Item 5.02 Departure of Directors or Principal Officers; Election of Directors;
Appointment of Principal Officers.
On June 10, 2022, Marty Delmonte notified George H. McGovern, III, Chairman and
Chief Executive Officer of Health Discovery Corporation (the "Company") in a
telephone call that he intended to resign from his position as President, Chief
Operating Officer and director of the Company. Mr. Delmonte stated that the
reason for his resignation was that Mr. Delmonte's compensation arrangement was
not acceptable.
Due to the Company's financial position, the Company suspended payment of
salaries effective January 1, 2022. Since the Company has recently raised
additional capital, the Company planned to resume payment of salaries on a
modified basis. The plan has been to pay future salaries 50% in cash and 50% in
promissory notes on the same terms and conditions as the promissory note issued
to certain investors on March 24, 2022 (as more fully described in the Company's
Current Report on Form 8-K filed with the SEC on March 30, 2022). Mr. McGovern
advised Mr. Delmonte of such plan and that his unpaid salary from January 1,
2022 to the present would be paid in promissory notes. Mr. Delmonte advised Mr.
McGovern that the plan was unacceptable to him.
After additional communications in an effort to resolve Mr. Delmonte's concerns,
Mr. Delmonte sent the resignation email attached as Exhibit 99.1. In that email,
Mr. Delmonte lists additional management disagreements. To the best knowledge of
the Company, Mr. Delmonte does not have any concerns regarding the merits of the
Company's patent infringement claim against Intel Corporation.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
99.1 Marty Delmonte Resignation Email
104 Cover Page Interactive Data File (embedded within the Inline XBRL document).
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