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center style='font:16pt Arial;margin:0'> UNITED STATES
center style='font:18pt Arial;margin:0'> SECURITIES AND EXCHANGE COMMISSION
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SCHEDULE 14A
(RULE 14A-101)
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center style='font:16pt Arial;margin:0'> SCHEDULE 14A INFORMATION
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center style='font:10pt Arial;margin:0'> PROXY STATEMENT PURSUANT TO SECTION 14(A) OF
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Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) |
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center style='font:10pt Arial;margin:0'> JEWETT-CAMERON TRADING COMPANY LTD . |
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Fee computed on table below per Exchange Act Rules 14a-6(i)(4) and 0-11. |
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justify style='font:10pt Arial;margin-top:11pt;margin-bottom:0pt'> _Aci_Pg2 /> The Proxy Statement and Information Circular dated January 17, 2024 form a part of the Proxy and Annual Report on Form 10-K accompany this Notice. The Proxy Statement and Information Circular contain details of matters to be considered at the Meeting.
justify style='font:10pt Arial;margin-top:11pt;margin-bottom:0pt'> THE MEETING WILL BE ONLY HELD VIRTUALLY AND SHAREHOLDER S WILL NOT BE ABLE TO ATTEND THE MEETING IN PERSON . ANY SHAREHOLDER WHO WISHES TO ENSURE THAT SUCH SHAREHOLDER'S SHARES WILL BE VOTED AT THE MEETING IS REQUESTED TO COMPLETE, DATE AND SIGN THE ENCLOSED FORM OF PROXY, OR ANOTHER SUITABLE FORM OF PROXY, AND DELIVER IT IN ACCORDANCE WITH THE INSTRUCTIONS SET OUT IN THE FORM OF PROXY AND IN THE INFORMATION CIRCULAR.
center style='font:10pt Arial;margin:0'>
center style='font:10pt Arial;margin:0'> Jewett-Cameron Trading Company Ltd.
center style='font:10pt Arial;margin:0'>
32275 NW Hillcrest St.
P.O. Box 1010
North Plains, Oregon, USA 97133
Telephone (503) 647-0110
Facsimile (503) 647-2272
center style='font:10pt Arial;margin-top:11pt;margin-bottom:0pt'> INFORMATION CIRCULAR
center style='font:9pt Arial;margin-top:11pt;margin-bottom:0pt;text-indent:-36pt;margin-left:36pt'> Scheduled Mail Date: January 25, 2024
justify style='font:10pt Arial;margin-top:11pt;margin-bottom:0pt'> In this Proxy Statement and Information Circular, all references to $ are references to United States dollars and all references to C$ are references to Canadian dollars. As at January 17 , 202 4 , one Canadian dollar was equal to approximately $0.74 in U.S. Currency.
Solicitation of Proxies
justify style='font:10pt Arial;margin-top:10pt;margin-bottom:0pt'> This proxy statement and information circular (the “ Information Circular ”) is furnished in connection with the solicitation of proxies by the management of Jewett-Cameron Trading Company Ltd. (the “ Company ”) for use at the annual general and special meeting of shareholders (the Shareholders ) of the Company (the “ Meeting ”) to be held via live video internet conference at www.zoom.com with a meeting ID of 201 785 3736 and an access code of M5BKT6, on Friday, February 23, 2024, at 10:00 a.m. (Pacific Standard Time) and any adjournment thereof, for the purposes set forth in the accompanying Notice of Annual General Special Meeting of Shareholders.
justify style='font:10pt Arial;margin-top:10pt;margin-bottom:0pt'> The solicitation of proxies will be primarily by mail, but proxies may be solicited personally or by telephone by directors, officers and regular employees of the Company. All costs of this solicitation will be borne by the Company. The Company has made arrangements for intermediaries to forward solicitation materials to the beneficial owners of the Common Shares held of record by those intermediaries and the Company may reimburse the intermediaries for reasonable fees and disbursements incurred by them in so doing.
justify style='font:10pt Arial;margin-top:10pt;margin-bottom:0pt'> Notice of the Meeting was provided to the securities commissions in each jurisdiction where the Company is a reporting issuer under applicable securities laws.
justify style='font:10pt Arial;margin-top:10pt;margin-bottom:0pt'> In this Information Circular, references to the “ Company ”, “ we ” and “ our ” refer to Jewett-Cameron Trading Company Ltd. “ Common Shares ” means common shares in the authorized share structure of the Company. “ Beneficial Shareholders ” means Shareholders who do not hold Common Shares in their own name and “ intermediaries ” refers to brokers, investment firms, clearing houses and similar entities that own securities on behalf of Beneficial Shareholders.
Date of Information Circular
justify style='font:10pt Arial;margin-top:10pt;margin-bottom:0pt'> Information contained in this Information Circular is given as at January 17, 2024, unless otherwise indicated.
center style='font:10pt Arial;margin-top:10pt;margin-bottom:0pt'> _Aci_Pg3 /> GENERAL PROXY INFORMATION
Revocability of Proxies
justify style='font:10pt Arial;margin-top:10pt;margin-bottom:0pt'> In addition to revocation in any other manner permitted by law, a registered shareholder who has given a proxy may revoke it by either:
justify style='font:10pt Arial;margin-top:10pt;margin-bottom:0pt;margin-left:72pt'> (a) executing a proxy bearing a later date; or
justify style='font:10pt Arial;margin-top:10pt;margin-bottom:0pt;margin-left:72pt'> (b) executing a valid notice of revocation, either of the foregoing to be executed by the registered shareholder or the shareholder’s authorized attorney in writing, or, if the shareholder is a company, under its corporate seal by an officer or attorney duly authorized, and by depositing the Proxy bearing a later date with Computershare Investor Services Inc., or at the address of the registered office of the Company at 700 - 401 West Georgia Street, Vancouver, British Columbia, V6B 5A1, at any time up to and including the last business day that precedes the day of the Meeting or, if the Meeting is adjourned, the date that precedes any reconvening thereof, or to the chair of the Meeting on the day of the Meeting or any reconvening thereof, or in any other manner provided by law; or
justify style='font:10pt Arial;margin-top:10pt;margin-bottom:0pt;margin-left:72pt'> (c) by the registered shareholder personally attending the Meeting and voting the registered shareholder’s Common Shares.
justify style='font:10pt Arial;margin-top:10pt;margin-bottom:0pt'> A revocation of a proxy will not affect a matter on which a vote is taken before the revocation.
Appointment of Proxyholders
justify style='font:10pt Arial;margin-top:10pt;margin-bottom:0pt'> A shareholder entitled to vote at the Meeting may, by means of a proxy, appoint a proxyholder or one or more alternate proxyholders, who need not be Shareholders, to attend and act at the Meeting for the shareholder on the shareholder’s behalf.
justify style='font:10pt Arial;margin-top:10pt;margin-bottom:0pt'> The individuals named in the accompanying form of proxy (the “ Proxy ”) are directors and/or officers of the Company (the “ Management Designees ”). If you are a s hareholder entitled to vote at the Meeting, you have the right to appoint a person, who need not be a shareholder, to attend and act for you and on your behalf at the Meeting other than either of the Management Designees. You may do so either by inserting the name of that other person in the blank space provided in the Proxy or by completing and delivering another suitable form of proxy.
justify style='font:10pt Arial;margin-top:10pt;margin-bottom:0pt'> A proxy will not be valid unless the completed, signed and dated form of proxy is delivered to the office of Computershare Investor Services Inc., at 8 th Floor, 100 University Avenue, Toronto, Ontario, M5J 2Y1, or by fax within North America to 1-866-249-7775 and outside North America to (416) 263-9524, or by telephone to 1-866-732-VOTE (8683) Toll Free or internet at www.investorvote.com , not less than 48 hours (excluding Saturdays, Sundays and holidays) before the Meeting or the adjournment thereof at which the Proxy is to be used.
