On April 14, 2020, the Board of Directors (the “Board”) of Zoom Telephonics, Inc. (the “Company”) appointed Jeremy Hitchcock as Executive Chairman of the Board. As previously
disclosed, Mr. Hitchcock previously served as the Company’s Chairman of the Board since February 1, 2020 and as a Director of the Board since May 2019. Mr. Hitchcock is a technology entrepreneur and is the co-founder, President and Chief Executive
Officer and a stockholder of Minim, Inc. (“Minim”), a fast growing IoT networking and security company. Previously, Mr. Hitchcock founded Dyn when he was a student at Worcester Polytechnic Institute in 2001. Dyn is an Internet infrastructure company
connecting people, content, and commerce. Dyn grew to 500 people and raised $100 million of growth capital. Dyn was acquired by Oracle in 2017. Mr. Hitchcock earned a BS in Management Information Systems from Worcester Polytechnic Institute.
As previously disclosed, on May 3, 2019, the Company entered into a Stock Purchase Agreement with certain accredited investors, including Mr. Hitchcock, in a private placement (the “Private
Placement”) pursuant to which the Company sold an aggregate of 4,545,455 shares of common stock, par value $0.01 per share at a purchase price of $1.10 per share. The gross proceeds to the Company at the closing of the Private Placement was
approximately $5.0 million. In connection with the Private Placement, Mr. Hitchcock was appointed as a member of the Board. In addition, as previously disclosed, on July 25, 2019,
the Company entered into a Master Partnership Agreement with Minim, together with a related Statement of Work, License, Collaborative Agreement, Software/Service Availability Agreement and Software/Service Support Level Agreement (collectively, the
“Partnership Agreement”). Under the Partnership Agreement, the Company will integrate Minim software and services into certain hardware products distributed by the Company, and Minim will be entitled to certain fees and a portion of revenue
received from the end users of such services and software. The Company and Minim entered into an additional Statement of Work on December 31, 2019 providing for further integration of Minim services, with a monthly minimum payment of $5,000
payable by the Company to Minim starting in January 2020 for a period of thirty-six months and a requirement for Minim to purchase at least $90,000 of the Company’s hardware by December 2022. As of April 14,
2020, the Company has made payments of $10,000 on February 21, 2020 and $5,000 on March 12, 2020 to Minim under the Partnership Agreement.
Mr. Hitchcock is neither related to, nor does he have any relationship with, any existing member of the Board or any executive officer of the Company. Other than the
Private Placement and Mr. Hitchcock’s relationship with Minim, there are no transactions between the Company and Mr. Hitchcock that are required to be disclosed under Item 404(a) of Regulation S-K.