to the terms of Avid Technology, Inc.’s (the “Company”) Corporate Governance Guidelines (the “Guidelines”), in the event that a director’s outside employer changes during his or her term as a member of the Company’s Board of Directors (the “Board”), such director shall promptly tender his or her resignation to the Board contingent upon the Board’s acceptance, which the Board may accept or reject in its sole discretion. On December 15, 2019, John Wallace, a director of the Company, retired as Chief Executive Officer of Deluxe Entertainment and, in accordance with the Guidelines, tendered his resignation to the Board. On December 17, 2019, after consideration of his qualifications and prior service to the Board and the Company, the Board rejected Mr. Wallace’s resignation and Mr. Wallace agreed to continue to serve in his capacity as a Class III director of the Company.

About AVID TECHNOLOGY, INC. (NASDAQ:AVID)

Avid Technology, Inc. is a provider of an open and integrated technology platform, along with applications and services that enable the creation, distribution and monetization of audio and video content. The Company develops, markets, sells and supports software and hardware for digital media content production, management, secured content storage and distribution. The Company’s products are used in production and post-production facilities; film studios; network, affiliate, independent and cable television stations; recording studios; live-sound performance venues; advertising agencies; government and educational institutions; corporate communication departments, and by independent video and audio creative professionals, as well as aspiring professionals and enthusiasts. Projects produced using its products include feature films, television programs, live events, news broadcasts, commercials, music, video and other digital media content.