# EDGAR Filing Document

**Accession Number:** 0001771706
**File Stem:** 0001104659-23-023228
**Filing Date:** 2023-2
**Character Count:** 23791
**Document Hash:** d34f1477e0d035592343c67bdb8a6def
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-23-023228.hdr.sgml**: 20230217

**ACCESSION NUMBER**: 0001104659-23-023228

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 17

**CONFORMED PERIOD OF REPORT**: 20230213

**ITEM INFORMATION**: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230217

**DATE AS OF CHANGE**: 20230217

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Goodness Growth Holdings, Inc.
- **CENTRAL INDEX KEY:** 0001771706
- **STANDARD INDUSTRIAL CLASSIFICATION:** PHARMACEUTICAL PREPARATIONS [2834]
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** A1
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-56225
- **FILM NUMBER:** 23641946

**BUSINESS ADDRESS:**
- **STREET 1:** 207 SOUTH 9TH STREET
- **CITY:** MINNEAPOLIS
- **STATE:** MN
- **ZIP:** 55402
- **BUSINESS PHONE:** 604-617-5421

**MAIL ADDRESS:**
- **STREET 1:** 207 SOUTH 9TH STREET
- **CITY:** MINNEAPOLIS
- **STATE:** MN
- **ZIP:** 55402

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Vireo Health International, Inc.
- **DATE OF NAME CHANGE:** 20190326

?xml version="1.0" encoding="utf-8"?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported): February 13, 2023**

**GOODNESS GROWTH HOLDINGS, INC.**

**(Exact name of registrant as specified in its charter)**

**British Columbia**

**(State or other jurisdiction of Incorporation)**

---

| | |
|:---|:---|
| **000-56225** | **82-3835655** |
| **(Commission File Number)**<br>**207 South 9th Street**<br> **Minneapolis, Minnesota** | **(IRS Employer Identification No.)**<br>**55402** |
| **(Address of principal executive offices)** | **(Zip Code)** |

---

**<u>(612) 999-1606</u>**

**(Registrant's telephone number, including area code)**

**<u>Not Applicable</u>**

**(Former name or former address, if changed since last report)**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (*see* General Instruction A.2. below):

◻ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

◻ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

◻ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

◻ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| N/A | N/A | N/A |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ⌧

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

---

| | |
|:---|:---|
| **Item 5.02.** | **Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.** |

---

On February 14, 2023, Goodness Growth Holdings, Inc. (the "Registrant") announced that Dr. Kyle E. Kingsley, age 47, has been appointed to the position of Executive Chairman and has resigned the position of Chief Executive Officer ("CEO") of both the Registrant and its wholly-owned subsidiary, Vireo Health, Inc. ("VHI"). Dr. Kingsley has served as the CEO and chairman of the board of directors of each of the Registrant and VHI since 2014. Dr. Kingsley is married to the sister of Amber Shimpa, the President of each of the Registrant and VHI.

In connection with this appointment, on February 13, 2023, VHI and the Registrant entered into a Third Amendment to Employment Agreement (the "Kingsley Amendment") with Dr. Kingsley to his Employment Agreement dated December 1, 2020, as subsequently amended (the "Kingsley Employment Agreement"). The Kingsley Amendment provides for Dr. Kingsley's resignation as CEO and his appointment to the role of Executive Chairman of the Registrant and VHI, as described above. The Kingsley Amendment changes Dr. Kingsley's base compensation to $260,000 per year. Additionally, notwithstanding anything to the contrary in the Kingsley Employment Agreement, the Kingsley Amendment provides that all calculations of payments due to Dr. Kingsley as a result of a future separation of his employment shall be made as if his base salary were $360,000 per year. All other terms of the Kingsley Employment Agreement, as previously amended, remain in effect. This summary of the Kingsley Amendment is qualified in its entirety by reference to the full text of the Kingsley Amendment, which is attached as <u>Exhibit 10.1</u> to this Current Report on Form 8-K and is incorporated herein by reference. Other than the Kingsley Amendment, there are no arrangements or understandings between Dr. Kingsley and any other person pursuant to which he was selected for the position to which he was appointed.

