Planned Changes to Executive Compensation Program /NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
Directors and Senior Executives Are Electing to be Paid in Stock for Fourth Quarter 2021
All figures in USD unless stated otherwise
TORONTO, Oct. 18, 2021 /CNW/ - Halo Collective Inc. ("Halo" or the "Company") (NEO: HALO) (OTCQB: HCAND) (Germany: A9K0) today announced that its Board of Directors has approved proposed changes to the Company's senior officer and director compensation such that 100% of remuneration for all executive officers and directors for the remainder of calendar 2021 is expected to be paid in common shares of the Company ("Common Shares") in lieu of cash. As a result of this proposed change in the Company's compensation program, through the end of December 2021, the Company expects cash savings of approximately $2.1 million. The issuance of the Common Shares in lieu of cash is subject to the approval of the NEO Exchange, and the Company will provide additional details in respect of the Common Shares upon the issuance thereof.
Kiran Sidhu, Chief Executive Officer of Halo, said, "We are bullish about Halo and the opportunity that's right in front of us to build a leading multi-state operator (MSO) focused on the west coast while we unlock value in the Company through innovative transactions for certain of our business operations such as Akanda Corp. and our proposed spin-off of Halo Tek Inc. What better way to demonstrate our confidence – and alignment with shareholders – than for the 15 most senior leaders of the Company to all elect to take their compensation in Common Shares in lieu of cash. We look forward to benefiting alongside shareholders from the long-term value we are creating."
The Company's Board of Directors is evaluating, at its discretion, extending the compensation change to the first quarter of 2022, subject to market conditions, stock exchange and regulatory approvals, and certain other factors.