On October 20, 2019, Neonode Inc. entered into an employment agreement with Urban Forssell to serve as Chief Executive Officer of the Company. The Board of Directors of the Company anticipates that Mr. Forssell's commencement of employment will be no later than January 1, 2020. Mr. Forssell has served since September 2013 as a Vice President and between March 2011 and August 2013 as a General Manager at Öhlins Racing AB.

His positions at Öhlins Racing have included responsibility for sales and marketing of MC and Automotive suspension systems, research and development, and quality assurance. Prior to joining at Öhlins Racing, Mr. Forssell served as Manager at Autoliv Electronics AB between September 2010 and February 2011. Prior to that, he served as President and Chief Executive Officer at NIRA Dynamics AB between May 2001 and August 2010.

Mr. Forssell has a Ph. D. in Automatic Control and a M.Sc. in Applied Physics and Electrical Engineering, both from Linköping University in Sweden.

Mr. Forssell also will serve as President of the Company. Additionally, on October 22, 2019, Håkan Persson resigned as President and Chief Executive Officer of the Company. His resignation was effective immediately.

In the period between Mr. Persson's resignation and the Mr. Forssell's commencement of employment, Maria Ek has been appointed to serve as interim President and Chief Executive Officer of the Company. Ms. Ek currently is and will continue to serve as Chief Financial Officer, Vice President, Finance, Treasurer and Secretary of the Company.