Also on February 14, 2023, the Registrant announced the appointment of Joshua Rosen, age 49, as interim CEO of each of the Registrant and VHI. Mr. Rosen has served as a member of the board of directors of the Registrant since August 2021 and as interim President since December 2022. Mr. Rosen has served as Managing Partner of Bengal Capital, a cannabis investment and advisory firm, since December 2020. Through May of 2021, Mr. Rosen was a director of 4Front Ventures Corporation ("4Front"). Mr. Rosen was previously Executive Chairman and CEO of 4Front and its predecessor companies, having co-founded 4Front in 2011. Mr. Rosen is on the Board of Managers of Ninety Plus Coffee, LLC, a coffee producer.

In August 2021, the Company entered into a consulting agreement with Bengal Impact Partners, LLC ("Bengal") to serve as a strategic advisor to the Company. Mr. Rosen is a managing partner at Bengal and shares voting and profit interests in Bengal. For the fiscal year ended December 31, 2022, the Company paid Bengal $111,613 in cash under this agreement. Pursuant to an amendment to the agreement executed December 12, 2022, the monthly payments to Bengal were terminated and the Company issued Bengal 75,000 warrants with a strike price of $1.36 per share and another 75,000 warrants with a strike price of $1.62 per share. All of the warrants have a two-year term. The amendment also eliminated Bengal's right to receive any other cash fees, warrants or other compensation or expense reimbursement.

Related to Mr. Rosen's appointment as interim CEO, on February 13, 2023, the Registrant and VHI entered into a First Amendment to Employment Agreement (the "Rosen Amendment") to the Employment Agreement dated December 4, 2022 with Mr. Rosen (the "Rosen Employment Agreement"). The Rosen Amendment provides for the appointment of Mr. Rosen to the position of interim CEO of each of the Registrant and VHI. All other terms of the Rosen Employment Agreement remain in effect. This summary of the Rosen Amendment is qualified in its entirety by reference to the full text of the Rosen Amendment, which is attached as <u>Exhibit 10.2</u> to this Current Report on Form 8-K and is incorporated herein by reference. Other than the Rosen Amendment, there are no arrangements or understandings between Mr. Rosen and any other person pursuant to which he was selected for the position to which he was appointed.

In addition, on February 14, 2023, the Registrant announced the appointment of Amber Shimpa, age 44, to the position of President of each of the Registrant and VHI. Ms. Shimpa has served as VHI's Chief Administrative Officer since December 2019 and as a member of the board of directors of the Registrant since March 2019. From January 2015 through December 2019, Ms. Shimpa served as the Registrant's Chief Financial Officer. Ms. Shimpa's sister is married to Dr. Kingsley.

In connection with Ms. Shimpa's appointment, on February 13, 2023, the Registrant and VHI entered into a Third Amendment to Employment Agreement (the "Shimpa Amendment") to the Employment Agreement dated February 1, 2020, as subsequently amended (the "Shimpa Employment Agreement"), with Ms. Shimpa. The Shimpa Amendment provides for Ms. Shimpa's appointment to the position of President of each of the Registrant and VHI and as CEO of the Registrant's subsidiary, Vireo Health of Minnesota, LLC. All other terms of the Shimpa Employment Agreement, as previously amended, remain in effect. This summary of the Shimpa Amendment is qualified in its entirety by reference to the full text of the Shimpa Amendment, which is attached as <u>Exhibit 10.3</u> to this Current Report on Form 8-K and is incorporated herein by reference. Other than the Shimpa Amendment, there are no arrangements or understandings between Ms. Shimpa and any other person pursuant to which she was selected for the position to which she was appointed.

---

| | |
|:---|:---|
| **Item 9.01.** | **Financial Statements and Exhibits** |

---

*(d) Exhibits.*

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| [10.1](tm237268d1_ex10-1.htm) | [Third Amendment to Employment Agreement among Goodness Growth Holdings, Inc., Vireo Health, Inc. and Kyle Kingsley, effective February 12, 2023](tm237268d1_ex10-1.htm) |
| [10.2](tm237268d1_ex10-2.htm) | [First Amendment to Employment Agreement among Goodness Growth Holdings, Inc., Vireo Health, Inc. and Joshua Rosen, effective February 12, 2023](tm237268d1_ex10-2.htm) |
| [10.3](tm237268d1_ex10-3.htm) | [Third Amendment to Employment Agreement among Goodness Growth Holdings, Inc., Vireo Health, Inc. and Amber Shimpa, effective February 12, 2023](tm237268d1_ex10-3.htm) |
| [99.1](tm237268d1_ex99-1.htm) | [Press Release dated February 14, 2023](tm237268d1_ex99-1.htm) |
| 104 | Cover Page Interactive Data File (embedded within Inline XBRL document) |

---

**SIGNATURES**

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.

