<SEC-DOCUMENT>0001654954-18-004212.txt : 20180420
<SEC-HEADER>0001654954-18-004212.hdr.sgml : 20180420
<ACCEPTANCE-DATETIME>20180420172359
ACCESSION NUMBER:		0001654954-18-004212
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		21
CONFORMED PERIOD OF REPORT:	20180601
FILED AS OF DATE:		20180420
DATE AS OF CHANGE:		20180420
EFFECTIVENESS DATE:		20180420

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ISSUER DIRECT CORP
		CENTRAL INDEX KEY:			0000843006
		STANDARD INDUSTRIAL CLASSIFICATION:	COMMERCIAL PRINTING [2750]
		IRS NUMBER:				261331503
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-10185
		FILM NUMBER:		18767579

	BUSINESS ADDRESS:	
		STREET 1:		500 PERIMETER PARK DRIVE
		STREET 2:		SUITE D
		CITY:			MORRISVILLE
		STATE:			NC
		ZIP:			27560
		BUSINESS PHONE:		9194611600

	MAIL ADDRESS:	
		STREET 1:		500 PERIMETER PARK DRIVE
		STREET 2:		SUITE D
		CITY:			MORRISVILLE
		STATE:			NC
		ZIP:			27560

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DOCUCON INC
		DATE OF NAME CHANGE:	20071002

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DOCUCON INCORPORATED
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>isdr_proxy.htm
<DESCRIPTION>DEFINITIVE PROXY STATEMENT
<TEXT>
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UNITED STATES</font></div>
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SECURITIES AND EXCHANGE COMMISSION</font></div>
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WASHINGTON, D.C. 20549</font></div>
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SCHEDULE 14A INFORMATION</font></div>
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Proxy Statement Pursuant to Section 14(a) of the Securities
Exchange Act of 1934</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">(Amendment
No. __)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Filed
by the Registrant <font>&#x2611;</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Filed
by a Party other than the Registrant <font>&#x2610;</font></font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Check
the appropriate box:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font>
&#x2610;</font> Preliminary Proxy Statement</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font>
&#x2610;</font> Confidential, For Use of the Commission Only (As
Permitted by Rule 14a-6(e)(2))</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font>
&#x2611;</font> Definitive Proxy Statement</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font>
&#x2610;</font> Definitive Additional Materials</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font>
&#x2610;</font> Soliciting Material under Rule 14a-12</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times\ New\ Roman; font-size: 13px;">&#xA0;</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
ISSUER DIRECT CORPORATION</font></div>
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<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
(Name of Registrant as Specified In Its Charter)</font></div>
</td>
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<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
(Name of Person(s) Filing Proxy Statement, if other than the
Registrant)</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Payment
of Filing Fee (Check the appropriate box):</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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&#x2611;</font> No fee required</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px"><font>
&#x2610;</font> Fee computed on table below per Exchange Act Rules
14a-6(i)(1) and 0-11.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-family: Times\ New\ Roman; font-size: 13px;">(1)</font></div>
<div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times\ New\ Roman; font-size: 13px;">Title
of each class of securities to which transaction
applies:</font></div>
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<div style="display: table-row;">
<div style="text-align: left; display: table-cell; width: 24px;">
<font style="font-family: Times\ New\ Roman; font-size: 13px;">(2)</font></div>
<div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times\ New\ Roman; font-size: 13px;">Aggregate
number of securities to which transaction applies:</font></div>
</div>
</div>
<div style="display: table; margin-left: 24px;">
<div style="display: table-row;">
<div style="text-align: left; display: table-cell; width: 24px;">
<font style="font-family: Times\ New\ Roman; font-size: 13px;">(3)</font></div>
<div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times\ New\ Roman; font-size: 13px;">Per
unit price or other underlying value of transaction computed
pursuant to Exchange Act Rule 0-11 (set forth the amount on which
the filing fee is calculated and state how it was
determined):</font></div>
</div>
</div>
<div style="display: table; margin-left: 24px;">
<div style="display: table-row;">
<div style="text-align: left; display: table-cell; width: 24px;">
<font style="font-family: Times\ New\ Roman; font-size: 13px;">(4)</font></div>
<div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times\ New\ Roman; font-size: 13px;">Proposed
maximum aggregate value of transaction:</font></div>
</div>
</div>
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<div style="display: table-row;">
<div style="text-align: left; display: table-cell; width: 24px;">
<font style="font-family: Times\ New\ Roman; font-size: 13px;">(5)</font></div>
<div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times\ New\ Roman; font-size: 13px;">Total
fee paid:</font></div>
</div>
</div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font>
&#x2610;</font> Fee paid previously with preliminary
materials.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px"><font>
&#x2610;</font> Check box if any part of the fee is offset as
provided by Exchange Act Rule 0-11(a)(2) and identify the filing
for which the offsetting fee was paid previously. Identify the
previous filing by registration statement number, or the form or
schedule and the date of its filing.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="display: table; margin-left: 24px;">
<div style="display: table-row;">
<div style="display: table-cell; width: 24px;"><font style="font-family: Times\ New\ Roman; font-size: 13px;">(1)</font></div>
<div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times\ New\ Roman; font-size: 13px;">Amount
Previously Paid:</font></div>
</div>
</div>
<div style="display: table; margin-left: 24px;">
<div style="display: table-row;">
<div style="display: table-cell; width: 24px;"><font style="font-family: Times\ New\ Roman; font-size: 13px;">(2)</font></div>
<div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times\ New\ Roman; font-size: 13px;">Form,
Schedule or Registration Statement No.:</font></div>
</div>
</div>
<div style="display: table; margin-left: 24px;">
<div style="display: table-row;">
<div style="display: table-cell; width: 24px;"><font style="font-family: Times\ New\ Roman; font-size: 13px;">(3)</font></div>
<div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times\ New\ Roman; font-size: 13px;">Filing
Party:</font></div>
</div>
</div>
<div style="display: table; margin-left: 24px;">
<div style="display: table-row;">
<div style="display: table-cell; width: 24px;"><font style="font-family: Times\ New\ Roman; font-size: 13px;">(4)</font></div>
<div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times\ New\ Roman; font-size: 13px;">Date
Filed:</font></div>
</div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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2018</font></div>
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<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 24px">
Notice of Annual Meeting of Stockholders and Proxy
Statement</font></div>
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</div>
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</td>
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<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
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<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="color: #737373; font-family: Times New Roman; font-size: 13px">
Friday, June 1, 2018</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #737373; font-family: Times New Roman; font-size: 13px">
9:00 a.m. EDT</font></div>
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<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="color: #737373; font-family: Times New Roman; font-size: 13px">
Issuer Direct Corporation</font></div>
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<font style="color: #737373; font-family: Times New Roman; font-size: 13px">
500 Perimeter Park Drive, Suite D</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #737373; font-family: Times New Roman; font-size: 13px">
Morrisville, NC 27560</font></div>
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<font>&#xA0;</font></div>
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<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Issuer Direct Corporation</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
500 Perimeter Park Drive, Suite D</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Morrisville, NC 27560</font></div>
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&#xA0;</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
April 20, 2018</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
To Our Stockholders:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">We are
pleased to invite you to attend our Annual Meeting of Stockholders
to be held on Friday, June 1, 2018, at 9:00 a.m. EDT at the
Company's office at 500 Perimeter Park Drive, Suite D, Morrisville,
NC 27560<font style="font-weight: bold">.</font> The Board of
Directors has fixed the close of business on April 16, 2018 as the
record date for the determination of stockholders entitled to
receive notice of, and to vote at, the Annual Meeting. For
directions to attend the meeting and vote in person, please visit
our proxy website at <font style="font-style: italic">https://www.iproxydirect.com/ISDR</font>.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
attached Proxy Statement describes the matter proposed by your
Board of Directors to be considered and voted upon by our
stockholders at our Annual Meeting. These items are more fully
described in the following pages, which are hereby made part of
this Notice.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
Company&#x2019;s Proxy Statement and Proxy Card accompany this
Notice.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">
Important Notice Regarding the Availability of Proxy Materials for
the Annual Meeting of Stockholders to be held on June 1,
2018.</font> Our Proxy Statement is attached. Financial and other
information concerning the Company is contained in our Annual
Report on Form 10-K/A for the year ended December 31, 2017. Under
rules issued by the Securities and Exchange Commission
(&#x201C;SEC&#x201D;), we are providing access to our proxy materials
both by sending you this full set of proxy materials, including a
Proxy Card, and by notifying you of the availability of our proxy
materials on the Internet. The Proxy Statement and our Annual
Report on Form 10-K/A are available on <font style="font-style: italic">https://www.iproxydirect.com/ISDR</font>.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">
Your vote is important</font>. Whether you own relatively few or a
large number of shares of our stock, it is important that your
shares be represented and voted at the Annual Meeting. Please vote
your shares online or by telephone or, if you requested and
received a printed set of proxy materials by mail, by returning the
accompanying proxy card. Further instructions on how to vote your
shares can be found in our Proxy Statement.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">We
appreciate your support and continued confidence.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Sincerely,</font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
/s/ William H. Everett</font></div>
</td>
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<td style="vertical-align: middle; width: 34%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">William
H. Everett</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Chairman
of the Board of Directors</font></div>
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<td style="vertical-align: middle; width: 12%">
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: center"><img src="isdr_proxy064.jpg"></div>
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</font></div>
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<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Issuer Direct Corporation</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
500 Perimeter Park Drive, Suite D</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Morrisville, NC 27560</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;(919) 481-4000</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="color: rgb(0, 70, 127);"><font style="font-weight: bold; font-family: Times\ New\ Roman; font-size: 24px;">
Notice of Annual Meeting of Stockholders</font></font></div>
</td>
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<td style="vertical-align: middle; width: 100%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: rgb(0, 70, 127);"><font style="font-weight: bold; font-family: Times\ New\ Roman; font-size: 24px;">
To Be Held on June 1, 2018</font></font></div>
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</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;To Our Stockholders:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Our
Annual Meeting of Stockholders will be held on Friday, June 1,
2018, at 9:00 a.m. EDT at the Company's office at 500 Perimeter
Park Drive, Suite D, Morrisville, NC 27560 (the &#x201C;Annual
Meeting&#x201D;) for the following purposes:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-family: Times New Roman; font-size: 13px">1.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;To elect the
five (5) directors nominated by our Board of Directors as set forth
in the Proxy Statement;</font></div>
</div>
</div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-family: Times New Roman; font-size: 13px">2.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;An advisory
vote on executive compensation as disclosed in this Proxy
Statement;</font></div>
</div>
</div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-family: Times New Roman; font-size: 13px">3.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;To ratify the
appointment of Cherry Bekaert LLP as our independent registered
public accounting firm for the year ending December 31,
2018;</font></div>
</div>
</div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-family: Times New Roman; font-size: 13px">4.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;To transact
such other business as may properly come before the meeting or any
postponement or adjournment thereof.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">You
have the right to receive notice of and to vote at the Annual
Meeting if you were a stockholder of record at the close of
business on April 16, 2018. Please complete, sign, date and return
your proxy card to us in the enclosed, postage-prepaid envelope at
your earliest convenience, even if you plan to attend the Annual
Meeting. If you prefer, you can authorize your proxy through the
Internet or by telephone as described in the Proxy Statement and on
the enclosed proxy card. If you attend the meeting, you may revoke
your proxy prior to its exercise and vote in person at the meeting.
In the event that there are not sufficient stockholders present for
a quorum or sufficient votes to approve a proposal at the time of
the Annual Meeting, the Annual Meeting may be adjourned from time
to time in order to permit further solicitation of proxies by the
Company.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">
Your vote is important. If</font> you are unable to attend in
person and wish to have your shares voted, please vote as soon as
possible, whether online, by telephone, by fax or by returning a
proxy card sent to you in response to your request for printed
proxy materials.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">By
Order of the Board of Directors,</font></div>
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<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
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<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<td style="vertical-align: middle; width: 34%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">/s/
William H. Everett</font></div>
</td>
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<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
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<td style="vertical-align: middle; width: 54%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 34%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">William
H. Everett</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
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<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 34%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Chairman
of the Board of Directors</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
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</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Morrisville,
North Carolina</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">April
20, 2018</font></div>
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YOUR VOTE IS IMPORTANT IT IS IMPORTANT THAT PROXY CARDS BE RETURNED
PROMPTLY. THEREFORE, WHETHER OR NOT YOU EXPECT TO ATTEND THE ANNUAL
MEETING IN PERSON, PLEASE SIGN, DATE AND RETURN THE ENCLOSED PROXY
CARD IN THE ENCLOSED RETURN ENVELOPE OR VOTE OVER THE INTERNET
FOLLOWING THE INSTRUCTIONS ON THE PROXY AS SOON AS POSSIBLE. NO
POSTAGE IS REQUIRED IF MAILED IN THE UNITED STATES. STOCKHOLDERS
WHO EXECUTE A PROXY CARD OR VOTE OVER THE INTERNET MAY NEVERTHELESS
ATTEND THE MEETING, REVOKE THEIR PROXY AND VOTE THEIR SHARES IN
PERSON.</font></div>
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Table of Contents</font></font></div>
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<td style="vertical-align: middle; width: 84%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
<a name="RANGE!A1"><!--anchor--></a>Proxy
Summary</font></div>
</td>
<td style="vertical-align: bottom; width: 2%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
1</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 84%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">2018
Annual Meeting of Stockholders</font></div>
</td>
<td style="vertical-align: bottom; width: 2%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
1</font></div>
</td>
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<td style="vertical-align: middle; width: 84%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Annual
Meeting Agenda and Voting Recommendations</font></div>
</td>
<td style="vertical-align: bottom; width: 2%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%;">
<div style="text-align: right"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;1</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 84%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Director
Nominees</font></div>
</td>
<td style="vertical-align: bottom; width: 2%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
2</font></div>
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<td style="vertical-align: middle; width: 84%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 2%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 84%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Proxy Statement</font></div>
</td>
<td style="vertical-align: bottom; width: 2%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
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<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
3</font></div>
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<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
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<td style="vertical-align: middle; width: 84%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Questions and Answers</font></div>
</td>
<td style="vertical-align: bottom; width: 2%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
3</font></div>
</td>
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<td style="vertical-align: middle; width: 84%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 2%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 84%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Delivery of Documents to Security Holders Sharing an
Address</font></div>
</td>
<td style="vertical-align: bottom; width: 2%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
5</font></div>
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<td style="vertical-align: middle; width: 84%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 2%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
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<td style="vertical-align: middle; width: 84%;">
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<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
PROPOSAL 1&#x2013;ELECTION OF DIRECTORS</font></div>
</td>
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<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
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<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
6</font></div>
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<td style="vertical-align: middle; width: 84%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Nominees
for Director</font></div>
</td>
<td style="vertical-align: bottom; width: 2%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
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6</font></div>
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<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Certain
Information Concerning Director Nominees</font></div>
</td>
<td style="vertical-align: bottom; width: 2%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%;">
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
6</font></div>
</td>
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<td style="vertical-align: middle; width: 84%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Board
and Committee Membership</font></div>
</td>
<td style="vertical-align: bottom; width: 2%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
10</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 84%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Consideration
of Stockholder Nominees for Directors</font></div>
</td>
<td style="vertical-align: bottom; width: 2%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%;">
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
10</font></div>
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<td style="vertical-align: middle; width: 84%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 2%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 84%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Corporate Governance</font></div>
</td>
<td style="vertical-align: bottom; width: 2%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
11</font></div>
</td>
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<td style="vertical-align: middle; width: 84%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Indemnification
of Directors and Officers</font></div>
</td>
<td style="vertical-align: bottom; width: 2%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
11</font></div>
</td>
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<td style="vertical-align: middle; width: 84%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Directors&#x2019;
and Officers&#x2019; Liability Insurance</font></div>
</td>
<td style="vertical-align: bottom; width: 2%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
12</font></div>
</td>
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<td style="vertical-align: middle; width: 84%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Code
of Ethics</font></div>
</td>
<td style="vertical-align: bottom; width: 2%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
12</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 84%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Director
Independence</font></div>
</td>
<td style="vertical-align: bottom; width: 2%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
12</font></div>
</td>
</tr><tr style="background-color: rgb(238, 238, 238);">
<td style="vertical-align: middle; width: 84%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Board
Committees</font></div>
</td>
<td style="vertical-align: bottom; width: 2%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
12</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 84%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px">
Audit Committee</font></div>
</td>
<td style="vertical-align: bottom; width: 2%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
13</font></div>
</td>
</tr><tr style="background-color: rgb(238, 238, 238);">
<td style="vertical-align: middle; width: 84%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-style: italic; color: #000000">Compensation</font>
<font style="color: #000000">Committee</font></font></div>
</td>
<td style="vertical-align: bottom; width: 2%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
14</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 84%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-style: italic; color: #000000">Strategic Advisory</font>
<font style="color: #000000">Committee</font></font></div>
</td>
<td style="vertical-align: bottom; width: 2%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
14</font></div>
</td>
</tr><tr style="background-color: rgb(238, 238, 238);">
<td style="vertical-align: middle; width: 84%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px">
Technology Oversight Committee</font></div>
</td>
<td style="vertical-align: bottom; width: 2%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
15</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 84%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Meetings
and Attendance</font></div>
</td>
<td style="vertical-align: bottom; width: 2%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
15</font></div>
</td>
</tr><tr style="background-color: rgb(238, 238, 238);">
<td style="vertical-align: middle; width: 84%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Communications
with the Board of Directors</font></div>
</td>
<td style="vertical-align: bottom; width: 2%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
15</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 84%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Non-Employee
Director Compensation Agreement</font></div>
</td>
<td style="vertical-align: bottom; width: 2%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
16</font></div>
</td>
</tr><tr style="background-color: rgb(238, 238, 238);">
<td style="vertical-align: middle; width: 84%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">2017
Non-Employee Director Compensation Table</font></div>
</td>
<td style="vertical-align: bottom; width: 2%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
16</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr style="background-color: rgb(238, 238, 238);">
<td style="vertical-align: middle; width: 84%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Security Ownership of Beneficial Owners and Management</font></div>
</td>
<td style="vertical-align: bottom; width: 2%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
17</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 84%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 2%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(238, 238, 238);">
<td style="vertical-align: middle; width: 84%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Executive Compensation</font></div>
</td>
<td style="vertical-align: bottom; width: 2%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
18<br></font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 84%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Compensation
Discussion and Analysis</font></div>
</td>
<td style="vertical-align: bottom; width: 2%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
18<br></font></div>
</td>
</tr><tr style="background-color: rgb(238, 238, 238);">
<td style="vertical-align: middle; width: 84%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Summary
Compensation Table</font></div>
</td>
<td style="vertical-align: bottom; width: 2%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
18<br></font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 84%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Brian
R. Balbirnie Employment Agreement</font></div>
</td>
<td style="vertical-align: bottom; width: 2%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
18<br></font></div>
</td>
</tr><tr style="background-color: rgb(238, 238, 238);">
<td style="vertical-align: middle; width: 84%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Steven
Knerr Employment Agreement</font></div>
</td>
<td style="vertical-align: bottom; width: 2%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
19<br></font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 84%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Philosophy
of Compensation</font></div>
</td>
<td style="vertical-align: bottom; width: 2%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
20</font></div>
</td>
</tr><tr style="background-color: rgb(238, 238, 238);">
<td style="vertical-align: middle; width: 84%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Components
of Compensation</font></div>
</td>
<td style="vertical-align: bottom; width: 2%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
21</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 84%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Compensation
of Named Executive Officers</font></div>
</td>
<td style="vertical-align: bottom; width: 2%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
22</font></div>
</td>
</tr><tr style="background-color: rgb(238, 238, 238);">
<td style="vertical-align: middle; width: 84%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Impact
of Tax Laws</font></div>
</td>
<td style="vertical-align: bottom; width: 2%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
23</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 84%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Risk
Considerations in our Compensation Programs</font></div>
</td>
<td style="vertical-align: bottom; width: 2%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
23</font></div>
</td>
</tr><tr style="background-color: rgb(238, 238, 238);">
<td style="vertical-align: middle; width: 84%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Compensation
Committee Report</font></div>
</td>
<td style="vertical-align: bottom; width: 2%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
24</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 84%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 2%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(238, 238, 238);">
<td style="vertical-align: middle; width: 84%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
PROPOSAL 2&#x2013;ADVISORY VOTE ON EXECUTIVE
COMPENSATION</font></div>
</td>
<td style="vertical-align: bottom; width: 2%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
25</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 84%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Vote
Required</font></div>
</td>
<td style="vertical-align: bottom; width: 2%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
25</font></div>
</td>
</tr><tr style="background-color: rgb(238, 238, 238);">
<td style="vertical-align: middle; width: 84%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 2%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 84%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
PROPOSAL 3&#x2013;RATIFICATION OF</font></div>
</td>
<td style="vertical-align: bottom; width: 2%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(238, 238, 238);">
<td style="vertical-align: middle; width: 84%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
AUDITORS</font></div>
</td>
