Norwalk-based Reed’s Inc. has disclosed the compensation tied to the recent departure of its former chief executive.
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Norwalk-based Reed’s Inc. has disclosed the compensation tied to the recent departure of its former chief executive in a filing with the U.S. Securities and Exchange Commission.
The company disclosed it entered into a separation agreement with former CEO Cyril A. Wallace Jr. on April 16, following his previously disclosed resignation effective March 24. Wallace remained an employee through March 31 and will serve as a consultant through April 30 to assist with the transition.
Under the agreement, Reed’s will provide Wallace with severance equal to one month of his base salary, totaling $58,333.33, along with a lump-sum payment of $2,836.60 to cover one month of COBRA health insurance premiums, according to the filing.
The company also waived Wallace’s obligation to repay a sign-on bonus and relocation expenses tied to his employment agreement. In addition, Reed’s approved a restricted stock award covering 36,657 shares, which will be fully vested upon issuance, and a cash payment of $36,336.30 related to previously granted equity incentives.
The compensation is contingent on Wallace executing a general release of claims and complying with the terms of the separation agreement, the filing said.
Wallace stepped down after less than a year in the role, as the craft soda maker continues efforts to improve its financial performance. He had been hired in May 2025 to lead a turnaround focused on supply chain improvements, cost controls and brand growth.
Following his departure, Chief Operating Officer Neal Cohane was named interim CEO and a member of the board, while the company conducts a search for a permanent successor.
Reed’s, which produces ginger-based beverages under its Reed’s and Virgil’s brands, has reported ongoing financial challenges, including declining sales and widening losses in 2025.