---

| | |
|:---|:---|
| **GOODNESS GROWTH HOLDINGS, INC.**<br> (Registrant) | **GOODNESS GROWTH HOLDINGS, INC.**<br> (Registrant) |
| *By:* | */s/ J. Michael Schroeder* |
|  | J. Michael Schroeder |
|  | General Counsel and Corporate Secretary |

---

Date: February 17, 2023

## Exhibit 10.1

**Exhibit 10.1**

**THIRD AMENDMENT TO EMPLOYMENT AGREEMENT**

This Third Amendment to Employment Agreement ("***Third Amendment***") is made effective as of February 12, 2023 ("***Effective Date***") by and among **Goodness Growth Holdings, Inc**., a British Columbia corporation ("***Parent***"), **Vireo Health, Inc**., a Delaware corporation (the "***Employer***") and **Kyle Kingsley,** an individual residing in the State of Minnesota ("***Employee***") (collectively "***Parties***" or individually "***Party***").

**RECITALS**

**WHEREAS**, Employer, Parent and Employee entered into an Employment Agreement dated December 1, 2020, and a First Amendment to Employment Agreement dated February 2, 2022 and a Second Amendment to Employment Agreement erroneously dated February 2, 2022 but effective December 14, 2022 (collectively, the "***Current Agreement***"); and

**WHEREAS**, Employer and Employee have agreed to modify Employee's title and duties; and

**WHEREAS,** the Parties wish to amend the Current Agreement as set forth in this Amendment.

**NOW, THEREFORE**, in consideration of the mutual covenants and conditions contained herein, the receipt and sufficiency of which are hereby acknowledged, Parent, Employer and Employee, intending legally to be bound, hereby agree as follows:

**AGREEMENT**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Position</u>. Effective immediately, Employee shall become Executive Chairman of Parent and Employer, and shall resign the position of Chief Executive Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Base Salary</u>. Employee's Base Salary shall be modified to USD$260,000 per year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Payments Upon Termination of Employment</u>. Notwithstanding anything to the contrary in Section 6 of the Current Agreement, all calculations of payments due to Employee as a result of the termination of Employee's employment shall be made as if Employee's Base Salary were $360,000 per year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>General</u>. All capitalized terms used but not defined in this Third Amendment shall have the meanings ascribed in the Current Agreement. All provisions of the Current Agreement not expressly modified by this Third Amendment are hereby ratified and confirmed.

**THIS THIRD AMENDMENT TO EMPLOYMENT AGREEMENT** was voluntarily and knowingly executed by the Parties effective as of the Effective Date.

[*Signature Page Follows*]

---

| | | |
|:---|:---|:---|
|  | **VIREO HEALTH, INC.** | **VIREO HEALTH, INC.** |
| Date: February 12, 2023 | By: | /s/ John Heller |
|  | John Heller | John Heller |
|  | Chief Financial Officer | Chief Financial Officer |
|  | **EMPLOYEE:** | **EMPLOYEE:** |
| Date: February 12, 2023 | /s/ Kyle Kingsley | /s/ Kyle Kingsley |
|  | Kyle Kingsley | Kyle Kingsley |
|  | **GOODNESS GROWTH HOLDINGS, INC.** | **GOODNESS GROWTH HOLDINGS, INC.** |
| Date: February 12, 2023 | By: | /s/ John Heller |
|  | John Heller | John Heller |
|  | Chief Financial Officer | Chief Financial Officer |

---

## Exhibit 10.2

**Exhibit 10.2**

**FIRST AMENDMENT TO EMPLOYMENT AGREEMENT**

This First Amendment to Employment Agreement ("***First Amendment***") is made effective as of February 12, 2023 ("***Effective Date***") by and among **Goodness Growth Holdings, Inc**., a British Columbia corporation ("***Parent***"), **Vireo Health, Inc**., a Delaware corporation (the "***Employer***") and **Joshua Rosen,** an individual residing in the State of Arizona ("***Employee***") (collectively "***Parties***" or individually "***Party***").

