On April 14, 2016, Principal Solar, Inc. received written notice from Ms. Margaret Keliher, a director of the company and a member of the company's audit committee, that she was tendering her resignation. Ms. Keliher's resignation was effective as of April 14, 2016. Keliher tendered her resignation verbally during an April 14, 2016 meeting of the board of directors over a disagreement with management over the company's proposed disclosure in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2015, which report was filed later that same day.

The disagreement was related to the language included in that report regarding the departure of the company's Chief Financial Officer.