Company: CGC
Filing Date: 2025-08-07
Form Type: DEF 14A
Source: 0001104659-25-075215
Chunk: 92

Company: Canopy Growth Corp
Filing Date: 2025-08-07
Form: DEF 14A
Chunk 92
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(4)

Adjusted EBITDA is a non-GAAP financial measure. Adjusted EBITDA is calculated as the reported net loss, adjusted to exclude income tax recovery (expense); other income (expense), net; loss on equity method investments; share-based compensation expense; depreciation and amortization expense; asset impairment and restructuring costs; and charges related to the flow-through of inventory step-up on business combinations, and further adjusted to remove acquisition-related costs.

Narrative Disclosure to Pay Versus Performance Table Relationship between Financial Performance Measures The line graphs below compare the compensation actually paid to our CEO and the average of the compensation actually paid to our remaining NEOs, with (i) our cumulative TSR, (ii) Index TSR, (iii) our Net Income, and (iv) our Adjusted EBITDA, in each case, for Fiscal 2021, Fiscal 2022, Fiscal 2023, Fiscal 2024 and Fiscal 2025. TSR amounts reported in the graph assume an initial fixed investment of $100, and that all dividends, if any, were reinvested. In 2025, the PEO Compensation Actually Paid graphical representation includes the total of both PEO 1 (Mr. Mongeau) and PEO 2 (Mr. Klein).

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TABLE OF CONTENTS 68 TABLE OF CONTENTS Pay Versus Performance Tabular List The following performance measures represent the most important financial performance measures used by us to link compensation actually paid to our NEOs to performance for Fiscal 2025: • Adjusted EBITDA; Net revenue; Individual objectives; and Relative TSR. 69

TABLE OF CONTENTS

DIRECTOR COMPENSATION Director Compensation The Company’s director compensation program is designed to attract and retain qualified individuals to serve on the Board. The CGCN Committee assesses the director compensation program annually and approves any changes it deems appropriate based on market benchmarking, governance best practices, and the Company’s strategic needs. For Fiscal 2025, non-employee directors received the following amounts in connection with their services to the Company in their capacity as directors:

| ​ | Fiscal 2025 Fees and Equity Awards(1)               | ​ | ​ | Annual Amount(US$)(2) | ​ |
| ​ | Chair                                               | ​ | ​ | $156,398 (C$225,000)  | ​ |
| ​ | Board Member                                        | ​ | ​ | $104,265 (C$150,000)  | ​ |
| ​ |