Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
(b)
As part of Novation's effort to reduce costs, on August 16, 2021, Howard Timothy
Eriksen and Lee D. Keddie notified Novation's Board of Directors of their
decision to resign from the Company's Board and all committees on which they
serve, effective immediately. Their decision was based on personal reasons and
not a result of any disagreement between them and the Company on any matter
relating to the Company's operations, policies, personnel or practices. In
addition, David W. Pointer, Novation's Chief Executive Officer voluntarily
reduced his annual compensation from $250,000 to $125,000. Novation continues
to focus on lowering it's operating costs as well as exploring alternatives with
it's creditors.
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