Business Context and Reporting Period
This Form 8-K Current Report was filed by Reed's, Inc. on March 9, 2015, regarding an event dated May 12, 2015. The filing discloses the appointment of a new Chief Financial Officer (CFO) and the transition of the outgoing CFO.
Key Financial Metrics
The filing does not provide financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on executive compensation and appointment details.
Material Changes
The primary material change is the appointment of Dan Miles as Chief Financial Officer, effective May 12, 2015. Larry Tomsic will remain with the company through the end of May 2015 to assist with the transition.
Management Commentary and Compensation
Management highlighted Mr. Miles' background as a licensed CPA with experience at Ernst & Young, Coors' largest distributor, and the Pepsi Bottling Group. His compensation package includes:
- Base Salary: $175,000 annually.
- Stock Options: 100,000 options priced at $5.94 per share.
- Vesting Schedule:
- 33,333 options vest immediately.
- 33,333 options vest on May 12, 2016.
- 33,334 options vest on May 12, 2017.
- Expiration: Options expire on May 12, 2020.
The filing states there are no other material plans, contracts, or compensatory arrangements between the company and Mr. Miles.
Investor Verification Checklist
- Verify the exact start date of Dan Miles' tenure as CFO (May 12, 2015).
- Confirm the vesting schedule and expiration date of the 100,000 stock options granted.
- Review the transition timeline for outgoing CFO Larry Tomsic (through end of May 2015).
- Note that this filing contains no financial results; refer to the most recent 10-Q or 10-K for financial metrics.