Creative Medical Technology Holdings, Inc. - Form 8-K Summary
Business Context and Reporting Period
This Current Report (Form 8-K) was filed by Creative Medical Technology Holdings, Inc. on September 16, 2021. The filing addresses Item 5.02 regarding the departure of directors or certain officers, election of directors, appointment of certain officers, and compensatory arrangements. The Company is incorporated in Nevada and is designated as an emerging growth company.
Key Financial Metrics
The filing does not provide revenue, profit, cash flow, margin, debt, or liquidity metrics. The document focuses exclusively on changes to executive and director compensation structures.
Material Changes
Effective September 16, 2021, the Company terminated its previous Management Reimbursement Agreement dated November 17, 2017, which had been in place with Creative Medical Health, Inc. (CMH). Under the prior arrangement, the Company reimbursed CMH for services provided by officers and directors employed by CMH. The Company has now established direct employment relationships with its executive officers and direct consulting arrangements with its non-employee directors.
Compensatory Arrangements and Management Commentary
Following the Board of Directors' approval, the following annual compensation rates are effective as of September 16, 2021:
- Timothy Warbington (CEO): $330,000 annual base salary as an employee.
- Donald Dickerson (CFO): $300,000 annual base salary as an employee.
- Dr. Thomas Ichim (Non-employee Director): $120,000 annual base compensation as a consultant.
- Dr. Amit Patel (Non-employee Director): $240,000 annual base compensation as a consultant.
The filing contains no specific guidance, outlook, or discussion of risks beyond the structural change in compensation.
Investor Verification Checklist
- Verify the termination date of the Management Reimbursement Agreement with CMH (stated as September 15, 2021).
- Confirm the start date of direct employment and consulting contracts (stated as September 16, 2021).
- Review the Company's cash position to ensure it can support the new direct salary and consulting obligations.
- Check for any additional equity-based compensation or bonuses not detailed in this specific 8-K filing.