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

(a) On June 25, 2020, Zvi Riterband and Amir Ohad resigned from the Board of Directors of OWC Pharmaceutical Research Corp. (the "Company"). Messrs. Riterband and Ohad were appointed by the Board of Directors to the Company's Advisory Board.

(c) On June 25, 2020, the Company appointed Mr. Shmuel De-Saban as Chief Financial Officer of the Company, effective as of July 1, 2020.

Shmuel De-Saban, age 54, has operated his own accounting firm since 2009. Mr. De-Saban served as the Company's Chief Financial Officer from June 2014 until June 2017. From 2007-2008, Mr. De-Saban served as customer credit manager at Budget Rent A Car Israel Ltd. and from 2000-2007 served as a controller at Ophir Tours Ltd. and Charter Tours Ltd.

Mr. De-Saban received a Bachelor's Degree in Economics from Tel-Aviv University and his CPA Degree from Bar Ilan University.

Mr. De-Saban will receive a base salary of $5,500 per month.

(d) On June 25, 2020, the Company's Board of Directors appointed Mr. De-Saban to the Board of Directors.




Item 8.01 Other Events.

On March 31, 2020, the Company filed a Form 15 with the Securities and Exchange Commission (the "SEC") to effect the deregistration of the Company's common stock under Section 12(g) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and the suspension of the Company's reporting obligations under Section 13(a) and 15(d) of the Exchange Act (the "Deregistration"). Upon the filing of the Form 15, the Company's obligation to file periodic and current reports with the SEC, including Forms 10-K, 10-Q and 8-K, were immediately suspended.

On June 26, 2020, in connection with the previously disclosed Order and Stipulation disclosed on the Company's Current Report on Form 8-K filed with the SEC on June 24, 2020, the Company filed an amendment to its Form 15 withdrawing the Deregistration and reinstating the Company's reporting obligations under Section 13(a) and 15(d) of the Exchange Act.

© Edgar Online, source Glimpses