Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangement of Certain Officers
(d) On March 10, 2021, the Board of Directors of Transcontinental Realty
Investors, Inc., a Nevada corporation (the "Registrant" or the "Company" or
"TCI"), expanded the number of members of the Board from five to six and
appointed Bradford A. Phillips (age 55) to the vacancy created by the increase
in a number of members of the Board from five to six, effective March 11, 2021.
Mr. Phillips has served as Chairman of the Board, President, and Chief Executive
Officer of Liberty Bankers Insurance Group of the Company since 1999. He has
also served as President of Midland Securities, LLC, a Dallas, Texas
broker/dealer, since 2002. From January 1998 to May 2002, Mr. Phillips was the
President of InterFirst Capital Corporation of Los Angeles, California, a
Securities and Exchange Commission registered securities broker/dealer firm.
From 1995 through 1998, Mr. Phillips served as President of Avacelle, Inc. of
Dallas, Texas. Mr. Phillips also worked for ARCO International Oil and Gas
Company of Plano, Texas from 1992 to 1995. Mr. Phillips holds a number of
securities licenses, including the Series 4 (Options Principal), Series 7
(General Securities License), Series 24 (General Securities Principal), Series
27 (Financial and Operations Principal), Series 53 (Municipal Securities
Principal), Series 55 (Equity Trading Principal), and Series 63 (Blue Sky
Securities License). In addition, Mr. Phillips currently serves on the Board of
Directors for Life Insurance Counsel. He obtained a Bachelor of Arts from Brown
University in Computer Science and Economics; he later obtained a Masters of
Business Administration from the University of Chicago - Graduate School of
Business, with a concentration in finance. Mr. Phillips is also a Vice President
of May Realty Holdings, Inc., a Delaware corporation, which is the owner of
Realty Advisors, Inc., a Nevada corporation, which is an affiliate of the
Company. Mr. Phillips is also one of the beneficiaries of the May Trust, which
is the owner of 100% of May Realty Holdings, Inc. Mr. Phillips has not yet been
added to any specific committees of the Board. Mr. Phillips' election was not
the result of any arrangement or understanding between Mr. Phillips and any
other person but was encouraged by the Trustees of the May Trust. Also, on March
10, 2021, the Board of Directors of American Realty Investors, Inc., a Nevada
corporation ("ARL"), which has its Common Stock listed and traded on the New
York Stock Exchange ("NYSE"), appointed Mr. Phillips as a director.
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