<td style="vertical-align: bottom; width: 2%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
26</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 84%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Ratification
of Selection of Independent Auditors</font></div>
</td>
<td style="vertical-align: bottom; width: 2%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
26</font></div>
</td>
</tr><tr style="background-color: rgb(238, 238, 238);">
<td style="vertical-align: middle; width: 84%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Audit
Committee Pre-Approval Policy</font></div>
</td>
<td style="vertical-align: bottom; width: 2%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
27</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 84%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Report
of the Audit Committee</font></div>
</td>
<td style="vertical-align: bottom; width: 2%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
28<br></font></div>
</td>
</tr><tr style="background-color: rgb(238, 238, 238);">
<td style="vertical-align: middle; width: 84%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 2%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 84%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: rgb(0, 0, 0); font-weight: bold; font-family: Times\ New\ Roman; font-size: 13px;">
Certain Relationships and Related Party Transactions and Director
Independence</font></div>
</td>
<td style="vertical-align: bottom; width: 2%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
29<br></font></div>
</td>
</tr><tr style="background-color: rgb(238, 238, 238);">
<td style="vertical-align: middle; width: 84%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Related
Party Transactions</font></div>
</td>
<td style="vertical-align: bottom; width: 2%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
29<br></font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 84%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Director
Independence</font></div>
</td>
<td style="vertical-align: bottom; width: 2%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
29<br></font></div>
</td>
</tr><tr style="background-color: rgb(238, 238, 238);">
<td style="vertical-align: middle; width: 84%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 2%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 84%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Other Matters</font></div>
</td>
<td style="vertical-align: bottom; width: 2%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
20<br></font></div>
</td>
</tr><tr style="background-color: rgb(238, 238, 238);">
<td style="vertical-align: middle; width: 84%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 2%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 84%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Additional Information</font></div>
</td>
<td style="vertical-align: bottom; width: 2%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
30</font></div>
</td>
</tr></table>
</div>
</div>
</div>
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<font style="font-weight: bold; color: #00467F; font-family: Times New Roman; font-size: 24px">
Proxy Summary</font></div>
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<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 16px">
2018 ANNUAL MEETING OF STOCKHOLDERS</font></div>
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<font style="font-family: Times\ New\ Roman; font-size: 13px;"><font style="font-weight: bold; color: rgb(88, 88, 88); font-family: Times\ New\ Roman; font-size: 16px;">
WHEN</font></font></div>
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<font style="font-family: Times\ New\ Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">Friday, June 1, 2018 at 9 a.m. EDT</font>
<font style="font-weight: bold; color: rgb(88, 88, 88); font-family: Times\ New\ Roman; font-size: 16px;">
</font></font></div>
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<font style="font-family: Times\ New\ Roman; font-size: 16px;">&#xA0;</font></div>
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WHERE</font></font></div>
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<font style="font-family: Times\ New\ Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">500 Perimeter Park Drive, Suite D
Morrisville, NC 27560</font> <font style="font-weight: bold; color: rgb(88, 88, 88); font-family: Times\ New\ Roman; font-size: 16px;">
</font></font></div>
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<font style="font-family: Times\ New\ Roman; font-size: 16px;">&#xA0;</font></div>
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RECORD DATE</font><font style="color: rgb(88, 88, 88);">&#xA0;</font></font></div>
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<font style="font-family: Times\ New\ Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">Close of business on April 16,
2018</font></font></div>
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<font style="font-family: Times\ New\ Roman; font-size: 13px;">&#xA0;</font></div>
</td>
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<div><font style="font-family: Times\ New\ Roman; font-size: 13px;">&#xA0;</font></div>
</td>
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<font style="font-family: Times\ New\ Roman; font-size: 13px;">&#xA0;</font></div>
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<font style="font-family: Times\ New\ Roman; font-size: 13px;"><font style="font-weight: bold; color: rgb(88, 88, 88); font-family: Times\ New\ Roman; font-size: 16px;">
ITEMS OF BUSINESS</font><font style="color: rgb(88, 88, 88);">&#xA0;</font></font></div>
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<font style="font-family: Times\ New\ Roman; font-size: 13px;">&#xA0;</font></div>

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<font style="font-family: Times\ New\ Roman; font-size: 13px;"><font style="color: rgb(0, 70, 127);">1.</font></font></div>
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<font style="font-family: Times\ New\ Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">Election of 5 directors nominated by our
Board of Directors</font></font></div>
</div>
</div>
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<font style="font-family: Times\ New\ Roman; font-size: 13px;">2.</font></div>
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<font style="font-family: Times\ New\ Roman; font-size: 13px;"><font style="font-weight: bold; color: rgb(0, 70, 127); font-family: Times\ New\ Roman; font-size: 13px;">
</font><font style="color: rgb(0, 0, 0);">Advisory vote on
executive compensation</font></font></div>
</div>
</div>
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<font style="font-family: Times\ New\ Roman; font-size: 13px;">&#xA0;</font></div>
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</div>
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<font style="font-family: Times\ New\ Roman; font-size: 13px;">3.</font></div>
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<font style="font-family: Times\ New\ Roman; font-size: 13px;"><font style="font-weight: bold; color: rgb(0, 70, 127); font-family: Times\ New\ Roman; font-size: 13px;">
</font><font style="color: rgb(0, 0, 0);">Ratification of the
appointment by the Audit Committee of Cherry Bekaert LLP as the
company&#x2019;s independent registered public accounting firm for
the fiscal year ending December 31, 2018</font></font></div>
</div>
</div>
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<font style="font-family: Times\ New\ Roman; font-size: 13px;">&#xA0;</font></div>
<div style="display: table;">
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<font style="font-family: Times\ New\ Roman; font-size: 13px;">4.</font></div>
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<font style="font-family: Times\ New\ Roman; font-size: 13px;"><font style="font-weight: bold; color: rgb(0, 70, 127); font-family: Times\ New\ Roman; font-size: 13px;">
</font><font style="color: rgb(0, 0, 0);">Such other business as
may properly come before the Annual Meeting or any postponement or
adjournment thereof</font></font></div>
</div>
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</div>
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<font style="font-weight: bold; color: #585858; font-family: Times New Roman; font-size: 16px">
PROXY VOTING</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Shareholders of
record on the Record Date are entitled to vote by proxy in the
following ways:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div>
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<tr>
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<font style="font-family: Times\ New\ Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times\ New\ Roman; font-size: 13px;">
<img src="isdr_proxy006.jpg"></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">&#xA0;
<font style="color: rgb(0, 0, 0); font-family: Times\ New\ Roman; font-size: 13px;">By
calling 1 (866) 752-VOTE (8683), toll free, in the United States or
Canada</font></div>
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<font style="font-family: Times\ New\ Roman; font-size: 13px;">&#xA0;</font></div>
</td>
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<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times\ New\ Roman; font-size: 13px;">&#xA0;</font></div>
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<font style="font-family: Times\ New\ Roman; font-size: 13px;"><img src="isdr_proxy007.jpg"> <font style="color: rgb(0, 0, 0);"><br></font></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">&#xA0;
<font style="font-family: Times\ New\ Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">By
voting online at
https://www.iproxydirect.com/ISDR</font></font></div>
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<font style="font-family: Times\ New\ Roman; font-size: 13px;">&#xA0;</font></div>
</td>
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<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times\ New\ Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times\ New\ Roman; font-size: 13px;"><img src="isdr_proxy008.jpg"></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">&#xA0;
<font style="font-family: Times\ New\ Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">By&#xA0;returning&#xA0;a&#xA0;properly&#xA0;completed,
signed and dated proxy card</font></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times\ New\ Roman; font-size: 13px;">&#xA0;</font></div>
</td>
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<div><font style="font-family: Times\ New\ Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 36%; border-top: 2px dashed rgb(0, 70, 127); border-bottom: 2px dashed rgb(0, 70, 127); border-left: 2px dashed rgb(0, 70, 127);">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times\ New\ Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;"><img src="isdr_proxy009.jpg"></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times\ New\ Roman; font-size: 13px;">
By completing the reverse side of the proxy card and faxing it
to</font></div>
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<font style="color: rgb(0, 0, 0); font-family: Times\ New\ Roman; font-size: 13px;">
(202) 521-3464</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times\ New\ Roman; font-size: 13px;">&#xA0;</font></div>
</td>
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<div><font style="font-family: Times\ New\ Roman; font-size: 13px;">&#xA0;</font></div>
</td>
</tr></table>
</div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 16px">
ANNUAL MEETING AGENDA AND VOTING RECOMMENDATIONS</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left">
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<tr>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #FFFFFF; font-family: Times New Roman; font-size: 13px">
Proposal</font></div>
</td>
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<font style="color: #FFFFFF; font-family: Times New Roman; font-size: 13px">
Voting Recommendation</font></div>
</td>
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<font style="color: #FFFFFF; font-family: Times New Roman; font-size: 13px">
Page Reference</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 63%; border-left: 1pt solid #595959; border-bottom: 2px solid #000000">
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<font style="font-family: Times New Roman; font-size: 13px"><font style="font-size: 24px;">
1&#xA0;</font>Election of 5 directors</font></div>
</td>
<td style="vertical-align: middle; width: 31%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 21px">&#x2611;</font> &#xA0;<font style="color: #000000; font-family: Times New Roman; font-size: 13px">FOR
each nominee</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-right: 1pt solid #595959; border-bottom: 2px solid #000000">
<div style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;6</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 63%; border-left: 1pt solid #595959; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-size: 24px;">
2&#xA0;</font>Advisory vote on executive compensation</font></div>
</td>
<td style="vertical-align: middle; width: 31%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
<font style="font-size: 21px">&#x2611;</font>&#xA0;&#xA0;
FOR</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-right: 1pt solid #595959; border-bottom: 2px solid #000000">
<div style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;25</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 63%; border-left: 1pt solid #595959; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-size: 24px;">
3&#xA0;</font>Ratification of the appointment of Cherry Bekaert LLP
as our independent auditors</font></div>
</td>
<td style="vertical-align: middle; width: 31%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
<font style="font-size: 21px">&#x2611;</font>&#xA0;&#xA0;
FOR</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-right: 1pt solid #595959; border-bottom: 2px solid #000000">
<div style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;26</font></div>
</td>
</tr></table>
</div>
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font>&#xA0;</font></div>
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&#xA0; <font style="font-family: Times New Roman; font-size: 13px">2018 PROXY
STATEMENT | 1</font></div>
</div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 16px">
</font></div>
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times\ New\ Roman; font-size: 16px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 16px">
DIRECTOR NOMINEES</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<td style="vertical-align: bottom; width: 7%; border-left: 0.5pt solid rgb(0, 0, 0); border-top: 1pt solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-weight: bold; color: rgb(255, 255, 255); font-family: Times\ New\ Roman;">
Name</font></font></div>
</td>
<td style="vertical-align: bottom; width: 4%; border-top: 1pt solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-weight: bold; color: rgb(255, 255, 255); font-family: Times\ New\ Roman;">
Age</font></font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-top: 1pt solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-weight: bold; color: rgb(255, 255, 255); font-family: Times\ New\ Roman;">
Director Since</font></font></div>
</td>
<td style="vertical-align: bottom; width: 19%; border-top: 1pt solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-weight: bold; color: rgb(255, 255, 255); font-family: Times\ New\ Roman;">
Principal Occupation</font></font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 8%; border-top: 1pt solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-weight: bold; color: rgb(255, 255, 255); font-family: Times\ New\ Roman;">
Independent</font></font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 7%; border-top: 1pt solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-weight: bold; color: rgb(255, 255, 255); font-family: Times\ New\ Roman;">
AC</font></font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 7%; border-top: 1pt solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-weight: bold; color: rgb(255, 255, 255); font-family: Times\ New\ Roman;">
CC</font></font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 5%; border-top: 1pt solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-weight: bold; color: rgb(255, 255, 255); font-family: Times\ New\ Roman;">
SAC</font></font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 6%; border-top: 1pt solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-weight: bold; color: rgb(255, 255, 255); font-family: Times\ New\ Roman;">
TOC</font></font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 20%; border-top: 1pt solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-weight: bold; color: rgb(255, 255, 255); font-family: Times\ New\ Roman;">
Areas of Expertise</font></font></div>
</td>
<td colspan="3" style="vertical-align: top;">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 11px"><font style="font-weight: bold; color: rgb(255, 255, 255); font-family: Times\ New\ Roman;">
Other Company Boards</font> <font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 7%; border-left: 2px solid rgb(0, 70, 127); border-bottom: 2px solid rgb(0, 70, 127);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-weight: bold; color: rgb(0, 0, 0); font-family: Times\ New\ Roman;">
</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-weight: bold; color: rgb(0, 0, 0); font-family: Times\ New\ Roman;">
William H. Everett</font></font></div>
</td>
<td style="vertical-align: top; width: 4%; border-bottom: 2px solid rgb(0, 70, 127);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-family: Times\ New\ Roman;">67</font></font></div>
</td>
<td style="vertical-align: top; width: 6%; border-bottom: 2px solid rgb(0, 70, 127);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-family: Times\ New\ Roman;">2013</font></font></div>
</td>
<td style="vertical-align: top; width: 19%; border-bottom: 2px solid rgb(0, 70, 127);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="color: rgb(0, 0, 0); font-family: Times\ New\ Roman;">Chairman of
the Board; Retired Executive Vice President and Chief Financial
Officer of Tekelec, Inc.<br></font></font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 8%; border-bottom: 2px solid rgb(0, 70, 127);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div><font style="font-size: 11px">&#xA0;</font></div>
<font style="font-size: 29px">&#x2611;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 7%; border-bottom: 2px solid rgb(0, 70, 127);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-weight: bold; color: rgb(0, 0, 0); font-family: Times\ New\ Roman;">
<img src="isdr_proxy014.jpg">&#xA0;
<img src="isdr_proxy015.jpg"></font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 7%; border-bottom: 2px solid rgb(0, 70, 127);">
<div><font style="font-size: 11px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 5%; border-bottom: 2px solid rgb(0, 70, 127);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Times\ New\ Roman; font-size: 11px;">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Times\ New\ Roman; font-size: 11px;">&#xA0;</font><img src="isdr_proxy014.jpg"></div>
</td>
<td colspan="2" style="vertical-align: top; width: 6%; border-bottom: 2px solid rgb(0, 70, 127);">
<div><font style="font-size: 11px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 20%; border-bottom: 2px solid rgb(0, 70, 127);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: -12px;">
<font style="font-size: 11px"><font style="color: rgb(0, 0, 0); font-family: Times\ New\ Roman;">&#x25AA;&#xA0;&#xA0;
Executive Leadership</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: -12px;">
<font style="font-size: 11px"><font style="color: rgb(0, 0, 0); font-family: Times\ New\ Roman;">&#x25AA;&#xA0;&#xA0;
Public Company Management</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: -12px;">
<font style="font-size: 11px"><font style="color: rgb(0, 0, 0); font-family: Times\ New\ Roman;">&#x25AA;&#xA0;&#xA0;
Private Equity</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: -12px;">
<font style="font-size: 11px"><font style="color: rgb(0, 0, 0); font-family: Times\ New\ Roman;">&#x25AA;&#xA0;&#xA0;
Business Strategy</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: -12px;">
<font style="font-size: 11px"><font style="color: rgb(0, 0, 0); font-family: Times\ New\ Roman;">&#x25AA;&#xA0;&#xA0;
Finance &#x25AA; Multi-national Technology Industry
Expertise</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
</td>
<td colspan="3" style="vertical-align: top; border-bottom: 2px solid rgb(0, 70, 127); border-right: 2px solid rgb(0, 70, 127);">
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"></font></div>
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="color: rgb(0, 0, 0); font-family: Times\ New\ Roman;">&#x25AA;&#xA0;&#xA0;
Hakisa SAS</font> <font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 7%; border-left: 2px solid rgb(0, 70, 127); border-bottom: 2px solid rgb(0, 70, 127);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-weight: bold; color: rgb(0, 0, 0); font-family: Times\ New\ Roman;">
</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-weight: bold; color: rgb(0, 0, 0); font-family: Times\ New\ Roman;">
Brian R. Balbirnie</font></font></div>
</td>
<td style="vertical-align: top; width: 4%; border-bottom: 2px solid rgb(0, 70, 127);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-family: Times\ New\ Roman;">46</font></font></div>
</td>
<td style="vertical-align: top; width: 6%; border-bottom: 2px solid rgb(0, 70, 127);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-family: Times\ New\ Roman;">2007</font></font></div>
</td>
<td style="vertical-align: top; width: 19%; border-bottom: 2px solid rgb(0, 70, 127);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="color: rgb(0, 0, 0); font-family: Times\ New\ Roman;">Founder and
Chief Executive Officer of Issuer Direct
Corporation</font></font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 8%; border-bottom: 2px solid rgb(0, 70, 127);">
<div><font style="font-size: 11px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 7%; border-bottom: 2px solid rgb(0, 70, 127);">
<div><font style="font-size: 11px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 7%; border-bottom: 2px solid rgb(0, 70, 127);">
<div><font style="font-size: 11px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 5%; border-bottom: 2px solid rgb(0, 70, 127);">
<div><font style="font-size: 11px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 6%; border-bottom: 2px solid rgb(0, 70, 127);">
<div><font style="font-size: 11px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 20%; border-bottom: 2px solid rgb(0, 70, 127);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: -12px;">
<font style="font-size: 11px"><font style="color: rgb(0, 0, 0); font-family: Times\ New\ Roman;">&#x25AA;&#xA0;&#xA0;
Executive Leadership</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: -12px;">
<font style="font-size: 11px"><font style="color: rgb(0, 0, 0); font-family: Times\ New\ Roman;">&#x25AA;&#xA0;&#xA0;
Public Company Management, Financial Reporting and
Operations</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: -12px;">
<font style="font-size: 11px"><font style="color: rgb(0, 0, 0); font-family: Times\ New\ Roman;">&#x25AA;&#xA0;&#xA0;
Business Strategy</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: -12px;">
<font style="font-size: 11px"><font style="color: rgb(0, 0, 0); font-family: Times\ New\ Roman;">&#x25AA;&#xA0;&#xA0;
M&amp;A &#x25AA; Technology Industry Expertise</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: -12px;">
<font style="font-size: 11px"><font style="color: rgb(0, 0, 0); font-family: Times\ New\ Roman;">&#x25AA;&#xA0;&#xA0;
Entrepreneurial Experience</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: -12px;">
<font style="font-size: 11px"><font style="color: rgb(0, 0, 0); font-family: Times\ New\ Roman;">&#x25AA;&#xA0;&#xA0;
Sarbanes Oxley</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
</td>
<td colspan="3" style="vertical-align: top; border-bottom: 2px solid rgb(0, 70, 127); border-right: 2px solid rgb(0, 70, 127);">
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font> <font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 7%; border-left: 2px solid rgb(0, 70, 127); border-bottom: 2px solid rgb(0, 70, 127);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-weight: bold; color: rgb(0, 0, 0); font-family: Times\ New\ Roman;">
</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-weight: bold; color: rgb(0, 0, 0); font-family: Times\ New\ Roman;">
J. Patrick Galleher</font></font></div>
</td>
<td style="vertical-align: top; width: 4%; border-bottom: 2px solid rgb(0, 70, 127);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-family: Times\ New\ Roman;">45</font></font></div>
</td>
<td style="vertical-align: top; width: 6%; border-bottom: 2px solid rgb(0, 70, 127);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-family: Times\ New\ Roman;">2014</font></font></div>
</td>
<td style="vertical-align: top; width: 19%; border-bottom: 2px solid rgb(0, 70, 127);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="color: rgb(0, 0, 0); font-family: Times\ New\ Roman;">Managing
Partner for Boxwood Partners, LLC and Managing Director for Boxwood
Capital Partners, LLC</font></font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 8%; border-bottom: 2px solid rgb(0, 70, 127);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
</div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times\ New\ Roman; font-size: 11px;">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"></font><font style="font-size: 29px">&#x2611;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 7%; border-bottom: 2px solid rgb(0, 70, 127);">
<div><font style="font-size: 11px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 7%; border-bottom: 2px solid rgb(0, 70, 127);">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-family: Times\ New\ Roman;"><br></font></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><img src="isdr_proxy018.jpg"></font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 5%; border-bottom: 2px solid rgb(0, 70, 127);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px">
<div><font>&#xA0;</font></div>
<img src="isdr_proxy018.jpg"></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
</div>
</td>
<td colspan="2" style="vertical-align: top; width: 6%; border-bottom: 2px solid rgb(0, 70, 127);">
<div><font style="font-size: 11px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 20%; border-bottom: 2px solid rgb(0, 70, 127);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="color: rgb(0, 0, 0); font-family: Times\ New\ Roman;">&#x25AA;&#xA0;&#xA0;
Executive Leadership</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="color: rgb(0, 0, 0); font-family: Times\ New\ Roman;">&#x25AA;&#xA0;&#xA0;
Investment Banking</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="color: rgb(0, 0, 0); font-family: Times\ New\ Roman;">&#x25AA;&#xA0;&#xA0;
M&amp;A</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="color: rgb(0, 0, 0); font-family: Times\ New\ Roman;">&#x25AA;&#xA0;&#xA0;
Business Administration</font></font></div>
</td>
<td colspan="3" style="vertical-align: top; border-bottom: 2px solid rgb(0, 70, 127); border-right: 2px solid rgb(0, 70, 127);">
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"></font></div>
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 11px"><font style="color: rgb(0, 0, 0); font-family: Times\ New\ Roman;">&#x25AA;&#xA0;&#xA0;
sweetFrog Enterprises (Chairman)</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 11px"><font style="color: rgb(0, 0, 0); font-family: Times\ New\ Roman;">&#x25AA;&#xA0;&#xA0;
Shockoe Commerce Group (Chairman)</font> <font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: -12px;"><font style="font-family: Times\ New\ Roman; font-size: 11px;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 7%; border-left: 2px solid rgb(0, 70, 127); border-bottom: 2px solid rgb(0, 70, 127);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-weight: bold; color: rgb(0, 0, 0); font-family: Times\ New\ Roman;">
</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-weight: bold; color: rgb(0, 0, 0); font-family: Times\ New\ Roman;">
Eric Frank</font></font></div>
</td>
<td style="vertical-align: top; width: 4%; border-bottom: 2px solid rgb(0, 70, 127);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-family: Times\ New\ Roman;">53</font></font></div>
</td>
<td style="vertical-align: top; width: 6%; border-bottom: 2px solid rgb(0, 70, 127);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-family: Times\ New\ Roman;">2017</font></font></div>
</td>
<td style="vertical-align: top; width: 19%; border-bottom: 2px solid rgb(0, 70, 127);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-family: Times\ New\ Roman;">President of Internet Technology
&amp; Acceleration LLC</font></font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 8%; border-bottom: 2px solid rgb(0, 70, 127);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px">
<div><font>&#xA0;</font><font style="font-size: 29px">&#x2611;</font></div>
</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
</div>
</td>
<td colspan="2" style="vertical-align: top; width: 7%; border-bottom: 2px solid rgb(0, 70, 127);">
<div><font style="font-size: 11px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 7%; border-bottom: 2px solid rgb(0, 70, 127);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px">
<div><font>&#xA0;</font></div>
<img src="isdr_proxy014.jpg">
<div><font>&#xA0;</font></div>
</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
</div>
</td>
<td colspan="2" style="vertical-align: top; width: 5%; border-bottom: 2px solid rgb(0, 70, 127);">
<div><font style="font-size: 11px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 6%; border-bottom: 2px solid rgb(0, 70, 127);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px">
<div><font>&#xA0;</font></div>
<img src="isdr_proxy018.jpg"></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
</div>
</td>
<td colspan="2" style="vertical-align: top; width: 20%; border-bottom: 2px solid rgb(0, 70, 127);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: -12px;">
<font style="font-size: 11px"><font style="color: rgb(0, 0, 0); font-family: Times\ New\ Roman;">&#x25AA;&#xA0;&#xA0;
Executive Leadership</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: -12px;">
<font style="font-size: 11px"><font style="color: rgb(0, 0, 0); font-family: Times\ New\ Roman;">&#x25AA;&#xA0;&#xA0;
Data &amp; Analytics Industry Expertise</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: -12px;">
<font style="font-size: 11px"><font style="color: rgb(0, 0, 0); font-family: Times\ New\ Roman;">&#x25AA;&#xA0;&#xA0;
M&amp;A</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: -12px;">
<font style="font-size: 11px"><font style="color: rgb(0, 0, 0); font-family: Times\ New\ Roman;">&#x25AA;&#xA0;&#xA0;
Private Equity</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: -12px;">
<font style="font-size: 11px"><font style="color: rgb(0, 0, 0); font-family: Times\ New\ Roman;">&#x25AA;&#xA0;&#xA0;
Business Strategy</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: -12px;">
<font style="font-size: 11px"><font style="color: rgb(0, 0, 0); font-family: Times\ New\ Roman;">&#x25AA;&#xA0;&#xA0;
Investment Banking</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: -12px;">
<font style="font-size: 11px"><font style="color: rgb(0, 0, 0); font-family: Times\ New\ Roman;">&#x25AA;&#xA0;&#xA0;
Technology Industry Expertise</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: -12px;">
<font style="font-size: 11px"><font style="color: rgb(0, 0, 0); font-family: Times\ New\ Roman;">&#x25AA;&#xA0;&#xA0;
Entrepreneurial Experience</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
</td>
<td colspan="3" style="vertical-align: top; border-bottom: 2px solid rgb(0, 70, 127); border-right: 2px solid rgb(0, 70, 127);">
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"></font></div>
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 11px"><font style="color: rgb(0, 0, 0); font-family: Times\ New\ Roman;">&#x25AA;&#xA0;&#xA0;
