On March 21, 2021, Zovio Inc. and Mr. Andrew S. Clark entered into a Separation Agreement and Release pursuant to which, among other things, the company and Mr. Clark mutually agreed that Mr. Clark would separate from service with the Company, resigning as Chief Executive Officer (“CEO”) and all other offices of the Company, effective as of March 31, 2021. The Company has commenced a search for a new CEO to lead its continuing transition in becoming an education technology services company. In the interim, Zovio will be led by an office of the CEO comprised of Zovio’s Board of Directors Chair George Pernsteiner, Zovio’s Executive Vice President and Chief Operating Officer Christopher Spohn, and Zovio’s Executive Vice President and General Counsel Diane Thompson. Under the guidance of the Board of Directors, the Office of the CEO will advance Zovio’s strategic plan and ensure continued operations and provision of quality services. Pursuant to the terms of the Employment Agreement, upon the termination of his employment for any reason, Mr. Clark is deemed to have immediately resigned from his position as a director on the Company’s board of directors (the “Board”). Mr. Clark resigned as a member of the Board effective as of March 22, 2021.