Exercise of Discretion
justify style='font:10pt Arial;margin-top:10pt;margin-bottom:0pt'> The Management Designees named in the Proxy will vote or withhold from voting the shares represented thereby in accordance with the instructions of the shareholder on any ballot that may be called for. The Proxy will confer discretionary authority on the nominees named therein with respect to:
justify style='font:10pt Arial;margin-top:10pt;margin-bottom:0pt;margin-left:72pt'> (a) each matter or group of matters identified therein for which a choice is not specified other than the appointment of an auditor and the election of directors,
justify style='font:10pt Arial;margin-top:10pt;margin-bottom:0pt;margin-left:72pt'> (b) any amendment to or variation of any matter identified therein, and
justify style='font:10pt Arial;margin-top:10pt;margin-bottom:0pt;margin-left:72pt'> (c) any other matter that properly comes before the Meeting.
justify style='font:10pt Arial;margin-top:10pt;margin-bottom:0pt'> In respect of a matter for which a choice is not specified in the Proxy, the Management Designees will vote the Common Shares represented by the Proxy at their own discretion for the approval of such matter.
justify style='font:10pt Arial;margin-top:10pt;margin-bottom:0pt'> _Aci_Pg4 /> As of the date of this Information Circular, management of the Company knows of no amendment, variation or other matter that may come before the Meeting, but if any amendment, variation or other matter properly comes before the Meeting, each Management Designee intends to vote thereon in accordance with the Management Designee’s best judgment.
Proxy Voting Options
justify style='font:10pt Arial;margin-top:10pt;margin-bottom:0pt'> If you are a registered Shareholder, you may elect to submit a proxy in order to vote whether or not you are able to attend the Meeting. In order to vote by mail, you must complete, date and sign the Proxy and return it to the Company’s transfer agent, Computershare Investor Services Inc., at 8 th Floor, 100 University Avenue, Toronto, Ontario, Canada M5J 2Y1, or by fax within North America to 1-866-249-7775 and outside North America to (416) 263-9524 , or by telephone to 1-866-732-VOTE (8683) Toll Free or internet at www.investorvote.com , at any time up to and including 10:00 a.m. (Pacific Time) on February 21, 2024.
Advice to Beneficial Holders of Common Shares
justify style='font:10pt Arial;margin-top:10pt;margin-bottom:0pt;margin-left:1pt'> The information set forth in this section is of significant importance to many Shareholders, as a substantial number of Shareholders do not hold Common Shares in their own name. Beneficial Shareholders should note that only Proxies deposited by Shareholders whose names appear on the records of the Company as the registered holders of Common Shares can be recognized and acted upon at the Meeting.
justify style='font:10pt Arial;margin-top:10pt;margin-bottom:0pt;margin-left:1pt'> If Common Shares are listed in an account statement provided to a shareholder by a broker, then in almost all cases those Common Shares will not be registered in the shareholder’s name on the records of the Company. Such Common Shares will more likely be registered under the names of the shareholder’s broker or an agent of that broker. In the United States, the vast majority of such shares are registered under the name of Cede Co. as nominee for The Depositary Trust Company (which acts as depositary for many U.S. brokerage firms and custodian banks), and in Canada under the name of CDS Co. (the registration name for The Canadian Depository for Securities Limited, which acts as nominee for many Canadian brokerage firms).
justify style='font:10pt Arial;margin-top:10pt;margin-bottom:0pt'> Intermediaries are required to seek voting instructions from Beneficial Shareholders in advance of Shareholders’ meetings unless the Beneficial Shareholders have waived the right to receive meeting materials. Every intermediary has its own mailing procedures and provides its own return instructions to clients, which should be carefully followed by Beneficial Shareholders in order to ensure that their Common Shares are voted at the Meeting.
justify style='font:10pt Arial;margin-top:10pt;margin-bottom:0pt'> If you are a Beneficial Shareholder, the form of proxy supplied to you by your broker (or its agent) is similar to the form of Proxy provided to registered Shareholders by the Company. However, its purpose is limited to instructing the intermediary how to vote on your behalf. The majority of brokers now delegate responsibility for obtaining instructions from clients to Broadridge Communications Solutions Canada ( “ Broadridge ” ) in the United States and in Canada. Broadridge mails a voting instruction form in lieu of a proxy provided by the Company. The voting instruction form will name the Management Designees to represent you at the Meeting. You have the right to appoint a person (who need not be a shareholder of the Company), other than the persons designated in the voting instruction form, to represent you at the Meeting. To exercise this right, you should insert the name of the desired representative in the blank space provided in the voting instruction form. The completed voting instruction form must then be returned to Broadridge by mail or facsimile or given to Broadridge by phone or over the internet, in accordance with Broadridge’s instructions. Broadridge then tabulates the results of all instructions received and provides appropriate instructions respecting the voting of Common Shares to be represented at the Meeting. If you receive a voting instruction form from Broadridge, you cannot use it to vote Common Shares directly at the Meeting. It must be returned to Broadridge well in advance of the Meeting in order to have the Common Shares voted.
justify style='font:10pt Arial;margin-top:10pt;margin-bottom:0pt'> Although, as a Beneficial Shareholder, you may not be recognized directly at the Meeting for the purposes of voting Common Shares registered in the name of your broker (or agent of your broker), you may attend at the Meeting as proxyholder for your broker and vote the Common Shares in that capacity. If you wish to attend at the Meeting and indirectly vote your Common Shares as proxyholder for your broker or have a person designated by you to do so, you should enter your own name, or the name of the person you wish to designate, in the blank space on the voting instrument form provided to you and return the same to your broker (or your _Aci_Pg5 /> broker’s agent) in accordance with the instructions provided by your broker (or agent), well in advance of the Meeting.
justify style='font:10pt Arial;margin-top:10pt;margin-bottom:0pt'> Alternatively, you may request in writing that your broker send you a legal Proxy which would enable you, or a person designated by you, to attend at the Meeting and vote your Common Shares.
center style='font:10pt Arial;margin-top:10pt;margin-bottom:0pt'> INTEREST OF CERTAIN PERSONS IN MATTERS TO BE ACTED UPON
justify style='font:10pt Arial;margin-top:10pt;margin-bottom:0pt'> None of the directors or executive officers of the Company, nor any person who has held such a position since the beginning of the last completed financial year end of the Company, nor any proposed nominee for election as a director of the Company, nor any associate or affiliate of the foregoing persons, has any material interest, direct or indirect, by way of beneficial ownership of securities or otherwise, in any matter to be acted on at the Meeting other than as disclosed herein.
center style='font:10pt Arial;margin-top:10pt;margin-bottom:0pt'> VOTING SECURITIES AND PRINCIPAL HOLDERS OF VOTING SECURITIES
justify style='font:10pt Arial;margin-top:10pt;margin-bottom:0pt'> The board of directors (the “ Board ”) of the Company has fixed January 17, 2024, as the record date (the “ Record Date ”) for determination of persons entitled to receive notice of the Meeting. Only Shareholders of record at the close of business on the Record Date who either attend the Meeting personally or complete, sign and deliver a form of proxy in the manner and subject to the provisions described above will be entitled to vote or to have their Common Shares voted at the Meeting.
justify style='font:10pt Arial;margin-top:10pt;margin-bottom:0pt'> The Company is authorized to issue 21,567,564 Common Shares without par value and 10,000,000 preferred shares without par value of the Company. As of Record Date, the Company had outstanding 3,504,802 fully paid and non-assessable Common Shares without par value, each Common Share carrying the right to one vote. The Company has no other classes of voting securities outstanding except the Common Shares.
justify style='font:10pt Arial;margin-top:10pt;margin-bottom:10pt'> To the knowledge of the Directors and executive officers of the Company, only the following shareholders owned, directly or indirectly, or exercised control or direction over, shares carrying more than 10% of the outstanding voting rights of the Company:
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center style='font:9pt Arial;margin-top:4.8pt;margin-bottom:2pt'> Number of Shares Beneficially Owned, Controlled or Directed, Directly or Indirectly (1)(2) |
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center style='font:9pt Arial;margin-top:4.8pt;margin-bottom:2pt'> Percentage of Outstanding Shares |
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Oregon Community Foundation |
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center style='font:9pt Arial;margin-top:4.8pt;margin-bottom:2pt;margin-right:10.8pt;color:#000000'> 1,048,534 |
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center style='font:9pt Arial;margin-top:4.8pt;margin-bottom:2pt;margin-right:10.8pt'> 29.9% |
justify style='font:8pt Arial;margin-top:4pt;margin-bottom:0pt;margin-left:54pt'> (1) This information was supplied to the Company from insider reports and beneficial ownership reports filed with the SEC as well as SEDI, and from the beneficial shareholders themselves.
