Business Context and Reporting Period
This Form 8-K Current Report was filed by REED's, INC. on July 7, 2022, covering events occurring on June 30, 2022. The filing primarily addresses corporate governance changes, specifically the appointment of a new director to the Board of Directors.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity metrics. This report focuses exclusively on personnel and governance matters rather than financial performance data.
Material Changes
The material change reported is the appointment of Thomas W. Kosler as a director, effective July 1, 2022, to fill the vacancy created by the resignation of Rhonda Kallman. Additionally, committee assignments were updated effective July 6, 2022:
- Audit Committee: Thomas W. Kosler (Chair and Financial Expert), Lewis Jaffe, and Louis Imbrogno, Jr.
- Compensation Committee: Louis Imbrogno Jr. (Chair) and Lewis Jaffe.
- Governance Committee: Lewis Jaffe (Chair) and Louis Imbrogno, Jr.
- Operations Committee: John J. Bello, Norman E. Snyder, Jr., and Leon M. Zaltzman.
Guidance, Outlook, and Compensation
There is no financial guidance, outlook, or discussion of risks and contingencies in this filing. Regarding compensation for the new director:
- Mr. Kosler will receive standard Board compensation for fiscal 2022, pro-rated for his term.
- Compensation includes an RSA grant of 40,172 shares vesting quarterly and cash compensation of $25,000.
- No other arrangements or family relationships with existing management were disclosed.
Investor Verification Checklist
- Verify the effective date of Thomas W. Kosler's directorship (July 1, 2022) and his role as Audit Committee Chair.
- Confirm the pro-rated nature of the 40,172 share RSA grant and the $25,000 cash compensation.
- Review the updated composition of the Audit, Compensation, and Governance committees.
- Note that this filing contains no financial performance data; refer to the most recent 10-Q or 10-K for financial metrics.