Company: JSDA
Filing Date: 2025-06-30
Form Type: 8-K
Source: 0001641172-25-017039
Chunk: 0

Company: JONES SODA CO.
Filing Date: 2025-06-30
Form: 8-K
Item: Item 2.01
Chunk 0
---
Item
2.01. Completion of Acquisition or Disposition of Assets

On
June 19, 2025, the Company completed the sale of all of the equity interests in the MJ Subsidiaries pursuant to the terms of the SPA.

The
information contained or incorporated in Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference.

The unaudited
pro forma financial information required by Item 9.01 is filed as Exhibit 99.1 to this Current Report on Form 8-K.

Item
5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of
Certain Officers.

Separation
Agreement and General Release

In
connection with the sale of the MJ Subsidiaries to the Buyer as set forth above, on June 13, 2025, the Company entered into a Separation
Agreement and General Release (the “ Separation Agreement”) with Gabe Carimi, Vice President of Operations of the Company.
Pursuant to the Separation Agreement, the Employment Offer Letter dated February 27, 2024 by and between the Company and Mr. Carimi was
terminated, and Mr. Carimi is entitled to receive options to purchase up to 166,666 shares of the Company’s common stock at an
exercise price of $[ ] per share pursuant to the Company’s 2022 Omnibus Equity Incentive Plan (the “ Equity Incentive Plan”),
which options shall be fully vested upon grant, and to receive payment for any accrued and unused paid time off. The Company and Mr.
Carimi also agreed to release the other party and its affiliates from any and all claims, obligations, liabilities or actions which they
have had, now have or may in the future have, except as otherwise set forth in the Separation Agreement.

The
foregoing description of the Separation Agreement does not purport to be complete and is subject to, and qualified in its entirety by
reference to the full text of the Separation Agreement, a copy of which is attached hereto as Exhibit 10.4 and is incorporated herein
by reference.

Advisory
Agreement

On
June 13, 2025 (the “ Effective Date”), the Company entered into an Advisory Agreement (the “ Advisory Agreement”)
with Gabe Carimi pursuant to which the Company will retain Mr. Carimi as an advisor for general business-related