Company: JSDA
Filing Date: 2025-06-04
Form Type: DEF 14A
Source: 0001641172-25-013621
Chunk: 38

Company: JONES SODA CO.
Filing Date: 2025-06-04
Form: DEF 14A
Chunk 38
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 last two completed fiscal years, and in which
any of our directors, executive officers or, to our knowledge, beneficial owners of more than 5% of our capital stock or any member of
the immediate family of any of the foregoing persons had or will have a direct or indirect material interest, other than equity and other
compensation, termination, change in control and other arrangements, which are described elsewhere in this prospectus. Except as set forth
herein, we are not a party to any related party transactions and no transactions are currently proposed in which the amount of the transaction
exceeds the lesser of $120,000 or 1% of the average of our total assets at year-end for the last two completed fiscal years and in which
a related person had or will have a direct or indirect material interest.

On May 7, 2025, we entered into a loan agreement
with the Chairman of our Board of Directors in the amount of $450,000. The interest rate on this loan is 12% per annum. The principal,
together with accrued interest and a loan fee of $22,000, is due and payable in full by October 10, 2025. A $22,000 loan fee is also due
upon repayment.

The Board, upon the recommendation of the Audit
Committee, has adopted a written policy for the review and approval or ratification of related person transactions. Under the policy,
our directors and executive officers are expected to disclose to our principal financial officer (or, if the transaction involves the
principal financial officer, to the CEO) (either, as applicable, the “Designated Officer”) the material facts of any transaction
that could be considered a related person transaction promptly upon gaining knowledge of the transaction. For purposes of our policy,
a related person transaction is generally defined as any transaction involving a related person as defined under Item 404(a) of Regulation
S-K, the SEC’s related person transaction disclosure rule, without regard to a dollar threshold for such transaction.

| -24- |

If the Designated Officer determines that the
transaction is a related person transaction under our policy, the Designated Officer will notify the Chair of the Audit Committee and
submit the transaction to the Audit Committee, which will review and determine whether to approve or ratify the transaction.

When determining whether to approve or ratify
a related person transaction, the Audit Committee will review relevant facts regarding the related person transaction, including:

| ● | the extent of the related