DiaMedica Therapeutics Inc. announced that On March 1, 2023, Amy L. Burroughs resigned as a director. Ms. Burroughs's decision to resign was not the result of any disagreement with the Company on any matter relating to the Company's operations, policies or practices. To fill the vacancy created by Ms. Burroughs's resignation, on March 1, 2023, the Company's Board of Directors, upon recommendation of the Nominating and Corporate Governance Committee of the Board, appointed Tanya N. Lewis to the Board, effective immediately, to fill the vacancy created by Ms. Burroughs's resignation.

Ms. Lewis currently serves as the Chief Development Operations Officer at Replimune Group Inc. (“Replimune”), a publicly traded clinical-stage biotechnology company, where she has oversight for development of an integrated clinical, regulatory and CMC strategy for the successful registration of the company's compounds. Ms. Lewis joined the executive management team at Replimune in May 2021 after serving on Replimune's board of directors since November 2020. Prior to her officer position with Replimune, Ms. Lewis was Executive Vice President, Chief Regulatory Strategy and Strategic Operations at Karyopharm Therapeutics Inc., a publicly traded biopharmaceutical company, where she navigated the approval of XPOVIO®.

Prior to joining Karyopharm, Ms. Lewis held leadership positions at several companies, including Tesaro Inc. and Millennium Pharmaceuticals Inc., where she developed approval strategies and led interactions with U.S. and European regulators for registration trial designs and/or approvals. Ms. Lewis started her career at Genzyme Corporation in regulatory affairs. Ms. Lewis holds a Bachelor of Science degree in Biology from Northeastern University and a Master of Science degree in Regulatory Affairs and Health Policy from Massachusetts College of Pharmacy and Allied Health Sciences.

In connection with her appointment to the Board, Ms. Lewis was granted, on March 1, 2023, an option to purchase 26,443 of the Company's voting common shares at an exercise price of $1.77 per share under the DiaMedica Therapeutics Inc. Amended and Restated 2019 Omnibus Incentive Plan. These options will vest and become exercisable in 12 as nearly equal as possible quarterly installments over three years, and in each case so long as she is a director of the Company as of such date. As a member of the Board, Ms. Lewis will receive customary non-employee director compensation and participate in plans and policies on the same basis as the Company's other non-employee directors, as described under the heading “Director Compensation” in the Company's Proxy Statement for its most recent Annual General Meeting of Shareholders held on May 18, 2022.

Also in connection with the appointment of Ms. Lewis to the Board, the Company entered into a standard indemnification agreement with Ms. Lewis, in substantially the same form that the Company has entered into with its other non-employee directors.