Reed's Soda CEO's Lavish Exit Payout

0:00It's April 20th, Hartford News. Today starts now, AI-powered and ready. Reed's Inc., the Norwalk Soda Maker, just filed with the SEC revealing the payout for their XCEO-0 Wallace Junior. He resigned effective March 24th, but stayed on payroll through March 31st, and consults till April 30th. The deal includes one-month severance at $58,333 and $33, plus 2008, $136 and $60 for health coverage. They also waived his need to repay Sinon and relocation cash, handed over $36,636.30 from Old Equity Grants, and gave him a fully vested Restricted Stock Award for 36,657 shares. All this hinges on him signing off claims and sticking to the agreement. Wallace lasted less than a year after starting in May 2025 to fix supply chains, cut costs, and boost a brand.

1:00But Reed's keeps facing tough times with dropping sales in bigger losses this year, on their ginger drinks under Reed's and Virgil's labels. Now Chief Operating Officer Neil Colhain steps in as interim CEO and board member while they hunt for full-time replacement. This exit payout shows Reed's pushing forward amid the squeeze, betting on new leadership to turn the Fizz back up.