justify style='font:8pt Arial;margin-top:4pt;margin-bottom:0pt;margin-left:54pt'> (2) The holdings represent registered and beneficial ownership, and for the purposes hereof, beneficial ownership is presumed where sole voting and dispositive power is declared without disclaiming ownership.
center style='font:10pt Arial;margin-top:10pt;margin-bottom:0pt'> FINANCIAL STATEMENTS
justify style='font:10pt Arial;margin-top:11pt;margin-bottom:0pt'> The audited financial statements of the Company for the year ended August 31, 2023, together with the Auditors' Report thereon, will be presented to the Shareholders at the Meeting.
justify style='font:10pt Arial;margin-top:11pt;margin-bottom:0pt'> In addition, the following documents have been filed with the securities commissions or similar regulatory authority in British Columbia and Ontario and are specifically incorporated by reference into, and form an integral part of, this Information Circular:
justify style='font:10pt Arial;margin-top:6pt;margin-bottom:0pt;margin-left:72pt'> (a) audited financial statements for the year ended August 31, 2023;
justify style='font:10pt Arial;margin-top:6pt;margin-bottom:0pt;margin-left:72pt'> (b) auditors report thereon; and
justify style='font:10pt Arial;margin-top:6pt;margin-bottom:0pt;margin-left:72pt'> (c) management's discussion and analysis for the year ended August 31, 2023.
justify style='font:10pt Arial;margin-top:11pt;margin-bottom:0pt'> Copies of documents incorporated herein by reference may be obtained by Shareholders upon request and without charge from the Company at P.O. Box 1010, North Plains, Oregon, USA 97133, Attention: Chad Summers, President, CEO and Director. These documents are also available online through the Internet under the Company's SEDAR profile, which can be accessed at www.sedar.com , and on EDGAR, which can be accessed at www.sec.gov .
center style='font:10pt Arial;margin-top:11pt;margin-bottom:0pt'> _Aci_Pg6 /> VOTES NECESSARY TO PASS RESOLUTIONS
justify style='font:10pt Arial;margin-top:11pt;margin-bottom:0pt'> Except as otherwise described in this Information Circular, a simple majority of affirmative votes cast at the Meeting is required to pass the resolutions described herein. At least a two-thirds majority of affirmative votes cast by shareholders at the Meeting are required to pass the special resolutions described herein. If there are more nominees for election as directors or appointment of the Company's auditor than there are vacancies to fill, those nominees receiving the greatest number of votes will be elected or appointed, as the case may be, until all such vacancies have been filled. If the number of nominees for election or appointment is equal to the number of vacancies to be filled all such nominees will be declared elected or appointed by acclamation.
center style='font:10pt Arial;margin-top:11pt;margin-bottom:0pt'> VOTING PROCEDURE
Quorum
justify style='font:10pt Arial;margin:0'> A quorum for the transaction of business at the Meeting is at least two persons who are, or who represent by proxy, shareholders who, in the aggregate, hold at least 5% of the issued shares entitled to be voted at the Meeting. 8 />
Broker Non-Votes
justify style='font:10pt Arial;margin:0'>
justify style='font:10pt Arial;margin:0'> Broker non-votes occur when a person holding shares through a bank or brokerage account does not provide instructions as to how their shares should be voted and the broker does not exercise discretion to vote those shares on a particular matter. Broker non-votes will be included in determining the presence of quorum at the Meeting. However, a broker non-vote will not have any effect on the outcome for the election of directors.
Fix the Number of Directors
justify style='font:10pt Arial;margin:0'> This resolution sets the number of directors at nine to sit on the Board for the ensuing year. You may vote for or against.
Election of Directors
justify style='font:10pt Arial;margin:0'> Directors must be elected by a majority of the votes present at the Meeting and entitled to be cast in the election. As a shareholder, you may vote “for” or “withhold”.
justify style='font:10pt Arial;margin:0'>
justify style='font:10pt Arial;margin:0'> Ratification of the Appointment of the Auditors
justify style='font:10pt Arial;margin:0'> The appointment of the auditors is ratified if a majority of the votes present at the Meeting vote “for” the proposal. You may vote “for” or “withhold.”
justify style='font:10pt Arial;margin:0'>
justify style='font:10pt Arial;margin:0'> Acts and Deeds of Directors and Officers
justify style='font:10pt Arial;margin:0'> All actions of the directors and officers carried out on behalf of the Company during the preceding year will be approved, if a majority of the votes present at the Meeting vote “for” the proposal. You may vote “for” or “against.”
justify style='font:10pt Arial;margin:0'>
justify style='font:10pt Arial;margin:0;color:#000000'> Advisory Vote on the Approval of Executive Compensation
justify style='font:10pt Arial;margin:0'> Approval, on an advisory basis, of the compensation of the Company’s named executive officers if a majority of the votes present at the Meeting vote “for” the proposal. You may vote “for” or “against.”
justify style='font:10pt Arial;margin:0'>
justify style='font:10pt Arial;margin:0'> Advisory Vote on the Frequency of Holding an Advisory Vote on Executive Compensation
justify style='font:10pt Arial;margin:0;color:#000000'> To vote, on an advisory basis, on the frequency with which the Company should conduct future shareholder advisory votes on named executive officer compensation. You may select a frequency of one year, two years, three years or withhold.
justify style='font:10pt Arial;margin:0'>
justify style='font:10pt Arial;margin:0'> Staggered Terms
justify style='font:10pt Arial;margin:0'> This special resolution will approve an alteration to the Company’s articles to allow directors to serve for staggered terms, so as to allow for better continuity amongst the directors, and to set a maximum term limit for which a director may sit on the Board. You may vote “for” or “against.”
justify style='font:10pt Arial;margin:0'>
justify style='font:10pt Arial;margin:0'> Advance Notice
justify style='font:10pt Arial;margin:0'> This special resolution will approve an alteration to the Company’s articles to implement an “advance notice” procedure for the nomination of directors. You may vote “for” or “against.”
justify style='font:10pt Arial;margin:0'> _Aci_Pg7 />
justify style='font:10pt Arial;margin:0'> Voting on Permitted Amendments or Variations of and any Other Matter that properly comes before the Meeting
justify style='font:10pt Arial;margin:0'> Any permitted amendments to or variations of and the approval of any other matters that may be submitted at the Meeting will be approved, if a majority of the votes present at the Meeting vote “for” the proposal. You may vote “for” or “against.”
justify style='font:10pt Arial;margin-top:11pt;margin-bottom:0pt'> Common Shares for which the Proxy is properly executed and returned will be voted upon at the Meeting in accordance with the directions noted thereon or, in the absence of directions, will be voted as follows: FOR the fixing of the number of directors at nine; FOR the election of each of the nominees to the Board that are named in this Information Circular; FOR the ratification to appoint Davidson Company LLP, Chartered Accountants as independent auditors of the Company for the ensuing financial year ending August 31, 2024; FOR the approval of all acts, deeds and business done by, and proceedings of, the directors and officers of the Company on behalf of the Company during the preceding year; “FOR” the approval of executive compensation; for a frequency of “ONE YEAR” with which the Company should conduct future shareholder advisory votes on named executive officer compensation; “FOR” the approval of staggered terms of Directors; “FOR” the approval of the Advance Notice procedure; “FOR” the approval of any permitted amendments to or variations of any matter submitted at the Meeting; and “FOR” the approval to transact such further or other business as may properly come before the Meeting. It is not expected that any matters other than those referred to in this Information Circular will be brought before the Meeting. If, however, other matters are properly presented, the persons named as Proxyholders will vote in accordance with their discretion with respect to such matters.
center style='font:10pt Arial;margin-top:11pt;margin-bottom:0pt'> PARTICULARS OF MATTERS TO BE ACTED UPON
justify style='font:10pt Arial;margin-top:11pt;margin-bottom:0pt'> Recommendation of the Board
justify style='font:10pt Arial;margin-top:11pt;margin-bottom:0pt'> The Board unanimously recommends that Shareholders vote in favour of all resolutions.
