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    CRON   CA22717L1013


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CRONOS GROUP INC. : Change in Directors or Principal Officers, Financial Statements and Exhibits (form 8-K)

11/30/2021 | 04:15pm EST

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

Effective as of November 30, 2021 (the "Resignation Date"), Xiuming Shum will resign from the position of Executive Vice President, Legal and Regulatory Affairs and Corporate Secretary, of Cronos Group Inc. ("Cronos Group").

In connection with Ms. Shum's resignation, Hortican Inc. ("Hortican") and Cronos Group entered into a letter agreement with Ms. Shum (the "Letter Agreement") on November 26, 2021. Under the Letter Agreement, Ms. Shum will resign from her employment effective as of the Resignation Date. During the period from November 26, 2021 to the Resignation Date (such period, the "Transition Period"), Ms. Shum will continue to perform her regular duties and responsibilities and will be entitled to receive her current base salary. Following the Resignation Date, subject to Ms. Shum's entering into a release of claims in favor of Cronos Group and its affiliates and related entities, Ms. Shum will be entitled to (1) an annual bonus of CAD $343,750 for Cronos Group's 2021 fiscal year, based on target performance and prorated based on the number of complete months of the fiscal year up to the Resignation Date, and (2) continued vesting and exercisability of any outstanding and unvested equity awards in accordance with the terms and conditions of the applicable award agreements, subject to Ms. Shum's compliance with her post-employment obligations.

Effective immediately following the Resignation Date, Ms. Shum will provide consulting services to Cronos Group until December 31, 2021, unless (i) terminated earlier by either Ms. Shum or Hortican upon two weeks' prior notice, or by Hortican for Cause (as defined in the Letter Agreement) at any time, or (ii) extended by mutual agreement by Ms. Shum and Hortican (such period, the "Consulting Period'). During the Consulting Period, Ms. Shum will be paid a consulting fee equal to $31,250 per calendar month, will be available for consultation as requested by Cronos Group and will dedicate up to 20 hours per week to provide such consulting services.

Pursuant to the Letter Agreement, Ms. Shum is subject to an ongoing non-disparagement provision, and the ongoing confidentiality and intellectual property provisions, the non-competition and non-solicitation requirements contained in the Executive Employment Agreement, effective May 21, 2019, by and among Hortican, Ms. Shum and Cronos Group.

The foregoing description of the Letter Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Letter Agreement, which is attached hereto as Exhibit 10.1 and incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
Exhibit No.                     Description
                  10.1            Letter Agreement, dated as of November 26, 2021, between
                                Hortican     Inc.    , Cronos Group     Inc.     and Xiuming Shum  .
                   104          Cover Page Interactive Data File


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