to Georgeson, then the Georgeson representative has the responsibility to explain the process, read the proposals listed on the proxy card and ask for the stockholder’s instructions on the proposals. Although the Georgeson representative is permitted to answer questions about the process, he or she is not permitted to recommend to the stockholder how to vote, other than to read any recommendation set forth in this Proxy Statement. Georgeson will record the stockholder’s instructions electronically and submit the instructions electronically to be tabulated. The stockholder will be sent a letter to confirm his or her proxy authorization and provide instructions for making corrections if his or her voting instructions are not correctly reflected in the confirmation.
We have requested that brokers, nominees, fiduciaries and other persons holding shares in their names, or in the names of their nominees, which are beneficially owned by others, forward the proxy materials to, and obtain proxies from, such beneficial owners. We will reimburse such persons for their reasonable expenses in so doing.
In addition to mail and email, proxies may provide their voting instructionsbe solicited personally via the Internet or by telephone or throughfacsimile transmission by directors or officers of the Internet. These options require stockholders to input the Control Number whichCompany or officers or employees of Apollo Investment Management, L.P. (“AIM”), our investment adviser (without special compensation). AIM is located on their proxy card. After inputting this number, stockholders will be prompted to provide their voting instructions. Stockholders will have an opportunity to review their voting instructions and make any necessary changes before submitting their voting instructions and terminating their telephone call or Internet link. Stockholders who authorize proxies through the Internet, in addition to confirming their voting instructions prior to submission, also will receive an e-mail confirming their instructions upon request.
Security Ownership of Certain Beneficial Owners and Management
As of the Record Date, to our knowledge, no person would be presumed under the Investment Company Act of 1940, as amended (the “1940 Act”), to “control” us, as such term is defined in the 1940 Act.
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Our Directors consist of independent Directors (Directors who are not “interested persons” (as defined in the 1940 Act) of the Company, and therefore not affiliates of AIM) (“Independent Directors”) and interested Directors. Interested Directors are “interested persons” of the Company, as defined in the 1940 Act.
As of March 31, 2019, certain ownership information with respect to our common stock for those persons whom we believe,2022, based on public filings and/or information, provided by such persons,we believe that no stockholder, directly or indirectly owned, controlled or held, with the power to vote, 5% or more of our outstanding common stock as of that date as well asdate. The following table sets forth our affiliates that directly or indirectly owned, controlled or held, with the power to vote, our outstanding common stock as of that date.March 31, 2022. Unless otherwise indicated, we believe that each beneficial owner set forth in the table has sole voting and investment power over the securities owned by it.
Name and address of Beneficial Owner | Type of ownership(1) | Shares owned | Percentage of common stock outstanding | |||||||||
Thornburg Investment Management Inc. (2) | Beneficial | 8,190,667 | 11.89% | |||||||||
Apollo Management Holdings, L.P.(3) | Beneficial | 2,957,518 | 4.29% |
Name and address of Beneficial Owner | Type of ownership(1) | Shares owned | Percentage of common stock outstanding | |||||||||
Apollo Principal Holdings III LP (2) | Beneficial | 2,667,650 | 4.20 | % |
(1) | All of our common stock is owned of record by Cede & Co., as nominee of The Depository Trust Company. |
(2) | Apollo Principal Holdings III LP (“ |
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The following table sets forth, as of the Record Date, the number of shares of the Company’s common stock beneficially owned by the Director nominees and each of our other Directors and our current Executive Officers. As of that date, the Company’s Directors and Executive Officers, as a group, owned less than 1% of the Company’s outstanding common stock.
Independent Directors and Nominees, Interested Directors and Executive Officers | Amount and Nature of Beneficial Ownership (1) | Percent of Class (2) | ||||||
Independent Directors and Nominees | ||||||||
Jeanette W. Loeb | 10,000 | * | ||||||
Barbara Matas | 7,000 | * | ||||||
Frank C. Puleo | 9,726 | * | ||||||
R. Rudolph Reinfrank | 8,333 | |||||||
* | ||||||||
Elliot Stein, Jr. | ||||||||
11,217 | * | |||||||
Interested Directors and Nominee | ||||||||
John J. Hannan | 62,739 | * | ||||||
Bradley J. Wechsler (3) | 15,000 | |||||||
* | ||||||||
Howard T. Widra | 335,311 | (4) | * | |||||
Carmencita N. M. Whonder | 0 | * | ||||||
Executive Officers | ||||||||
Gregory W. Hunt | 13,290 | * | ||||||
Joseph D. Glatt | 424 | |||||||
* | ||||||||
Tanner Powell | 113,010 | (5) | * | |||||
Isabelle Gold | — | * | ||||||
Amit Joshi | 233 | * |
* | Represents less than 1% of the outstanding shares. |
(1) | Includes shares held through indirect beneficial ownership in a family trust. |
(2) | Based on |
(3) | Mr. Wechsler has informed the Board of Directors that he has decided not to stand for re-election to the Board at the end of his current term at the Annual Meeting. |
(4) | Also includes 179,200 unvested restricted stock units, 37,279 of which vested and 351 of which will vest, subject to the applicable terms and conditions, within 60 days of the date set forth above. |
(5) | Also includes 42,459 unvested restricted stock units, 12,660 of which vested and 351 of which will vest, subject to the applicable terms and conditions, within 60 days of the date set forth above. |
Dollar Range of Securities Beneficially Owned by Directors
The following table sets forth the dollar range of our common stock beneficially owned by the Director nominees and each of our other Directors as of the Record Date. Information as to the beneficial ownership is based on information furnished to the Company by such persons. (We are not part of a “family of investment companies” as that term is defined in the 1940 Act).
