Item 4 — Purpose of Transaction
Mr. Singer serves as the President, Chief Executive Officer and Chairman of the Board of the Issuer. In such capacity, Mr. Singer may have influence over the corporate activities of the Issuer, including activities which may relate to items described in subparagraphs (a) through (j) of Item 4 of Schedule 13D. Subject to the Issuer's insider trading policy (the "Insider Trading Policy"), Mr. Singer may from time to time buy or sell securities of the Issuer including through a trading plan created under Rule 10b5-1(c) or otherwise, on such terms and at such times as Mr. Singer may deem advisable as appropriate for the personal circumstances of Mr. Singer. In light of his responsibilities to the Issuer, Mr. Singer does not anticipate making any disclosures in connection with his participation in the transactions and activities of the Issuer separate and apart from relevant disclosures by the Issuer, unless otherwise required by Schedule 13D. Except in Mr. Singer's capacity as an officer and a director of the Issuer, Mr. Singer does not have any present plan or proposal which would relate to or result in any of the matters set forth in subparagraphs (a) through (j) of Item 4 of Schedule 13D except as set forth herein or such as would occur upon or in connection with completion of, or following, any of the actions discussed herein, although, subject to the agreements described herein, Mr. Singer, at any time and from time to time, may review, reconsider and change his intention with respect to any and all matters referred to in Item 4. Subject to the Insider Trading Policy, Mr. Singer may, from time to time, purchase additional securities of the Issuer either in the open market or in privately-negotiated transactions, depending upon the evaluation by Mr. Singer of the Issuer's business, prospects and financial condition, the market for such securities, other opportunities available to Mr. Singer, general economic conditions, stock market conditions and other factors. Subject to the Insider Trading Policy and depending upon the factors noted above, Mr. Singer may also decide to hold or dispose of all or part of his investments in securities of the Issuer and/or enter into derivative transactions with institutional counterparties with respect to the Issuer's securities.