On June 15, 2021, Sandra Pennell notified Vericel Corporation of her intention to resign as the company's Vice President, Controller and principal accounting officer. The effective date of Ms. Pennell's resignation is July 2, 2021. In connection with Ms. Pennell's resignation, Ms. Pennell and the Company are expected to enter into a consulting agreement pursuant to which she will assist the Company with transition matters and such other matters as the Company and Ms. Pennell may agree from time to time. Ms. Pennell will be compensated at a market hourly rate for certain services under the consulting agreement. On June 21, 2021, Joseph Mara, the company's Chief Financial Officer, was appointed principal accounting officer as of the effective date of Ms. Pennell's resignation.