On January 26, 2015, in accordance with the Bylaws of InsPro Technologies Corporation, the board of directors of the Company appointed Mr. Donald Caldwell to be the chief executive officer of the Company and of InsPro Technologies, LLC. Mr. Caldwell remains the chairman of the Board and resigned as chairman of the audit committee of the Board. Effective with this change all aspects of the Company's and InsPro Technologies, LLC's operations are under Mr. Caldwell's direction and oversight.

Mr. Anthony R. Verdi ceased being the CEO of the Company effective January 26, 2015. Mr. Verdi remains the Company's chief financial officer and chief operating officer. On January 26, 2015, in accordance with the Bylaws of the Company, the Board appointed Mr. Robert R. Oakes, who was previously the chief executive officer and president of InsPro Technologies, LLC, to be vice chairman of the Board.

Mr. Oakes remains an executive officer of the Company as vice chairman, and founder of InsPro Technologies, LLC. On January 26, 2015, in accordance with the Bylaws of the Company, the Board appointed Mr. Sanford Rich, who is a member of Board and a member of the Audit Committee, to be chairman of the Audit Committee. Mr. Rich was the chairman of the Audit Committee prior to Mr. Caldwell.