Phunware (PHUN) Appoints Rahul Mewawalla as Chief Artificial Intelligence (AI) Architect

On July 13, 2025, Phunware (NASDAQ: PHUN) appointed Rahul Mewawalla, the Company's chairperson of the Board of Directors (the "Board") as its Executive Chairman and Chief Artificial Intelligence (AI) Architect. In connection therewith, the Company entered into an Executive Chairman and Chief AI Architect Agreement with Mr. Mewawalla (the "Mewawalla AI Agreement") to provide AI services and executive support to the Company's new interim Chief Executive Officer. The Mewawalla AI Agreement provides for cash compensation in the amount of $50,000 per month, payable bi-monthly for a term of six months, unless earlier terminated or mutually extended by the affirmative vote of a majority of the Board and Mr. Mewawalla. The Mewawalla AI Agreement further provides that Mr. Mewawalla will continue to receive cash and stock compensation that is due and payable in accordance with the Company's compensation policy for its board members. Furthermore, the Mewawalla AI Agreement provides that the Company will nominate Mr. Mewawalla as a member of the Board at the Company's 2025 Annual Meeting of Stockholders, subject to applicable laws and Nasdaq requirements.

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