# EDGAR Filing Document

**Accession Number:** 0001033309
**File Stem:** 0001140361-23-011904
**Filing Date:** 2023-3
**Character Count:** 19502
**Document Hash:** 3455366380f580a158d0d599c65707bb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001140361-23-011904.hdr.sgml**: 20230316

**ACCESSION NUMBER**: 0001140361-23-011904

**CONFORMED SUBMISSION TYPE**: SC 13D/A

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20230316

**DATE AS OF CHANGE**: 20230315

**GROUP MEMBERS**: AUSTIN CHANDLER WILLIS

**GROUP MEMBERS**: CFW PARTNERS, L.P.

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** WILLIS LEASE FINANCE CORP
- **CENTRAL INDEX KEY:** 0001018164
- **STANDARD INDUSTRIAL CLASSIFICATION:** WHOLESALE-MACHINERY, EQUIPMENT & SUPPLIES [5080]
- **IRS NUMBER:** 680070656
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SC 13D/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-49935
- **FILM NUMBER:** 23736659

**BUSINESS ADDRESS:**
- **STREET 1:** 4700 LYONS TECHNOLOGY PARKWAY
- **CITY:** COCONUT CREEK
- **STATE:** FL
- **ZIP:** 33073
- **BUSINESS PHONE:** 5613499989

**MAIL ADDRESS:**
- **STREET 1:** 4700 LYONS TECHNOLOGY PARKWAY
- **CITY:** COCONUT CREEK
- **STATE:** FL
- **ZIP:** 33073
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** WILLIS CHARLES F IV
- **CENTRAL INDEX KEY:** 0001033309

**FILING VALUES:**
- **FORM TYPE:** SC 13D/A

**MAIL ADDRESS:**
- **STREET 1:** 4700 LYONS TECHNOLOGY
- **CITY:** COCONUT CREEK
- **STATE:** FL
- **ZIP:** 33073

------

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### SCHEDULE 13D

#### Under the Securities Exchange Act of 1934

#### (Amendment No. 30)

## Willis Lease Finance Corporation
(Name of Issuer)

#### Common Stock
(Title of Class of Securities)

#### 970646 10 5

------

(CUSIP Number)

#### Charles F. Willis, IV

#### c/o Willis Lease Finance Corporation

#### 4700 Lyons Technology Parkway

#### Coconut Creek, Florida 33073
(415) 408-4700

------

(Name, Address and Telephone Number of Person

Authorized to Receive Notices and Communications)

#### March 13, 2023
Date of Event Which Requires Filing of this Statement

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this statement, and is filing this schedule because of Rule 13d-1(e), Rule 13d-1(f) or Rule 13d-1(g), check the following box.

**Note**: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Rule 13d-7(b) for other parties to whom copies are to be sent.

The share numbers listed for voting and dispositive power as of a particular date include the number of shares into which options were exercisable or would be exercisable within 60 days of such date.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 (the "Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

------

March 15, 2023 <br> CUSIP NO. 970646 10 5 Page 2 of 6 Pages

---

| | | | | |
|:---|:---|:---|:---|:---|
| **1** | **NAMES OF REPORTING PERSONS** | **NAMES OF REPORTING PERSONS** |  |  |
| **1** | CFW Partners, L.P. | CFW Partners, L.P. |  |  |
| **1** | CFW Partners, L.P. | CFW Partners, L.P. |  |  |
| **2** | **CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP** | **CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP** | (a) | ☐ |
| **2** |  |  | (b) | ☐ |
| **2** |  |  |  |  |
| **3** | **SEC USE ONLY** | **SEC USE ONLY** |  |  |
| **3** |  |  |  |  |
| **3** |  |  |  |  |
| **4** | **SOURCE OF FUNDS (SEE INSTRUCTIONS)** | **SOURCE OF FUNDS (SEE INSTRUCTIONS)** |  |  |
| **4** | OO, PF | OO, PF |  |  |
| **4** | OO, PF | OO, PF |  |  |
| **5** | **CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(D) OR 2(E)** | **CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(D) OR 2(E)** |  | ☐ |
| **5** |  |  |  |  |
| **5** |  |  |  |  |
| **6** | **CITIZENSHIP OR PLACE OF ORGANIZATION** | **CITIZENSHIP OR PLACE OF ORGANIZATION** |  |  |
| **6** | Delaware | Delaware |  |  |
| **6** | Delaware | Delaware |  |  |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **7** | **SOLE VOTING POWER** |  |  |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **7** | 0 |  |  |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **7** | 0 |  |  |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **8** | **SHARED VOTING POWER** |  |  |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **8** | 2134148 |  |  |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **8** | 2134148 |  |  |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **9** | **SOLE DISPOSITIVE POWER** |  |  |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **9** | 0 |  |  |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **9** | 0 |  |  |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **10** | **SHARED DISPOSITIVE POWER** |  |  |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **10** | 2134148 |  |  |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **10** | 2134148 |  |  |
| **11** | **AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON** | **AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON** |  |  |
| **11** | 2134148 | 2134148 |  |  |
| **11** | 2134148 | 2134148 |  |  |
| **12** | **CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)** | **CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)** |  | ☐ |
| **12** |  |  |  |  |
| **12** |  |  |  |  |
| **13** | **PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)** | **PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)** |  |  |
| **13** | 32.24% | 32.24% |  |  |
| **13** | 32.24% | 32.24% |  |  |
| **14** | **TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)** | **TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)** |  |  |
| **14** | PN | PN |  |  |
| **14** | PN | PN |  |  |

