Timber Pharmaceuticals, Inc. announced in accordance with the Amended Merger Agreement, on May 18, 2020, at the Effective Time, Michael Hubbard, Stephen Morlock, David S. Tierney, M.D. and R. Todd Plott resigned from the Board and any respective committee of the Board to which they belonged, which resignations were not the result of any disagreements with the company relating to the company's operations, policies or practices. In accordance with the Amended Merger Agreement, on May 18, 2020, the Board appointed Zachary Rome as Executive Vice-President, Chief Operating Officer and Secretary, Michael Derby as Executive Chairman of the Board of Directors, Joseph Lucchese as Executive Vice President and Amir Tavakkol as Chief Scientific Officer. In accordance with the Amended Merger Agreement, on May 19, 2020, effective at Effective Time, Michael Derby, John Koconis and Zachary Rome were appointed to the Board as directors.