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DPS > SEC Filings for DPS > Form 8-K on 16-Nov-2012All Recent SEC Filings

Show all filings for DR PEPPER SNAPPLE GROUP, INC.



Change in Directors or Principal Officers, Other Events

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On November 16, 2012 Michael Weinstein submitted his resignation as a director of Dr Pepper Snapple Group, Inc. ("DPS") to be effective as of December 31, 2012. Mr. Weinstein's resignation was not submitted as the result of any disagreement with DPS on any matter relating to DPS' operations, policies or practices. Mr. Weinstein is not an independent director and does not presently serve on any committees. He has decided to resign because he will not be able to serve as an independent director for the fifteen-year term of the earn-out payments discussed in Item 8.01 of this Current Report on Form 8-K.

Item 8.01 Other Events.

As previously disclosed DPS owns approximately 40% of the equity interest in Hydrive Energy, LLC ("Hydrive"). Hydrive, which has developed the functional beverage HYDRIVE ("HYDRIVE"), is a subsidiary of INOV8 Beverage Company LLC ("INOV8"), which was co-founded by Michael F. Weinstein, one of DPS' directors. Mr. Weinstein owns in excess of forty percent of the equity of INOV8. Hydrive has informed DPS that it plans to sell (the "Sale") Hydrive's intellectual property rights to Big Red Holdings, Inc. ("Big Red"). On November 16, 2012, the Board of Directors of DPS authorized management of DPS, as an equity interest holder in Hydrive, to approve the Sale. Under the Sale agreements, Big Red will make earn-out payments to Hydrive based on the earnings of HYDRIVE over the next fifteen years. Further, the Board has waived any conflict of interest under DPS' Code of Business Conduct & Ethics that may arise as a result of this transaction.

DPS anticipates that it will continue to distribute HYDRIVE after the Sale.

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