Company: JSDA
Filing Date: 2025-06-04
Form Type: DEF 14A
Source: 0001641172-25-013621
Chunk: 33

Company: JONES SODA CO.
Filing Date: 2025-06-04
Form: DEF 14A
Chunk 33
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 per year,
and is eligible for an annual cash bonus of 30% of his base salary in the event that the Company achieves annual revenues in the applicable
fiscal year of an amount established annually by the Compensation Committee and in an amount in annual adjusted EBITDA (as calculated
in a manner consistent with the calculation of adjusted EBITDA in the previous fiscal year) as established annually by the Compensation
Committee. Mr. Carimi did not receive an annual bonus in 2024.

The Company also agreed in the Carimi Offer Letter
to grant to Mr. Carimi non-qualified stock options to purchase 500,000 shares of common stock of the Company pursuant to the 2022 Plan,
to vest annually in equal installments over a three-year period from the date of grant. These stock options have yet to be granted as
of the date of the Record Date.

| -21- |

Outstanding Equity Awards at Fiscal Year-End

The following table presents information about
outstanding equity awards held by each of our Named Executive Officers as of December 31, 2024.

| Name              |     | Grant      
 Date       |     | Option                                           
 Awards                                           
 Number                                           
 of Securities Underlying Unexercised Options (#) 
 Exercisable                                      |           |     | Unexercisable |         |     | Option Exercise 
 Price           
 ($)             |      |     | Option Expiration 
 Date              |
|:------------------|:----|:-----------|:----|:-------------------------------------------------|----------:|:----|:--------------|--------:|:----|:----------------|-----:|:----|:------------------|
| David Knight (1)  |     | 6/8/2023   |     |                                                  | 1,333,333 |     |               |       - |     | $               | 0.21 |     | 1/25/2025         |
| Paul Norman (2)   |     | -          |     |                                                  |         - |     |               |       - |     |                 |    - |     | -                 |
| Jerry Goldner (3) |     | 10/24/2023 |     |                                                  |   400,000 |     |               | 800,000 |     | $               | 0.21 |     | 10/24/2033        |
| Gabe Carimi       |     | -          |     |