Item 4 — Purpose of Transaction
Item 4 of the Schedule 13D is hereby amended and supplemented as follows (which shall be in addition to the information previously included in the Schedule 13D): The Reporting Persons are making this filing to disclose the following information: In his last 13D filing, Mr. Ganz reported that as part of his conversations with five of the Company's board members, he provided the Board with the names of "two highly qualified board candidates, each of whom have built businesses worth several hundreds of millions or billions of dollars over their careers and each of whom have served on numerous public boards." Both individuals are luminaries with proven track records building extremely successful businesses that have a direct connection to the Company's business. Mr. Ganz is pleased that the Byrna Board has decided to bring one of these candidates, Matt McBrady, onto the Byrna Board and to include him in their proposed Board slate for the upcoming shareholders meeting. In Mr. Ganz's view, Mr. McBrady brings unparalleled experience in the less-lethal market, having been a director of Axon (TASER) from 2001 to 2014 and again from late 2016 through early 2026. Mr. McBrady joined the TASER Board for the first time several months before its IPO when annual revenues were in the single-digit millions of dollars and then left when he became the CIO of Blackrock's Multi-strategy hedge fund platform. Mr. McBrady rejoined the TASER Board in late 2016 as TASER was making the transition from TASER to Axon Enterprise, a company focused on body cameras and data storage / retrieval. During this second stint at Axon, Axon's sales climbed from approximately $200 million in 2017 to more than $3.2 billion in the trailing twelve months before he termed off Axon's board, a 15-fold increase. During that same time, Axon's stock appreciated 25-fold because of the successful transition of the business from a mere weapons company to a solutions-oriented company employing a SaaS driven platform. While Mr. Ganz is disappointed that the Board did not agree to include his second (similarly qualified and experienced) candidate on the proposed slate for the upcoming shareholders meeting, he is hopeful that as part of the Company's stated ongoing goal of upgrading the Board, that the Board will reconsider this director candidate in the near future. In accordance with the amendment to Mr. Ganz's employment agreement entered into last February in connection with his retirement from the Company, he supports the Board's proposed slate for the upcoming shareholders meeting.