Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On April 27, 2022, MedMen Enterprises Inc. (the “Company”) appointed Ed Record
as Chief Executive Officer, effective immediately, succeeding Michael Serruya,
who served as interim Chief Executive Officer. Mr. Serruya will continue to
serve as Chairman of the Board of Directors.
Ed Record, 53, has been a director of the Company since November 2021. Mr.
Record previously served as Executive Vice President and Chief Financial Officer
at Hudson’s Bay Company from 2017 to January 2021. From 2014 until July 2017, he
served as Executive Vice President and Chief Financial Officer of JC Penney.
Prior to joining JC Penney, Mr. Record served in positions of increasing
responsibility with Stage Stores, Inc. (apparel retailer), including Executive
Vice President and Chief Operating Officer from 2010 to 2014, Chief Financial
Officer from 2007 to 2010 and Executive Vice President and Chief Administrative
Officer from May 2007 to September 2007. Mr. Record also served as Senior Vice
President of Finance of Kohl’s Corporation (department store retailer) from 2005
to 2007. Prior to that, he served with Belk, Inc. (department store retailer) as
Senior Vice President of Finance and Controller from April 2005 to October 2005
and Senior Vice President and Controller from 2002 to 2005. Mr. Record received
his Bachelor of Arts in Economics from Princeton University in 1990 and an MSIA
from Carnegie Mellon University in 1995. Mr. Record’s qualifications to serve on
our Board include his operational and financial experience with retail
In connection with his appointment as Chief Executive Officer, Mr. Record will
receive an annual salary of $416,000. He will also be eligible to receive up to
$8,000 in Class B Subordinate Voting Shares (“Shares”) of the Company in
compensation for each week he is employed as Chief Executive Officer during the
prior fiscal year, to be granted at the end of each fiscal year at the
discretion of the Board of Directors as a bonus based on an annual review of
performance, and $12,000 in options to acquire Shares (“Options”) for each week
he is employed as Chief Executive Officer, to be granted at the end beginning of
each fiscal quarter, vesting within 30 days of each fiscal quarter end based
upon the Company achieving performance metrics that are aligned with the
interests of shareholders which metrics are to be mutually agreed upon between
Mr. Record and the Board. The number of Shares issued or granted by the Board
will be based on the trailing 10-day volume weighted average price of the
Company’s Shares trading on the Canadian Securities Exchange or any National
Securities Exchange prior to the date of grant. The Options will expire five
years from the date of grant.
Other than as described herein, there are no arrangements or understandings
between Mr. Record and any other person pursuant to which he was appointed to
serve as Chief Executive Officer and Mr. Record does not have a direct or
indirect material interest in any “related party” transaction required to be
disclosed pursuant to Item 404(a) of Regulation S-K. There are no family
relationships between Mr. Record and any director or executive officer of the
On April 27, 2022, the Company received notification of resignation from Roz
Lipsey as Chief Operating Officer, effective May 20, 2022. Ms. Lipsey’s
resignation was not the result of any disagreement with the Company on any
matters relating to its operations, policies or practices.
Item 7.01 Regulation FD Disclosure.
On April 27, 2022, the Company issued a press release, which is attached to this
Current Report on Form 8-K as Exhibit 99.1 is hereby furnished pursuant to this
The information disclosed under this Item 7.01, including Exhibit 99.1 attached
hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”), or deemed incorporated by
reference in any filing under the Securities Act of 1933, as amended, or the
Exchange Act, except as shall be expressly set forth by specific reference in
such a filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits Exhibit Number Description
99.1 Press Release dated April 27, 2022. 2
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 hereunto duly authorized.
Dated: May 3, 2022 MEDMEN ENTERPRISES INC.
/s/ Ana Bowman By: Ana Bowman Its: Chief Financial Officer 3
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