Sec Form 4 Filing - Heaton Kristofer @ United Health Products, Inc. - 2020-12-31-05:00

Insider filing report for Changes in Beneficial Ownership
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FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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1. Name and Address of Reporting Person
Heaton Kristofer
2. Issuer Name and Ticker or Trading Symbol
United Health Products, Inc. [ UEEC]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
X __ Officer (give title below) _____ Other (specify below)
Principal Financial Officer
(Last) (First) (Middle)
10624 SOUTH EASTERN AVE., SUITE A209
3. Date of Earliest Transaction (MM/DD/YY)
12/31-05:00/2020
(Street)
HENDERSON, NV89052
4. If Amendment, Date Original Filed (MM/DD/YY)
6. Individual or Joint/Group Filing (Check Applicable Line)
__ X __ Form filed by One Reporting Person
_____ Form filed by More than One Reporting Person
(City) (State) (Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 3. Transaction Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)
7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 4. Transaction Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)
6. Date Exercisable and Expiration Date
(MM/DD/YY)
7. Title and Amount of Underlying Securities
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)
10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)
11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Restricted Stock Unit Awards ( 2 ) 12/31-05:00/2020 A 500,000 ( 1 ) ( 1 ) Common Stock 500,000 ( 2 ) 925,000 D
Reporting Owners
Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
Heaton Kristofer
10624 SOUTH EASTERN AVE.
SUITE A209
HENDERSON, NV89052
Principal Financial Officer
Signatures
/s/ Kristofer Heaton 01/06-05:00/2021
Signature of Reporting Person Date
Explanation of Responses:
( 1 )In December 2020, Mr. Heaton was granted 500,000 restricted stock unit awards ("RSUs") bringing his total to 925,000. The new 500,000 restricted stock unit awards vest upon performance and do not contain a conversion or exercise price or any time constraints. 5% of the RSUs vest upon FDA approval of the company's Class III PMA, an additional 10% of the RSUs will vest upon the execution of each commercial distribution agreement from the marketing of its products, up to a maximum of three such agreements and the balance will vest upon the company achieving $30 million in gross cumulative sales or a covered transaction as defined in the agreement. Prior to December 2020 and prior to Mr. Heaton becoming VP-Finance, Mr. Heaton was granted 500,000 RSUs, which included 75,000 which vested in July 2020. An additional 75,000 RSUs vest upon FDA approval of the Company's Class III PMA, an additional 100,000 RSUs will vest on January 1, 2021 and the balance will vest upon the Company achieving $20,000,000 in gross cumulative sales or a covered transaction or a trigger event as defined in the agreement.
( 2 )Not applicable.

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