Arcimoto, Inc. announced that on April 16, 2023, Jesse A. Fittipaldi, age 47, was appointed President of the Company. Mr. Fittipaldi had served as Interim Chief Executive Officer of the Company since August 5, 2022. Mr. Fittipaldi joined the Company in May of 2015 as the Company's Business Development Lead.

From June of 2017 to May 2020, Mr. Fittipaldi was Vice President of the Company and has been Chief Strategy Officer since May 2020. Mr. Fittipaldi comes from the professional engineering world where he facilitated success for large institutional energy savings projects. At Oregon State University and the University of Oregon, he studied biology, engineering and philosophy and he left school before finishing to start his career.

Also, on April 19, 2023, Dwayne Lum, age 55, was appointed Chief Operating Officer of the Company. Mr. Lum joined the Company in March of 2022 as the Company's Chief Product Officer. Prior to joining the Company, from April 2018 until February 2022, Mr. Lum was Vice President, Product for Ayro, Inc. From 2016 to 2019, he served as Vice President, Technology, at Wistron, an international original design manufacturer of electronics, and from 2004 until 2016, he had served as Chief Technology Officer for various companies in the emerging technology fields of laser projection and measurement and hydrogen fuel cells, On April 19, 2023, Terry L. Becker, a member of the Company's Board and the Company's Chief Operating Officer, notified the Company of his decision to retire in the near future and resign from his position as Chief Operating Officer, effective April 19, 2023.

The decision by Mr. Becker to resign as Chief Operating Officer was not the result of any disagreement with the Company on any matter relating to the operations, internal controls, policies or practices of the Company. Mr. Becker will continue to serve as a member of Board for the remainder of his current term.