Zevia PBC Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by Zevia PBC on August 14, 2023, regarding events occurring on August 10, 2023. The filing addresses significant changes in executive leadership within the finance department.
Key Financial Metrics
The filing does not provide revenue, profit, cash flow, margin, debt, or liquidity metrics. It focuses exclusively on executive compensation arrangements.
Material Changes
- Departure of CFO: Denise D. Beckles resigned as Chief Financial Officer, effective September 4, 2023, to pursue another opportunity.
- Appointment of Interim CFO: Florence Neubauer, previously Senior Vice President of Financial Planning & Analysis, was appointed Interim Chief Financial Officer.
- Compensation Terms: Ms. Neubauer's appointment includes an annual base salary of $384,000, a target annual bonus of 50% of base salary, and a $140,000 retention bonus payable in two installments.
Outlook, Risks, and Contingencies
The Board is actively seeking candidates for a permanent Chief Financial Officer. The filing outlines severance benefits for Ms. Neubauer in the event of a "Qualifying Termination," including 12 months of base salary and COBRA premium subsidies. No specific financial risks or unusual items were disclosed in this report.
Investor Verification Checklist
- Confirm the effective date of Denise D. Beckles' resignation (September 4, 2023).
- Verify the timeline for the appointment of a permanent CFO.
- Review the attached press release (Exhibit 99.1) for additional context on the leadership transition.
- Monitor future filings for the permanent CFO appointment and any associated compensation changes.