On November 1, 2019, the board of directors Akers Biosciences, Inc. provided Mr. Howard R. Yeaton with sixty (60) days' notice of its intent to terminate him from each of his officer positions as Chief Executive Officer and interim Chief Financial Officer of the Company; pursuant to the employment agreement between the Company and Mr. Howard R. Yeaton, dated October 5, 2018. It is the Board of Director's intention to negotiate an arrangement with Mr. Yeaton whereby he will continue to serve past such sixty (60) day period in the role of interim Chief Financial Officer. There is no assurance that the Company will be able to reach such an agreement with Mr. Yeaton.

On November 1, 2019, the Board appointed Christopher C. Schreiber, a current director of the Company, as Executive Chairman of the Board of the Company, effective immediately. As Executive Chairman of the Board, Mr. Schreiber will have the responsibilities of the Principal Executive Officer of the Company. Mr. Schreiber is no longer "independent" within the meaning of the Nasdaq Stock Market Rules and under Rule 10A-3(b)(1)(i) of the Securities Exchange Act of 1934 and is no longer a "non-employee director" under Rule 16b-3 of the Securities Exchange Act of 1934.

As such, on November 1, 2019, Mr. Schreiber resigned from the Company's Audit Committee, Compensation Committee and Nominating and Corporate Governance Committee. In order to fill the vacancy occasioned by the resignation of Mr. Schreiber as the Chairman of the Compensation Committee, Mr. Joshua Silverman, a current director and member of the Compensation Committee, was appointed as the Chairman of the Compensation Committee. On November 1, 2019, the Board appointed Robert C. Schroeder to serve as a member of the Board and a member of the Company's Audit Committee.

Mr. Schroeder will serve as a director of the Company until he is up for election at the 2019 annual meeting of stockholders. Robert C. Schroeder, was appointed to the Board on November 1, 2019. Mr. Schroeder is currently the Vice President of Investment Banking at Taglich Brothers.

Prior to his time at Taglich Brothers, Mr. Schroeder served as a Senior Equity Analyst publishing sell-side research on publicly traded companies and served in various other positions in the brokerage and public accounting industry. Mr. Schroeder currently serves on the board of directors of publicly traded Intellinetics, Inc. Air Industries Group and Decisionpoint Systems, Inc. and RFID solutions.