Directors and Executive Officers

Directors are elected annually for one year terms that expire at the next annual meeting of stockholders. Our bylaws provide that a majority of the entire board of directors may establish, increase or decrease the number of directors, provided that the number of directors shall never be less than one, which is the minimum number required by the Maryland General Corporation Law, or MGCL, nor more than 15. All of our executive officers are appointed by and serve at the discretion of our board of directors.