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REED:DividendsOrOtherEarningsPaidDuringApplicableFiscalYearPriorToVestingDateMember ecd:NonPeoNeoMember 2024-01-01 2024-12-31 0001140215 REED:DividendsOrOtherEarningsPaidDuringApplicableFiscalYearPriorToVestingDateMember ecd:PeoMember 2023-01-01 2023-12-31 0001140215 REED:DividendsOrOtherEarningsPaidDuringApplicableFiscalYearPriorToVestingDateMember ecd:NonPeoNeoMember 2023-01-01 2023-12-31 0001140215 ecd:NonPeoNeoMember 2025-01-01 2025-12-31 0001140215 ecd:NonPeoNeoMember 2024-01-01 2024-12-31 0001140215 ecd:NonPeoNeoMember 2023-01-01 2023-12-31 0001140215 1 2025-01-01 2025-12-31 iso4217:USD false 0001140215 DEF 14A Reed’s, Inc. true <table cellpadding="0" cellspacing="0" id="xdx_887_eecd--PvpTableTextBlock_zTU8TiQsqOKc" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Pay vs Performance Disclosure"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Year (1)</td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" id="xdx_482_eecd--PeoTotalCompAmt_hecd--IndividualAxis__ecd--PeoMember_zHuKRlmWfpSd" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Summary Compensation Table Total for PEO #1 (2)</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Summary Compensation Table Total for PEO #2 (2)</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" id="xdx_481_eecd--PeoActuallyPaidCompAmt_hecd--IndividualAxis__ecd--PeoMember_z4yimwVEtyR2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Compensation Actually Paid to PEO #1 (3)</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Compensation Actually Paid to PEO #2 (3)</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" id="xdx_48A_eecd--NonPeoNeoAvgTotalCompAmt_zrf4AIM8DkNe" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Average Summary Compensation Table Total for Non-PEO NEOs (2)</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" id="xdx_48E_eecd--NonPeoNeoAvgCompActuallyPaidAmt_ztGUtihgRINd" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Average Compensation Actually Paid to Non-PEO NEOs (3)</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" id="xdx_487_eecd--TotalShareholderRtnAmt_zP7wrhsvdyGi" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Value of Initial Fixed $100 Investment Based On Total Shareholder Return (4)</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Net Income (Loss) (5)</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_416_20250101__20251231_z7xCJ6ztIju" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 10%; text-align: right">2025(1)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">436,976</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">554,694</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 7%; text-align: right">436,976</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 7%; text-align: right">554,694</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 7%; text-align: right">283,012</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 7%; text-align: right">283,012</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 7%; text-align: right">10</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">($</td><td style="width: 7%; text-align: right">15,842,082</td><td style="width: 1%; text-align: left">)</td></tr> <tr id="xdx_41A_20240101__20241231_zNOe2NUrzOH" style="vertical-align: bottom; background-color: White"> <td style="text-align: right">2024(1)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">493,358</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">N/A</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">493,358</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">N/A</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">356,418</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">356,418</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">18</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">($</td><td style="text-align: right">13,152,126</td><td style="text-align: left">)</td></tr> <tr id="xdx_41B_20230101__20231231_zpnKokGuIoqc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: right">2023(1)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">324,255</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">N/A</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">324,255</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">N/A</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">185,451</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">185,451</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">46</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">($</td><td style="text-align: right">15,523,736</td><td style="text-align: left">)</td></tr> </table> 436976 554694 436976 554694 283012 283012 10

