Company: RIV
Filing Date: 2025-02-18
Form Type: N-2/A
Source: 0001398344-25-003061
Chunk: 172

Company: RIVERNORTH OPPORTUNITIES FUND, INC.
Filing Date: 2025-02-18
Form: N-2/A
Chunk 172
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, as amended, because 
 he is an officer of the Fund and Chief Executive Officer and Chief Investment Officer of the Adviser.                  |

| 4 | Jerry                                                                                                                          
 Raio is considered an “Interested” Director as defined in the Investment Company Act of 1940, as amended, because              
 of his current position as an advisory board member of FLX Distribution, which the Adviser is an investor in and Mr. Galley is 
 a Director of; and because of his prior position as Managing Director – Head of Retail Origination at Wells Fargo, which       
 had previously served as a broker and principal underwriter for certain funds advised by the Adviser.                          |

Board Leadership Structure. The Board of Directors, which has overall responsibility for the oversight of the Fund’s investment programs and business affairs, believes that it has structured itself in a manner that allows it to effectively perform its oversight obligations. Mr. Patrick W. Galley, the Chairman of the Board (“Chairman”), is not an Independent Director. The Board believes that the use of an interested director as Chairman is the appropriate leadership structure for the Fund given (i) Mr. Patrick Galley’s role in the day to day operations of the Adviser, (ii) the extent to which the work of the Board of Directors is conducted through the Audit Committee of the Board of Directors (the “Audit Committee”) and the Nominating and Corporate Governance Committee of the Board of Directors (the “Nominating and Corporate Governance Committee”), each of whose meetings is chaired by an Independent Director, (iii) the frequency that Independent Directors meet with their independent legal counsel and auditors in the absence of members of the Board of Directors who are interested directors of the Fund and management, and (iv) the overall sophistication of the Independent Directors, both individually and collectively. The members of the Board of Directors also complete an annual self-assessment during which the directors review their overall structure and consider where and how their structure remains appropriate in light of the Fund’s current circumstances. The Chairman’s role is to preside at all meetings of the Board of Directors and in between meetings of the Board of Directors to generally act as the liaison between the Board of Directors and the Fund’s officers, attorneys and various other service providers, including but not limited to the Adviser and other such third parties servicing the Fund. The Board of Directors believes that having an interested person serve as Chairman of the Board of Directors enables Mr. Galley to more effectively carry out these liaison activities. The Board of Directors also believes