Midwest Holding Inc. (MDWT) Appoints Kevin Sheehan to its Board

Midwest Holding Inc. ("Midwest") (NASDAQ: MDWT), today announced that it has entered into a cooperation agreement with AMS Advisors LLC ("AMS"), which currently owns approximately 5.4% of Midwest's outstanding voting common shares, to nominate Kevin Sheehan as a new independent director for election to the Midwest Board of Directors (the "Board") at its upcoming annual meeting of stockholders, which is scheduled to be held on June 14, 2022, in addition to two other persons to be nominated by the Company to serve on the Board.

"Midwest is committed to shareholder engagement and strong corporate governance practices, and we look forward to adding additional shareholder representation to our Board," said Georgette Nicholas, Chief Executive Officer and Director of Midwest. "This is an important time for Midwest, and we are eager to benefit from added perspectives and valuable experience and insights as we continue Midwest's establishment in the annuity market."

Sheehan has served as Managing Director of Mellon Stud Ventures, LLC, an investment firm, since 2016. Prior to Mellon Stud Ventures, Sheehan held positions at A&M Capital Opportunities, Berggruen Holdings, Bear Stearns and Merrill Lynch. He is a graduate of Dartmouth College.

Under the terms of the cooperation agreement, AMS and its Managing Member, A. Michael Salem, Midwest's former co-CEO, have agreed to customary standstill and voting commitments, among other provisions. The full agreement between the parties will be filed with the U.S. Securities and Exchange Commission on a Current Report on Form 8-K. The Company will file its definitive proxy statement in the coming weeks.

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