WeConvene</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 11px"><font style="color: rgb(0, 0, 0); font-family: Times\ New\ Roman;">&#x25AA;&#xA0;&#xA0;
Social Market Analytics</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 11px"><font style="color: rgb(0, 0, 0); font-family: Times\ New\ Roman;">&#x25AA;&#xA0;&#xA0;
RANE (Risk Assistance Network &amp; Exchange)</font> <font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 7%; border-left: 2px solid rgb(0, 70, 127); border-bottom: 4px double rgb(0, 70, 127);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-weight: bold; color: rgb(0, 0, 0); font-family: Times\ New\ Roman;">
</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-weight: bold; color: rgb(0, 0, 0); font-family: Times\ New\ Roman;">
Michael Nowlan</font></font></div>
</td>
<td style="vertical-align: top; width: 4%; border-bottom: 4px double rgb(0, 70, 127);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-family: Times\ New\ Roman;">59</font></font></div>
</td>
<td style="vertical-align: top; width: 6%; border-bottom: 4px double rgb(0, 70, 127);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-family: Times\ New\ Roman;">2017</font></font></div>
</td>
<td style="vertical-align: top; width: 19%; border-bottom: 4px double rgb(0, 70, 127);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="color: rgb(0, 0, 0); font-family: Times\ New\ Roman;">Executive
Consultant to private companies; retired Chief Executive Officer of
Primus Telecommunications Canada Inc. and, Marketwire,
Inc.<br></font></font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 8%; border-bottom: 4px double rgb(0, 70, 127);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px">
<div><font>&#xA0;</font></div>
<div><font style="font-family: Times\ New\ Roman; font-size: 11px;"><font style="font-size: 29px">&#x2611;</font><br></font></div>
</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
</div>
</td>
<td colspan="2" style="vertical-align: top; width: 7%; border-bottom: 4px double rgb(0, 70, 127);">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div><font style="font-size: 11px"><img src="isdr_proxy018.jpg"><font style="font-size: 11px"><font style="font-weight: bold; color: #000000; font-family: Times\ New\ Roman"><img src="isdr_proxy015.jpg"></font></font></font></div>
</div>
</td>
<td colspan="2" style="vertical-align: top; width: 7%; border-bottom: 4px double rgb(0, 70, 127);">
<div><font style="font-size: 11px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 5%; border-bottom: 4px double rgb(0, 70, 127);">
<div><font style="font-size: 11px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 6%; border-bottom: 4px double rgb(0, 70, 127);">
<div><font style="font-size: 11px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 20%; border-bottom: 4px double rgb(0, 70, 127);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="color: rgb(0, 0, 0); font-family: Times\ New\ Roman;">&#x25AA;&#xA0;&#xA0;
Executive Leadership</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: -12px;">
<font style="font-size: 11px"><font style="color: rgb(0, 0, 0); font-family: Times\ New\ Roman;">&#x25AA;&#xA0;&#xA0;
Financial Management and Operations</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="color: rgb(0, 0, 0); font-family: Times\ New\ Roman;">&#x25AA;&#xA0;&#xA0;
Business Strategy</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="color: rgb(0, 0, 0); font-family: Times\ New\ Roman;">&#x25AA;&#xA0;&#xA0;
M&amp;A</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: -12px;">
<font style="font-size: 11px"><font style="color: rgb(0, 0, 0); font-family: Times\ New\ Roman;">&#x25AA;&#xA0;&#xA0;
Technology and Communications Industry
Expertise</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="color: rgb(0, 0, 0); font-family: Times\ New\ Roman;">&#x25AA;&#xA0;&#xA0;
Accounting</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
</td>
<td colspan="3" style="vertical-align: top; border-bottom: 4px double rgb(0, 70, 127); border-right: 2px solid rgb(0, 70, 127);">
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"></font></div>
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 11px"><font style="color: rgb(0, 0, 0); font-family: Times\ New\ Roman;">&#x25AA;&#xA0;&#xA0;
Institute of Corporate Directors</font> <font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
</td>
</tr><tr>
<td colspan="6" style="vertical-align: top; border-bottom: 2px solid rgb(0, 70, 127); border-left: 2px solid rgb(0, 70, 127);">
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px;"><font style="font-weight: bold">Number of Meetings in
2017</font><br></font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 7%; border-bottom: 2px solid rgb(0, 70, 127);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px">&#xA0;8</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 7%; border-bottom: 2px solid rgb(0, 70, 127);">
<div style="text-align: center"><font style="font-size: 11px">3<br></font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 5%; border-bottom: 2px solid rgb(0, 70, 127);">
<div style="text-align: center"><font style="font-size: 11px">4<br></font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 6%; border-bottom: 2px solid rgb(0, 70, 127);">
<div><font style="font-size: 11px"><br></font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 20%; border-bottom: 2px solid rgb(0, 70, 127);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: top; border-bottom: 2px solid rgb(0, 70, 127); border-right: 2px solid rgb(0, 70, 127);">
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"></font></div>
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
</td>
</tr></table>
</div>
<div style="null"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">AC
&#x2013; AUDIT COMMITTEE CC &#x2013; COMPENSATION COMMITTEE SAC
&#x2013; STRATEGIC ADVISORY COMMITTEE TOC &#x2013; TECHNOLOGY
OVERSIGHT COMMITTEE</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left">
<table cellpadding="0" cellspacing="0" style="text-align: left; margin: 0px auto 0px 0px; width: 100%; font-family: inherit; font-size: inherit;">
<tr>
<td style="width: 1%;">
<div><img src="isdr_proxy018.jpg"></div>
</td>
<td style="width: 16%">
<div><font>&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">Chairman</font></div>
</td>
<td style="width: 1%;">
<div><img src="isdr_proxy014.jpg"></div>
</td>
<td style="width: 16%">
<div><font>&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">Member</font></div>
</td>
<td style="width: 1%;">
<div><img src="isdr_proxy015.jpg"></div>
</td>
<td style="width: 16%">
<div><font>&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">Financial
Expert</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: auto; margin-right: auto; margin-bottom: 6px; width: 100%; height: 1px; background-color: #00467f">
<!--line--><br></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">2 | ISSUER DIRECT
CORP</font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #00467F; font-family: Times New Roman; font-size: 24px">
</font></div>
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PROXY STATEMENT</font></div>
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Questions and Answers</font></div>
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<font style="color: #737373">WHY AM I RECEIVING THESE PROXY
MATERIALS?</font></font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">You are
receiving these proxy materials because you owned shares of common
stock of our company, Issuer Direct Corporation (the
&#x201C;Company&#x201D;), at the close of business on April 16, 2018,
and, therefore, are eligible to vote at the Company&#x2019;s Annual
Meeting of Stockholders to be held on Friday, June 1, 2018, at 9:00
a.m. EDT at the Company's office at 500 Perimeter Park Drive, Suite
D, Morrisville, NC 27560 (the &#x201C;Annual Meeting&#x201D;). Our
Board of Directors (the &#x201C;Board&#x201D;) is soliciting your
proxy to vote at the Annual Meeting.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="color: #737373; font-family: Times New Roman">&#x25BA;</font>
<font style="color: #737373">ON WHAT MATTERS WILL I BE
VOTING?</font></font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Shareholders of record at the close of business on July 25, 2017
will be entitled to vote on the following proposals:</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">i.</font></div>
<div style="text-align: justify; display: table-cell"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">To
elect the five (5) directors nominated by our Board of Directors as
set forth in the Proxy Statement;</font></div>
</div>
</div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">ii.</font></div>
<div style="text-align: justify; display: table-cell"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">An
advisory vote on executive compensation as set forth in the Proxy
Statement;</font></div>
</div>
</div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">iii.</font></div>
<div style="text-align: justify; display: table-cell"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">To
ratify the appointment by the Audit Committee of the Board of
Directors of Cherry Bekaert LLP as our independent registered
public accounting firm for the fiscal year ending December&#xA0;31,
2018; and</font></div>
</div>
</div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">iv.</font></div>
<div style="text-align: justify; display: table-cell"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">To
transact such other business as may properly come before the
meeting or any postponement or adjournment thereof.</font></div>
</div>
</div>
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&#xA0;</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
The Board does not know of any matters to be presented at our
Annual Meeting other than those described in this Proxy Statement.
However, if any other matters properly come before the meeting or
any adjournment thereof, it is the intention of the persons named
in the enclosed proxy to vote the shares represented by them in
accordance with their best judgment.</font></div>
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<font style="font-family: Times\ New\ Roman; font-size: 13px;">&#xA0;</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
<font style="color: #737373; font-family: Times New Roman">&#x25BA;</font>
<font style="color: #737373">WHERE AND WHEN WILL THE MEETING BE
HELD?</font></font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
The Annual Meeting will be held at the Company's office at 500
Perimeter Park Drive, Suite D, Morrisville, NC 27560 on June 1,
2018 at 9:00 a.m., local time.</font></div>
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<font style="color: #737373; font-family: Times New Roman">&#x25BA;</font>
<font style="color: #737373">HOW CAN I OBTAIN DIRECTIONS TO THE
MEETING?</font></font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">
For directions to the location of our Annual Meeting, please visit
our proxy website at</font> <font style="font-style: italic; color: #000000">https://www.iproxydirect.com/ISDR</font><font style="color: #000000">.</font></font></div>
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&#xA0;</font></div>
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<font style="color: #737373">WHO IS SOLICITING MY
PROXY?</font></font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Our Board is soliciting your proxy to vote at our Annual Meeting.
By completing and returning a proxy card, you are authorizing the
proxy holder to vote your shares at our Annual Meeting as you have
instructed.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
<font style="color: #737373; font-family: Times New Roman">&#x25BA;</font>
<font style="color: #737373">HOW MANY VOTES MAY I
CAST?</font></font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Each holder of common stock is entitled to one vote, in person or
by proxy, for each share of our common stock held of record on the
record date.</font></div>
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&#xA0;</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
<font style="color: #737373; font-family: Times New Roman">&#x25BA;</font>
<font style="color: #737373">HOW MANY VOTES CAN BE CAST BY ALL
STOCKHOLDERS?</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Our
common stock is the only class of security entitled to vote at our
Annual Meeting. As of the record date, we had 3,062,120 shares of
common stock outstanding, each of which is entitled to one
vote.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
<font style="color: #737373; font-family: Times New Roman">&#x25BA;</font>
<font style="color: #737373">HOW MANY SHARES MUSTS BE PRESENT TO
HOLD THE MEETING?</font></font></div>
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&#xA0;</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Our bylaws provide that thirty-three and one-third (33.3%) of the
total number of shares of common stock outstanding constitutes a
quorum and must be present to conduct a meeting of our
stockholders.</font></div>
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<div id="pn" style="text-align: right"><font style="font-family: Times New Roman; font-size: 13px">2018 PROXY
STATEMENT | 3<br></font></div>
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</div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
<font style="color: #737373; font-family: Times New Roman">&#x25BA;</font>
<font style="color: #737373">WHAT IS THE DIFFERENCE BETWEEN HOLDING
SHARES AS A STOCKHOLDER OF RECORD AND AS A BENEFICIAL
OWNER?</font></font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
If your shares are registered directly in your name with our
transfer agent, Direct Transfer LLC, you are considered, with
respect to those shares, the &#x201C;stockholder of record.&#x201D;
Proxy Materials have been directly sent to you by us.</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
If your shares are held in a stock brokerage account or by a bank
or other nominee, you are considered the &#x201C;beneficial
owner&#x201D; of shares held in &#x201C;street name.&#x201D; Proxy
Materials have been forwarded to you by your broker, bank, or
nominee who is considered, with respect to those shares, the
stockholder of record. As the beneficial owner, you have the right
to direct your broker, bank, or nominee how to vote your shares by
following their instructions which are included with this proxy, if
applicable.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
<font style="color: #737373; font-family: Times New Roman">&#x25BA;</font>
<font style="color: #737373">CAN MY SHARES BE VOTED IF I DO NOT
RETURN THE PROXY CARD AND DO NOT ATTEND THE MEETING IN
PERSON?</font></font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
If you hold shares in street name and you do not provide voting
instructions to your broker, bank, or nominee, your shares will not
be voted on any proposal for which your broker does not have
discretionary authority to vote (a &#x201C;broker non-vote&#x201D;).
Brokers generally have discretionary authority to vote shares held
in street name on &#x201C;routine&#x201D; matters but not on
&#x201C;non-routine&#x201D; matters. Proposals to ratify the
appointment of the independent auditor are generally considered
&#x201C;routine&#x201D; matters. Proposals to elect directors are
&#x201C;non-routine&#x201D; matters.</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
If you do not vote the shares held in your name, your shares will
not be voted. However, the Company may vote your shares if you have
returned a blank or incomplete proxy card.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
<font style="color: #737373; font-family: Times New Roman">&#x25BA;</font>
<font style="color: #737373">HOW DOES THE BOARD OF DIRECTORS
RECOMMEND THAT I VOTE?</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Our
Board of Directors recommends that you vote FOR each of the
director nominees set forth in this proxy statement, FOR the
Company&#x2019;s executive compensation and FOR the ratification of
the appointment of Cherry Bekaert LLP as our independent registered
public accounting firm for the fiscal year ending December 31,
2018.</font></div>
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<font style="font-family: Times\ New\ Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
<font style="color: #737373; font-family: Times New Roman">&#x25BA;</font>
<font style="color: #737373">HOW DO I VOTE?</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
You may vote using any of the following methods:</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #00467F; font-weight: bold; font-style: italic; font-family: Times New Roman; font-size: 13px">
In person at the Annual Meeting:</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
You may vote in person at the Annual Meeting, either by attending
the meeting yourself or authorizing a representative to attend the
meeting on your behalf. You may also execute a proper proxy
designating that person. If you are a street holder of shares, you
must obtain a proxy from your broker, bank, or nominee naming you
as the proxy holder and present it to the inspectors of election
with your ballot when you vote at the Annual Meeting.</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
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<font style="font-weight: bold; font-style: italic; color: #00467F; font-family: Times New Roman; font-size: 13px">
Other ways to vote:</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
You may also vote by telephone or online as instructed in our
proxy, or by returning a proxy card or voting instruction form sent
to you in response to your request for printed proxy
materials.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">
MAIL:</font> Please mark, sign, date, and return this proxy card
promptly using the enclosed envelope.</font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">
FAX:</font> Complete the reverse portion of this proxy card and fax
to (202) 521-3464.</font></div>
</td>
</tr><tr>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">
INTERNET:</font> <font style="font-style: italic">https://www.iproxydirect.com/ISDR</font></font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">
PHONE:</font> 1 (866) 752-VOTE (8683)</font></div>
</td>
</tr></table>
</div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
<font style="color: #737373; font-family: Times New Roman">&#x25BA;</font>
<font style="color: #737373">ONCE I DELIVER MY PROXY, CAN I REVOKE
OR CHANGE MY VOTE?</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Yes. You may revoke or change your proxy at any time before it is
voted by giving a written revocation notice to our corporate
secretary, by delivering a new revised proxy no later than the end
of the day prior to the Annual Meeting, or by voting in person at
the meeting.</font></div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<div id="pn" style="text-align: left"><font style="font-family: Times New Roman; font-size: 13px">4 | ISSUER DIRECT
CORP</font></div>
</div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
<font style="color: #737373; font-family: Times New Roman">&#x25BA;</font>
<font style="color: #737373">WHO PAYS FOR SOLICITING
PROXIES?</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
We are paying for all costs of soliciting proxies. Our directors,
officers, and employees may request the return of proxies by mail,
telephone, internet, telefax, telegram, or personal interview. We
are also requesting that banks, brokerage houses, and other
nominees or fiduciaries forward the soliciting material to their
principals and that they obtain authorization for the execution of
proxies. We will reimburse them for their expenses.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
<font style="color: #737373; font-family: Times New Roman">&#x25BA;</font>
<font style="color: #737373">COULD OTHER MATTERS BE CONSIDERED AND
VOTED UPON AT THE MEETING?</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Our Board does not expect to bring any other matter before the
Annual Meeting and is not aware of any other matter that may be
considered at the meeting. However, if any other matter does
properly come before the meeting, the proxy holders will vote the
proxies as the Board may recommend.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
&#xA0;</div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
<font style="color: #737373; font-family: Times New Roman">&#x25BA;</font>
<font style="color: #737373">WHAT HAPPENS IF THE MEETING IS
POSTPONED OR ADJOURNED?</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Your proxy will still be good and may be voted at the postponed or
adjourned meeting. You will still be able to change or revoke your
proxy at any time until it is voted.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
<font style="color: #737373; font-family: Times New Roman">&#x25BA;</font>
<font style="color: #737373">HOW CAN I CONTACT ISSUER DIRECT TO
REQUEST MATERIALS OR INFORMATION REFERRED TO IN THESE QUESTIONS AND
ANSWERS?</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">
By mail addressed to: Issuer Direct Corporation, 500 Perimeter Park
Drive, Suite D, Morrisville, NC 27560,&#xA0;Attn: Chairman of the
Board. By phone, call (919) 481-4000 or (866) 752-VOTE (8683), by
fax, (202) 521-3464, or by email at</font> <font style="font-style: italic; color: #000000">proxy@iproxydirect.com</font><font style="color: #000000">.</font></font></div>
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<font style="font-family: Times\ New\ Roman; font-size: 13px;">&#xA0;</font></div>
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<font style="font-family: Times\ New\ Roman; font-size: 13px;">&#xA0;</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #00467F; font-family: Times New Roman; font-size: 24px">
Delivery of Documents to Security Holders Sharing an
Address</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%; border-bottom: solid 1px #000000">
<!--Rule Below Paragraph--></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
We will only deliver one set of materials to multiple stockholders
sharing an address, unless we have received contrary instructions
from one or more of the stockholders. Also, we will promptly
deliver a separate copy of these materials and future stockholder
communication documents to any stockholder at a shared address to
which a single copy of these materials was delivered, or deliver a
single copy</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times\ New\ Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
of these materials&#xA0;and future stockholder communication
documents to any stockholder or stockholders sharing an address to
which multiple copies are now delivered, upon written request to us
at our address noted above.&#xA0;Stockholders may also address
future requests regarding delivery of proxy materials and/or annual
reports by contacting us at the address noted above.</font></div>
</div>
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<div id="pn" style="text-align: right"><font style="font-family: Times New Roman; font-size: 13px">2018 PROXY
STATEMENT | 5</font></div>
</div>
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</div>
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<font>&#xA0;</font></div>
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<font style="color: #00467F; font-weight: bold; font-family: Times New Roman; font-size: 24px">
</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #00467F; font-weight: bold; font-family: Times New Roman; font-size: 24px">
Proposal 1&#x2013;Election of Directors</font></div>
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<!--Rule Below Paragraph--></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
ELECTION OF THE FIVE DIRECTORS TO SERVE UNTIL THE NEXT ANNUAL
MEETING OR UNTIL THEIR SUCCESSORS ARE DULY ELECTED AND
QUALIFIED</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 16px">
</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times\ New\ Roman; font-size: 16px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 16px">
NOMINEES FOR DIRECTOR</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="column-count: 2; -webkit-column-count: 2; -moz-column-count: 2; column-gap: 48px;-webkit-column-gap: 48px; -moz-column-gap: 48px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">At our
Annual Meeting of Stockholders, stockholders will elect five
directors, each to serve a term of one year or until his or her
successor is elected and qualified. Our Board of Directors is
currently comprised of five directors. Our Board of Directors is
not divided into classes of directors, meaning all of our directors
are voted on every year at our Annual Meeting of
Stockholders.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">All of
the director nominees currently serve as members of our
Board.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Unless
otherwise instructed on the proxy card, each of the persons named
as proxies on the proxy card intends to vote the shares represented
thereby in favor of the five nominees listed under &#x201C;Certain
Information Concerning Director Nominees&#x201D; below.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">All
nominees have consented to being named in this Proxy Statement and
to serve if elected. If, however, any nominee should become unable
or unwilling to serve, the persons named as proxies on the proxy
card will vote the shares represented by the proxy for another
person duly nominated by our Board.</font></div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 16px">
CERTAIN INFORMATION CONCERNING DIRECTOR NOMINEES</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="column-count: 2; -webkit-column-count: 2; -moz-column-count: 2; column-gap: 48px;-webkit-column-gap: 48px; -moz-column-gap: 48px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Certain information concerning the nominees for election as
directors is set forth below. This information was furnished to us
by the nominees. No family relationship exists between any of our
directors or executive officers.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
The five directors have been nominated for election to the Board of
Directors at the Annual Meeting to be held on June 1,
2018.</font></div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
The names of the nominees and certain information about them as of
April 20, 2018 are set forth below:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: bottom; width: 24%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(0, 70, 127);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #FFFFFF; font-family: Times New Roman; font-size: 13px">
Nominee</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(0, 70, 127);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #FFFFFF; font-family: Times New Roman; font-size: 13px">
Age</font></div>
</td>
<td style="vertical-align: bottom; width: 54%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(0, 70, 127);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #FFFFFF; font-family: Times New Roman; font-size: 13px">
Position</font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(0, 70, 127);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #FFFFFF; font-family: Times New Roman; font-size: 13px">
Director Since</font></div>
</td>
</tr><tr style="background-color: rgb(238, 238, 238);">
<td style="vertical-align: top; width: 24%; border-left: 0.5pt solid rgb(58, 56, 56); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
William H. Everett</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
67</font></div>
</td>
<td style="vertical-align: middle; width: 54%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Director, Chairman of the Board, Member of Audit Committee &amp;
Strategic Advisory Committee</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-right: 0.5pt solid rgb(58, 56, 56); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
2013</font></div>
</td>
</tr><tr>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Brian R. Balbirnie</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid rgb(0, 0, 0);">
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
46</font></div>
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<td style="vertical-align: middle; width: 54%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Director, President and Chief Executive Officer</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-right: 0.5pt solid rgb(58, 56, 56); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
2007</font></div>
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<td style="vertical-align: top; width: 24%; border-left: 0.5pt solid rgb(58, 56, 56); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
J. Patrick Galleher</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
45</font></div>
</td>
<td style="vertical-align: middle; width: 54%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Director, Chairman of Compensation Committee and Strategic Advisory
Committee</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-right: 0.5pt solid rgb(58, 56, 56); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
2014</font></div>
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</tr><tr>
<td style="vertical-align: top; width: 24%; border-left: 0.5pt solid rgb(58, 56, 56); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Eric Frank</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
53</font></div>
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<td style="vertical-align: middle; width: 54%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Director, Chairman of Technology Oversight Committee, Member of
Compensation Committee</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-right: 0.5pt solid rgb(58, 56, 56); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
2017</font></div>
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<td style="vertical-align: top; width: 24%; border-left: 0.5pt solid rgb(58, 56, 56); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Michael Nowlan</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
59</font></div>
</td>
<td style="vertical-align: middle; width: 54%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Director, Chairman of Audit Committee</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-right: 0.5pt solid rgb(58, 56, 56); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
2017</font></div>
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<div id="pn" style="text-align: left"><font style="font-family: Times New Roman; font-size: 13px">6 | ISSUER DIRECT
CORP</font></div>
</div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
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<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<tr>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #FFFFFF; font-family: Times New Roman; font-size: 13px">
William H. Everett</font></div>
</td>
<td style="vertical-align: bottom; width: 3%; border-top: 1pt solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<td style="vertical-align: top; width: 63%; border-right: 1pt solid rgb(0, 0, 0); border-top: 1pt solid rgb(0, 0, 0);">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><br></font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
&#xA0;<br>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #FFFFFF; font-family: Times New Roman; font-size: 13px">
Age 67</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #FFFFFF; font-family: Times New Roman; font-size: 13px">
Director Since 2013</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times\ New\ Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #FFFFFF; font-family: Times New Roman; font-size: 13px">
&#x25CF; Chairman of the Board</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #FFFFFF; font-family: Times New Roman; font-size: 13px">
&#x25CF; Member of the Audit Committee</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #FFFFFF; font-family: Times New Roman; font-size: 13px">
&#x25CF; Member of the Strategic Advisory Committee</font></div>
</div>
</td>
<td style="vertical-align: bottom; width: 3%; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 63%; border-right: 1pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold; color: #00467F">Professional
Background and Qualifications</font><font style="color: #00467F">&#xA0;</font><font style="color: #000000">Mr.
