On January 8, 2016, the Board of Directors of MicroStrategy Incorporated implemented a reorganization of the company's management team. Pursuant to the reorganization, Michael J. Saylor, the company's Chairman of the Board and Chief Executive Officer, was elected President of the company. In connection with the reorganization, on January 8, 2016, Jonathan F. Klein, the company's President & Chief Legal Officer, and Paul N. Zolfaghari, the company's President, each of whom was a named executive officer of the company, departed the company, with Mr. Shao assuming the duties and responsibilities that Mr. Klein held as Chief Legal Officer and Mr. Saylor assuming all of their other respective duties and responsibilities.
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