Company: PRIF-PJ
Filing Date: 2025-09-03
Form Type: PRE 14A
Source: 0001554625-25-000063
Chunk: 14

Company: Priority Income Fund, Inc.
Filing Date: 2025-09-03
Form: PRE 14A
Chunk 14
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 holds, and the year in which each person became a director of the Fund.

The 1940 Act requires that the Board consist of at least a majority of independent directors. Under the 1940 Act, in order for a director to be deemed independent, he or she, among other things, generally must not: own, control or hold power to vote, 5% or more of the voting securities or be an officer or employee of the Fund or of an investment adviser or principal underwriter to the Fund; control the Fund or an investment adviser or principal underwriter to the Fund; be an officer, director or employee of an investment adviser or principal underwriter to the Fund; be a member of the immediate family of any of the foregoing persons; knowingly have a direct or indirect beneficial interest in, or be designated as an executor, guardian or trustee of an interest in, any security issued by an investment adviser or principal underwriter to the Fund; be a partner or employee of any firm that has acted as legal counsel to the Fund or an investment adviser or principal underwriter to the Fund during the last two years; or have certain relationships with a broker-dealer or other person that has engaged in agency transactions, principal transactions, lent money or other property to, or distributed shares on behalf of the Fund.

The Board, in connection with the 1940 Act, has considered the independence of members of the Board who are not employed by PSSIM, Prospect Administration, PCM, the Dealer Manager or any of their respective affiliates and has concluded that Andrew C. Cooper, William J. Gremp and Eugene S. Stark are not “interested persons” as defined by the 1940 Act and therefore qualify as independent directors under the 1940 Act. In reaching this conclusion, the Board concluded that Messrs. Cooper, Gremp and Stark had no relationships with PSSIM, Prospect Administration, PCM, the Dealer Manager or any of their respective affiliates, other than their positions as directors of the Fund and of other funds in the Fund Complex and, if applicable, investments in us that are on the same terms as those of other stockholders.

Eugene S. Stark has been nominated for election as a Class I director at the Annual Meeting to serve until the 2028 annual meeting of stockholders and until his successor is duly elected and qualifies. Mr. Stark is not being proposed for election pursuant to any agreement or understanding with any other director or the Fund. Mr. Stark has agreed to serve as a Class I director, if