As the final step of a company-wide cost reduction plan that commenced in March 2018, Tel-Instrument Electronics Corp. has terminated the employment of Mr. Michael Schirmer as Chief Operating Officer of the company, effective as of July 9, 2018. The company has entered into a consulting agreement with Mr. Schirmer, pursuant to which Mr. Schirmer would perform, on an as-needed basis, certain advisory services for the company that would be reimbursed at a rate of $100 per hour.