Directors and Nominees | Dollar Range of Common Stock in the Company(1) | |||
Independent Directors and Nominees | ||||
Jeanette W. Loeb (2) | $100,001 – $500,000 | |||
Barbara Matas | $50,001 – $100,000 | |||
Frank C. Puleo | $100,001 – $500,000 | |||
R. Rudolph Reinfrank | $50,001 – $100,000 | |||
Elliot Stein, Jr. (2) | $100,001 – $500,000 |
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Directors and Nominees | Dollar Range of Common Stock in the Company(1) | |
Interested Directors and | ||
John J. Hannan (2) | $500,001 | |
Bradley J. Wechsler (3) | $100,001 – $500,000 | |
Howard T. Widra (2) | over $1,000,000 | |
Carmencita N. M. Whonder | ||
(1) | Dollar ranges are as follows: None, $1 – $10,000, $10,001 – $50,000, $50,001 – $100,000, $100,001 – $500,000, $500,001 – $1,000,000 or over $1,000,000. |
(2) | Dollar range includes shares held through indirect beneficial ownership in a family trust. |
(3) | Mr. Wechsler has informed the Board of Directors that he has decided not to stand for re-election to the Board at the end of his current term at the Annual Meeting. |
PROPOSAL 1: ELECTION OF DIRECTORS
Pursuant to the Company’s charter and bylaws, the Board of Directors may modify the number of members of the Board of Directors provided that the number thereof shall never be less than four nor more than ten. In accordance with the bylaws, the Company currently has teneight members of the Board of Directors. Directors are divided into three classes and are generally elected for staggered terms of three years each, with a term of office of one of the three classes of Directors expiring each year. The Company may have cause to propose a term of less than three years for a Director as it may deem necessary. Each Director will hold office for the term to which he or she is elected or until his or her successor is duly elected and qualified.
A stockholder can vote for, or withhold his or her vote from, any nominee. In the absence of instructions to the contrary, it is the intention of the persons named as proxies to vote such proxy FOR the election of the nominees named below. If a nominee should decline or be unable to serve as a Director, it is intended that the proxy will be voted for the election of such person as is nominated by the Board of Directors as a replacement. The Board of Directors has no reason to believe that any of the persons named below will be unable or unwilling to serve.
THE BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS THAT YOU VOTE FOR THE ELECTION OF THE NOMINEES NAMED IN THIS PROXY STATEMENT.
Information about the Nominees and Directors
Certain information with respect to the Class III nominees for election at the Meeting, as well as each of the other Directors who are not standing for re-election, is set forth below, including their names, ages, a brief description of their recent business experience, including present occupations and employment, certain directorships that each person held during the last five years, and the year in which each person became a Director of the Company.
On June 10, 2022, Bradley J. Wechsler informed the Board of Directors that he decided not to stand for re-election to the Board at the end of his current term and, James C. Zeltertherefore, will not stand for re-election at the Annual Meeting. In connection with Mr. Wechsler’s departure, the Board of Directors nominated Carmencita N. M. Whonder for election at the Annual Meeting. Accordingly, Elliot Stein Jr. and Ms. Whonder each has been nominated for election for a three-year term expiring at the Company’s 20222025 Annual Meeting of Stockholders and until their successors are duly elected and qualified. Messrs.Mr. Stein Wechsler and Zelter currently serveserves as Directorsa Director of the Company. None of Messrs.Ms. Whonder and Mr. Stein Wechsler and Zelter isare being proposed for election pursuant to any agreement or understanding between Messrs.Ms. Whonder and Mr. Stein Wechsler or Zelter and the Company.
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Nominees for Class III Directors—Term Expiring 2022
Name, Address and | Position(s) Held with Company | Term of Office and Length of Time Served | Principal Occupation(s) During at Least the Past 5 Years | Other Directorships of Public or Registered Investment Companies Held by Director or Nominee for Director during Past 5 Years(2) | ||||
Independent | ||||||||
Elliot Stein, Jr., | Director | Class III Director since March 2004. | Private Investor; Corporate Director/Trustee. | Director of Apollo Senior Floating Rate Fund Inc. | ||||
Interested Director | ||||||||
Carmencita N. M. Whonder, 46 (2) | ||||||||
CONTINUING DIRECTORS (not up for election at the Meeting)
Class III Directors—Term Expiring 2021
Name, Address and Age(1) | Position(s) Held with Company | Term of Office and Length of Time Served | Principal Occupation(s) During at Least the Past 5 Years | Other Directorships of Public or Registered Investment Companies Held by Director or Nominee for Director during Past 5 Years(2) | ||||
Independent | ||||||||
Jeanette W. Loeb, | Director | Class I Director since August 2011. | Director of PetCareRx (e-commerce pet pharmacy), Chairman and CEO of PetCareRx from 2001 to 2011 and current CEO of PetCareRx from September 2015 to present. | Director of AB Multi-Manager Alternative Fund | ||||||||
Frank C. Puleo, | Director | Class I Director since February 2008. | Mr. Puleo was a Partner at Milbank, Tweed, Hadley & McCloy LLP (law firm). Mr. Puleo became a partner of Milbank, Tweed, Hadley & McCloy LLP in 1978 and | Director of SLM Corp. (education financing company) since | ||||||||
Interested Director | ||||||||||||
Howard T. Widra | Chief Executive Officer and Director | Class I Director since May 2018. | Managing Partner of Apollo Capital Management, L.P. since 2013; Prior to 2013, he was the Chief Executive Officer of MidCap Financial. | None. |
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CONTINUING DIRECTORS (not up for election at the Meeting)
Class II Directors—Term Expiring 2024
Name, Address and Age (1) | Position(s) Held with Company | Term of Office and | Principal Occupation(s) During at Least the Past 5 Years | Other Directorships of Public or Held by Director or Nominee for Director during Past 5 Years(2) | ||||
Independent Directors | ||||||||
R. Rudolph Reinfrank, 66 | Director | Class II Director since June 2013. | Managing General Partner of Riverford Partners, LLC (strategic advisory and investment firm) since 2009. | Director of Kayne Anderson Acquisition Corp. | ||||
Barbara Matas, 62 | Director | Class II Director since March 2017. | Chairman of Citigroup Leveraged Finance from 2013 to 2016; co-head from 2006 to 2013. | Director of Sleep Number since 2016, Director of BRP Group, Inc. since February 2020. | ||||
Interested Director | ||||||||
John J. Hannan, 69 (2) | Chairman of the Board and Director | Class II Director since March 2004. | Co-founded Apollo Management, L.P. in 1990. | Director of Environmental Solutions Worldwide, Inc. (automotive). |
(1) | The business address of the Director nominees, Directors and Executive Officers is c/o Apollo Investment Corporation, 9 West |
(2) | Messrs. Hannan and Widra |
Corporate Governance
Director Independence
. NASDAQ rules require listed companies to have a board of directors with at least a majority of Independent Directors. Under NASDAQ rules, in order for a director to be deemed independent, the board of directors must determine that the individual does not have a relationship that would interfere with the director’s exercise of independent judgment in carrying out his or her responsibilities. On an annual basis, each member of our Board of Directors is required to complete an independence questionnaire designed to provide information to assist the Board of Directors in determining whether the Director is independent under NASDAQ rules and our corporate governance guidelines. Our Board of Directors has determined that each of our Directors, other than Messrs. Hannan, Wechsler and Widra8
Board of Directors’ Oversight Role in Management.
