On December 9, 2022, Shift Technologies, Inc. completed the previously announced acquisition of CarLotz, Inc. pursuant to the Agreement and Plan of Merger dated as of August 9, 2022 by and among Shift, Shift Remarketing Operations, Inc., and direct wholly owned subsidiary of Shift (“ Merger Sub”), and CarLotz. Pursuant to the Merger Agreement, Merger Sub merged with and into CarLotz, with CarLotz continuing as the surviving corporation and a wholly owned subsidiary of Shift (the “ Merger”). Pursuant to the Merger Agreement, at the Effective Time all members of the CarLotz, Inc. board of directors, Linda B. Abraham, Steven G. Carrel, Nanxi Liu, David R. Mitchell, Kimberly H. Sheehy, James E. Skinner and Luis Ignacio Solorzano, ceased to be directors of CarLotz.

Immediately following the Effective Time, certain officers of Shift became directors of CarLotz. Pursuant to the Merger Agreement, at the Effective Time the resignations of CarLotz's executive officers, Lev Peker, Ozan Kaya, Eugene Kovshilovsky, Thomas W. Stoltz and Elizabeth Sanders, became effective. Immediately following the Effective Time, certain officers of Shift became officers of CarLotz.