Company: CGC
Filing Date: 2025-07-25
Form Type: PRE 14A
Source: 0001104659-25-070853
Chunk: 91

Company: Canopy Growth Corp
Filing Date: 2025-07-25
Form: PRE 14A
Chunk 91
---
​

(1)

All adjustments and valuations are based on US$ – equivalent values from C$ at date of valuation throughout Compensation Actually Paid calculations using the applicable conversion rate published by Bloomberg.

​

(3)

TSR is cumulative for the measurement periods beginning on March 31, 2021 and ending on March 31 of each of 2025, 2024, 2023 2022 and 2021, respectively, calculated in accordance with Item 201(e) of Regulation S-K. Table has been updated to reflect Horizons Marijuana Life Sciences Index, which is the same index used in our performance graph in the Company’s Annual Reports on Form 10-K for the year ended March 31, 2024.

​

(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).

65

TABLE OF CONTENTS 66 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. 67

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.