SARATOGA INVESTMENT

SAR
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SARATOGA INVESTMENT CORP. : Change in Directors or Principal Officers (form 8-K)

10/16/2020 | 05:03pm

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



Resignation of Director and President



On October 15, 2020, Michael J. Grisius, a member of the Board of Directors (the
"Board") of Saratoga Investment Corp. (the "Company"), tendered a letter of
resignation from the Board and from his role as President of the Company,
effective immediately, which was accepted by the Board. There was no
disagreement between Mr. Grisius and the Company on any matter relating to the
Company's operations, policies or practices. Mr. Grisius will continue in his
current roles at Saratoga Investment Advisors, LLC, ("Saratoga Investment
Advisors
") the Company's investment adviser, including in his capacity of Chief
Investment Officer.






Appointment of Director




On October 16, 2020, the Board, upon recommendation from its Nominating and
Corporate Governance Committee
, appointed Henri J. Steenkamp to serve on the
Board to fill the vacant seat created by Mr. Grisius' resignation, effective
immediately. Mr. Steenkamp, age 44, also serves as the Chief Financial Officer,
Chief Compliance Officer, Treasurer and Secretary of the Company, and has been
in his current positions since March 2014.



The initial term of Mr. Steenkamp as a director of the Company will expire at
the 2023 annual meeting of stockholders of the Company. There is no arrangement
or understanding under which Mr. Steenkamp was appointed. There are no
transactions involving Mr. Steenkamp requiring disclosure under Item 404(a) of
Regulation S-K.



Previously, Mr. Steenkamp served as the Chief Financial Officer of MF Global
Holdings Ltd.
, a broker in commodities and derivatives, from April 2011. Prior
to that, Mr. Steenkamp held the position of Chief Accounting Officer and Global
Controller at MF Global for four years. He joined MF Global, then Man Financial,
in 2006 as Vice President of External Reporting and Accounting Policy. After MF
Global filed for bankruptcy protection in October 2011, he continued to serve as
Chief Financial Officer through January 2013. Before joining MF Global, Mr.
Steenkamp
spent eight years with PricewaterhouseCoopers ("PwC"), including four
years in Transaction Services in its New York office, managing a variety of
capital-raising transactions on a global basis. His focus was also on the SEC
registration and public company filing process, including technical accounting.
He spent four years with PwC in South Africa, where he served as an auditor
primarily for SEC registrants and assisted South African companies as they went
public in the U.S. Mr. Steenkamp is a chartered accountant and holds an honors
degree in Finance.






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Appointment of President




On October 16, 2020, the Board, upon recommendation from its Nominating and
Corporate Governance Committee
, appointed Christian L. Oberbeck to serve as
President of the Company to fill the vacant position created by Mr. Grisius'
resignation, effective immediately. Mr. Oberbeck, age 60, also serves as the
Chief Executive Officer of the Company and the Chairman of the Board. There are
no transactions involving Mr. Oberbeck requiring disclosure under Item 404(a) of
Regulation S-K.



Mr. Oberbeck has over 35 years of experience in leveraged finance, from
distressed debt to private equity, and has been involved in originating,
structuring, negotiating, consummating, managing and monitoring investments in
these businesses. Mr. Oberbeck is the Managing Member of Saratoga Investment
Advisors
and the Chairman of the Board and Chief Executive Officer of the
Company. Mr. Oberbeck also served as President of the Company until February
2014
. Mr. Oberbeck is also the Managing Partner of Saratoga Partners, a middle
market private equity investment firm. Prior to assuming full management
responsibility for Saratoga Partners in 2008, Mr. Oberbeck had co-managed
Saratoga Partners since 1995. Mr. Oberbeck joined Dillon Read and Saratoga
Partners
from Castle Harlan, Inc., a corporate buyout firm which he had joined
at its founding in 1987 and was a Managing Director, leading successful
investments in manufacturing and financial services companies. Prior to that, he
worked in the Corporate Development Group of Arthur Young and in corporate
finance at Blyth Eastman Paine Webber. Mr. Oberbeck has been a director of
numerous middle market companies. Mr. Oberbeck graduated from Brown University
in 1982 with a BS in Physics and a BA in Mathematics. In 1985, he earned an MBA
from Columbia University. Mr. Oberbeck's qualifications as a President include
his extensive experience in the investment and finance industry, as well as his
intimate knowledge of the Company's operations, gained through his service as an
executive officer.






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