Trees Corporation announced that on December 12, 2022, John Barker Dalton resigned from the Company's Board of Directors. Mr. Dalton's resignation was not related to a disagreement with the Company on any matter relating to the Company's operations, policies or practices. On December 12, 2022, Allyson Feiler was elected to serve on the Board until the next annual meeting of stockholders of the Company and until her successor is duly elected and qualified.

Ms. Feiler was appointed by the Board to fill an existing vacancy created when John Barker Dalton resigned from the Board. Ms. Feiler is a principal owner of the Green Tree Entities. As previously disclosed, the Company agreed to appoint a designee of the Green Tree Entities to the Board following the closing of the Green Tree Acquisition.

Ms. Feiler is such designee. As part of the Green Tree Acquisition, Ms. Feiler was appointed to the Board. Ms. Feiler also received in connection with the Green Tree Acquisition, in her capacity as a former equity holder of certain of the Green Tree Entities, $191,537.50 in cash at closing, the right to receive $1,340,762.50 in cash in the future and 7,111,396 Buyer Shares.

Please refer to Item 2.01 above for a more complete description of the Green Tree Transaction, which is incorporated by reference herein. On December 12, 2022, Ms. Feiler was also appointed to the Nominating Committee of the Board. Also on December 12, 2022, the Company and Ms. Feiler entered into a two-year employment agreement, pursuant to which Ms. Feiler will be employed by the Company as its Chief Marketing Officer at an annual base salary of $225,000, with an agreed one-time bonus equal to $383,071.43, payable within 30 business days following the closing of the acquisition of Ancient, Natural, Mountainside and GT Creations as described above.

The Employment Agreement also provides for severance payouts up to the full initial two-year term in the event of a termination without ‘Cause' or for ‘Good Reason' (as such terms are defined therein) during the initial term.