The employment agreement between AGM Group Holdings Inc. and Mr. Bin Cao, Chairman of the company, expired on May 19, 2021. Mr. Cao continued to serve on an at-will basis after expiration through September 10, 2021, when the Board of Directors (the "Board") determined not to extend Mr. Cao's employment and to remove Mr. Cao from all position of the company. On September 15, 2021, the Board approved the appointment of Chenjun Li, Co-CEO of the company, as the director and the Chairman of the Board, effective September 15, 2021, until the next annual shareholders meeting or until his earlier death, resignation or removal.