On May 8, 2023, the Board of Directors of Ryvyl Inc., upon recommendation of the Nominating and Corporate Governance Committee of the Board, appointed Mr. David Montoya as a director of the Company, effective that day, with his term expiring at the Company's annual meeting of stockholders to be held in 2023. Mr. Montoya will serve as a member and the Chairperson of the Board's Audit Committee, Compensation Committee, and Nominating Committee. Mr. Montoya qualifies as an audit committee financial expert as defined by Regulation S-K Item 407(d)(5).

Mr. Montoya, age 58, has been the legal and operations managing partner of Seaview Mezzanine Fund, LP since 2005, where he negotiates and reviews investments and private placements. Mr. Montoya has been the Chief Executive Officer of Saugatuck Brands Inc. since 2017. From 2001 to 2005, Mr. Montoya was an Of Counsel attorney at Breslow & Walker LLP, where he advised private equity funds, public companies and private companies with respect to general corporate, M&A, real estate and tax matters.

Prior to 2001, Mr. Montoya's experience included working at the law firm Skadden Arps, Slate, Meagher & Flom and the accounting firm Ernst & Young. Mr. Montoya earned a BS in Finance from St John's University, an MBA from Columbia University Graduate School of Business and a JD from New York University School of Law. Mr. Montoya is an active member of the New York State Bar Association.