TransAct Technologies Incorporated entered into a Cooperation Agreement with 325 Capital Master Fund LP and Harbert Discovery Fund, LP Pursuant to the Agreement, and effective upon the execution and delivery of the Agreement, the Company (i) increased the size of the board of directors of the Company from five to seven directors, (ii) appointed Daniel M. Friedberg and Audrey P. Dunning to serve in the class of directors with a term expiring at the 2023 Annual Meeting of Stockholders and (iii) appointed each of the New Directors to serve as a member of the Nominating and Corporate Governance Committee, the Audit Committee, the Compensation Committee and the Executive Committee of the Board Consistent with the Agreement, the Board elected Ms. Haydee Ortiz Olinger, who has served as an independent director of the Board since July 2018, as Chairman of the Board, effective immediately upon execution and delivery of the Agreement.