BOCA RATON, Fla. — In order to assist the company in managing near-term working capital requirements, Jushi Holdings Inc. and Chairman and Chief Executive Officer Jim Cacioppo agreed to amend Cacioppo’s employment agreement. Instead of the $1.05-million annual cash bonus and stock options that would have been paid to him on or before March 15, 2026, Cacioppo will receive a lump-sum cash payment of $300,000 and 3 million restricted subordinate voting shares, which will vest on January 1, 2026, provided Cacioppo remains employed by the company at that time.
As a director and officer of the company, Cacioppo is considered a “related party” under Multilateral Instrument 61-101 – Protection Of Minority Security Holders In Special Transactions and accordingly the employment agreement amendments may be considered a related-party transaction. The company is relying on exemptions from the formal valuation and minority shareholder approval requirements provided under MI 61-101 on the basis that the fair market value of the consideration to Cacioppo did not exceed 25 percent of the of the company’s market capitalization at the time the amendments were adopted. The company did not file a material change report in respect of the related-party transaction 21 days prior to the date of the amendments because the amendments had not been confirmed at that time. The company deemed this circumstance reasonable in the ordinary course of business.
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