On January 19, 2024, Mr. Paul D. Freudenthaler resigned as Chief Financial Officer of Freight Technologies, Inc. (the ?Company?), which was accepted by the board of directors of the Company (the ?Board of Directors?) with immediate effect. Mr. Freudenthaler?s resignation is for personal reasons and there are no disagreements between Mr. Freudenthaler and the Company. His departure is not related to the operations, policies or practices of the Company or any issues regarding accounting policies or practices.

In order to maintain continuity and ease of transition, Mr. Freudenthaler will continue as Secretary of the Company and will join the Board as a non-independent director with effect from January 19, 2024. In connection therewith, Mr. Freudenthaler signed a Board Services Agreement with the Company. Pursuant to the said agreement, Mr. Freudenthaler will serve as a member of the Board until the earlier of the next annual meeting of shareholders, his successor is duly elected and qualified, he is terminated earlier or due to this resignation or removal in accordance with the Company?s governing documents and applicable law.

Also on January 19, 2024, the Company entered into an employment agreement with Donald Quinby to replace Mr. Freudenthaler as Chief Financial Officer of the Company (the ?CFO Employment Agreement?). Pursuant to the terms of the CFO Employment Agreement, Mr. Quinby?s initial term of employment is from January 19, 2024 through January 18, 2025. Prior to joining the Company, Mr. Quinby has held leading finance roles with several public companies.

Since 2018, Mr. Quinby has been a Finance Director covering financial planning and analysis and investor relations at Nextracker Inc., a leader in utility scale solar tracker and software solutions. Prior to that, from 2016 to 2018, Mr. Quinby was a Finance Director for a smart-home residential solar business at Flex, preceded by being a Senior Manager of Financial Planning & Analysis for SunEdison?s Residential and Small Commercial solar business from 2015 to 2016. Mr. Quinby was a Senior Manager of Business Finance at Dolby Laboratories from 2009 to 2015.

From 2004 to 2008, he was a Senior Manager, then director with KPMG, LLP?s Transaction Services, providing Mergers and Acquisitions advisory services on numerous deals for private equity and corporate clients. Mr. Quinby received an MBA from the University of California at Davis and a BA from Colby College. He has been a Chartered Financial Analyst charterholder since 2007.