Glen Ibbott

About Glen Ibbott

Glen Ibbott, age 62, joined the MAPS Board in October 2024 and was elected by shareholders at the June 2025 annual meeting; he is a Canadian Chartered Professional Accountant with dual MBAs (Cornell and Queen’s) and extensive CFO experience in cannabis and life sciences, and currently leads GK Financial Ventures, a financial consulting firm . He is an independent director and has been designated an audit committee financial expert; in March 2025 he became Chair of the Audit Committee .

Past Roles

External Roles

Board Governance

• Independence: Board affirmatively determined Ibbott is independent under Nasdaq rules; no material or disqualifying relationships .
• Board/Committee Attendance: The Board met 8 times in 2024; all directors except Mr. Aquila attended at least 75% of Board and committee meetings; independent directors held 5 executive sessions in 2024 .
• Committee Memberships and Chairs (2024 activity; chair effective date noted):
  • Audit Committee: Member; appointed Chair on March 6, 2025; Audit Committee met 8 times in 2024 .
  • Compensation Committee: Member; committee met 8 times in 2024 .
  • Nominating & Corporate Governance: Not a member .
  • Technology: Not a member .

• Audit Committee report: As Chair, Ibbott signed the Audit Committee report recommending inclusion of audited FY2024 financial statements in the Form 10-K; the committee discussed PCAOB-required matters and auditor independence .
• Election results (signal of shareholder support): Ibbott received 85,062,827 votes “For”, 1,819,364 “Withheld”, and 30,582,829 broker non-votes at the 2025 Annual Meeting .
• Related party transactions oversight: Audit Committee functions include review and approval of related party transactions .

Fixed Compensation

• Policy framework (effective for 2024; pro-rated for mid-quarter service):
  • Annual Board retainer: $50,000 (cash) .
  • Committee retainers (cash): Audit Chair $20,000; Audit member $10,000; Compensation Chair $15,000; Compensation member $7,500; Nominating Chair $10,000; Nominating member $5,000; Technology Chair $15,000; Technology member $7,500 .
  • Additional retainers: Chairperson of the Board (non-employee) $60,000; Lead Independent Director $25,000 .
  • Meeting fee: $1,000 per meeting above eight per year (Board + ad hoc/special committees; and per committee separately above eight) .
  • Pro-ration: Cash retainers are pro-rated if a director joins mid-quarter .

Performance Compensation

• Equity award program for non-employee directors:
  • New Director Grant (initial one-time RSU): approx $166,667 for Ibbott upon appointment, vesting at the next annual meeting .
  • Annual RSU grant (policy effective for 2024): $200,000 grant value .
  • “Initial Term Grant” (Oct 1, 2023, for directors then in office): $200,000 × years remaining in term; vests annually at subsequent Annual Meeting Dates .
  • “Renewal Term Grant” (at each annual meeting for continuing directors): aggregate value approx $600,000, vests in three equal annual installments over next three Annual Meeting Dates .
  • Change-of-control acceleration: specified portions of New Director, Initial Term, and Renewal Term RSUs accelerate immediately prior to closing of a change in control .

No director performance metrics (e.g., TSR, EBITDA) are tied to director compensation; director equity is time-vested RSUs. The company states it does not grant options or similar instruments; RSUs are service-vesting .

Other Directorships & Interlocks

Expertise & Qualifications

• Audit/finance expertise: Designated audit committee financial expert; extensive CFO tenure across public companies .
• Education/professional credentials: MBAs from Cornell and Queen’s; BBA (Accounting) from Simon Fraser; Chartered Professional Accountant .
• Industry background: Cannabis sector CFO experience (Aurora Cannabis) and broader biotech/health science finance leadership .

Equity Ownership

• Aggregate stock awards outstanding: 168,350 RSUs as of Dec 31, 2024 .
• Hedging/pledging: Company policy prohibits short sales, margin accounts, pledging, derivatives, and hedging/monetization transactions; no pledging or related-party transactions reported for Ibbott .

Compensation Committee Analysis

• Composition: Aquila, Bay (Chair), Ibbott, Gordon; met 8 times in 2024 .
• Consultant independence: Compensation Committee’s consultant (Compensia) reviewed for independence; no conflict of interest determined for 2024 .
• Scope: Reviews officer compensation policies, goals, performance evaluation, and administers stock plans .

Governance Assessment

• Positive signals: Independent status, audit committee financial expert designation, and elevation to Audit Committee Chair (Mar 6, 2025) strengthen financial oversight and investor confidence .
• Shareholder support: Strong “For” vote in 2025 director election (85.1M For vs. 1.8M Withheld) indicates broad investor backing for his appointment .
• Engagement and attendance: Board met 8 times in 2024; all directors but one met the 75% attendance threshold; independent directors held five executive sessions, indicating active oversight .
• Compensation alignment: Director pay is primarily service-vesting RSUs plus standard cash retainers; no performance metrics tied to director equity, mitigating incentives for short-termism but reducing explicit performance linkage .
• Conflicts/related-party exposure: No Item 404(a) related-party transactions reported for Ibbott; Audit Committee oversees related-party reviews .
• Risk indicators: Company prohibits hedging/pledging, reducing alignment risks; change-of-control acceleration for director RSUs is disclosed and should be monitored for pay-for-performance optics in control scenarios .

RED FLAGS: None disclosed specific to Ibbott (no related-party transactions, no pledging/hedging). Monitor equity grant sizing (Renewal Term Grant described at ~$600,000) for pay inflation risk relative to company performance and peer norms .