As a national director and purchaser of 100 shares in the IPO, I find that the actions of leadership are cause for both the president and president elect to step aside. NAR is a non-profit trade association of almost 750,000 members who pay annual dues and look for leadership to set an ethical and responsible example for them. To take advantage of their position of leaderaship for windfall financial gain is a deriliction of duty. Any other trade association would demand the resignation of these individuals. If there are other members of the executive committee,leadership team or board of directors who were able to buy more than 100 shares with a six month hold, they too should resign. The groups of boards and MLS' that got stock in higher numbers are able to benefit their paricipants or members through lower dues or reduced costs. If officers of these organizations personally benefitted, they too should resign. Both Sharon and Dennis are quality people who have worked hard for NAR and deserved their position but this poor judgement call is the same as if a safe driver runs someone over and then says "well I drove safely for 20 years before this so I shouldn"t be punished." Sharon should resign now and step aside for any future role in the leadership team and reliquish all benefits that past presidents receive. The same for Dennis. They can afford their own luggage, rooms, travel,etc. They should do this prior to Orlando so that future leadership can keep the association on an even keel. Terry McDermott as Executive officer should notify all Directors and Delegates of any individuals who accepted more than the 100 shares under the friends and family program and who received them on different terms and the Realtor family at large. Then the real grass roots leadership of NAR can make a decision as to what should be done. We are not a business corporation that rewards leadership with stock options for profit, growth or potential. We are a volunteer organization where each dues paying Realtor should have equal opportunity to grow and there should not be any profit in the position of leadership. As a final word, those individuals who received large blocks of stock under sweetheart terms should sell them to NAR at$20 a share (keeping only 100 shares) and NAR could resell them at the same price to those who did not get shares under the lottery or Nar should sell the shares and use the monies to reduce the special assessment to members for the advertising campaign even if its only a few dollars a member. Fellow directors don't let this issue die, Act now and speak up.

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