Effective January 1, 2020, Johnny Conroy, Weldon Miller and Art Scharlach retired from their positions as members of the Board of Directors of Guaranty Bancshares, Inc. and from all committees of the Board of Directors. Their retirements are not due to any disagreements with the Company on any of its operations, policies or practices. Effective as of January 1, 2020, the Board of Directors appointed Jeff Brown and Mike Nolan to replace Messrs. Conroy and Scharlach as Class II directors, with initial terms expiring at the 2020 meeting of the shareholders. As a result of the retirement of Mr. Miller, the Company has a Class III vacancy. Jeff currently serves on the Board of Directors of Guaranty Bank & Trust where he is a member of its directors' loan and trust committees. Mike Nolan brings a wealth of real estate and investment experience to the Company's board. He currently serves on the Board of Directors of Guaranty Bank & Trust and its directors' loan committee. In addition to serving as a member of the Board, Mr. Brown will serve on the Company's Audit and KSOP Committees. Mr. Nolan will serve on the Company's Corporate Governance, Executive Compensation and Audit Committees. Mr. Brown and Mr. Nolan were appointed to the Company's Board of Directors at the volition of the directors and not pursuant to any arrangement or understanding between them and any other person.