On July 1, 2019, Otelco Inc. and Mr. Dennis K. Andrews, the current Senior Vice President - Regulatory Affairs & Human Resources of the Company and a named executive officer in the Company's 2019 proxy statement, entered into a confidential separation agreement and general release. Effective September 30, 2019, the position of Senior Vice President - Regulatory Affairs & Human Resources is being eliminated, resulting in a termination "without cause" for Mr. Andrews pursuant to the terms of his employment agreement.