Tilray Brands, Inc 8-K, filed Oct 15, 2020
Tilray Brands, Inc. (TLRY)
About this 8-K
Tilray Brands, Inc filed this 8-K on October 15, 2020, reporting on events of October 8, 2020.
Items reported
- Item 5.02: Director or officer change, or executive pay
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| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
(b) On October 8, 2020 (the “Separation Date”), Tilray, Inc. (the “Company”) and Edward Wood Pastorius, Jr., the Company’s Chief Revenue Officer, reached the mutual decision to have Mr. Pastorius step down as Chief Revenue Officer, effective as of the Separation Date. Mr. Pastorius’s employment will cease on November 15, 2020.
Pursuant to an employment agreement by and between the Company and Mr. Pastorius (the “Employment Agreement”), if Mr. Pastorius is terminated without cause or resigns for good reason, as such terms are defined in the Employment Agreement, he will receive a severance payment equal to 18 months of his base salary and COBRA benefits for up to 18 months after such termination or resignation (the “Severance Payments”). The Severance Payments are conditional on Mr. Pastorius delivering, and not revoking, in the form provided by the Company, a separation agreement including general release of claims against the Company or its successor, its subsidiaries and their respective directors, officers and stockholders and other related parties and allowing such release to become effective.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| Tilray, Inc. | ||||||
| Date: October 15, 2020 | By: | /s/ Brendan Kennedy | ||||
| Brendan Kennedy | ||||||
| President and Chief Executive Officer | ||||||