Item
5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements
of Certain Officers.
(b)
On September 29, 2019, Valentin Stalowir resigned from the offices of Chief Executive Officer and President of Reed’s and
from his position as a director of Reed’s. He will continue as employee of Reed’s to assist with the transition of
his duties until the earlier of the date his final separation agreement is finalized or October 31, 2019.
On
September 30, Stefan Freeman agreed to step down from the position of Chief Operating Officer of Reed’s. He will continue
as an employee as Reed’s until a final separation agreement is finalized or he transitions to a new position.
On
September 30, 2019, the board of directors of Reed’s appointed John Bello, Chairman, as Interim Chief Executive Officer.
As a result, Mr. Bello has resigned from serving on compensation, governance and operating committees of the board.
John
Bello and has served as Reed’s board Chairman since his election on November 29, 2016. Since 2001, Mr. Bello has been the
Managing Director of JoNa Ventures, a family venture fund. From 2004 to 2012 Mr. Bello also served as Principal and General Partner
at Sherbrooke Capital, a venture capital group dedicated to investing in leading, early stage health and wellness companies. Mr.
Bello is the founder and former CEO of South Beach Beverage Company, the maker of nutritionally enhanced teas and juices marketed
under the brand name SoBe. In 2001 Ernst and Young named Mr. Bello National Entrepreneur of the Year in the consumer products
category for his work with SoBe. Before founding SoBe, Mr., Bello spent 14 years at National Football League Properties, the marketing
arm of the NFL, and served as its President from 1986 to 1993.
On
September 30, 2019, Norman E. Snyder, age 58 was appointed as Chief Operating Officer of Reed’s by the board of directors.
Mr.
Snyder has over 36 years of multi-faceted experience in operations, sales, marketing, finance, manufacturing, business development
and management with public, private, international and start-up companies within the beverage industry. Most recently, from February
13, 2019 to September 19, 2019, Mr. Snyder served as President and Chief Executive Office for Avitae USA, LLC, an emerging premium
new age beverage company that markets and sells a line of ready-to-drink caffeinated waters. Prior to Avitae, he served as the
President and Chief Operating Officer for Adina For Life, Inc. a startup beverage venture that markets and sells ready-to-drink
fruit beverages, teas and coffees. Mr. Snyder was also the President and Chief Executive Officer of High Falls Brewing Company,
Chief Operating Officer of Rheingold Brewing Company, and as Chief Financial Officer, and later as Chief Operating Officer of
South Beach Beverage Company, known as SoBe. In prior experience, Mr. Snyder served as Controller for National Football League
Properties, Inc., and in various roles at PriceWaterhouse in an eight-year tenure. He worked with Mr. Bello both at the NFL and
Adina for Life in addition to SoBe. Mr. Snyder has served on the board of directors of River Hospital, a New York non-profit,
as Vice Chairman, Chairman of the Finance Committee and member of Capital Project and CEO Search Committees.
The
disclosures set forth in Item 1.01 are incorporated herein by this reference.
