other material
confidence high
sentiment neutral
materiality 0.60
MDWerks repurchases all Series A Preferred stock, enters employment agreements with CEO and Chairman
MDWerks, Inc.
- Purchased all 8,957,000 Series A Convertible Preferred shares from Tradition Reserve I LLC for $10, eliminating that class.
- Employment agreements with CEO/CFO Steven Laker (retroactive to July 15, 2024) and Chairman James Cassidy (retroactive to Jan 1, 2024).
- Laker's base salary escalates from $180k (2024-2025) to $350k (2029); received 500,000 shares and eligible for up to 3M performance shares.
- Cassidy's base salary escalates from $180k (2024-2025) to $350k (2029); received 500,000 shares and eligible for up to 3M performance shares.
- Both agreements provide severance of 12 months' salary plus full vesting acceleration on termination without cause.