On December 23, 2021, the Board of Directors of Agrify Corporation appointed Leonard J. Sokolow as a member of the Board. Mr. Sokolow will serve until the company’s 2022 Annual Meeting of Stockholders and until his successor is elected and qualified or his earlier resignation or removal. The Board has determined that Mr. Sokolow is independent under the rules of The Nasdaq Capital Market. The Board also appointed Mr. Sokolow as a member of the Audit Committee and the Compensation Committee of the Board. As a non-employee director of the Company, Mr. Sokolow will receive compensation in the same manner as the Company’s other non-employee directors, as described in the section entitled “Non-Executive Director Compensation” in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on April 2, 2021. Mr. Sokolow has been Chief Executive Officer and President of Newbridge Financial Inc., a financial services holding company, and Chairman of Newbridge Securities Corporation, its broker-dealer subsidiary, since 2015. Mr. Sokolow previously served in a variety of roles at vFinance Inc. On December 23, 2021, Barry Turkanis resigned his position as a member of the company’s Board of Directors and its committees, effective immediately. In connection with the appointment of Mr. Sokolow to the Board, the Board reconstituted the composition of its existing standing committees as described below. The Audit Committee now consists of Krishnan Varier, Timothy Mahoney and Leonard Sokolow, with Mr. Varier serving as the chairman. The Board has affirmatively determined that each of Messrs. Varier, Mahoney and Sokolow meets the definition of “independent director” for purposes of serving on an audit committee under Rule 10A-3 and Nasdaq rules.