Form 4: Verano Holdings CFO Brett Summerer Sells Shares to Cover Tax Obligations and Under 10b5-1 Plan

Brett Summerer, CFO of Verano Holdings Corp., sold shares to cover tax obligations related to restricted stock units and executed sales under a pre-arranged Rule 10b5-1 trading plan.

Summary

• On June 14, 2024, Brett Summerer, the CFO of Verano Holdings Corp., sold 41,711 Class A Subordinate Voting Shares at a price of $3.6066.
• This sale was to cover tax withholding obligations related to the settlement of previously granted Restricted Stock Units.
• The sale was not a discretionary sale by the Reporting Person, but was effected pursuant to sell-to-cover transactions at the Company's sole discretion as agreed to by the Reporting Person in grant agreements signed upon the initial issuance of Restricted Stock Units on (i) February 16, 2022; (ii) June 23, 2022; (iii) June 1, 2023.
• On June 18, 2024, Summerer sold 42,109 Class A Subordinate Voting Shares at a price of $3.3526.
• This transaction was executed under a Rule 10b5-1 trading plan adopted on December 28, 2023.
• Following these transactions, Summerer directly owns 85,601 Class A Subordinate Voting Shares.

Sentiment

Score: 5

Explanation: The sentiment is neutral as the transactions are routine and related to tax obligations and a pre-arranged trading plan, not necessarily indicative of the company's performance.

Industry Context

Insider sales are a common occurrence, and these sales by the CFO are related to tax obligations and a pre-arranged trading plan, which is a standard practice to avoid accusations of insider trading.

Key Dates