On July 5, 2022, Rohan Houlden's responsibilities as Akoustis Technologies, Inc.'s Chief Product Officer of Akoustis, Inc., a wholly-owned subsidiary of Akoustis Technologies, Inc. ended and Mr. Houlden began a new role as a strategic advisor to the Company's Chief Executive Officer. In connection with this change in role, Akoustis and Mr. Houlden entered into a Separation Agreement & Release and an Independent Contractor Agreement pursuant to which Mr. Houlden will continue serving Akoustis as an independent contractor following the end of his employment. Under the Contractor Agreement, Mr. Houlden will receive $8,333.33 per month in respect of his consulting services to Akoustis during the first three months of the term of the agreement, and thereafter will be compensated as a rate of $175 per hour up to a maximum of $8,333.33 per month, subject to the Contractor Agreement not previously having been terminated, Mr. Houlden will receive a payment in an amount equal to Mr. Houlden's bonus for fiscal year 2022 that he would have earned had he remained an employee of Akoustis, and all outstanding options, restricted stock units, restricted stock awards or other grants of equity-based compensation to Mr. Houlden under the Company's stock incentive plans will remain outstanding and continue to vest in accordance with their terms for so long as Mr. Houlden provides services under the Contractor Agreement.

The Contractor Agreement has an initial term of two months and is automatically renewed on a month-to-month basis thereafter until terminated by either party upon 30 days' notice and includes certain non-competition and confidentiality obligations that survive such termination. Under the Separation Agreement, Mr. Houlden agreed to a release of claims in favor of Akoustis and its affiliates. The Company thanks Mr. Houlden for his many contributions and years of past service.