Business Context and Reporting Period
This Form 8-K was filed by REED's, INC. on August 7, 2019, reporting a corporate governance event effective on that date. The company is incorporated in Delaware and trades on The Nasdaq Stock Market under the symbol "REED".
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on board composition and executive compensation.
Material Changes
The Board of Directors expanded from seven to eight seats. Louis Imbrogno, Jr. was appointed to fill the newly created vacancy and is expected to chair the operations committee.
Management Commentary and Compensation Details
Mr. Imbrogno's compensatory arrangements include:
- Annual cash compensation of $50,000.
- Restricted stock awards valued at $30,000 annually, vesting quarterly.
- A one-time grant of stock options to purchase 30,000 shares of common stock, vesting over three years.
Equity awards are subject to the company's shareholder-approved compensation plan. No guidance, outlook, or risk factors were disclosed in this specific filing.
Investor Verification Checklist
- Confirm the total number of board seats is now eight.
- Verify the vesting schedule for the 30,000 stock options granted to Mr. Imbrogno.
- Review the company's shareholder-approved compensation plan for details on equity issuance limits.