Cann Group has announced today that Peter Koetsier has been appointed to the role of Chief Executive Officer.
Peter previously held the role of Head of Asia Pacific for French biopharmaceutical company, Ipsen.
“Peter is an experienced pharma industry executive with an established track record of driving strong revenue growth in complex and changing environments. His experience and skills are ideally suited to the needs of Cann and to meeting the opportunities that continue to develop within the medicinal cannabis industry."
Cann Chairman, Allan McCallum AO
“I have a strong interest in new therapeutic areas and see tremendous potential for medicinal cannabis. Cann has established a genetics and production / manufacturing base that is world class. The opportunity, now, is to capitalise on those assets and drive profitable growth.”
Peter Koetsier, new CEO
The new CEO starts work on the 16th of January 2023.
He has a base salary of A$350,000 p.a. + super.
There's a short term incentive.
At the discretion of the Board, Mr Koetsier is entitled to participate in the Cann Group short term incentive plan (STI). The STI award will be up to 40% of fixed remuneration excluding superannuation. Payment of the STI is subject to attainment of both financial and non-financial performance measures as set by the Board each financial year including gross margin, regulatory and risk management, successful completion and confirmation of a positive S3 trial
result, ongoing positive engagement with key customers and achievement of agreed revenue targets.
There's a long term incentive.
At the discretion of the Board, Mr Koetsier is entitled to participate in the Cann Group long term incentive plan (LTI). Satisfaction of the LTI is subject to attainment of performance hurdles as set by the Board relating to share price growth, cashflow generation and product line growth.
There's also an options grant.
Mr Koetsier will be granted 4.5 million Options under the Cann Group Limited Employee Option Scheme (Option Scheme). The details of the scheme are being finalised and are expected to be completed by the end of January 2023. The Options will be granted on the following terms:
• The Options will be issued on finalisation of the Option Scheme which is expected to be no later than 31 January 2023 (Initial Issue Date) and they will vest over three (3) years in equal tranches of 1.5 million Options with the first tranche vesting 12 months after the Initial Issue Date and the following tranches on the second and third anniversary of the Initial Issue Date.
• The Options will vest and are capable of exercise if Mr Koetsier remains employed at the vesting date.
• Each Option expires 5 years after the date of issue.
• The Options are to be issued for no consideration.The Exercise Price for each tranche is as follows:
• 500,000 exercisable at $0.45 per option
• 500,000 exercisable at $0.60 per option
• 500,000 exercisable at $0.75 per option3
• Each Option converts to one (1) fully paid ordinary share in Cann Group Limited subject to payment of exercise price and usual adjustments for reconstructions.
• The Options are non-transferable.
Finally, here's the conditions that sit around a termination notice.
After the expiry of the initial 6 months' probation period, termination can be made by either party at any time for any reason upon four (4) months' notice, other than termination for cause. During the probation period, either party may terminate the employment on one week's notice.
CAN currently trades on the ASX at 20.5c. (ACST 13:45)