Lifeist Wellness Inc., 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 2022
On 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. Information on Lifeist and its businesses can be accessed through the links below:
www.lifeist.com
www.cannmart.com
www.australianvaporizers.com.au
www.wearemikra.com
