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In a recent SEC filing, AgriForce Growing Systems Ltd. (NASDAQ:AGRI) outlined new compensation arrangements for key executives. The Vancouver-based company, which operates in the prefabricated metal buildings and components sector, disclosed these changes as part of its corporate governance updates.
Effective July 1, 2024, David Welch, the Chairman of AgriForce, will receive an annual cash compensation of $45,000, in addition to his current Board fees. Furthermore, for every acquisition or joint venture transaction that the company successfully completes, Welch will be awarded restricted stock units (RSUs) valued at $50,000.
Jolie Kahn, the CEO of AgriForce, has also had her compensation package revised. Starting June 4, 2024, Kahn's annual cash salary will be set at $220,000, paid monthly, with an additional sum accruing every three months, payable at the end of each quarter. The first of such payments is scheduled for August 31, 2024. Additionally, Kahn will receive an equivalent of $220,000 in RSUs annually, distributed quarterly, with the first payment including compensation for June 2024. Kahn will become eligible for the company's health benefits starting January 1, 2025.
Both Welch and Kahn may also be considered for bonuses and other forms of compensation as determined by the Compensation Committee of AgriForce. The RSUs granted to them will be calculated based on the 30-day trailing volume-weighted average price (VWAP) of AgriForce's common shares prior to the grant date. The value of these RSUs will be pegged to the closing price of the company's shares on NASDAQ the day before the grant date.
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