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TheStreet Open House

Health Discovery Corporation Appoints Thomas L. Gallagher As President, Chief Operating Officer And General Counsel

Health Discovery Corporation (OTCBB: HDVY) is pleased to announce that Thomas L. Gallagher has been appointed by the Board of Directors as President, Chief Operating Officer and General Counsel effective immediately.

Mr. Gallagher started at Health Discovery Corporation in late November 2009, as Executive Vice President and Managing Director, Global IP Strategies. Since August 9, 2010, Thomas L. Gallagher assumed the duties of President, General Counsel and Principal Financial Officer, in addition to his current duties.

“Tom has provided outstanding leadership this past year across our entire business,” said Stephen D. Barnhill, M.D., Chairman and CEO of Health Discovery Corporation. “He possesses a unique combination of strong execution skills, solid business and legal judgment, and a keen sense of new business development and strategy,” said Dr. Barnhill.

“It’s been an exciting year for Health Discovery Corporation and I’ve enjoyed immensely working closely with Dr. Barnhill, the Board of Directors and our colleagues to help drive our business to new levels of success,” Mr. Gallagher said.

On October 20, 2010, the Board of Directors also approved the grant to Mr. Gallagher of 2,500,000 options to purchase common stock. The options are exercisable immediately at an exercise price of $0.19 per share (the closing price on the grant date) and expire ten years after the grant date. For calendar year 2010, Mr. Gallagher will receive a base salary of $120,000 and will be eligible to receive a bonus of $120,000. The Company will record a charge of $357,798 in the fourth quarter with respect to the option grant. For calendar year 2011, Mr. Gallagher and the Board of Directors expect to finalize his compensation package by year-end 2010.

On October 21, 2010, the Company held its annual meeting of shareholders. The results were certified by Corporate Stock Transfer, Inc., the Company’s transfer agent. At the meeting, the shareholders elected the following directors by the vote shown:

 

Votes

 

Votes

 

Broker

For

Withheld

Non-Votes

 
Stephen D. Barnhill, M.D. 76,206,370 3,180,924 78,170,700
 
D. Paul Graham 78,550,012 837,282 78,170,700
 
Joseph McKenzie, D.V.M. 78,586,687 800,607 78,170,700
 
Curtis G. Anderson 78,532,285 855,009 78,170,700

Broker non-votes occur when shares held by a broker are not voted with respect to a particular proposal because the broker has not received voting instructions from the beneficial owner and the broker lacks discretionary voting power to vote such shares. Under New York Stock Exchange Rules, a broker does not have discretionary authority to vote in the election of directors absent instructions from the beneficial owner.

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