William Devereux
About William Devereux
William Devereux, age 51, has served as Chief Financial Officer of Splash Beverage Group (SBEV) since March 20, 2025, under an employment agreement dated February 21, 2025 . He holds an MBA from the University of North Carolina at Chapel Hill and a BS in Finance from the University of Florida, and brings 20+ years of experience in corporate finance, investment management, and investor relations, including senior roles across consumer and technology sectors . Company performance context during his tenure includes zero revenue in Q2 2025 and $438,272 in Q1 2025, with management warning of operational jeopardy without new working capital; the proxy also discloses TSR-related charts but not specific TSR values, and notes regained NYSE compliance in July 2025 alongside ongoing listing risk due to potential downward price pressure from convertible securities and an ELOC .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Hembal Labs | Chief Financial Officer | Oct 2023 – Feb 2025 | Led growth initiatives; secured enterprise contracts; positioned for investment |
| AKIN AI | Chief Financial Officer | Apr 2021 – Sep 2023 | Secured enterprise contracts; sourced a merger offer |
| PEAK6 | Portfolio Manager | 2020 – Apr 2021 | Investment strategy and corporate governance exposure |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Daruma Capital | Partner | n/a | Key leadership managing a $2B portfolio |
| Dames Point Partners | Advisor (M&A and regulatory) | n/a | Advised on M&A strategy and regulatory matters |
Fixed Compensation
| Component | Amount / Terms |
|---|---|
| Base salary | $325,000 per year |
| Signing bonus | $60,000 (paid upon hire) |
| Annual performance bonus opportunity | Up to $162,500, contingent on annual targets to be defined |
| Employment Agreement date | February 21, 2025 |
Performance Compensation
Equity Awards
| Type | Grant Date | Quantity (shares) | Exercise Price | Vesting | Term/Expiration |
|---|---|---|---|---|---|
| Warrants | Aug 15, 2025 | 1,000,000 | $0.80 | One-third vested immediately; remainder vests quarterly over two years (service-based) | Five-year warrants |
| Options | Employment Agreement (vest in July 2025) | 15,000 | n/a | Vested in July 2025 | n/a |
| Warrants | Employment Agreement (vest in July 2025) | 1,000,000 | n/a | Vested in July 2025 | n/a |
Note: The 2025 proxy’s beneficial ownership table for Mr. Devereux includes 1,000,000 warrants and 15,000 options; it does not specify whether that count reflects the August 15 grant or the Employment Agreement grant .
Cash Incentives
| Metric | Target Definition | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|---|
| Annual discretionary bonus | Company-defined annual targets (set each year) | n/a | n/a | n/a | Up to $162,500 | Cash (annual) |
Equity Ownership & Alignment
| Ownership Metric | Value |
|---|---|
| Beneficial ownership (shares) | 1,015,000 |
| Ownership % of outstanding common | 29.9% |
| Shares outstanding (as of Oct 2, 2025) | 2,374,226 |
| Components | Includes 1,000,000 warrants and 15,000 options |
- Beneficial ownership calculations follow SEC Rule 13d-3 and include rights exercisable within 60 days; table values incorporate such acquisition rights .
- Anti-hedging: Officers/directors are prohibited from hedging transactions without prior compliance approval; insider trading policy governs transactions in company securities .
- Pledging: No disclosure of any shares pledged as collateral for Mr. Devereux in the reviewed filings .
Employment Terms
| Term | Detail |
|---|---|
| Position & start date | CFO effective March 20, 2025 |
| Agreement date | February 21, 2025 |
| Severance provisions | Not disclosed for Mr. Devereux in the reviewed proxy/8-K filings |
| Change-of-control (Plan) | Awards to be assumed or substituted; if a successor refuses, awards fully vest and become exercisable for at least 15 days; “Change of Control” defined to include sale of substantially all assets or certain mergers (≥50% voting power continuity test) |
| Forfeiture & conduct | Vested/unvested awards may be forfeited at Board’s discretion for cause, insider trading violations, confidentiality breaches, competition, recruiting post-termination, invention assignment failure, or disloyal conduct |
| Clawback policy | Adopted Sept 20, 2023; requires recovery of erroneously awarded incentive compensation upon material restatement under NYSE Rule 10D-1 |
| Insider trading policy | Adopted and filed; anti-hedging requires compliance officer approval |
| Related party transactions | None involving Mr. Devereux requiring Item 404(a) reporting disclosed at appointment |
Investment Implications
- Alignment: Mr. Devereux’s reported 29.9% beneficial stake (including 1,000,000 warrants and 15,000 options) indicates significant equity-linked exposure, potentially aligning incentives with shareholders, particularly around share price appreciation and liquidity restoration .
- Vesting and potential supply: The August 2025 warrant grant vests one-third immediately and the remainder quarterly over two years, which can introduce incremental tradable supply as tranches vest, subject to insider trading windows and the company’s anti-hedging policy .
- Protection/retention: The proxy and 8-Ks do not disclose CFO-specific severance or change-of-control cash protections, while equity awards may accelerate if not assumed in a transaction; this structure places more value in equity continuity rather than guaranteed cash outcomes, with possible retention sensitivity in a turnaround scenario .
- Governance and recoupment: The 2023 clawback policy and forfeiture provisions mitigate pay-for-performance risk and misconduct risk, reinforcing investor protections against erroneous incentive payouts and misaligned behaviors .
- Company operating risk: Management disclosed no revenue since March 2025 and ongoing listing/compliance risks tied to capital needs and convertible instruments; Mr. Devereux’s role in funding and capital allocation is central to near-term value creation and trading dynamics .