Franklin Covey Co. regrets to disclose that Michael Fung, a member of the Company’s Board of Directors, passed away on February 10, 2021 from complications related to COVID-19. The Company is deeply saddened by Mr. Fung’s untimely passing and extends its heartfelt condolences to Mr. Fung’s family. Michael joined the Company’s Board of Directors as an independent director in July 2012 and was serving as the chair of the Board’s Audit Committee (the Audit Committee) at the time of his passing. Following the death of Mr. Fung, the Company’s Board has been reduced to seven members, five of whom are independent. The Audit Committee was temporarily reduced to two members, both of whom are independent directors. On February 18, 2021, the Company appointed Ms. Nancy Phillips to the Audit Committee to fill the vacancy created by Mr. Fung’s passing. With the addition of Ms. Phillips to the Audit Committee, the Company has regained compliance with the applicable NYSE listing standard. Mr. Dennis Heiner, an existing member of the Audit Committee, was appointed as the new chairperson of the Audit Committee.