Shift Technologies, Inc. announced that it has closed its merger with CarLotz, Inc. Pursuant to the Merger Agreement, on December 9, 2022, the Board of Directors of Shift, by unanimous written consent, increased the size of the Board to ten (10) members and elected (i) Kimberly H. Sheehy to serve as a Class I director of Shift, (ii) Luis Solorzano to serve as a Class II director of Shift and (iii) James E. Skinner to serve as a Class III director of Shift. Ms. Sheehy and Messrs. Solorzano and Skinner served on the board of directors of CarLotz prior to the closing of the Merger.

After giving effect to the foregoing director appointments and the resignations of Messrs. Krikorian and Patel from the Board. In connection with the election of Mr. Skinner and Ms. Sheehy to the Board, the Board resolved that Mr. Skinner will serve as a member of the Audit Committee and Leadership Development, Compensation and Governance Committee, and Ms. Sheehy will serve as the Chair of the Audit Committee.

In connection with the closing of the Merger, on December 9, 2022, each of Jason Krikorian and Manish Patel, members of the Board, informed Shift of their decision to resign as a director of Shift, effective upon the Effective Time. Mr. Krikorian served as a Class II director, a member of the Audit Committee and Lead Director of the Board. Mr. Patel served as a Class III director and Chair of the Leadership Development, Compensation and Governance Committee.

Each of Mr. Krikorian's and Mr. Patel's decision to resign from the Board was not the result of any disagreement relating to Shift's operations, policies or practices. Shift thanks Mr. Krikorian and Mr. Patel for their commitment and service to Shift. Also in connection with the closing of the Merger, on December 9, 2022, the Board appointed Victoria McInnis to replace Mr. Krikorian as Lead Director of the Board, effective December 9, 2022.