On November 23, 2020, DTF Tax-Free Income Inc entered into a standstill agreement with Karpus Investment Management pursuant to which the Company announced a tender offer for up to 17.5% of the Company's outstanding common stock at a price equal to 98% of the net asset value at the closing of trading on the date the tender offer expires, which is expected to be by early March, 2021. Karpus agreed to certain customary standstill provisions, effective as of the date of the agreement until November 23, 2023, prohibiting it from, among other things, seeking, making, proposing or participating in (i) any solicitation of proxies, (ii) any tender or exchange offer, recapitalization, dissolution or other extra-ordinary transaction, other than the tender offer, (iii) any short sale or other transaction that derives value from a decline in the market price of the Company’s securities, (iv) the formation of any group within the meaning of section 13(d)(3) of the exchange act, (v) any nomination, contested solicitation for the removal of directors, or other effort to gain board representation, (vi) any proposals for consideration by shareholders at an annual or special meeting of shareholders, or (vii) any public statement or proposal to change the number of directors, change the capitalization of the Company or otherwise effect material change to the Company’s management, business, policies, or corporate structure.