Cipherloc Corporation expanded its board to six members to facilitate the appointment of additional security, finance and technology industry experts as directors. The Company announced the appointment of Hugh Regan, Debbie MacConnel and Kevin Powers as independent directors, and the appointment of Mr. Haugli as President and an inside director. In order to facilitate these appointments, Mr. Chasteen and Sammy Davis have resigned as directors. Tom Wilkinson will continue as a director and Chairman of the Board; Anthony Ambrose will continue as Cipherloc's lead independent director. Mr. Regan recently retired from his role as Secretary, Treasurer and Chief Financial Officer of inTEST Corporation, a publicly traded manufacturer of capital equipment used in the semiconductor industry and other markets, and currently works as a private consultant to businesses, assisting them with various strategic issues. Mr. Regan served in his roles at inTEST for just over 25 years, from April 1996 until June 2021. From 1985 to April 1996, Mr. Regan served in various financial capacities for Value Property Trust, a publicly traded real estate investment trust, including Vice President of Finance from 1989 to September 1995 and Chief Financial Officer from September 1995 until April 1996. Mr. Regan qualifies as an independent member of the Company's Board of Directors and will serve as the Chairperson of the Company's Audit Committee. Ms. MacConnel has been involved in the computer industry for 34 years, retiring recently from the IBM
Corporation after 28 years. Prior to her retirement, Ms. MacConnel was instrumental in transforming information technology for IBM's human resources function, which supported up to 450,000 employees. Ms. MacConnel's team at IBM was also responsible for transforming the succession planning process for executive selection and promotion, along with enhancing the processes for mergers and acquisition management and talent
acquisition. Ms. MacConnel qualifies as an independent member of the Company's Board of Directors. Mr. Powers is the founder and director of the Master of Science in Cybersecurity Policy and Governance Programs at Boston College and is an Assistant Professor of the Practice at Boston College Law School and in Boston College's Carroll School of Management's Business Law and Society Department. Mr. Powers is also a Cybersecurity Research Affiliate at the MIT Sloan School of Management, and he has taught courses at the U.S. Naval Academy, where he was also the Deputy General Counsel to the Superintendent. Mr. Powers qualifies as an independent member of the Company's Board of Directors. Mr. Haugli has been the Managing Partner of SideChannel since September 2017. Since October 2020, Mr. Haugli has been the founder of RealCISO, a cybersecurity risk assessment SaaS platform, and has been the creator and host of #CISOlife YouTube and Podcast since August 2019. Mr. Haugli was an Adjunct Professor at Boston College from June 2020 through January 2022, an advisor to Zscaler from September 2019 to 2020, and worked for the Hanover Group from May 2015 to April 2019, most recently as VP, Chief Security Officer. Two of the new appointees, Ms. MacConnel and Mr. Powers, join the Cipherloc Board immediately. Mr. Regan and Mr. Haugli will become Directors following the completion of a shareholder notification about the board expansion. The Company expects to complete the expansion notification during July 2022.