Item
5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of
Certain Officers.
EMPLOYMENT
AGREEMENTS
Jeff
Lewis
Effective
January 1, 2023, Jeffrey Lewis and BrewBilt Manufacturing, Inc. (the “Company”) entered into a new Employment Agreement pursuant
to which Mr. Lewis will continue to serve as the Company’s Chief Executive Officer.
Pursuant
to the Employment Agreement, Mr. Lewis will receive an annual salary of $250,000 payable in monthly installments, with unpaid amounts
accruing interest at the rate of 6% per annum. Unpaid salary may be converted by Mr. Lewis into shares of Series A Preferred Stock of
the Company. Mr. Lewis will also be issued $150,000 of Series A Preferred Stock pursuant to the Employment Agreement. The Employment
Agreement is for a term of one year, and may be terminated by either party at any time on 90-days’ prior written notice.
The
foregoing description of the Employment Agreement between the Company and Mr. Lewis is qualified in its entirety by reference to the
actual terms of the Employment Agreement, which has been filed as Exhibit 10.1 to this Current Report on Form 8-K, and which is incorporated
herein by reference.
Bennett
Buchanan
Effective
January 1, 2023, Bennett Buchanan and the Company entered into a new Employment Agreement pursuant to which Mr. Buchanan will continue
to serve as a Director of the Company and be employed as its Chief Operating Officer.
Pursuant
to the Employment Agreement, Mr. Buchanan will receive an annual salary of $250,000 payable in monthly installments, with unpaid amounts
accruing interest at the rate of 6% per annum. Unpaid salary may be converted by Mr. Buchanan into shares of Series A Preferred Stock
of the Company. Mr. Buchanan will also be issued $150,000 of Series A Preferred Stock pursuant to the Employment Agreement. The Employment
Agreement is for a term of one year, and may be terminated by either party at any time on 90-days’ prior written notice.
The
foregoing description of the Employment Agreement between the Company and Mr. Buchanan is qualified in its entirety by reference to the
actual terms of the Employment Agreement, which has been filed as Exhibit 10.1 to this Current Report on Form 8-K, and which is incorporated
herein by reference.
DIRECTOR
AGREEMENTS
Effective
January 1, 2023, each of Jef Lewis, Samuel Berry and Bennett Buchanan entered into new Board of Directors Agreement, pursuant to which
each of such individuals will continue to serve as directors of the Company.
Under
the Board of Directors Agreements, each of Jef Lewis, Samuel Berry and Bennett Buchanan will be issued $150,000 shares of Series A Preferred
Stock for serving as a Director of the Company during 2023. The foregoing description of the Board Directors Agreements between the Company
and each of its Directors is qualified in its entirety by reference to the actual terms of the Board of Directors Agreement, a form of
which has been filed as Exhibit 10.3 to this Current Report on Form 8-K, and which is incorporated herein by reference.