Page 11 of 14 – SEC Filing
| CUSIP No. 639027101 | 13D | Page 11 of 14 |
Mr. Straus, age 47,
has served as Portfolio Manager & Analyst at WCM, since April 2015. Prior to joining WCM, Mr. Straus served as Senior Analyst
at Gilford Securities, an investment banking firm, from March 2009 until March 2015. Mr. Straus has held senior positions with
various investment banking firms for nearly 20 years, including MCF, ING, Barings and Furman Selz. Mr. Straus is a member of the
Board of Directors of two private companies: MK Acquisition LLC, an authentic mountain lifestyle apparel brand founded in Jackson
Hole, Wyoming since May 2015, and Hollender Sustainable Brands LLC, a female sexual wellness consumer brand with its headquarters
in Burlington, Vermont since May 2017. Mr. Straus previously served on the Board of Directors for B Lane, Inc., dba Fashion to
Figure, a women’s apparel plus-size omnichannel retailer based in New York, NY from September 2016 to April 2017. Mr. Straus
received his B.S.B.A. from the University of Hartford and M.B.A. from Bentley College.
The Board determined
that Mr. Straus is an independent director under the current standards for independence established by NASDAQ. In making this determination,
the Board considered Mr. Straus’ affiliation with WCM, one of the Issuer’s shareholders.
Other than as set forth
in this Item 4, the Wynnefield Reporting Persons do not have any current plans, proposals or negotiations that relate to or would
result in any of the matters referred to in paragraphs (a) through (j) of Item 4 of Schedule 13D. The Wynnefield Reporting Persons
intend to review their investment in the Issuer on a continuing basis, and to the extent permitted by law, may seek to engage in
discussions with other stockholders and/or with management and the Board of the Issuer concerning the business, operations or future
plans of the Issuer. Depending on various factors including, without limitation, the Issuer’s financial position, the price
levels of the shares of Common Stock, conditions in the securities markets and general economic and industry conditions, the Wynnefield
Reporting Persons may, in the future take such actions with respect to their investment in the Issuer as they deem appropriate
including, without limitation, purchasing additional shares of Common Stock, selling shares of Common Stock, engaging in short
selling of or any hedging or similar transaction with respect to the Common Stock, taking any other action with respect to the
Issuer or any of its securities in any manner permitted by law or changing its intention with respect to any and all matters referred
to in paragraphs (a) through (j) of Item 4.
Item 5. Interest in Securities of the Issuer.
(a), (b) and (c) As
of June 12, 2017, the Wynnefield Reporting Persons beneficially owned in the aggregate 2,184,329 shares of Common Stock, constituting
approximately 11.6% of the outstanding shares of Common Stock. The percentage of shares of Common Stock reported as being beneficially
owned by the Wynnefield Reporting Persons is based upon 18,863,601 shares outstanding as of April 29, 2017, as set forth in the
Issuer’s Quarterly Report on Form 10-Q for the period ended March 31, 2017, filed with the Securities and Exchange Commission
(the “Commission”) on May 10, 2017.
The following table
sets forth certain information with respect to shares of Common Stock directly beneficially owned by the Wynnefield Reporting Persons
listed below:
