Effective as of January 30, 2020, Michael R. Porter was terminated from his positions as Senior Vice President and Chief Financial Officer of iMedia Brands, Inc. Timothy A. Peterman, the company's Chief Executive Officer, will serve as acting principal accounting and financial officer until a successor is appointed. Mr. Porter is expected to continue to serve as a consultant of the Company through February 29, 2020 to provide, among other things consultation and assistance as reasonably requested by the Company. In exchange for his continued service, Mr. Porter will be entitled to continue his existing compensatory arrangements for the duration of his continued service to the Company.