Form 4: Planet 13 Holdings Co-CEO Robert Groesbeck Granted 1,949,153 Restricted Stock Units
SEC Form 4
Robert Groesbeck, Co-CEO of Planet 13 Holdings, was granted 1,949,153 Restricted Stock Units (RSUs) that vest over three years.
Summary
- Robert Groesbeck, Co-CEO of Planet 13 Holdings Inc., was granted 1,949,153 Restricted Stock Units (RSUs) on April 2, 2025.
- The RSUs vest in three equal tranches: 1/3 on May 16, 2026, 1/3 on May 16, 2027, and 1/3 on May 16, 2028.
- Each RSU represents the right to receive one share of Planet 13 Holdings Inc. common stock.
- The exercise price will be determined on the day prior to each vesting date.
- The RSUs are subject to continued service through each vesting date.
Sentiment
Score: 7
Explanation: The document itself is neutral, simply reporting a standard executive compensation practice. The sentiment is slightly positive as it indicates alignment of management and shareholder interests.
Positives
- The grant of RSUs aligns the Co-CEO's interests with those of the shareholders, incentivizing long-term performance.
- The vesting schedule encourages continued service and commitment to the company.
Risks
- The value of the RSUs is dependent on the future performance of Planet 13 Holdings Inc.'s stock.
- If Robert Groesbeck leaves the company before the vesting dates, he will forfeit the unvested RSUs.
Future Outlook
The document does not contain any specific forward-looking statements regarding the company's financial performance or future prospects, focusing solely on the RSU grant.
Industry Context
Grants of restricted stock units are a common form of executive compensation in publicly traded companies, particularly in growth-oriented sectors like the cannabis industry. They are used to attract, retain, and incentivize key personnel.
Comparison to Industry Standards
- RSU grants are a standard compensation practice among publicly listed companies, including those in the cannabis industry.
- Companies like Curaleaf, Trulieve, and Green Thumb Industries also utilize stock-based compensation to align executive interests with shareholder value.
- The size of the grant is relative to the company's market capitalization, the executive's role, and industry benchmarks for compensation packages.
Stakeholder Impact
- Shareholders may view the RSU grant positively as it incentivizes the Co-CEO to increase shareholder value.
- Employees may see the grant as a sign of the company's commitment to its leadership.
Key Dates
| Date | Description |
|---|---|
| 03/31/2025 | Date of Earliest Transaction |
| 04/02/2025 | Date of RSU Grant |
| 05/16/2026 | First Vesting Date (1/3 of RSUs) |
| 05/16/2027 | Second Vesting Date (1/3 of RSUs) |
| 05/16/2028 | Third Vesting Date (1/3 of RSUs) |
| 05/15/2027 | Expiration date for first tranche |
| 05/15/2028 | Expiration date for second tranche |
| 05/15/2029 | Expiration date for third tranche |
Keywords
Restricted Stock Units, RSU, Robert Groesbeck, Planet 13 Holdings, Executive Compensation, Vesting, Co-CEO
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