Board of Directors

Mr. Gladstone is the founder of The Gladstone Companies and has been our Chief Executive Officer since inception. From August 1997 to August 2001, Mr. Gladstone served as Chairman or Vice Chairman of American Capital Strategies, a publicly-traded leveraged buyout fund and mezzanine debt finance company. From 1974 to February 1997, Mr. Gladstone held various positions, including Chairman and Chief Executive Officer, with Allied Capital Corporation, Allied Capital Corporation II, Allied Capital Lending Corporation, Allied Capital Commercial Corporation and Allied Capital Advisors Inc. The Allied companies were the largest group of publicly-traded mezzanine debt funds and were managers of two private venture capital limited partnerships. From 1992 to 1997, Mr. Gladstone served as a Director, President and Chief Executive Officer of Business Mortgage Investors, a private mortgage REIT managed by Allied Capital. Mr. Gladstone served as a Director of The Riggs National Corporation (the parent of Riggs Bank) from 1993 to May 1997 and of Riggs Bank from 1991 to 1993. He has served as a Trustee of The George Washington University and currently is a Trustee Emeritus. He is a past member of the Listings and Hearings Committee of the National Association of Securities Dealers, Inc. He is a past member of the Advisory Committee to the Women's Growth Capital Fund, a venture capital firm that finances women-owned small businesses. Mr. Gladstone was the managing member of The Capital Investors, a group of angel investors, and is currently a member Emeritus. He is also the chairman and President of Gladstone Land Corporation, a publicly held company that has substantial farmland holdings in agriculture real estate in the U.S.  Mr. Gladstone is also a past Director of Capital Automotive REIT, a real estate investment trust. Mr. Gladstone holds a MBA degree from the Harvard Business School, a MA from American University and a BA from the University of Virginia. Mr. Gladstone has co-authored two books on financing for small and medium sized businesses, Venture Capital Handbook and Venture Capital Investing published by Prentice Hall.

Chair of the Executive Committee

Mr. Brubaker serves as Vice Chairman, Chief Operating Officer and Secretary of Gladstone Investment Corporation. Beginning in March 1999, Mr. Brubaker was a founder, and past Chairman of Heads Up Systems, a company providing process industries with leading edge technology. From 1996 to 1999, Mr. Brubaker served as Vice President of the paper group for the American Forest & Paper Association. From 1992 to 1995, Mr. Brubaker served as President of Interstate Resources, a pulp and paper company. From 1991 to 1992, Mr. Brubaker served as President of IRI, a radiation measurement equipment manufacturer. From 1981 to 1991, Mr. Brubaker held several management positions at James River Corporation, a forest and paper company, including Vice President of Strategic Planning from 1981 to 1982, Group Vice President of the Groveton Group and Premium Printing Papers from 1982 to 1990 and Vice President of Human Resources Development in 1991. From 1976 to 1981, Mr. Brubaker was Strategic Planning Manager and Marketing Manager at Boise Cascade. Previously, Mr. Brubaker was a Senior Engagement Manager at McKinsey & Company from 1972 to 1976. Mr. Brubaker holds a MBA degree from the Harvard Business School and a BSE from Princeton University

Member of the Executive Committee

Mr. Dullum joined The Gladstone Companies in February 2008. Mr. Dullum has served as President of Gladstone Investment Corporation since April 2008 and was on the Board of Directors from June 2005 to August 2015. Mr. Dullum is an Executive Managing Director of our Adviser, Gladstone Management Corporation, and was on the Board of Directors of Gladstone Commercial from August 2003 to May 2015, and on the Board of Directors of Gladstone Capital from August 2001 to February 2015. Mr. Dullum has extensive experience in equity investing and middle market buyouts.

Prior to joining Gladstone, from 1995 to 2007, Mr. Dullum was a Partner of New England Partners, a private equity firm focused on investments in the middle market in the Mid-Atlantic and New England regions. From 1976 to 1990, Mr. Dullum was a Managing General Partner of Frontenac Company, a Chicago-based private equity firm. Mr. Dullum has served as the Chairman of NASBIC (now known as SBIA) and on the Board of Trustees of The Stanford Business School Trust.  Mr. Dullum holds an MBA from Stanford Graduate School of Business and a BME from the Georgia Institute of Technology.

