On October 11, 2017, the HPIL Holding received a resignation letter from Mr. Louis Bertoli dated October 10, 2017 wherein Mr. Bertoli resigned for personal reasons from the Company as Chairman of the Board, Chief Executive Officer and President. On October 12, 2017, Mr. Bertoli confirmed that his intention is to also resign as a Director of the Company pursuant to his October 10, 2017 letter. On October 14, 2017, the Company's Board of Directors accepted Mr. Bertoli's resignation as Chairman of the Board, Director, Chief Executive Officer and President.

On October 14, 2017, the Board appointed Nitin Amersey, the Company's Chief Financial Officer, to fill the positions vacated by Mr. Bertoli and serve as the Company's Chairman of the Board, Chief Executive Officer, and President. Mr. Amersey will continue to serve as the Company's Chief Financial Officer on an interim basis, and in his roles as Corporate Secretary and Treasurer of the Company.