Management Change/Compensation (Form 8-K)

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

On January 11, 2025, our Board of Directors appointed Michael Ryan to our Board of Directors. Mr. Ryan will serve in this capacity until the next meeting of stockholders or until his successor has been duly elected and qualified, or until the earlier of his death, resignation or removal.

Mr. Ryan is a seasoned executive, entrepreneur and investor within the early-stage technology and life science industry. Mr. Ryan is one of the Founder Directors of Irrus Investments, Ltd., a role he has held since 2011. Irrus Investments is the largest angel investment syndicate in Ireland with an emphasis on life science companies. To date, Irrus has invested over €40million in 35 early-stage life science and technology companies in Ireland, UK, Sweden and USA. Mr. Ryan previously served as Chief Executive Officer and Board Member of Sedana Medical, from 2011 until shortly before the Company launched on the Nasdaq owned First North stock exchange in Stockholm in 2017. Prior to this, he was the main shareholder and Chief Executive Officer of Artema Medical AB, where he helped orchestrate the Company's acquisition by Datascope Corporation. Mr. Ryan holds a B.Eng in Mechanical Engineering and a Masters in Industrial Engineering from University College Dublin.

In connection with Mr. Ryan's appointment he was granted the same compensation as the other members of our Board of Directors, namely, (i) an annual payment $30,000 paid in equal quarterly installments, and (ii) restricted stock units with a grant date fair value of $50,000, or at the discretion of the Directors, options to acquire the same number of shares of common stock, with any equity compensation priced on the average closing prices of the Corporation's common stock for the five trading days preceding and including the date of grant and will vest in equal quarterly installments over one year.