On April 28, 2023, Yaniv Blumenfeld, a member of the Board of Directors of Safe & Green Holdings Corp. (the Company) was appointed as a director of Safe and Green Development Corporation (SG DevCo). In connection with his appointment to the SGDevCo board of directors, Mr. Blumenfeld resigned, effective as of April 28, 2023, from his position as a member of the Company's Board.

The resignation was not related to any disagreement with the Company on any matter relating to its operations, policies or practices. Pursuant to a Letter Agreement, dated April 28, 2023 (the “Letter Agreement”), the Company has agreed to invite Mr. Blumenfeld to attend all meetings of the Board as a non-voting Board observer so long as he continues to serve as a director of SG DevCo.