center style='font:10pt Arial;margin-top:11pt;margin-bottom:0pt'>
PROPOSAL
ONE
:
FIX
NUMBER OF DIRECTORS
PROPOSAL T
WO
:
ELECTION OF DIRECTORS
justify style='font:10pt Arial;margin-top:11pt;margin-bottom:0pt'> The Board currently consists of nine directors. Management proposes to fix the number of directors of the Company at nine and to nominate the persons listed below for election as directors.
justify style='font:10pt Arial;margin-top:11pt;margin-bottom:0pt'> The term of office of each of the current directors currently ends at the conclusion of the Meeting. Unless the director's office is earlier vacated in accordance with the provisions of the British Columbia Business Corporations Act or the Articles of the Company, each director elected will hold office until the conclusion of the next annual general meeting of the Company, or, if no director is then elected, until a successor is elected.
justify style='font:10pt Arial;margin-top:11pt;margin-bottom:0pt'> Management does not contemplate that any of the nominees will be unable to serve as a director. In the event that prior to the Meeting any vacancies occur in the slate of nominees herein listed, it is intended that discretionary authority shall be exercised by the person named in the proxy as nominee to vote the Common Shares represented by proxy for the election of any other person or persons as directors.
justify style='font:10pt Arial;margin-top:10pt;margin-bottom:10pt'> The following table sets out the names of the management nominees; their positions and offices in the Company; principal occupations; the period of time that they have been directors of the Company; and the number of Common Shares of the Company which each beneficially owns or over which control or direction is exercised:
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center style='font:8pt Arial;margin-top:7.2pt;margin-bottom:3pt'> _Aci_Pg8 /> Nominee Position with the Company and Province/State and Country of Residence |
top bgcolor=#D9D9D9 style=width:142.2pt>
center style='font:8pt Arial;margin-top:7.2pt;margin-bottom:3pt'> Occupation, Business or Employment (2) |
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center style='font:8pt Arial;margin-top:7.2pt;margin-bottom:3pt'> Director of the Company Since |
top bgcolor=#D9D9D9 style=width:67.5pt>
center style='font:8pt Arial;margin-top:7.2pt;margin-bottom:3pt'> Committee Membership |
top bgcolor=#D9D9D9 style=width:121.5pt>
center style='font:8pt Arial;margin-top:7.2pt;margin-bottom:3pt'> Common Shares Beneficially Owned, Directly or Indirectly, or Over Which Control of Direction is Exercised (1) |
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CHARLES HOPEWELL
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Mr. Hopewell has been a director of the Company since February 2017. He also served as President, CEO and Interim CFO of the Company from February 2017 to January 1, 2022. He is also the Chief Operating Officer of the Jewett-Cameron companies. He has also served as CEO of Sunset Manufacturing Inc. from 2012 to 2016 and Chief Operating Officer of Aluminute Corporation from 2006 to 2012. |
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center style='font:8pt Arial;margin-top:7.2pt;margin-bottom:3pt;margin-left:5.05pt'> February 9, 2017 |
top style=width:67.5pt>
center style='font:8pt Arial;margin-top:7.2pt;margin-bottom:3pt'> None |
top style=width:121.5pt>
center style='font:8pt Arial;margin-top:7.2pt;margin-bottom:3pt'> 19,728 |
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CHRIS KARLIN
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justify style='font:8pt Calibri;margin-top:7.2pt;margin-bottom:3pt'> Mr. Karlin has been a director of the Company since December 2018. He is a retired Senior Vice President and Manager of U.S. Bank’s National Government Banking Division from 2005 to 2014. He joined U.S. Bank in 1993 as a Relationship Manager in the National Corporate Division. He has also served as a Regional Manager for the Treasury Management Division in Minneapolis. |
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center style='font:8pt Arial;margin-top:7.2pt;margin-bottom:3pt;margin-left:5.05pt'> December 26, 2018 |
top style=width:67.5pt>
center style='font:8pt Arial;margin-top:7.2pt;margin-bottom:3pt'> Audit and Compensation Committee |
top style=width:121.5pt>
center style='font:8pt Arial;margin-top:7.2pt;margin-bottom:3pt'> 550 |
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SARAH JOHNSON
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justify style='font:8pt Arial;margin-top:7.2pt;margin-bottom:3pt'> Ms. Johnson has been a director of the Company since July 2017. She is currently Global Raw Materials Planning Manager at Columbia Sportswear. Previously, she served as Global Buying Manager beginning in May 2014, the Business Process Analyst III - Functional Lead from April 2013 to April 2014 and prior to that was a Business Process Analyst II from November 2010 to April 2013 for Columbia Sportswear. |
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center style='font:8pt Arial;margin-top:7.2pt;margin-bottom:3pt;margin-left:5.05pt'> July 24, 2017 |
top style=width:67.5pt>
center style='font:8pt Arial;margin-top:7.2pt;margin-bottom:3pt'> Audit, Compensation, and Governance Committee |
top style=width:121.5pt>
center style='font:8pt Arial;margin-top:7.2pt;margin-bottom:3pt'> 550 |
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GEOFFREY GUILFOY
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justify style='font:8pt Arial;margin-top:7.2pt;margin-bottom:3pt'> Mr. Guilfoy has been a director of the Company since August 2019. He was also previously a director of the Company from May 2017 to December 2018. |
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center style='font:8pt Arial;margin-top:7.2pt;margin-bottom:3pt;margin-left:5.05pt'> August 8, 2019 |
top style=width:67.5pt>
center style='font:8pt Arial;margin-top:7.2pt;margin-bottom:3pt'> Audit and Compensation Committee |
top style=width:121.5pt>
center style='font:8pt Arial;margin-top:7.2pt;margin-bottom:3pt'> 550 |
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MICHELLE WALKER
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justify style='font:8pt Arial;margin-top:7.2pt;margin-bottom:3pt'> Ms. Walker has been a director of the Company since June 2021. She was previously CEO of Sock It to Me, Inc. She also held several senior positions with PepsiCo, including Senior Director and GM of the Lays and Ruffles brands. |
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center style='font:8pt Arial;margin-top:7.2pt;margin-bottom:3pt;margin-left:5.05pt'> June 4, 2021 |
top style=width:67.5pt>
center style='font:8pt Arial;margin-top:7.2pt;margin-bottom:3pt'> Governance Committee |
top style=width:121.5pt>
center style='font:8pt Arial;margin-top:7.2pt;margin-bottom:3pt'> 225 |
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CHAD SUMMERS
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justify style='font:8pt Arial;margin-top:7.2pt;margin-bottom:3pt'> Mr. Summers has been a director of the Company since November 2022. He joined the Company in 2019, and has also been the President of the Company since May 2021 and CEO of the Company since January 1, 2022. |
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center style='font:8pt Arial;margin-top:7.2pt;margin-bottom:3pt;margin-left:5.05pt'> November 6, 2022 |
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center style='font:8pt Arial;margin-top:7.2pt;margin-bottom:3pt'> None |
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center style='font:8pt Arial;margin-top:7.2pt;margin-bottom:3pt'> 7,516 |
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justify style='font:8pt Arial;margin-top:7.2pt;margin-bottom:3pt;color:#000000'> Mr. Henningsen has been a director of the Company since December 2022. From 1999 to 2018, he was Chairman President of Henningsen Cold Storage headquartered in Hillsboro Oregon with logistics facilities in six states. He currently serves on the Boards of Parr Lumber Company, Willamette Windows, and the Southwest Washington Chapter of the American Red Cross. |
