Richard J. Lehmann has served as one of the Independent Directors of the Board of Income NAV since January 2012. He has served as the Founding Principal of The Biltmore Bank of Arizona since 2002, and previously served as Chairman of Bank Capital Corporation, its former holding company, from 2002 until 2014. In 2014, The Biltmore Bank of Arizona was sold to Grandpoint Capital, Inc., a bank holding company headquartered in California. Mr. Lehmann serves on the Board of Directors of Grandpoint Capital. Mr. Lehmann began his banking career with Citibank in 1969. When he left Citibank in 1988 he was Senior Corporate Officer for Europe, Middle East and Africa. In 1988, he became Chairman and Chief Executive Officer of Valley National Bank of Arizona and served in that capacity until the bank was sold to Banc One Corporation in 1993. Mr. Lehmann remained with the combined company and was appointed President and Chief Operating Officer of Banc One and as a member of its Board of Directors in 1995. Following the merger of Banc One with First Chicago NBD Corporation to form Bank One Corporation in 1998, Mr. Lehmann served as Vice Chairman of the combined entity with responsibility for all consumer banking activities until his retirement in December 1999. Mr. Lehmann also serves on the Boards of Directors and the Compensation Committee of Knight Transportation, Inc. and as Director and Chairman of the Finance and Investments Committee of the TGen Foundation. He previously served on the Boards of eFunds Corporation, iCrossing, Inc., Moore Corporation, and the Thunderbird School of Global Management. Prior civic activities include board participation with the Phoenix Art Museum, Ohio State University Hospital, Greater Phoenix Leadership, United Way of Greater Phoenix, and The Nature Conservancy of Arizona. Mr. Lehmann received an MBA and B.A. from the University of Washington.