At least we now know why Marty left the company...
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Posted On: 06/22/2022 5:45:05 PM
At least we now know why Marty left the company......
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.
https://www.sec.gov/ix?doc=/Archives/edgar/da...lth_8k.htm
____________________________
Marty's letter............
EX-99.1 2 health_ex9901.htm MARTY DELMONTE RESIGNATION EMAIL
Exhibit 99.1
From: Marty Delmonte
Date: June 15, 2022 at 11:35:33 AM EDT
To: Board of Directors
Subject: Resignation
George:
I hereby resign my position as President, COO and director from Health Discovery Corporation (“HDC” or the “Company”) effective immediately.
After twelve years of association and employment with HDC, the grave decisions you seem to have made unanimously on behalf of the Company and its shareholders require this resignation. Because the Company has not held a board meeting for almost six months, these decisions appear to be yours alone.
As you are keenly aware, I disagree with you on many strategic and operational decisions you have made. These include, but are not limited to, matters regarding litigation with Intel and Vennwest, withholding wages owed to employees, and refusal to pay vendors in a timely manner if at all. This list is not meant to be exhaustive and there are considerably more disagreements I have with your decisions.
It is a travesty that I must make this decision to resign, but your actions leave me no choice. Regardless of my decision, I retain the right to indemnification afforded to all officers and directors for their tenure at the Company as well as rights for wages owed.
Sincerely, Marty Delmonte
https://www.sec.gov/Archives/edgar/data/11417...ex9901.htm
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.
https://www.sec.gov/ix?doc=/Archives/edgar/da...lth_8k.htm
____________________________
Marty's letter............
EX-99.1 2 health_ex9901.htm MARTY DELMONTE RESIGNATION EMAIL
Exhibit 99.1
From: Marty Delmonte
Date: June 15, 2022 at 11:35:33 AM EDT
To: Board of Directors
Subject: Resignation
George:
I hereby resign my position as President, COO and director from Health Discovery Corporation (“HDC” or the “Company”) effective immediately.
After twelve years of association and employment with HDC, the grave decisions you seem to have made unanimously on behalf of the Company and its shareholders require this resignation. Because the Company has not held a board meeting for almost six months, these decisions appear to be yours alone.
As you are keenly aware, I disagree with you on many strategic and operational decisions you have made. These include, but are not limited to, matters regarding litigation with Intel and Vennwest, withholding wages owed to employees, and refusal to pay vendors in a timely manner if at all. This list is not meant to be exhaustive and there are considerably more disagreements I have with your decisions.
It is a travesty that I must make this decision to resign, but your actions leave me no choice. Regardless of my decision, I retain the right to indemnification afforded to all officers and directors for their tenure at the Company as well as rights for wages owed.
Sincerely, Marty Delmonte
https://www.sec.gov/Archives/edgar/data/11417...ex9901.htm
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