On September 16, 2022, Chris Caramanico, the Chief Executive Officer of MobileSmith, Inc. verbally resigned from position effective immediately. The Board agreed to waive any notice provisions related to Mr. Caramanico's resignation pursuant to his employment agreement. The Company will not owe Mr. Caramanico any severance payments or other amounts other than his accrued salary up to his resignation date.

Mr. Caramanico's resignation was not as a result of any disagreement with the Company or any of its subsidiaries on any matters related to their operation, policies or practices. Effective upon Mr. Caramanico's resignation, the Board appointed Gleb Mikhailov, the Company's current Chief Financial Officer, as the Company's Interim Chief Executive Officer. Mr. Mikhailov's current annual salary of $200,000 will not be adjusted at this time.

Mr. Mikhailov has been the Company's Chief Financial Officer since April 2013. From January 2013 to March 2013, Mr. Mikhailov served as the Manager of Financial Reporting and SEC Consulting in the SEC Solutions Group of Citrin Cooperman, LLP, an accounting firm providing business solutions and accounting services to middle market companies. From January 2005 until December 2012, Mr. Mikhailov was employed by EisnerAmper LLP, a full-service advisory and public accounting firm, in its Private Business Services Group and Audit and Assurance Group.

He was a Manager at EisnerAmper LLP since 2010. Mr. Mikhailov holds a B.A. in Accounting from Rutgers, The State University of New Jersey and an M.B.A. from Rutgers Business School. Mr. Mikhailov holds a CPA license issued by the State of New Jersey.