Page 13 of 16 SEC Filing
| CUSIP No. 68210P107 | 13D/A | Page 13 of 16 |
The Wynnefield Reporting Persons believe
Mr. Clarke’s vast managerial and operational experience, in particular in businesses engaged in aquaculture and fish meal
production and distribution, his extensive corporate governance experience serving as a director of a number of publicly traded
companies, his experience as a member of an audit committee of a financial institution, provides him the with unique skills, insight,
strategic and operational experience and qualifications to serve as a member of the Board and all of its committees.
James L. Sherbert, 66. James L.
Sherbert, Jr. has demonstrated success in salvaging distressed companies and transforming under-performing companies in distressed
industries by improving and streamlining their operations, instilling proper capital allocation and restructuring their balance
sheets, over the last three decades. From 2012 through 2014, Mr. Sherbert served first as a director and then, at the behest of
its largest shareholder, as the interim Chief Executive Officer of Mississippi Phosphates, Corp., a $350 million revenue company
listed on the NASDAQ Over the Counter Market (OTCMKTS) engaged in phosphate fertilizer manufacturing. As interim Chief Executive
Officer of Mississippi Phosphates, Corp., Mr. Sherbert successfully negotiated a long-term remediation plan with the United States
Environmental Protection Agency on behalf of the company and raised $50 million in new debt/investment and successfully restructured
its existing company debt. From 2005 through 2012, Mr. Sherbert served as the Chief Executive Officer of Bush Industries, Inc.,
a private $400 million revenue company engaged in the manufacture and sale of commercial office furniture. As Chief Executive Officer
of Bush Industries, following its emergence from Bankruptcy, Mr. Sherbert reformed the company’s management teams in United
States and Europe and redefined the company’s market direction and capital allocation procedures, increasing the company’s
EBITDA 300% within the first three years. From 1999 through 2005, Mr. Sherbert served as the Chief Executive Officer of Castle
Rock Industries, Inc., a private $200 million revenue international manufacturer of cleaning equipment and supplier of support
services sold to the facilities maintenance industry. Mr. Sherbert increased the company’s EBITDA as a percentage to sales
76% to an industry leading 10.5% in three years through implementing cost reduction efforts and increased capacity utilization.
From 1994 through 1999, Mr. Sherbert served as the President and Chief Operating Officer of Southcorp Packaging USA, a private
$200 million revenue subsidiary of Southcorp Holding, Inc. an Australian public company engaged in plastics manufacturing and packaging.
As President and Chief Operating Officer of Southcorp Packaging USA, Mr. Sherbert increased EBITDA by 300% and return on investment
by approximately 200% through organic growth, proper allocation of capital, rationalization of the company’s underperforming
assets and a focused cost reduction strategy. From 2010 through 2015, Mr. Sherbert served as a member of the board of directors
of Wornick Foods, Inc., a private pre-packaged food processing company specializing in producing rations for military entities,
with approximately $300 million in revenue. In this capacity, Mr. Sherbert provided guidance to Wornick Foods, Inc.’s executive
management with respect to efficient capital asset deployment and equipment utilization optimization and a successful company divestiture
to a market competitor.
Mr. Sherbert attended Oregon State University
where he earned a Bachelor of Science degree in 1972 and a Masters of Education in 1974.
The Wynnefield Reporting Persons believe
Mr. Sherbert’s operational experience and repeated success as a Chief Executive Officer and/or director of several industrial
companies, his expertise in achieving successful turn-arounds of failing companies and his corporate governance experience serving
as a director of a number of diverse companies, provides him with the managerial skills, operational experience and financial expertise
to serve as a member of the Board.
