SEC Filing: Health Discovery Terminates Consulting Agreement With Stephen Barnhill
On January 7, 2013, the Board of Directors of Health Discovery Corporation exercised its right to terminate the Consulting Agreement dated October 21, 2012 by and between the Company and Stephen D. Barnhill, M.D., effective May 7, 2013.
As previously disclosed on October 21, 2012, Dr. Barnhill resigned as an employee of the Company and resigned as the Chief Executive Officer of the Company, effective upon the appointment of his successor. On December 18, 2012, the Board of Directors appointed John A. Norris, J.D., M.BA. as Chief Executive Officer of the Company.
The Consulting Agreement with Dr. Barnhill was entered into for the purposes of an orderly transition of management duties, assistance with special projects, and the successful completion and commercialization of the Retinalyze partnership. The cause for termination was due to, the Company no longer requiring transition services for Dr. Norris and certain performance issues. Dr. Barnhill will be required to work within the terms of Consulting Agreement in order to continue to receive payment under the Consulting Agreement. The Notice of Termination Letter is attached as Exhibit 10.2.