Everett joined the Board of Directors of Issuer Direct Corporation
on October 2, 2013. Mr. Everett has had more than thirty years of
management experience and currently serves as a director of Hakisa
SAS in Strasbourg France. In addition, Mr. Everett served on the
Board of NeoNova Network Services until it was acquired in July
2013. In April 2010, Mr. Everett retired as Executive Vice
President and CFO of Tekelec, a publicly traded telecom equipment
supplier. Since that time, he has served as a corporate director
and provided consulting services to public company and private
equity clients. From 2011 through 2015, he served as an Executive
in Residence and a member of the Board of Advisors at the Poole
College of Management at NC State University. He has significant
experience as both a Chief Financial Officer and a general manager
working with a variety of multi-national technology companies over
his career, including Epsilon Data Management, Chemfab Inc.,
Eastman Software and Steleus SAS. He was the Co-founder and
President of Maps a la Carte, an internet mapping and spatial data
company, which was acquired by Demand Media Inc.&#xA0; <font style="font-family: Times New Roman; font-size: 13px">Mr. Everett
received his BA in Political Science from Middlebury College and
his MBA from the University of New Hampshire. &#xA0;He also
practiced as Certified Public Accountant with Price Waterhouse for
seven years before joining Epsilon Data
Management.</font></font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times\ New\ Roman; font-size: 13px;">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<tr>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #FFFFFF; font-family: Times New Roman; font-size: 13px">
Brian R. Balbirnie</font></div>
</td>
<td style="vertical-align: bottom; width: 3%; border-top: 1pt solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
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<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
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</td>
</tr><tr>
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&#xA0;<br>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #FFFFFF; font-family: Times New Roman; font-size: 13px">
Age 46</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #FFFFFF; font-family: Times New Roman; font-size: 13px">
Director Since 2007</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times\ New\ Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #FFFFFF; font-family: Times New Roman; font-size: 13px">
&#x25CF; President and Chief Executive Officer</font></div>
</div>
</td>
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<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 63%; border-right: 1pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold; color: #00467F">
Professional Background and Qualifications</font><font style="color: #00467F">&#xA0;</font>Mr. Balbirnie is a member of the
Board and our President and Chief Executive Officer. Mr. Balbirnie
established Issuer Direct in 2006 with a vision of creating a
technology driven back-office compliance platform that would reduce
costs as well as increase the efficiencies of the most complex
tasks, today the company calls it Platform id. Mr. Balbirnie is
responsible for the strategic leadership of the company and
oversees day-to-day operations. Under Mr. Balbirnie&#x2019;s
direction, the Company has grown to serve over 2,000 public
companies since 2006. Mr. Balbirnie is an entrepreneur with more
than 20 years of experience in emerging industries. Prior to Issuer
Direct, Mr. Balbirnie was the founder and managing partner of
Catapult Company, a compliance and consulting practice focused on
the Sarbanes Oxley Act. Mr. Balbirnie also has served in C&#x2019;
level capacities for various public and private companies. Prior to
and with Catapult, Mr. Balbirnie also advised several companies on
their public market strategies, Merger &amp; Acquisitions as well
as their financial reporting requirements.</font><br>
</div>
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<div id="pn" style="text-align: right"><font style="font-family: Times New Roman; font-size: 13px">2018 PROXY
STATEMENT | 7</font></div>
</div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #FFFFFF; font-family: Times New Roman; font-size: 13px">
J. Patrick Galleher</font></div>
</td>
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<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
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</td>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
&#xA0;<br>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #FFFFFF; font-family: Times New Roman; font-size: 13px">
Age 45</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #FFFFFF; font-family: Times New Roman; font-size: 13px">
Director Since 2014</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times\ New\ Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #FFFFFF; font-family: Times New Roman; font-size: 13px">
&#x25CF; Chairman of the Compensation Committee</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #FFFFFF; font-size: 13px; font-family: Times New Roman">
&#x25CF; Chairman of the Strategic Advisory Committee</font></div>
</div>
</td>
<td style="vertical-align: bottom; width: 3%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 63%; border-right: 1pt solid rgb(0, 0, 0);">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold; color: #00467F">Professional Background and
Qualifications</font><font style="color: #00467F">&#xA0;</font>Mr.
Galleher joined the Board of Directors of Issuer Direct Corporation
on March 11, 2014. Mr. Galleher is the Managing Partner for Boxwood
Partners, LLC, an investment bank in Richmond, Virginia, where he
leads transactions for Boxwood&#x2019;s merger and acquisition
advisory services. He has led many transactions across several
industries including the sale of NSC Technologies, CoPak Solutions,
Dorsey Wright &amp; Associates, a capital raise for Digital Risk,
the buy-outs of sweetFrog Yogurt, Yoga Direct, Yoga Accessories,
Everything Yoga and Red Rock Products. Mr. Galleher serves as
Chairman and Chief Executive Officer of sweetFrog Enterprises and
as Chairman of Shockoe Commerce Group, both portfolio companies of
Boxwood&#x2019;s. Mr. Galleher holds a B.S. in Business
Administration from the University of Richmond and a degree from
the London Business School as well as attending the Centre for
Creative Leadership in Belgium.<br></font></td>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
&#xA0;<font style="color: #FFFFFF; font-size: 13px; font-family: Times New Roman">&#xA0;</font>
</div>
</td>
<td style="vertical-align: bottom; width: 3%; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 63%; border-right: 1pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold; color: #00467F">&#xA0;</font> <font style="color: #00467F">&#xA0;</font>&#xA0;<br></font></td>
</tr></table>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div>
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<tr>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #FFFFFF; font-family: Times New Roman; font-size: 13px">
Eric Frank</font></div>
</td>
<td style="vertical-align: bottom; width: 3%; border-top: 1pt solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
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&#xA0;<br>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #FFFFFF; font-family: Times New Roman; font-size: 13px">
Age 53</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #FFFFFF; font-family: Times New Roman; font-size: 13px">
Director Since 2017</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times\ New\ Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #FFFFFF; font-family: Times New Roman; font-size: 13px">
&#x25CF; Chairman of the Technology Oversight Committee</font></div>
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<font style="color: #FFFFFF; font-size: 13px; font-family: Times New Roman">
&#x25CF; Member of the Compensation Committee</font></div>
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<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold; color: #00467F">Professional Background and
Qualifications</font><font style="color: #00467F">&#xA0;</font>Mr.
Frank joined the Board of Directors of Issuer Direct Corporation on
September 28, 2017. <font style="color: #000000">Mr. Frank is a
senior executive and accomplished leader, known as a trusted
advisor to many data and analytics companies in the financial,
commercial real estate and agriculture sectors. Mr. Frank has built
and sold companies and has served as an operational leader
responsible for over 8,000 employees and contractors in
multi-billion-dollar revenue businesses. Since September 2012, Mr.
Frank has served as the President of Internet Technology &amp;
Acceleration LLC as an executive advisor to private companies and
private equity sponsors, specifically in the B2B information space.
In this capacity, he has provided oversight of companies such as
AGDATA, Trepp and EDR. In April 2018, Mr. Frank agreed to become
the Chief Executive Officer of a to-be-named entity which will
focus broadly on building a platform related to real estate
information and related matters.&#xA0; From September 2014 until
March 2017, Mr. Frank served as Managing Director of DMGI/DMGT PLC,
overseeing their portfolio of US CRE information companies. Mr.
Frank was at Thomson Reuters,</font> a leading news and information
company, <font style="color: #000000">from 2006 through 2012, most
recently as President, managing a $2.3 billion investment advisory
division that was a combination of the Thomson Financial and
Reuters which he led and helped shape into four operating units,
(Investment Management &amp; Sell-Side Research, Investment
Banking, Wealth Management, and Corporate Services). Mr. Frank
began his career at Morgan Guaranty, helping create the award
winning ADR.com portal, which he later sold to Thomson Financial.
He also currently serves on the board of directors of WeConvene,
Social Market Analytics and RANE (Risk Assistance Network &amp;
Exchange). Mr. Frank earned a Bachelor of General Studies from the
University of Michigan.&#xA0;
&#xA0;&#xA0;&#xA0;<br></font></font></td>
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<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold; color: #00467F">&#xA0;</font> <font style="color: #00467F">&#xA0;</font> <font style="color: #000000">&#xA0;</font>&#xA0; <font style="color: #000000">&#xA0;<br></font></font></td>
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<div id="pn" style="text-align: left"><font style="font-family: Times New Roman; font-size: 13px">8 | ISSUER DIRECT
CORP</font></div>
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<font style="color: #FFFFFF; font-family: Times New Roman; font-size: 13px">
Michael Nowlan</font></div>
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&#xA0;<br>
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<font style="color: #FFFFFF; font-family: Times New Roman; font-size: 13px">
Age 59</font></div>
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<font style="color: #FFFFFF; font-family: Times New Roman; font-size: 13px">
Director Since 2017</font></div>
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<font style="font-family: Times\ New\ Roman; font-size: 13px;">&#xA0;</font></div>
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<font style="color: #FFFFFF; font-family: Times New Roman; font-size: 13px">
&#x25CF; Chairman of the Audit Committee</font></div>
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<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold; color: #00467F">Professional
Background and Qualifications</font><font style="color: #00467F">&#xA0;</font>Mr. Nowlan joined the Board of
Directors of Issuer Direct Corporation on September 28, 2017. Mr.
Nowlan is an entrepreneurial business executive with over
thirty-five years&#x2019; experience across several different
industries. Mr. Nowlan currently provides executive consulting
services to private companies. Mr. Nowlan was Chief Executive
Officer of Primus Telecommunications Canada Inc. (and its related
US operating companies Primus Telecommunications Inc. and Lingo
Inc.) from late 2013 to 2016. Primus was a private company whose
principal business was re-selling of residential and commercial
telecommunications services within Canada and the United States Mr.
Nowlan supervised the sale of the Primus assets after it filed for
CCAA creditor protection in Canada and related recognition under
Chapter 15 of the US Bankruptcy Code in January 2016 as a result of
liquidity challenges due to competitive margin pressures and
over-leverage. Mr. Nowlan led Marketwired, a leading newswire
service, from 2001 to 2013 as President and Chief Executive
Officer, taking the company from a small information distribution
business operating only within Canada to a global business with
approximately $100 million in revenue across North and South
America, Europe, and the Far East. Under his leadership,
Marketwired executed several successful strategic acquisitions. He
transitioned the business to a SaaS business model and set the
strategy for the company to embrace the emerging technology trends
in the communication industry. Prior to joining Marketwired in 1999
as its Chief Financial Officer, Mr. Nowlan had wide financial
management experience including starting his career in 1982 at
PricewaterhouseCoopers where he remained until 1988. Mr. Nowlan is
a member of the Institute of Corporate Directors with the ICD.D
Certification, a CPA-CA since 1984. Mr. Nowlan has a Bachelor of
Commerce degree from Queen&#x2019;s
University.&#xA0;<br></font></div>
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<div id="pn" style="text-align: right"><font style="font-family: Times New Roman; font-size: 13px">2018 PROXY
STATEMENT | 9</font></div>
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<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 16px">
BOARD AND COMMITTEE MEMBERSHIP</font></div>
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&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">The
table below provides committee membership of each Board member as
of April 20, 2018.</font></div>
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Board Member</font></div>
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<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #FFFFFF; font-family: Times New Roman; font-size: 13px">
Audit Committee</font></div>
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<font style="font-weight: bold; color: #FFFFFF; font-family: Times New Roman; font-size: 13px">
Compensation Committee</font></div>
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</td>
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<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #FFFFFF; font-family: Times New Roman; font-size: 13px">
Strategic Advisory</font></div>
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<font style="font-weight: bold; color: #FFFFFF; font-family: Times New Roman; font-size: 13px">
Committee</font></div>
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<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #FFFFFF; font-family: Times New Roman; font-size: 13px">
Technology Oversight</font></div>
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<font style="font-weight: bold; color: #FFFFFF; font-family: Times New Roman; font-size: 13px">
Committee</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Independent
Directors</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">William
H. Everett *</font></div>
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<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">X</font></div>
</td>
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<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">X</font></div>
</td>
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<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(238, 238, 238);">
<td style="vertical-align: bottom; width: 52%; border-bottom: 2px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">J.
Patrick Galleher *</font></div>
</td>
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<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">C</font></div>
</td>
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</td>
</tr><tr>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Eric
Frank *</font></div>
</td>
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<font style="font-family: Times New Roman; font-size: 13px">C</font></div>
</td>
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</td>
</tr><tr style="background-color: rgb(238, 238, 238);">
<td style="vertical-align: bottom; width: 52%; border-bottom: 2px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Michael
Nowlan *</font></div>
</td>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Internal
Director</font></div>
</td>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Brian R
Balbirnie</font></div>
</td>
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</td>
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</div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">C=
Committee Chairman X = Committee Member * =
Independent</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 16px">
CONSIDERATION OF STOCKHOLDER NOMINEES FOR DIRECTOR</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Pursuant
to our bylaws, stockholders who wish to nominate persons for
election to the Board of Directors at the 2019 Annual Meeting must
be a stockholder of record, both when they give us notice and at
the 2019 Annual Meeting, must be entitled to vote at the 2019
Annual Meeting, and must comply with the notice provisions in our
bylaws. A stockholder&#x2019;s notice must be delivered to our
Corporate Secretary not less than 75 nor more than 105 days before
the anniversary date of the immediately preceding Annual
Meeting.</font> <font style="font-family: Times New Roman; font-size: 13px">For our 2019 Annual
Meeting, the notice must be delivered between February 16, 2019 and
March 18, 2019. However, if our 2019 Annual Meeting is not within
30 days of June 1, 2019, the notice must be delivered no later than
the close of business on the 10th day following the earlier of the
day on which the first public announcement of the date of the 2019
Annual Meeting or 120 days prior to such meeting. The public
announcement of an adjournment or postponement of the 2019 Annual
Meeting will not trigger a new time period (or extend any time
period) for the giving of a stockholder notice as described in this
proxy statement. The stockholder&#x2019;s notice must be updated and
supplemented as set forth in our bylaws.</font></div>
</div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><img src="isdr_proxy038.jpg"></div>
</td>
<td style="vertical-align: middle; width: 91%;">
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<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
The Board of Directors recommends a vote "FOR" the election of five
(5) directors, until the next Annual Meeting or until their
successors are duly elected and qualified.</font></div>
</td>
</tr></table>
</div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<div id="pn" style="text-align: left"><font style="font-family: Times New Roman; font-size: 13px">10 | ISSUER DIRECT
CORP</font></div>
</div>
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</div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-weight: bold; color: #00467F; font-family: Times New Roman; font-size: 24px">
Corporate Governance</font></div>
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&#xA0;</font></div>
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<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Our Directors will serve until our next Annual Meeting of
shareholders or until their resignation or removal.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Our directors are elected at the Annual Meeting of shareholders,
with vacancies filled by the Board of Directors, and serve until
their successors are elected and qualified, or their earlier
resignation or removal. Officers are appointed by the Board of
Directors and serve at the discretion of the Board of Directors or
until their earlier resignation or removal. Any action required can
be taken at any annual meeting of stockholders of the corporation
which may be taken without a meeting, without prior notice and
without a vote, if consent in writing setting forth the action so
taken, shall be signed by the holders of the outstanding stock
having not less than the minimum number of votes that would be
necessary to authorize or take such action at a meeting at which
all shares entitled to vote thereon were present and voted and
shall be delivered to the corporation by delivery to its registered
office, its principle place of business, or an officer or agent of
the corporation having custody of the book in which the proceedings
of meetings are recorded.</font></div>
</div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 16px">
INDEMNIFICATION OF DIRECTORS AND OFFICERS</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Section 145 of the General Corporation Law of the State of Delaware
provides, in general, that a corporation incorporated under the
laws of the State of Delaware, as we are, may indemnify any person
who was or is a party or is threatened to be made a party to any
threatened, pending or completed action, suit or proceeding (other
than a derivative action by or in the right of the corporation) by
reason of the fact that such person is or was a director, officer,
employee or agent of the corporation, or is or was serving at the
request of the corporation as a director, officer, employee or
agent of another enterprise, against expenses (including
attorneys&#x2019; fees), judgments, fines and amounts paid in
settlement actually and reasonably incurred by such person in
connection with such action, suit or proceeding if such person
acted in good faith and in a manner such person reasonably believed
to be in or not opposed to the best interests of the corporation
and, with respect to any criminal action or proceeding, had no
reasonable cause to believe such person&#x2019;s conduct was
unlawful. In the case of a derivative action, a Delaware
corporation may indemnify any such person against expenses
(including attorneys&#x2019; fees) actually and reasonably incurred
by such person in connection with the defense or settlement of such
action or suit if such person acted in good faith and in a manner
such person reasonably believed to be in or not opposed to the best
interests of the corporation, except that no indemnification will
be made in respect of any claim, issue or matter as to which such
person will have been adjudged to be liable to the corporation
unless and only to the extent that the Court of Chancery of the
State of Delaware or any other court in which such action was
brought determines such person is fairly and reasonably entitled to
indemnity for such expenses.</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Our certificate of incorporation and bylaws provide that we will
indemnify our directors, officers, employees and agents to the
extent and in the manner permitted by the provisions of the General
Corporation Law of the State of Delaware, as amended from time to
time, subject to any permissible expansion or limitation of such
indemnification, as may be set forth in any stockholders&#x2019; or
directors&#x2019; resolution or by contract. Any repeal or
modification of these provisions approved by our stockholders will
be prospective only and will not adversely affect any limitation on
the liability of any of our directors or officers existing as of
the time of such repeal or modification.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
We are also permitted to apply for insurance on behalf of any
director, officer, employee or other agent for liability arising
out of his actions, whether or not the General Corporation Law of
the State of Delaware would permit indemnification.</font></div>
</div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<div id="pn" style="text-align: right"><font style="font-family: Times New Roman; font-size: 13px">2018 PROXY
STATEMENT | 11<br></font></div>
</div>
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</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 16px">
DIRECTORS&#x2019; AND OFFICERS&#x2019; LIABILITY
INSURANCE</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
We have directors&#x2019; and officers&#x2019; liability insurance
insuring our directors and officers against liability for acts or
omissions in their capacities as directors or
officers.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 16px">
CODE OF ETHICS</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">
We&#xA0;have adopted a code of ethics that applies to our officers,
directors and employees, including our principal executive officer
and principal accounting officer, which is posted on our website
at</font> <font style="font-style: italic; color: #000000">www.issuerdirect.com</font><font style="color: #000000">.</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 16px">
DIRECTOR INDEPENDENCE</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="column-count: 2; -webkit-column-count: 2; -moz-column-count: 2; column-gap: 48px;-webkit-column-gap: 48px; -moz-column-gap: 48px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
Board has determined that Messrs. Everett, Frank, Galleher and
Nowlan satisfy the requirement for independence set out in Section
303A.02 of the NYSE American rules and Section 10A(m) of the
Exchange Act (collectively, the &#x201C;Independence Rules&#x201D;),
and that each of these directors has no material relationship with
us (other than being a director and/or a stockholder). In making
its independence determinations, the Board of Directors sought to
identify and analyze all of the facts and circumstances relating to
any relationship between a director, his immediate family or
affiliates and our company and our affiliates and did not rely on
categorical standards other than those contained in the NYSE
American rule referenced above.</font></div>
</div>
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<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 16px">
</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times\ New\ Roman; font-size: 16px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 16px">
BOARD COMMITTEES</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="column-count: 2; -webkit-column-count: 2; -moz-column-count: 2; column-gap: 48px;-webkit-column-gap: 48px; -moz-column-gap: 48px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Our
Board of Directors has established an Audit Committee, a
Compensation Committee, a Strategic Advisory Committee and a
Technology Oversight Committee, each of which has the composition
and responsibilities described below.</font></div>
</div>
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<font>&#xA0;</font></div>
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<div id="pn" style="text-align: left"><font style="font-family: Times New Roman; font-size: 13px">12 | ISSUER DIRECT
CORP</font></div>
</div>
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</div>
</div>
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<font><br></font></div>
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<tr>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #FFFFFF; font-family: Times New Roman; font-size: 13px">
Audit Committee</font></div>
</td>
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<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
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<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">&#xA0;
<font style="font-family: Times New Roman; font-size: 13px"><br>
</font></div>
</td>
</tr><tr>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
&#xA0;<br>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #FFFFFF; font-family: Times New Roman; font-size: 13px">
Members:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #FFFFFF; font-family: Times New Roman; font-size: 13px">
&#x25CF; Michael Nowlan (Chairman)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #FFFFFF; font-family: Times New Roman; font-size: 13px">
&#x25CF; William H. Everett</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #FFFFFF; font-family: Times New Roman; font-size: 13px">
Meetings in 2017: 8</font></div>
</div>
</td>
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<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
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<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Our
Audit Committee was implemented on October 23, 2013 and is
currently comprised of Messrs. Everett and Nowlan, each of whom our
Board has determined to be financially literate and qualify as an
independent director under the Independence Rules.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Mr.
Andre Boisvert served as a member of our Audit Committee until
September 28, 2017, when he elected to not stand for re-election
after serving over five years as a member of our Board and was
replaced by Mr. Nowlan. Mr. Boisvert was both financially literate
and an independent director under the Independence Rules at all
times while a member of our Audit Committee.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">On
March 2, 2018, Mr. Nowlan replaced Mr. Everett as the chairman of
our Audit Committee. Mr. Everett remained as a member of the Audit
Committee. Both Messrs. Nowlan and Everett qualify as a financial
expert, as defined in Item 407(d)(5)(ii) of Regulation
S-K.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold; color: #00467F">
Responsibilities</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
Audit Committee&#x2019;s duties are to recommend to our Board of
Directors the engagement of independent auditors to audit our
financial statements and to review our accounting and auditing
principles. The Audit Committee will review the scope, timing and
fees for the annual audit and the results of audit examinations
performed by the independent public accountants, including their
recommendations to improve the system of accounting and internal
controls. During the year ended December 31, 2017, our Audit
Committee met eight times.</font></div>
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
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</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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<div id="pn" style="text-align: right"><font style="font-family: Times New Roman; font-size: 13px">2018 PROXY
STATEMENT | 13<br></font></div>
</div>
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</div>
</div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<tr>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #FFFFFF; font-family: Times New Roman; font-size: 13px">
Compensation Committee</font></div>
</td>
<td style="vertical-align: bottom; width: 3%; border-top: 1pt solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
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<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">&#xA0;
<font style="font-family: Times New Roman; font-size: 13px"><br>
</font></div>
</td>
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<font style="color: #FFFFFF; font-family: Times New Roman; font-size: 13px">
</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times\ New\ Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #FFFFFF; font-family: Times New Roman; font-size: 13px">
Members:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #FFFFFF; font-family: Times New Roman; font-size: 13px">
&#x25CF; J. Patrick Galleher (Chairman)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #FFFFFF; font-family: Times New Roman; font-size: 13px">
&#x25CF; Eric Frank</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #FFFFFF">
Meetings in 2017:</font> <font style="color: rgb(255, 255, 255);">3</font></font></div>
&#xA0; <font style="font-family: Times New Roman; font-size: 10"><br></font></div>
</td>
<td style="vertical-align: bottom; width: 3%; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 63%; border-right: 1pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Our
Compensation Committee was implemented on October 23, 2013 and is
currently comprised of Messrs. Frank and Galleher, each of whom our
Board has determined to qualify as an independent director under
the Independence Rules. Mr. Galleher is the chairman of our
Compensation Committee.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Mr.