---

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March 15, 2023 <br> CUSIP NO. 970646 10 5 Page 3 of 6 Pages

---

| | | | | |
|:---|:---|:---|:---|:---|
| **1** | **NAMES OF REPORTING PERSONS** | **NAMES OF REPORTING PERSONS** |  |  |
| **1** | Charles F. Willis, IV | Charles F. Willis, IV |  |  |
| **1** | Charles F. Willis, IV | Charles F. Willis, IV |  |  |
| **2** | **CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP** | **CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP** | (a) | ☐ |
| **2** |  |  | (b) | ☐ |
| **2** |  |  |  |  |
| **3** | **SEC USE ONLY** | **SEC USE ONLY** |  |  |
| **3** |  |  |  |  |
| **3** |  |  |  |  |
| **4** | **SOURCE OF FUNDS (SEE INSTRUCTIONS)** | **SOURCE OF FUNDS (SEE INSTRUCTIONS)** |  |  |
| **4** | OO, PF | OO, PF |  |  |
| **4** | OO, PF | OO, PF |  |  |
| **5** | **CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(D) OR 2(E)** | **CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(D) OR 2(E)** |  | ☐ |
| **5** |  |  |  |  |
| **5** |  |  |  |  |
| **6** | **CITIZENSHIP OR PLACE OF ORGANIZATION** | **CITIZENSHIP OR PLACE OF ORGANIZATION** |  |  |
| **6** | United States of America | United States of America |  |  |
| **6** | United States of America | United States of America |  |  |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **7** | **SOLE VOTING POWER** |  |  |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **7** | 928276 |  |  |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **7** | 928276 |  |  |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **8** | **SHARED VOTING POWER** |  |  |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **8** | 2145430 |  |  |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **8** | 2145430 |  |  |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **9** | **SOLE DISPOSITIVE POWER** |  |  |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **9** | 708410 |  |  |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **9** | 708410 |  |  |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **10** | **SHARED DISPOSITIVE POWER** |  |  |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **10** | 1925564 |  |  |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **10** | 1925564 |  |  |
| **11** | **AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON** | **AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON** |  |  |
| **11** | 3073706 | 3073706 |  |  |
| **11** | 3073706 | 3073706 |  |  |
| **12** | **CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)** | **CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)** |  | ☐ |
| **12** |  |  |  |  |
| **12** |  |  |  |  |
| **13** | **PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)** | **PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)** |  |  |
| **13** | 46.44% | 46.44% |  |  |
| **13** | 46.44% | 46.44% |  |  |
| **14** | **TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)** | **TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)** |  |  |
| **14** | IN | IN |  |  |
| **14** | IN | IN |  |  |

---

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March 15, 2023 <br> CUSIP NO. 970646 10 5 Page 4 of 6 Pages

