Safe Harbor Financial (NASDAQ: SHFS), a Golden-based provider of financial services and credit facilities to the regulated cannabis industry, announced extensions to the contracts of three key executives and a restructuring of their compensation packages.
The restructured agreements include Sundie Seefried, president and CEO, extended for one year through September 2025; Dan Roda, extended through June 30, 2025; and Tyler Beuerlein, whose term remains unchanged, continuing through February 2025. Beuerlein serves as the company’s chief strategic business development officer; Roda transitions into the newly created role of chief credit officer, focusing on the company’s lending and loan participation business lines.
As part of the restructuring, the company will realize an initial cost savings of $350,000 as the new compensation structure reduces base pay in favor of incentives aligned more closely with company revenue and growth objectives. “These contract extensions and compensation adjustments reflect our commitment to long-term growth and shareholder value,” said Fred Niehaus, chairman of the board of Safe Harbor. “By ensuring continuity in our leadership team and aligning their incentives with our strategic goals, we’re positioning Safe Harbor Financial for sustained success in the dynamic cannabis banking landscape.”
Safe Harbor is among the first service providers to offer compliance, monitoring and validation services to financial institutions, providing traditional banking services to cannabis, hemp, CBD and ancillary operators. Over the past eight years, Safe Harbor has facilitated more than $23 billion in deposit transactions for businesses with operations spanning over 41 states and US territories with regulated cannabis markets.