-15842082

493358 493358 356418 356418 18

-13152126

324255 324255 185451 185451 46

-15523736

Norman E. Snyder, Jr. Norman E. Snyder, Jr. Norman E. Snyder, Jr. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" id="xdx_498_20250101__20251231__ecd--IndividualAxis__ecd--PeoMember_zZIS39TYJG0b" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025 PEO #1</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" id="xdx_49C_20250101__20251231__ecd--IndividualAxis__custom--Peo2Member_zvy3u7YjTd99" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025 PEO #2</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" id="xdx_49C_20250101__20251231__ecd--IndividualAxis__ecd--NonPeoNeoMember_zesNdh5YtFa9" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025 Average Non-PEO NEOs</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" id="xdx_494_20240101__20241231__ecd--IndividualAxis__ecd--PeoMember_zXsOTe49tnv6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024 PEO #1</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" id="xdx_499_20240101__20241231__ecd--IndividualAxis__ecd--NonPeoNeoMember_zwemhusdugsi" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024 Average Non-PEO NEOs</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" id="xdx_495_20230101__20231231__ecd--IndividualAxis__ecd--PeoMember_zDXWtUPWc5M" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023 PEO #1</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" id="xdx_494_20230101__20231231__ecd--IndividualAxis__ecd--NonPeoNeoMember_zQIzBeqjixNc" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023 Average Non-PEO NEOs</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 37%; text-align: left">Total Compensation in SCT</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98F_eecd--PeoTotalCompAmt_c20250101__20251231_zAOBjxrB24ug" style="width: 5%; text-align: right">436,976</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98C_eecd--PeoTotalCompAmt_c20250101__20251231__ecd--IndividualAxis__custom--Peo2Member_zUADqa181fm" style="width: 5%; text-align: right">554,694</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_984_eecd--NonPeoNeoAvgTotalCompAmt_c20250101__20251231_zhwcpZq9lx19" style="width: 5%; text-align: right">283,012</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_989_eecd--PeoTotalCompAmt_c20240101__20241231_zsqsYzHnapok" style="width: 5%; text-align: right">493,358</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98E_eecd--NonPeoNeoAvgTotalCompAmt_c20240101__20241231_z3QVZtwMWBll" style="width: 5%; text-align: right">356,418</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_983_eecd--PeoTotalCompAmt_c20230101__20231231_zdMoD1BGIjoh" style="width: 5%; text-align: right">324,255</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98C_eecd--NonPeoNeoAvgTotalCompAmt_c20230101__20231231_z3uyFJ9tp5d2" style="width: 5%; text-align: right">185,451</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40A_eecd--AdjToCompAmt_hecd--AdjToCompAxis__custom--GrantDateValueOfStockAwardsAndOptionAwardsReportedInSCTMember_z7E0KCnNC9wb" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Less: Grant date value of stock awards and option awards reported in SCT*</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(9,874</td><td style="text-align: left">)</td></tr> <tr id="xdx_40A_eecd--AdjToCompAmt_hecd--AdjToCompAxis__custom--YearEndValueOfAwardsGrantedDuringTheYearThatAreOutstandingAndUnvestedAsOfYearEndMember_zjjPN4lr4by7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Plus: Year-end value of awards granted during the year that are outstanding and unvested as of year-end</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eecd--AdjToCompAmt_hecd--AdjToCompAxis__custom--ChangeInValueFromPriorYearEndToYearEndOfAwardsGrantedInAPriorYearThatAreOutstandingAndUnvestedYearEndMember_z8kh9HjGET4i" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Plus (less): Change in value, from prior year-end to year-end, of awards granted in a prior year that are outstanding and unvested as of year-end*</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eecd--AdjToCompAmt_hecd--AdjToCompAxis__custom--FairValueAsOfVestingDateForAwardsThatAreGrantedAndVestInTheSameCoveredFiscalYearMember_z9ChMqCMddwk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Plus (less): Fair value as of vesting date for awards that are granted and vest in the same covered fiscal year*</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">9,874</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eecd--AdjToCompAmt_hecd--AdjToCompAxis__custom--ChangeInValueFromPriorYearEndToVestingDateOfAwardsGrantedInAPriorYearThatVestedDuringTheYearMember_z1rAoYy19qv1" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Plus (less): Change in value, from prior year-end to vesting date, of awards granted in a prior year that vested during the year*</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eecd--AdjToCompAmt_hecd--AdjToCompAxis__custom--PriorYearEndValueOfAwardsGrantedInAPriorYearThatFailedToVestDuringYearMember_zdu2C7izQXH1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Less: Prior year-end value of awards granted in a prior