Invacare Corporation announced that Kathleen P. Leneghan informed of her retirement from the Company, effective October 1, 2023. In informing the Company of her retirement, Ms. Leneghan did not express any disagreement with the Company on any matter relating to the Company’s operations, policies or practices, including its controls or financial-related matters. Ms. Leneghan will relinquish her duties as Senior Vice President and Chief Financial Officer effective June 30, 2023, and remain employed by the Company thereafter until the effective date of her retirement.

Effective July 1, 2023, the Company has appointed Kai Zhu, the Company’s Vice President Finance EMEA, to serve as Chief Financial Officer of the Company. Mr. Zhu will relocate from Germany to the United States upon obtaining a United States visa. Mr. Zhu, age 46, has served as the Company’s Vice President Finance EMEA since April 2022.

Prior to joining the Company, Mr. Zhu was Chief Financial Officer of the Fire Fighting Group of CNH Industrial, N.V., a multinational agricultural machinery and transport vehicle company since January 2019. From April 2015 to December 2018, Mr. Zhu served in various financial leadership roles with Danaher KaVo Kerr Group, a dental equipment and consumables manufacturer, including most recently as the Chief Financial Officer of its Emerging Markets Group. In connection with Mr. Zhu’s appointment as Senior Vice President and Chief Financial Officer, the Company entered into an employment letter agreement with him, dated June 23, 2023 (the “Letter Agreement”).

Under the terms of the Letter Agreement, Mr. Zhu is entitled to: • an initial salary of USD $400,000 on an annualized basis, commencing on the effectiveness of Mr. Zhu’s appointment as Senior Vice President and Chief Financial Officer; •an annual target incentive amount under the Company’s Executive Incentive Bonus Plan equal to 75% of Mr. Zhu’s salary, which for 2023, will be prorated for the period during which he serves as Senior Vice President and Chief Financial Officer during 2023; • participate in, and receive equity award grants under, the Company’s Management Incentive Plan, as determined by and subject To Approve the Compensation, Nominating and Governance Committee; • reimbursement of certain expenses and provision of certain allowances related to Mr. Zhu’s relocation to the United States, including (i) reimbursement for up to four round trip airline tickets for Mr. Zhu’s immediate family from Germany to the United States, and four round trip airline tickets for Mr. Zhu to return to Germany during the next two years, (ii) a monthly housing allowance of USD $3,500, grossed up for income taxes, payable over a two-year period, (iii) a one-time relocation allowance of USD $10,000 and (iv) an automobile for professional and personal use while Mr. Zhu resides in the United States; and • severance protection terms which provide that, among other things, if Mr. Zhu is terminated without cause (as defined in the Letter Agreement), he would receive (i) the pay and benefits he is entitled to for the three-month notice period under his existing employment agreement with Invacare Germany Holding GmbH for his role as Vice President Finance EMEA, plus (ii) a severance benefit in the amount equal to nine (9) months’ of his base salary in effect at the time of termination.