At its Board of Directors Meeting held on February 22, 2023, MODEC, Inc. decided on a plan for change in its Directors effective as of March 28, 2023 and Executive Officers effective as of April 1, 2023. The appointment of Directors is subject to the approval at the Annual General Meeting of the Shareholders to be held on March 28, 2023. Katsuyuki Imaizumi will resign from Director and Ryoichi Oka to resign as External Director effective as of March 28, 2023.