MDWerks Expands Board of Directors and Appoints Independent Director, Timothy Brocopp

On November 11, 2024, MDWerks, Inc., a Delaware corporation (the “Company”), announced through a written consent from the Board of Directors that their board would be expanded from three directors to four. Following this decision, the Board of Directors appointed Timothy Brocopp to serve as an independent director of the Company in line with SEC rules and Nasdaq listing standards.

Mr. Brocopp’s appointment as an independent director was initiated to fill the new vacancy created by the board expansion. Importantly, there are no undisclosed arrangements or transactions involving Mr. Brocopp that require disclosure under Item 404(a) of Regulation S-K.

On November 18, 2024, an Independent Director Agreement was established between Mr. Brocopp and MDWerks. As per the agreement, Mr. Brocopp will act as an independent director and fulfill duties consistent with the Company’s Certificate of Incorporation and Bylaws. His term commenced on November 16, 2024, and is set to run for three years.

In terms of compensation, Mr. Brocopp is entitled to $5,000 each calendar quarter, payable in the third month of the quarter, with prorated amounts for partial quarters. Additionally, upon employment, 100,000 shares of common stock, valued at $0.001 per share, will be issued to Mr. Brocopp subject to the Company’s equity incentive plan and grant documentation.

MDWerks will reimburse Mr. Brocopp for reasonable out-of-pocket expenses incurred in the course of his directorial duties, with expenses exceeding $500 subject to preapproval. The agreement also binds Mr. Brocopp to confidentiality covenants, representations, and warranties customary to directors, with rights to any work product created during his tenure relinquished to the Company.

Resolution of any disputes between Mr. Brocopp and the Company will undergo arbitration in Henderson County, North Carolina, and any subsequent litigation in the same locale under the laws of Delaware. The Independent Director Agreement’s detailed terms can be found in Exhibit 10.1 of the SEC filing.

This report was signed by the Chief Executive Officer of MDWerks, Steven C. Laker, on November 19, 2024, in compliance with the Securities Exchange Act of 1934.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read MDWerks’s 8K filing here.

MDWerks Company Profile

MDWerks, Inc, together with its subsidiaries, provides energy waving technologies in the United States. The company offers green and radio wave technologies. It also produces and sells alcoholic beverages, including whiskey and vodka. In addition, the company develops radio frequency applications. It serves structural engineering, food and beverage, alcoholic beverages, manufacturing, and adhesives industries.