Company: KWIK
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001683168-25-002055
Chunk: 376

Company: KwikClick, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 2
Chunk 376
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 of the State of Delaware, and may cause the Company to purchase and maintain insurance on behalf
of any person who is or was a director or officer of the Company, or is or was serving at the request of the Company as a director or
officer of another corporation, or as its representative in a partnership, joint venture, trust, or other enterprise against any liability
asserted against such person and incurred in any such capacity or arising out of such status, whether or not the Company would have the
power to indemnify such person. The indemnification provided shall continue as to a person who has ceased to be a director, officer, employee,
or agent, and shall inure to the benefit of the heirs, executors and administrators of such person.

Insofar as indemnification for liabilities arising
under the Securities Act of 1933 may be permitted to directors, officers or persons controlling the Company pursuant to the foregoing
provisions, the Company has been informed that in the opinion of the SEC such indemnification is against public policy as expressed in
the Securities Act and is therefore unenforceable.

We have not entered into any agreements with our directors
and executive officers that require us to indemnify these persons against expenses, judgments, fines, settlements and other amounts actually
and reasonably incurred (including expenses of a derivative action) in connection with any proceeding, whether actual or threatened, to
which any such person may be made a party by reason of the fact that the person is or was a director or officer of our Company or any
of our affiliated enterprises. We do not maintain any policy of directors’ and officers’ liability insurance that insures
its directors and officers against the cost of defense, settlement or payment of a judgment under any circumstances.

Director Independence

Our board of directors is currently composed of five
members, two of which could qualify as independent directors in accordance with the published listing requirements of the NASDAQ Global
Market. The NASDAQ independence definition includes a series of objective tests, such as that the director is not, and has not been for
at least three years, one of our employees and that neither the director, nor any of his family members has engaged in various types of
business dealings with us. In addition, our board of directors has not made a subjective determination as to each director that no relationships
exist which, in the opinion of our board of directors, would interfere with the exercise of independent judgment in carrying out the responsibilities
of a director, though such subjective determination is required by