The Board of Directors’ role in management of the Company is oversight. As is the case with virtually all investment companies, including externally managed business development companies such as the Company (as distinguished from operating companies), service providers to the Company, primarily AIM, Apollo Investment Administration, LLC (“AIA”) and their affiliates, have responsibility for the day-to-day management of the Company, which includes responsibility for risk management (including management of investment performance and investment risk, valuation risk, issuer and counterparty credit risk, compliance risk and operational risk). As part of its oversight, the Board of Directors, acting at its scheduled meetings, or the Chairman or the lead Independent Director acting between Board of Directors meetings, regularly interacts with and receives reports from senior personnel of service providers, including the Company’s Chief Executive Officer, its President and Chief Operating Officer and its Chief Financial Officer (or a senior representative of their respective offices), the Company’s andBoard of Directors Composition and Leadership Structure.
The 1940 Act requires that at least a majority of the Company’s Directors be Independent Directors. Currently,Information About Each Director’s Experience, Qualifications, Attributes or Skills
. Additional information about each Director follows (supplementing the information provided in the table above) that describes some of the specific experiences, qualifications, attributes or skills that each Director possesses which the Board of Directors believes has prepared them to be effective Directors. The Board of Directors believes that the significance of each Director’s experience, qualifications, attributes or skills is an individual matter (meaning that experience that is important for one Director may not have the same value for another) and that these factors are best evaluated at the board level, with no single Director, or particular factor, being indicative of board effectiveness. However, the Board of Directors believes that Directors need to have the ability to critically review, evaluate, question and discuss information provided to them, and to interact effectively with Company management, service providers and counsel, in order to exercise effective business judgment in the performance of their duties; the Board of Directors believes that its members satisfy this standard. Experience relevant to having this ability may be achieved through a Director’s educational background; business, professional training or practice (e.g., medicine, accounting or law), public service or academic positions; experience from service as a board member (including the Board of Directors of the Company) or as an executive of investment funds, public companies or significant private or not-for-profit entities or other organizations; and/or other life experiences. To assist them in evaluating matters under federal and state law, the Directors are counseled by their own independent legal counsel, who participates in Board of Directors meetings and interacts with AIM, and also may benefit from information provided by the Company’s or AIM’s counsel; both the Board of Directors’ and Company counsel have significant experience advising funds and fund board members. The Board of Directors and itsIndependent Directors
Jeanette W. Loeb
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at Goldman Sachs & Co., where she served as the head of the Structured Finance Department in the U.S. Ms. Loeb was named the first woman partner of Goldman Sachs & Co. in 1986 and served as a partner from 1986 to 1994. Ms. Loeb received an MBA from Harvard Business School and graduated Phi Beta Kappa from Wellesley College with a BA in economics. She currently serves on the board and the finance committee of New York City Center and also serves on the board, governance and audit committees of the AB Funds. She has previously been on the board and audit committee of the United Nations Development Corporation, the board for Alliance Bernstein Multi-Manager Alternative Fund, a member of the board of the Collegiate School, the Treasurer and a board member of the Society of Memorial Sloan Kettering, and a founding member of the Wellesley Business Leadership Council.
Barbara Matas
Frank C. Puleo
R. Rudolph Reinfrank
Elliot Stein, Jr. (73)Director
.Interested Directors
John J. Hannan
Carmencita N. M. Whonder (46) Director Nominee. Ms. Whonder has been nominated to stand for election as a director for the first time. Ms. Whonder serves as Policy Director at the lobbying and law firm of Brownstein Hyatt Farber Schreck, LLP (“Brownstein”). At Brownstein, Ms. Whonder provides strategic public policy advice to clients primarily in the financial services and housing sectors before the U.S. Congress and executive branch agencies. In February 2013, she founded OF WHONDER, a size inclusive luxury womenswear brand, and is chief executive officer of Whonder Apparel Group, LLC. Prior to joining Brownstein in November
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2008, Ms. Whonder served as the staff director for the Senate Subcommittee on Housing, Transportation, and Community Development and as the principal advisor on the Senate Banking, Housing and Urban Affairs Committee to United States Senator Charles E. Schumer. During the 109th Congress, from March 2004 to December 2006, she held the position of Minority Staff Director for the Senate Subcommittee on Economic Policy. From January 2001 to July 2003, Ms. Whonder has also worked as a Leadership Education Counselor for Gates Millennium Scholars Program/UNCF, an initiative of the CompanyBill and Melinda Gates Foundation. Ms. Whonder currently serves on the Board of Directors at Direct ChassisLink, Inc. (March 2020 to present) as well as the Board of Directors of the DC Jazz Festival (2010 to present). Ms. Whonder has a B.A. from Howard University, a diploma from the Universidad Pontificia de Salamanca and a Masters in April 2004. Mr. Wechsler was the Co-Chairman and Co-Chief Executive Officer of IMAX CorporationInternational Public Policy from May 1996 through April 2009 andJohns Hopkins University. Ms. Whonder is currently Chairman. Since January 2015, Mr. Wechsler is the Managing Partner of Elysium, LLC, a limited liability company that manages the family office for Leon Black, the Chief Executive Officerboard member of Apollo Global Management, LLC (“AGM”)Commercial Real Estate Finance Inc. (NYSE: ARI). Previously Mr. Wechsler has had several executive positionsMs. Whonder was nominated to serve as a director on our board of directors because of her significant professional experience and expertise in public policy in the entertainmentfinancial services and finance industries and has made a number of private investments. Mr. Wechsler is a Vice-Chairman of the board of the NYU Hospital and Medical Center, a member of the Executive Committee and chairs its Finance Committee. He also sits on the board of Math for America and is a member of the Academy of Motion Picture Arts and Sciences.
Howard T. Widra
Committees of the Board of Directors
As of March 31, 2019,2022, our Board of Directors had established an Audit Committee, a Nominating and Corporate Governance Committee and a Compensation Committee. For the fiscal year ended March 31, 2019,2022, the Board of Directors of the Company held 2717 board meetings, eight Audit Committee meetings, four Nominating and Corporate Governance Committee meetings and one Compensation Committee meeting.
The Company requires each Director to make a diligent effort to attend all Board of Directors and committee meetings, and encourages Directors to attend the annual meeting of stockholders. At the 20182021 Annual Meeting, all of the Directors attended in person.
Audit Committee.
Nominating and Corporate Governance Committee
. The Nominating and Corporate Governance Committee is responsible for selecting qualified nominees to be elected to the Board of Directors by stockholders; identifying, selecting or recommending qualified nominees to fill any vacancies on the Board of Directors or a committee thereof; developing and recommending to the Board of Directors a set of corporate governance principles applicable to the Company; overseeing the evaluation of the Board of Directors and management; and undertaking such other duties and responsibilities as may from time to time be delegated by the Board of Directors to the Nominating and Corporate Governance Committee. The Nominating and Corporate Governance Committee is composed of11
The Nominating and Corporate Governance Committee will consider stockholder recommendations for possible nominees for election as Directors when such recommendations are submitted in accordance with the Company’s current bylaws, the Nominating and Corporate Governance Committee Charter and any applicable law, rule or regulation regarding Director nominations. Nominations should be sent to Joseph D. Glatt, Corporate Secretary, Apollo Investment Corporation, 9 West 57
The name of the stockholder and evidence of the person’s ownership of Company stock, including the number of shares owned and the length of time of the ownership;
The name of the candidate, the candidate’s resume or a listing of his or her qualifications to be a Director of the Company and the person’s consent to be named as a Director if selected by the Nominating and Corporate Governance Committee and nominated to the Board of Directors; and
If requested by the Nominating and Corporate Governance Committee, a completed and signed Director’s Questionnaire.
Criteria considered by the Nominating and Corporate Governance Committee in evaluating the qualifications of individuals for election as members of the Board of Directors include, to the extent required, compliance with the independence and other applicable requirements of the federal securities laws, the listing standards of NASDAQ, and any other applicable laws, rules, or regulations; the ability to contribute to the effective management of the Company, taking into account the ability to critically review, evaluate, question and discuss information provided to them, and to interact effectively with the Company’s management, service providers and counsel, in order to exercise effective business judgment in the performance of their duties; educational background, business, professional training or practice (e.g., medicine, accounting or law), public service or academic positions, experience from service as a board member (including the Board of Directors) or as an executive of investment funds, public companies or significant private or not-for-profit entities or other organizations, and/or other life experiences; and personal and professional integrity, character, time availability in light of other commitments, dedication, conflicts of interest and such other relevant factors that the Nominating and Corporate Governance Committee considers appropriate. The Board of Directors also believes it is appropriate for members of the Company’s management to serve as a member of the Board of Directors. In addition, although the Nominating and Corporate Governance Committee does not have a formal policy with regard to consideration of diversity in identifying Director candidates, the Nominating and Corporate Governance Committee may consider whether a potential candidate’s professional experience, education, skills and other individual qualities and attributes, including gender, race or national origin, would provide beneficial diversity of skills, experience or perspective to the Board of Directors’ membership and collective attributes. Such considerations will vary based on the Board of Directors’ existing membership and other factors, such as the strength of a potential nominee’s overall qualifications relative to diversity considerations.
Compensation Committee
. The Compensation Committee is responsible for determining, or recommending to the Board of Directors for determining, the compensation of our Chief Executive Officer and all other executive officers, paid directly by us, if any. The Compensation Committee also assists the Board of Directors with all matters related to compensation, as directed by the Board of Directors. TheCo-Investment Committee. The Co-Investment Committee is responsible for reviewing and approving certain co-investment transactions pursuant to the exemptive order we received from the Securities and the “CommissionCommission on March 29, 2016 (the “Order”). The Co-Investment Committee is comprised of all the Independent Directors.
Communication with the Board of Directors
Stockholders with questions about the Company are encouraged to contact the Company’s Investor Relations Department. However, if stockholders believe that their questions have not been addressed, they may communicate with the Company’s Board of Directors by sending their communications to Apollo Investment Corporation, c/o Joseph D. Glatt, Corporate Secretary, 9 West 57
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Information about Executive Officers Who Are Not Directors
The following information, as of the Record Date, pertains to our Executive Officers who are not Directors of the Company.
Name, Address and Age(1) | Position(s) Held with | Principal Occupation(s) During at Least the | ||
Gregory W. Hunt, | Chief Financial Officer and Treasurer | Mr. Hunt began his term as Chief Financial Officer and Treasurer of | ||
Joseph D. Glatt, | Chief Legal Officer, Secretary and Vice President | Mr. Glatt | ||
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Name, Address and Age(1) | Position(s) Held with | Principal Occupation(s) During at Least the | ||
Tanner Powell, | President | Mr. Powell | ||
Isabelle Gold, 40 | ||||
Vice President and Chief Compliance Officer | Ms. | |||
Amit Joshi, 39 | ||||
Vice President and Chief Accounting Officer | Mr. Joshi has been with Apollo Investment Corporation since September 2013. Mr. Joshi was appointed Chief Accounting Officer of Apollo Investment Corporation in May 2017 and also serves as the Company’s Assistant Treasurer, a role he has held since August 2015. Mr. Joshi also serves the Chief Financial Officer for Apollo Debt Solutions BDC since July 2021. Prior to joining Apollo Investment Corporation, Mr. Joshi worked at Ernst & Young LLP and provided assurance and advisory services to a wide variety of clients in the financial services industry. Mr. Joshi has extensive knowledge of fund-level and portfolio-level accounting, US GAAP and SOX compliance, valuation, tax and financial reporting practices across a wide range of investment strategies, including hedge funds, private equities, CLOs, BDCs and mutual funds. Mr. Joshi is a Certified Public Accountant, Chartered Financial Analyst and Chartered Accountant. He received a Bachelor of Commerce degree in Accounting and Finance from the Calcutta University, India. |
(1) | The business address of each executive officer is c/o Apollo Investment Corporation, 9 West 57th Street, New York, New York 10019. |
(2) | Certain executive officers serve as members of governing boards of certain of our portfolio companies. |
Code of Conduct
The Company has adopted a code of conduct which applies to, among others, its executive officers, including its Chief Executive Officer and its Chief Financial Officer. The Company’s code of conduct can be accessed via the Company’s website at http://www.apolloic.com.
