Health Discovery Corp (HDVY)

[LocWolf]

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http://www.sec.gov/Archives/edgar/data/1141788/000118811213003026/t77667_8k.htm

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



In connection with his appointment to the Board of Directors in July 2013, on October 21, 2013, the Board of Directors of Health Discovery Corporation (the “Company”) granted to Mr. William Quirk an option to purchase 1,500,000 shares of the Company’s common stock. This option grant is consistent with what has been granted to other board members. The options vest 250,000 shares every six months, have an exercise price of $0.036, and expire on October 21, 2023.



Also, on October 21, 2013, the Company granted options to purchase 6,000,000 shares of the Company’s common stock to a group of employees and consultants in recognition of their efforts to lower the Company’s monthly expenditures and compensation and their continuing contributions to the Company. The options vest over a three-year period, have an exercise price of $.036, and expire on October 21, 2023. Within the group of 6,000,000 options, the Company’s Vice President, Mark A. Moore, Ph.D., received an option to purchase 1,000,000 shares of the Company’s common stock and the Company’s Senior Vice President, Hong Zhang, Ph.D., received an option to purchase 750,000 shares of the Company’s common stock. The non-cash charge for the fair value of each option will be recognized as an expense over the three-year vesting period.