UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
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| Title of each class | Ticker symbol(s) | Name of each exchange on which registered | ||
| OTC | ||||
| OTC |
| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On April 11, 2025, LuxUrban Hotels Inc. (the “Company”) entered into a mutual termination and settlement agreement (the “Agreement”) with Robert Arigo, the Company’s Chief Operating Officer, pursuant to which Mr. Arigo’s employment with the Company terminated by mutual agreement without cause. . The Company thanks Mr. Arigo for his hard work and significant contributions during his tenure.
Pursuant to the terms of the Agreement, Mr. Arigo will be entitled to (i) severance payments in the aggregate amount of $50,000, to be paid in ten equal weekly instalments of $5,000, and (ii) the repayment of an outstanding promissory note, of the Company in the amount of $67,847.78 by April 18, 2025.
Mr. Arigo has also agreed to continue assisting the Company as an independent contractor with its audit of certain Company vendors (the “Audit). In the event that the Company is able to recover any monetary value as a result of the Audit, Mr. Arigo will be entitled to fifty percent (50%) of the net proceeds, as defined in the agreement, of such recovery.
The Agreement contains other customary provisions, including a general release by Mr. Arigo of any claims against the Company and certain other related parties, and by the Company of any claims against Mr. Arigo, continuing indemnification by the Company of Mr. Arigo for his acts or omissions during the course of his employment, and confidentiality terms.
On April 15, 2025, Brian Ferdinand, Interim Chief Executive Officer and Chairman of the Company, informed the Board of Directors that, effective April 15, 2025, Mr. Ferdinand would voluntarily forego all future salary and Company provided benefits in order to help further reduce the Company’s operating expenses.
| Item 9.01 | Financial Statements and Exhibits |
| Exhibit | Description | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
| 1 |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Dated: April 17, 2025 | LUXURBAN HOTELS INC. | ||
| By: | /s/ Michael James | ||
| Name: | Michael James | ||
| Title: | Chief Financial Officer | ||
| 2 |