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Compensation of Directors and Executive Officers
The following table shows information regarding the compensation received by the Directors and Executive Officers for the fiscal year ended March 31, 2019.2022. No compensation is paid by the Company to the interested Directors.
Name | Aggregate compensation from the Company | Pension or Retirement Benefits Accrued as Part of Company Expenses(1) | Total compensation from the Company paid to Director/Executive Officer | |||||||
Independent Directors | ||||||||||
Jeanette Loeb | $ | 184,000 | None | $ | 184,000 | |||||
Barbara Matas | $ | 187,250 | None | $ | 187,250 | |||||
Frank C. Puleo | $ | 182,500 | None | $ | 182,500 | |||||
R. Rudolph Reinfrank | $ | 192,750 | None | $ | 192,750 | |||||
Carl Spielvogel | $ | 172,500 | None | $ | 172,500 | |||||
Elliot Stein, Jr. | $ | 211,500 | None | $ | 211,500 | |||||
Interested Directors | ||||||||||
John J. Hannan | None | None | None | |||||||
Bradley J. Wechsler | None | None | None | |||||||
James C. Zelter | None | None | None | |||||||
Howard T. Widra (2) | None | None | None | |||||||
Executive Officers | ||||||||||
Gregory W. Hunt | None | None | None | |||||||
Joseph D. Glatt | None | None | None | |||||||
Tanner Powell | None | None | None | |||||||
Cindy Z. Michel | None | None | None | |||||||
Amit Joshi | None | None | None |
Name | Aggregate compensation from the Company | Pension or Retirement Benefits Accrued as Part of Company Expenses(1) | Total compensation from the Company paid to Director/Executive Officer | |||||||||
Independent Directors | ||||||||||||
Jeanette Loeb | $ | 180,000 | None | $ | 180,000 | |||||||
Barbara Matas | $ | 200,000 | None | $ | 200,000 | |||||||
Frank C. Puleo | $ | 180,000 | None | $ | 180,000 | |||||||
R. Rudolph Reinfrank | $ | 180,000 | None | $ | 180,000 | |||||||
Elliot Stein, Jr.(2) | $ | 212,500 | None | $ | 212,500 | |||||||
Interested Directors | ||||||||||||
John J. Hannan | None | None | None | |||||||||
Bradley J. Wechsler(3) | None | None | None | |||||||||
Howard T. Widra(4) | None | None | None | |||||||||
Executive Officers | ||||||||||||
Gregory W. Hunt | None | None | None | |||||||||
Joseph D. Glatt | None | None | None | |||||||||
Tanner Powell | None | None | None | |||||||||
Isabelle Gold | None | None | None | |||||||||
Amit Joshi | None | None | None |
(1) | We do not have a profit sharing or retirement plan, and our Directors and Executive Officers do not receive any pension or retirement benefits. |
(2) | Mr. Stein is also a director of Apollo Senior Floating Rate Fund Inc. and Apollo Tactical Income Fund Inc., two registered closed-end investment funds managed by an affiliate of the Company’s Investment Adviser. In aggregate, Mr. Stein’s total compensation from the three funds for the fiscal year ended March 31, 2022 was $274,000. |
(3) | Mr. Wechsler has informed the Board of Directors that he has decided not to stand for re-election to the Board at the end of his current term at the Annual Meeting. |
(4) | Mr. Widra is also an executive officer of the Company. |
Compensation of Directors
Each Independent Director’s annual fee is $125,000.$145,000. Each Independent Director also receives $2,500 plus reimbursement of reasonable out-of-pocket expenses incurred in connection with attending each Board meeting, $1,000 plus reimbursement of reasonable out-of-pocket expenses incurred in connection with each committee meeting attended, and $1,500 for each telephonic committee or board meeting attended. In addition, the Lead Independent Director receives an annual fee of $25,000,$35,000. In addition, the Chairman of the Audit Committee receives an annual fee of $15,000$25,000 and each chairman of any other committee receives an annual fee of $2,500 for additional services in these capacities. Further, we purchase directors’ and officers’ liability insurance on behalf of our Directors and officers. The Independent Directors serving on the Co-Investment Committee, which is responsible for reviewing and approving certain co-investment transactions pursuant to the Order, also received $1,500 per meeting.
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Certain Relationships and Transactions
Transactions with Affiliated Persons
We have entered into a royalty-free license agreement with Apollo Management Holdings, L.P. (“AMH”), pursuant to which AMH has agreed to grant us a non-exclusive license to use the name “Apollo.” Under the license agreement, we have the right to use the “Apollo” name for so long as AIM or one of its affiliates remains our investment adviser. In addition, we rent office space from Apollo Investment Administration, LLC (“AIA”),AIA, an affiliate of AIM, and pay AIA our allocable portion of overhead and other expenses incurred by AIA in performing its obligations under our administration agreement with AIA, including our allocable portion of the cost of our Chief Financial Officer and Chief Compliance Officer and their respective staffs, which can create conflicts of interest that our Board of Directors must monitor.
With respect to Director independence, please refer to the Corporate Governance section herein.
THE BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS THAT YOU VOTE FOR THE ELECTION OF THE NOMINEES NAMED IN THIS PROXY STATEMENT.
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PROPOSAL II: RATIFICATION OF
SELECTION OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
At a meeting held on May 16, 2019,March 8, 2022, the Company’s Audit Committee approved and the Board of Directors, including a majority of the Independent Directors, approved and ratified the selection of PricewaterhouseCoopersDeloitte as the Company’s independent registered public accounting firm for the fiscal year ending March 31, 2020.2023. The Company expects that a representative of PricewaterhouseCoopersDeloitte will be present virtually at the Meeting, and will have an opportunity to make a statement (if the representative so desires) and to respond to appropriate questions. PricewaterhouseCoopers LLP (“PricewaterhouseCoopers”) served as the Company’s independent registered public accounting firm for the fiscal years ending March 31, 2021 and 2022. After reviewing the Company’s audited financial statements for the fiscal year ended March 31, 2019,2022, the Board of Directors’ Audit Committee recommended to the Board of Directors that such statements be included in the Company’s Annual Report on Form 10-K. A copy of the Audit Committee’s Report appears below.
Change in Accounting Firm
On March 8, 2022, the Independent Directors of Apollo Investment Corporation (the “Company”), upon the recommendation of the audit committee, dismissed PwC as the Company’s independent registered public accounting firm for the Company’s fiscal year ending March 31, 2023, effective upon the completion the audit of the Company’s financial statements as of and for the year ending March 31, 2022.
The reports of PricewaterhouseCoopers on the Company’s financial statements for each of the two fiscal years ended March 31, 2021 and 2020 did not contain an adverse opinion or a disclaimer of opinion, nor were they qualified or modified as to uncertainty, audit scope or accounting principles.
In connection with the audits of the Company’s financial statements for the fiscal years ended March 31, 2021 and 2020, and the subsequent period through March 8, 2022, there were no “disagreements” (as defined in Item 304(a)(1)(iv) of Regulation S-K and the related instructions) between the Company and PricewaterhouseCoopers on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures, which, if not resolved to the satisfaction of PwC, would have caused PwC to make reference to the subject matter of the disagreement in connection with its report. During the fiscal years ended March 31, 2021 and 2020 and the interim period through March 8, 2022, there were no “reportable events” (as that term is defined in Item 304(a)(1)(v) of Regulation S-K).
The Company provided PricewaterhouseCoopers with a copy of the disclosures contained in the Company’s Current Report on Form 8-K filed on March 11, 2022 and requested PricewaterhouseCoopers furnish the Company with a letter addressed to the U.S. Securities and Exchange Commission stating whether it agrees with the disclosures. A copy of PricewaterhouseCoopers’s letter, dated March 11, 2022, is filed as Exhibit 16.1 to the Company’s Current Report on Form 8-K filed with the SEC on March 11, 2022.
On March 8, 2022, the Board of Directors of the Company, upon the recommendation of the audit committee, approved a resolution appointing Deloitte as the Company’s independent registered public accounting firm for the Company’s fiscal year ending March 31, 2023, subject to the approval of the Company’s shareholders. The engagement of Deloitte is subject to Deloitte’s client acceptance procedures and execution of an engagement letter.
During the fiscal years ended March 31, 2021 and 2020, and the interim period through March 8, 2022, the Company did not, nor did anyone on the Company’s behalf, consult with Deloitte regarding (a) the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Company’s financial statements, and no written report or oral advice was provided to the Company that Deloitte concluded was an important factor considered by the Company in reaching a decision as to any accounting, auditing or financial reporting issue or (b) any matter that was either the subject of a disagreement (as defined in Item 304(a) (1)(iv) of Regulation S-K and the related instructions) or a reportable event (as described in Item 304(a)(1)(v) of Regulation S-K).
Fees Paid
Audit Fees: Audit fees consist of fees billed for professional services rendered for the audit of our year-end financial statements and services that arewere normally provided by PricewaterhouseCoopers in connection with statutory and regulatory filings. Audit fees billed during the fiscal years ended March 31, 20192022 and March 31, 20182021 were $1,300,000$1,380,000 and $1,250,000,$1,345,000, respectively.
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Audit-Related Fees
: Audit-related services consist of fees billed by PricewaterhouseCoopers for assurance and related services that are reasonably related to the performance of the audit or review of our financial statements and are not reported under “Audit Fees.” These services include attest services that are not required by statute or regulation and consultations concerning financial accounting and reporting standards. Audit-related fees billed during the fiscal years ended March 31,Tax Services Fees
: Tax services fees consist of fees billed by PricewaterhouseCoopers for professional tax services. These services also include assistance regarding federal, state, and local tax compliance. Tax services and fees billed during the fiscal years ended March 31,All Other Fees
: Other fees would include fees billed by PricewaterhouseCoopers for products and services other than the services reported above, of which there were none in the fiscal years ended March 31,Audit Committee Pre-Approval
The Audit Committee has established a pre-approval policy that describes the permitted audit, audit-related, tax and other services to be provided by PricewaterhouseCoopers,Deloitte, the Company’s auditors. The policy requires that the Audit Committee pre-approve the audit and non-audit services performed by the auditors in order to assure that the provision of such service does not impair the auditors’ independence.
Any requests for audit, audit-related, tax and other services that have not received general pre-approval must be submitted to the Audit Committee for specific pre-approval, and cannot commence until such approval has been granted. Normally, pre-approval is provided at regularly scheduled meetings of the Audit Committee. However, the Audit Committee may delegate pre-approval authority to one or more of its members. The member or members to whom such authority is delegated reports any pre-approval decisions to the Audit Committee at its next scheduled meeting. The Audit Committee does not delegate its responsibilities to pre-approve services performed by the independent auditor to management.
All services described above under “Audit-Related Fees” and “Tax Services Fees” were pre-approved by the Audit Committee.
Audit Committee Report
The following is the report of the Audit Committee with respect to the Company’s audited financial statements for the fiscal year ended March 31, 2019.
The Audit Committee has reviewed and discussed the Company’s audited financial statements with management and PricewaterhouseCoopers, LLP, the Company’s independent registered public accounting firm for the fiscal year ended March 31, 2022, with and without management present. The Audit Committee included in its review results of PricewaterhouseCoopers LLP’sPricewaterhouseCoopers’ examinations, the Company’s internal controls, and the quality of the Company’s financial reporting. The Audit Committee also reviewed the Company’s procedures and internal control processes designed to ensure full, fair and adequate financial reporting and disclosures, including procedures for certifications by the Company’s chief executive officer and chief financial officer that are required in periodic reports filed by the Company with the Commission. The Audit Committee is satisfied that the Company’s internal control system is adequate and that the Company employs appropriate accounting and auditing procedures.
