Velodyne Lidar, Inc. announced that as a result of the First Merger, each of Virginia Boulet, Ernie Maddock, Andy Mattes, Kristin Slanina, Ted Tewksbury and Hamid Zarringhalam ceased to be directors of the Company as of the Effective Time, and the directors of Merger Sub I as of immediately prior to the Effective Time became the directors of the Surviving Corporation. As a result of the Second Merger, the managing member of the Surviving Entity is the Person (as defined in the Merger Agreement) who was the managing member of Merger Sub II as of immediately prior to such time as the Second Merger became effective (the “ Second Effective Time”). As a result of the First Merger, each of the Company's executive officers as of immediately prior to the Effective Time ceased to be officers of the Company, and the officers of Merger Sub I became the officers of the Surviving Corporation.

As a result of the Second Merger, the officers of the Surviving Entity are the individuals who were officers of Merger Sub II as of immediately prior to the Second Effective Time.