**RECITALS**

**WHEREAS**, Employer, Parent and Employee entered into an Employment Agreement dated December 4, 2022 (the "***Current Agreement***"); and

**WHEREAS**, Employer and Employee have agreed to modify Employee's title; and

**WHEREAS,** the Parties wish to amend the Current Agreement as set forth in this Amendment.

**NOW, THEREFORE**, in consideration of the mutual covenants and conditions contained herein, the receipt and sufficiency of which are hereby acknowledged, Parent, Employer and Employee, intending legally to be bound, hereby agree as follows:

**AGREEMENT**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Position</u>. Effective immediately, Employee shall become Chief Executive Officer (principal executive officer) of Parent and Employer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>General</u>. All capitalized terms used but not defined in this First Amendment shall have the meanings ascribed in the Current Agreement. All provisions of the Current Agreement not expressly modified by this First Amendment are hereby ratified and confirmed.

**THIS FIRST AMENDMENT TO EMPLOYMENT AGREEMENT** was voluntarily and knowingly executed by the Parties effective as of the Effective Date.

[*Signature Page Follows*]

---

| | | |
|:---|:---|:---|
|  | **VIREO HEALTH, INC.** | **VIREO HEALTH, INC.** |
| Date: February 12, 2023 | By: | /s/ John Heller |
|  | John Heller | John Heller |
|  | Chief Financial Officer | Chief Financial Officer |
|  | **EMPLOYEE:** | **EMPLOYEE:** |
| Date: February 12, 2023 | /s/ Joshua Rosen | /s/ Joshua Rosen |
|  | Joshua Rosen | Joshua Rosen |
|  | **GOODNESS GROWTH HOLDINGS, INC.** | **GOODNESS GROWTH HOLDINGS, INC.** |
| Date: February 12, 2023 | By: | /s/ John Heller |
|  | John Heller | John Heller |
|  | Chief Financial Officer | Chief Financial Officer |

---

## Exhibit 10.3

**Exhibit 10.3**

**THIRD AMENDMENT TO EMPLOYMENT AGREEMENT**

This Third Amendment to Employment Agreement ("***Third Amendment***") is made effective as of February 12, 2023 ("***Effective Date***") by and among **Goodness Growth Holdings, Inc**., a British Columbia corporation ("***Parent***"), **Vireo Health, Inc**., a Delaware corporation (the "***Employer***") and **Amber Shimpa,** an individual residing in the State of Minnesota ("***Employee***") (collectively "***Parties***" or individually "***Party***").

**RECITALS**

**WHEREAS**, Employer, Parent and Employee entered into an Employment Agreement dated December 1, 2020, and a First Amendment to Employment Agreement dated February 2, 2022 and a Second Amendment to Employment Agreement erroneously dated February 2, 2022 but effective December 14, 2022 (collectively, the "***Current Agreement***"); and

**WHEREAS**, Employer and Employee have agreed to modify Employee's title and appoint her to a specific office of a subsidiary of Employer; and

**WHEREAS,** the Parties wish to amend the Current Agreement as set forth in this Amendment.

**NOW, THEREFORE**, in consideration of the mutual covenants and conditions contained herein, the receipt and sufficiency of which are hereby acknowledged, Parent, Employer and Employee, intending legally to be bound, hereby agree as follows:

**AGREEMENT**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Position</u>. Effective immediately, Employee shall become President of Parent and Employer, and Chief Executive Officer of Employer's subsidiary, Vireo Health of Minnesota, LLC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>General</u>. All capitalized terms used but not defined in this Third Amendment shall have the meanings ascribed in the Current Agreement. All provisions of the Current Agreement not expressly modified by this Third Amendment are hereby ratified and confirmed.

**THIS THIRD AMENDMENT TO EMPLOYMENT AGREEMENT** was voluntarily and knowingly executed by the Parties effective as of the Effective Date.

