On October 15, 2023, Rite Aid Corporation appointed Carrie Teffner and Paul Keglevic to the Company?s Board of Directors. Upon appointment, Mr. Keglevic and Ms. Teffner joined the Audit Committee of the Board, where Mr. Keglevic will serve as Chair. Ms. Teffner was also appointed as a member of the Compensation Committee of the Board.

In connection with their respective appointments, Ms. Teffner and Mr. Keglevic will each be entitled to receive a cash directors? fee equal to $50,000 per month, payable in arrears, and reimbursement for travel and lodging expenses associated with the directors? services on the Board.

Ms. Teffner has over 30 years of strategic, financial and operational leadership experience assisting retail and consumer product companies in driving growth and profitability. She has deep expertise leading successful large-scale transformation initiatives and has served as Executive Vice President and Chief Financial Officer at several Fortune 500 companies. Ms. Teffner currently serves on the boards of DXC Technology, International Data Group and BFA Industries.

She previously served on the boards of Ascena Retail Group, Avaya and GameStop. Mr. Keglevic is an NACD-certified director with over 45 years of leadership experience and deep expertise in finance and accounting, operational improvement and turnarounds, restructuring and risk management across a range of industries. He has served as CEO, CFO, Chief Restructuring Officer and Chief Risk Officer at numerous companies, most recently as CEO of Energy Future Holdings.

Earlier in his career, Mr. Keglevic was a Partner and member of the U.S. leadership team at PricewaterhouseCoopers. He currently serves on the boards of WeWork, Evergy and Envision Healthcare. Mr. Keglevic previously served on the boards of Ascena Retail Group, Bonanza Creek Energy, Clear Channel Holdings, Cobalt International Energy and Frontier Communications, among others.

Prior to their respective appointments, Ms. Teffner and Mr. Keglevic, each entered into a letter agreement with the Company, dated as of July 5, 2023, pursuant to which Ms. Teffner and Mr. Keglevic provided consulting services to the Company on matters relating to refinancing, restructuring and deleveraging for the period between July 5, 2023 until their respective appointments on October 15, 2023. During such time, Ms. Teffner and Mr. Keglevic each received $200,000 in the aggregate, consisting of monthly fees payable by the Company pursuant to their respective letter agreements.