Western Acquisition Ventures Corp. appointed James P. McCormick as new CEO

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


(a) Resignations of Directors


Each of Stephen Christoffersen, William Lischak, Ade Okunabi, Robin Smith and Adam Stern, constituting the entire Board of Directors, resigned effective December 28, 2023. Each of the resignations was precipitated by the potential excise tax payable under the Inflation Reduction Act and their potential liability if the Company were unable to pay it at the time the tax is due, and not as a result of any disagreements with the Company or any matter relating to the Company's operations, policies, or practices.


(b) Resignation of Officers


The Company has accepted Stephen Christoffersen's resignation from his position as Chief Executive Officer of the Company, effective December 27, 2023 . Mr. Christoffersen's resignation was precipitated by the potential excise tax payable under the Inflation Reduction Act and his potential liability if the Company were unable to pay it at the time the tax is due, and not as a result of any disagreements with the Company or any matter relating to the Company's operations, policies, or practices and, for one day, remained as a member of the Board of Directors of the Company following his resignation as Chief Executive Officer of the Company.


The Company has accepted William Lischak's resignation from his position as Chief Financial Officer of the Company, effective December 27, 2023 . Mr. Lischak's resignation was precipitated by the potential excise tax payable under the Inflation Reduction Act and his potential liability if the Company were unable to pay it at the time the tax is due, and not as a result of any disagreements with the Company or any matter relating to the Company's operations, policies, or practices and, for one day, remained as a member of the Board of Directors of the Company following his resignation as Chief Financial Officer, Treasurer, and Secretary of the Company.


(c) Appointment of Officer


The Company has appointed James P. McCormick, 57, to serve as the Chief Executive Officer, Chief Financial Officer, Treasurer, and Secretary of the Company, effective immediately upon the acceptance of Mr. Christoffersen's and Mr. Lischak's resignations as executive officers. Mr. McCormick previously served as Chief Operating Officer and Chief Financial Officer of KushCo Holdings Inc. from August 2017 to January 2019 and CEO of Ignite International Inc. from February 2019 to December 2019. Mr. McCormick has also served as a management consultant for UMBRLA, Inc. from December 2019 to September 2020, Redbird Bioscience from April 2021 to August 2021, Cars & Credit Master from November 2021 to December 2022, Abstrax Tech Inc. from January 2023 to April 2023, and Thought Leaders, Inc. since April 2023. Mr. McCormick had no affiliation with the Company prior to his appointments.


(d) Appointment of Director


The Company, by unanimous written consent, has elected Mr. McCormick, as described above, to serve on the Board of Directors, effective December 28, 2023. Mr. McCormick's term will expire at the Company's next annual meeting of stockholders.


(e) Compensatory Arrangements; Non-disclosure Agreement


The finalization of certain elements of Mr. McCormick's compensation package, including the specific grant date and terms of the equity awards and the details of any other potential incentive compensation arrangements, is still pending final negotiation and Board approval. The Company expects to finalize and report on Mr. McCormick's complete compensation package through a subsequent filing.