Andre Boisvert served as the Chairman of our Compensation Committee
until September 28, 2017, when he elected to not stand for
re-election after serving over five years as a member of our Board
and was replaced by Mr. Galleher. At the same time, Mr. Frank
replaced Mr. Everett on the Compensation Committee. Messrs.
Boisvert and Everett were independent directors under the
Independence Rules at all times while members of our Compensation
Committee.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold; color: #00467F">
Responsibilities</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
Compensation Committee reviews and approves our salary and benefits
policies, including compensation of executive officers and
directors. The Compensation Committee also administers our stock
option plans and recommends and approves grants of stock options
under such plans. During the year ended December 31, 2017, our
Compensation Committee held three meetings.</font></div>
<font style="font-family: Times\ New\ Roman; font-size: 13px;">&#xA0;</font></div>
</td>
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</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div>
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<tr>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #FFFFFF; font-family: Times New Roman; font-size: 13px">
Strategic Advisory Committee</font></div>
</td>
<td style="vertical-align: bottom; width: 3%; border-top: 1pt solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
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<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times\ New\ Roman; font-size: 13px;">&#xA0;</font></div>
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Members:</font>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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<font style="color: #FFFFFF; font-family: Times New Roman; font-size: 13px">
&#x25CF; J. Patrick Galleher (Chairman)</font></div>
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<font style="color: #FFFFFF; font-family: Times New Roman; font-size: 13px">
&#x25CF; William H. Everett</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #FFFFFF">Meetings in 2017:</font> <font style="color: rgb(255, 255, 255);">4</font></font></div>
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</td>
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<div><font style="font-family: Times New Roman; font-size: 13px"><br></font></div>
</td>
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<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Our
Strategic Advisory Committee was implemented on January 25, 2016
and is currently comprised of Messrs. Everett and Galleher. Mr.
Galleher is the chairman of our Strategic Advisory
Committee.</font>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold; color: #00467F">
Responsibilities</font></font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">The
Strategic Advisory Committee assists our Board of Directors and
management in evaluating areas such as joint ventures,
partnerships, strategic acquisitions and mergers and acquisitions.
During the year ended December 31, 2017, our Strategic Advisory
Committee held four meetings.<br></font></div>
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<div id="pn" style="text-align: left"><font style="font-family: Times New Roman; font-size: 13px">14 | ISSUER DIRECT
CORP</font></div>
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<tr>
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Technology Oversight Committee</font></div>
</td>
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<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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</td>
</tr><tr>
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&#xA0;<br>
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<font style="color: #FFFFFF; font-family: Times New Roman; font-size: 13px">
Member:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #FFFFFF; font-family: Times New Roman; font-size: 13px">
&#x25CF; Eric Frank (Chairman)</font></div>
</div>
</td>
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<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
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<font style="font-family: Times New Roman; font-size: 13px">Our
Technology Oversight Committee was implemented on August 11, 2017
and is currently comprised of Mr. Frank, as its Chairman.</font>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold; color: #00467F">
Responsibilities</font></font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">The
Technology Oversight Committee&#x2019;s main objectives are (i) to
ensure that our R&amp;D function is building secure, quality and
scalable application software within the time frame, specifications
and budget contained in our plan of record and (ii) to ensure we
are taking the necessary and prudent steps to safeguard our
customers&#x2019; private and confidential information, including
financial date, from cybersecurity
attacks.&#xA0;<br></font></div>
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<font style="font-family: Times\ New\ Roman; font-size: 13px;">&#xA0;</font></div>
</div>
</td>
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</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 16px">
MEETINGS AND ATTENDANCE</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">During
the year ended December 31, 2017, the Board of Directors held
fifteen meetings, and each director attended all of (i) Board
meetings held during the period for which he was a director and
(ii) committee meetings held during the period for which he was a
committee member. We do not have a policy requiring director
attendance at stockholder meetings, but members of our Board of
Directors are encouraged to attend.</font></div>
</div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 16px">
COMMUNICATIONS WITH THE BOARD OF DIRECTORS</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
A stockholder who wishes to communicate with our Board of
Directors, any committee of our Board of Directors, the
non-management directors or any particular director, may do so by
writing to such director or directors in care of the Secretary, c/o
Issuer Direct Corporation, 500 Perimeter Park Drive, Suite D,
Morrisville, NC&#xA0;27560. Our secretary will forward such
communication to the full Board of Directors, to the appropriate
committee or to any individual director or directors to whom the
communication is addressed, unless the communication is unrelated
to the duties and responsibilities of our Board of Directors (such
as spam, junk mail and mass mailings, ordinary course disputes over
fees or services, personal employee complaints, business inquiries,
new product or service suggestions, resumes and other forms of job
inquiries, surveys, business solicitations or advertisements) or is
unduly hostile, threatening, illegal, or harassing, in which case
our secretary has the authority to discard the communication or
take appropriate legal action regarding the
communication.</font></div>
</div>
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<div id="pn" style="text-align: right"><font style="font-family: Times New Roman; font-size: 13px">2018 PROXY
STATEMENT | 15</font></div>
</div>
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</div>
</div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 16px">
NON-EMPLOYEE DIRECTOR COMPENSATION ARRANGEMENT</font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Effective
as of September 28, 2017, our Compensation Committee determined to
compensate our non-employee directors as set forth
below.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold; font-style: italic; color: #00467F">
Initial Equity Grant</font><font style="font-weight: bold; color: #00467F">.</font><font style="color: #00467F">&#xA0;</font>Each non-employee director appointed
to our Board and not by a vote of the stockholders at an annual
meeting is automatically granted an initial grant of (i) options to
purchase 8,000 shares of common stock with an exercise price based
on the fair market value of our stock on the date of grant and (ii)
2,000 restricted stock units (&#x201C;RSUs&#x201D;) on the date of
his or her appointment to our Board (with such amount pro-rated
based on the number of days between the date of such
director&#x2019;s appointment and the date of our first annual
meeting of stockholders following the date of grant (or to the
extent that we have not determined the date of the next annual
meeting of stockholders on or before the date of grant, June 15
following the date of grant)). Both the options and the RSU&#x2019;s
will fully vest on the date of our first annual meeting of
stockholders following the date of grant or immediately prior to
the consummation of a change of control event. If an individual is
appointed as a non-employee director at an annual meeting of
stockholders, he or she will be granted an annual equity grant, as
described below, in lieu of the initial equity grant. None of the
nominees for the Board contained in this Proxy Statement would be
entitled to this initial equity grant.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold; color: #00467F">
</font><font style="font-weight: bold; font-style: italic; color: #00467F">Annual
Equity Grant</font><font style="font-weight: bold; color: #00467F">.</font><font style="color: #00467F">&#xA0;</font>On the date of each annual meeting of
stockholders, each non-employee director who is serving on our
Board on the date of such annual meeting or who is elected by the
shareholders at such annual meeting will be automatically granted
(i) options to purchase 8,000 shares of common stock with an
exercise price based on the fair market value of our stock on the
date of grant and (ii) 2,000 restricted stock units. Both the
options and RSUs will fully vest on the earlier of (i) the date of
the following year&#x2019;s annual meeting of stockholders (but only
for a non-employee director who ceases to be a member of our Board
at such annual meeting as a result of not standing for re-election
or not being re-elected) and (ii) the date that is one year
following the date of grant. Each of the nominees for the Board
contained in this Proxy Statement would be entitled to this equity
grant if elected by the stockholders.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold; font-style: italic; color: #00467F">
Monthly Cash Payment</font><font style="font-weight: bold; color: #00467F">.</font><font style="color: #00467F">&#xA0;</font>Each non-employee director will
receive a monthly cash retainer of $3,000 for service on our Board.
Additionally, the Chairman of our Board will receive an additional
monthly cash retainer of $1,500.</font></div>
</div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 16px">
2017 NON-EMPLOYEE DIRECTOR COMPENSATION TABLE</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
The following table shows amounts earned by each
non-employee&#xA0;director in fiscal 2017:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="margin-right:0px;width:100%;font-size:inherit;font-family:inherit;margin-left:0px;">
<tr style="background-color: rgb(0, 70, 127);">
<td rowspan="1" style="vertical-align: bottom; width: 30%; border-left: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-size: 11px;"><font style="color: rgb(255, 255, 255); font-family: Times\ New\ Roman;">Director</font></font></div>
</td>
<td rowspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px;"><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: center; vertical-align: bottom; width: 80%; display: inline-block;">
<div><font style="font-family: Times\ New\ Roman; color: rgb(255, 255, 255);">Fees
Earned or Paid in Cash</font></div>
</font><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font></font></div>
</td>
<td rowspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px;"><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: center; vertical-align: bottom; width: 80%; display: inline-block;">
<div><font style="font-family: Times\ New\ Roman; color: rgb(255, 255, 255);">Stock
Awards</font></div>
</font><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font></font></div>
</td>
<td rowspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px;"><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: center; vertical-align: bottom; width: 80%; display: inline-block;">
<div><font style="font-family: Times\ New\ Roman; color: rgb(255, 255, 255);">Warrant
Awards</font></div>
</font><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font></font></div>
</td>
<td rowspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px;"><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: center; vertical-align: bottom; width: 80%; display: inline-block;">
<div><font style="font-family: Times\ New\ Roman; color: rgb(255, 255, 255);">Non-Equity
Incentive Plan Compensation</font></div>
</font><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font></font></div>
</td>
<td rowspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px;"><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: center; vertical-align: bottom; width: 80%; display: inline-block;">
<div><font style="font-family: Times\ New\ Roman; color: rgb(255, 255, 255);">Change
in Pension Value and Non-qualified Deferred Compensation
Earnings</font></div>
</font><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font></font></div>
</td>
<td rowspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px;"><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: center; vertical-align: bottom; width: 80%; display: inline-block;">
<div><font style="font-family: Times\ New\ Roman; color: rgb(255, 255, 255);">All
Other Compensation</font></div>
</font><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font></font></div>
</td>
<td rowspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px;"><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: center; vertical-align: bottom; width: 80%; display: inline-block;">
<div><font style="font-family: Times\ New\ Roman; color: rgb(255, 255, 255);">Total</font></div>
</font><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font></font></div>
</td>
</tr><tr style="background-color: rgb(238, 238, 238);">
<td style="vertical-align: bottom; width: 30%; border-bottom: 2px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-size: 11px;"><font style="font-family: Times\ New\ Roman;"><font style="color: rgb(0, 0, 0);">Andre M. Boisvert</font><font style="font-size: 70%; vertical-align: top; color: rgb(0, 0, 0);">&#xA0;</font><font style="color: rgb(0, 0, 0);">(1)</font></font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-size: 11px;"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times\ New\ Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%; font-family: Times\ New\ Roman;">$</font><font style="text-align: right; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%; font-family: Times\ New\ Roman;">27,000</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times\ New\ Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-size: 11px;"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times\ New\ Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%; font-family: Times\ New\ Roman;">$</font><font style="text-align: right; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%; font-family: Times\ New\ Roman;">-</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times\ New\ Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-size: 11px;"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times\ New\ Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%; font-family: Times\ New\ Roman;">$</font><font style="text-align: right; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%; font-family: Times\ New\ Roman;">-</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times\ New\ Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-size: 11px;"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times\ New\ Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%; font-family: Times\ New\ Roman;">$</font><font style="text-align: right; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%; font-family: Times\ New\ Roman;">-</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times\ New\ Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-size: 11px;"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times\ New\ Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%; font-family: Times\ New\ Roman;">$</font><font style="text-align: right; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%; font-family: Times\ New\ Roman;">-</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times\ New\ Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-size: 11px;"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times\ New\ Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%; font-family: Times\ New\ Roman;">$</font><font style="text-align: right; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%; font-family: Times\ New\ Roman;">-</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times\ New\ Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
<div><font style="font-size: 11px;"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times\ New\ Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%; font-family: Times\ New\ Roman;">$</font><font style="text-align: right; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%; font-family: Times\ New\ Roman;">27,000</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times\ New\ Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 30%; border-bottom: 2px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-size: 11px;"><font style="color: rgb(0, 0, 0); font-family: Times\ New\ Roman;">William H.
Everett</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-size: 11px;"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times\ New\ Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%; font-family: Times\ New\ Roman;">$</font><font style="text-align: right; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%; font-family: Times\ New\ Roman;">40,500</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times\ New\ Roman; vertical-align: bottom; display: inline-block; width: 10%;"><font style="font-size: 70%; vertical-align: top;">(2)</font></font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-size: 11px;"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times\ New\ Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%; font-family: Times\ New\ Roman;">$</font><font style="text-align: right; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%; font-family: Times\ New\ Roman;">70,720</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times\ New\ Roman; vertical-align: bottom; display: inline-block; width: 10%;"><font style="font-size: 70%; vertical-align: top;">(3)</font></font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-size: 11px;"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times\ New\ Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%; font-family: Times\ New\ Roman;">$</font><font style="text-align: right; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%; font-family: Times\ New\ Roman;">-</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times\ New\ Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-size: 11px;"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times\ New\ Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%; font-family: Times\ New\ Roman;">$</font><font style="text-align: right; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%; font-family: Times\ New\ Roman;">-</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times\ New\ Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-size: 11px;"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times\ New\ Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%; font-family: Times\ New\ Roman;">$</font><font style="text-align: right; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%; font-family: Times\ New\ Roman;">-</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times\ New\ Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-size: 11px;"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times\ New\ Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%; font-family: Times\ New\ Roman;">$</font><font style="text-align: right; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%; font-family: Times\ New\ Roman;">-</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times\ New\ Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
<div><font style="font-size: 11px;"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times\ New\ Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%; font-family: Times\ New\ Roman;">$</font><font style="text-align: right; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%; font-family: Times\ New\ Roman;">111,220</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times\ New\ Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
</tr><tr style="background-color: rgb(238, 238, 238);">
<td style="vertical-align: bottom; width: 30%; border-bottom: 2px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-size: 11px;"><font style="color: rgb(0, 0, 0); font-family: Times\ New\ Roman;">Eric
Frank</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-size: 11px;"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times\ New\ Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%; font-family: Times\ New\ Roman;">$</font><font style="text-align: right; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%; font-family: Times\ New\ Roman;">9,000</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times\ New\ Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-size: 11px;"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times\ New\ Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%; font-family: Times\ New\ Roman;">$</font><font style="text-align: right; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%; font-family: Times\ New\ Roman;">70,720</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times\ New\ Roman; vertical-align: bottom; display: inline-block; width: 10%;"><font style="font-size: 70%; vertical-align: top;">(3)</font></font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-size: 11px;"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times\ New\ Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%; font-family: Times\ New\ Roman;">$</font><font style="text-align: right; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%; font-family: Times\ New\ Roman;">-</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times\ New\ Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-size: 11px;"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times\ New\ Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%; font-family: Times\ New\ Roman;">$</font><font style="text-align: right; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%; font-family: Times\ New\ Roman;">-</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times\ New\ Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-size: 11px;"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times\ New\ Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%; font-family: Times\ New\ Roman;">$</font><font style="text-align: right; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%; font-family: Times\ New\ Roman;">-</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times\ New\ Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-size: 11px;"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times\ New\ Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%; font-family: Times\ New\ Roman;">$</font><font style="text-align: right; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%; font-family: Times\ New\ Roman;">-</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times\ New\ Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
<div><font style="font-size: 11px;"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times\ New\ Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%; font-family: Times\ New\ Roman;">$</font><font style="text-align: right; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%; font-family: Times\ New\ Roman;">79,720</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times\ New\ Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 30%; border-bottom: 2px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-size: 11px;"><font style="color: rgb(0, 0, 0); font-family: Times\ New\ Roman;">J. Patrick
Galleher</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-size: 11px;"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times\ New\ Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%; font-family: Times\ New\ Roman;">$</font><font style="text-align: right; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%; font-family: Times\ New\ Roman;">36,000</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times\ New\ Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-size: 11px;"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times\ New\ Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%; font-family: Times\ New\ Roman;">$</font><font style="text-align: right; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%; font-family: Times\ New\ Roman;">70,720</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times\ New\ Roman; vertical-align: bottom; display: inline-block; width: 10%;"><font style="font-size: 70%; vertical-align: top;">(3)</font></font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-size: 11px;"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times\ New\ Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%; font-family: Times\ New\ Roman;">$</font><font style="text-align: right; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%; font-family: Times\ New\ Roman;">-</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times\ New\ Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-size: 11px;"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times\ New\ Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%; font-family: Times\ New\ Roman;">$</font><font style="text-align: right; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%; font-family: Times\ New\ Roman;">-</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times\ New\ Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-size: 11px;"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times\ New\ Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%; font-family: Times\ New\ Roman;">$</font><font style="text-align: right; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%; font-family: Times\ New\ Roman;">-</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times\ New\ Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-size: 11px;"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times\ New\ Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%; font-family: Times\ New\ Roman;">$</font><font style="text-align: right; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%; font-family: Times\ New\ Roman;">-</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times\ New\ Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
<div><font style="font-size: 11px;"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times\ New\ Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%; font-family: Times\ New\ Roman;">$</font><font style="text-align: right; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%; font-family: Times\ New\ Roman;">106,720</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times\ New\ Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
</tr><tr style="background-color: rgb(238, 238, 238);">
<td style="vertical-align: bottom; width: 30%; border-bottom: 2px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-size: 11px;"><font style="color: rgb(0, 0, 0); font-family: Times\ New\ Roman;">Michael
Nowlan</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-size: 11px;"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times\ New\ Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%; font-family: Times\ New\ Roman;">$</font><font style="text-align: right; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%; font-family: Times\ New\ Roman;">9,000</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times\ New\ Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-size: 11px;"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times\ New\ Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%; font-family: Times\ New\ Roman;">$</font><font style="text-align: right; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%; font-family: Times\ New\ Roman;">70,720</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times\ New\ Roman; vertical-align: bottom; display: inline-block; width: 10%;"><font style="font-size: 70%; vertical-align: top;">(3)</font></font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-size: 11px;"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times\ New\ Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%; font-family: Times\ New\ Roman;">$</font><font style="text-align: right; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%; font-family: Times\ New\ Roman;">-</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times\ New\ Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-size: 11px;"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times\ New\ Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%; font-family: Times\ New\ Roman;">$</font><font style="text-align: right; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%; font-family: Times\ New\ Roman;">-</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times\ New\ Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-size: 11px;"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times\ New\ Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%; font-family: Times\ New\ Roman;">$</font><font style="text-align: right; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%; font-family: Times\ New\ Roman;">-</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times\ New\ Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-size: 11px;"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times\ New\ Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%; font-family: Times\ New\ Roman;">$</font><font style="text-align: right; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%; font-family: Times\ New\ Roman;">-</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times\ New\ Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
<div><font style="font-size: 11px;"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times\ New\ Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%; font-family: Times\ New\ Roman;">$</font><font style="text-align: right; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%; font-family: Times\ New\ Roman;">79,720</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times\ New\ Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
_____________________</font></div>
<div style="display: table;">
<div style="display: table-row;">
<div style="text-align: left; display: table-cell; width: 24px;">
<font style="font-family: Times New Roman; font-size: 13px">(1)</font></div>
<div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">As
indicated in this Proxy Statement, Mr. Boisvert served as a member
of our Board until September 28, 2017, when he elected to not stand
for re-election after serving over five years as a member of the
Board.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="display: table;">
<div style="display: table-row;">
<div style="text-align: left; display: table-cell; width: 24px;">
<font style="font-family: Times New Roman; font-size: 13px">(2)</font></div>
<div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">In
addition to the $3,000 per month paid to all members of the Board,
this amount includes an additional $1,500 per month for Mr.
