Steve McLean
About Steve McLean
Interim Chief Financial Officer of Planet 13 Holdings Inc. since May 20, 2025; joined the company in 2019 and previously served as Vice President of Finance. Education includes an accounting degree earned in Toronto, Canada, Certified Management Accountant designation (held for 10 years), and a Master’s degree specializing in taxation from SUNY Albany . As Interim CFO, he signed the company’s Q2 and Q3 2025 Sarbanes-Oxley certifications . Company operating metrics during his interim CFO tenure show revenue declines and negative Adjusted EBITDA margins in Q2 and Q3 2025, indicating execution challenges through the period .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Planet 13 Holdings Inc. | Vice President of Finance | 2019–May 2025 | Oversaw finance and accounting operations |
| Planet 13 Holdings Inc. | Interim Chief Financial Officer | May 2025–present | Principal financial officer; signed SOX certifications on 10‑Q filings |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| — | — | — | No external directorships or outside roles disclosed in reviewed filings |
Fixed Compensation
| Component | 2025 Terms | Notes |
|---|---|---|
| Base Salary | Not disclosed | 8‑K appointment contained no compensatory arrangement terms |
| Target Bonus % | Not disclosed | No specific bonus targets disclosed for McLean |
| Actual Bonus Paid | Not disclosed | No bonus disclosures for McLean to date |
Performance Compensation
Equity Awards (Time-based)
| Grant Date | Award Type | Shares/Units | Performance Metric | Payout | Vesting |
|---|---|---|---|---|---|
| Mar 27, 2025 | RSUs | 450,847 | Time-based (no performance metric) | N/A | Vests in three equal annual installments beginning May 16, 2026 |
Cash / Non-Equity Incentives
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Annual Non-Equity Incentive | Not disclosed for McLean | — | — | — | — |
Equity Ownership & Alignment
| Item | Amount/Detail |
|---|---|
| Beneficial Ownership (Non-derivative) | Not listed on Form 3 (only RSUs reported) |
| Unvested RSUs | 450,847 |
| Vested RSUs | None until first vest date on May 16, 2026 |
| Ownership as % of Shares Outstanding | ~0.14% (computed from 450,847 RSUs divided by 325,363,800 shares outstanding ) |
| Options (Exercisable/Unexercisable) | None disclosed for McLean |
| Hedging/Pledging | Company does not have a formal anti-hedging policy; none of the NEOs or directors have purchased such instruments to the company’s knowledge . Insider Trading Policy requires pre-clearance and imposes blackout periods . |
Employment Terms
- Appointment: Named Interim CFO effective May 20, 2025; no arrangements or understandings for the appointment; no family relationships; no compensatory terms disclosed in the 8‑K .
- Equity Plan (2023 Equity Incentive Plan): On change of control, Board may accelerate vesting, cancel and pay value, issue substitutes, or open early exercise window before termination; obligations bind successor organizations . Clawback permits cancellation/recoupment for restatements, detrimental activity, and related company policies .
- Share Unit Plan (Amended & Restated): Double-trigger acceleration—if termination without cause, removal/failure to reappoint, material adverse change in role/compensation/title, or contractor termination occurs within 12 months after change of control, all unvested share units vest immediately; death/disability also accelerate; unvested units are forfeited on termination absent Board discretion .
- Insider Trading & Pre-Clearance: Regular blackout periods; officers must pre-clear trades with Co‑CEOs or CFO; prohibits trading when in possession of MNPI .
Performance & Track Record (During Interim CFO Tenure)
| Metric | Q2 2025 | Q3 2025 |
|---|---|---|
| Total Revenue ($USD Millions) | $26.9 | $23.3 |
| Gross Profit ($USD Millions) | $11.7 | $5.0 |
| Gross Profit % | 43.4% | 21.3% |
| Operating Expenses ($USD Millions) | $16.6 | $13.9 |
| Operating Expenses % | 61.8% | 59.7% |
| Net Loss ($USD Millions) | $(13.3) | $(44.0) |
| Adjusted EBITDA ($USD Millions) | $(2.4) | $(4.1) |
| Adjusted EBITDA Margin % | −9.1% | −17.5% |
Conference calls for Q2 and Q3 2025 were chaired by Co‑CEOs with the Interim CFO participating, signaling direct accountability for results and guidance .
Investment Implications
- Alignment and retention: A sizeable, time-based RSU grant (450,847 units) vesting from May 2026 through 2028 suggests a multi-year retention structure; first vest is ~12 months post-change-of-control window in the Share Unit Plan, potentially moderating near-term selling pressure and aligning with long-term value creation .
- Risk controls: Presence of clawback across equity awards and strict insider trading pre-clearance adds governance rigor, though absence of a formal anti-hedging policy is a modest alignment gap relative to best practice .
- CoC economics: Board discretion to accelerate/cancel awards on change-of-control and Share Unit Plan double-trigger acceleration can be economically meaningful in a strategic transaction; investors should model accelerated vesting scenarios .
- Execution risk: Interim CFO tenure coincides with sharp revenue and margin pressure, including significant gross margin compression and negative Adjusted EBITDA; watch for cost actions, cash flow discipline, and any revisions to incentive metrics tied to restoring profitability .