Company: JSDA
Filing Date: 2025-06-04
Form Type: DEF 14A
Source: 0001641172-25-013621
Chunk: 34

Company: JONES SODA CO.
Filing Date: 2025-06-04
Form: DEF 14A
Chunk 34
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| (1) | Mr. Knight’s was granted 4,000,000 stock options granted in June 2023, of which 1,333,333 were vested at the time that Mr. Knight ceased to serve as President and Chief Executive Officer of the Company on October 25, 2024. All unvested stock options held by Mr. Knight were forfeited on the date that he ceased to serve as an officer of the Company. |
| (2) | Mr. Norman served as Interim Chief Executive Officer from October 25, 2024 to February 5, 2025 and Interim Chief Financial Officer from November 12, 2024 to February 5, 2025. He did not receive any compensation for this role. Mr. Norman’s stock compensation is presented under the Board of Directors Compensation information.                         |
| (3) | Mr. Goldner was granted stock options in October 2023 which vest over a period of 36 months, with 33% vesting after one year (in each case, subject to Mr. Goldner’s continued service with the Company).                                                                                                                                                     |

Additional Narrative Disclosure

On March 15, 2022, our Board adopted the 2022
Plan, which became effective upon approval by our shareholders on May 16, 2022. Under the 2022 Plan, the sum of (i) 10,000,000 shares
of the Company’s common stock, plus (ii) the number of shares of common stock reserved, but unissued under the 2011 Plan, plus (iii)
the number of shares of common stock underlying forfeited awards under the 2011 Plan are initially available for issuance of awards under
the 2022 Plan. Additionally, the number of shares of the Company’s common stock available reserved under the 2022 Plan is subject
to an annual increase on the first day of each calendar year beginning with the first January 1 following the effective date of the 2022
Plan and ending with the last January 1 during the initial ten-year term of the 2022 Plan, equal to the lesser of (A) 4% of the shares
of the Company’s common stock outstanding (which shall include shares issuable upon the exercise or conversion of all outstanding
securities or rights convertible into or exercisable for shares, including without limitation, preferred