Everett&#x2019;s service as the Chairman of our Board beginning on
September 29, 2017.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="display: table;">
<div style="display: table-row;">
<div style="text-align: left; display: table-cell; width: 24px;">
<font style="font-family: Times New Roman; font-size: 13px">(3)&#xA0;</font></div>
<div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #303030">The amounts shown in this column represent the
grant date fair value of the awards determined in accordance with
ASC 718. Option awards are valued using a Black-Scholes valuation
model. On September 28, 2017, each non-employee director was
granted an option to purchase 8,000 shares of our common stock with
an exercise price of $13.00 and a vesting date of September 28,
2018. RSUs are valued based on the closing price of Issuer
Direct&#x2019;s ordinary shares on the date of grant. On September
28, 2017, each non-employee director was granted 2,000 restricted
stock units with a vesting date of September 28,
2018.</font></font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: auto; margin-right: auto; margin-bottom: 6px; width: 100%; height: 1px; background-color: #00467f">
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<div id="pn" style="text-align: left"><font style="font-family: Times New Roman; font-size: 13px">16 | ISSUER DIRECT
CORP</font></div>
</div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #00467F; font-family: Times New Roman; font-size: 24px">
Security Ownership of Beneficial Owners</font> <font style="font-weight: bold; color: #00467F; font-family: Times New Roman; font-size: 24px">
and Management</font></div>
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<font style="font-weight: bold; color: #00467F; font-family: Times New Roman; font-size: 24px">
</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="column-count: 2; -webkit-column-count: 2; -moz-column-count: 2; column-gap: 48px;-webkit-column-gap: 48px; -moz-column-gap: 48px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
following table sets forth certain information as of April 20,
2018, regarding the beneficial ownership of our common stock by (i)
each person or entity who, to our knowledge, beneficially owns more
than 5% of our common stock; (ii) each executive officer and named
officer; (iii) each director; and (iv) all of our officers and
directors as a group. Unless otherwise indicated in the footnotes
to the following table, each of the stockholders named in the table
has sole voting and investment power with respect to the shares of
our common stock beneficially owned. Except as otherwise indicated,
the address of each of the stockholders listed below is: c/o Issuer
Direct Corporation, 500 Perimeter Park Drive, Suite D, Morrisville,
North Carolina 27560.</font></div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left">
<table cellpadding="0" cellspacing="0" style="text-align: left; margin-left:0px;font-size:inherit;margin-top:0px;margin-bottom:0px;width:100%;margin-right:0px;font-family:inherit;">
<tr style="background-color: rgb(0, 70, 127);">
<td rowspan="1" style="vertical-align: bottom; width: 76%; border-left: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-size: 13px"><font style="color: rgb(255, 255, 255); font-family: Times\ New\ Roman;">Name
of Beneficial Owner</font></font></div>
</td>
<td rowspan="1" style="vertical-align: bottom; width: 12%;">
<div><font style="font-size: 11px"><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: center; vertical-align: bottom; width: 80%; display: inline-block;">
<div><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;"><font style="color: rgb(255, 255, 255);">Number of Shares
Owned</font><font style="vertical-align: top; font-size: 70%; color: rgb(255, 255, 255);">(1)</font></font></font></div>
</font><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font></font></div>
</td>
<td rowspan="1" style="vertical-align: bottom; width: 12%; border-right: 1px solid rgb(0, 0, 0);">
<div><font style="font-size: 11px"><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: center; vertical-align: bottom; width: 80%; display: inline-block;">
<div><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;"><font style="color: rgb(255, 255, 255);">Percentage Owned</font><font style="vertical-align: top; font-size: 70%; color: rgb(255, 255, 255);">(1)</font></font></font></div>
</font><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font></font></div>
</td>
</tr><tr style="background-color: rgb(238, 238, 238);">
<td style="vertical-align: bottom; width: 76%; border-bottom: 2px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-family: Times\ New\ Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">Brian R. Balbirnie</font><font style="font-size: 70%; vertical-align: top; color: rgb(0, 0, 0);">(2)(3)</font></font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times\ New\ Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%; font-family: Times\ New\ Roman; font-size: 13px;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%; font-family: Times\ New\ Roman; font-size: 13px;">623,601</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times\ New\ Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;"><font style="font-size: 70%; vertical-align: top;">(5)</font></font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
<div><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times\ New\ Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%; font-family: Times\ New\ Roman; font-size: 13px;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%; font-family: Times\ New\ Roman; font-size: 13px;">20.36</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times\ New\ Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">%</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 76%; border-bottom: 2px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-family: Times\ New\ Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">Steven Knerr</font><font style="font-size: 70%; vertical-align: top; color: rgb(0, 0, 0);">(2)</font></font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times\ New\ Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%; font-family: Times\ New\ Roman; font-size: 13px;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%; font-family: Times\ New\ Roman; font-size: 13px;">37,500</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times\ New\ Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;"><font style="font-size: 70%; vertical-align: top;">(6)</font></font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
<div><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times\ New\ Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%; font-family: Times\ New\ Roman; font-size: 13px;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%; font-family: Times\ New\ Roman; font-size: 13px;">1.21</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times\ New\ Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">%</font></div>
</td>
</tr><tr style="background-color: rgb(238, 238, 238);">
<td style="vertical-align: bottom; width: 76%; border-bottom: 2px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-family: Times\ New\ Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">William H. Everett</font><font style="font-size: 70%; vertical-align: top; color: rgb(0, 0, 0);">(3)</font></font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times\ New\ Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%; font-family: Times\ New\ Roman; font-size: 13px;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%; font-family: Times\ New\ Roman; font-size: 13px;">38,428</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times\ New\ Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;"><font style="font-size: 70%; vertical-align: top;">(7)</font></font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
<div><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times\ New\ Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%; font-family: Times\ New\ Roman; font-size: 13px;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%; font-family: Times\ New\ Roman; font-size: 13px;">1.25</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times\ New\ Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">%</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 76%; border-bottom: 2px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-family: Times\ New\ Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">J. Patrick Galleher</font><font style="font-size: 70%; vertical-align: top; color: rgb(0, 0, 0);">(3)</font></font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times\ New\ Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%; font-family: Times\ New\ Roman; font-size: 13px;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%; font-family: Times\ New\ Roman; font-size: 13px;">68,000</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times\ New\ Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;"><font style="font-size: 70%; vertical-align: top;">(8)</font></font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
<div><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times\ New\ Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%; font-family: Times\ New\ Roman; font-size: 13px;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%; font-family: Times\ New\ Roman; font-size: 13px;">2.18</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times\ New\ Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">%</font></div>
</td>
</tr><tr style="background-color: rgb(238, 238, 238);">
<td style="vertical-align: bottom; width: 76%; border-bottom: 2px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-family: Times\ New\ Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">Eric Frank</font><font style="font-size: 70%; vertical-align: top; color: rgb(0, 0, 0);">(3)</font></font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times\ New\ Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%; font-family: Times\ New\ Roman; font-size: 13px;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%; font-family: Times\ New\ Roman; font-size: 13px;">2,000</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times\ New\ Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;"><font style="font-size: 70%; vertical-align: top;">(9)</font></font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
<div><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times\ New\ Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%; font-family: Times\ New\ Roman; font-size: 13px;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%; font-family: Times\ New\ Roman; font-size: 13px;">0.07</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times\ New\ Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">%</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 76%; border-bottom: 2px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-family: Times\ New\ Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">Michael Nowlan</font><font style="font-size: 70%; vertical-align: top; color: rgb(0, 0, 0);">(3)</font></font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times\ New\ Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%; font-family: Times\ New\ Roman; font-size: 13px;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%; font-family: Times\ New\ Roman; font-size: 13px;">2,000</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times\ New\ Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;"><font style="font-size: 70%; vertical-align: top;">(10)</font></font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
<div><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times\ New\ Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%; font-family: Times\ New\ Roman; font-size: 13px;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%; font-family: Times\ New\ Roman; font-size: 13px;">0.07</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times\ New\ Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">%</font></div>
</td>
</tr><tr style="background-color: rgb(238, 238, 238);">
<td style="vertical-align: bottom; width: 76%; border-bottom: 2px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-family: Times\ New\ Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">James Michael</font><font style="font-size: 70%; vertical-align: top; color: rgb(0, 0, 0);">(4)</font></font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times\ New\ Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%; font-family: Times\ New\ Roman; font-size: 13px;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%; font-family: Times\ New\ Roman; font-size: 13px;">251,100</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times\ New\ Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
<div><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times\ New\ Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%; font-family: Times\ New\ Roman; font-size: 13px;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%; font-family: Times\ New\ Roman; font-size: 13px;">8.20</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times\ New\ Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">%</font></div>
</td>
</tr><tr>
<td rowspan="1" style="vertical-align: bottom; width: 76%; border-bottom: 2px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="color: rgb(0, 0, 0); font-family: Times\ New\ Roman; font-size: 13px;">
All officers, directors, and management as a group (6
persons)</font></div>
</td>
<td rowspan="1" style="vertical-align: bottom; width: 12%; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times\ New\ Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%; font-family: Times\ New\ Roman; font-size: 13px;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%; font-family: Times\ New\ Roman; font-size: 13px;">1,005,961</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times\ New\ Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align: bottom; width: 12%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
<div><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times\ New\ Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%; font-family: Times\ New\ Roman; font-size: 13px;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%; font-family: Times\ New\ Roman; font-size: 13px;">32.05</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times\ New\ Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">%</font></div>
</td>
</tr><tr style="background-color: rgb(0, 70, 127);">
<td style="vertical-align: bottom; width: 76%; border-bottom: 2px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font><font style="color: rgb(255, 255, 255);"><font style="font-family: Times\ New\ Roman; font-size: 13px;">Other
beneficial holders:</font></font></font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times\ New\ Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%; font-family: Times\ New\ Roman; font-size: 13px;">&#xA0;&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%; font-family: Times\ New\ Roman; font-size: 13px;"><font style="text-align: right; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%; font-family: Times\ New\ Roman; font-size: 13px;">&#xA0;</font></font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times\ New\ Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
<div><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times\ New\ Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%; font-family: Times\ New\ Roman; font-size: 13px;">&#xA0;&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%; font-family: Times\ New\ Roman; font-size: 13px;"><font style="text-align: right; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%; font-family: Times\ New\ Roman; font-size: 13px;">&#xA0;</font></font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times\ New\ Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 76%; border-bottom: 2px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="color: rgb(0, 0, 0); font-family: Times\ New\ Roman; font-size: 13px;">
EQS Group AG</font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times\ New\ Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%; font-family: Times\ New\ Roman; font-size: 13px;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%; font-family: Times\ New\ Roman; font-size: 13px;">291,916</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times\ New\ Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
<div><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times\ New\ Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%; font-family: Times\ New\ Roman; font-size: 13px;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%; font-family: Times\ New\ Roman; font-size: 13px;">9.53</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times\ New\ Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">%</font></div>
</td>
</tr><tr style="background-color: rgb(238, 238, 238);">
<td style="vertical-align: bottom; width: 76%; border-bottom: 2px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="color: rgb(0, 0, 0); font-family: Times\ New\ Roman; font-size: 13px;">
Yorkmont Capital Partners, LP</font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times\ New\ Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%; font-family: Times\ New\ Roman; font-size: 13px;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%; font-family: Times\ New\ Roman; font-size: 13px;">284,765</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times\ New\ Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;"><font style="font-size: 70%; vertical-align: top;">(11)</font></font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
<div><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times\ New\ Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%; font-family: Times\ New\ Roman; font-size: 13px;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%; font-family: Times\ New\ Roman; font-size: 13px;">9.30</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times\ New\ Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">%</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 76%; border-bottom: 2px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="color: rgb(0, 0, 0); font-family: Times\ New\ Roman; font-size: 13px;">
Richard H. Witmer</font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times\ New\ Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%; font-family: Times\ New\ Roman; font-size: 13px;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%; font-family: Times\ New\ Roman; font-size: 13px;">190,444</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times\ New\ Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
<div><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times\ New\ Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%; font-family: Times\ New\ Roman; font-size: 13px;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%; font-family: Times\ New\ Roman; font-size: 13px;">6.22</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times\ New\ Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">%</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
____________________</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(1)</font></div>
</td>
<td style="vertical-align: middle; width: 98%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Applicable
percentage of ownership is based on a total of 3,155,060 shares of
common stock, which consist of 3,062,120 shares of common stock
outstanding on April 20, 2018, plus shares that are beneficially
owned as of that date. Beneficial ownership is determined in
accordance with rules of the Securities and Exchange Commission and
means voting or investment power with respect to securities. Shares
of our common stock issuable upon restricted stock units and the
exercise of stock options exercisable currently or within 60 days
of April 20, 2018 are deemed outstanding and to be beneficially
owned by the person holding such option for purposes of computing
such person&#x2019;s percentage ownership, but are not deemed
outstanding for the purpose of computing the percentage ownership
of any other person.</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: bottom; width: 2%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(2)</font></div>
</td>
<td style="vertical-align: bottom; width: 98%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Officer.</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: bottom; width: 100%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 2%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(3)</font></div>
</td>
<td style="vertical-align: bottom; width: 98%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Director.</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: bottom; width: 100%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 2%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(4)</font></div>
</td>
<td style="vertical-align: bottom; width: 98%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Management.</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: bottom; width: 100%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(5)</font></div>
</td>
<td style="vertical-align: bottom; width: 98%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Includes
334 restricted stock units granted to spouse which will vest on
January 1, 2019 and options issued to spouse to purchase 438 shares
of common stock that are currently exercisable or exercisable
within 60 days of April 20, 2018.</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: bottom; width: 100%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(6)</font></div>
</td>
<td style="vertical-align: bottom; width: 98%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Includes
options to purchase 27,500 shares of common stock that are
currently exercisable or exercisable within 60 days of April 20,
2018.</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: bottom; width: 100%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(7)</font></div>
</td>
<td style="vertical-align: bottom; width: 98%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Includes
2,000 restricted stock units which will vest on September 28, 2018
and 8,334 restricted stock units which will vest on January 21,
2019.</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: bottom; width: 100%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(8)</font></div>
</td>
<td style="vertical-align: bottom; width: 98%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Includes
2,000 restricted stock units which will vest on September 28, 2018,
8,334 restricted stock units which will vest on January 21, 2019
and options to purchase 40,000 shares of common stock that are
currently exercisable.</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: bottom; width: 100%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(9)</font></div>
</td>
<td style="vertical-align: bottom; width: 98%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Includes
2,000 restricted stock units which will vest on September 28,
2018.</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: bottom; width: 100%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(10)</font></div>
</td>
<td style="vertical-align: bottom; width: 98%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Includes
2,000 restricted stock units which will vest on September 28,
2018.</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: bottom; width: 100%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(11)</font></div>
</td>
<td style="vertical-align: bottom; width: 98%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Includes
50,000 shares of common stock held by Graeme P. Rein. According to
Amendment No. 4 to the Schedule 13G filed by Yorkmont Capital
Partners, LP on January 4, 2018, Mr. Rein has sole voting and
disposition power with respect to all of the shares of common stock
held by Yorkmont Capital Partners, LP.</font></div>
</td>
</tr></table>
</div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<div id="pn" style="text-align: right"><font style="font-family: Times New Roman; font-size: 13px">2018 PROXY
STATEMENT | 17</font></div>
</div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #00467F; font-family: Times New Roman; font-size: 24px">
Executive Compensation</font></div>
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<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 16px">
COMPENSATION DISCUSSION AND ANALYSIS</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">We
formed a Compensation Committee on October 23, 2013. Prior to that
date, all compensation decisions for our named executive officers
were made by our Board of Directors.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
Compensation Committee of our Board of Directors will review at
least annually and determine (or recommend to the Board of
Directors as the case may be) the executive compensation for Mr.
Balbirnie and any other named executive officers, including
approving any grants of stock options or other equity incentive
awards in accordance with the philosophy and components described
in this Proxy Statement. To date, neither the Board of Directors
nor the Compensation Committee has retained the services of a
compensation consultant. The Compensation Committee does not intend
to retain such services for 2018 but may decide to do so in the
future.</font></div>
</div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 16px">
<font style="color: #000000">SUMMARY COMPENSATION</font>
<font style="color: #000000">TABLE</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
following table shows amounts earned by each officer in the years
ended December 31, 2017 and 2016:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-family: Times\ New\ Roman; font-size: 13px; margin: 0px auto 0px 0px;">
<tr style="background-color: rgb(0, 70, 127);">
<td style="vertical-align: bottom; width: 28%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="color: rgb(255, 255, 255); font-family: Times\ New\ Roman;">Name
and Principal Position</font></font></div>
</td>
<td style="vertical-align: bottom; width: 9%;">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="color: rgb(255, 255, 255); font-family: Times\ New\ Roman;">Year</font></font></div>
</td>
<td style="vertical-align: bottom; width: 9%;">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="color: rgb(255, 255, 255); font-family: Times\ New\ Roman;">Salary</font></font></div>
</td>
<td style="vertical-align: bottom; width: 9%;">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="color: rgb(255, 255, 255); font-family: Times\ New\ Roman;">Deferred
Compensation</font></font></div>
</td>
<td style="vertical-align: bottom; width: 9%;">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="color: rgb(255, 255, 255); font-family: Times\ New\ Roman;">Bonus</font></font></div>
</td>
<td style="vertical-align: bottom; width: 9%;">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="color: rgb(255, 255, 255); font-family: Times\ New\ Roman;">Stock
Awards</font></font></div>
</td>
<td style="vertical-align: bottom; width: 9%;">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="color: rgb(255, 255, 255); font-family: Times\ New\ Roman;">Option/Warrant
Awards</font></font></div>
</td>
<td style="vertical-align: bottom; width: 9%;">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="color: rgb(255, 255, 255); font-family: Times\ New\ Roman;">All
Other Compensation</font></font></div>
</td>
<td style="vertical-align: bottom; width: 9%;">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="color: rgb(255, 255, 255); font-family: Times\ New\ Roman;">Total</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 28%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="color: rgb(0, 0, 0); font-family: Times\ New\ Roman;">Brian R.
Balbirnie</font></font></div>
</td>
<td style="vertical-align: middle; width: 9%;">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="color: rgb(0, 0, 0); font-family: Times\ New\ Roman;">2017</font></font></div>
</td>
<td style="vertical-align: middle; width: 9%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="color: rgb(0, 0, 0); font-family: Times\ New\ Roman;">$195,000</font></font></div>
</td>
<td style="vertical-align: middle; width: 9%;">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="color: rgb(0, 0, 0); font-family: Times\ New\ Roman;">$-</font></font></div>
</td>
<td style="vertical-align: middle; width: 9%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="color: rgb(0, 0, 0); font-family: Times\ New\ Roman;">$32,000</font></font></div>
</td>
<td style="vertical-align: middle; width: 9%;">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="color: rgb(0, 0, 0); font-family: Times\ New\ Roman;">$-</font></font></div>
</td>
<td style="vertical-align: middle; width: 9%;">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="color: rgb(0, 0, 0); font-family: Times\ New\ Roman;">$-</font></font></div>
</td>
<td style="vertical-align: middle; width: 9%;">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="color: rgb(0, 0, 0); font-family: Times\ New\ Roman;">$-</font></font></div>
</td>
<td style="vertical-align: middle; width: 9%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="color: rgb(0, 0, 0); font-family: Times\ New\ Roman;">$227,000</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 28%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-style: italic; color: rgb(0, 0, 0); font-family: Times\ New\ Roman;">
President and Chief Executive Officer</font></font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="color: rgb(0, 0, 0); font-family: Times\ New\ Roman;">2016</font></font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="color: rgb(0, 0, 0); font-family: Times\ New\ Roman;">$185,000</font></font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="color: rgb(0, 0, 0); font-family: Times\ New\ Roman;">$-</font></font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="color: rgb(0, 0, 0); font-family: Times\ New\ Roman;">$93,883</font></font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="color: rgb(0, 0, 0); font-family: Times\ New\ Roman;">$-</font></font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="color: rgb(0, 0, 0); font-family: Times\ New\ Roman;">$-</font></font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="color: rgb(0, 0, 0); font-family: Times\ New\ Roman;">$-</font></font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="color: rgb(0, 0, 0); font-family: Times\ New\ Roman;">$278,883</font></font></div>
</td>
</tr><tr style="background-color: rgb(238, 238, 238);">
<td style="vertical-align: middle; width: 28%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="color: rgb(0, 0, 0); font-family: Times\ New\ Roman;">Steven
Knerr</font></font></div>
</td>
<td style="vertical-align: middle; width: 9%;">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="color: rgb(0, 0, 0); font-family: Times\ New\ Roman;">2017</font></font></div>
</td>
<td style="vertical-align: middle; width: 9%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="color: rgb(0, 0, 0); font-family: Times\ New\ Roman;">$160,333</font></font></div>
</td>
<td style="vertical-align: middle; width: 9%;">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="color: rgb(0, 0, 0); font-family: Times\ New\ Roman;">$-</font></font></div>
</td>
<td style="vertical-align: middle; width: 9%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="color: rgb(0, 0, 0); font-family: Times\ New\ Roman;">$19,800</font></font></div>
</td>
<td style="vertical-align: middle; width: 9%;">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="color: rgb(0, 0, 0); font-family: Times\ New\ Roman;">$-</font></font></div>
</td>
<td style="vertical-align: middle; width: 9%;">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="color: rgb(0, 0, 0); font-family: Times\ New\ Roman;">$-</font></font></div>
</td>
<td style="vertical-align: middle; width: 9%;">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="color: rgb(0, 0, 0); font-family: Times\ New\ Roman;">$-</font></font></div>
</td>
<td style="vertical-align: middle; width: 9%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="color: rgb(0, 0, 0); font-family: Times\ New\ Roman;">$180,133</font></font></div>
</td>
</tr><tr style="background-color: rgb(238, 238, 238);">
<td style="vertical-align: middle; width: 28%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-style: italic; color: rgb(0, 0, 0); font-family: Times\ New\ Roman;">
Chief Financial Officer</font></font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="color: rgb(0, 0, 0); font-family: Times\ New\ Roman;">2016</font></font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="color: rgb(0, 0, 0); font-family: Times\ New\ Roman;">$151,000</font></font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="color: rgb(0, 0, 0); font-family: Times\ New\ Roman;">$-</font></font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="color: rgb(0, 0, 0); font-family: Times\ New\ Roman;">$59,601</font></font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="color: rgb(0, 0, 0); font-family: Times\ New\ Roman;">$-</font></font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="color: rgb(0, 0, 0); font-family: Times\ New\ Roman;">$-</font></font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="color: rgb(0, 0, 0); font-family: Times\ New\ Roman;">$-</font></font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="color: rgb(0, 0, 0); font-family: Times\ New\ Roman;">$210,601</font></font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
We currently have employment agreements with Brian Balbirnie and
Steven Knerr.&#xA0;The terms are summarized below:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 16px">
BRIAN R. BALBIRNIE EMPLOYMENT AGREEMENT</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="column-count: 2; -webkit-column-count: 2; -moz-column-count: 2; column-gap: 48px;-webkit-column-gap: 48px; -moz-column-gap: 48px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">On
April 30, 2014, Issuer Direct Corporation (the
&#x201C;Company&#x201D;) entered into an Executive Employment
Agreement (the &#x201C;Balbirnie Agreement&#x201D;) with Brian R.
Balbirnie to serve as the Company&#x2019;s President and Chief
Executive Officer. Mr. Balbirnie had served as the Company&#x2019;s
most senior executive officer since 2006 without a formal
employment agreement. The Balbirnie Agreement will continue until
terminated pursuant to its terms as described below.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">On May
1, 2017, the Company and Mr. Balbirnie agreed to amend the
Balbirnie Agreement as follows: (i) to increase Mr.
Balbirnie&#x2019;s annual base salary from $185,000 to $200,000 and
(ii) to decrease Mr. Balbirnie&#x2019;s eligibility to receive an
annual cash bonus from 45% to 40% of his annual base salary upon
the achievement of reasonable target objectives and performance
goals. However, for the fiscal year 2018, our Board has decided to
increase Mr. Balbirnie&#x2019;s bonus potential to the previous 45%
level. The revised base salary will be reviewed annually by the
Company&#x2019;s Board of Directors for increase as part of its
annual compensation review. The cash bonus goals will continue to
be determined by the Board in consultation with Mr. Balbirnie on or
before the end of the first quarter of the fiscal year to which the
bonus relates. In addition, Mr. Balbirnie is eligible to receive
such additional bonus or incentive compensation as the Board may
establish from time to time in its sole discretion.</font></div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: auto; margin-right: auto; margin-bottom: 6px; width: 100%; height: 1px; background-color: #00467f">
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<div id="pn" style="text-align: left"><font style="font-family: Times New Roman; font-size: 13px">18 | ISSUER DIRECT
CORP</font></div>
</div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Pursuant
to the Balbirnie Agreement, if Mr. Balbirnie&#x2019;s employment is
terminated upon his disability, by Mr. Balbirnie for good reason
(as such term is defined in Balbirnie Agreement), or by us without
cause (as such term is defined in Balbirnie Agreement), Mr.
Balbirnie will be entitled to receive, in addition to other unpaid
amounts owed to him (e.g., for base salary, accrued personal time
and business expenses): (i) to the then base salary for a period of
twelve months (in accordance with the Company&#x2019;s general
payroll policy) commencing on the first payroll period following
the fifteenth day after termination of employment and (ii)
substantially similar coverage under the Company&#x2019;s
then-current medical, health and vision insurance coverage for a
period of twelve months. Additionally, if Mr. Balbirnie&#x2019;s
employment is terminated for disability, the vesting of any option
grants will continue to vest pursuant to the schedule and terms
previously established during the twelve-month severance period.
Subsequent to the twelve-month severance period the vesting of any
option grants will immediately cease. If Mr. Balbirnie&#x2019;s
employment is terminated without cause, vesting of any option
grants will immediately cease upon termination except as described
below relating to a Corporate Transaction.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">If the
Company terminates Mr. Balbirnie&#x2019;s employment for cause or
employment terminates as a result of Mr. Balbirnie&#x2019;s
resignation or death, Mr. Balbirnie will only be entitled to unpaid
amounts owed to him and the vesting of any option grants will
immediately cease.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Mr.
Balbirnie has no specific right to terminate the employment
agreement or right to any severance payments or other benefits
solely as a result of a Corporate Transaction (as defined in the
Company&#x2019;s 2010 Equity Incentive Plan). However, if within
twelve months following a corporate transaction, Mr. Balbirnie
terminates his employment for good reason or the Company terminates
his employment without cause, the severance period discussed above
will be increased from twelve to eighteen months and any then
unvested options held by Mr. Balbirnie will immediately vest and
become exercisable for a period equal to the earlier of (i) six
months from termination or (ii) the expiration of such option grant
pursuant to its original terms.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
Balbirnie Agreement also contains certain non-competition, no
solicitation, confidentiality, and assignment of inventions
requirements for Mr. Balbirnie.</font></div>
</div>
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<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 16px">
</font></div>
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<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 16px">
STEVEN KNERR EMPLOYMENT AGREEMENT</font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
On&#xA0;November 19, 2015, the Company entered into an Executive
Employment Agreement (the &#x201C;Knerr Agreement&#x201D;)
with&#xA0;Steven Knerr&#xA0;to serve as the Company&#x2019;s Chief
Financial Officer. Mr. Knerr had served as the Company&#x2019;s
Controller since August 22, 2013 and as its interim Chief Financial
Officer and interim Principal Financial Officer since May 8,
2015.&#xA0;The Knerr Agreement will continue until terminated
pursuant to its terms as described below.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
On May 1, 2017, the Company and Mr. Knerr agreed to amend the Knerr
Agreement as follows: (i) to increase Mr. Knerr&#x2019;s annual base
salary from $151,000 to $165,000 and (ii) to decrease Mr.
