LuxUrban Hotels Inc. on March 1, 2024, Brian Ferdinand and company executed an amendment to his employment agreement, dated as of August 7, 2023 and effective October 1, 2023 (August 2023 Ferdinand Employment Agreement), pursuant to which during the period from March 1, 2024 through May 31, 2024 (the CEO Transition Period), Mr. Ferdinand will transition from the position of Chairman of the Board and co-Chief Executive Officer to the sole position of Executive Chairman of the Board (such transition to be deemed automatically completed on June 1, 2024). In his role of Executive Chairman of the Board, Mr. Ferdinand will be responsibility for all customary Executive Chairman duties and will also oversee the day to day management of company?s acquisition and long-term lease acquisition activities. During the CEO Transition Period, he will also assist Shanoop Kothari, current co-Chief Executive Officer and Chief Financing Officer, in assuming the role of sole Chief Executive Officer.

On February 28, 2024, David Berg resigned voluntarily from board of directors. On March 1, 2024, company was advised of the passing of Donald Engle, a member of board of directors. It is the current intention of company to maintain the board at five members.

Giving effect to these departures, current board is comprised of Brian Ferdinand, Elan Blutinger, Leonard Toboroff, Aimee Nelson, and Jeffrey Webb. Four of five directors are independent directors under applicable Nasdaq rules.