~CEO and management opt for stock based
remuneration over cash~
TORONTO, July 3, 2020
/CNW/ - 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.
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SOURCE Namaste Technologies Inc.