On April 28, 2021, Daniel J. Ballen informed Velocity Financial, Inc. of his decision to resign as a director effective immediately. His decision to resign is not based upon any disagreements between company and Mr. Ballen. In connection with Mr. Ballen's resignation, TOBI requested its Board to elect Michael W. Chiao as a new director. On April 29, 2021, Board of Directors elected Michael Chiao as a new independent member of Board. Mr. Chiao was also appointed to its Board's Compensation Committee. Mr. Chiao is a senior vice president and portfolio manager in the Newport Beach office of Pacific Investment Management Company LLC (PIMCO), focusing primarily on residential loan investments. Mr. Chiao also replaces Mr. Ballen as the Board's director nominee to be voted upon at May 19, 2021 Annual Meeting of Shareholders.