On August 15, 2023, AgEagle Aerial Systems Inc. received notice from Ms. Nicole Fernandez-McGovern, the Company's Chief Financial Officer, which states that she has been terminated for Good Reason" under her employment offer letter agreement. The Board of Directors has accepted the Notice as a notice of voluntary resignation by Mrs. Fernandez-McGovern, and not of termination for Good Reason. The Company and Ms. Fernandez-McGovern are currently in discussions about the period of time she will remain with the Company in the role of Chief Financial Officer.

The Board of Directors and management have commenced recruitment efforts to identify and appoint a new Chief Financial Officer.