Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(c) Reed's, Inc., a Delaware corporation ("Reed's" or the "company") announced
today the appointment of Christopher Burleson, age 41, as Chief Commercial
Officer, effective February 1, 2023. In this role, Mr. Burleson will lead the
sales organization as well as partner with the operations department to
streamline supply chain and cost reductions initiatives. He will also focus on
strategic partnerships and growth opportunities.
From April 25, 2022 to January 31, 2023, Mr. Burleson served as Chief Commercial
Officer of Kin Social Tonics. From March 19, 2018 through April 22, 2022, Mr.
Burleson was a Vice President and General Manager of Fever Tree, USA. Mr.
Burleson also served as a director of Fever Tree USA.
Mr. Burleson will receive a salary of $300,000 and will be eligible for an
annual performance bonus based on a target of 35% of his annual salary (to be
determined by the company in its sole discretion). As an inducement to accept
the position, Mr. Burleson will receive a vested RSA grant of approximately
18,160 shares of common stock of Reed's valued at $75,000 pursuant to the
Reed's, Inc. 2020 Equity Incentive Compensation Plan, as amended December 30,
2021. Mr. Burleson will not participate in the company's health insurance
benefits. He will however be eligible to receive 4 weeks of paid vacation and
may participate in the company's incentive stock option program. He will also be
eligible to receive an $800 car allowance and $150 allowance towards cell phone
and internet costs.
There are no arrangements or understandings between Mr. Burleson and any other
person pursuant to which Mr. Burleson was selected as an officer of Reed's.
There are no family relationships between any director, executive officer, or
Mr. Burleson. There are no transactions, since the beginning of Reed's last
fiscal year, or any currently proposed transaction, in which Reed's was or is to
be a participant and the amount involved exceeds the lesser of $120,000 or one
percent of the average of Reed's total assets at year-end for the last two
completed fiscal years, and in which Mr. Burleson had or will have a direct or
indirect material interest.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. Description
99.1 Press Release of Reed's Inc. dated February 6, 2023
104 Cover Page Interactive Data File (embedded within the Inline XBRL
document).
© Edgar Online, source Glimpses