Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On April 26, 2022, Luvu Brands, Inc. (the "Company") appointed Alexander A. Sannikov Chief Financial Officer of the Company, effective April 29, 2022 (the "Effective Date"). Biographical information for Mr. Sannikov is as follows:

Mr. Sannikov, age 40, has served as the Interim Finance Director at Allen Media Digital and Weather Group, subsidiaries of Allen Media Group, an Atlanta, GA based digital media and telecommunications company, from May 2021 through April 2022. Prior to his role at Allen Media Digital he served as Director of Financial Planning and Analysis at Axia Acquisitions Corp. dba AMES Taping Tools a Suwanee, GA based construction equipment manufacturing company, from August 2019 through February 2021. Prior to his role at Axia he served as Vice President, Finance at FiberLight, LLC an Alpharetta, GA based telecommunications company, from March 2018 through May 2019. Prior to that he served as Senior Finance Manager, Finance Manager and Senior Financial Analyst at Cox Communications, Inc. an Atlanta, GA based communications company, from July 2011 through March 2018. Mr. Sannikov received a B.B.A. in Finance from Georgia State University and a M.B.A. in Finance from Georgia State University.

The Company has not entered into a formal written employment agreement with Mr. Sannikov; however, on April 11, 2022, Mr. Sannikov entered into a Stock Option Agreement pursuant to the Company's 2015 Equity Incentive Plan granting him an incentive stock option for an aggregate of 250,000 shares of our common stock, 62,500 shares exercisable on April 11 of each year, beginning 2023 through 2026, at an exercise price of $0.20 per share. The option is exercisable for a period of 5 years from the initial grant date.

Ronald P. Scott, age 67, the Company's current Chief Financial Officer and Secretary and member of the board of directors, shall resign, as previously announced, effective on the Effective Date.






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