Acreage Holdings (CSE: ACRG.A) evidently believes both its chief executive officer and chief financial officer are doing a swell job. Last Monday, the firms board of directors elected to provide the two executives with significant bonuses “for their continued service and dedication to the company.”
The bonuses are reportedly being utilized to “incentivize” the two execs to remain with the company and “address any concerns about [their] job security. The two execs are set to receive three bonuses as a result, with the first to be delivered ten days after the signing of the bonus off letter, the second to be delivered on the first payroll date on or after September 30, and the third to be delivered on the first payroll date on or after December 30, 2022.
In the case of Peter Caldini, Acreage’s CEO, the company has elected to provide him with three payments of $833,333, amounting to total additional compensation of $2.5 million. Steve Goertz, the firms CFO, meanwhile will receive three payments of $666,667, amounting to a total bonus of $2.0 million.
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Unsurprisingly, compensation and equity-based compensation make up the bulk of Acreage’s expenses. In 2021, on Revenues of $188.9 million, the company doled out $45.8 million in compensation, and a further $19.9 million in equity-based compensation, out of a total of $143.0 million in expenses.
Acreage Holdings last traded at $0.60 on the CSE.
Information for this briefing was found via Sedar and Acreage Holdings. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
2 Responses
If they are that valuable to the future of the operations why not give the bonus in shares to be held a min of 4years. There ought to be a shareholders revolt process for such actions
Why? They have not done anything for acreage or shareholders!