On March 24, 2020, Biostage, Inc. (the Company) entered into an Offer Letter (the Offer Letter) with Peter Chakoutis, 54, pursuant to which Mr. Chakoutis was appointed as the Vice President of Finance of the Company, and in such role Mr. Chakoutis will act as Company's principal financial officer and principal accounting officer, effective as of February 24, 2020 (the Effective Date). As previously disclosed, Mr. Chakoutis previously served as the Company's Vice President of Finance and resigned from such role on January 17, 2020. Prior to becoming Vice President of Finance in August 2019, Mr. Chakoutis served as Director of Finance starting in February 2018.

From 2012 to 2017, Mr. Chakoutis was employed at HeartWare, Inc., a medical device leader in developing and manufacturing miniaturized implantable heart pumps; ventricular assist devices for the treatment of advanced heart failure, serving as HeartWare's Director of Sales Operations from 2015 to 2017 and Director of Financial Planning & Analysis from 2012 to 2015. Prior to 2000, he served in various managerial positions in the areas of financial reporting and accounting. Mr. Chakoutis has been a Certified Public Accountant in the State of Massachusetts since 1996, holds a B.S. in business administration - accounting from Norwich University, and a masters in finance from Bentley Graduate School.

In addition, on March 22, 2020, the Company's Board of Directors authorized Hong Yu, 47, the Company's President, to act as Company's principal executive officer with respect to performing the necessary actions pertaining to the review and execution of periodic reports filed with the SEC, including Quarterly Reports on Form 10-Q and Annual Reports on Form 10-K, related financial statements and disclosures, and related certifications. Mr. Yu has been President of the Company since May 2018. Biographical and other required disclosures are included in the Form 8-K filed by the Company on May 31, 2018 which is incorporated herein by reference.

While Mr. Yu has assisted the Company's lead investor, DST Capital, with respect to board, management and governance matters pertaining to the Company, there are no related party transactions between the Company and Mr. Yu. Mr. Yu is neither related to, nor does he have any other family relationship with, any existing member of the Board of Directors of the Company or any executive officer of the Company.