On March 11, 2020, the Board of Directors of Gadsden Properties, Inc. elected Michael Cha to the Board and appointed him as Chairman of the Company’s Audit Committee. Mr. Cha was appointed until his successor is duly elected and qualified. There are no family relationships among Mr. Cha and any existing director or officer. There are also no arrangements or understandings between Mr. Cha and any other persons pursuant to which he was selected as a director.