On January 28, 2024, management of BioSig Technologies, Inc. (the ?Company?) commenced a workforce reduction intended to reduce annual cash burn by approximately 50%, which was completed as of January 31, 2024. The workforce reduction consisted of the departure of sixteen employees, effective as of January 31, 2024 (the ?Effective Date?) and included the departure of John Sieckhaus, the Company?s Chief Operating Officer, and Gray Fleming, the Company?s Chief Commercial Officer. Mr. Fleming will continue to advise the Company as a consultant for a total of $138,667, paid in equity, over a four-month period, and Mr. Sieckhaus will continue to advise the Company as a consultant for a total of $48,533, paid in equity, over a two-month period.

In connection with the reduction in force, the Company estimates it will incur total aggregate costs of approximately $919,249, which consists of: payments for consulting services paid in equity in the estimated amount of $205,325; one-time departure fees and severance packages for employees in equity, based on factors including years of employment, in the estimated amount of $135,288; and retention bonuses paid in equity in the estimated amount of $578,636. These estimates are subject to a number of assumptions, and actual results may differ. The Company may also incur additional costs not currently contemplated due to events that may occur as a result of, or that are associated with, the departures, including estimated cash expenditures of $30,000.