SEC Contract Filing

Filing Date: 2021-06-14

Document Content:
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<TYPE>EX-10.7
<SEQUENCE>8
<FILENAME>d166505dex107.htm
<DESCRIPTION>EX-10.7
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<TITLE>EX-10.7</TITLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.7 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AMENDMENT to: </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Executive
Employment Agreement </B></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This Amendment Agreement is made this <B>8</B><B><SUP STYLE="font-size:85%; vertical-align:top">th</SUP></B><B> </B>day of<B>
June, 2021</B> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">B E T W E E N: </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Mike Lee </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">(&#147;<B>Employee</B>&#148;) </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-
and - </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Canopy Growth Corporation </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">(&#147;<B>Company</B>&#148;) </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>WHEREAS </B>the Parties are parties to an Executive Employment Agreement made March&nbsp;31, 2020 (the &#147;<B>Employment
Agreement</B>&#148;); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>AND WHEREAS </B>the Company wishes to amend its long-term incentive plan so as to streamline its offerings and
better align executive incentives with company performance; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>AND WHEREAS </B>the<B> </B>Employment Agreement<B> </B>provides that the
same may be amended only by a written agreement executed by each of the parties thereto; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>NOW THEREFOR</B> the Parties agree as
follows: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="justify">The preamble is an integral part of this amending agreement and the Parties attest and warrant that the
representations contained within such preamble are true and accurate. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="justify">Your Base Salary shall be increased to four hundred forty-seven thousand dollars (<B>$447,000.00 USD</B>)
per year, subject to statutory withholdings and benefits deductions. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="justify">The fifth and sixth paragraphs of Article 5 of the Employment Agreement, i.e. those starting with &#147;You
will continue to be eligible to participate in&#133;&#148; and &#147;Pursuant to the Stock Option Plan&#133;&#148; shall be deleted in their entirety with the following replaced in their stead: </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><FONT COLOR="#2f5496">You will be eligible to participate in Canopy Growth&#146;s Amended and Restated Omnibus Incentive Plan,
as approved by the Board and as amended from time to time (the &#147;<B>Incentive Plan</B>&#148;). </FONT></P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><FONT COLOR="#2f5496">Not less than once every fiscal year, you will be
eligible to receive a long-term incentive (&#147;<B>LTI</B>&#148;) award of 300% your Base Salary, which utilizes the Fair Market Value share price (as defined in the Incentive Plan) (&#147;<B>FMV price</B>&#148;) on the grant date. The award may be
composed of one or more of the following: stock options (&#147;<B>Options</B>&#148;), restricted stock units (&#147;<B>RSUs</B>&#148;), performance share units (&#147;<B>PSUs</B>&#148;), and/or other form of equity authorized by the Incentive Plan
to be awarded. The ratio of the various forms of equity (meaning the p