Board of Directors

We believe our board of directors should be composed of individuals with sophistication and experience in many substantive areas that impact our business. In this regard, we believe experience, qualifications or skills in the following areas are the most important: the property and casualty insurance industry; the collateral protection insurance industry; insurance company operations; legal/regulatory matters relating to insurance companies; marketing; direct distribution and technology. We seek to select individuals who possess the personal and professional qualifications necessary for service on our board. Set forth below is biographical information for our directors:

Terry Ledbetter
Terry Ledbetter co-founded our business in 1973 and serves as our Chairman and Chief Executive Officer. Mr. Ledbetter has been a director since 1973 and has served as President for over 15 years. He became our Chairman and Chief Executive Officer upon completion of the private placement. In the early years of the CPI business, Mr. Ledbetter developed many of the innovative features of the product that helped differentiate the Company from our competitors. Throughout the history of the Company, Mr. Ledbetter has been primarily responsible for the regulatory and legislative activity of the Company. Additionally, Mr. Ledbetter has been the principal contact with A.M. Best in establishing and maintaining the Company’s “A” (Excellent) rating. Since 1979, Mr. Ledbetter has been dedicated to enhancing and expanding the program services business. Mr. Ledbetter has established new and maintained existing relationships with prospects, customers, reinsurers and brokers. Mr. Ledbetter provides ongoing leadership and strategic planning for the Company. Mr. Ledbetter received his B.A. from Southern Methodist University.

Mr. Ledbetter was selected to serve on our board of directors because of his experience in the property and casualty insurance and the collateral protection insurance industries; his knowledge of the legal and regulatory matters affecting our operations; and his longtime executive experience with the Company.

Gene Becker
Gene Becker joined our board of directors following completion of the private placement. Mr. Becker currently is the President of Eugene Becker & Associates, a marketing and consulting company, organized to assist financial services companies in maximizing their fee income through the sale of insurance and membership programs. Mr. Becker founded Eugene Becker & Associates in 2000. Mr. Becker currently is also an operating partner of Golden Gate Capital and Altamont Capital, each a private equity firm. Mr. Becker has 25 years of extensive experience and knowledge of the property and casualty and life insurance markets. Mr. Becker received his B.A. from Biscayne College (St. Thomas University), and his M.B.A. from University of Miami.

Mr. Becker was selected to serve on our board of directors because of his extensive experience in the insurance industry and as an insurance company executive.

Marsha Cameron
Marsha Cameron joined our board of directors following completion of the private placement. Ms. Cameron is a partner and cofounder of Paradox Compensation Advisors, an executive compensation advisory company, and the managing partner and founder of Aperture Coaching to Management, a consulting firm providing leadership coaching, strategy facilitation and change management services. Ms. Cameron founded Aperture Coaching in 2004 and co-founded Paradox Compensation Advisors in 2009. Ms. Cameron is a consultant and business owner with more than 30 years of experience in the areas of leadership coaching, executive compensation consulting, performance management and other areas. Ms. Cameron also serves on a number of non-profit boards. Ms. Cameron received her B.S. from University of California — Riverside and her M.S. from Columbia University. Ms. Cameron also received a graduate level certification in leadership coaching from Georgetown University in 2004.

Ms. Cameron was selected to serve on our board of directors because of her diverse and extensive management experience.

David King
David King joined our board of directors following completion of the private placement. Mr. King is a Managing Director in Fortress Investment Group’s Credit Funds business, where he heads the Strategic Capital Group and focuses on investments in the financial services sector. Prior to joining Fortress in 2014, Mr. King founded and led Culpeper Capital Partners LLC. Mr. King was formerly a Senior Managing Director at Bear Stearns Merchant Banking and its successor firm Irving Place Capital, a middle-market private equity firm from 2001 to 2011, and a Managing Director of McCown De Leeuw & Co., where he worked from 1990 to 2000. From 2007 to June 2014, Mr. King served on the board of Doral Financial, and he currently serves on the boards of a number of private companies in the financial services sector. Mr. King received his B.A. from Rice University, his M.S. from Stony Brook University, and his M.B.A. from Stanford University.

Mr. King was selected to serve on our board of directors because of his extensive financial and business knowledge and his experience serving as a public company director.

Fred Reichelt
Fred Reichelt joined our board of directors following completion of the private placement. Mr. Reichelt is also a director of SNIC and has served as a member of its audit committee since 2011. Mr. Reichelt, a certified public accountant, has extensive experience in the financial services industry. Mr. Reichelt joined Unitrin in Chicago in 1991 as its Group Executive, and from 1995 to 2008 he served as President and CEO of Fireside Bank, a subsidiary of Unitrin. Mr. Reichelt received his B.S. from the University of Illinois at Urbana-Champaign.

Mr. Reichelt was selected to serve on our board of directors because of his extensive experience in the insurance industry and as an insurance company executive.