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.
2
© Edgar Online, source Glimpses