MITQ Moving iMage Technologies Inc

On January 19, 2023, the Board of Directors of Moving iMage Technologies, Inc. (the “Company”) appointed William F. Greene to serve as the Company’s interim Chief Financial Officer, effective January 23, 2023. In November 2022, Michael R. Sherman, the Company’s Chief Financial Officer since 2018, passed away unexpectedly. Mr. Greene will be the Company’s principal financial officer and principal accounting officer on an interim basis.

Mr. Greene, age 66, is the founder of William Greene Consulting, established in 2001, which provides financial consulting services for private and public companies, such as preparing financial reports, comprehensive financial forecasting or CFO level strategy business planning and cash flow reviews, and Securities and Exchange Compliance (“SEC”) compliance and investor relations management. Mr. Greene’s experience includes serving as the chief financial officer for AscentX Medical Inc. from 2015 to 2017, serving as a consultant to the chief financial officer of Pepperball Technologies, Inc. from 2009 to 2010, and serving as the chief financial officer for Surge Global Energy from 2006 to 2008. Mr. Greene holds a Bachelor of Science degree in Business Administration with a focus on accounting from California State University Dominguez Hill.

In connection with his appointment, on January 19, 2023, the Company and Mr. Greene entered into an Interim CFO Engagement Agreement pursuant to which Mr. Greene will be paid an annual salary of $204,000. The Company will also enter into its standard form of indemnification agreement with Mr. Greene, which will provide indemnification protection in connection with his service as interim Chief Financial Officer of the Company. The foregoing summary of the Interim CFO Engagement Agreement does not purport to be complete and is subject to, and qualified in its entirety by, such document attached as Exhibit 10.1 to this Current Report on Form 8-K, which is incorporated herein by reference. The Indemnification Agreement is substantially similar to the form filed as Exhibit 10.2 of the Company’s Registration Statement on Form S-1/A (333-234159), filed with the SEC on February 21, 2020.

There are no arrangements or understandings between Mr. Greene and any other person pursuant to which he was appointed as interim Chief Financial Officer and Mr. Greene does not have a direct or indirect material interest in any “related party” transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K. Mr. Greene does not have any family relationships with any of the Company’s directors or executive officers of the Company.