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MMAB > SEC Filings for MMAB > Form 8-K on 17-Mar-2014All Recent SEC Filings




Change in Directors or Principal Officers, Financial Statements a

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On March 12, 2014, in connection with the Company's regular March board meeting, Messrs. Fred N. Pratt and Douglas A. McGregor informed the Company that they will not stand for reelection to the board of directors ("Board") at the conclusion of their current terms; both directors' current terms are set to expire at the conclusion of the Company's 2014 annual meeting ("Annual Meeting"). Mr. Pratt retired effective March 14, 2014. Mr. McGregor will retire upon the conclusion of his term at the Annual Meeting.

Mr. McGregor, 70, has served on our Board for over fourteen years and he currently serves as the chairman of our Compensation Committee. Mr. Pratt, 69, has served on our Board for nearly eleven years and served as the chairman of the Audit Committee until November 7, 2013.

In addition, Mr. Mark K. Joseph, 75, retired effective today, March 17, 2014. Mr. Joseph has served as Chairman of the Board since our founding in 1996 and was the President of our predecessor, SCA Tax-Exempt Fund Limited Partnership, from 1986 through 1996.

There are no disagreements between the Company and Messrs. Joseph, McGregor or Pratt.

Mr. Francis X. Gallagher, Jr., a director of the Company since 2012, has been elected Chairman of the Board effective today March 17, 2014, immediately following Mr. Joseph's retirement. Mr. J.P. Grant, III will replace Mr. Gallagher as chairman of the Governance Committee.

Effective immediately, all continuing independent members of the Board, consisting of Messrs. Gallagher and Grant, as well as Mr. Frederick W. Puddester and Mr. Steven S. Bloom, will become a member on each committee of the Board. Mr. Grant will become chairman of the Governance Committee and Mr. Bloom will continue as chairman of the Audit Committee. Mr. Puddester will succeed Mr. McGregor as chairman of the Compensation Committee upon the end of Mr. McGregor's term.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

99.1 Press Release dated March 17, 2014

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