Company: HCTI
Filing Date: 2025-04-11
Form Type: 8-K
Source: 0001213900-25-030806
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Company: Healthcare Triangle, Inc.
Filing Date: 2025-04-11
Form: 8-K
Item: Item 5.02
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Item 5.02.

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

Resignation of Chief Financial Officer

On April 8, 2025, Mr. Thyagarajan Ramachandran
informed the Company that they had decided to resign from their position as the Chief Financial Officer of the Company, effective April
10, 2025, along with the appointment of Mr. David Ayanoglou as the new Chief Financial Officer of the Company.

The Company accepted Mr. Thyagarajan’s resignation as
of such date and is deeply appreciative of the many years of service contributed to the Company. Mr. Thyagarajan’s resignation was
not due to any disagreement on any matter relating to the Company’s operations, policies or practices.

Appointment of Chief Financial
Officer

On April 10, 2025, the Board of Directors (the
“ Board”) of the Company appointed Mr. David Ayanoglou to serve as the Company’s Chief Financial Officer, effective
immediately.

In connection with their appointment, on
April 10, 2025, Mr. Ayanoglou and the Company entered into a contract for employment (the “ Employment Agreement”), effective
immediately, for Mr. Ayanoglou’s service as the Company’s Chief Financial Officer on an at-will basis. Pursuant
to their Employment Agreement, Mr. Ayanoglou are entitled to an annual base salary of $278,000 per annum, and would be eligible for the
Company’s bonus program, based upon the performance goals and bonus plan (to be agreed upon by and between Mr. Ayanoglou and the
Company), along with being eligible for Company’s equity incentive plan, and other employee benefit programs (as then applicable,
and available). If Mr. Ayanoglou violates the terms of their Employment Agreement, the Company may terminate their employment without
notice and without payment of any compensation or accelerated vesting of options, subject to any over-dues. Mr. Ayanoglou’s Employment
Agreement also provides for certain non-compete and non-solicitation covenants. The term of Mr. Ayanoglou’s Employment Agreement
began immediately and renews for an indefinite period, unless otherwise terminated by either party.

Mr. Ayanoglou, age 46, has a distinguished
career of over 23 years in corporate finance, with a