~CEO and management opt for stock based remuneration over cash~
TORONTO, July 3, 2020 /PRNewswire/ - Namaste Technologies Inc. ("Namaste" or the "Company") (TSXV: N) (FRANKFURT: M5BQ) (OTCMKTS: NXTTF), a leading platform for cannabis products, accessories, and education, today reports its Board of Directors has approved the grant of an aggregate of 7,626,751 stock options to officers, directors and employees of the Company, which are exercisable into common shares of Namaste at a price of $0.33 per common share in accordance with TSX Policy 4.4, subject to the rules of the TSX Venture Exchange and the Company's Stock Option Plan. The options have a term of four years and will expire on July 2, 2024.
Consistent with management's efforts to preserve cash resources and reinforce their commitment to the Company, certain officers of the Company have agreed to receive their short-term incentive in options in lieu of cash. Additionally, Namaste's CEO Meni Morim's request for a pay cut in favour of long-term incentives has been granted, with the Board of Directors agreeing to a 17% reduction. In addition, the Board approved other option grants pursuant to agreed long term incentive plans. With this in mind, of the total number of options granted, officers of the Company received in aggregate 3,737,056 options, with directors and employees receiving the remainder.
The Board of Directors and its compensation committee consulted with independent industry experts to best determine the overall remuneration package to stay competitive in the marketplace and to attract and retain top-tier talent. Long term incentive program benchmarks, including option grants, were established from peer companies with comparable market capitalization, operating not only within the cannabis sector, but in similar and adjacent sectors, and compared against historical grants and standards.
Option grants are subject to approval of the TSX Venture Exchange. For further information on Namaste's public disclosure, consult SEDAR at www.sedar.com.
About Namaste Technologies Inc.
With headquarters in Toronto, ON, and offices in both B.C. and around the globe, Namaste Technologies is a leading online platform for cannabis products, accessories, and responsible education. The company's 'everything cannabis store', CannMart.com, provides customers with a diverse selection of hand-picked products from a multitude of federally-licensed cultivators, all on one convenient site. Namaste's global technology and continuous innovation address local needs in a burgeoning cannabis industry requiring smart solutions.
Information on the Company and its many products can be accessed through the links below:
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.
SOURCE Namaste Technologies Inc.