Toby Asbury resigned from his position as Chief Operating Officer of Mobile Infrastructure Corporation, effective as of December 31, 2022, so that he can spend more time with his family and pursue other entrepreneurial interests. Mr. Asbury's decision was not due to any disagreement with the Company's management or board of directors of the Company. The Company expects that Mr. Asbury's duties and responsibilities will be assumed by existing leaders within the organization.

The Company and executive team are grateful for Mr. Asbury's years of service, dedication and experience that he brought to the Company and wish Mr. Asbury well in his future professional endeavors. Shawn Nelson, a member of the Board, retired from the Board, effective as of December 31, 2022, in accordance with mandatory requirements of Mr. Nelson's position as a judge-elect of the Superior Court of Orange County, California. Mr. Nelson's decision was not due to any disagreement with the Company's management or Board.

The Board thanks Mr. Nelson for his years of service and contributions to the Company.