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 October 2, 2017, Long Island Iced Tea Corp. (the “Company”) agreed to pay to Julian Davidson, the Company’s Executive Chairman, and Mr. Davidson agreed to accept, the following, in lieu of a cash bonus of $165,000 due to him under his existing compensation arrangements: (i) a one-time stock bonus of 48,000 shares of the Company’s common stock, and (ii) a deferred cash payment of $65,000 to be made at a time determined by the Compensation Committee of the Company’s Board of Directors, but no later than December 31, 2017, with no interest to accrue on such payment obligation. The shares of the Company’s common stock were granted under the Company’s 2017 Long-Term Incentive Equity Plan.
On October 5, 2017, Paul Vassilakos resigned from the board of directors of the Company, effective immediately. Mr. Vassilakos resigned for personal reasons, and to assist the Company in regaining a majority of independent directors, and not due to any disagreement with the Company or its management on any matter relating to the Company’s operations, policies or practices (financial or otherwise). Until the resignation of Mr. Vassilakos, the Company did not have a majority of independent directors, as required by the listing standards of The Nasdaq Stock Market, due to the resignation of Kerry Kennedy on September 21, 2017.
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.
