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Class E subordinate voting shares
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ACRHF
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OTC Markets Group Inc.
OTC Markets Group Inc.
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Item 5.02 Departure
of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Appointment of New Director
On January 11, 2021, Acreage Holdings, Inc. (the “Company”) announced that Katie Bayne has been appointed to the Company’s Board of Directors.
Ms. Bayne founded and is currently the president of Bayne Advisors, a strategic consulting and advisory firm. She is also presently a senior advisor at Guggenheim Partners and serves as an independent director on the board of the Honest Company. From November 2015 to June 2020 she was also an independent director on the board of the Ascena Retail Group,
Inc. (OTCMKTS: ASNAQ). From 1995 to 2018, Ms. Bayne worked in various roles at the Coca-Cola Company where she held multiple leadership positions including President of North America Brands and Chief Marketing Officer for North America.
As a non-employee director, Ms. Bayne will receive a new director bonus of $150,000 of restricted stock units, or RSUs, and annual compensation consistent with that paid to other non-employee directors of $250,000 of RSUs, with 75% of the compensation distributed as Class D floating RSUs and 25% of the compensation distributed as Class E fixed RSUs.
There is no arrangement or understanding between Ms. Bayne and any other person pursuant to which Ms. Bayne was appointed as a director of the Company, and there are no transactions in which Ms. Bayne has an interest
requiring disclosure under Item 404(a) of Regulation S-K.
Ms. Bayne was appointed by the Board to fill a vacancy created when it increased its size from five to six directors pursuant to its authority under the Articles of Incorporation.
Ms. Bayne has also been appointed to the Audit Committee of the Board.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