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center style='font:8pt Arial;margin-top:7.2pt;margin-bottom:3pt;margin-left:5.05pt'> December 9, 2022 |
top style=width:67.5pt>
center style='font:8pt Arial;margin-top:7.2pt;margin-bottom:3pt'> Governance Committee |
top style=width:121.5pt>
center style='font:8pt Arial;margin-top:7.2pt;margin-bottom:3pt'> 75 |
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SUBRIANA PIERCE
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justify style='font:8pt Arial;margin-top:7.2pt;margin-bottom:3pt'> Ms. Pierce was named a Director in December 2023. She is currently Senior Vice President, Sales with C.A. Fortune and serves on the Board of the California Grocers Association. Previously, she launched food brokerage Navigator Sales and Marketing which was acquired by C.A. Fortune in July 2023. She also served in various sales and marketing roles for PepsiCo/Frito Lay and Albertsons. |
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center style='font:8pt Arial;margin-top:7.2pt;margin-bottom:3pt;margin-left:5.05pt'> December 14, 2023 |
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center style='font:8pt Arial;margin-top:7.2pt;margin-bottom:3pt'> None |
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center style='font:8pt Arial;margin-top:7.2pt;margin-bottom:3pt'> Nil |
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IAN WENDLER
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justify style='font:8pt Arial;margin-top:7.2pt;margin-bottom:3pt'> Mr. Wendler was named a Director in December 2023. He is currently Vice President and General Manager of Americas at Dover Corporations Vehicle Service Group (VSG). He previously held executive roles from Operations, to Engineering, to Marketing, and Business across Dover operating companies supporting OEM Automotive, Government, Industrial, Consumer, and Aftermarket segments in Engineered Products. Before joining Dover, he held Engineering and Management roles with RadiSys in Telecommunications and Gaming. |
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center style='font:8pt Arial;margin-top:7.2pt;margin-bottom:3pt;margin-left:5.05pt'> December 14, 2023 |
top style=width:67.5pt>
center style='font:8pt Arial;margin-top:7.2pt;margin-bottom:3pt'> None |
top style=width:121.5pt>
center style='font:8pt Arial;margin-top:7.2pt;margin-bottom:3pt'> Nil |
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justify style='font:10pt Arial;margin:0'> Part I: Gender Identity |
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justify style='font:10pt Arial;margin:0'> Male |
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justify style='font:10pt Arial;margin:0'> Female |
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justify style='font:10pt Arial;margin:0'> Directors |
top style='width:49.75pt;padding-left:5.4pt;padding-right:5.4pt;border-top:0.5pt solid #000000'>
center style='font:10pt Arial;margin:0'> 6 |
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center style='font:10pt Arial;margin:0'> 3 |
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justify style='font:10pt Arial;margin:0'> |
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center style='font:10pt Arial;margin:0'> |
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center style='font:10pt Arial;margin:0'> |
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justify style='font:10pt Arial;margin:0'> Part II: Demographic Background |
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center style='font:10pt Arial;margin:0'> |
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center style='font:10pt Arial;margin:0'> |
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justify style='font:10pt Arial;margin:0'> White |
top style=width:49.75pt;padding-left:5.4pt;padding-right:5.4pt>
center style='font:10pt Arial;margin:0'> 6 |
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center style='font:10pt Arial;margin:0'> 1 |
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justify style='font:10pt Arial;margin:0'> Non-White |
top style=width:49.75pt;padding-left:5.4pt;padding-right:5.4pt>
center style='font:10pt Arial;margin:0'> 0 |
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center style='font:10pt Arial;margin:0'> 2 |
Involvement in Certain Legal Proceedings
justify style='font:10pt Arial;margin-top:10pt;margin-bottom:0pt'> To the knowledge of the Company, no proposed director is, or has, within the 10 years before the date of this Information Circular, been a director, chief executive officer or chief financial officer of any company that,
justify style='font:10pt Arial;margin-top:11pt;margin-bottom:0pt;margin-left:72pt'> (a) was subject to an order that was issued while the proposed director was acting in the capacity as director, chief executive officer or chief financial officer; or
justify style='font:10pt Arial;margin-top:11pt;margin-bottom:0pt;margin-left:72pt'> (b) was subject to an order that was issued after the proposed director ceased to be a director, chief executive officer or chief financial officer and which resulted from an event that occurred while that person was acting in the capacity as director, chief executive officer or chief financial officer.
justify style='font:10pt Arial;margin-top:10pt;margin-bottom:0pt'> To the knowledge of the company, no proposed director of the Company was, as at the date of the Information Circular, or has been within 10 years before the date of the Information Circular, a director or executive officer of any company (including Jewett-Cameron Trading Company Ltd.) that, while that person was acting in that capacity, or within a year of that person ceasing to act in that capacity, became bankrupt, made a proposal under any legislation relating to bankruptcy or insolvency or was subject to or instituted any proceedings, arrangement or compromise with creditors or had a receiver, receiver manager or trustee appointed to hold its assets.
justify style='font:10pt Arial;margin-top:10pt;margin-bottom:0pt'> _Aci_Pg12 /> No proposed director of the Company has, within the 10 years before the date of the information circular, become bankrupt, made a proposal under any legislation relating to bankruptcy or insolvency, or become subject to or instituted any proceedings, arrangement or compromise with creditors, or had a receiver, receiver manager or trustee appointed to hold the assets of the proposed director.
justify style='font:10pt Arial;margin-top:10pt;margin-bottom:0pt'> No proposed director of the Company has been subject to (i) any penalties or sanctions imposed by a court relating to securities legislation or by a security regulatory authority or has entered into a settlement agreement with a securities regulatory authority, or (ii) any penalties or sanctions imposed by a court or regulatory body that would likely be considered important to a reasonable securityholder in deciding whether to vote for that proposed director.
center style='font:10pt Arial;margin-top:11pt;margin-bottom:0pt'> SECURITY OWNERSHIP OF MANAGEMENT
justify style='font:10pt Arial;margin-top:11pt;margin-bottom:0pt'> The following table sets forth certain information regarding the beneficial ownership of the Company's common shares as of January 17, 2024 by:
justify style='font:10pt Arial;margin-top:11pt;margin-bottom:0pt;margin-left:108pt'> (i) each director of the Company;
justify style='font:10pt Arial;margin-top:11pt;margin-bottom:0pt;margin-left:108pt'> (ii) each of the Named Executive Officers of the Company; and
justify style='font:10pt Arial;margin-top:11pt;margin-bottom:0pt;margin-left:108pt'> (iii) all directors and executive officers as a group.
justify style='font:10pt Arial;margin-top:11pt;margin-bottom:0pt'> Except as noted below, the Company believes that the beneficial shareholders of the Common Shares listed below, based on information furnished by such shareholders, have sole voting and investment power with respect to such Common Shares.
