On May 20, 2016, the Board of Directors of Calpian, Inc. elected Dr. David Utterback as a member of the Board in order to fill the vacant position resulting from the resignation of Craig Jessen. On May 23, 2016, Laird Cagan resigned his position as a member of the Board and any other positions he held within the Company and its subsidiaries. Effective May 23, 2016, Jim McKelvey was elected as a member of the Board in order to fill the vacant position resulting from the resignation of Laird Cagan. Mr. McKelvey currently serves on the boards of directors of a number of privately-held companies.