UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM
CURRENT REPORT
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Securities Exchange Act of 1934
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Item 8.01 Other Events
At a special meeting of the board of trustees (the “Board”) of Angel Oak Financial Strategies Income Term Trust (“FINS”), based on feedback provided to management and the recommendation of management, the Board approved the calling of the annual meeting of the shareholders of FINS at a date and time that is later than 30 days from the date of the anniversary of the previous year’s annual meeting of shareholders of FINS in order to grant shareholders of FINS a reprieve from several recent non-routine calls for action, including the second quarter 2025 rights offering completed on May 14, 2025, the contested annual meeting of shareholders on June 26, 2025 and the special meeting of shareholders on September 26, 2025. As a result, when the date and time of the annual meeting is announced, based on the terms of the Bylaws, for nominations or other business to be properly brought before the annual meeting, notice must be delivered not earlier than the 150th day prior to the date of the annual meeting and not later than the close of business on the later of the 120th day prior to the date of the annual meeting or the tenth day following the day on which public announcement of the date of such meeting is first made. In addition, the deadline and requirements for shareholder proposals of business to be conducted at the 2026 annual meeting of the shareholders of FINS must be made in compliance with the applicable securities laws. The Board will further consider and discuss whether it anticipates that annual meetings after 2026 will occur around the anniversary of the 2026 annual meeting of FINS shareholders or around the anniversary of the 2025 annual meeting of FINS shareholders, June 26, 2025.
In addition, based on feedback provided to management and the recommendation of management, at that November 21, 2025 meeting of the Board, the Board approved recommending to shareholders of FINS that at the forthcoming annual meeting, they approve a form of an amendment to Article IV, Section III to the Declaration of Trust of FINS (the “Declaration of Trust”) that lowers the threshold required for the shareholders of FINS to remove a trustee of FINS (a “Trustee”) for “Cause” as defined in Article IV, Section III of the Declaration of Trust from 75% to 66.67% and lowers the threshold required for the Trustees to remove a Trustee for Cause from 75% to 66.67%, making it easier for shareholders of FINS and Trustees of FINS to remove a Trustee for “Cause.” A copy of the form of the proposed amendment to the Declaration of Trust is attached hereto as Exhibit 99.1.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits
99.1 Form of Proposed Amendment to Declaration of Trust
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, Angel Oak Financial Strategies Income Term Trust has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Angel Oak Financial Strategies Income Term Trust | |||
| Date: November 26, 2025 | By: | /s/ Ward Bortz | |
| Name: | Ward Bortz | ||
| Title: | President | ||
Angel Oak Financial Strategies Income Term Trust 8-K
Exhibit 99.1
AMENDMENT
to
DECLARATION OF TRUST
of
ANGEL OAK FINANCIAL STRATEGIES INCOME TERM TRUST
(a Delaware Statutory Trust)
Dated as of [__________]
This Amendment (the “Amendment”), amends that certain Declaration of Trust, dated June 14, 2018 (the “Declaration of Trust”) of Angel Oak Financial Strategies Income Term Trust (the “Trust”). Capitalized terms used but not defined in this Amendment shall have the meanings ascribed to such terms in the Declaration of Trust.
WHEREAS, the Board of Trustees believes that it is advisable and in the best interest of the Shareholders and the Trust to amend the Declaration of Trust to lower the threshold for removal by Shareholders of a Trustee for “Cause” as defined in Article IV, Section 3 of the Declaration of Trust.
NOW, THEREFORE, the Declaration of Trust Is Amended as follows:
1. Amendment to Article IV, Section 3. The Declaration of Trust is hereby amended by deleting the second sentence of Article IV, Section 3 of the Declaration of Trust and by replacing the deleted second sentence by inserting the following:
Any of the Trustees may be removed from office only for “Cause” (as hereinafter defined) and only (i) by action of at least sixty-six and sixty seven one hundredths percent (66.67%) of the outstanding Shares of the classes or series of Shares entitled to vote for the election of such Trustee, and (ii) by written instrument, signed by at least sixty-six and sixty seven one hundredths percent (66.67%) of the remaining Trustees, specifying the date when such removal shall become effective.
2. Entire Agreement. Except as amended herein, the Declaration of Trust shall remain in full force and effect.
3. Effective Date. This Amendment shall be effective as of the date first written above.
[Signature page follows]
IN WITNESS WHEREOF, the undersigned has executed this Amendment as of the date first written above.
| /s/ | Ward Bortz | |
| Name: | Ward Bortz | |
| Title: | President |