On October 27, 2011, (a) Peter Scalise III, Scott Ferrari, Neil Rosenberg, Duncan Weir and Richard Hall, all of whom are among the Buyers that repurchased SBSI, resigned as members of the Company’s Board of Directors,and Mr. Scalise resigned as the Company’s Chief Executive Officer, Mr. Ferrari resigned as its President and Mr. Rosenberg resigned as its Secretary and Treasurer, and (b) Glenn Simpson was elected as a member of the Board of Directors and appointed as the Company’s President and Chief Executive Officer. Mr. Simpson remains the Company’s sole director and officer and will serve as a director until the next annual meeting of the Company’s shareholders or until his successor is duly elected and qualified or his earlier death, resignation or removal.
To the Company’s knowledge, the resignations by Messrs. Scalise, Ferrari, Rosenberg, Weir and Hall as directors and the resignations of Messrs. Scalise, Ferrari and Rosenberg as officers did not arise from any disagreement with the Company on any matter relating to its operations, policies or practices.
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