EASTSIDE DISTILLING, INC. : Entry into a Material Definitive Agreement, Financial Statements and Exhibits (form 8-K)

Item 1.01 Entry into a Material Definitive Agreement.

On April 24, 2020, Eastside Distilling, Inc. (the "Company"), Mr. Shoen, Jack Peterson, Lawrence Firestone (together with the Company, the "Company Parties"), Intersect Beverage, LLC, Stephanie Kilkenny, Patrick J. Kilkenny and Robert Grammen (the "Intersect Parties") entered into a General Mutual Release (the "Release Agreement"). Pursuant to the terms of the Release Agreement, each of the Company Parties and the Intersect Parties agreed to release the other party from claims in connection with disagreements between the Company Parties and the Intersect Parties relating to the previously disclosed purchase of the Azuñia brand from Intersect Beverage, LLC in September 2019.

In addition, the Company agreed to take all necessary steps to cause the Board to be comprised solely of the following persons: Paul Block, Geoffrey Gwin, Stephanie Kilkenny, Jack Peterson and Lawrence Firestone (the "Current Directors"), each to serve until the Company's 2020 Annual Meeting of Stockholders or until their respective successor is duly elected and qualified or until their earlier death, resignation or removal, whichever first occurs. The Company also agreed to nominate the Current Directors for election at the Company's 2020 Annual Meeting of Stockholders, and to cause such nominees to be submitted to the shareholders for election.

The foregoing summary of the Release Agreement is qualified in its entirety by the full text of the Release Agreement, which is attached hereto as Exhibit 10.1 and incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits



Exhibit   Description
10.1        General Mutual Release, dated April 24, 2020

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