CLEARDAY, INC. : Entry into a Material Definitive Agreement, Unregistered Sale of Equity Securities, Financial Statements and Exhibits (form 8-K)

Item 1.01 Entry into a Material Definitive Agreement.

On December 30, 2022, Clearday, Inc. (the “Company” or “we”) entered into a Restricted Stock Award and Issuance Agreement (the “Stock Issuance Agreement”) to issue to James T. Walesa, the Company’s Chief Executive Officer (“Walesa”) shares of common stock, pair value $0.001 per share, of the Company (“Common Stock”). The shares of Common Stock were issued upon the conversion of
$1,000,000 of accrued obligations of the Company and as compensation to Walesa for the 2022 year of $200,000 in lieu of cash compensation of such amount during 2022.

The price per share used for the issuance of Common Stock was $0.67551 (the “Issuance Price”), subject to adjustment as described below. The Issuance Price is greater than the 20 day volume average price per share of the Common Stock or the closing price per share of the Common Stock as of December 31, 2022 (which closing price was $0.56). Accordingly, the Company has issued 1,776,436 shares of Common Stock under the Stock Issuance of Agreement, subject to reduction as described below.

Walesa has agreed to provide price protection to the Company. In the event that the Company enters into a transaction or agreement that is material to the Company during January 2023 (a “Specified Transaction”) and the closing price per share of Common Stock, on the first full trading day after the disclosure of such Specified Transaction by the Company, is greater than the Issuance Price, then the Issuance Price will be adjusted to such greater price. To effect such adjustment, Walesa will promptly transfer and assign shares of Common Stock to the Company.

The foregoing description of the Stock Issuance Agreement is not complete and is qualified in its entirety by reference to the full text of such agreement, which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.

Item 3.02 Unregistered Sales of Equity Securities.

The disclosures set forth in Item 1.01 to this Current Report on Form 8-K is incorporated by reference in this Item 3.02.

Forward Looking Statements

This communication contains forward-looking statements (including within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended) concerning the Company. These statements may discuss goals, intentions and expectations as to future plans, trends, events, results of operations or financial condition, or otherwise, based on current beliefs of the management of the Company, as well as assumptions made by, and information currently available to, management. Forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as “may,” “will,” “should,” “would,” “expect,” “anticipate ,” “plan,” “likely,” “believe,” “estimate,” “project,” “intend,” and other similar expressions. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties and are not guarantees of future performance. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors, including, without limitation: the risks regarding the Company and its business, generally; risks related to the Company’s ability to correctly estimate and manage its operating expenses and develop its innovate non-acute care businesses and the acceptance of its proposed products and services, including with respect to future financial and operating results; the ability of the Company to protect its intellectual property rights; competitive responses to the Company’s businesses including its innovative non-acute care business; unexpected costs, charges or expenses; regulatory requirements or developments; changes in capital resource requirements; and legislative, regulatory, political and economic developments. The foregoing review of important factors that could cause actual events to differ from expectations should not be constructed as exhaustive and should be read in conjunction with statements that are included herein and elsewhere, including the risk factors included in the Company’s most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the sec and the registration statement regarding the Company’s previously announced merger, that was filed and declared effective. The Company can give no assurance that the actual results will not be materially different than those based on the forward looking statements. Except as required by applicable law, the Company undertakes no obligation to revise or update any forward-looking statement, or to make any other forward-looking statement, whether as a result of new information, future events or otherwise.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

No.    Description

10.1     Restricted Stock Award and Issuance Agreement between Clearday, Inc. and
       James T. Walesa dated as of December 30, 2022.
104    Cover Page Interactive Data File (embedded within the Inline XBRL

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