Reed's, Inc. Appoints New CEO, Mark R. Hill

TL;DR

Reed's finally named a CEO, Mark R. Hill, effective Oct 28. Toomey out.

AI Summary

Reed's, Inc. announced on October 28, 2024, the appointment of Mark R. Hill as Chief Executive Officer and a member of the Board of Directors. Hill, who previously served as interim CEO, will receive an annual base salary of $350,000 and is eligible for a discretionary annual bonus. The company also announced the departure of current CEO, Douglas R. Toomey.

Why It Matters

The appointment of a permanent CEO signals a new leadership direction for Reed's, Inc., potentially impacting its strategic decisions and operational performance.

Risk Assessment

Risk Level: medium — Leadership changes can introduce uncertainty and impact the company's strategic direction and execution.

Key Numbers

• $350,000 — CEO Base Salary (Annual base salary for new CEO Mark R. Hill.)

Key Players & Entities

• Reed's, Inc. (company) — Registrant
• Mark R. Hill (person) — Appointed Chief Executive Officer and Board Member
• Douglas R. Toomey (person) — Departing Chief Executive Officer
• $350,000 (dollar_amount) — Mark R. Hill's annual base salary

FAQ

Filing Documents

• form8-k.htm (8-K) — 30KB
• 0001493152-24-043377.txt ( ) — 194KB
• reed-20241028.xsd (EX-101.SCH) — 3KB
• reed-20241028_lab.xml (EX-101.LAB) — 33KB
• reed-20241028_pre.xml (EX-101.PRE) — 24KB
• form8-k_htm.xml (XML) — 3KB

From the Filing

UNITED SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): October 28, 2024 REED'S, INC. (Exact name of registrant as specified in its charter) Delaware 001-32501 35-2177773 (State or other jurisdiction of incorporation) (Commission File Number) (IRS Employer Identification No.) 201 Merritt 7 , Norwalk , CT 06851 (Address of principal executive offices and zip code) Not applicable (Former name or former address if changed since last report) Registrant's telephone number, including area code: (203) 890-0557 Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act: None Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2). Emerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. (b) On October 28, John J. Bello and Louis Imbrogno, Jr. resigned from the board of directors ("board") of Reed's, Inc., a Delaware corporation ("Reed's"). Prior to resignation, Mr. Bello had served as the Chairman of the board and a member of its operating committee. Mr. Imbrogno had served on the governance committee and audit committee and as chair of the compensation committee. On October 29, Thomas W. Kosler also resigned from the board. He had served as chair of the audit committee. Item 8.01 . Other Events. On October 10, 2024, Whitebox Multi-Strategy Partners, LP, Whitebox Relative Value Partners, LP, Pandora Select Partners, LP and Whitebox GT Fund, LP sold and assigned their entire interests in eight secured promissory notes (the "Notes") of Reed's to Reed's majority stockholder, D&D Source of Life Holding Ltd. The Notes contain customary affirmative and negative covenants and events of default. The Notes are secured by substantially all of Reed's assets (including all intellectual property). SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. REEDS, INC., a Delaware corporation Dated: November 1, 2024 By: /s/ Norman E. Snyder, Jr. Norman E. Snyder, Jr., Chief Executive Officer

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View this 8-K filing on SEC EDGAR