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center style='font:9pt Arial;margin-top:3pt;margin-bottom:3pt'>
Name and Address of
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top bgcolor=#E0E0E0 style='width:156.15pt;border-bottom:0.5pt solid #000000'>
center style='font:9pt Arial;margin-top:3pt;margin-bottom:3pt'> Shares Beneficially Owned (1) |
top bgcolor=#E0E0E0 style='width:155.15pt;border-bottom:0.5pt solid #000000'>
center style='font:9pt Arial;margin-top:3pt;margin-bottom:3pt'> Percentage of Shares Beneficially Owned |
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top style='width:156.2pt;border:0.5pt solid #000000'>
CHARLES HOPEWELL
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top style='width:156.15pt;border:0.5pt solid #000000'>
center style='font:9pt Arial;margin-top:4.8pt;margin-bottom:2pt;margin-right:10.8pt'> 19,728 center style='font:9pt Arial;margin-top:4.8pt;margin-bottom:2pt;margin-right:10.8pt'> |
top style='width:155.15pt;border:0.5pt solid #000000'>
center style='font:9pt Arial;margin-top:4.8pt;margin-bottom:2pt;margin-right:10.8pt'> 0.56% center style='font:9pt Arial;margin-top:4.8pt;margin-bottom:2pt;margin-right:10.8pt'> |
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top style='width:156.2pt;border:0.5pt solid #000000'>
CHRIS KARLIN
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top style='width:156.15pt;border:0.5pt solid #000000'>
center style='font:9pt Arial;margin-top:4.8pt;margin-bottom:2pt;margin-right:10.8pt'> 550 |
top style='width:155.15pt;border:0.5pt solid #000000'>
center style='font:9pt Arial;margin-top:4.8pt;margin-bottom:2pt;margin-right:10.8pt'> 0.02% center style='font:9pt Arial;margin-top:4.8pt;margin-bottom:2pt;margin-right:10.8pt'> |
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SARAH JOHNSON
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top style='width:156.15pt;border:0.5pt solid #000000'>
center style='font:9pt Arial;margin-top:4.8pt;margin-bottom:2pt;margin-right:10.8pt'> 550 |
top style='width:155.15pt;border:0.5pt solid #000000'>
center style='font:9pt Arial;margin-top:4.8pt;margin-bottom:2pt;margin-right:10.8pt'> 0.02% center style='font:9pt Arial;margin-top:4.8pt;margin-bottom:2pt;margin-right:10.8pt'> |
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GEOFFREY GUILFOY
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top style='width:156.15pt;border:0.5pt solid #000000'>
center style='font:9pt Arial;margin-top:4.8pt;margin-bottom:2pt;margin-right:10.8pt'> 550 |
top style='width:155.15pt;border:0.5pt solid #000000'>
center style='font:9pt Arial;margin-top:4.8pt;margin-bottom:2pt;margin-right:10.8pt'> 0.02% center style='font:9pt Arial;margin-top:4.8pt;margin-bottom:2pt;margin-right:10.8pt'> |
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top style='width:156.2pt;border:0.5pt solid #000000'>
MICHELLE WALKER
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top style='width:156.15pt;border:0.5pt solid #000000'>
center style='font:9pt Arial;margin-top:4.8pt;margin-bottom:2pt;margin-right:10.8pt'> 225 |
top style='width:155.15pt;border:0.5pt solid #000000'>
center style='font:9pt Arial;margin-top:4.8pt;margin-bottom:2pt;margin-right:10.8pt'> 0.01% |
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top style='width:156.2pt;border:0.5pt solid #000000'>
MIKE HENNINGSEN
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top style='width:156.15pt;border:0.5pt solid #000000'>
center style='font:9pt Arial;margin-top:4.8pt;margin-bottom:2pt;margin-right:10.8pt'> 75 |
top style='width:155.15pt;border:0.5pt solid #000000'>
center style='font:9pt Arial;margin-top:4.8pt;margin-bottom:2pt;margin-right:10.8pt'> 0.01% center style='font:9pt Arial;margin-top:4.8pt;margin-bottom:2pt;margin-right:10.8pt'> |
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top style='width:156.2pt;border:0.5pt solid #000000'>
CHAD SUMMERS
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top style='width:156.15pt;border:0.5pt solid #000000'>
center style='font:9pt Arial;margin-top:4.8pt;margin-bottom:2pt;margin-right:10.8pt'> 7,516 |
top style='width:155.15pt;border:0.5pt solid #000000'>
center style='font:9pt Arial;margin-top:4.8pt;margin-bottom:2pt;margin-right:10.8pt'> 0.21% |
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top style='width:156.2pt;border:0.5pt solid #000000'>
MITCH VAN DOMELEN
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top style='width:156.15pt;border:0.5pt solid #000000'>
center style='font:9pt Arial;margin-top:4.8pt;margin-bottom:2pt;margin-right:10.8pt'> 3,324 |
top style='width:155.15pt;border:0.5pt solid #000000'>
center style='font:9pt Arial;margin-top:4.8pt;margin-bottom:2pt;margin-right:10.8pt'> 0.09% |
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SUBRIANA PIERCE
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top style='width:156.15pt;border:0.5pt solid #000000'>
center style='font:9pt Arial;margin-top:4.8pt;margin-bottom:2pt;margin-right:10.8pt'> Nil |
top style='width:155.15pt;border:0.5pt solid #000000'>
center style='font:9pt Arial;margin-top:4.8pt;margin-bottom:2pt;margin-right:10.8pt'> Nil |
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top style='width:156.15pt;border:0.5pt solid #000000'>
center style='font:9pt Arial;margin-top:4.8pt;margin-bottom:2pt;margin-right:10.8pt'> Nil |
top style='width:155.15pt;border:0.5pt solid #000000'>
center style='font:9pt Arial;margin-top:4.8pt;margin-bottom:2pt;margin-right:10.8pt'> Nil |
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top style='width:156.2pt;border:0.5pt solid #000000'>
justify style='font:9pt Arial;margin-top:3pt;margin-bottom:3pt;margin-left:2.15pt'> All officers and directors (10 persons) |
top style='width:156.15pt;border:0.5pt solid #000000'>
center style='font:10pt Arial;margin-top:3pt;margin-bottom:3pt'> 32,518 |
top style='width:155.15pt;border:0.5pt solid #000000'>
center style='font:10pt Arial;margin-top:3pt;margin-bottom:3pt'> 0. 93 % |
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top bgcolor=#E0E0E0 style=width:113.4pt>
justify style='font:10pt Arial;margin-top:3pt;margin-bottom:3pt'> Name |
top bgcolor=#E0E0E0 style=width:72pt>
center style='font:10pt Arial;margin-top:3pt;margin-bottom:3pt'> Age |
top bgcolor=#E0E0E0 style=width:135pt>
center style='font:10pt Arial;margin-top:3pt;margin-bottom:3pt'> Position |
top bgcolor=#E0E0E0 style=width:163.5pt>
center style='font:10pt Arial;margin-top:3pt;margin-bottom:3pt'> Position Held Since |
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top style=width:113.4pt>
justify style='font:10pt Arial;margin-top:3pt;margin-bottom:3pt'> Charles Hopewell |
top style=width:72pt>
center style='font:10pt Arial;margin-top:3pt;margin-bottom:3pt'> 67 |
top style=width:135pt>
Director
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top style=width:163.5pt>
February 2017
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top style=width:113.4pt>
Geoffrey Guilfoy |
top style=width:72pt>
center style='font:10pt Arial;margin-top:3pt;margin-bottom:3pt'> 73 |
top style=width:135pt>
Director |
top style=width:163.5pt>
August 2019 |
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top style=width:113.4pt>
Sarah Johnson |
top style=width:72pt>
center style='font:10pt Arial;margin-top:3pt;margin-bottom:3pt'> 44 |
top style=width:135pt>
Director |
top style=width:163.5pt>
July 2017 |
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top style=width:113.4pt>
Chris Karlin |
top style=width:72pt>
center style='font:10pt Arial;margin-top:3pt;margin-bottom:3pt'> 62 |
top style=width:135pt>
Director |
top style=width:163.5pt>
December 2018 |
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top style=width:113.4pt>
Michelle Walker |
top style=width:72pt>
center style='font:10pt Arial;margin-top:3pt;margin-bottom:3pt'> 49 |
top style=width:135pt>
Director |
top style=width:163.5pt>
June 2021 |
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top style=width:113.4pt>
Chad Summers |
top style=width:72pt>
center style='font:10pt Arial;margin-top:3pt;margin-bottom:3pt'> 50 |
top style=width:135pt>
Chief Executive Officer
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top style=width:163.5pt>
January 2022
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top style=width:113.4pt>
Mike Henningsen |
top style=width:72pt>
center style='font:10pt Arial;margin-top:3pt;margin-bottom:3pt'> 61 |
top style=width:135pt>
Director |
top style=width:163.5pt>
December 2022 |
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top style=width:113.4pt>
Mitch Van Domelen |
top style=width:72pt>
center style='font:10pt Arial;margin-top:3pt;margin-bottom:3pt'> 42 |
top style=width:135pt>
Chief Financial Officer Corporate Secretary |
top style=width:163.5pt>
January 2022 December 2022 |
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top style=width:113.4pt>
Subriana Pierce |
top style=width:72pt>