---

| | | | | |
|:---|:---|:---|:---|:---|
| **1** | **NAMES OF REPORTING PERSONS** | **NAMES OF REPORTING PERSONS** |  |  |
| **1** | Austin Chandler Willis | Austin Chandler Willis |  |  |
| **1** | Austin Chandler Willis | Austin Chandler Willis |  |  |
| **2** | **CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP** | **CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP** | (a) | ☐ |
| **2** |  |  | (b) | ☐ |
| **2** |  |  |  |  |
| **3** | **SEC USE ONLY** | **SEC USE ONLY** |  |  |
| **3** |  |  |  |  |
| **3** |  |  |  |  |
| **4** | **SOURCE OF FUNDS (SEE INSTRUCTIONS)** | **SOURCE OF FUNDS (SEE INSTRUCTIONS)** |  |  |
| **4** | OO, PF | OO, PF |  |  |
| **4** | OO, PF | OO, PF |  |  |
| **5** | **CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(D) OR 2(E)** | **CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(D) OR 2(E)** |  | ☐ |
| **5** |  |  |  |  |
| **5** |  |  |  |  |
| **6** | **CITIZENSHIP OR PLACE OF ORGANIZATION** | **CITIZENSHIP OR PLACE OF ORGANIZATION** |  |  |
| **6** | United States of America | United States of America |  |  |
| **6** | United States of America | United States of America |  |  |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **7** | **SOLE VOTING POWER** |  |  |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **7** | 99504 |  |  |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **7** | 99504 |  |  |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **8** | **SHARED VOTING POWER** |  |  |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **8** | 660895 |  |  |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **8** | 660895 |  |  |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **9** | **SOLE DISPOSITIVE POWER** |  |  |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **9** | 68252 |  |  |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **9** | 68252 |  |  |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **10** | **SHARED DISPOSITIVE POWER** |  |  |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **10** | 0 |  |  |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **10** | 0 |  |  |
| **11** | **AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON** | **AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON** |  |  |
| **11** | 760399 | 760399 |  |  |
| **11** | 760399 | 760399 |  |  |
| **12** | **CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)** | **CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)** |  | ☐ |
| **12** |  |  |  |  |
| **12** |  |  |  |  |
| **13** | **PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)** | **PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)** |  |  |
| **13** | 11.49% | 11.49% |  |  |
| **13** | 11.49% | 11.49% |  |  |
| **14** | **TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)** | **TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)** |  |  |
| **14** | IN | IN |  |  |
| **14** | IN | IN |  |  |

---

------

March 15, 2023 <br> CUSIP NO. 970646 10 5 Page 5 of 6 Pages

The Schedule 13D filed with the Securities and Exchange Commission on December 11, 2000 (the "<u>Initial 13D</u>") by CFW Partners, the Trust and Mr. Charles F. Willis, IV with respect to the Common Stock, par value $0.01 per share (the "<u>Shares</u>"), issued by Willis Lease Finance Corporation, a Delaware corporation (the "<u>Issuer</u>"), as amended on August 28, 2013, October 1, 2013, July 7, 2015, December 23, 2015, March 23, 2016, May 20, 2016, June 8, 2016, October 6, 2016, April 4, 2018, September 13, 2018, April 1, 2019, June 27, 2019, September 16, 2019, November 4, 2019, February 10, 2020, March 10, 2020, March 16, 2020, April 6, 2020, August 26, 2020, September 17, 2020, March 16, 2021, March 23, 2021, June 25, 2021, August 11, 2021, September 7, 2021, April 5, 2022, November 17, 2022, January 18, 2023, and March 14, 2023 (together with the Initial 13D, the "<u>13D</u>"), is hereby amended as set forth below. Capitalized terms not defined herein have the meanings ascribed to them in the 13D.

This Amendment No. 30 to the 13D is being filed solely to replace the version of the Letter inadvertently filed as Exhibit 2 to Amendment No. 29 to the 13D, filed on March 14, 2023, with the final version of the Letter, which is filed as Exhibit 2 hereto. <br>

**Item 7.** **Materials to be Filed as Exhibits**<br>

Item 7 is hereby amended and supplemented by adding the following exhibits as the last exhibits of Item 7 of the 13D:

[1.](brhc10049864_ex99-1.htm) Joint Filing Agreement <br>[2.](brhc10049864_ex99-2.htm) Letter in response to the counterproposal, dated March 13, 2023

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March 15, 2023 <br> CUSIP NO. 970646 10 5 Page 6 of 6 Pages

#### SIGNATURES

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this Statement is true, complete, and correct.

