UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Securities Exchange Act of 1934
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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(b) Effective January 26, 2021, the board of directors of Reed’s, Inc., a Delaware corporation (the “company” or “Reed’s,”) reduced the size of the board from eight (8) members to seven (7) members to eliminate the vacancy created by Daniel J. Doherty, III’s resignation on December 22, 2020.
(d) On January 26, 2021, board of directors of Reed’s, pursuant to a joint recommendation from its governance and compensation committees, set the cash compensation of its non-employee directors at $50,000 for fiscal 2021, payable quarterly in accordance with the company’s policies for non-employee director compensation and granted Restricted Stock Awards consisting of 49,180 shares of common stock to each of its non-employee directors. The Restricted Stock Awards will vest in four equal increments on a quarterly basis on each of February 1, 2021, May 1, 2021 August, 2021 and November 1, 2021, in accordance with the company’s policies for non-employee director compensation. The Restricted Stock Awards are subject to the terms, conditions and limitations of the Reed’s, Inc. 2020 Equity Incentive Plan, applicable laws and regulations, including the rules of the Nasdaq Stock Market, and award agreements issued to each non-employee director.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
REEDS, INC., | ||
a Delaware corporation | ||
Dated: February 1, 2021 | By: | /s/ Thomas J. Spisak |
Thomas J. Spisak | ||
Chief Financial Officer |
Cover |
Jan. 26, 2021 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Amendment Flag | false |
Document Period End Date | Jan. 26, 2021 |
Entity File Number | 001-32501 |
Entity Registrant Name | REED’S, INC. |
Entity Central Index Key | 0001140215 |
Entity Tax Identification Number | 35-2177773 |
Entity Incorporation, State or Country Code | DE |
Entity Address, Address Line One | 201 Merritt 7 Corporate Park |
Entity Address, City or Town | Norwalk |
Entity Address, State or Province | CT |
Entity Address, Postal Zip Code | 06851 |
City Area Code | (310) |
Local Phone Number | 217-9400 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock, $.0001 par value per share |
Trading Symbol | REED |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
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