ParkerVision Inc. has announced a significant change in its governance structure by expanding its Board of Directors. On October 23, 2026, the Board voted unanimously to increase its size from four to five members, creating a new class II director vacancy. William G. Walters has been appointed to fill this vacancy.

Walters, age 89, brings a wealth of experience from his previous career in investment banking, where he focused on micro and small-cap companies. He holds a Bachelor of Science in Economics from the Wharton School at the University of Pennsylvania and has completed the Owner/President Management program at Harvard Business School.

This appointment is expected to enhance ParkerVision's strategic direction and governance. The company did not disclose any arrangements or understandings between Walters and any other parties regarding his selection as a director. Additionally, there are no transactions involving Walters that require disclosure under Item 404(a) of Regulation S-K.

Walters will receive the standard non-employee director compensation arrangements offered by ParkerVision. The company has also entered into its standard indemnification agreement with him.

The Board's decision to expand its membership reflects a commitment to strengthening its governance and oversight capabilities, which can be critical for navigating the challenges in the radio and TV broadcasting and communications equipment industry.

For further details, ParkerVision has issued a press release announcing Walters' appointment, which is available as Exhibit 99.1 in the filing.

The filing does not specify what steps will follow this board expansion, but the addition of Walters may signal a proactive approach to enhancing the company's leadership.