Item 5.02 Departure of Certain Officers; Election of Directors; Appointment of
Certain Officers; Compensatory Arrangements of Certain Officers
On August 12, 2021, the Board of Directors (the "Board") of Goodness Growth
Holdings, Inc. (the "Company") appointed Joshua N. Rosen to serve as director.
Mr. Rosen has not been appointed to serve on any committee of the Board. Mr.
Rosen does not have any arrangement or understanding with any other person
pursuant to which he was elected as a director. Mr. Rosen Mr. Rosen is eligible
to receive the Company's standard annual non-employee director compensation
consistent with the compensation described in the Company's most recent Proxy
Statement filed with the Securities and Exchange Commission on April 28, 2021,
under the heading "Director Compensation". The Company issued a press release
announcing Mr. Rosen's appointment to the Board on August 13, 2021, a copy of
which is attached hereto as Exhibit 99.1.
On August 17, 2021, the Company entered into a consulting agreement with Bengal
Impact Partners, LLC ("Bengal") to serve as a strategic advisor to the Company.
Mr. Rosen is a managing partner at Bengal and has shared voting and profits
interests in the firm. For the initial three-month term of the consulting
agreement, the Company will pay Bengal $10,000 per month in cash and will issue
75,000 five-year warrants to purchase subordinate voting shares with a strike
price of $1.62 per share. If the agreement is renewed the Company will pay
$10,000 per month in cash and will issue an additional 75,000 five-year warrants
to purchase subordinate voting shares with a strike price based on a five-day
volume-weighted average price at the time of issuance. Upon the occurrence of
certain transactions, Bengal will receive up to two million additional warrants,
depending on the size of the transaction, and could receive up to an additional
one million warrants for exceptional service, as determined by the Board.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits.
Exhibit No. Description
99.1 Press Release of the Company, dated August 13, 2021
104 Cover Page Interactive Data File (embedded within the Inline XBRL
document)
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