Medizone International, Inc. (OTCMKTS:MZEI) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(b) Resignation of Director
On August 23, 2017, Dwayne Montgomery informed the Board of Directors (“Board”) of Medizone International, Inc. (“Company”) that he will be stepping down from his position on the Board of Directors, effective August 31, 2017 due to personal health concerns. Mr. Montgomery also advised the Board that his decision is not based on any disagreement with the Company on any matter relating to the Company’s operations, policies or practices. Mr. Montgomery served as the Audit Chair and as a member of the Compensation and Audit Committees of the Board. The Board has not identified a potential replacement forMr. Montogomery. The members of the Audit Committee as of the date of this report are Stephen Meyer and Vincent Caponi and the members of the Compensation Committee are Stephen Meyer and Vincent Caponi, who is also the Compensation Chair. The Board has determined that each of these directors is independent under standards adopted by the Board, which conform to the standards established by the NASDAQ Stock Market and applicable regulations of the Securities and Exchange Commission (“Commission”). The Board noted that each of these directors: (1) is not an officer or employee of the Company; and (2) has no direct or indirect relationship with the Company that would interfere with the exercise of his independent judgment in carrying out his responsibilities as a director. The Board also has determined that each independent director also qualifies as “independent” as the term is used in Item 407 of Regulation S-K and as that term is defined under NASDAQ Rule 4200(a)(15). In addition, the Board believes that each member of the Audit Committee is independent as required under Section 10A(m)(3) of the Securities Exchange Act of 1934, as amended.
(e) Compensation Agreements
Per the 2016 Equity Incentive Plan, Mr. Montomery will have 90 days to exercise his vested stock option grant.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
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Exhibit Number |
Description |
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99.1 |
Press Release dated August 23, 2017
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MEDIZONE INTERNATIONAL INC ExhibitEX-99.1 2 ex99-1.htm EX-99.1 Exhibit 99.1 Medizone International Announces a Change in the Board of Directors Press Release on Wednesday August 23,…To view the full exhibit click here
About Medizone International, Inc. (OTCMKTS:MZEI)
Medizone International, Inc. is engaged in designing, manufacturing and selling a system using ozone in the disinfection of surgical and other medical treatment facilities and in other applications. The Company’s AsepticSure is an ozone-based technology, which is used for the purpose of decontaminating and disinfecting hospital surgical suites, emergency rooms, intensive care units and other enclosed spaces, such as gym locker rooms, laboratories and veterinary clinics. In the AsepticSure system, oxygen atoms are misted into the environment with a hydrogen peroxide vapor and the system’s formula creates Trioxidane. The Company is developing a variant of AsepticSure for governmental use with bio-terrorism countermeasures. AsepticSure has completed safety and preliminary operational trials. During the tests, AsepticSure has demonstrated a turnaround time of approximately 90 minutes for disinfection and reoccupation of the hospital rooms.
