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GLAD > SEC Filings for GLAD > Form 8-K on 10-Apr-2013All Recent SEC Filings

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Change in Directors or Principal Officers

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On April 9, 2013,David Watson resigned as the Chief Financial Officer of Gladstone Capital Corporation (the "Company") and the board of directors accepted his resignation and appointed Melissa Morrison, the Company's current Chief Accounting Officer, as Chief Financial Officer. Mr. Watson will remain in his position as the Company's Treasurer and will continue to serve as the Chief Financial Officer and Treasurer for Gladstone Investment Corporation, an affiliate of the Company.
Ms. Morrison, age 39, has served as the Company's Chief Accounting Officer since November 2011. From September 2007 to September 2011, Ms. Morrison provided accounting and finance services in various positions, including U.S. Controller, at Tandberg, Inc., which was acquired by Cisco Systems, Inc. in April 2010. Prior to September 2007, Ms. Morrison worked at PRA International, Inc. and Ericsson NetQual Inc. in accounting manager and assistant controller positions, respectively.
The Company does not pay cash compensation or provide other benefits directly to Ms. Morrison or to any of its other executive officers. Ms. Morrison is an employee of Gladstone Administration, LLC (the "Administrator"), which is compensated for the services it provides to the Company pursuant to the terms of an administration agreement between the Company and the Administrator (the "Administration Agreement"). Pursuant to the Administration Agreement, the Company makes payments equal to its allocable portion of the Administrator's overhead expenses in performing its obligations under the Administration Agreement including, but not limited to, the Company's allocable portion of the salary and bonus ("Salary Expenses") of Ms. Morrison. Based on the March 31, 2013 proportion of expense reimbursement due to the Administrator under the Administration Agreement, the Company expects that its allocable portion of Ms. Morrison's annualized Salary Expenses will be approximately $45,153 [and does not expect its allocable portion to significantly change as Ms. Morrison takes on her new role as Chief Financial Officer of the Company].

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