Company: JSDA
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001641172-25-024179
Chunk: 13

Company: JONES SODA CO.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 8
Chunk 13
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 2025, the
entirety of the financing was paid off in full. The interest rate is 8.99% and there are no covenants associated with this agreement.

9. Membership Agreement Obligation

On
September 1, 2022, the Company entered into a revocable membership and licensing agreement with Saltbox Inc. for shared office and warehouse
access in Seattle, WA. This agreement establishes a licensor-licensee relationship rather than a lease, and no lease liability or right-of-use
asset is recorded. Initially, the agreement had a 1 one-year term with monthly payments of $8,000. Upon renewal, the Company opted
for a month-to-month arrangement at $9,000 per month. On February 28, 2025, the Company provided notice of its intent to exit the agreement
after securing lower-cost facilities.

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10. Shareholders’ Equity

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 stock, warrants and employee options to purchase any shares)
on the final day of the immediately preceding calendar year and (B) such lesser number of shares of common stock as determined by
our Board. The Company may grant incentive stock options, non-statutory stock options, stock appreciation rights, restricted stock
units and other stock-based awards to participants