[12:25 PM] My firm, Cannabis Compensation ConsultantsTM monitors a large number of cannabis companies, not just in the Spring but all year long. This is because in addition to being compensation consultants, our firm has extensive investment holdings in cannabis. Many are comparing the executive compensation programs in cannabis companies to those of tech and biotech companies, especially in the early years of those industries. That oversimplifies and is inaccurate. Because there are extreme examples that are nothing like tech or biotech. Like Trulieve Cannabis Corp. – or so it might appear. In 2019, here is how the top 5 executives – CEO, CFO, General Counsel, Chief Production Officer, and Chief Information Officer – at Trulieve were paid: • Base salary ranging from $291k to $147k (rounded) • Annual incentive (bonuses) from $150k (52% of base salary) to $30k (19% of base salary • Stock options: none • Stock grants: none • Other long-term incentive plans (e.g., cash): none • Pension: none • All other: $3 ,901 to $41 (yes, forty-one dollars). I was very surprised! A young entrepreneurial company in a budding (ha!) industry not granting equity compensation to top executives? They are not like tech or biotech companies at all! No compensation securities were granted or issued to the Named Executive Officers of the Corporation during the most recently completed financial year. As at December 31, 2019, no option-based awards were outstanding. On January 2, 2020, the Board granted option awards under the Corporation’s Stock Option Plan to each of the NEO’s as follows: • CEO Ms. Rivers – 160,944 options =1.85M • CFO Mr. Srinivasan – 122,624 options • General Counsel Mr. Powers – 73,575 options • CPO Mr. Landrum – 73,575 options • CIO Mr. Pernell – 73,575 options. These options have an exercise price of US$11.52 and expire on January 3, 2025.