Knerr&#x2019;s eligibility to receive an annual cash bonus from 35%
to 30% of his annual base salary upon the achievement of reasonable
target objectives and performance goals.&#xA0;The revised base
salary will be reviewed annually by the Company&#x2019;s Board of
Directors for increase as part of its annual compensation review.
The cash bonus goals will continue to be determined by the Board in
consultation with Mr. Knerr on or before the end of the first
quarter of the fiscal year to which the bonus relates. In addition,
Mr. Knerr is eligible to receive such additional bonus or incentive
compensation as the Board may establish from time to time in its
sole discretion.</font></div>
</div>
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<div id="pn" style="text-align: right"><font style="font-family: Times New Roman; font-size: 13px">2018 PROXY
STATEMENT | 19</font></div>
</div>
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</div>
</div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Also, Mr. Knerr was granted an incentive stock option to purchase
10,000 shares of the Company&#x2019;s common stock at an exercise
price of $6.80 (the &#x201C;Stock Option&#x201D;) pursuant to the
Incentive Stock Option Grant and Agreement dated as of the
Effective Date (the &#x201C;ISO Agreement&#x201D;).&#xA0;The Stock
Option shall vest over a four-year period, at a rate of 25% of the
total Stock Option on the first anniversary of the Effective Date
and the remaining 75% vesting ratably at the end of each calendar
quarter for the subsequent three years after the first anniversary
of the Effective Date, provided Mr. Knerr is employed on all such
dates by the Company or one of its affiliates.&#xA0;In the event of
a Corporate Transaction (as defined in the Company&#x2019;s 2014
Equity Incentive Plan), any unvested portion of the Stock Option
shall be immediately vested.</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Pursuant to the Knerr Agreement, if Mr. Knerr&#x2019;s employment is
terminated upon his disability, by Mr. Knerr for good reason (as
such term is defined in Knerr Agreement), or by us without cause
(as such term is defined in Knerr Agreement), Mr. Knerr will be
entitled to receive, in addition to other unpaid amounts owed to
him (e.g., for base salary, accrued personal time and business
expenses): (i) to the then base salary for a period of six months
(in accordance with the Company&#x2019;s general payroll policy)
commencing on the first payroll period following the fifteenth day
after termination of employment and (ii) substantially similar
coverage under the Company&#x2019;s then-current medical, health and
vision insurance coverage for a period of six
months.&#xA0;Additionally, if Mr. Knerr&#x2019;s employment is
terminated for disability, the vesting of any option grants will
continue to vest pursuant to the schedule and terms previously
established during the six-month severance period.&#xA0;Subsequent
to the six-month severance period the vesting of any option grants
will immediately cease. If Mr. Knerr&#x2019;s employment is
terminated without cause, vesting of any option grants will
immediately cease upon termination except as described below
relating to a Corporate Transaction.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
If the Company terminates Mr. Knerr&#x2019;s employment for cause or
employment terminates as a result of Mr. Knerr&#x2019;s resignation
or death, Mr. Knerr will only be entitled to unpaid amounts owed to
him and the vesting of any option grants will immediately
cease.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Mr. Knerr has no specific right to terminate the employment
agreement or right to any severance payments or other benefits
solely as a result of a Corporate Transaction (as defined in the
Company&#x2019;s 2014 Equity Incentive Plan).</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
The Knerr Agreement also contains certain non-competition, no
solicitation, confidentiality, and assignment of inventions
requirements for Mr. Knerr</font></div>
</div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 16px">
PHILOSOPHY OF COMPENSATION</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
The goals of our compensation policy are to ensure that executive
compensation rewards management for helping us achieve our
financial goals (increased sales, profitability, etc.), meet our
product development milestones, and align management&#x2019;s
overall goals and objectives with those of our stockholders. To
achieve these goals, our Compensation Committee and Board of
Directors aim to achieve the following:</font></div>
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<div style="text-align: left; display: table-cell; width: 24px">
<font style="color: #1E3660; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">provide
competitive compensation packages that enable us to attract and
retain superior management personnel;</font></div>
</div>
</div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="color: #1E3660; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">relate
compensation to the Company&#x2019;s overall performance, the
individual officer&#x2019;s performance and our assessment of the
officer&#x2019;s future potential;</font></div>
</div>
</div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="color: #1E3660; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">reward
our officers fairly for their role in our achievements;
and</font></div>
</div>
</div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="color: #1E3660; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">align
executive&#x2019;s objectives with the objectives of stockholders,
including through the grant of equity awards.</font></div>
</div>
</div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
</font></div>
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<font style="font-family: Times\ New\ Roman; font-size: 13px;">&#xA0;</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
We have determined that in order to best meet these objectives, our
executive compensation program should balance fixed and bonus
compensation, as well as cash and equity compensation, as discussed
below. Historically, there has been no pre-established policy or
target for the allocation between either cash and non-cash or
short-term and long-term incentive compensation for our executive
officers.<br></font></div>
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<div id="pn" style="text-align: left"><font style="font-family: Times New Roman; font-size: 13px">20 | ISSUER DIRECT
CORP</font></div>
</div>
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</div>
</div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 16px">
COMPONENTS OF COMPENSATION</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
four principal components of our compensation program for our named
executive officers are base salary, personal benefits (such as
health and dental insurance), cash bonuses and or equity based
grants. As noted below, cash bonuses and equity grants are not
necessarily earned or granted every year.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold; color: #00467F">
Base Salary.</font><font style="color: #00467F">&#xA0;</font>The
primary component of compensation for our named executive officers
is base salary. Base salary levels for our named executive officers
have historically been determined based upon an evaluation of a
number of factors, including the individual officer&#x2019;s level
of responsibility and our overall performance. The Compensation
Committee intends to review each named executive officer&#x2019;s
base salary on an annual basis and adjust such salaries as deemed
appropriate.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold; color: #00467F">
Cash Bonus.</font><font style="color: #00467F">&#xA0;</font>Prior
to 2016, we paid nominal cash bonuses to named executive officers.
For the year ended December 31, 2017, Mr. Balbirnie and Mr. Knerr
earned bonuses of $32,000 and $19,800, respectively, for achieving
target objectives and performance goals determined by the Board.
These bonuses were paid during 2018.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">We
intend to consider the amount of cash bonus that each of our named
executive officers should be entitled to receive in connection with
our annual compensation review, taking into account each
executive&#x2019;s total compensation package, and any more formal
data we obtain regarding the compensation levels of similarly
situated executives. We will also consider in connection with such
review whether to designate certain financial or operational
metrics or other objective or subjective criteria in determining
the final amounts of such awards.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold; color: #00467F">
Equity Based Grants.</font><font style="color: #00467F">&#xA0;</font>An additional principal component of
our compensation policy for named executive officers consists of
grants of stock options and other equity awards. Prior to 2015, all
equity incentive awards were made either (i) in accordance with
negotiated terms at levels deemed necessary to attract or retain
the executive at the time of such negotiations and determined
taking into account the recipient&#x2019;s overall compensation
package and the goal of aligning such <font style="background-color: #FFFFFF">executive&#x2019;s interest with that of
our stockholders, or (ii) at the discretion of the Board of
Directors without reference to any formal targets or objectives,
when deemed appropriate in connection with extraordinary efforts or
results or necessary in order to retain the executive in light of
the executive&#x2019;s overall compensation
package.</font></font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="background-color: #FFFFFF">
On April 1, 2015, the Compensation Committee granted Mr. Knerr
10,000 restricted stock units, half of which vested on April 1,
2016 and the other half on April 1, 2017. Additionally, the
Compensation Committee granted Mr. Knerr an incentive stock option
to purchase 10,000 shares of our common stock, as further described
above under the heading "Steven Knerr Employment Agreement." Other
than the grant to Mr. Knerr, the Compensation Committee has not
made any equity awards to the named executive officers since its
inception in October 2013 but may do so in 2018. Our Compensation
Committee and our Board of Directors intends to consider during our
annual compensation review whether to grant equity incentive awards
to our named executive officers, and the terms of any such awards,
including whether to set any performance targets or other objective
or subjective criteria related to the final grant or vesting of
such awards. The Compensation Committee will also retain the
flexibility to make additional grants throughout the year if deemed
necessary or appropriate in order to retain our named executive
officers or reward extraordinary efforts or
achievements</font>.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Neither
the Compensation Committee nor the Board of Directors has approved
any additional equity based grants for our named executive officer
during the fiscal year 2017.</font></div>
</div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<div id="pn" style="text-align: right"><font style="font-family: Times New Roman; font-size: 13px">2018 PROXY
STATEMENT | 21<br></font></div>
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COMPENSATION OF NAMED EXECUTIVE OFFICERS</font></div>
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Compensation of Chief Executive Officer.</font><font style="color: #00467F">&#xA0;</font>During the twelve months ended
December 31, 2017, Mr. Balbirnie&#x2019;s total compensation was
$227,000. Mr. Balbirnie&#x2019;s total compensation was comprised of
salary payments from January 1, 2017 through December 31, 2017 of
$195,000 and earned bonus of $32,000, which was paid on March 28,
2018.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold; color: #00467F">
2017 Bonus Plan.</font><font style="color: #00467F">&#xA0;</font>On
May 1, 2017, the Compensation Committee of the Board of Directors
implemented a 2017 cash bonus plan for Mr. Balbirnie based on the
following criteria:</font></div>
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<font style="font-family: Times New Roman; font-size: 13px"><font style="font-size: 13px">Cash bonus target was 40% of annualized base
salary of $200,000.</font></font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Cash
bonus plan <font style="color: #000000">was based (i) 50% upon the
achievement of target financial numbers during the fiscal year 2017
and (ii) 50% based upon the achievement of certain management
objectives determined by the Board</font>.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">Bonus targets for solely the target financial
numbers were scaled as follows:</font> (i) below 90% of target
results in no bonus paid; (ii) 90% of target results in 50% of
bonuses paid; (iii) 100% of target results in 100% of bonuses paid;
(iv) 120% and greater of target results in 120% of bonuses paid.
The payout is a maximum of 120% of target bonus.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Based
on these criteria and as noted above, Mr. Balbirnie received a cash
bonus of $32,000 for the year ended December 31, 2017 which was
paid on March 28, 2018.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold; color: #00467F">
2018 Bonus Plan.</font><font style="color: #00467F">&#xA0;</font>On
April 19, 2018, the
Compensation Committee of the Board of Directors implemented a 2018
cash bonus plan for Mr. Balbirnie based on the following
criteria:</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Cash
bonus target was 45% of annualized base salary of
$200,000.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Cash
bonus plan <font style="color: #000000">will be based (i) 80% upon
the achievement of target financial numbers during the fiscal year
2018 and (ii) 20% based upon the achievement of certain management
objectives during the fiscal year 2018 as determined by the
Board</font>.</font></div>
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<div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">Bonus targets for solely the target financial
numbers will be scaled as follows:</font> (i) below 90% of target
results in no bonus paid; (ii) 90% of target results in 50% of
bonuses paid; (iii) 100% of target results in 100% of bonuses paid;
(iv) 120% and greater of target results in 120% of bonuses paid.
The payout is a maximum of 120% of target bonus.</font></div>
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Compensation of Chief Financial Officer.</font><font style="color: #00467F">&#xA0;</font>For the twelve months ended December
31, 2017, Mr. Knerr&#x2019;s total compensation was $180,133. Mr.
Knerr&#x2019;s total compensation was comprised of salary payments
from January 1, 2017 through December 31, 207 totaling $160,333 and
earned bonus of $19,800, which was paid on March 28,
2018.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold; color: #00467F">
2017 Bonus Plan.</font><font style="color: #00467F">&#xA0;</font>On
May 1, 2017, the Compensation Committee of the Board of Directors
implemented a 2017 cash bonus plan for Mr. Knerr based on the
following criteria:</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Cash
bonus target was 30% of annualized base salary of
$165,000.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Cash
bonus plan <font style="color: #000000">was based (i) 50% upon the
achievement of target financial numbers during the fiscal year 2017
and (ii) 50% based upon the achievement of certain management
objectives determined by the Board</font>.</font></div>
</div>
</div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<div style="display: table-row;">
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<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #00467F">&#x25CF;</font></font></div>
<div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">Bonus targets for solely the target financial
numbers were scaled as follows:</font> (i) below 90% of target
results in no bonus paid; (ii) 90% of target results in 50% of
bonuses paid; (iii) 100% of target results in 100% of bonuses paid;
(iv) 120% and greater of target results in 120% of bonuses paid.
The payout is a maximum of 120% of target bonus.</font></div>
</div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Based
on these criteria and as noted above, Mr. Knerr received a cash
bonus of $19,800 for the year ended December 31, 2017 which was
paid on March 28, 2018.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold; color: #00467F">
2018 Bonus Plan.</font><font style="color: #00467F">&#xA0;</font>On
April 19, 2018, the
Compensation Committee of the Board of Directors implemented a 2018
cash bonus plan for Mr. Knerr based on the following
criteria:</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Cash
bonus target was 35% of annualized base salary of
$165,000.</font></div>
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<div id="pn" style="text-align: left"><font style="font-family: Times New Roman; font-size: 13px">22 | ISSUER DIRECT
CORP</font></div>
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<div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Cash
bonus plan <font style="color: #000000">will be based (i) 80% upon
the achievement of target financial numbers during the fiscal year
2018 and (ii) 20% based upon the achievement of certain management
objectives during the fiscal year 2018 as determined by the
Board</font>.</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<div style="display: table-row;">
<div style="text-align: left; display: table-cell; width: 24px;">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #00467F">&#x25CF;</font></font></div>
<div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">Bonus targets for solely the target financial
numbers will be scaled as follows:</font> (i) below 90% of target
results in no bonus paid; (ii) 90% of target results in 50% of
bonuses paid; (iii) 100% of target results in 100% of bonuses paid;
(iv) 120% and greater of target results in 120% of bonuses paid.
The payout is a maximum of 120% of target bonus.</font></div>
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IMPACT OF TAX LAWS</font></div>
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<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold; color: #00467F">
Deductibility of Executive Compensation.</font><font style="color: #00467F">&#xA0;</font><font style="color: #000000">Generally, under U.S. law, a company may not
deduct compensation of more than $1,000,000 that is paid to an
individual employed by the company who, on the last day of the
taxable year, either is the company&#x2019;s principal executive
officer or an individual who is among the three highest compensated
officers for the taxable year (other than the principal executive
officer or the principal financial officer). The $1,000,000
limitation on deductions does not apply to certain types of
compensation, including qualified performance-based compensation,
and only applies to compensation paid by a publicly-traded
corporation (and not compensation paid by non-corporate entities).
Because the compensation deducted in the U.S. for each individual
to whom this rule applies has historically been less than
$1,000,000 per year, we do not believe that the $1,000,000
limitation will affect us in the near future. If the deductibility
of executive compensation becomes a significant issue, our
compensation plans and policies may be modified to maximize
deductibility if our Compensation Committee and we determine that
such action is in our best interests.</font></font></div>
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<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 16px">
RISK CONSIDERATIONS IN OUR COMPENSATION PROGRAMS</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Our Compensation Committee believes that risks arising from our
policies and practices for compensating employees are not
reasonably likely to have a material adverse effect on us and do
not encourage risk taking that is reasonably likely to have a
material adverse effect on us. Our Compensation Committee believes
that the structure of our executive compensation program mitigates
risks by avoiding any named executive officer placing undue
emphasis on any particular performance metric at the expense of
other aspects of our business.</font></div>
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<div id="pn" style="text-align: right"><font style="font-family: Times New Roman; font-size: 13px">2018 PROXY
STATEMENT | 23</font></div>
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<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 16px">
COMPENSATION COMMITTEE REPORT</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
The Compensation Committee has reviewed and discussed the
Compensation Discussion and Analysis with the members of management
of the Company and, based on such review and discussions, the
Compensation Committee recommended to the Board of Directors that
the Compensation Discussion and Analysis be included in this Proxy
Statement.</font></div>
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<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
The Compensation Committee</font></div>
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<font style="font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px">
J. Patrick Galleher (Chairman)</font></div>
</td>
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<td style="vertical-align: middle; width: 95%">
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<font style="font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px">
Eric Frank</font></div>
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<div id="pn" style="text-align: left"><font style="font-family: Times New Roman; font-size: 13px">24 | ISSUER DIRECT
CORP</font></div>
</div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
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<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #00467F; font-weight: bold; font-family: Times New Roman; font-size: 24px">
Proposal 2&#x2013;Advisory Vote on Executive
Compensation</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%; border-bottom: solid 1px #000000">
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="column-count: 2; -webkit-column-count: 2; -moz-column-count: 2; column-gap: 48px;-webkit-column-gap: 48px; -moz-column-gap: 48px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010,
or the Dodd-Frank Act, enables our stockholders to approve, on an
advisory basis, the compensation of our named executive officers as
disclosed in this Proxy Statement in accordance with the
SEC&#x2019;s rules. The proposal, commonly known as a &#x201C;say on
pay&#x201D; proposal, gives our stockholders the opportunity to
express their views on the Company&#x2019;s executive compensation.
Because this is an advisory vote, this proposal is not binding upon
the Company, our Board of Directors or the Compensation Committee;
however, the Compensation Committee, which is responsible for
designing and administering the Company&#x2019;s executive
compensation program, values the opinions expressed by stockholders
in their vote on this proposal. To the extent there is any
significant vote against the compensation of our named executive
officers as disclosed in this Proxy Statement, we will consider our
stockholders&#x2019; concerns and the Compensation Committee will
evaluate whether any actions are necessary to address these
concerns.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">As
described in detail under the heading &#x201C;Compensation
Discussion and Analysis,&#x201D; the goals of our compensation
program are to ensure that executive compensation rewards
management for helping us achieve our financial goals (increased
sales, profitability, etc.) and aligns management&#x2019;s overall
goals and objectives with those of our stockholders. To achieve
these goals, our Compensation Committee and Board of Directors aim
to:</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row;">
<div style="text-align: left; display: table-cell; width: 24px;">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #00467F">&#x25CF;</font></font></div>
<div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">provide
a competitive compensation package that enables us to attract and
retain superior management personnel;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 60px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row;">
<div style="text-align: left; display: table-cell; width: 24px;">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #00467F">&#x25CF;</font></font></div>
<div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">relate
compensation to our overall performance, the individual
officer&#x2019;s performance and our assessment of the
officer&#x2019;s future potential; and</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 60px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row;">
<div style="text-align: left; display: table-cell; width: 24px;">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #00467F; font-size: 13px">&#x25CF;</font></font></div>
<div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-size: 13px">reward our officers fairly for their role in our
achievements.</font></font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">We are
asking our stockholders to indicate their support for our named
executive officer compensation program as described in this Proxy
Statement in accordance with the compensation disclosure rules of
the SEC. This vote is not intended to address any specific item of
compensation, but rather the overall compensation of our named
executive officers and the philosophy, policies and practices
described in this Proxy Statement. Accordingly, we ask our
stockholders to vote &#x201C;FOR&#x201D; the following resolution at
the Annual Meeting:</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;Resolved,
that the stockholders approve, on an advisory basis, the
compensation of the Company&#x2019;s named executive officers as
disclosed in the Compensation Discussion and Analysis, the
accompanying compensation tables, and the related narrative
disclosure in the Company&#x2019;s Proxy Statement for the Annual
Meeting.&#x201D;</font></div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 16px">
VOTE REQUIRED</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
affirmative vote of the holders of a majority of the shares of our
voting securities represented in person or by proxy at the Annual
Meeting entitled to vote on such proposal that vote for or against
such proposal is required to approve the advisory vote on executive
compensation. This is a non-binding advisory vote.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times\ New\ Roman; font-size: 13px;">&#xA0;</font></div>
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<tr>
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<div><img src="isdr_proxy038.jpg"></div>
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<td style="vertical-align: middle; width: 91%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
The Board of Directors recommends a vote "FOR" the advisory vote on
executive compensation disclosed in the compensation discussion and
analysis, the accompanying compensation tables, and the related
narrative disclosure.</font></div>
</td>
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<div id="pn" style="text-align: right"><font style="font-family: Times New Roman; font-size: 13px">2018 PROXY
STATEMENT | 25</font></div>
</div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="color: #00467F; font-weight: bold; font-family: Times New Roman; font-size: 24px">
Proposal 3&#x2013;Ratification of Auditors</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
RATIFICATION OF THE SELECTION OF INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="column-count: 2; -webkit-column-count: 2; -moz-column-count: 2; column-gap: 48px;-webkit-column-gap: 48px; -moz-column-gap: 48px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
Audit Committee of the Board of Directors has appointed the firm of
Cherry Bekaert LLP, independent registered public accounting firm,
to audit and report on our financial statements for the year ending
December 31, 2018. We have engaged Cherry Bekaert LLP as our
independent registered public accounting firm since June 2010. We
expect that a representative of Cherry Bekaert LLP will be present
at the Annual Meeting of Stockholders to answer questions of
stockholders and will have the opportunity, if desired, to make a
statement.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">For the
years ended December 31, 2017 and 2016, Cherry Bekaert LLP billed
us the fees set forth below, including expenses, in connection with
services rendered by that firm to us.</font></div>
</div>
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<table cellpadding="0" cellspacing="0" style="margin-right:0px;width:100%;font-size:inherit;font-family:inherit;margin-left:0px;">
<tr style="background-color: rgb(0, 70, 127);">
<td rowspan="1" style="vertical-align: bottom; width: 76%;">
<div style="margin-left: 0px; padding-bottom: 2px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" rowspan="1" style="vertical-align: bottom; width: 24%;">
<div><font style="text-align: left; width: 5%; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: center; vertical-align: bottom; width: 90%; display: inline-block;">
<div><font style="font-weight: bold; font-size: 13px; font-family: Times\ New\ Roman; color: rgb(255, 255, 255);">
Year Ended December 31,</font></div>
</font><font style="text-align: left; width: 5%; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(0, 70, 127);">
<td style="vertical-align: bottom; width: 76%;">
<div style="margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0;</font><font style="text-align: center; vertical-align: bottom; width: 80%; display: inline-block;">
<div><font style="font-weight: bold; font-size: 13px; font-family: Times\ New\ Roman; color: rgb(255, 255, 255);">
2017</font></div>
</font><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0;</font><font style="text-align: center; vertical-align: bottom; width: 80%; display: inline-block;">
<div><font style="font-weight: bold; font-size: 13px; font-family: Times\ New\ Roman; color: rgb(255, 255, 255);">
2016</font></div>
</font><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#eeeeee;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Audit
fees</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">131,900</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">111,500</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Tax
fees</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">---</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">---</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#eeeeee;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">All
other fees</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">---</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">---</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:4px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Total
fees</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">$</font><font style="text-align: right; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">131,900</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">$</font><font style="text-align: right; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">111,500</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="column-count: 2; -webkit-column-count: 2; -moz-column-count: 2; column-gap: 48px;-webkit-column-gap: 48px; -moz-column-gap: 48px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Audit fees include fees for services rendered for the audits of our
annual financial statements and the reviews of the interim
financial statements included in quarterly reports. This category
also includes fees for review of documents filed with the
SEC.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
The Audit Committee of the Board of Directors has considered
whether the provision of services described above under
"Audit-related fees" and "Other fees" is compatible with
maintaining the independence of Cherry Bekaert LLP and has
concluded that it is compatible.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times\ New\ Roman; font-size: 13px;">&#xA0;</font></div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 16px">
RATIFICATION OF SELECTION OF INDEPENDENT AUDITORS</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="column-count: 2; -webkit-column-count: 2; -moz-column-count: 2; column-gap: 48px;-webkit-column-gap: 48px; -moz-column-gap: 48px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">
The Audit Committee is directly responsible for the appointment,
compensation, retention and oversight of the independent registered
accounting firm retained to audit our financial statements. The
Audit Committee has appointed Cherry Bekaert LLP as our independent
external auditor for the year ending December&#xA0;31, 2018. Cherry
Bekaert LLP has served as our independent registered accounting
firm continuously since June 2010.&#xA0;The Audit Committee is
responsible for the audit fee negotiations associated with the
retention of Cherry Bekaert LLP. In order to assure continuing
auditor independence, the Audit Committee periodically considers
whether there should be a regular rotation of the independent
registered accounting firm. Further, in conjunction with the
rotation of the auditing firm's lead engagement partner, the Audit
Committee and its chairperson has and&#xA0;</font><font style="color: #000000; background-color: #FFFFFF">will continue to be
directly involved in the selection of Cherry Bekaert LLP 's new
lead engagement partner. The members of the Audit Committee and the
Board believe that the continued retention of Cherry Bekaert LLP to
serve as our independent external auditor is in the best interests
of the Company and its stockholders.</font></font></div>
</div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<div id="pn" style="text-align: left"><font style="font-family: Times New Roman; font-size: 13px">26 | ISSUER DIRECT
CORP</font></div>
</div>
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<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="column-count: 2; -webkit-column-count: 2; -moz-column-count: 2; column-gap: 48px;-webkit-column-gap: 48px; -moz-column-gap: 48px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Stockholder ratification of the selection of Cherry Bekaert LLP as
our independent registered public accounting firm is not required
but is being presented as a matter of good corporate practice.
