Sativa Wellness Group plc (AQSE:SWEL / CNSX:SWEL) today announced certain management share compensation arrangements and amendments that have been approved by the Board of Directors with a view to both incentivising and aligning management and shareholder interests.
Firstly, following an administrative error, it has been necessary to cancel and reissue the options and warrants announced on 12 July 2021. As a result, Marc Howells, Chief Executive Officer, has had options reissued in respect of 1,447,173 common shares of the Company, under an EMI Option Agreement entered into on 20 December 2021. These options vest immediately, have an exercise price of C$0.065 per Sativa Wellness common share, being the prevailing market price on issue, and are valid for 5 years.
In addition, a consultant to the Company has had warrants reissued in respect of 1,447,173 common shares of the Company, that vest immediately, have an exercise price of C$0.065 and are valid for 3 years.
Management Incentive Plan (“MIP”)
In addition, 32,222,222 G shares in the Company’s subsidiary, Goodbody Botanicals (“G Shares”), convertible into 10,796,700 common shares of the Company, have been acquired by certain directors of the Company.
The G Shares relate to the MIP, as detailed in Company’s Scheme Document dated 22 July 2020, and have been reallocated from previous G shareholders. There is no change in the total number of issued G Shares.
Marc Howells, Chief Executive Officer, has acquired 30,000,000 G Shares, convertible into 10,052,100 common shares of the Company at C$0.00433 per Sativa Wellness common share for a remaining term of 5 years.
Further, the Company announces that Anne Tew, Chief Finance Officer, has acquired 2,222,222 G shares, convertible into 744,600 common shares of the Company at C$0.00433 per Sativa Wellness common share for a remaining term of 5 years.
The Company has a total of 36,903,461 options including G shares and 49,317,379 warrants outstanding.