Banyan Acquisition Corporation appointed Peter Cameron, Otis Carter and Bruce Lubin as board of directors of the company on January 19, 2022. The board has determined that Peter Cameron, Otis Carter and Bruce Lubin are independent directors within the meaning of applicable commission and New York stock exchange rules. Mr. Carter and Mr. Lubin were appointed to the board's audit committee, with Mr. Lubin serving as chair of the audit committee.

Effective January 19, 2022, Mr. Carter and Mr. Lubin were appointed to the board's compensation committee, with Mr. Carter serving as chair of the compensation committee. Effective January 19, 2022, Mr. Carter and Mr. Lubin were appointed to the board's nominating and corporate governance committee, with Mr. Carter serving as chair of the nominating and corporate governance committee. On January 19, 2022, in connection with his appointment to the board, each director entered into the letter agreement and an indemnity agreement with the company.