Twin Disc, Incorporated announced on February 1, 2022, the Board of Directors of company increased the size of the Board of Directors from seven to eight, and appointed Juliann Larimer as a member of the Board of Directors of the Company to fill the vacancy created by the expansion of the Board of Directors. Ms. Larimer's appointment to the Board of Directors was effective immediately upon her appointment. Ms. Larimer is in the class of directors whose terms will expire in 2022, and the Board of Directors intends to nominate her for reelection to the Board of Directors at the 2022 Annual Meeting of Shareholders.

Ms. Larimer is not expected to serve on any committees of the Board of Directors. Ms. Larimer is eligible to participate in the Twin Disc, Incorporated 2020 Stock Incentive Plan for Non-Employee Directors and will be paid an annual retainer comprised of both cash and restricted shares of the Company's common stock. Ms. Larimer will be paid a pro-rated portion (pro-rated as of February 1, 2022) of the annual director retainer of $140,000, which shall be comprised of $48% in cash and 52% in restricted shares.

The cash portion of Ms. Larimer's retainer will be paid quarterly, and the restricted stock portion of her retainer was calculated as of February 1, 2022 and issued on February 7, 2022. Ms. Larimer's shares of restricted stock will vest as of the Company's 2022 Annual Meeting of Shareholders, provided she continues to serve on the Company's Board of Directors as of such date.