On January 10, 2023, Microvast Holdings, Inc. (the âCompanyâ) and Sascha Rene Kelterborn, the Companyâs President and Chief Revenue Officer, mutually agreed that, effective immediately, Mr. Kelterborn would step down from his role as President of the Company in order to focus on developing the Companyâs global business especially in North America, Europe and Asia. Mr. Kelterborn will remain employed as the Companyâs Chief Revenue Officer pursuant to the terms of his agreements with the Company. Effective immediately, Yang Wu, the Companyâs Chief Executive Officer and a member of the Companyâs Board of Directors, will also serve as President of the Company.
Mr. Wu did not enter into any new agreements with the Company and will not receive any additional compensation in connection with his service as President and Chief Executive Officer of the Company.