TerrAscend Corp.
For the period ended Apr 28, 2025. Filed Apr 28, 2025.
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Apr 28, 2025 · Filed Apr 28, 2025
Contents
Summary Compensation Table
The following table sets out all compensation paid, payable, awarded, granted, given, or otherwise provided, directly or indirectly, by the Corporation to each NEO who performed such functions, in any capacity, during the financial years ended December 31, 2024 and December 31, 2023. All NEOs were paid in US dollars.
| Name and principal position | Year | Salary($) | Stock awards($)(1) | Non-equity incentive plan compensation ($) | Option awards($) | Value of all other compensation ($) (2) | Total($) |
|---|---|---|---|---|---|---|---|
| Ziad Ghanem (3)PresidentChief Executive Officer | 2024 | 532,471 | 505,025 | 331,534 | Nil | 28,558 | 1,397,588 |
| 2023 | 479,808 | 206,510 | 386,798 | Nil | 24,555 | 1,097,671 | |
| Keith Stauffer (4)Chief Financial Officer | 2024 | 450,403 | 437,352 | 191,405 | Nil | 36,112 | 1,115,273 |
| 2023 | 428,423 | 985,343 | 256,769 | Nil | 35,366 | 1,705,901 | |
| Lynn Gefen(5)Chief People and Legal Officer, CorporateSecretary | 2024 | 371,172 | 202,011 | 130,914 | 168,524(6) | 27,121 | 899,742 |
| 2023 | 343,269 | 96,049 | 166,040 | Nil | 21,097 | 626,455 |
(1)
This column reflects the aggregate grant date fair value of restricted share units ("RSUs") granted during the year measured pursuant to Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 718 (“ASC Topic 718”). This calculation assumes that the NEOs will perform the requisite service for the award to vest in full as required by the SEC rules. The amounts reported do not reflect the actual economic value that will be realized by the Named Executive Officer upon the settlement of such stock awards or the sale of the Common Shares issuable upon the settlement of such stock awards. The assumptions we used in valuing RSUs are described in Note 2 - Summary of Significant Accounting Policies and Note 14 - Share Based Compensation Plans to our audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2024.
(2)
This column includes employer paid contributions to retirement benefit plans and premiums paid for health and life insurance.
(3)
Mr. Ghanem joined the Corporation as President and Chief Operating Officer on January 5, 2022, and was appointed as President and Chief Executive Officer on March 29, 2023.
(4)
Effective November 9, 2023, Mr. Stauffer received 300,000 immediately vested RSUs in exchange for the surrender of 300,000 Options as provided for in Mr. Stauffer’s employment agreement dated April 22, 2020, of which 122,670 Common Shares were withheld to satisfy Mr. Stauffer’s tax withholding obligations in connection with the settlement of the RSUs.
(5)
Ms. Gefen joined the Corporation as Chief Legal Officer and Corporate Secretary on May 23, 2022 and was appointed as Chief People Officer on November 12, 2024, in addition to her existing role as Chief Legal Officer and Corporate Secretary. The 2024 salary reported reflects an in-year adjustment of Ms. Gefen’s annual salary of $369,250 to $425,000 upon her appointment as Chief People Officer in addition to her responsibilities as Chief Legal Officer and Corporate Secretary.
(6)
Ms. Gefen received 325,000 Options in connection with her appointment as Chief People Officer, in addition to her existing role as Chief Legal Officer and Corporate Secretary.
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