Jushi Holdings announced that it has amended the employment agreement of its Chairman and CEO, Jim Cacioppo, to help manage the company's short-term cash needs. The changes were approved by the company's independent directors.
Under the amended agreement, Mr. Cacioppo agreed to change how he receives certain compensation. Instead of receiving a $1,050,000 cash bonus by March 15, 2026, and stock options to purchase 3,000,000 shares before January 1, 2026, he will receive a one-time cash payment of $300,000 and 3,000,000 restricted shares of the company. These restricted shares will vest on January 1, 2026, provided that Mr. Cacioppo is still employed by the company on that date.
Because Mr. Cacioppo is both an officer and a director of the company, the amendment is considered a related party transaction under Canadian securities regulations. However, the company is relying on exemptions that allow it to proceed without a formal valuation or minority shareholder approval, since the value of the compensation involved is less than 25% of the company's market capitalization at the time the amendment was made.
The company did not file a material change report 21 days in advance because the agreement changes had not yet been finalized at that time. The company determined that this was reasonable in the normal course of business.
For more information:
Jushi
+1 (561) 617 9100
[email protected]
jushico.com
