On March 17, 2014, Richard P. Fox, a member of the Board of Directors of Pendrell Corporation informed the company that he will not stand for re-election at the company's 2014 annual meeting of shareholders. Mr. Fox has served as a director of the company since 2010. There is no disagreement with the company that led to his decision not to stand for re-election.

Mr. Fox is expected to remain on the Board and continue to serve as chair of the Audit Committee and a member of the Compensation Committee until the expiration of his term at the annual meeting.