On August 4, 2016, Richard A. Price informed the Board of Directors of Tiptree Financial Inc. of his resignation as a member of the Board, the Chairman of the Company's Compensation, Nominating and Governance Committee and a member of the company's Audit Committee, effective as of August 10, 2016. In submitting his resignation, Mr. Price did not express any disagreement on any matter relating to the operations, policies or practices of the company. On August 4, 2016, the Board appointed Paul Friedman to fill the vacancy on the Board as a Class I director and as a member of both the Audit Committee and CNG Committee, effective as of August 10, 2016. From November 2009 to March 2015, Mr. Friedman served as the Senior Managing Director and Chief Operating Officer of Guggenheim Securities LLC. From June 2008 to October 2009, Mr. Friedman served as the Managing Director of Mariner Investment Group. The Board also appointed Lesley Goldwasser, effective August 10, 2016, to be the Lead Director.