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. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Directors; Compensatory Arrangements of Certain Officers.
Effective on November 24, 2017, Edward Hanson resigned from the board of directors (the “Board”) of Long Island Iced Tea Corp. (the “Company”) and from each committee on which he served. Mr. Hanson’s resignation was 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).
On November 30, 2017, the Company appointed William Hayde and John Carson as members of the Board. Mr. Hayde will serve on the audit and nominating committees of the Board. Mr. Carson will serve on the strategy committee of the Board. As a non-employee director of the Company, each of Mr. Hayde and Mr. Carson will receive an annual cash fee of $30,000 and an annual award of $35,000 in shares of our common stock, valued as of December 31st of each year. In addition, the Company will enter into an indemnification agreement with each of Mr. Hayde and Mr. Carson, to which the Company will indemnify, and advance expenses to, Mr. Hayde and Mr. Carson to the fullest extent permitted by applicable law. The foregoing description of the indemnification is qualified by reference to the full text of the agreement, which is attached as Exhibit 10.4 to the Company’s Current Report on Form 8-K filed on June 2, 2015 and is incorporated herein by reference.
Mr. Carson served as a member of the Company’s advisory board from August 2015 until May 2017 and served as an advisor to the Company’s strategy committee from June 2017 until his appointment to the Board. As compensation for his services, Mr. Carson earned total compensation of $20,250, $42,000 and $30,000 (including $16,250, $30,000 and $30,000 payable in shares of the Company’s common stock) during the nine months ended September 30, 2017, the year ended December 31, 2016 and the year ended December 15, 2015, respectively.
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.