On October 20, 2019, Andover National Corporation and Daniel E. Schmerin, the Company's Chief Executive Officer, mutually agreed to Mr. Schmerin's resignation as Chief Executive Officer, effective immediately, and his separation of employment from the Company, effective as of October 31, 2019 (the “Separation”). Mr. Schmerin also resigned as a member of the Board of Directors (the “Board”) of the Company, effective immediately. Mr. Schmerin's resignation was not as a result of any disagreement with the Company on any matters related to the Company's operations, policies or practices.

Effective October 21, 2019, the Board appointed the Company's Executive Chairman, Peter A. Cohen, 73, to serve as Chief Executive Officer, principal executive officer, principal financial officer and principal accounting officer. No new compensatory arrangements were entered into with Mr. Cohen in connection with his appointment.