FALCONSTOR SOFTWARE, INC. (NASDAQ:FALC) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On December 16, 2016, the Board of Directors (the “Board”) of FalconStor Software, Inc. (the “Company”) appointed William Miller to the Board, effective immediately, to serve in the class of directors whose term expires at the 2018 Annual Meeting of Stockholders. Mr. Miller has also been appointed to the Audit Committee and the Corporate Governance and Nominating Committee. Mr. Miller will be entitled to receive the same cash fees as other non-employee directors receive for serving on the Board and as a member of the Board committees.

Mr. Miller, age 56, has served as Chairman and Chief Executive Officer of X-IO Technologies, Inc. (“X-IO Technologies”) an enterprise storage company since February 2015 and has been a Managing Partner of Miller Investments LLC, a venture capital fund manager making investments in early stage companies. Mr. Miller is a Director of the following private entities: Quaddra Software, Chromatic Technologies, Inc., FDI Strategies, LLC, New Planet Technologies, Inc., Grant Dental Technology, Wanamaker Corp. and Altia Inc., Mr. Miller was a cofounder and Chief Technology Officer of StorageNetworks. Mr. Miller holds a B.S. in Chemistry from University of Illinois.

Also on December 16, 2016, the Company accepted the resignation of Alan W. Kaufman from the Board, effective immediately. The standing committees of the Board were also reconstituted, as of December 16, 2016, as follows: Audit Committee will consist of Michael Kelly (Chairman), Barry Rudolph, and William Miller; Compensation Committee will consist of Martin M. Hale, Jr. (Chairman), Michael Kelly and Barry Rudolph; Corporate Governance and Nominating Committee will consist of Martin M. Hale, Jr. (Chairman), Michael Kelly, Barry Rudolph, and William Miller.

The Company has sold product to X-IO Technologies. For the year ended December 31, 2015 and 2016 to date, the Company’s revenues from such sales were approximately $35,000 and $141,000, respectively. The amount of revenue to be received by the Company from X-IO Technologies will not exceed the greater of $200,000 or 5% of the Company’s revenues in 2016.

About FALCONSTOR SOFTWARE, INC. (NASDAQ:FALC)
FalconStor Software, Inc. is a Software-Defined Storage (SDS) company offering a converged data services software platform. The Company’s platform FreeStor, allows information technology (IT) organizations minimize and eliminate that complexity with the delivery of migration, continuity, protection, recovery and optimization for any storage environment through a management interface for a price based on managed capacity across arrays, servers, hypervisors, data centers, and the cloud. The Company’s Intelligent Abstraction core provides a scalable storage hypervisor, coupled with a data services engine and automation. The Company’s Business Continuity and Disaster Recovery products include network storage server (NSS) and continuous data protector (CDP). Its Optimized Backup and Deduplication (OBD) products merge its virtual tape library (VTL) and file-interface deduplication system (FDS) solutions. FALCONSTOR SOFTWARE, INC. (NASDAQ:FALC) Recent Trading Information
FALCONSTOR SOFTWARE, INC. (NASDAQ:FALC) closed its last trading session down -0.040 at 0.540 with 194,220 shares trading hands.