AZ Marijuana Company Gifts Its Workers 3 Million Equity Options
February 5, 2020 by erfa5t8
Harvest Health & Leisure Inc. (Harvest), a vertically integrated cannabis business with one of the largest and inmost footprints in the U.S., today announced that essential members of senior leadership, Co-Executive Chairman Jason Vedadi, CEO Steve White, and Operational Leader Joe Sai, have voluntarily given up a total of 2.4 million equity options to Gather for redistribution to eligible workers throughout the business. The three senior leaders will not get any consideration from Harvest.
” We are focused on returning to success and acknowledge that goal will need commitment to functional excellence and the assistance of leaders at Harvest,” stated Harvest CEO Steve White. “Our staff members are a few of the hardest operating in the market and this award is meant to acknowledge both the accomplishments of the past year and the anticipated commitment to attaining success ahead.”
Key personnel were granted roughly 3.0 million equity choices including around 600,000 in newly issued options and the 2.4 million gave up options as a reward for their work to date and incentive for ongoing devotion to the business.
As part of the redistribution of equity choices, Harvest anticipates to acknowledge a non-cash charge of approximately $10 million during the first quarter of 2020. The non-cash charge is an accounting treatment that connects to the surrender of equity options and associated velocity of unrecognized cost tied to the original option grants.
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