Mario Pinho
About Mario Pinho
Mario Pinho, 57, has served as MariMed’s Chief Financial Officer since August 9, 2024; he is a Certified Public Accountant with ~25 years of experience across FP&A, accounting, tax, procurement, treasury, M&A, systems, and process improvement, and holds a B.A. in Economics and Political Science from the University of Toronto . He previously held executive finance roles at Rakuten USA (CFO since 2016), was VP & Controller of Global Merchant Services at American Express (2008–2012), Senior Manager in KPMG’s Department of Professional Practice, and Manager, Internal Audit at AGF Management Limited; he resides in the Boston area and works from MariMed’s Norwood, MA headquarters . Company- or role-specific TSR, revenue growth, and EBITDA growth metrics tied to his performance are not disclosed in the 2025 proxy; the Compensation Committee oversees objectives and payouts but no metric framework is provided .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Rakuten USA | CFO; prior executive finance roles | 2012–2024; CFO 2016–2024 | Led financial reporting, FP&A, M&A, SOX reporting, investor relations; systems/process implementations |
| American Express | VP & Controller, Global Merchant Services | 2008–2012 | Oversight of controllership for global merchant services |
| KPMG LLP | Senior Manager, Department of Professional Practice | 2006–2008 | Technical accounting and audit quality in DPP |
| AGF Management Limited | Manager, Internal Audit | 1998–2000 | Internal controls and audit for asset management firm |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| The Filomen M. D’Agostino Greenberg Music School (501(c)(3)) | Board Director | Current (as disclosed) | Non-profit in New York; public charity designation |
Fixed Compensation
| Item | 2024 | Notes |
|---|---|---|
| Annual base compensation (rate) | $265,000 | Established upon CFO appointment |
| Salary paid | $122,308 | Partial year (joined July 2024) |
| All other compensation | $6,223 | Company-paid insurance premiums |
| Target bonus opportunity | 30% of base salary | Performance bonus eligibility |
Performance Compensation
Annual Bonus (2024)
| Metric | Weighting | Target | Actual | Payout Form | Vesting |
|---|---|---|---|---|---|
| Annual bonus (program details not disclosed) | Not disclosed | 30% of base salary | $5,305 | 48,226 RSUs to be issued in Q2 2025 | Not disclosed |
The proxy discloses bonus amounts and payout form but does not provide the underlying performance metrics or vesting provisions for 2024 RSU bonus awards .
Equity Awards (RSUs)
| Type | Grant Date | Shares | Grant Date Fair Value | Vesting Schedule |
|---|---|---|---|---|
| Inducement RSUs (upon CFO appointment) | July 2024 | 300,000 | $48,900 | 100,020 on Jul 17, 2025; 49,995 on Jan 15, 2026; 49,995 on Jul 15, 2026; 49,995 on Jan 15, 2027; 49,995 on Jul 15, 2027 |
Equity Ownership & Alignment
| Item | Amount | As of | Notes |
|---|---|---|---|
| Total beneficial ownership (shares) | 35,009 | Record Date: Apr 15, 2025 | Less than 1% of common shares outstanding |
| Shares outstanding (denominator) | 388,709,677 | Apr 15, 2025 | Voting shares at Record Date |
| Unvested RSUs | 300,000 | Dec 31, 2024 | Detailed vesting dates shown below |
| Market value of unvested RSUs | $34,800 | Dec 31, 2024 (at $0.116/share) | As disclosed under SEC rules |
| Options (exercisable/unexercisable) | None disclosed | Dec 31, 2024 | No option holdings listed for Pinho |
| Shares pledged as collateral | Not disclosed | — | Insider policy prohibits hedging transactions (shorts, puts, calls) and requires pre-approval for trades; pledging is not addressed |
| Stock ownership guidelines | Not disclosed | — | Awards under 2018 Plan subject to Company clawback policy |
Vesting detail for unvested RSUs:
| Vest Date | Shares |
|---|---|
| Jul 17, 2025 | 100,020 |
| Jan 15, 2026 | 49,995 |
| Jul 15, 2026 | 49,995 |
| Jan 15, 2027 | 49,995 |
| Jul 15, 2027 | 49,995 |
Employment Terms
| Component | Term |
|---|---|
| Title and effective date | CFO; effective August 9, 2024 |
| Base salary | $265,000 annually |
| Annual performance bonus | Eligible at 30% of base salary |
| Equity inducement | 300,000 RSUs subject to vesting |
| Benefits | Eligible for company medical and other benefit plans |
| Severance | Not disclosed for CFO; severance and CIC terms disclosed only for CEO/COO |
| Clawback | 2018 Plan awards subject to Company clawback policy |
| Trading policy | Insider trading policy prohibits trading on MNPI; hedging (shorts, puts, calls) prohibited; pre-approval required for Named Executives |
Investment Implications
- Pay-for-performance alignment: CFO compensation features a modest base ($265k) with at-risk elements via annual bonus (30% target) and a multi-year RSU inducement grant; however, specific performance metrics and weightings for bonus determinations are not disclosed, limiting visibility into pay-performance rigor .
- Vesting and potential supply overhang: A front-loaded RSU vest of ~100k shares in July 2025 followed by semiannual ~50k tranches through July 2027 sets predictable windows that could coincide with Form 4 activity; monitor insider filings around these dates for potential selling pressure signals .
- Ownership alignment: Beneficial ownership is de minimis (<1%); alignment relies on unvested RSUs subject to company clawback policy rather than sizable direct holdings; no pledging disclosure and hedging is prohibited under policy .
- Retention risk: Inducement RSUs vest over 2.0–3.0 years, supporting near-term retention; absence of disclosed CFO-specific severance/change-of-control protection suggests less structural retention leverage compared to CEO/COO contracts, though broad committee oversight remains active .
- Governance context: The Compensation Committee is fully independent and administers equity/bonus plans; significant related-party transactions exist at the Company level (CEO/COO), which are overseen by the Audit Committee per policy—important backdrop for governance and control considerations .
Source documents: Appointment press release (Aug 7, 2024) ; 2025 DEF 14A (Apr 30, 2025) .