As of the Effective Time and in accordance with the Merger Agreement, the board of directors of Ready Capital increased the size of the Board by three member and appointed Daniel J. Hirsch, Kevin M. Luebbers, and Pinkie D. Mayfield to the Board to fill the vacancy of the Board created by such increase, with Daniel J. Hirsch, Kevin M. Luebbers, and Pinkie D. Mayfield to serve until Ready Capital's 2023 annual meeting of stockholders and until his or her successor is duly elected and qualified. Each of Daniel J. Hirsch, Kevin M. Luebbers, and Pinkie D. Mayfield will be compensated in accordance with Ready Capital's publicly disclosed director compensation policies. Payments of cash and equity for his or her 2023 Board service period will be prorated to reflect the duration of his or her service during such period.