Phunware, Inc. has provided a Notice of Non-Renewal of Employment Agreement to the Chief Executive Officer, Alan Knitowski. By its terms, Mr. Knitowski's Employment Agreement with the Company will terminate on December 26, 2022, at which time Mr. Knitowski would become an employee at will of the Company until such further action is taken by the Company or by Mr. Knitowski to terminate his employment. The Board of Directors of the Company has formed a Leadership Transition Committee and has engaged a consulting firm to commence a search for new leadership candidates.

That process is ongoing and is expected to be completed by the end of December 2022. In addition, on October 19, 2022, Mr. Knitowski submitted notice of resignation to the Company effective as of the expiration of his Employment Agreement.