The Audit Committee also has discussed with PricewaterhouseCoopers LLP matters relating to PricewaterhouseCoopers LLP’sPricewaterhouseCoopers’ judgments about the quality, as well as the acceptability, of the Company’s accounting principles as applied in its financial reporting as required by the Statement on Auditing Standards No. 1301 as amended (Communications with Audit Committee). In addition, the Audit Committee has discussed with PricewaterhouseCoopers LLP their independence from management and the Company, as well as the matters in the written disclosures received from PricewaterhouseCoopers LLP and required by Statement on Auditing Standard No. 114, as amended (Codificationapplicable requirements of Statements on Auditing Standards, AU Section 380, as adopted by the Public Company Accounting Oversight Board in Rule 3200T), Public Company Accounting Oversight Board Rule 3526, “Communication with Audit Committees Concerning Independence”.PCAOB and the SEC. The Audit Committee received a letter from PricewaterhouseCoopers LLP confirming their independence and discussed it with them. The Audit Committee discussed and reviewed with PricewaterhouseCoopers LLP the Company’s critical accounting policies and practices, internal controls, other material written communications to management, and the scope of PricewaterhouseCoopers LLP’sPricewaterhouseCoopers’ audits and all fees paid to PricewaterhouseCoopers LLP during the fiscal year. The Audit Committee has adopted guidelines requiring review and pre-approval by the Audit Committee of audit and non-audit services performed by PricewaterhouseCoopers LLP for the Company. The Audit Committee has reviewed and considered the compatibility of PricewaterhouseCoopers LLP’sPricewaterhouseCoopers’ performance of non-audit services with the maintenance of PricewaterhouseCoopers LLP’sPricewaterhouseCoopers’ independence as the Company’s independent registered public accounting firm.
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Based on the Audit Committee’s review and discussions referred to above, the Audit Committee recommended to the Board of Directors (and the Board of Directors has approved) that the Company’s audited financial statements be included in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 20192022 for filing with the Commission. In addition, the Audit Committee has engaged PricewaterhouseCoopers to serve as the Company’s independent registered public accounting firm for the fiscal year ending March 31, 2019, and has directed that the selection of PricewaterhouseCoopers LLP be submitted to the Company’s stockholders for ratification.
The Audit Committee Barbara Matas, Chair Jeanette W. Loeb Frank C. Puleo R. Rudolph Reinfrank Elliot Stein, Jr. |
THE BOARD OF DIRECTORS, BASED ON THE APPROVAL AND RECOMMENDATION OF THE AUDIT COMMITTEE, UNANIMOUSLY RECOMMENDS THAT YOU VOTE FOR RATIFICATION OF PRICEWATERHOUSECOOPERSDELOITTE & TOUCHE LLP AS INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM TO THE COMPANY FOR THE FISCAL YEAR ENDING MARCH 31, 2019.
1 | The material in this report is not “soliciting material,” is not deemed “filed” with the Commission, and is not to be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date hereof and irrespective of any general incorporation language in any such filing. |
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OTHER BUSINESS
The Board of Directors knows of no other business to be presented for action at the Meeting. If any matters do come before the Meeting on which action can properly be taken, it is intended that the proxies shall vote in their discretion.
Whether or not you expect to participate in the virtual Meeting, please follow the instructions on the Notice of Internet Availability of Proxy Materials to vote via the Internet or telephone, or request, sign, date and return a proxy card so that you may be represented at the Meeting. The Meeting will be a completely virtual meeting of stockholders and will be conducted exclusively by webcast. To participate in the Meeting, visit www.virtualshareholdermeeting.com/AINV2022, and, in each case, enter the 16-digit control number included in your Notice of Internet Availability of Proxy Materials, on the proxy card you received, or in the instructions that accompanied your proxy materials. Online check-in will begin at 9:30 a.m., Eastern Time. Please allow time for online check-in procedures. For questions regarding the virtual Meeting please call the support number that will be posted on the virtual meeting platform log-in page at www.virtualshareholdermeeting.com/AINV2022. For questions regarding voting, please contact us by calling us collect at 888-643-8150.
SUBMISSION OF STOCKHOLDER PROPOSALS
The submission of a proposal does not guarantee its inclusion in the Company’s proxy statement or presentation at an annual meeting of stockholders unless certain securities law requirements are met. The Company expects that the 2019 Annual Meeting of Stockholders will be held at 9:30 a.m. on August 6, 2019, at the New York offices of Skadden, Arps, Slate, Meagher & Flom LLP, Four Times Square, New York, New York 10036. A stockholder who intends to present a proposal at that Annual Meeting pursuant to Rule 14a-8 under the Exchange Act (“Rule 14a-8”) must submit the proposal in writing to the Company at its address in New York, New York, and the Company must receive the proposal no later than February 17, 2020,24, 2023, in order for the proposal to be considered for inclusion in the Company’s proxy statement for that meeting.
Pursuant to our current bylaws, notices of business proposals or a nomination(s) of individuals for election as a director at the 2019 Annual2022 Meeting, other than stockholder proposals to be included in our proxy statement pursuant to Rule 14a-8, should be addressed to Joseph D. Glatt, Corporate Secretary, Apollo Investment Corporation, 9 West 57th Street, New York, New York 10019 and should be received by the Company not earlier than January 18, 202025, 2023 and not later than 5:00 p.m. (Eastern Time) on February 17, 2020.24, 2023. In the event that the date of the next annual meeting is advanced or delayed by more than 30 days from the first anniversary of the Meeting a notice by the stockholder, to be timely, must be so delivered not earlier than the 150th day prior to the date of such annual meeting and not later than 5:00 p.m. (Eastern Time), on the later of the 120th day prior to the date of such annual meeting or the tenth day following the day on which public announcement of the date of such meeting is first made. The Company reserves the right to reject, rule out of order, or take other appropriate action with respect to any proposal that does not comply with these and other applicable requirements. A stockholder’s notice must contain information specified in our bylaws about the stockholder, its affiliates, and the proposed business or nominee for election as a director.
The Company’s Audit Committee has established guidelines and procedures regarding the receipt, retention and treatment of complaints regarding accounting, internal accounting controls or auditing matters (collectively, “Accounting Matters”). Persons with complaints or concerns regarding Accounting Matters may submit their complaints to the Company’s Chief Compliance Officer (“CCO”). Persons who are uncomfortable submitting complaints to the CCO, including complaints involving the CCO, may submit complaints directly to the Company’s Audit Committee Chair. Complaints may be submitted on an anonymous basis.
The CCO may be contacted at:
Apollo Investment Corporation
Chief Compliance Officer
9 West 57th Street
New York, New York 10019
The Audit Committee Chair may be contacted at:
Apollo Investment Corporation
Audit Committee Chair
9 West 57th Street
New York, New York 10019
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RECEIPT OF MULTIPLE PROXY MATERIALS
Some of the Company’s stockholders hold their shares in more than one account and may receive a separate Notice of Internet Availability of Proxy Materials for each of those accounts. To ensure that all of your shares are represented at the Meeting, we recommend that you vote by following the instructions in each Notice of Internet Availability of Proxy Materials you receive.
