Company: JSDA
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-011093
Chunk: 9

Company: JONES SODA CO.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 8
Chunk 9
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     6.04  
     0.49  
     385,677  
     5.92  
     0.49 
  
    $0.551 to $0.70 
     189,075  
     6.44  
     0.62  
     185,324  
     6.43  
     0.62 

     11,628,244  
     8.59  
     0.27  
     4,513,880  
     7.22  
     0.28 

    (b)
    Restricted
    stock awards:

Beginning
May 13, 2022, the Company’s Board of Directors determined that restricted stock units (RSUs) would be awarded as equity compensation
for non-employee directors, replacing stock options, based on the recommendation of the Compensation and Governance Committee. RSUs vest
incrementally per the award agreement, with certain awards vesting immediately upon a “Change in Control” as defined in the
2022 Plan.

Previously,
from January 1, 2020, through February 15, 2022, non-employee directors received annual non-qualified stock option grants, which vested
on the first anniversary of the grant date, subject to continued service. Grants were determined by dividing $25,000 by the closing share
price on the grant date. New directors joining the Board before February 15, 2022, received prorated stock option awards under similar
terms. Stock option and RSU awards were governed by the 2011 Plan (prior to the 2022 Plan) and respective grant agreements.

On
December 30, 2022, the Company entered into rescission agreements with certain non-employee directors and its Chief Executive Officer
and President, rescinding and canceling all RSUs granted during 2022, including shares issued upon RSU vesting in August 2022, without
consideration.

During
the three months ended March 31, 2025 and 2024, no RSUs were issued, vested, or canceled.

As
of March 31, 2025, and December 31, 2024, the Company had no RSUs outstanding.

    (c)
    Stock-based
    compensation expense:

Stock-based
compensation expense is recognized using the straight-line attribution method over the employees’ requisite service period.