Timothy Morey
About Timothy Morey
Timothy Morey, age 62, is Chief Sales Officer at Trulieve Cannabis Corp. (TCNNF) and has served in this role since 2019 after joining as Director of Retail the same year; he previously was Senior Director of Store Operations at Finish Line overseeing 900+ stores and 45 district managers and holds an Associate of Applied Science from Snow College, Utah . Company pay-for-performance context: in 2023, cumulative TSR on an initial $100 investment was 16.48, with Adjusted EBITDA of $322.3M; in 2024, cumulative TSR was 16.39, with Adjusted EBITDA of $420.2M, and NEO bonuses were calibrated to Revenue, Adjusted EBITDA, and Cash from Operations goals .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Trulieve Cannabis Corp. | Director of Retail | 2019 | Retail operations leadership and technology-driven consumer engagement |
| Finish Line | Senior Director of Store Operations | Oct 2013–Sep 2018 | Oversaw >900 stores and 45 district sales managers; scaled operational best practices |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Finish Line | Senior Director of Store Operations | Oct 2013–Sep 2018 | Large-scale multi-store operations management and field sales execution |
Fixed Compensation
| Metric | 2022 | 2023 |
|---|---|---|
| Base Salary ($) | $300,000 | $365,000 |
| Discretionary Bonus ($) | — | $15,730 |
| Non-Equity Incentive (Annual Cash Incentive) ($) | $83,562 | $208,354 |
| All Other Compensation ($) | $21,203 | $3,765 |
| Total Reported Compensation ($) | $1,252,667 | $1,045,944 |
- 2024 base salary was increased to $400,000 effective January 18, 2024 .
- Target bonus opportunity: 50% of base salary (employment agreement; confirmed in 2023 program) .
Performance Compensation
2023 Annual Incentive Design and Outcomes (Company-Level; Morey subject to same framework as NEO)
| Metric | Weighting | Target | Actual Result vs Target | Payout Factor |
|---|---|---|---|---|
| Revenue | 40% | $1,100,000,000 | Between Target and Maximum | 125.5% of target overall |
| Adjusted EBITDA | 40% | $330,000,000 | Between Threshold and Target | 125.5% of target overall |
| Cash Flow from Operations | 20% | $100,000,000 | Above Maximum | 125.5% of target overall |
- Structure: For NEOs (including Morey), 66% of target bonus ties to pre-established financial targets and 33% to quarterly objectives; payout ranges 50% at Threshold, 100% at Target, 200% at Maximum .
- 2024 program (Morey not an NEO) used Revenue (50%), Adjusted EBITDA (25%), and Cash Flow from Operations (25%); results exceeded Maximum in all categories and NEOs received 200% of target bonuses .
Equity Grants and Vesting Mechanics
| Award Type | Grant Date | Quantity | Exercise Price | Grant Date Fair Value | Vesting |
|---|---|---|---|---|---|
| RSU | 2/24/2022 | 17,458 | — | Included in $472,904 stock+option grant | 50% in year two, 50% in year three |
| Stock Options | 2/24/2022 | 49,719 options | $9.51 | Included above | Options: 3-year equal tranches |
| RSU | 7/25/2023 | 53,681 | — | $453,095 | 50% in year two, 50% in year three |
| Stock Options | 7/25/2023 | 119,454 options | $3.99 | Included above | Options: 3-year equal tranches |
- Option vesting for 2020 grants follows 15% year one, 25% year two, 40% year three; RSUs vest 50/50 in years 2 and 3 .
- 2023 vesting: 15,705 RSUs vested for Morey, value $82,294; no option exercises by NEOs in 2023 .
Equity Ownership & Alignment
Beneficial Ownership
| As-of Date | Subordinate Voting Shares Beneficially Owned | % of Subordinate Voting Shares | Options Exercisable Within 60 Days | RSUs Settling Within 60 Days | Notes |
|---|---|---|---|---|---|
| Apr 17, 2023 | 135,403 | <1% | 129,427 | — | No Multiple/Super Voting Shares |
| Apr 25, 2024 | 231,710 | <1% | 213,854 | — | No Multiple/Super Voting Shares |
- Hedging policy: Company prohibits hedging transactions by officers, directors, and employees .
