Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On December 31, 2019, but effective as of January 1, 2020, Qualstar Corporation
(the "Company") appointed Joy C. Hou to the Company's Board of Directors
("Board") to a fill a vacancy on the Board. Ms. Hou was also appointed as a
member of the Company's Audit Committee effective January 1, 2020.
Ms Hou, 44, is the CEO and Co-Founder of MREN, Inc., an enterprise technology
platform serving the commercial real estate industry since 2013. Ms. Hou has
over 30 years of business and entrepreneurial experience in finance, technology,
and management. Prior to MREN, Ms. Hou was the CEO and Co- Founder of RAISC,
Inc., a tech-enabled bank distressed asset platform that centralized data for
over $3B of commercial real estate assets and supported the disposition of over
$1.5B of assets. In addition, Ms. Hou spent over 10 years on Wall Street where
she held various debt and equity investment positions at Donaldson, Lufkin &
Jenrette, Lehman Brothers and served as the Head of Hospitality Practice at
Barclays Capital. Ms. Hou is currently on the Board of Cornell Asian Alumni
Association as the Vice President of University Relations and had previously
served on the Board of Country Montessori School. Ms. Hou holds a Bachelor of
Science degree from Cornell University's School of Hotel Administration with
Distinction.
Prior to her appointment as a member of the Board, Ms. Hou did not have any
material relationship with the Company and no such relationship is currently
proposed. Ms. Hou does not have any family relationships with any of the
Company's other directors or executive officers. There are no understandings or
arrangements between Ms. Hou and any other person pursuant to which Ms. Hou was
selected as a director.
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