---

| | | |
|:---|:---|:---|
|  | **CFW PARTNERS, L.P.** | **CFW PARTNERS, L.P.** |
| Date: March 15, 2023 | By: | */s/ Charles F. Willis, IV* |
|  |  | Charles F. Willis, IV |
|  |  | its General Partner |
| Date: March 15, 2023 | By: | */s/ Charles F. Willis, IV* |
|  |  | Charles F. Willis, IV |
| Date: March 15, 2023 | By: | */s/ Austin Chandler Willis* |
|  |  | Austin Chandler Willis |

---

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## Exhibit 99.1

------

EXHIBIT 1

JOINT FILING AGREEMENT

Agreement among CFW Partners, L.P., a Delaware limited partnership, Charles F. Willis, IV and Austin Chandler Willis, whereby, in accordance with Rule 13d-1(k) under the Securities Exchange Act of 1934, each of the persons named below agree to the joint filing on behalf of each of them of a Statement on Schedule 13D with respect to the equity securities of Willis Lease Finance Corporation and further agree that this Joint Filing Agreement be included as an exhibit to such joint filing, provided that, as contemplated by Section 13d-1(k)(1)(ii), no person shall be responsible for the completeness or accuracy of the information concerning the other person making the filing, unless such person knows or has reason to believe that such information is inaccurate.

In evidence thereof the undersigned, being duly authorized, hereby execute this Joint Filing Agreement in counterpart as of this 15th day of March 2023.

---

| | | |
|:---|:---|:---|
|  | **CFW PARTNERS, L.P.** | **CFW PARTNERS, L.P.** |
| Date: March 15, 2023 | By: | */s/ Charles F. Willis, IV* |
|  |  | Charles F. Willis, IV, |
|  |  | its General Partner |
| Date: March 15, 2023 | By: | */s/ Charles F. Willis, IV* |
|  |  | Charles F. Willis, IV |
| Date: March 15, 2023 | By: | */s/ Austin Chandler Willis* |
|  |  | Austin Chandler Willis |

---

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## Exhibit 99.2

------

EXHIBIT 2

March 13, 2023

Special Committee of the Board of Directors

Willis Lease Finance Corporation

4700 Lyons Technology Parkway

Coconut Creek, FL 33073

Dear Members of the Special Committee:

As you know, CFW Partners, L.P. ("<u>CFW</u>"), Mitsui & Co., Ltd., Fuyo General Lease Co., Ltd., and JA Mitsui Leasing, Ltd. (the "<u>Consortium</u>") previously submitted a non-binding indication of interest on November 17, 2022 (to the Board of Directors of Willis Lease Finance Corporation (the "<u>Company</u>") to acquire all of the outstanding shares of the Company that are not owned by CFW, Charles F. Willis, IV, Austin Chandler Willis and their respective affiliates (collectively, the "<u>Willis Parties</u>") at a cash purchase price of $45 per share of common stock (the "<u>Offer Price</u>"). On March 9, 2023, the Special Committee of the Board of Directors of the Company, responded to our indication of interest with a counterproposal requesting that the Consortium increase its Offer Price.

While we appreciate the time and effort that the Special Committee has devoted to considering our proposal, we view that the Special Committee's current counterproposal creates a potentially insurmountable gap that is not indicative of fundamental value but rather a response to the current stock price that has been artificially and temporarily inflated by the speculation associated with a potential acquisition. We remain willing to continue our constructive discussions with the Special Committee and in an effort to bring this process to a prompt conclusion we are willing to increase our Offer Price to $47.00. Our increased Offer Price provides the Company's stockholders immediate liquidity at an attractive premium to the unaffected trading price of the Company's stock prior to the announcement of our initial proposal. It also represents a multiple of approximately 0.8 times December 31, 2022 book value, and we note that over the past three years, except for the periods where a publicly announced take-private proposal was pending, the Company's stock price has never exceeded a multiple of 0.8 times book value.

This letter does not constitute a contract, commitment or other binding obligation on the part of any person in any respect. In addition, this letter does not constitute an offer or proposal capable of acceptance and may be withdrawn at any time and in any manner. Any obligation of the Willis Parties with respect to the proposed transaction will be only as set forth in a definitive written agreement executed and delivered by them. We intend to promptly file a Schedule 13D amendment, including a copy of this letter, with the Securities and Exchange Commission.

Very truly yours, <br>Charles F. Willis, IV

------