Siebert Financial Corp. entered into an acquisition agreement with Kennedy Cabot Acquisition, LLC and the Estate of Muriel F. In accordance with the terms of the Acquisition Agreement and effective as of the Closing Date, Patricia L. Francy, Nancy Peterson Hearn, Jane H. Macon and Robert P. Mazzarella resigned as members of the company's Board of Directors and Joseph M. Ramos, Jr., resigned as the company's Executive Vice President, Chief Operating Officer, Chief Financial Officer and Secretary. In accordance with the terms of the Acquisition Agreement, effective as of the Closing Date, Andrew H. Reich was appointed as the company's Chief Executive Officer, Chief Operating Officer, Chief Financial Officer and Secretary.

Prior to his appointment, Andrew H. Reich served in a variety of executive positions with StockCross Financial Services Inc. Pursuant to the terms of the Acquisition Agreement, effective as of the Closing Date, Gloria E. Gebbia, Charles A. Zabatta, Francis Cuttita and Andrew H. Reich were appointed as directors of the Company by unanimous written consent of the Outgoing Board to fill the vacancies created by the Outgoing Board's resignations.