Liminal Executive CompensationFor your reading pleasure
(1) In accordance with SEC rules, this column reflects the aggregate grant date fair value of the share awards granted during the fiscal year. The fair value of the RSU awards was determined using the price of common shares underlying the RSUs on the grant date (2019 – $0.42, 2018 – $0.39 these prices are pre share consolidation). This value reflects the number of units payable if all objectives are met at 100%. The amounts in this column do not represent the actual amounts paid to or realized by our NEOs during the years ended December 31, 2019 and 2018.(6) Paid in US dollar and converted at the following exchange rate: 1 USD=CDN$1.3289 (2019 average).
(2) In accordance with SEC rules, this column reflects the aggregate grant date fair value of the option awards granted during the fiscal year. The fair value of the option awards was estimated using the Black Scholes option pricing model, a common valuation methodology which uses the same assumptions for determining the equitybased compensation expense in the Company's financial statements for the year-ended December 31, 2019 in accordance with IFRS. See Note 19 of the Notes to our Consolidated Financial Statements for a discussion of assumptions made by us in determining the aggregate grant date fair value of our option awards. The amounts in this column do not represent the actual amounts paid to or realized by our NEOs during the years ended December 31, 2019 and 2018.(7) Amounts include $29,555 (2019) and $77,500 (2018) of board fees that Mr. Galbraith was entitled to receive as compensation as a member of the board of directors and committees of the board until his appointment as CEO on April 23, 2019.
(3) Represents the cash bonus earned for each financial year, pursuant to our Short-Term Incentive Plan, or STIP. For additional information, see the “Narrative Disclosure to Summary Compensation Table – Short-Term Incentive Plan” section below.(8) These option awards were granted with the intent of not providing additional option awards for a three-year period.
(5) Mr. Galbraith was hired as our CEO on April 23, 2019(10)
(6) Paid in US dollar and converted at the following exchange rate: 1 USD=CDN$1.3289 (2019 average).Paid in pounds sterling (GBP) and converted at the following exchange rate: 1 GBP=CDN$1.6938 (2019
(7) Amounts include $29,555 (2019) and $77,500 (2018) of board fees that Mr. Galbraith was entitled to receive as compensation as a member of the board of directors and committees of the board until his appointment as CEO on April 23, 2019. Mr. Galbraith received no compensation for his role of executive director starting on April 23, 2019.
(8) These option awards were granted with the intent of not providing additional option awards for a three-year period.(15) Amount includes $110,500 (2019) and $197,674 (2018) of board fees that Prof. Best was entitled to receive as compensation as a member of the board of directors and committees of the board and for the portion of 2019 where he served as Lead Independent Director. Prof. Best received no compensation for his role of executive director from January 1, 2019 through April 23, 2019.
(10) Paid in pounds sterling (GBP) and converted at the following exchange rate: 1 GBP=CDN$1.6938 (2019 average); 1 GBP=CDN$1.7237 (2018 average).(16) Amount includes fair value of the option award for Prof. Best’s service as a member of the board of directors and committees of the board and for the portion of 2019 where he served as Lead Independent Director as well as an option award for his service as interim CEO. As discussed below in the section see the “Narrative Disclosure to Summary Compensation Table – Long-Term Incentives – Share Options,” a portion of Prof. Best’s options were canceled and reissued, which is reflected in the grant date fair value.
(12) As discussed below in the section see the “Narrative Disclosure to Summary Compensation Table – Long-Term Incentives – Share Options,” a portion of these option grants are subject to shareholder approval at our next annual meeting of shareholders scheduled for June 8, 2020.
(15) Amount includes $110,500 (2019) and $197,674 (2018) of board fees that Prof. Best was entitled to receive as compensation as a member of the board of directors and committees of the board and for the portion of 2019 where he served as Lead Independent Director. Prof. Best received no compensation for his role of executive director from January 1, 2019 through April 23, 2019.
(16) Amount includes fair value of the option award for Prof. Best’s service as a member of the board of directors and committees of the board and for the portion of 2019 where he served as Lead Independent Director as well as an option award for his service as interim CEO. As discussed below in the section see the “Narrative Disclosure to Summary Compensation Table – Long-Term Incentives – Share Options,” a portion of Prof. Best’s options were canceled and reissued, which is reflected in the grant date fair value.