AgriForce Growing Systems Ltd. Updates Compensation for Key Executives - NASDAQ: AGRI
In a recent SEC filing, AgriForce Growing Systems Ltd. (NASDAQ:AGRI) detailed new compensation arrangements for key executives. The Vancouver-based company, specializing in prefabricated metal buildings and components, revealed 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, on top of his current Board fees. Additionally, for each successful acquisition or joint venture transaction, Welch will be granted restricted stock units (RSUs) worth $50,000.
Furthermore, Jolie Kahn, the CEO of AgriForce, has also had her compensation package adjusted. From June 4, 2024, Kahn's annual cash salary will be $220,000, paid monthly, with an additional sum every three months, payable at the end of each quarter. The first of these payments is due on August 31, 2024. Kahn will also receive $220,000 in RSUs annually, distributed quarterly, with the initial payment covering June 2024. Starting January 1, 2025, Kahn will be eligible for the company's health benefits.
Both Welch and Kahn are eligible for bonuses and additional compensation as determined by AgriForce's Compensation Committee. The RSUs granted to them will be based on the 30-day trailing volume-weighted average price (VWAP) of AgriForce's common shares before the grant date. The value of these RSUs will be tied to the closing price of the company's shares on NASDAQ the day prior to the grant date.
In conclusion, these updated compensation arrangements for AgriForce's key executives reflect the company's commitment to rewarding performance and aligning incentives with shareholder interests. By offering competitive compensation packages and incentivizing success, AgriForce aims to attract and retain top talent in the industry, ultimately driving value for investors and stakeholders alike.