FalconStor Software, Inc. accepted the resignation of Brad Wolfe from his positions as Executive Vice President, Chief Financial Officer and Treasurer of the Company effective February 11, 2022. Mr. Wolfe will assist in the transition of the Chief Financial Officer role. Mr. Wolfe's resignation was not the result of any disagreement related to any matter involving the Company's operations, policies or practices.

On February 11, 2022, the Company appointed Vincent Sita to serve as the Company's Chief Financial Officer and Treasurer, effective February 11, 2022. Mr. Sita shall also assume the roles of principal financial officer and principal accounting officer of the Company. Mr. Sita, 51, brings more than 20 years of finance and business experience.

Prior to joining the Company, Mr. Sita served as Vice President Finance & Administration at Ricova from January 2021 to February 2022. Prior to joining Ricova, Mr. Sita served as Chief Financial Officer of Rudsak from October 2018 to September 2020, provided business consulting services as the Principal of Alucria Consulting Inc. from August 2018 to February 2019, and served as Vice President Finance North America at ACN from April 2015 to July 2018.