Mr. Adelgren has been a Director since December 2002. From 1997 to the present, Mr. Adelgren has been Pastor for the Missionary Alliance Church. From 1991 to 1997 he was Pastor of New Life Alliance Church. From 1988 to 1991, Mr. Adelgren was a Vice President of Finance for Williams & Watts, Inc. in Fairfield NJ, a logistics management and procurement business. From 1965 to 1988, Mr. Adelgren served in the United States Navy. During his career in the Navy, he served in eight different commands and ships. His last three were as the Director of the Strategic Submarine Support Department, Executive Officer at the Naval Supply Center and as the Director of the Joint Uniform Military Pay System at the Navy Finance Center. Paul Adelgren received numerous awards and medals during his distinguished career in the Navy and he retired as a Captain in the USN to pursue his business career. In 1965, Mr. Adelgren received a Bachelor of Arts degree from the University of Kansas. He attended the Navy Supply Corps School in Athens, GA. In 1972, at Harvard Business School, he received a Masters in Business Administration (with honors) in Data Processing Management and Operations Research.

Ms. English has been a Director since June 5, 2002. Until March 31, 2004, English held the positions of President, Discovery Enterprises Worldwide, and President,, launching and rapidly developing new initiatives that build upon and enhance Discovery's television brands and consumer relationships. Ms. English is an experienced executive with a wide-ranging background in marketing, corporate planning and business development. She most recently served as Senior Vice President of the National Geographic Society, where she was responsible for marketing, book publishing, Traveler magazine, World magazine for children, educational media and international publishing. English spearheaded the 1995 launch of National Geographic magazine in the Japanese language, the publication's first-ever non-English edition. She had previously served as Vice President of Marketing, directing product development and marketing activities for Society membership, books, videos, magazines and other educational products. She was a member of the Society's Board of Trustees and Education Foundation Board. Prior to her tenure at the National Geographic Society, English served as a Consultant for such clients as Marriott Corporation and MCI. She had also been Vice President, corporate planning and business development for Marriott Corporation. Prior to Marriott, English worked as Senior Engagement Manager for the international consulting firm McKinsey & Company, helping top management in major media and diversified companies design and implement strategic plans, improvements in operations and organizational changes. Ms. English is active within the volunteer, nonprofit and corporate communities. She has served as Director of Riggs National Corporation in Washington, DC; Director of Windsor Pet Care, Inc. of Hasbrouk Heights, NJ; Trustee of the Supreme Court Historical Society in Washington, DC; a member of the Yale School of Management Advisory Board in New Haven, CT; and a Director of the Potomac KnowledgeWay. She currently serves as a Director of the NEA Foundation for the Improvement of Education, the Educational Testing Service (ETS), and as Chairman of the Board of Sweet Briar College. English received a Bachelor of Arts in International Affairs at Sweet Briar College and a Master of Public and Private Management degree from Yale University's School of Management.

Member of the Audit Committee

Ms. Merrick is the founder and current chief executive officer of Your Pocket Mentor, a mobile application and digital publishing company focused on leadership development and career advancement. She is a partner with Bibury Partners, an investment and advisory firm that focuses on enterprise and consumer technology sectors. She is a board member of the Metropolitan Washington Airports Authority.

In the past, Ms. Merrick co-founded, and served as an executive vice president of, webMethods, Inc., a business-to-business enterprise software solution for Global 2000 companies that employed over 1,100 people worldwide. While at webMethods, Ms. Merrick co-founded and served as the president and chairman of the webMethods Foundation/118 Foundation, which provided financial grants to non-profits that help low income families in the areas of education, economic development, healthcare and housing in the greater Washington DC area and East Africa. Ms. Merrick has served on the board of directors of VisualCV, a venture-backed online resume and corporate talent management solution, Inova Healthcare Services, and the Northern Virginia Technology Council. Ms. Merrick has served previously as a member of the Technology Subgroup on the Virginia Governor's Economic Development and Jobs Creation Commission. Ms. Merrick also was director of for America Online, and was a consultant for Australia Post, a $5 billion government business enterprise that provides postal, retail and financial, logistics and fulfillment services across Australia.

Ms. Merrick is also a founding investor in Venture Philanthropy Partners, a philanthropic investment organization that mentors nonprofit leaders in growing programs to improve the lives of children from low income families in the National Capital Region. She has also served on the boards of several Washington, DC area charities, including Greater DC Cares, CharityWorks, the Fairfax Symphony and the Langley School. Ms. Merrick was named a 2011 Top 100 Technology Titan by Washingtonian Magazine. She is an active member of ARCS - Advancing Science in America - Achievement Awards for College Scientists. She currently serves on the Board of the Global Good Fund and the Women in Technology's Leadership Foundry.

