On November 14, 2022, Simon Kay, the Chief Executive Officer and President of Basanite, Inc. (the “Company”), through his attorneys, sent the Company's Board of Directors (the “Board”) a notice of termination letter (the “Termination Letter”). In his Termination Letter, Mr. Kay informed the Board that he was terminating his employment for “Good Reason,” pursuant to the terms of and as defined in his employment agreement with the Company. As such, Mr. Kay is no longer affiliated with the Company, effective November 14, 2022.

On November 17, 2022, the Board appointed Michael V. Barbera, a director of the Corporation, as Acting Interim Chief Executive Officer of the Company. The Board also ratified and approved its September 21, 2022 appointment of Ronald J. LoRicco, Sr. as Chairman of the Board. Both Messrs.

Barbera and LoRicco will serve in their positions until the earlier of his termination, death, disability or resignation. Mr. Barbera, 68, previously served as the Company's Chairman of the Board since January 2020, and served as a member of the Board of Directors since February 2019. Mr. Barbera has served as the Chief Executive Officer of Analytical Maintenance Services, Inc. (“AMS") located in Boca Raton, Florida since 1998.