On February 2, 2017, Robert B. Fernander resigned as Interim Chief Executive Officer of Imation Corp. As a result and pursuant to the terms of the Second Amendment to the Employment Agreement, dated as of November 22, 2016, by and between the company and Mr. Fernander, Mr. Fernander also resigned as a member of Board, effective February 2, 2017. Mr. Fernander will continue to serve as the Chief Executive Officer of Nexsan Corporation.

Following Mr. Fernander's resignation, the company board appointed Danny Zheng to serve as Interim Chief Executive Officer, effective February 2, 2017. Mr. Zheng will continue in his role as Chief Financial Officer and will serve as Interim Chief Executive Officer until the company Board appoints a new Chief Executive Officer. The company board is working with a nationally recognized executive search firm, focused exclusively on the placement of talent in the asset management industry, to identify strong Chief Executive Officer candidates.