It was a good year for Irwin Simon, the CEO of cannabis firm Tilray.
The chief executive has received $13.2 million in cash bonuses this year so far.
The company has paid Simon cash bonuses totaling $13.2 million (16.7 million Canadian dollars) so far this calendar year, on top of granting the chief executive a significant salary raise and millions more in share-based awards, according to a recently disclosed regulatory filing.
Simon has received nearly $30 million in total compensation so far in calendar 2021 and nearly half of which was paid in cash said a proxy statement filed ahead of the company’s annual meeting on Nov. 22 shows.
Tilray has also said that the CEO’s salary “may be increased but not decreased” as part of an annual performance review by the Compensation Committee, according to filings.
Simon was the chief executive of Aphria who helped engineer the merger between the two companies.
That deal closed April 30th and Simon became CEO of the new company, Tilray.
Simon’s total compensation for fiscal 2021 is listed at $13.7 million, consisting of salary, bonuses and “other” compensation, which includes a car allowance.
This does not include one-time equity grants awarded to Simon around the end of July – after the fiscal year ended.
“As additional incentive to entering into the employment agreement, on July 27, 2021, Mr. Simon received the following one-time equity grants having an aggregate value as of the July 27, 2021, grant date equal to $15,000,000,” according to the proxy.
An additional $352,400 cash payment to Simon reflects “a rounding issue.”
All together he has been awarded at least $28.7 million in total compensation so far this calendar year.
For the five-month period ending May 31, Tilray said, the company’s median employee compensation was $15,061.
On July 27, 2021, the CEO was given another raise, this time to $1.7 million annually, according to the latest proxy.
The new salary was made retroactive to May 1, 2021.
The regulatory filing notes that Simon earned the raise because of a “significant increase in responsibility” after the merger.
“In determining the base salary levels for each (executive) in connection with their continued employment following the Business Combination, the Compensation Committee considered the significant increase in responsibility of these executives post-Business Combination, their respective relevant experience and achievements and the level of compensation of our peer group companies and other survey data and individual negotiations with each executive,” according to the proxy.