MedMen Founders To Forfeit Equity Awards Unless Stock Exceeds C$10
MedMen Revises Executive Compensation Plans
LOS ANGELES, June 08, 2018 — (Business Wire) —MedMen Enterprises Inc. (CSE: MMEN) (“MedMen”), the country’s leading cultivator, producer and retailer of state-sanctioned cannabis, announced today that the grant units for its co-founders under its long-term incentive plan (the “LTIP”) will now vest upon achievement of certain share price goals.
Co-founder and CEO Adam Bierman and Co-founder and President Andrew Modlin will receive their LTIP units of MM Enterprises USA LLC according to the following schedule. One third of the total units will vest when the price of MedMen’s Subordinated Voting Shares reaches CA$ 10 in the open market, another third will vest when the share price reaches CA$ 15 and the final third when the share price reaches CA$ 20. The price will be determined as a 5-day VWAP in any exchange where MedMen shares are traded.
This modification to the grants under the LTIP was made to provide greater economic alignment with MedMen’s shareholders.
MedMen Enterprises is the preeminent cannabis company in the United States with multiple assets and operations in California, Nevada and New York, which combined account for nearly half of North America’s addressable legal market. MedMen owns and operates licensed cannabis facilities in cultivation, manufacturing and retail, and is one of the most well recognized cannabis brands in the world today. Headquartered in Los Angeles, MedMen employs 800 workers across the United States. It was founded in 2010 by Adam Bierman and Andrew Modlin, two visionary entrepreneurs who saw not just a tremendous business opportunity in the growing legalization of marijuana, but a chance to re-define our society’s relationship with cannabis. MedMen supports sensible, clear and just drug laws. The Company is the single largest financial supporter of progressive marijuana laws at the local, state and federal levels, giving directly to pro-legalization groups, industry organizations and political candidates. For more information, visit http://www.medmen.com or follow us on Facebook, Twitter or Instagram.