MINM Minim Inc (PK)

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

On December 22, 2021, Minim, Inc. (the “Company”) announced that Sean Doherty notified the Company of his intention to resign as the Company’s Chief Financial Officer in order to pursue a new opportunity with a private company. Mr. Doherty is committed to an orderly transition of his duties and will remain with the Company until March 31, 2022 or such earlier date as agreed by the Company and Mr. Doherty (the “Separation Date”). Mr. Doherty’s departure is not related to any disagreement with the Company’s accounting, operating policies or practices.

The Company will engage an external firm to support its effort to commence an external search for Mr. Doherty’s replacement.

Effective January 1, 2022 and until a successor has been identified, the Company has appointed Dustin Tacker, the Company’s Vice President and Corporate Controller, to serve as its Interim Chief Accounting Officer. Upon assuming this role, he will also assume the duties of the Company’s principal financial officer and principal accounting officer for Securities and Exchange Commission reporting purposes. Mr. Tacker, 46, joined Minim, Inc. in 2020, and currently serves as the Company’s Vice President of Accounting and Corporate Controller.

Mr. Tacker has over 20 years of finance, accounting and operational leadership experience. Prior to joining Minim, he served as Senior Director of Accounting at Access Information Management. Mr. Tacker was also previously the corporate controller for SmartBear Software and a global controller at General Electric. Mr. Tacker is a Certified Public Accountant and graduated from the University of Texas with a Masters in Professional Accounting and Bachelor in Business Administration.

In connection with his appointment as Interim Chief Accounting Officer, the Board approved a monthly stipend of $1,300 (in addition to his current base salary), to be paid each month in which Mr. Tacker serves as Interim Chief Accounting Officer. There is no family relationship between Mr. Tacker and any of our other officers and directors. There are no understandings or arrangements between Mr. Tacker and any other person pursuant to which Mr. Tacker was appointed as interim Chief Accounting Officer.

The Company has entered into a transition and separation agreement with Mr. Doherty (“Agreement”). Pursuant to the Agreement, Mr. Doherty will continue to serve as the Company’s Chief Financial Officer through the Separation Date (such period through the Separation Date, the “Transition Period”). During the Transition Period, Mr. Doherty will be paid his current base salary and remain eligible to participate in the Company’s health and welfare benefit plans. Subject to continued employment during the Transition Period, Mr. Doherty’s outstanding stock options will be fully vested as of the Separation Date. The vested options will remain exercisable for the three months following the Separation Date in accordance with the Company’s equity plan. The Agreement provides for customary general releases and waivers of claims by Mr. Doherty against the Company. The foregoing description of the Agreement is qualified in its entirety by reference to the full text of the Agreement, a copy of which is attached as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.