Green Thumb Industries Appoints New Directors, Adjusts Executive Pay

TL;DR

GTII adds two directors and revises exec pay, including CEO Kovler's new agreement.

AI Summary

Green Thumb Industries Inc. announced on October 21, 2024, changes in its board of directors and executive compensation. Specifically, the company elected two new directors, Michael J. LaGow and Robert L. Sharrow, to its board. Additionally, the company entered into new employment agreements with certain executive officers, including a new employment agreement with its CEO, Ben Kovler, effective October 21, 2024.

Why It Matters

Changes in board composition and executive compensation can signal shifts in company strategy or governance, potentially impacting investor confidence and future performance.

Risk Assessment

Risk Level: medium — Changes in board and executive compensation can introduce uncertainty regarding future strategic direction and management stability.

Key Players & Entities

• Green Thumb Industries Inc. (company) — Registrant
• Michael J. LaGow (person) — Newly elected director
• Robert L. Sharrow (person) — Newly elected director
• Ben Kovler (person) — CEO of Green Thumb Industries Inc.
• October 21, 2024 (date) — Effective date of board changes and new employment agreements

FAQ

From the Filing

0000950170-24-117212.txt : 20241025 0000950170-24-117212.hdr.sgml : 20241025 20241025070007 ACCESSION NUMBER: 0000950170-24-117212 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 11 CONFORMED PERIOD OF REPORT: 20241021 ITEM INFORMATION: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers FILED AS OF DATE: 20241025 DATE AS OF CHANGE: 20241025 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Green Thumb Industries Inc. CENTRAL INDEX KEY: 0001795139 STANDARD INDUSTRIAL CLASSIFICATION: AGRICULTURE PRODUCTION - CROPS [0100] ORGANIZATION NAME: 08 Industrial Applications and Services IRS NUMBER: 981437430 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-56132 FILM NUMBER: 241394110 BUSINESS ADDRESS: STREET 1: 325 WEST HURON STREET STREET 2: SUITE 700 CITY: CHICAGO STATE: IL ZIP: 60654 BUSINESS PHONE: 312-471-6720 MAIL ADDRESS: STREET 1: 325 WEST HURON STREET STREET 2: SUITE 700 CITY: CHICAGO STATE: IL ZIP: 60654 8-K 1 gtbif-20241021.htm 8-K 8-K 0001795139 false NONE 0001795139 2024-10-21 2024-10-21   UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549   FORM 8-K   CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): October 21, 2024     GREEN THUMB INDUSTRIES INC. (Exact name of Registrant as Specified in Its Charter)     British Columbia 000-56132 98-1437430 (State or Other Jurisdiction of Incorporation) (Commission File Number) (IRS Employer Identification No.)           325 West Huron Street Suite 700   Chicago , Illinois   60654 (Address of Principal Executive Offices)   (Zip Code)   Registrant’s Telephone Number, Including Area Code: 312 471-6720     (Former Name or Former Address, if Changed Since Last Report)   Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: ☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) ☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) ☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) ☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act: Title of each class   Trading Symbol(s)   Name of each exchange on which registered N/A   N/A   N/A Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter). Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐   Item 5.02(e) Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On October 21, 2024, the Compensation Committee (the “Committee”) of the Board of Directors of Green Thumb Industries Inc. (the “Company”) approved changes to the compensation of employees including Benjamin Kovler, Chairman and Chief Executive Officer; Anthony Georgiadis, President; Mathew Faulkner, Chief Financial Officer; and Bret Kravitz, General Counsel, in each case in recognition of their leadership and long service and dedication to the Company, and in the case of Mr. Faulkner and Mr. Kravitz, to encourage retention. On