On September 23, 2021, Victor Biazis, President of International Baler Corporation informed the Company of his intention to resign from these positions and to resign as a member of the Company’s Board of Directors (the “Board”) effective as of September 24, 2021, to serve as the CEO and President of Coastal Industrial Products Inc., his family-owned business. On September 23, 2021, the Board appointed William Nielsen, the Company’s Chief Financial Officer, to serve as the Company’s President, effective as of September 24, 2021. Mr. Nielsen is expected to serve until the Company completes a search and appoints a new Chief Executive Officer. Mr. Nielsen, age 74, has served as the Company’s Chief Financial Officer since 1994 and previously as the Company’s Chief Executive from May 2001 to July 2007 and from January 2017 to September 2018. Mr. Nielsen will not receive any increase in salary in connection with his appointment as Interim Chief Executive Officer and President. Effective as of September 24, 2021, the Board appointed Gregory King to serve as a Class I Director. At this time, Mr. King has not been appointed to serve on any Board committees. Mr. King has extensive experience in the recycling industry. Mr. King currently serves as the Chief Executive Officer and President of Avis Industrial Corporation (“Avis”), the Company’s large stockholder owning 81% of the Company’s issued and outstanding common stock, and has served in these positions since October 2020.