- Pledging: No pledging disclosures for Morey in the proxy; not indicated as permitted or used .
- Stock ownership guidelines: 2025 update applies to directors (3x annual cash retainer); no executive ownership guideline disclosed .
Outstanding Equity Awards (as of Dec 31, 2023)
| Grant Date | Type | Exercisable (#) | Unexercisable (#) | Strike ($) | Expiration | RSUs – Unearned (#) | RSUs – Market/Payout Value ($) |
|---|---|---|---|---|---|---|---|
| 1/3/2020 | Options | 73,575 | — | 11.52 | 1/3/2025 | — | — |
| 1/4/2021 | Options | 8,394 | — | 33.42 | 1/4/2026 | — | — |
| 9/29/2021 | Options | 46,329 | — | 26.88 | 12/31/2027 | — | — |
| 2/24/2022 | Options | 33,146 | 16,573 | 21.48 | 2/24/2029 | 8,729 | $45,478 |
| 7/25/2023 | Options | 39,818 | 79,636 | 3.99 | 2/24/2030 | 53,681 | $279,678 |
- RSU vesting convention: 50% in year two and 50% in year three; option awards vest equally over three years .
Employment Terms
| Term | Detail |
|---|---|
| Employment Agreement Date | September 29, 2021 |
| Initial Base Salary | $300,000 |
| Base Salary Adjustments | $365,000 in 2023; increased to $400,000 on Jan 18, 2024 |
| Target Annual Bonus | 50% of base salary; Threshold 25%, Target 100%, Maximum 200% (with quarterly objectives component) |
| 2021 Equity Award | $750,000 (50% RSUs, 50% options) |
| Severance (No CIC) | 1.5x (base + greater of target or prior-year actual bonus) + prorated bonus; paid over 18 months; COBRA up to 18 months; immediate vesting of unvested equity (performance awards vest upon certification of goal achievement) |
| Severance (CIC + Qualifying Termination) | 2.0x (base + greater of target or prior-year actual bonus) + prorated bonus; COBRA up to 18 months; immediate vesting subject to performance certification |
| 280G Treatment | Best-net vs cut-to-avoid excise tax; no gross-up |
| Hedging | Prohibited under Insider Trading Policy |
| Clawback/Recoupment | Plan permits forfeiture/recoupment; Company intends updated clawback consistent with SEC rules |
- 2023 estimated potential termination payments table confirms severance modeling for Morey: total $1,413,066 without CIC and $1,595,566 with CIC (assumes Dec 29, 2023 stock price of $5.21 and applicable vesting) .
Investment Implications
- Pay-for-performance alignment: Morey’s cash incentive tied to Revenue, Adjusted EBITDA, and Cash from Operations with 2023 payout at 125.5% of target, reinforcing alignment with financial outcomes; RSU/option mix is 50/50, with options only valuable above strike prices .
- Vesting and potential selling pressure: RSUs vest 50/50 in years 2 and 3; Morey vested 15,705 RSUs in 2023 with no option exercises, reducing near-term forced selling; upcoming RSU tranches from 2022 and 2023 grants could create episodic supply around vest dates depending on tax/portfolio decisions .
- Retention risk and change-of-control economics: Severance is meaningful (up to 2.0x base+bonus plus acceleration and COBRA) but lacks tax gross-ups; double-trigger CIC with best-net approach balances retention with shareholder protections .
- Ownership alignment: Beneficial ownership increased from 135,403 to 231,710 shares between 2023 and 2024, with significant options exercisable within 60 days; company prohibits hedging and no pledging disclosures—net alignment appears favorable though ownership remains <1% of SVS .
- Governance quality: Independent Compensation & HR Committee; use of peer data and Meridian; director stock ownership guidelines updated in 2025—notably, executive ownership guidelines not disclosed .