center style='font:10pt Arial;margin-top:3pt;margin-bottom:3pt'> 57 |
top style=width:135pt>
Director |
top style=width:163.5pt>
December 2023 |
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top style=width:113.4pt>
Ian Wendler |
top style=width:72pt>
center style='font:10pt Arial;margin-top:3pt;margin-bottom:3pt'> 48 |
top style=width:135pt>
Director |
top style=width:163.5pt>
December 2023 |
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bottom bgcolor=#E0E0E0 style='width:112.5pt;padding-left:2.8pt;padding-right:2.8pt;border:0.75pt solid #000000'>
center style='font:9pt Arial;margin-top:3pt;margin-bottom:3pt'> Nature of Services |
bottom bgcolor=#E0E0E0 style='width:179.5pt;padding-left:2.8pt;padding-right:2.8pt;border:0.75pt solid #000000'>
center style='font:9pt Arial;margin-top:3pt;margin-bottom:0pt'> Fees Paid to Auditor in Year center style='font:9pt Arial;margin-top:0pt;margin-bottom:3pt'> Ended August 31, 202 3 |
bottom bgcolor=#E0E0E0 style='width:180pt;padding-left:2.8pt;padding-right:2.8pt;border:0.75pt solid #000000'>
center style='font:9pt Arial;margin-top:3pt;margin-bottom:0pt'> Fees Paid to Auditor in Year center style='font:9pt Arial;margin-top:0pt;margin-bottom:3pt'> Ended August 31, 202 2 |
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top style='width:112.5pt;padding-left:2.8pt;padding-right:2.8pt;border:0.75pt solid #000000'>
Audit Fees (1) |
top style='width:179.5pt;padding-left:2.8pt;padding-right:2.8pt;border:0.75pt solid #000000'>
center style='font:9pt Arial;margin-top:3pt;margin-bottom:3pt'> $90,000 |
top style='width:180pt;padding-left:2.8pt;padding-right:2.8pt;border:0.75pt solid #000000'>
center style='font:9pt Arial;margin-top:3pt;margin-bottom:3pt'> $90,000 |
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top style='width:112.5pt;padding-left:2.8pt;padding-right:2.8pt;border:0.75pt solid #000000'>
Audit-Related Fees (2) |
top style='width:179.5pt;padding-left:2.8pt;padding-right:2.8pt;border:0.75pt solid #000000'>
center style='font:9pt Arial;margin-top:3pt;margin-bottom:3pt'> $Nil |
top style='width:180pt;padding-left:2.8pt;padding-right:2.8pt;border:0.75pt solid #000000'>
center style='font:9pt Arial;margin-top:3pt;margin-bottom:3pt'> $Nil |
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top style='width:112.5pt;padding-left:2.8pt;padding-right:2.8pt;border:0.75pt solid #000000'>
Tax Fees (3) |
top style='width:179.5pt;padding-left:2.8pt;padding-right:2.8pt;border:0.75pt solid #000000'>
center style='font:9pt Arial;margin-top:3pt;margin-bottom:3pt'> $10,238 |
top style='width:180pt;padding-left:2.8pt;padding-right:2.8pt;border:0.75pt solid #000000'>
center style='font:9pt Arial;margin-top:3pt;margin-bottom:3pt'> $10,500 |
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top style='width:112.5pt;padding-left:2.8pt;padding-right:2.8pt;border:0.75pt solid #000000'>
All Other Fees (4) |
top style='width:179.5pt;padding-left:2.8pt;padding-right:2.8pt;border:0.75pt solid #000000'>
center style='font:9pt Arial;margin-top:3pt;margin-bottom:3pt'> $30,000 |
top style='width:180pt;padding-left:2.8pt;padding-right:2.8pt;border:0.75pt solid #000000'>
center style='font:9pt Arial;margin-top:3pt;margin-bottom:3pt'> $24,750 |
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top style='width:112.5pt;padding-left:2.8pt;padding-right:2.8pt;border:0.75pt solid #000000'>
Total |
top style='width:179.5pt;padding-left:2.8pt;padding-right:2.8pt;border:0.75pt solid #000000'>
center style='font:9pt Arial;margin-top:3pt;margin-bottom:3pt'> $ 132,238 |
top style='width:180pt;padding-left:2.8pt;padding-right:2.8pt;border:0.75pt solid #000000'>
center style='font:9pt Arial;margin-top:3pt;margin-bottom:3pt'> $12 5 , 250 |
justify style='font:8pt Arial;margin-top:4pt;margin-bottom:0pt;margin-left:36pt'> (1) “ Audit Fees ” include fees necessary to perform the annual audit of the Company’s consolidated financial statements. Audit Fees include fees for review of tax provisions and for accounting consultations on matters reflected in the financial statements. Audit Fees also include audit or other attest services required by legislation or regulation, such as comfort letters, consents, reviews of securities filings and statutory audits.
justify style='font:8pt Arial;margin-top:4pt;margin-bottom:0pt;margin-left:36pt'> (2) “ Audit -Related Fees ” include services that are traditionally performed by the auditor. These audit-related services include employee benefit audits, due diligence assistance, accounting consultations on proposed transactions, internal control reviews and audit or attest services not required by legislation or regulation.
justify style='font:8pt Arial;margin-top:4pt;margin-bottom:0pt;margin-left:36pt'> (3) “ Tax Fees ” include fees for all tax services other than those included in “Audit Fees” and “Audit-Related Fees”. This category includes fees for tax compliance, tax planning and tax advice. Tax planning and tax advice includes assistance with tax audits and appeals, tax advice related to mergers and acquisitions, and requests for rulings or technical advice from tax authorities.
justify style='font:8pt Arial;margin-top:4pt;margin-bottom:0pt;margin-left:36pt'> (4) “ All Other Fees ” include all other non-audit services.
justify style='font:10pt Arial;margin-top:11pt;margin-bottom:0pt'> All Other Fees - Non-audit Services
justify style='font:10pt Arial;margin-top:10pt;margin-bottom:0pt'> Since the commencement of the Company's most recently completed financial year, the Audit Committee has approved all non-audit services provided by Davidson Company LLP, Chartered Accountants, which non-audit services fees represented costs for the reviews of the Company's quarterly financial reporting on Form 10-Q. The cost to the Company for each review of the Form 10-Q was $10,000 for an aggregate total of $30,000 in fiscal 2023.
center style='font:10pt Arial;margin-top:10pt;margin-bottom:0pt'> _Aci_Pg16 /> CO MPENSATION OF EXECUTIVE OFFICERS
Compensation Discussion and Analysis
Compensation Committee
justify style='font:10pt Arial;margin-top:11pt;margin-bottom:0pt'> The Compensation Committee is currently composed of members Sarah Johnson, Chris Karlin and Geoffrey Guilfoy. All of the members are independent directors as defined under applicable Canadian securities laws at the relevant times. Prior to October 30, 2014, the Company did not have a Compensation Committee and the Board as a whole performed the equivalent functions. As at the end of the financial year ended August 31, 2023, the Committee was comprised of Geoffrey Guilfoy, Sarah Johnson and Chris Karlin (Chair).
justify style='font:10pt Arial;margin-top:11pt;margin-bottom:0pt'> As in prior years, judgments regarding executive compensation for fiscal 2023 have been primarily based upon the Board's assessment of each executive officer’s leadership performance and their potential to enhance long-term shareholder value. The Board relied mostly on each director's business acumen and was not bound by rigid guidelines, formulas or short-term changes in the share price when determining the amount and mix of elements regarding compensation payable for each executive officer.
justify style='font:10pt Arial;margin-top:11pt;margin-bottom:0pt'> Key factors that affect the Board’s overall decision include the nature and scope of the executive officers’ responsibilities, their effectiveness in leading the Company's initiatives to increase customer value as well as productivity and growth, ensure compliance with applicable state and federal laws and the ethics policies of the Company.
justify style='font:10pt Arial;margin-top:11pt;margin-bottom:0pt'> Based on all these factors, which the Board considers relevant in making its determination of compensation payable, and in light of the Company's strong financial and operating performance, the Board believes it has been in the shareholders’ best and long-term interests of the Company to ensure that the overall level of salary is commensurate with overall performance and in keeping with the Company's ability to retain key members of management team.
justify style='font:10pt Arial;margin-top:11pt;margin-bottom:0pt'> The Board’s decisions concerning specific elements of fiscal 2023 compensation for individual executive officers, including the Chief Executive Officer, includes consideration of the executive officer's level of responsibility, their overall performance and current salary. As noted above, in all cases, the specific decisions involving the fiscal 2023 executive officer's compensation are ultimately based upon the Board’s judgment about an individual executive officer’s performance, their potential for future contributions and, more importantly, whether each particular payment or award provides an appropriate incentive and recompense for a performance that will sustain and enhance long-term shareholder value.
