United Development Funding IV announced that Mr. Scot W. O'Brien resigned from the Board of Trustees as a trustee of the company, effective April 22, 2014. Mr. O'Brien's resignation was not a result of any disagreement with the Board or the Trust. Contemporaneously with Mr. O'Brien's resignation, the Board entered into a consulting agreement with Mr. O'Brien pursuant to which Mr. O'Brien will provide counsel and consulting services regarding the management of the business and affairs of the Trust as requested by the board from time to time.

As a result of Mr. O'Brien's resignation from the Board, the Board has determined to reduce the size of the Board from six to five members. On April 22, 2014, the Board approved the formation of a Compensation Committee and a Nominating & Governance Committee. The Board appointed independent trustees Steven J. Finkle and Phillip K. Marshall to serve on the Compensation committee and appointed Steven J. Finkle as the chairman of such committee.

The Board appointed independent trustees J. Heath Malone, Steven J. Finkle and Phillip K. Marshall to serve on the nominating & governance committee and appointed J. Heath Malone as the chairman of such committee.