Effective January 3, 2017, Michael Mullen was appointed as Co-Chief Executive Officer of National Holdings Corporation, until such time as the other Co-Chief Executive Officer of the company (Robert B. Fagenson) has been removed or has resigned, in which case Mr. Mullen will automatically assume the title and duties of Chief Executive Officer under the terms of his employment agreement. In addition, Mr. Mullen will be Chairman of the Board of each of company's operating subsidiaries including but not limited to: National Securities Corporation, National Asset Management Corporation, National Insurance Corporation, vFinance Corporation and Gilman and Ciocia Corporation.