Flora Growth appoints JustCBD founder Hussein Rakine as CEO; Merchan resigns

ZeroStack Corp.

Luis Merchan resigned as Chairman and CEO on April 12, 2023; receives $385K cash severance, $24K health insurance, and 1.6M common shares.
Hussein Rakine, founder of acquired subsidiary JustCBD, appointed CEO and Director effective April 16, 2023.
Rakine's employment provides $320K base salary, 100% target bonus, and 1.2M restricted shares vesting June 7, 2023.
Potential additional $300K in restricted shares for Rakine contingent on shareholder approval of share increase at 2023 annual meeting.
Merchan's resignation was not due to any disagreement; he will assist with transition.

item 5.02 item 7.01 item 9.01

Executive movements

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Appointed

Hussein Rakine

Director

ZSTK · ZeroStack Corp.

Effective: 2023-04-16
Filed: April 18, 2023, 7:59 PM ET

The Board appointed Dr. Rakine as a Director to fill the vacancy created by Mr. Merchan’s resignation, as described above

Appointed

Hussein Rakine

Chief Executive Officer

ZSTK · ZeroStack Corp.

Effective: 2023-04-16
Filed: April 18, 2023, 7:59 PM ET

On April 16, 2023, the Board appointed Hussein Rakine, the current President of the Company’s subsidiary, Just Brands LLC (“ JustCBD ”), as the Company’s Chief Executive Officer (principal executive officer) and as a Director

Departed

Luis Merchan

Chairman and Chief Executive Officer

ZSTK · ZeroStack Corp.

Effective: 2023-04-12
Successor: Hussein Rakine
Filed: April 18, 2023, 7:59 PM ET

On April 12, 2023, Luis Merchan tendered his resignation as both Chairman of the Board of Directors (the “ Board ”) of Flora Growth Corp., a corporation organized under the laws of the Province of Ontario (“ Flora ” or the Company ”) and as the Company’s Chief Executive Officer

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Hussein Rakine was appointed as Director at ZeroStack Corp..

Action: appointed
Role: Director

Exact text from the filing

The Board appointed Dr. Rakine as a Director to fill the vacancy created by Mr. Merchan’s resignation, as described above

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Hussein Rakine was appointed as Chief Executive Officer at ZeroStack Corp..

Action: appointed
Role: Chief Executive Officer

Exact text from the filing

On April 16, 2023, the Board appointed Hussein Rakine, the current President of the Company’s subsidiary, Just Brands LLC (“ JustCBD ”), as the Company’s Chief Executive Officer (principal executive officer) and as a Director

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Luis Merchan resigned as Chairman and Chief Executive Officer at ZeroStack Corp..

Action: resigned
Role: Chairman and Chief Executive Officer

Exact text from the filing

On April 12, 2023, Luis Merchan tendered his resignation as both Chairman of the Board of Directors (the “ Board ”) of Flora Growth Corp., a corporation organized under the laws of the Province of Ontario (“ Flora ” or the Company ”) and as the Company’s Chief Executive Officer

View on SEC.gov

ZeroStack Corp. filing history →

Source: SEC EDGAR

accession 0001477932-23-002713

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