SPYR SPYR Inc (CE)

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

Effective December 31, 2021, the Registrant terminated the employments of James R. Thompson, Chief Executive Officer, President, and General Counsel, and Jennifer D. Duettra, Executive Vice-President, Assistant General Counsel, and Secretary. The terminations were made without cause and in the best interests of the Registrant in order to reduce accrual of salaries.

Effective December 31, 2021, the Registrant appointed Tim Matula, age 61, as its Chief Executive Officer, Secretary, and Treasurer. There was no arrangement or understanding between Mr. Matula and any other person(s) pursuant to which Mr. Matula was selected as an officer. Since the beginning of the Registrant’s last fiscal year and to date, Mr. Matula has not been involved with any related party transaction exceeding $120,000, in which Mr. Matula had or will have a direct or indirect material interest.

Tim Matula joined Shearson Lehman Brothers as a financial consultant in 1992. From 1994 to 1997, Mr. Matula joined Prudential Securities, attaining the position of Associate Vice President, Investments, Quantum Portfolio Manager. Mr. Matula became a director of the Registrant in 1996. From 2000 to 2003 Mr. Matula was treasurer and director of the Topaz Group, an international vertically integrated jewelry manufacturer located in Bangkok, Thailand. From 2004 to 2011, Mr. Matula was a director of PharmaCyte Biotech, Inc. From 2008 to 2012, Mr. Matula was Director of Corporate Communications for Velatel Global Communications, Inc. From 2011 to 2013, Mr. Matula was a director of Plandai Biotechnology, Inc. From 2016 through 2018, Mr. Matula served as independent director and member of the audit committee of Appliance Recycling Centers of America, Inc. [NASDAQ formerly ARCI; now JAN]. Mr. Matula holds a Bachelor of Science in Business from California State University, Fresno, and a 2004 Certificate in Corporate Compliance from Tulane University Law School.