FINANCIAL STATEMENTS AND OTHER INFORMATION
The Commission has adopted rules that permit companies and intermediaries (e.g., brokers) to satisfy the delivery requirements forCompany files periodic reports, current reports, proxy statements and annual reportsother information with respectthe SEC. This information is available on the SEC’s website at www.sec.gov. This information, including the Company’s most recent Annual Report on Form 10-K, is also available free of charge by calling collect at 212-515-3450, or by writing to two or more stockholders sharing the same address by delivering a single proxy statement and annual report addressed to those stockholders. This process, which is commonly referred to as “householding,” potentially means extra convenience for stockholders and cost savings for companies.
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APOLLO INVESTMENT CORPORATION 9 W 57TH STREET NEW YORK, NY 10019 SCAN TO VIEW MATERIALS & VOTE w VOTE BY INTERNET Before The Meeting - Go to www.proxyvote.com or investorrelations@apolloic.comscan the QR Barcode above Use the Internet to transmit your voting instructions and for electronic delivery of information up until 11:59 p.m. Eastern Time the day before the cut-off date or 212-515-3450. If, atmeeting date. Have your proxy card in hand when you access the web site and follow the instructions to obtain your records and to create an electronic voting instruction form. During The Meeting—Go to www.virtualshareholdermeeting.com/AINV2022 You may attend the meeting via the Internet and vote during the meeting. Have the information that is printed in the box marked by the arrow available and follow the instructions. VOTE BY PHONE—1-800-690-6903 Use any time,touch-tone telephone to transmit your voting instructions up until 11:59 p.m. Eastern Time the day before the cut-off date or meeting date. Have your proxy card in hand when you no longer wishcall and then follow the instructions. VOTE BY MAIL Mark, sign and date your proxy card and return it in the postage-paid envelope we have provided or return it to participate in “householding”Vote Processing, c/o Broadridge, 51 Mercedes Way, Edgewood, NY 11717. TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS: D87833-P76616 KEEP THIS PORTION FOR YOUR RECORDS THIS PROXY CARD IS VALID ONLY WHEN SIGNED AND DATED. DETACH AND RETURN THIS PORTION ONLY APOLLO INVESTMENT CORPORATION For Withhold For All To withhold authority to vote for any individual All All Except nominee(s), mark “For All Except” and would prefer to receive a separate proxy statement and annual report, please notify your broker. Stockholders who currently receive multiple copieswrite the The Board of Directors recommends you vote FOR number(s) of the nominee(s) on the line below. the following: 1. Election of Directors Nominees: 01) Carmencita Whonder 02) Elliot Stein Jr. The Board of Directors recommends you vote FOR the following proposal: For Against Abstain 2. To ratify the selection of Deloitte & Touche LLP as Apollo Investment Corporation’s (the “Company”) independent registered public accounting firm for the fiscal year ending March 31, 2023. NOTE: Such other business as may properly come before the meeting or any adjournment thereof. Please sign exactly as your name(s) appear(s) hereon. When signing as attorney, executor, administrator, or other fiduciary, please give full title as such. Joint owners should each sign personally. All holders must sign. If a corporation or partnership, please sign in full corporate or partnership name by authorized officer. Signature [PLEASE SIGN WITHIN BOX] Date Signature (Joint Owners) Date
Important Notice Regarding the Availability of Proxy Materials for the Annual Meeting: The Notice and Proxy Statement and 10-K Wrap are available at www.proxyvote.com. D87834-P76616 APOLLO INVESTMENT CORPORATION Annual Meeting of Stockholders August 9, 2022 10:00 a.m. This proxy statementis solicited by the Board of Directors The undersigned hereby appoints GREGORY W. HUNT and annual reportKRISTIN HESTER or either one of them, and each with full power of substitution, to act as proxies for the undersigned to vote all the shares of Common Stock of Apollo Investment Corporation, a Maryland corporation (the “Company”), which the undersigned is entitled to vote at their addresses and would like to request “householding” of their communications should contact their brokers.
Your Vote Counts! APOLLO INVESTMENT CORPORATION 2022 Annual Meeting Vote by August 8, 2022 11:59 PM ET APOLLO INVESTMENT CORPORATION 9 W 57TH STREET NEW YORK, NY 10019 D87843-P76616 You invested in APOLLO INVESTMENT CORPORATION and it’s time to vote! You have the right to vote on proposals being presented at the Annual Meeting. This is an important notice regarding the availability of proxy material for the stockholder meeting to be held on August 9, 2022. Get informed before you vote View the Notice and Proxy Statement and 10-K Wrap online OR you can receive a free paper or notemail copy of the material(s) by requesting prior to July 26, 2022. If you planwould like to attendrequest a copy of the Meeting,material(s) for this and/or future stockholder meetings, you are requestedmay (1) visit www.ProxyVote.com, (2) call 1-800-579-1639 or (3) send an email to complete, date, sign and promptly return the accompanying proxy cardsendmaterial@proxyvote.com. If sending an email, please include your control number (indicated below) in the enclosed postage-paid envelopesubject line. Unless requested, you will not otherwise receive a paper or email copy. Smartphone users Vote Virtually at the Meeting* Point your camera here and August 9, 2022 10:00 a.m., Eastern Daylight Time vote without entering a control number Virtually at: www.virtualshareholdermeeting.com/AINV2022 *Please check the meeting materials for any special requirements for meeting attendance. V1.1
Vote at www.ProxyVote.com THIS IS NOT A VOTABLE BALLOT This is an overview of the proposals being presented at the upcoming stockholder meeting. Please follow the instructions on the reverse side to authorize your vote by telephonethese important matters. Voting Items Board Recommends 1. Election of Directors Nominees: For 01) Carmencita Whonder 02) Elliot Stein Jr. 2. To ratify the selection of Deloitte & Touche LLP as Apollo Investment Corporation’s (the “Company”) independent For registered public accounting firm for the fiscal year ending March 31, 2023. NOTE: Such other business as may properly come before the meeting or through the Internet.any adjournment thereof. D87844-P76616