LONG ISLAND ICED TEA CORP. (NASDAQ:LTEA) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02.
On July 11, 2017, Long Island Iced Tea Corp. (the “Company”) entered into a separation agreement (the “Agreement”) with Richard Allen, the Company’s Chief Financial Officer. to the Agreement, Mr. Allen will continue as the Company’s Chief Financial Officer until August 15, 2017. In connection with his transitioning out of such role, under the Agreement, Mr. Allen will receive an additional two months of his base salary and 50% of his target bonus amount, or an aggregate of $61,668, payable in two installments on or about July 18, 2017 and on or about August 22, 2017. In addition, 50% of his unvested stock options will vest immediately and, together with the previously vested portions of such options, together representing the right to purchase an aggregate of 98,820 shares of the Company’s common stock, will remain exercisable until May 15, 2018. The remainder of his options will terminate. Of the surviving options, 18,820 are exercisable at $5.00 per share and 80,000 are exercisable at $4.50 per share. The severance payments are conditioned on Mr. Allen executing a general waiver and release of claims in connection with the signing of the Agreement and on August 15, 2017. The Agreement contains provisions for protection of the Company’s confidential information and certain non-competition restrictions for Mr. Allen.
About LONG ISLAND ICED TEA CORP. (NASDAQ:LTEA)
Long Island Iced Tea Corp. is a holding company operating through its subsidiary, Long Island Brand Beverages, LLC (LIBB). The Company is engaged in the production and distribution of Non-Alcoholic Ready-to-Drink (NARTD) iced tea in the beverage industry. It is organized around its brand, Long Island Iced Tea. Long Island Iced Tea is sold primarily on the East Coast of the United States through a network of national and regional retail chains and distributors. The Company produces brewed tea, using black tea leaves, purified water and natural cane sugar or sucralose. The Company’s Long Island Iced Tea’s flavors include lemon, peach, raspberry, guava, mango, diet lemon, diet peach, sweet tea, green tea and honey, and half tea and half lemonade. It also offers lower calorie iced tea in over 12 ounce bottles. The lower calorie flavor options include mango, raspberry and peach. The Company’s products include All-Natural Tea, Diet Tea, Fruit-Flavored Tea, Organic Tea and Herbal Tea.
