UNITED STATES
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CURRENT REPORT
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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.
On March 3, 2022, the NewAge, Inc. (“NewAge”) board of directors (the “Board”) appointed Ed Brennan, chairman of the Board, to serve as interim chief executive officer, effective immediately. Mr. Brennan is expected to serve until NewAge completes a search and appoints a new chief executive officer.
Mr. Brennan, 65, has served as chairman of the Board since January 2022, and a director of NewAge since 2017. Mr. Brennan has served as the Chair and Chief Executive Officer of Duty Free Shoppers, an international luxury retail company, from 1998 until 2021 and is currently the Chief Executive Officer of the Miller Family Office, which provides services to the Miller family and Bob Miller, the founder of Duty Free Shoppers, in Hong Kong. Since 2013, Mr. Brennan has been the owner and Chief Executive Officer of Beak and Skiff Orchards, a private company that owns apple orchards and operates an entertainment destination. He is a graduate of Niagara University where he is a member of its board of directors.
Mr. Brennan will receive $62,500 in fully vested shares for each month, or fraction thereof, in which he serves in his capacity as interim chief executive officer. He will receive no cash consideration for this role.
As a result of his appointment as interim chief executive officer, Mr. Brennan will step off both the Compensation Committee and the Nominating, Governance & Sustainability Committee. NewAge will continue to comply with the committee independence requirements of NASDAQ.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit Number | Description | |
| 99.1 | Press Release dated March 9, 2022 | |
| 104 | Cover Page Interactive Data File, formatted in Inline XBRL |
| 2 |
SIGNATURES
Pursuant to the Requirements of the Securities Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
| NewAge, Inc. | ||
| Date: March 9, 2022 | By: | /s/ Kevin Manion |
| Kevin Manion | ||
| Chief Financial Officer | ||
| 3 |