On September 5, 2020, Nassos Michas notified National Holdings Corporation of his decision to resign as a member of the Board, effective as of September 5, 2020. With his resignation, Mr. Michas also resigned as a member of the Company’s Compensation Committee and as a member of the Company’s Nominating and Corporate Governance Committee. There were no disagreements between Mr. Michas and the Company or any officer or director of the Company which led to Mr. Michas’s resignation.