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Lifeist’s Board Modifies Non-Employee Director Compensation Structure to Better Align with the Company and its Shareholders

Board reduces non-employee director baseline compensation by 24% with 65% of baseline compensation to be satisfied in the form of security-based awards

TORONTO, Jan. 26, 2022 (GLOBE NEWSWIRE) — 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 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; 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.com
www.cannmart.com
www.australianvaporizers.com.au
www.wearemikra.com

Contacts

Lifeist Wellness Inc.
Meni Morim, CEO
Matt Chesler, CFA, Investor Relations
Ph: 647-362-0390
Email: [email protected]

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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