Form 4: Verano Holdings Corp. COO Settles Vested Restricted Stock Units
SEC Form 4
Edward Aloysious McDermott III, Chief Operating Officer of Verano Holdings Corp., settled vested restricted stock units into Class A Subordinate Voting Shares on June 3, 2024.
Summary
- On June 3, 2024, Edward Aloysious McDermott III, the Chief Operating Officer of Verano Holdings Corp., executed a transaction involving the settlement of vested restricted stock units (RSUs) into Class A Subordinate Voting Shares.
- The transaction involved the conversion of 86,443 RSUs into Class A Subordinate Voting Shares at a price of $0.
- Following the transaction, McDermott directly owns 132,243 Class A Subordinate Voting Shares.
- The settled RSUs were granted under the Verano Holdings Corp. Stock and Incentive Plan on various dates: February 16, 2022 (8,625 units), June 23, 2022 (6,540 units), June 1, 2023 (46,971 units), and September 1, 2023 (24,307 units).
- The RSUs vested in installments, typically 25% on specific dates, with the final vesting date for some tranches being June 1, 2024.
- After the reported transactions, McDermott continues to hold a significant number of RSUs: 400,382; 393,842; 346,871; and 322,564.
Sentiment
Score: 5
Explanation: The document is a standard regulatory filing detailing stock transactions by an executive. It doesn't inherently convey positive or negative sentiment.
Industry Context
This Form 4 filing is a routine disclosure related to executive compensation and stock ownership, common in publicly traded companies. It provides transparency regarding the transactions of company insiders.
Stakeholder Impact
- The transaction may have a minor impact on shareholders due to the increase in the number of outstanding Class A Subordinate Voting Shares.
Key Dates
| Date | Description |
|---|---|
| February 16, 2022 | Date of grant for 8,625 restricted stock units. |
| June 23, 2022 | Date of grant for 6,540 restricted stock units. |
| June 1, 2023 | Date of grant for 46,971 restricted stock units. |
| September 1, 2023 | Date of grant for 24,307 restricted stock units. |
| June 1, 2024 | Vesting date for some tranches of restricted stock units. |
| June 3, 2024 | Date of transaction: settlement of vested restricted stock units. |
| June 5, 2024 | Date of report filing. |
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