Notwithstanding stockholder ratification of the appointment of the
independent registered public accounting firm, the Audit Committee,
in its discretion, may direct the appointment of a new independent
registered public accounting firm if the Audit Committee believes
that such a change would be in our best interests and the best
interests of our stockholders. The Audit Committee has not
determined what action it would take if the stockholders do not
ratify the appointment, but may reconsider the
appointment.</font></div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold; color: #000000; font-size: 16px">
AUDIT COMMITTEE PRE-APPROVAL POLICY</font><font style="color: #000000">&#xA0;</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="column-count: 2; -webkit-column-count: 2; -moz-column-count: 2; column-gap: 48px;-webkit-column-gap: 48px; -moz-column-gap: 48px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
Audit Committee's policy is that all audit and non-audit services
provided by its independent registered public accounting firm shall
either be approved before the independent registered public
accounting firm is engaged for the particular services or shall be
rendered pursuant to pre-approval procedures established by the
Audit Committee. These services may include audit services and
permissible audit-related services, tax services and other
services. Pre-approval spending limits for audit services are
established on an annual basis, detailed as to the particular
service or category of services to be performed and implemented by
our financial officers. Pre-approval spending limits for
permissible non-audit services are established on a quarterly
basis, detailed as to the particular service or category of
services to be performed and implemented by our financial officers.
Any audit or non-audit service fees that may be incurred by us
during a quarter that fall outside the limits pre-approved by the
Audit Committee for a particular service or category of services
must be reviewed and approved by the Chairperson of the Audit
Committee prior to the performance of services. On a quarterly
basis, the Audit Committee reviews and itemizes all fees paid to
its independent registered public accounting firm in the prior
quarter (including fees approved by the Chairperson of the Audit
Committee between regularly scheduled meetings and fees approved by
our financial officers pursuant to the pre-approval policies
described above) and further reviews and itemizes all fees expected
to be paid in the upcoming quarter. The Audit Committee may revise
its pre-approval spending limits and policies at any time. None of
the fees paid to the independent registered public accounting firm
were approved by the Audit Committee after the services were
rendered pursuant to the "<font style="font-style: italic">de
minimis</font>" exception established by the SEC for the provision
of non-audit services.</font></div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-family: Times\ New\ Roman; font-size: 13px; margin: 0px auto 0px 0px;">
<tr>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left"><img src="isdr_proxy038.jpg"></div>
</td>
<td style="vertical-align: middle; width: 91%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
The Board of Directors recommends a vote "FOR" the ratification of
the appointment of Cherry Bekaert LLP as the independent registered
public accounting firm.</font></div>
</td>
</tr></table>
</div>
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<div id="pn" style="text-align: right"><font style="font-family: Times New Roman; font-size: 13px">2018 PROXY
STATEMENT | 27</font></div>
</div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: bottom; width: 95%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 16px">
REPORT OF THE AUDIT COMMITTEE</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 95%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">On
October 23, 2013 the Company established an Audit Committee of the
Board of Directors. The Audit Committee consists of two members,
Messrs. Everett and Nowlan. All the members are independent
directors under the NYSE and SEC Audit Committee structure and
membership requirements. The Audit Committee has certain duties and
powers as described in its written charter, a copy of which can be
found on the company&#x2019;s website at <font style="font-style: italic">http://cdn.irdirect.net/IR/432/1220/Audit-Committee-Charter-Final-Exhibit-A%20(1).pd</font><font style="font-weight: bold">f</font>.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
Audit Committee has reviewed and discussed the Company&#x2019;s
audited financial statements and related footnotes for the fiscal
year ended December 31, 2017, and the independent auditor&#x2019;s
report on those financial statements, with management and with our
independent auditor, Cherry Bekaert LLP (&#x201C;Cherry
Bekaert&#x201D;). The Audit Committee has also discussed with Cherry
Bekaert the matters required to be discussed by the statement on
Auditing Standard No. 16, &#x201C;Communications with Audit
Committees&#x201D; issued by the Public Company Accounting Oversight
Board. The Audit Committee has also received the written
disclosures and the letter from Cherry Bekaert required by
applicable requirements of the Public Company Accounting Oversight
Board regarding Cherry Bekaert&#x2019;s communications with the
Audit Committee concerning independence, and has discussed with
Cherry Bekaert that firm&#x2019;s independence.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Based
on the review and the discussions referred to in the preceding
paragraph, the Audit Committee recommended to the Board of
Directors that the Company&#x2019;s audited financial statements be
included in the Company&#x2019;s Annual Report on Form 10-K and the
Form 10-K/A for the fiscal year ended December 31, 2017 that were
filed with the SEC.</font></div>
</td>
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<td style="vertical-align: middle; width: 95%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
The Audit Committee</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 95%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 95%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-style: italic; font-family: Times New Roman; font-size: 13px">
Michael Nowlan (Chairman)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 95%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px">
William H. Everett</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 95%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times\ New\ Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times\ New\ Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times\ New\ Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times\ New\ Roman; font-size: 13px;">&#xA0;</font></div>
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<font style="font-family: Times\ New\ Roman; font-size: 13px;">&#xA0;</font></div>
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<font style="font-family: Times\ New\ Roman; font-size: 13px;">&#xA0;</font></div>
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<font style="font-family: Times\ New\ Roman; font-size: 13px;">&#xA0;</font></div>
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<font style="font-family: Times\ New\ Roman; font-size: 13px;">&#xA0;</font></div>
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<font style="font-family: Times\ New\ Roman; font-size: 13px;">&#xA0;</font></div>
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<font style="font-family: Times\ New\ Roman; font-size: 13px;">&#xA0;</font></div>
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<div id="pn" style="text-align: left"><font style="font-family: Times New Roman; font-size: 13px">28 | ISSUER DIRECT
CORP</font></div>
</div>
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</div>
</div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #00467F; font-family: Times New Roman; font-size: 24px">
Certain Relationships and Related Party Transactions and Director
Independence</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 16px">
RELATED PARTY TRANSACTIONS</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="column-count: 2; -webkit-column-count: 2; -moz-column-count: 2; column-gap: 48px;-webkit-column-gap: 48px; -moz-column-gap: 48px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Mr.
Andre Boisvert, our previous Chairman of the Board and Board member
for over five years, did not stand for re-election as a director at
our Annual Meeting on September 28, 2017. However, in order to
retain Mr. Boisvert&#x2019;s experience and expertise in the
software as a service industry, we entered into a consulting
arrangement with Mr. Boisvert on September 29, 2017 with a term of
four years. Mr. Boisvert will provide his services to the Company
for up to twelve days per calendar quarter. In consideration, the
Company agreed to pay Mr. Boisvert as follows: (i) $40,000 within
thirty days after he ceases to be a member of the Board and (ii)
$31,250 per calendar quarter during the four years. Additionally,
on September 29, 2017, Mr. Boisvert&#x2019;s two percent change of
control compensation, which was previously disclosed by the Company
in a Current Report on Form 8-K filed on July 12, 2012, terminated.
Mr. Boisvert also agreed to certain non-competition and
non-solicitation provisions during the four years he provides
service to the Company.</font></div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 16px">
DIRECTOR INDEPENDENCE</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="column-count: 2; -webkit-column-count: 2; -moz-column-count: 2; column-gap: 48px;-webkit-column-gap: 48px; -moz-column-gap: 48px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">As of
April 16, 2018, we had four independent directors on our Board,
William H. Everett, Eric Frank, J. Patrick Galleher and Michael
Nowlan. We evaluate independence by the standards for director
independence established by applicable laws, rules, and listing
standards including, without limitation, the standards for
independent directors established by NYSE American and the
SEC.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Subject
to some exceptions, these standards generally provide that a
director will not be independent if (a) the director is, or in the
past three years has been, an employee of ours; (b) a member of the
director&#x2019;s immediate family is, or in the past three years
has been, an executive officer of ours; (c) the director or a
member of the director&#x2019;s immediate family has received more
than $120,000 per year in direct compensation from us other than
for service as a director (or for a family member, as a
non-executive employee); (d) the director or a member of the
director&#x2019;s immediate family is, or in the past three years
has been, employed in a professional capacity by our independent
public accountants, or has worked for such firm in any capacity on
our audit; (e) the director or a member of the director&#x2019;s
immediate family is, or in the past three years has been, employed
as an executive officer of a company where one of our executive
officers serves on the Compensation Committee; or (f) the director
or a member of the director&#x2019;s immediate family is an
executive officer of a company that makes payments to, or receives
payments from, us in an amount which, in any twelve-month period
during the past three years, exceeds the greater of $1,000,000 or
two percent of that other company&#x2019;s consolidated gross
revenues.</font></div>
</div>
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<div id="pn" style="text-align: right"><font style="font-family: Times New Roman; font-size: 13px">2018 PROXY
STATEMENT | 29</font></div>
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<font style="font-weight: bold; color: #00467F; font-family: Times New Roman; font-size: 24px">
Other Matters</font></div>
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</div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
We know of no other matters to be submitted at the meeting. If any
other matters properly come before the meeting, it is the intention
of the persons named in the enclosed proxy card to vote the shares
they represent as the Board of Directors may
recommend.</font></div>
</div>
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<font style="font-family: Times New Roman; font-size: 13px"><br></font></div>
</div>
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<font style="font-weight: bold; color: #00467F; font-family: Times New Roman; font-size: 24px">
Additional Information</font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">A copy
of our 2017 Annual Report on Form</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">10-K/A
is available to each stockholder in connection with this Proxy
Statement. The 2017 Annual Report on Form 10-K/A is not a part of
the proxy solicitation materials.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">We file
reports and other information with the SEC. Copies of these
documents may be obtained at the SEC&#x2019;s Public Reference Room
at 100 F Street, N.E., Washington, D.C. 20549. The public may also
obtain information on the operation of the Public Reference Room by
calling the SEC at (800) SEC-0330. Our SEC filings are also
available on the SEC&#x2019;s website at <font style="font-style: italic">http://www.sec.gov</font>.</font></div>
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<div id="pn" style="text-align: left"><font style="font-family: Times New Roman; font-size: 13px">30 | ISSUER DIRECT
CORP</font></div>
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www.issuerdirect.com</font></div>
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<tr>
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ISSUER DIRECT CORPORATION</font></div>
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THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF
DIRECTORS</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">ANNUAL
MEETING OF STOCKHOLDERS &#x2013; JUNE 1, 2018 AT 9:00 AM
EDT</font></div>
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CONTROL ID:</font></div>
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REQUEST ID:</font></div>
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</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="3" style="vertical-align: middle; width: 25%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 23%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="4" style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="4" style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="4" style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="4" style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="4" style="vertical-align: top; width: 20%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="4" style="vertical-align: middle; width: 47%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">The
undersigned, a stockholder of Issuer Direct Corporation (the
&#x201C;Company&#x201D;), hereby revoking any proxy heretofore given,
does hereby appoint Jeffrey Quick proxy, with power of
substitution, for and in the name of the undersigned to attend the
2018 annual meeting of stockholders of the Company to be held at
500 Perimeter Park Drive, Suite D, Morrisville, NC 27560, on
Friday, June 1, 2018 beginning at 9:00 AM, local time, or at any
adjournment or postponement thereof, and there to vote, as
designated below.</font></div>
</td>
</tr><tr>
<td colspan="4" style="vertical-align: middle; width: 47%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" rowspan="2" style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="4" style="vertical-align: middle; width: 47%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
(CONTINUED AND TO BE SIGNED ON REVERSE SIDE.)</font></div>
</td>
</tr><tr>
<td colspan="4" style="vertical-align: middle; width: 47%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="4" style="vertical-align: middle; width: 47%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="4" style="vertical-align: middle; width: 47%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
VOTING INSTRUCTIONS</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="4" style="vertical-align: middle; width: 47%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
If you vote by phone, fax or internet, please DO NOT mail your
proxy card.</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="4" style="vertical-align: middle; width: 47%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="4" style="vertical-align: top; width: 47%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" rowspan="5" style="vertical-align: top; width: 41%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><img src="proxycard001.jpg"></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
MAIL:</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 28%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Please
mark, sign, date, and return this Proxy Card promptly using the
enclosed envelope.</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><img src="proxycard002.jpg"></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
FAX:</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 28%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="color: #000000">Complete the reverse portion of this Proxy Card
and Fax to</font> <font style="font-weight: bold; color: #000000">202-521-3464.</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><img src="proxycard003.jpg"></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
INTERNET:</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 28%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #0000ff; font-size: 13px; font-family: Times New Roman">https://www.iproxydirect.com/ISDR</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><img src="proxycard004.jpg"></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
PHONE:</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 28%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">1-866-752-VOTE(8683)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="4" style="vertical-align: top; width: 47%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 21%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 20%">
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</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
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</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; page-break-after: always; margin-bottom: 6px; width: 100%; height: 2px; background-color: #000000"></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font>&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: center; font-family: inherit; font-size: inherit; width: 100%; margin: 0px auto;">
<tr>
<td colspan="4" style="vertical-align: middle; width: 46%;">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
ANNUAL MEETING OF THE STOCKHOLDERS OFISSUER DIRECT
CORPORATION</font></div>
</td>
<td colspan="8" style="vertical-align: middle; width: 44%;">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><font style="color: #000000; font-size: 13px">
PLEASE COMPLETE, DATE, SIGN AND RETURN PROMPTLY IN THE ENCLOSED
ENVELOPE. PLEASE MARK YOUR VOTE IN BLUE OR BLACK INK AS SHOWN
HERE:</font> <font style="color: #000000">&#x2612;</font></font></div>
</td>
</tr><tr>
<td colspan="4" style="vertical-align: middle; width: 46%;">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="8" style="vertical-align: middle; width: 44%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="4" style="vertical-align: middle; width: 46%;">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">PROXY
SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS</font></div>
</td>
<td colspan="8" style="vertical-align: middle; width: 44%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 35%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="8" style="vertical-align: middle; width: 44%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #f3f3f3">
<td style="vertical-align: middle; width: 10%; border-left: 1px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Proposal
1</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 35%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">FOR
ALL</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
AGAINST</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
ALL</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">FOR
ALL</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">EXCEPT</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-right: 1px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 10%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 35%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">To
elect the five (5) directors nominated by our Board of Directors as
set forth in the Proxy Statement:</font></div>
</td>
<td style="vertical-align: middle; width: 1%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%;">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px">&#x2610;</font></div>
</td>
<td style="vertical-align: middle; width: 1%;">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%;">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; font-size: 13px">&#x2610;</font></div>
</td>
<td style="vertical-align: middle; width: 1%;">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%;">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 10%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
William H. Everett</font></div>
</td>
<td style="vertical-align: top; width: 20%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Director,
Chairman of the Board, Member of Audit Committee &amp; Strategic
Advisory Committee</font></div>
</td>
<td style="vertical-align: middle; width: 1%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%;">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 1%;">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%;">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 1%;">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%;">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px">&#x2610;</font></div>
</td>
<td style="vertical-align: top; width: 8%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 10%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
J. Patrick Galleher</font></div>
</td>
<td style="vertical-align: top; width: 20%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Director,
Chairman of Compensation Committee and Strategic Advisory
Committee</font></div>
</td>
<td style="vertical-align: middle; width: 1%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%;">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 1%;">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%;">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 1%;">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%;">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px">&#x2610;</font></div>
</td>
<td style="vertical-align: top; width: 8%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 10%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
Brian R. Balbirnie</font></div>
</td>
<td style="vertical-align: top; width: 20%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Director,
President and Chief Executive Officer</font></div>
</td>
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CONTROL ID:</font></div>
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Eric Frank</font></div>
</td>
<td style="vertical-align: top; width: 20%;">
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Director, Chairman of Technology Oversight Committee, Member of
Compensation Committee</font></font></div>
</td>
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</td>
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REQUEST ID:</font></div>
</td>
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</td>
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Michael Nowlan</font></div>
</td>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Director,
Chairman of Audit Committee</font><font style="color: #000000; font-size: 13px; font-family: Times New Roman"></font></div>
</td>
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</td>
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</td>
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</td>
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<td style="vertical-align: middle; width: 10%; border-left: 1px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Proposal
2</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 35%; border-bottom: 2px solid rgb(0, 0, 0);">
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</td>
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</td>
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AGAINST</font></div>
</td>
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</td>
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<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">ABSTAIN</font></div>
</td>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
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</td>
<td colspan="2" style="vertical-align: middle; width: 35%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">An
advisory vote on executive compensation as disclosed in this Proxy
Statement.</font></div>
</td>
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</td>
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</td>
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</td>
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</td>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
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<td style="vertical-align: middle; width: 10%; border-left: 1px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Proposal
3</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 35%; border-bottom: 2px solid rgb(0, 0, 0);">
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</td>
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</td>
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</td>
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</td>
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AGAINST</font></div>
</td>
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</td>
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<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">ABSTAIN</font></div>
</td>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
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</td>
<td style="vertical-align: middle; width: 8%; border-right: 1px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 35%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">To ratify the
appointment of Cherry Bekaert LLP as our independent registered
public accounting firm for the year ending December 31,
2018.</font></div>
</td>
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</td>
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</td>
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</td>
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</td>
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</td>
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</td>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Proposal
4</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 35%; border-bottom: 2px solid rgb(0, 0, 0);">
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</td>
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</td>
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<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
AGAINST</font></div>
</td>
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</td>
<td style="vertical-align: middle; width: 6%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">ABSTAIN</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-right: 1px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 10%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">To
transact such other business as may properly come before the
meeting or any postponement or adjournment thereof.</font></div>
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<td style="vertical-align: middle; width: 1%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
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<td style="vertical-align: middle; width: 1%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
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<td colspan="2" style="vertical-align: middle; width: 35%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
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<td style="vertical-align: middle; width: 6%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 10%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 35%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 1%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 1%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
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&#x201C;X&#x201D; HERE IF YOU PLAN TO ATTEND THE MEETING:
&#x2610;</font></div>
</td>
</tr><tr>
<td colspan="3" rowspan="2" style="vertical-align: middle; width: 45%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
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<td rowspan="2" style="vertical-align: top; width: 1%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="2" style="vertical-align: top; width: 6%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="2" style="vertical-align: top; width: 1%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="6" style="vertical-align: middle; width: 37%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="color: #000000">MARK HERE FOR ADDRESS CHANGE</font> <font style="color: #000000; font-size: 13px">&#x2610;</font><font style="color: #000000; font-size: 13px">&#xA0;</font><font style="color: #000000">New Address (if applicable):</font></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">_________________________</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">_________________________</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">_________________________</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold; color: #000000">IMPORTANT:</font> <font style="color: #000000">Please sign exactly as your name or names appear
on this Proxy. When shares are held jointly, each holder should
sign. When signing as executor, administrator, attorney, trustee or
guardian, please give full title as such. If the signer is a
corporation, please sign full corporate name by duly authorized
officer, giving full title as such. If signer is a partnership,
please sign in partnership name by authorized
person.</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Dated:
________________________, 2018</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
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</tr><tr>
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<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="6" rowspan="5" style="vertical-align: middle; width: 53%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="6" style="vertical-align: top; width: 37%;">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(Print Name of
Stockholder and/or Joint Tenant)</font></div>
</td>
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<td colspan="6" style="vertical-align: top; width: 37%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
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<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(Signature of
Stockholder)</font></div>
</td>
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<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
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<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(Second Signature
if held jointly)</font></div>
</td>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
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end
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<DOCUMENT>
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<SEQUENCE>4
<FILENAME>isdr_proxy006.jpg
<DESCRIPTION>IMAGE
<TEXT>
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end
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</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>isdr_proxy007.jpg
<DESCRIPTION>IMAGE
<TEXT>
begin 644 isdr_proxy007.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
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end
</TEXT>
</DOCUMENT>
<DOCUMENT>
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<SEQUENCE>6
<FILENAME>isdr_proxy008.jpg
<DESCRIPTION>IMAGE
<TEXT>
begin 644 isdr_proxy008.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
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end
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</DOCUMENT>
<DOCUMENT>
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<FILENAME>isdr_proxy009.jpg
<DESCRIPTION>IMAGE
<TEXT>
begin 644 isdr_proxy009.jpg
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end
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<DOCUMENT>
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<FILENAME>isdr_proxy014.jpg
<DESCRIPTION>IMAGE
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begin 644 isdr_proxy014.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_X0 Z17AI9@  34T *@    @  U$0  $
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end
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<DOCUMENT>
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<SEQUENCE>9
<FILENAME>isdr_proxy015.jpg
<DESCRIPTION>IMAGE
<TEXT>
begin 644 isdr_proxy015.jpg
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end
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<DOCUMENT>
<TYPE>GRAPHIC
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end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>11
<FILENAME>isdr_proxy030.jpg
<DESCRIPTION>IMAGE
<TEXT>
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end
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<DOCUMENT>
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<SEQUENCE>12
<FILENAME>isdr_proxy031.jpg
<DESCRIPTION>IMAGE
<TEXT>
begin 644 isdr_proxy031.jpg
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MM(UD%I'N#Q ,#M'7CK0!;T4'^P=.X_Y=8_\ T$45J 8&!VHH *,#THHH ***
(* "BBB@#_]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>13
<FILENAME>isdr_proxy032.jpg
<DESCRIPTION>IMAGE
<TEXT>
begin 644 isdr_proxy032.jpg
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end
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<DOCUMENT>
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<SEQUENCE>14
<FILENAME>isdr_proxy033.jpg
<DESCRIPTION>IMAGE
<TEXT>
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<DOCUMENT>
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<SEQUENCE>15
<FILENAME>isdr_proxy038.jpg
<DESCRIPTION>IMAGE
<TEXT>
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end
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<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>16
<FILENAME>isdr_proxy064.jpg
<DESCRIPTION>IMAGE
<TEXT>
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<DOCUMENT>
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end
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<DOCUMENT>
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<DESCRIPTION>IMAGE
<TEXT>
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end
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</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>21
<FILENAME>proxycard004.jpg
<DESCRIPTION>IMAGE
<TEXT>
begin 644 proxycard004.jpg
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end
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</DOCUMENT>
</SEC-DOCUMENT>
