On March 19, 2024, Shelagh E. Mahoney (age 58), a director of Enterprise Bancorp, Inc. and its wholly owned subsidiary, Enterprise Bank & Trust Company, notified the Boards of Directors of the Company and the Bank that due to competing business, personal and director time demands she has decided not to stand for re-election at the Company's 2024 annual meeting of shareholders. Ms. Mahoney has been a director of the Company since 2017. Her decision not to stand for re-election was not related to any material dispute or disagreement with management, or on any matter relating to the operations, policies, or practices of the Company.

The Company appreciates Ms. Mahoney's service and many contributions during her tenure as a director. In accordance with the Company's Second Amended and Restated By-Laws, the Board has passed a resolution reducing the size of the Board by one (1) individual and has fixed the number of directors of the Company at seventeen (17) individuals effective immediately following the completion of the Company's 2024 annual meeting of shareholders. The Board may, in its discretion, decide to increase the size of the Board and appoint a new director to the Board in the future; however, there are no plans to do so at this time.