Phunware rescinds Executive Chairman and Chief AI Architect agreement with Rahul Mewawalla

Phunware, Inc.

Board formed Special Committee (independent directors Du and Han) on August 4, 2025, to review circumstances of the July 13 agreement.
Committee found proper basis to rescind; Company notified Mewawalla of rescission on August 7, 2025.
Agreement was for executive advisory, AI services, and support to interim CEO; rescinded in best interests of Company and shareholders.

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