On July 22, 2022, the Board of Directors of Alfi, Inc. appointed James Lee, the current Chairman of the Board, to serve as the Company's Interim Chief Executive Officer effective as of such date. As Interim Chief Executive Officer, Mr. Lee will serve as the Company's principal executive officer. The Board, upon recommendation of its Compensation Committee, has determined that Mr. Lee will not receive any compensation from the Company for his service as the Company's Interim Chief Executive Officer.

Mr. Lee replaces Peter Bordes as the Company's Interim Chief Executive Officer, effective July 22, 2022. Mr. Bordes continues to serve as a director of the Company. Mr. Lee, age 63, has served as Chairman of the Board since October 22, 2021 and a director of the Company since July 2018.

Mr. Lee has been the founder, President and Chief Executive Officer of Lee Aerospace, Inc.