Company: JSDA
Filing Date: 2025-06-04
Form Type: DEF 14A
Source: 0001641172-25-013621
Chunk: 31

Company: JONES SODA CO.
Filing Date: 2025-06-04
Form: DEF 14A
Chunk 31
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 of at least $23,452,000 (calculated in accordance with Generally Accepted Accounting
Principles in the United States) (the “Knight Revenue Target”) and at least $959,000 in annual adjusted EBITDA (as
calculated in a manner consistent with the calculation of adjusted EBITDA in the previous fiscal year) (the “Knight EBITDA
Target”). The Annual Bonus was to be adjusted upward by $2,500 for each 1% that the Company’s actual annual revenues and
adjusted EBITDA exceeded the Knight Revenue Target and the Knight EBITDA Target, up to a maximum of $175,000 (the total Annual Bonus
paid in any given year not to exceed $350,000). Based on the Company’s performance, Mr. Knight did not receive an Annual Bonus
payment in either 2023 or 2024.

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Pursuant to the terms of the employment agreement
between the Company and David Knight, on June 8, 2023, the Board granted Mr. Knight non-qualified stock options to purchase 4,000,000
shares of common stock of the Company pursuant to the 2022 Plan. The options were subject to time-based vesting as follows, in each case
subject to Mr. Knight’s continued service through the applicable time vesting date: (1) 1,333,333 of the options vested on June
19, 2024, (2) an additional 1,333,333 of the options was scheduled to vest on June 19, 2025, and (3) the remaining 1,333,334 of the options
was scheduled to vest on June 19, 2026. On October 25, 2024, Mr. Knight ceased to serve as President and Chief Executive Officer of the
Company and all of his unvested options were forfeited at that time.

Jerry Goldner.Mr. Goldner has served
as our Chief Growth Officer since October 23, 2023. Pursuant to an employment agreement between the Company and Mr. Goldner, dated October
23, 2023 (the “Goldner Employment Agreement”), Mr. Goldner is entitled to a base salary of $250,000 per year (the “Goldner
Base Salary”), and is eligible for an annual cash bonus of $87,500 (the “Goldner Annual Bonus”) in the event that the
Company achieves annual revenues in the