Creative Medical Technology Holdings Inc.
09/22/2021 | Press release | Distributed by Public on 09/22/2021 14:16
Management Change/Compensation (Form 8-K)
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Effective September 16, 2021, upon the approval of the Board of Directors (the "Board") of Creative Medical Technology Holdings, Inc. (the "Company"), the Company entered into direct employment relationships with its executive officers, and direct consulting arrangements with its non-employee directors. As a result, effective September 16, 2021, Timothy Warbington, the Company's Chief Executive Officer, and Donald Dickerson, the Company's Chief Financial Officer, will be paid annual base salaries of $330,000 and $300,000, respectively, as employees of the Company; and Dr. Thomas Ichim and Dr. Amit Patel will be compensated at the rate of $120,000 base and $240,000 per annum, respectively, for their service as consultants of the Company.
The Company's officers and directors were previously compensated indirectly pursuant to a Management Reimbursement Agreement, dated November 17, 2017 (as amended, the "Reimbursement Agreement"), among the Company, Creative Medical Technologies, Inc. and Creative Medical Health, Inc. ("CMH"), under which the Company was required to reimburse CMH for the services provided to the Company by the officers and directors of the Company employed by CMH. The Reimbursement Agreement was terminated effective September 15, 2021.
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