Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On August 1, 2022, William Hoffman notified Inari Medical, Inc. (the "Company")
of his decision to resign as Chief Executive Officer and President of the
Company, effective as of December 31, 2022 (the "Effective Date"). Following the
effective date of the resignation, Mr. Hoffman will continue in his role as a
member of the Company's Board of Directors and will be eligible to receive
compensation for such service under the Company's non-employee director
compensation program. Mr. Hoffman's outstanding equity awards will continue to
vest in accordance with their terms subject to his continued service to the
Company as a member of the Board of Directors of the Company.
On August 1, 2022, the Board of Directors of the Company approved the
appointment of Andrew Hykes as the Chief Executive Officer and President of the
Company, succeeding Mr. Hoffman in this role, and as a member of the Board of
Directors of the Company, in each case following the Effective Date. Mr. Hykes
will report directly to the Board of Directors in his new role.
Mr. Hykes, age 49, has served as the Company's Chief Operating Officer since
October 2020 and previously served as the Company's Chief Commercial Officer
from September 2017 to October 2020. From November 2012 to January 2017, Mr.
Hykes was the Vice President of Commercial Operations of Sequent Medical Inc.,
or Sequent Medical, a private company focused on catheter-based neurovascular
therapies that was acquired by Terumo Corporation in July 2016. Prior to this,
Mr. Hykes worked for Medtronic PLC, a public medical device company, from August
2002 to October 2012, where he held several positions including: Vice President
of Marketing, Vice President of Clinical and Regulatory Affairs and Director of
Investor Relations. From 1995 to 2000, Mr. Hykes worked in healthcare banking
for ABN AMRO Bank. Mr. Hykes received his B.B.A. from the University of
Wisconsin Madison and an M.B.A. from Harvard Business School.
Additional information regarding Mr. Hykes, including his compensation and any
related party transactions, appears in the Company's Definitive Proxy Statement
on Schedule 14A, filed with the Securities and Exchange Commission on April 14,
2022, under the headings "Executive Compensation" and "Certain Relationships and
Related Party Transactions," which information is incorporated herein by
reference.
The Compensation Committee and Board of Directors of the Company will evaluate
the compensation of Mr. Hykes as Chief Executive Officer and President of the
Company at a later date. As an employee director, Mr. Hykes will not receive any
compensation for his service as a member of the Board of Directors of the
Company. There are no family relationships between Mr. Hykes and any of the
Company's directors or executive officers.
Item 8.01 Other Events.
On August 3, 2022, the Company issued a press release announcing these changes
(the "Press Release"). A copy of the Press Release is attached hereto as Exhibit
99.1 and incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit
No. Description
99.1 Press Release of Inari Medical, Inc., dated August 3, 2022
104 Cover Page Interactive Data File (embedded within the Inline XBRL
document)
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