On January 3, 2021, SMTC Corporation (the 'Company'), entered into an Agreement and Plan of Merger (the 'Merger Agreement') with EMS Silver Inc. ('Parent') and EMS Silver Merger Sub Inc. ('Merger Sub'). Parent and Merger Sub are controlled by funds affiliated with H.I.G. Capital ('H.I.G.'). As previously disclosed, on November 4, 2020, the Company announced that Richard J. Fitzgerald, Chief Operating Officer, has decided for personal reasons to pursue other opportunities. On January 3, 2021, the Company and Mr. Fitzgerald entered into a Separation Agreement, pursuant to which Mr. Fitzgerald’s employment will terminate effective March 31, 2021, unless extended at the discretion of the Chief Executive Officer in the event certain operational projects are not substantially completed by that date.