On December 1, 2021, the Board of Directors of Envela Corporation (the “Company”) elected Richard D. Schepp as a member of the Board of Directors of the Company, to be effective immediately. Mr. Schepp will serve as a director with a term expiring at the Company's Annual Meeting of Stockholders in 2022. In connection with Mr. Schepp's election, the Board appointed Mr. Schepp to chair the Compensation Committee, and he will be a member of the Audit and Compliance, Governance and Nominating Committees.