Form 4: Verano Holdings President Settles Restricted Stock Units into Class A Shares
SEC Form 4
Darren Henry Weiss, President of Verano Holdings Corp., settled vested restricted stock units into Class A Subordinate Voting Shares on June 3, 2024.
Summary
- On June 3, 2024, Darren Henry Weiss, the President of Verano Holdings Corp., executed transactions involving the settlement of restricted stock units into Class A Subordinate Voting Shares.
- Weiss settled 126,691 restricted stock units, receiving Class A Subordinate Voting Shares in return.
- Following the reported transactions, Weiss directly owns 634,838 Class A Subordinate Voting Shares.
- The settled restricted stock units were granted under the Verano Holdings Corp. Stock and Incentive Plan on June 23, 2022, and June 1, 2023, with vesting schedules occurring on June 1 and December 1 of each year.
Sentiment
Score: 5
Explanation: The document describes a routine transaction related to executive compensation. It doesn't contain information that would significantly impact investor sentiment positively or negatively.
Industry Context
This transaction is a routine part of executive compensation and equity ownership within publicly traded companies. It reflects the vesting and settlement of previously granted equity awards.
Comparison to Industry Standards
- Equity compensation is a standard practice among publicly traded companies like Verano Holdings.
- Companies such as Curaleaf, Trulieve, and Green Thumb Industries also utilize restricted stock units as part of their compensation packages.
- The vesting schedules and terms of these grants are generally aligned with industry norms to incentivize long-term performance and retention.
Stakeholder Impact
- The transaction has a minor impact on shareholders as it reflects the conversion of existing equity awards into common shares.
- Employees holding similar restricted stock units may see this as a positive sign of the company fulfilling its compensation commitments.
Key Dates
| Date | Description |
|---|---|
| June 23, 2022 | Date of grant for some of the restricted stock units disposed of in the transaction. |
| June 1, 2023 | Date of grant for some of the restricted stock units disposed of in the transaction. |
| June 1, 2023 | First vesting date (25%) for restricted stock units granted on June 23, 2022. |
| December 1, 2023 | Second vesting date (25%) for restricted stock units granted on June 23, 2022. |
| June 1, 2024 | Third vesting date (25%) for restricted stock units granted on June 23, 2022, and first vesting date (25%) for restricted stock units granted on June 1, 2023. |
| June 3, 2024 | Date of the transaction where restricted stock units were settled into Class A Subordinate Voting Shares. |
| December 1, 2024 | Final vesting date (25%) for restricted stock units granted on June 23, 2022. |
| June 5, 2024 | Date of signature for the Form 4 filing. |
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