MARK L. LIPSON - Corporate Board Profile

SOURCE CAPITAL /DE/

Filing Date	Source Excerpt
2016-03-23	Mark L. Lipson, 65 Director 2015 Consultant, ML2 Advisors, LLC. Formerly a member of the Management Committee and Western Region Head at Bessemer Trust Company (2007-2014).Director/Trustee of FPA Capital Fund, Inc., of FPA New Income, Inc., of FPA Funds Trust, of FPA Paramount Fund, Inc. and of FPA U.S. Value Fund, Inc. (since October 2015). 7 None The Board of Directors has designated Messrs. Lipson, Osborne, Pisano, Purcell and Rudnick as the Audit Committee of the Board. All members of the Audit Committee are "independent," as that term is defined in the applicable listing standards of the NYSE. No member is considered an "interested person" of the Company within the meaning of the 1940 Act. The Audit Committee met four times during the last fiscal year. The Board of Directors has designated Messrs. Messrs. Lipson, Osborne, Pisano, Purcell and Rudnick as the Nominating and Governance Committee. All members of the Nominating and Governance Committee are "independent," as that term is defined in the applicable listing standards of the NYSE. No member is considered an "interested person" of the Company within the meaning of the 1940 Act. The Nominating and Governance Committee met four times during the last fiscal year. Mark L. Lipson $10,500 $56,500
2017-03-28	Mark L. Lipson, 1949 Director 2015 Consultant, ML2 Wealth Advisors, LLC (since 2014) Formerly, Managing Director and Western Region Head for Bessemer Trust (2007-2014). Formerly, Chairman and CEO of Northstar Investment Management and the Northstar Funds (1993-2001). Director/Trustee of FPA Capital Fund, Inc., FPA Funds Trust, FPA New Income, Inc., FPA Paramount Fund, Inc. and FPA U.S. Value Fund, Inc. (since October 2015). 7 None The Board of Directors has designated Ms. Brown and Messrs. Lipson, Osborne, Pisano, Purcell and Rudnick as the Audit Committee of the Board. The Board of Directors has designated Ms. Brown and Messrs. Lipson, Osborne, Pisano, Purcell and Rudnick as the Nominating and Governance Committee.
2018-04-03	Mark L. Lipson, 1949 Director 2015 Consultant, ML2 Wealth Advisors, LLC. Formerly Managing Director, Bessemer Trust (2007-2014) and US Trust (2003-2006); Founder, Chairman and CEO of the Northstar Mutual Funds (1993-2001). Director/Trustee of FPA Capital Fund, Inc., FPA Funds Trust, FPA New Income, Inc., FPA Paramount Fund, Inc. and FPA U.S. Value Fund, Inc. (since October 2015). Audit Committee and Nominating and Governance Committee member. Aggregate Compensation From the Company: $28,500.
2019-04-03	Mark L. Lipson, 1949 Director 2015 Registered Investment Adviser, ML2 Advisors, LLC (since 2014). Formerly Managing Director, Bessemer Trust (2007-2014) and US Trust (2003-2006); Chairman and CEO of the Northstar Mutual Funds (1993-2001); and President and CEO of the National Mutual Funds (1988-1993). Director/Trustee of FPA Capital, Inc., FPA Funds Trust, FPA New Income, Inc., FPA Paramount Fund, Inc., FPA U.S. Value Fund, Inc. and Source Capital, Inc. (since October 2015). The Board has appointed an Independent Director, currently Mr. Rudnick through the Company's May 13, 2019 Board meeting and then Mr. Lipson (subject to his election as a Director by Shareholders of the Company at the Meeting), effective upon adjournment of the same May 13, 2019 Board meeting, to serve in the role of Chairman. The Board of Directors has designated Ms. Brown and Messrs. Lipson, Osborne, Pisano, Purcell, and Rudnick as the Audit Committee of the Board. The Board of Directors has designated Ms. Brown and Messrs. Lipson, Osborne, Pisano, Purcell, and Rudnick as the Nominating and Governance Committee. Mark L. Lipson $24,500
2020-03-18	Mark L. Lipson, 1949 Director & Chairman 2015 Registered Investment Adviser, ML2 Advisors, LLC (since 2014). Formerly Managing Director, Bessemer Trust (2007-2014) and US Trust (2003-2006); Chairman and CEO of the Northstar Mutual Funds (1993-2001); and President and CEO of the National Mutual Funds (1988-1993).Director/Trustee of FPA Capital, Inc., FPA Funds Trust, FPA New Income, Inc., FPA Paramount Fund, Inc., FPA U.S. Value Fund, Inc. and Source Capital, Inc. (since 2015). 8 None ...The Board of Directors has designated Ms. Brown and Messrs. Lipson, Osborne, Pisano, and Purcell as the Audit Committee of the Board...The Board of Directors has designated Ms. Brown and Messrs. Lipson, Osborne, Pisano, and Purcell as the Nominating and Governance Committee.
2021-03-31	Mark L. Lipson, 1949 Director & Chairman Registered Investment Adviser, ML2 Advisors, LLC (since 2014). Formerly Managing Director, Bessemer Trust (2007-2014) and US Trust (2003-2006); Chairman and CEO of the Northstar Mutual Funds (1993-2001); and President and CEO of the National Mutual Funds (1988-1993).Director/Trustee of FPA Funds Trust, FPA New Income, Inc., FPA U.S. Core Equity Fund, Inc., and Source Capital, Inc. (since 2015), and of Bragg Capital Trust (since 2020). Audit Committee and Nominating and Governance Committee member. Aggregate Compensation From the Company: $28,014.
2022-03-30	Mark L. Lipson, 1949 Director & Chairman 2015 Managing Member, ML2 Advisors, LLC (since 2014). Formerly Managing Director, Bessemer Trust (2007-2014) and US Trust (2003-2006); Chairman and CEO of the Northstar Mutual Funds (1993-2001); and President and CEO of the National Mutual Funds (1988-1993).Director/Trustee of each FPA Fund (Bragg Capital Trust since 2020). 7 None The Board has designated Ms. Brown and Messrs. Lipson, Osborne, and Goldrich as members of the Audit Committee of the Board. The Board has designated Ms. Brown and Messrs. Lipson, Osborne, and Goldrich as members of the Nominating and Governance Committee.
2023-04-17	Mark L. Lipson, 1949Director & Chairperson 2015 Managing Member, ML2 Advisors, LLC (since 2014). Formerly Managing Director, Bessemer Trust (2007-2014) and US Trust (2003-2006); Chairman and CEO of the Northstar Mutual Funds (1993-2001); and President and CEO of the National Mutual Funds (1988-1993).Director/Trustee of each FPA Fund (Bragg Capital Trust since 2020). 7 None Mr. Lipson and Mr. Osborne will retire immediately after the Meeting. The Board has appointed Mark L. Lipson to serve in the role of Chairman. The Board has designated Ms. Brown and Messrs. Lipson, Osborne, and Goldrich as the current members of the Audit Committee of the Board. The Board has designated Ms. Brown and Messrs. Lipson, Osborne, and Goldrich as the current members of the Nominating and Governance Committee.