The Corporate Governance, Nominations and Sustainability Committee, composed entirely of independent directors, and whose charter requires it to develop and review with the Board a succession plan for the Chief Executive Officer, has engaged a nationally recognized executive search firm that is identifying and evaluating both internal and external candidates. The Board has committed to publicly announcing Ethan Allen’s next CEO no later than June 30, 2027, the date on which Mr. Kathwari’s current contract is scheduled to end. As part of the planned succession, Mr. Kathwari has agreed to remain as a non-executive member of the Board after June 30, 2027, until the Company’s 2027 annual meeting, at which time he will step down from the Board.

Consistent with the Board’s succession planning, Mr. Kathwari will continue to lead the Company’s management team and execute Ethan Allen’s strategic priorities while supporting the Board’s search and an orderly leadership transition.