[*Signature Page Follows*]

---

| | | |
|:---|:---|:---|
|  | **VIREO HEALTH, INC.** | **VIREO HEALTH, INC.** |
| Date: February 12, 2023 | By: | /s/ John Heller |
|  | John Heller | John Heller |
|  | Chief Financial Officer | Chief Financial Officer |
|  | **EMPLOYEE:** | **EMPLOYEE:** |
| Date: February 12, 2023 | /s/ Amber Shimpa | /s/ Amber Shimpa |
|  | Amber Shimpa | Amber Shimpa |
|  | **GOODNESS GROWTH HOLDINGS, INC.** | **GOODNESS GROWTH HOLDINGS, INC.** |
| Date: February 12, 2023 | By: | /s/ John Heller |
|  | John Heller | John Heller |
|  | Chief Financial Officer | Chief Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

![](tm237268d1_ex99-1img01.jpg)

**Goodness Growth Holdings Announces Management Reorganization**

*– Josh Rosen promoted to role of Interim Chief Executive Officer –*

 

*– Company Founder, Dr. Kyle Kingsley, to assume role of Executive Chairman –*

 

*– Decentralized state market teams designed to improve operating and financial performance –*

**MINNEAPOLIS, MN – February 14, 2023 –** Goodness Growth Holdings, Inc. ("Goodness Growth" or the "Company") (CSE: GDNS; OTCQX: GDNSF), a cannabis company focused on providing safe access, quality products and great value to its customers, today announced the reorganization of several executive roles and responsibilities, each of which are effective immediately. These changes result in a more decentralized organizational structure which gives state-level operating teams greater flexibility to implement market-specific strategies in order to drive improved operations and financial performance.

The Company announced that Josh Rosen has been promoted to the role of Chief Executive Officer on an interim basis. Company founder, Dr. Kyle Kingsley, will assume the role of Executive Chairman. Chief Administrative Officer Amber Shimpa has been promoted to the role of President of the Company and CEO of subsidiary Vireo Health of Minnesota, LLC.

Executive Chairman Dr. Kyle Kingsley said, "Josh has been an invaluable member of our organization throughout the course of his tenure on our board and most recently in his role as Interim President. We believe he is uniquely suited to lead the Company's transformation as Interim CEO. Our Company was built on a proud foundation of medical and scientific leadership, but our industry is evolving with great complexity, and we believe Josh's experience and leadership will be instrumental in shaping our business with a more precise focus on localized operational excellence and disciplined capital allocation."

Josh Rosen commented, "I have always believed that the Goodness Growth and Vireo teams have the potential to become true leaders in the future of this industry, with their medical heritage and geographically attractive operations. I'm pleased with my initial two months of intense work and look forward to helping the Company seize the opportunities in front of it. US cannabis companies are continuing to operate within many challenging environments and our team has taken considerable measures recently to better position ourselves for the future. Some of these changes required difficult decisions that impacted our workforce in New York and our home state of Minnesota, resulting in a leaner, more cohesive corporate team."

Amber Shimpa commented, "I'm proud to lead Vireo Health of Minnesota into the future, and look forward to working more closely with our team members and partner organizations to improve the lives of patients and other Minnesotans who have been negatively impacted by the failed war on drugs. Our teams have identified several focus areas that will be critical for us to execute upon successfully this year, and we look forward to discussing those initiatives in more detail on our upcoming fourth-quarter and year-end results conference call next month."

**About Goodness Growth Holdings, Inc.**

Goodness Growth Holdings, Inc. is a cannabis company whose mission is to provide safe access, quality products and value to its customers while supporting its local communities through active participation and restorative justice programs. The Company is evolving with the industry and is in the midst of a transformation to being significantly more customer-centric across its operations, which include cultivation, manufacturing, wholesale and retail business lines. Today, the Company is licensed to grow, process, and/or distribute cannabis in five markets and operates 18 dispensaries across the United States. For more information about Goodness Growth Holdings, please visit www.goodnessgrowth.com.

**Contact Information**

<u>Investor Inquiries:</u>

Sam Gibbons

*Vice President, Investor Relations*

samgibbons@goodnessgrowth.com

(612) 314-8995

<u>Media Inquiries:</u>

Amanda Hutcheson

*Senior Manager, Communications* 

amandahutcheson@goodnessgrowth.com

(919) 815-1476