year that failed to vest during the year*</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eecd--AdjToCompAmt_hecd--AdjToCompAxis__custom--DividendsOrOtherEarningsPaidDuringApplicableFiscalYearPriorToVestingDateMember_zLVch3qb5Gkd" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Plus: Dividends or other earnings paid during applicable fiscal year prior to vesting date*</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eecd--AdjToCompAmt_zTf74s0ki6R3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Total Adjustments</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>CAP</td><td> </td> <td style="text-align: left">$</td><td id="xdx_988_eecd--PeoActuallyPaidCompAmt_c20250101__20251231_zPtVP6kAf7a8" style="text-align: right">436,976</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_989_eecd--PeoActuallyPaidCompAmt_c20250101__20251231__ecd--IndividualAxis__custom--Peo2Member_zFWQtoB0MrE9" style="text-align: right">554,694</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_988_eecd--NonPeoNeoAvgCompActuallyPaidAmt_c20250101__20251231_z6kGGTxqufX4" style="text-align: right">283,012</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98E_eecd--PeoActuallyPaidCompAmt_c20240101__20241231_zz62DX1iP184" style="text-align: right">493,358</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_980_eecd--NonPeoNeoAvgCompActuallyPaidAmt_c20240101__20241231_zwIxgSoh0fb3" style="text-align: right">356,418</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98E_eecd--PeoActuallyPaidCompAmt_c20230101__20231231_zkC8UV7mcEo5" style="text-align: right">324,255</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98C_eecd--NonPeoNeoAvgCompActuallyPaidAmt_c20230101__20231231_zqcnahStAIXc" style="text-align: right">185,451</td><td style="text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">*</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The valuation assumptions used to calculate fair values did not materially differ from those disclosed at the time of grant.</td></tr></table> 436976 554694 283012 493358 356418 324255 185451 -9874 9874 436976 554694 283012 493358 356418 324255 185451 Relationship between CAP and Financial Performance Measures As required by Item 402(v) of Regulation S-K, we are providing the following graphs to illustrate the relationship between the pay and performance figures that are included in the pay versus performance tabular disclosure above. As noted above, CAP for purposes of the tabular disclosure and the following graphs was calculated in accordance with SEC rules and does not reflect the amount of compensation earned by or actually paid to our NEOs during the applicable years. CAP and Net Income (Loss) The graph below shows the relationship between CAP to our PEOs and the average CAP to our Non-PEO NEOs to the Company’s net income (loss) over the three years presented in the table. <img alt="" src="formdef14a_001.jpg"/> CAP and Cumulative TSR The graph below shows the relationship between CAP to our PEOs and the average CAP to our Non-PEO NEOs to the Company’s cumulative TSR over the three years presented in the table. <img alt="" src="formdef14a_002.jpg"/> The Compensation Committee and the Board of Directors have not established written policies regarding the timing of option grants or other awards in relation to the release of material nonpublic information (“MNPI”). They do however as a matter of practice take MNPI into account when determining the timing and terms of stock option or other equity awards to executive officers. The Company does not time the disclosure of MNPI, whether positive or negative, for the purpose of affecting the value of executive compensation. During 2025, the timing of grant of stock options did not trigger disclosures hereunder. take MNPI into account when determining the timing and terms of stock option or other equity awards false The following individuals are our principal executive officers (“PEOs”) and other non-PEO named executive officers (“Non-PEO NEOs”) for each fiscal year: Represents the amount of total compensation reported for each of our PEOs and the average total compensation for our Non-PEO NEOs, respectively, for each corresponding year in the “Total” column of the Summary Compensation Table. Refer to “Executive Compensation—Summary Compensation Table.” Represents the amount of CAP to each of our PEOs and the average amount of CAP to our Non-PEO NEOs, respectively, as computed in accordance with Item 402(v) of Regulation S-K. The dollar amounts do not reflect the actual amount of compensation earned by or paid to our NEOs during the applicable year. In accordance with the requirements of Item 402(v) of Regulation S-K, the following adjustments were made to the reported total compensation for each year to determine the CAP: Pursuant to SEC rules, the TSR figures assume an initial investment of $100 in our stock on December 31, 2022. The dollar amounts reported represent the amount of net income (loss) reflected in the Company’s audited financial statements for the applicable year. The valuation assumptions used to calculate fair values did not materially differ from those disclosed at the time of grant.