secwatch.observer — SEC 8-K summary
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Issuer:     MDWerks, Inc. (MDWK)
CIK:        0001295514
Form:       8-K
Filed at:   2024-11-12T23:59:59+00:00
Accession:  0001493152-24-044816
Event type: other_material
Sentiment:  neutral
Materiality: 0.60
Item codes: 3.03, 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

MDWerks repurchases all Series A Preferred stock, enters employment agreements with CEO and Chairman
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1295514/000149315224044816/0001493152-24-044816-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1295514/000149315224044816/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-24-044816

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer