Lifeist’s Board Modifies Non-Employee Director Compensation Structure to Better Align with the Company and its Shareholders
January 26 2022 - 7:00AM
Lifeist Wellness Inc. (“Lifeist” or the “Company”) (TSXV:
LFST) (FRANKFURT: M5B) (OTCMKTS: NXTTF), a health-tech
company that leverages advancements in science and technology to
enable you to find your path to wellness, today announced that the
Board of Directors (“Board”) has implemented changes to the
Company’s compensation plan for non-employee directors. The changes
are part of a review conducted by the Compensation Committee,
driven by shifts in the Company’s asset portfolio, evolving
industry practices, good corporate governance practices, and
shareholder feedback. The changes made serve to better align the
compensation of our directors with the interests of the Company and
its shareholders, and support the focus on innovation, cash flow
generation, and capital returns.
Key Changes for 2022On the
basis of the recommendations made by the Compensation Committee,
the Board has approved changes to the Company’s non-employee
director compensation plan including:
- a 24% reduction in baseline
compensation
- rebalancing such baseline
compensation to 65% (vs. 43%) being satisfied in the form of
security-based awards, subject to the Company's Deferred Share Unit
Plan and/or the Company’s Restricted Share Unit Plan Plan, instead
of cash;
- a 20% reduction in committee
membership compensation, and
- a 30% reduction in committee chair
compensation.
"The Board desired to illustrate its support of
management’s strategy by not only rebalancing but also reducing
non-employee director compensation," said Branden Spikes, Chair of
the Board.
In addition, the Board has instructed management
to make enquiries with respect to Lifeist establishing an automatic
securities disposition plan(s) (“ADSP”) for certain insiders
pursuant to which a plan administrator would be authorized to sell
securities of the Company on behalf of such insiders during
predetermined periods with predetermined instructions, solely to
cover off tax related costs associated with said securities, while
ensuring insider compliance with insider trading prohibitions and
blackout periods, all in accordance with CSA Staff Notice 55-317
Automatic Securities Disposition Plans.
About Lifeist Wellness Inc.
Sitting at the forefront of the post-pandemic
wellness revolution, Lifeist is a portfolio of wellness companies
leveraging advancements in science and technology to enable
individuals to find their personalized path to wellness. Portfolio
business units include: CannMart, which operates a B2B wholesale
distribution business facilitating recreational sales to Canadian
provincial government control boards; CannMart Labs, a BHO
extraction facility for the production of high margin cannabis 2.0
products; and the CannMart.com marketplace, which provides Canadian
medical customers with a diverse selection of cannabis products
from a multitude of federally licensed cultivators and its U.S.
customers with access to hemp-derived CBD and smoking accessories;
Australian Vapes, the country’s largest online retailer of
vaporizers and accessories; Findify, a leading AI-powered search
and discovery platform; and Mikra, a biosciences and consumer
wellness company seeking to develop innovative therapies for
cellular health and recovery.
Information on Lifeist and its businesses can be
accessed through the links below:
www.lifeist.comwww.cannmart.comwww.australianvaporizers.com.auwww.wearemikra.com
Contacts
Lifeist Wellness Inc.Meni Morim, CEOMatt
Chesler, CFA, Investor RelationsPh: 647-362-0390Email:
ir@lifeist.com
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release or has in any way approved
or disapproved of the contents of this press release.
Forward Looking Information
This news release
contains “forward-looking information” within the meaning of
applicable securities laws. All statements contained herein that
are not historical in nature contain forward-looking information.
Forward-looking information can be identified by words or phrases
such as “may”, “expect”, “likely”, “should”, “would”, “plan”,
“anticipate”, “intend”, “potential”, “proposed”, “estimate”,
“believe” or the negative of these terms, or other similar words,
expressions and grammatical variations thereof, or statements that
certain events or conditions “may” or “will” happen.
The forward-looking
information contained herein, including, without limitation,
statements related to the Company potentially establishing ADSPs
for the benefit of certain insiders are made as of the date of this
press release and is based on assumptions management believed to be
reasonable at the time such statements were made, including,
without limitation, its ability to establish such ADSPs in
accordance with regulatory requirements, as well as other
considerations that are believed to be appropriate in the
circumstances. While we consider these assumptions to be reasonable
based on information currently available to management, there is no
assurance that such expectations will prove to be correct. By its
nature, forward-looking information is subject to inherent risks
and uncertainties that may be general or specific and which give
rise to the possibility that expectations, forecasts, predictions,
projections or conclusions will not prove to be accurate, that
assumptions may not be correct and that objectives, strategic goals
and priorities will not be achieved. A variety of factors,
including known and unknown risks, many of which are beyond our
control, could cause actual results to differ materially from the
forward-looking information in this press release. Such factors
include, without limitation: management’s decision not to pursue
the implementation of ADSPs for the benefit of insiders. Additional
risk factors can also be found in the Company’s current MD&A
and annual information form, both of which have been filed under
the Company’s SEDAR profile at www.sedar.com. Readers are cautioned
not to put undue reliance on forward-looking information. The
Company undertakes no obligation to update or revise any
forward-looking information, whether as a result of new
information, future events or otherwise, except as required by
applicable law. Forward-looking statements contained in this news
release are expressly qualified by this cautionary statement.
Source: Lifeist Wellness Inc.
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