Item 5.02 Departure of Directors or Certain Officers; Election of Directors;


          Appointment of Certain Officers; Compensatory Arrangements of Certain
          Officers.

(b) Jerome S. Flum, who has served as the Company's Chief Executive Officer since 1999, has notified the Company that he is stepping back from this position and the day-today management of the Company effective May 1, 2023. Jerry Flum will remain involved in the Company as Executive Chairman and stand for re-election to the Board of Directors as Chairman.

(c) Effective May 1, 2023, the Company's Board of Directors appointed Michael Flum, age 36, to serve as Chief Executive Officer and President.

Michael Flum joined the Company in June 2018 as Vice President of Operations & Alternative Data. He was appointed Chief Operating Officer in October 2019 and subsequently President in October 2020.

Prior to joining CreditRiskMonitor, Mr. Flum served as Vice President of Operations at Gullett & Associates, Inc., a Houston-based midstream oil & gas survey and drafting firm from 2016-2017. Mr. Flum held various engineering and project management roles at Enterprise Products Partners, a Houston-based midstream oil & gas owner/operator from 2009 to 2016. During his time in the energy sector, Mr. Flum managed the completion of pipeline and plant projects totaling more than $1.3 billion. Mr. Flum holds an M.B.A. from Columbia Business School as well as a B.S. in Mechanical Engineering and a B.A. in Religious Studies from Rice University.

In connection with his promotion to CEO, Michael Flum's annual salary is increasing effective May 1, 2023 from $193,000 to $205,000. Also, the Company is granting him effective May 1, 2023 options to purchase 50,000 shares of the Company's common stock. The options, which have a ten year term, are scheduled to vest in 20% increments on the third, fourth, fifth, sixth and seventh anniversaries of the grant date. The exercise price of the option shall be the closing price of the Company's shares on May 1, 2023 plus a 10% premium.

Mr. Flum is the son of Jerome S. Flum, the Company's former Chief Executive Officer and current Chairman of the Board of Directors, and the brother of Joshua Flum, a Director of the Company.

Item 9.01 Financial Statements and Exhibits.





(d) Exhibits



Exhibit No.             Description

  99.1        Press Release dated May 1, 2023.

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