IMSR · Terrestrial Energy Inc.

This filing reflects a routine but material refresh of executive compensation arrangements for Terrestrial Energy’s three key officers—CFO Brian Thrasher, COO William Smith, and CTO/Board member David LeBlanc—effective April 16, 2026. The agreements standardize core elements (e.g., 20 days’ vacation, equity eligibility under the 2025 Plan, clawback provisions, and indemnification), while tailoring severance and jurisdiction-specific terms: Thrasher’s agreement (with Delaware-based TEDI) includes U.S.-style COBRA reimbursement, whereas Smith’s and LeBlanc’s agreements (with Ontario-based TEON) align with Canadian employment standards, substituting ESA-mandated notice with six-month health/dental continuation. Notably, LeBlanc’s dual role as CTO and Board member is explicitly acknowledged, though no director-specific compensation or governance terms are disclosed. The absence of performance conditions for bonuses or equity awards, combined with discretionary award authority vested solely in the Board or Compensation Committee, underscores continued reliance on subjective incentive design. While no material change in leadership or structure occurred, the formalization of these terms strengthens contractual clarity ahead of potential future financing or regulatory milestones—particularly relevant for a nuclear technology company operating under extended development timelines and high capital intensity.