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Posted 13 September, 2023

BrewBilt Brewing Co appointed Bennett Buchanan as new CEO

OTC:BRBL appointed new Chief Executive Officer Bennett Buchanan in a 8-K filed on 13 September, 2023.


  On September 5, 2023, the Company appointed Bennett Buchanan, a director of the Company and the Company's COO prior to his appointment, to serve as the Company's Chief Executive Officer, Secretary and Treasurer.  

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Overview of BrewBilt Brewing Co
Industrial Goods • Industrial Machinery
BrewBilt Brewing Co. engages in the manufacture and sale of audio-video system technologies. Its product portfolio includes protection switches, high definition routers, analog routers, control panels, sound pals, and audio distribution. It offers advanced applications utilized in the commercial and government broadcast industry. The company was founded on November 15, 2006 and is headquartered in Grass Valley, CA.
Market Cap
$903K
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BrewBilt Brewing Co by TradingView
Relevant filing section
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.


Jef Lewis


On September 5, 2023, BrewBilt Brewing Company (the “Company”) accepted the resignation of Jef Lewis as the Company's Chief Executive Officer, Secretary and Treasurer. Following his resignation, Mr. Lewis continues to serve as a member of the Company's Board of Directors, pursuant to a Board of Directors Agreement with Mr. Lewis dated September 5, 2023 (the “Directors Agreement”). Pursuant to the Directors Agreement, the Company will (i) compensate Mr. Lewis $36,000 per annum, and (ii) issue Mr. Lewis 559 shares of the Company's Preferred Series A Stock with an aggregate stated value of $150,000.


In addition, in connection with his resignation, the Company has agreed to issue Mr. Lewis 1,965 shares of the Company's Preferred Series A Stock with an aggregate stated value of $527,500 as payment for unpaid wages in the same amount.


The foregoing description of the Directors Agreement is qualified in its entirety by reference to the actual terms thereof, which has been filed as Exhibit 10.1 to this Current Report on Form 8-K, and which is incorporated herein by reference.


Bennett Buchanan


On September 5, 2023, the Company appointed Bennett Buchanan, a director of the Company and the Company's COO prior to his appointment, to serve as the Company's Chief Executive Officer, Secretary and Treasurer. In connection with his appointment, the Company entered into an Employment Agreement with Mr. Buchanan dated September 5, 2023 (the “Employment Agreement”). Pursuant to the Employment Agreement, the Company will (i) compensate Mr. Buchanan $250,000 per annum in, and (ii) issue Mr. Buchanan 559 shares of the Company's Preferred Series A Stock with an aggregate stated value of $150,000. Unpaid salary will accrue interest at a rate of 6% per annum, and may be converted into shares of the Company's Preferred Series A Stock, which will be subject to repurchase by the Company on demand by Mr. Buchanan. The Employment Agreement has a term ending December 31, 2024, subject to the right of either party to terminate the Employment Agreement at any time on 90 days' written notice.


In addition, the Company has agreed to issue Mr. Buchanan 1,185 shares of the Company's Preferred Series A Stock with an aggregate stated value of $318,159 as payment for unpaid wages in the same amount.


The foregoing description of the Employment Agreement is qualified in its entirety by reference to the actual terms thereof, which has been filed as Exhibit 10.2 to this Current Report on Form 8-K, and which is incorporated herein by reference.