As previously disclosed, the four current members of the Board advised the GI Dynamics, Inc. of their intention to resign as members of the Board after the Company was removed from the Official List of the Australian Securities Exchange. Following the Board's approval of the Series A Preferred Financing and the related transactions and the execution of the Purchase Agreement, on August 10, 2020, each member of the Board delivered a resignation letter informing the Company of their resignation as a member of the Board, including any committees thereof, effective as of 5:00 p.m. EDT on August 10, 2020 (the "Effective Time"). Such resignations were not the result of any dispute or disagreement with the Company or the Board on any matter relating to the operations, policies or practices of the Company. Effective as of the Effective Time, the size of the Board was decreased from five members to one member and Mark D. Lerdal was elected to serve as the sole member of the Board and all committees thereof, effective as of the Effective Time. Mr. Lerdal will hold office until the 2020 Annual Meeting of Stockholders and thereafter until his successor is duly elected and qualified in accordance with the Company's bylaws or his earlier resignation, removal or death. Mr. Lerdal was nominated to serve as the sole member of the Board by Crystal Amber.