Ms. Merrick received a BA in political science from the University of California, Los Angeles, and has received a Certificate of Director Education from the National Association of Corporate Directors.

Member of the Audit Committee

Mr. Outland has been on the Company’s Board of Directors since December 2003. Currently, Mr. Outland is a Capital Markets Deal Leader for Genworth Financial. Since 2002, Mr. Outland has worked for 1789 Capital Advisors as a Managing Director where he has provided market and transaction structure analysis and advice on a consulting basis for multifamily commercial mortgage purchase programs. Mr. Outland advised HUD and the FHA on the sale of approximately $400 million of non-performing residential mortgage loans and marketed the sale of these loans to investors. From 1999 to 2001, Mr. Outland served as Vice President of Mortgage-Backed Securities at Financial Guaranty Insurance Company where he was team leader for bond insurance transactions, responsible for sourcing business, coordinating the credit, loan file, due diligence and legal review processes, and negotiating structure and business issues. From 1993 to 1999, Mr. Outland was Senior Vice President for Citicorp Mortgage Securities, Inc. At that firm he securitized Citicorp Mortgage non-conforming mortgage products. Mr. Outland’s responsibilities included mortgage pooling, rating agency relationships, managing auction and price negotiation processes, managing loan file due diligence, reviewing transaction documentation and closing transactions. Mr. Outland worked at Nomura Securities International, Inc., from 1989 to 1993 as Vice President of Real Estate and Mortgage Finance where he performed due diligence on and negotiated the financing of commercial mortgage packages in preparation for securitization. Mr. Outland earned a Bachelors Degree in Chemical Engineering from Georgia Institute of Technology and a Masters in Business Administration from Harvard Business School.

Mr. Parker has been a Director since August, 2001. In 1997, Mr. Parker founded Medical Funding Corporation, a company that purchases medical receivables. In the summer of 2000, Medical Funding Corporation purchased a Snelling Personnel Agency franchise in Washington, DC, which provides full staffing services for the local business community. Mr. Parker currently serves as Chairman of Medical Funding Corporation. From 1992 to 1996, Mr. Parker was Chairman of, and a 50% stockholder of, Capitol Resource Funding, Inc.(CRF), a commercial finance company with offices in Dana Point, California and Arlington, Virginia. Mr. Parker joined CRF shortly after its inception and was instrumental in growing the company from a startup to one that by 1996 was purchasing receivables at the rate of $150 million per year, with over 40 employees. Mr. Parker practiced corporate and tax law for over 15 years from 1980 to 1983 at Verner, Liipfert, Bernhard & McPherson, and from 1983 to 1992 in private practice. From 1973 to 1977 Mr. Parker served as Executive Assistant to the administrator of the US Small Business Administration. Mr. Parker received his J. D. and Masters in Tax Law from Georgetown Law Center and his undergraduate degree from Harvard College.

Chair of the Audit Committee
Member of the Executive Committee

Mr. Wilkinson is the founder and a general partner of Kitty Hawk Capital, a venture capital firm established in 1980 and based in Charlotte, North Carolina. He has served as a director of RF Micro Devices (NASDAQ: RFMD) since 1992 and has served as the Chairman of the Board of Directors since July 2008. He currently serves on the board of the N.C. State University Foundation and has previously served on the boards of other universities and related organizations. He is a past member and director of the National Venture Capital Association and is a past member and Chairman of the National Association of Small Business Investment Companies. He is currently Chairman of the Carolinas Chapter of the National Association of Corporate Directors (“NACD”) and is a NACD Leadership Fellow, having completed the NACD’s program for corporate directors. During his career he has helped to start or expand dozens of rapidly growing companies in a variety of industries. Mr. Wilkinson serves or has served as a director of numerous venture-backed companies, both public and private.

Mr. Wilkinson was selected as a director for the Company due to his strong leadership skills and his valuable understanding of our industry. With over 35 years of venture capital experience, Mr. Wilkinson also brings a unique perspective to the board. He has overseen the successful growth and evolution of numerous businesses and understands the challenges of leading both private and public companies through changing economic conditions and that boards of directors must work together in a collegial and effective manner to provide appropriate guidance to management.


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