justify style='font:10pt Arial;margin-top:11pt;margin-bottom:0pt'> Chad Summer’s Compensation Plan for serving as CEO is $295,833.
justify style='font:10pt Arial;margin-top:11pt;margin-bottom:0pt'> Mitch Van Domelen’s Compensation Plan for serving as CFO is $170,833.
center style='font:10pt Arial;margin-top:11pt;margin-bottom:0pt'> PERFORMANCE GRAPH
justify style='font:10pt Arial;margin-top:11pt;margin-bottom:0pt'> The Company has voluntarily delisted its Common Shares on the Toronto Stock Exchange on October 11, 2012. The Company is listed on the NASDAQ Capital Market (U.S.) under the symbol JCTCF. The following graph compares the annual percentage change in the Company’s cumulative total shareholder return on its Common Shares with the cumulative total return on the SP 500 Index (the “ SP 500 ”) over the period from August 31, 2018 through August 31, 2023. The graph illustrates the cumulative return on $100 investment in Common Shares made on August 31, 2018 as compared with the cumulative return on $100 investment in the SP 500 made on August 31, 2018. Any dividends declared on Common Shares are assumed to be reinvested. The performance of the Common Shares of the Company as set out in the graph below does not necessarily indicate future price performance.
justify style='font:10pt Arial;margin-top:11pt;margin-bottom:0pt'>
_Aci_Pg17 />
justify style='font:10pt Arial;margin-top:11pt;margin-bottom:0pt'>
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center style='font:10pt Arial;margin:0'> 2019 |
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center style='font:10pt Arial;margin:0'> SP 500 |
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Executive Compensation
justify style='font:10pt Arial;margin-top:10pt;margin-bottom:0pt'> In this section “ Named Executive Officer ” or NEO means the chief executive officer (the CEO ), the chief financial officer (the CFO ) and each of the three most highly compensated executive officers, other than the CEO and CFO, who were serving as executive officers at the end of the most recently completed fiscal year and whose total compensation exceeds C$150,000 as well as any additional individuals for whom disclosure would have been provided except that the individual was not serving as an officer of the Company at the end of the most recently completed financial year end.
justify style='font:10pt Arial;margin-top:10pt;margin-bottom:0pt'> There are no other executive officers of the Company whose total compensation exceeded C$150,000 during the fiscal year ended August 31, 2023. The compensation paid to the Named Executive Officers for the three most recently completed financial years of the Company is as set out below:
center style='font:10pt Arial;margin-top:10pt;margin-bottom:10pt'> Summary Compensation Table
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center style='font:9pt Arial;margin-top:7.2pt;margin-bottom:7.2pt'> Name and Principal Position |
bottom bgcolor=#E0E0E0 style='width:33pt;border-top:0.5pt solid #000000;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000' rowspan='2'>
center style='font:9pt Arial;margin-top:7.2pt;margin-bottom:7.2pt'> Year |
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Salary
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center style='font:9pt Arial;margin-top:7.2pt;margin-bottom:7.2pt'> Share-based awards ($) |
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center style='font:9pt Arial;margin-top:7.2pt;margin-bottom:7.2pt'> Option-based awards (1) ($) |
2 valign=top bgcolor=#E0E0E0 style='width:110pt;border:0.5pt solid #000000'>
center style='font:9pt Arial;margin-top:7.2pt;margin-bottom:7.2pt'> Non-equity incentive plan compensation ($) |
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Pension value
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All other Compen-sation
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center style='font:9pt Arial;margin-top:7.2pt;margin-bottom:7.2pt'> Total Compen-sation ($) |
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Annual incentive plans
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Long-term incentive plans
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Chad Summers
(2)
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2023
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$295,833
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right style='font:9pt Arial;margin-top:7.2pt;margin-bottom:0pt;margin-right:2.15pt'>
$ 30,428
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N/A
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right style='font:9pt Arial;margin-top:7.2pt;margin-bottom:0pt;margin-right:2.15pt'>
$ 39,572
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top style='width:55pt;border:0.5pt solid #000000'>
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Nil
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Nil
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$ 20,500
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$386,333
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2023 2022
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$170,833
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$ 9,422
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N/A
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$ 50,578
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top style='width:55pt;border:0.5pt solid #000000'>
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Nil
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Nil
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$ 20,500
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top style='width:55.05pt;border:0.5pt solid #000000'>
right style='font:9pt Arial;margin-top:7.2pt;margin-bottom:0pt;margin-right:2.15pt'>
$251,333
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Charles Hopewell
(
4
)
(
5
)
(6)
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top style='width:51.65pt;border:0.5pt solid #000000'>
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top style='width:48.95pt;border:0.5pt solid #000000'>
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top style='width:55pt;border:0.5pt solid #000000'>
center style='font:9pt Arial;margin:0'>
center style='font:9pt Arial;margin-top:0pt;margin-bottom:7.2pt'> Nil |
top style='width:50pt;border:0.5pt solid #000000'>
center style='font:9pt Arial;margin:0'>
center style='font:9pt Arial;margin:0'> Nil |
top style='width:48.55pt;border:0.5pt solid #000000'>
right style='font:9pt Arial;margin:0;margin-right:2.15pt'>
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top style='width:55.05pt;border:0.5pt solid #000000'>
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Michael C. Nasser
(
2
)
(
6
)
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top style='width:33pt;border:0.5pt solid #000000'>
center style='font:9pt Arial;margin-top:0pt;margin-bottom:7.2pt'>
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right style='font:9pt Arial;margin:0;margin-right:2.15pt'>
Nil
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top style='width:55pt;border:0.5pt solid #000000'>
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top style='width:55pt;border:0.5pt solid #000000'>
center style='font:9pt Arial;margin:0'>
center style='font:9pt Arial;margin:0'>
Nil
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top style='width:50pt;border:0.5pt solid #000000'>
center style='font:9pt Arial;margin:0'>
center style='font:9pt Arial;margin:0'>
Nil
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top style='width:48.55pt;border:0.5pt solid #000000'>
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justify style='font:8pt Arial;margin-top:4pt;margin-bottom:0pt;margin-left:58.5pt'> (1) The fair value of the option-based awards was determined on the grant date using the Black-Scholes option pricing model. The Company uses the Black-Scholes option pricing model because it is a widely used and generally accepted method of estimating the fair value of stock options for accounting purposes. justify style='font:8pt Arial;margin-top:4pt;margin-bottom:0pt;margin-left:58.5pt'> (2) Chad Summers and Michael Nasser are also directors of the Company but receive no compensation for services as a director.. justify style='font:8pt Arial;margin-top:4pt;margin-bottom:0pt;margin-left:58.5pt'> (3) Mitch Van Domelen was appointed CFO on January 1, 2022 and was appointed to the additional position of Corporate Secretary effective December 31, 2022. justify style='font:8pt Arial;margin-top:4pt;margin-bottom:0pt;margin-left:58.5pt'> (4) All other compensation for each Named Executive Officer is contributions made on their behalf to the 401(k) Plan. justify style='font:8pt Arial;margin-top:4pt;margin-bottom:0pt;margin-left:58.5pt'> (5) Share-based awards for Charles Hopewell for fiscal 2021 are shares issued under the Company’s Restricted Share Plan as a portion of his annual bonus. The awards for 2022 is for service as a Director. justify style='font:8pt Arial;margin-top:4pt;margin-bottom:0pt;margin-left:58.5pt'> (6) Mr. Nasser resigned as Corporate Secretary effective December 31, 2022. justify style='font:10pt Arial;margin-top:11pt;margin-bottom:0pt'> There was no other compensation paid to the Named Executive Officers during the most recently completed financial year ended August 31, 2023. justify style='font:10pt ArialMT;margin-top:11pt;margin-bottom:0pt'> Outstanding Share-Based Awards a nd Option-Based Awards justify style='font:10pt Arial;margin-top:10pt;margin-bottom:12pt'> The following tables provide information regarding all share-based and option-based awards outstanding as at August 31, 2023.
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No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
| FUND | NUMBER OF SHARES | VALUE ($) | PUT OR CALL |
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| DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
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No information found
No Customers Found
No Suppliers Found
Price
Yield
| Owner | Position | Direct Shares | Indirect Shares |
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