Invacare Corporation Announces Private Exchange to Retire Approximately $33 Million Principal Amount of Its 5.0% Convertible Senior Notes Due 2021 and Approximately $39 Million Principal Amount of Its 4.5% Convertible Senior Notes Due 2022 - Seite 2

The New Notes provide the Company with the option, at its election, to redeem the New Notes in whole or in part for cash, prior to maturity, if the last reported sale price of the Company’s common shares equals or exceeds 130% of the then applicable conversion price for the required measurement period, at a redemption price equal to 100% of the accreted principal amount of New Notes to be redeemed, plus any accrued and unpaid interest, if any, on the original principal amount of New Notes redeemed.

Prior to May 15, 2024, the New Notes will be convertible only upon satisfaction of certain conditions and during certain periods, and thereafter, at any time until the close of business on the second scheduled trading day immediately preceding the maturity date. Upon conversion, the New Notes may be settled in cash, the Company’s common shares or a combination of cash and the Company’s common shares, at the Company’s election. In addition, following (i) a redemption of the New Notes by the Company at its election or (ii) certain corporate events that occur prior to the maturity date of the New Notes, the Company will pay a make-whole premium by increasing the conversion rate for a holder who elects to convert its New Notes in connection with such a redemption or corporate event in certain circumstances. If the Company undergoes a “fundamental change”, holders of the New Notes will have the right to require the Company to repurchase all or some of their New Notes at 100% of the accreted principal amount of New Notes to be repurchased, plus any accrued and unpaid interest, if any, on the original principal amount of New Notes repurchased.

When issued, the New Notes will be the Company’s senior unsecured obligations and will rank senior in right of payment to any of the Company’s unsecured indebtedness that is expressly subordinated in right of payment to the notes; equal in right of payment to any of the Company’s unsecured indebtedness that is not so subordinated, including the 2021 Notes, the 2022 Notes and the Company’s 5.00% Convertible Senior Exchange Notes due 2024 issued in November 2019; effectively junior in right of payment to any of the Company’s secured indebtedness to the extent of the value of the assets securing such indebtedness; and structurally junior to all indebtedness and other liabilities (including trade payables) of the Company’s subsidiaries.