LuxUrban Hotels Inc. announced 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, 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, as further described below.

On March 1, 2024, Shanoop Kothari and company executed an amended and restated employment agreement, pursuant to which during the CEO Transition Period, Mr. Kothari will transition from the position of co-Chief Executive Officer and Chief Financial Officer to sole Chief Executive Officer and Acting Chief Financial Officer. In his role of Chief Executive Officer, Mr. Kothari will oversee the day to day operations and implementation of the strategic plans of company.