On May 17, 2017, the board of directors of CF Corporation elected Keith Wayne Abell to serve as a Class A director, with a term expiring at the Company's first annual general meeting, or until his successor is duly elected and qualified or his earlier death, resignation, retirement, disqualification or removal. The Board appointed Mr. Abell, was determined to be an "independent director" as defined in the applicable rules of The NASDAQ Capital Market, to serve as a member of the audit committee of the Board. In connection with Mr. Abell's appointment, Chinh E. Chu resigned as a member of the Audit Committee and as the chairman of the Audit Committee. Mr. Chu will remain Co-Executive Chairman of the Board. As a result, the Board appointed Richard N. Massey as chairman of the Audit Committee, which is presently comprised of Mr. Abell, Mr. Massey and James A. Quella. Mr. Abell is the co-founder of Sungate Properties, LLC, which he co-founded in 2010, and is the founder of Snowridge Investments, which establishes strategic partnerships between U.S. fund managers and Chinese financial institutions, which he founded in 2015.