SCHEDULE 14A
SCHEDULE 14A INFORMATION
Proxy Statement Pursuant to Section 14(a) of the
Securities Exchange Act of 1934
Filed by the Registrant [X]
Filed by Party other than the Registrant [ ]
Check the appropriate box:
[ ] Preliminary Proxy Statement
[ ] Confidential, for Use of the Commission Only (as permitted by Rule
14a-6(e)(2))
[X] Definitive Proxy Statement
[ ] Definitive Additional Materials
[ ] Soliciting Material Pursuant to ss.240.14a-11(c) or ss.240.14a-12
FLEXIBLE SOLUTIONS INTERNATIONAL, INC.
(Name of Registrant as Specified In Its Charter)
William T. Hart - Attorney for Registrant
(Name of Person(s) Filing Proxy Statement)
Payment of Filing Fee (Check the appropriate box):
[X] No fee required
[ ] Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.
1) Title of each class of securities to which transaction applies:
2) Aggregate number of securities to which transaction applies:
3) Per unit price or other underlying value of transaction computed pursuant
to Exchange Act Rule 0-11:
4) Proposed maximum aggregate value of transaction:
5) Total fee paid:
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Flexible Solutions International, Inc.
#206 - 920 Hillside Ave.
Victoria, BC
Canada V8T 1Z8
NOTICE OF ANNUAL MEETING OF SHAREHOLDERS
TO BE HELD OCTOBER 24, 2016
To the Shareholders:
Notice is hereby given that the annual meeting of the shareholders of
Flexible Solutions International, Inc. ("Flexible Solutions") will be held at
the offices of the Company, located at #206 - 920 Hillside Ave., Victoria, BC
V8T 1Z8 on October 24, 2016, at 6:00 p.m. Pacific Time, for the following
purposes:
(1) to elect the directors who shall constitute the Company's Board of
Directors for the ensuing year;
(2) to approve on an advisory basis, the compensation of the Company's
executive officers;
(3) to ratify the appointment of Meyers, Norris, Penny, LLP as the
Company's independent registered public accounting firm for the fiscal year
ending December 31, 2016; and
to transact such other business as may properly come before the meeting.
September 12, 2016 is the record date for the determination of shareholders
entitled to notice of and to vote at such meeting. Shareholders are entitled to
one vote for each share held. As of September 12, 2016 there were 11,436,991
issued and outstanding shares of the Company's common stock.
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FLEXIBLE SOLUTIONS INTERNATIONAL, INC.
September 12, 2016 Daniel B. O'Brien, President
PLEASE INDICATE YOUR VOTING INSTRUCTIONS ON THE
ATTACHED PROXY CARD, AND SIGN, DATE AND
RETURN THE PROXY CARD.
TO SAVE THE COST OF FURTHER SOLICITATION,
PLEASE VOTE PROMPTLY
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FLEXIBLE SOLUTIONS INTERNATIONAL, INC.
#206 - 920 Hillside Ave.
Victoria, BC
Canada V8T 1Z8
(250) 477-9969
PROXY STATEMENT
The accompanying proxy is solicited by the Company's directors for voting
at the annual meeting of shareholders to be held on October 24, 2016, at 6:00
p.m. Pacific Time, and at any and all adjournments of such meeting. If the proxy
is executed and returned, it will be voted at the meeting in accordance with any
instructions, and if no specification is made, the proxy will be voted for the
proposals set forth in the accompanying notice of the annual meeting of
shareholders. Shareholders who execute proxies may revoke them at any time
before they are voted, either by writing to the Company at the address shown
above or in person at the time of the meeting. Additionally, any later dated
proxy will revoke a previous proxy from the same shareholder. This proxy
statement was posted on the Company's website on September 12, 2016.
There is one class of capital stock outstanding. Provided a quorum
consisting of one-third of the shares entitled to vote is present at the
meeting, the affirmative vote of a majority of the shares of common stock voting
in person or represented by proxy is required to elect directors and to adopt
the other proposals to come before the meeting. Cumulative voting in the
election of directors is not permitted.
Shares of the Company's common stock represented by properly executed
proxies that reflect abstentions or "broker non-votes" will be counted as
present for purposes of determining the presence of a quorum at the annual
meeting. "Broker non-votes" represent shares held by brokerage firms in
"street-name" with respect to which the broker has not received instructions
from the customer or otherwise does not have discretionary voting authority.
Abstentions and broker non-votes will not be counted as having voted against the
proposals to be considered at the meeting.
PRINCIPAL SHAREHOLDERS
The following table lists, as of September 12, 2016, the shareholdings of
(i) each person owning beneficially 5% or more of the Company's common stock
(ii) each officer of the Company, (iii) each person nominated to be a director,
and (iv) all officers and nominees to the Board of Directors as a group. Unless
otherwise indicated, each owner has sole voting and investment powers over his
shares of common stock.
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Name and Address Number of Shares (1) Percent of Class
---------------- -------------------- ----------------
Daniel B. O'Brien 4,521,900 39.5%
2614 Queenswood Dr.
Victoria, BC V8N 1X5
John Bientjes 20,000 0.2%
#1-230 West 13th Street,
North Vancouver, B.C.
Canada V7M 1N7
Robert Helina 25,000 0.2%
Suite 262 505 - 8840 210th St.
Langley, BC
Canada V1M 2Y2
Dr. Thomas Fyles 20,000 0.2%
Box 3065
Victoria, BC
Canada V8W 3V6
Ben Seaman 800 0.0%
Unit 605 55 E. Cordova St.
Vancouver BC
Canada V6A 0A5
David Flynn 0 0.0%
202-2526 Yale Court,
Abbotsford, BC
Canada V2S 8G9
All Officers and Directors 4,587,700 40.1%
as a Group (6 persons)
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(1) Includes shares which may be acquired on the exercise of the stock options
listed below, all of which were exercisable as of September 12, 2016.
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Shares Issuable Upon
the Exercise of Exercise
Name Options Price Expiration Date
---- -------------------- -------- ---------------
John Bientjes 5,000 $2.22 January 1, 2017
5,000 $1.21 December 31, 2017
5,000 $1.00 December 31, 2018
5,000 $1.05 December 31, 2019
Robert Helina 5,000 $2.45 September 22, 2016
5,000 $2.22 January 1, 2017
5,000 $1.21 December 31, 2017
5,000 $1.00 December 31, 2018
5,000 $1.05 December 31, 2019
Dr. Thomas Fyles 5,000 $2.00 August 8, 2017
5,000 $1.21 December 31, 2017
5,000 $1.00 December 31, 2018
5,000 $1.05 December 31, 2019
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ELECTION OF DIRECTORS
Unless the proxy contains contrary instructions, it is intended that the
proxies will be voted for the election of the persons listed below to serve as
members of the board of directors until the next annual meeting of shareholders
and until their successors shall be elected and shall qualify.
All nominees to the Board of Directors have consented to stand for
re-election except for Dale Friend. Ben Seaman and David Flynn have consented to
stand for election. In case any nominee shall be unable or shall fail to act as
a director by virtue of an unexpected occurrence, the proxies may be voted for
such other person or persons as shall be determined by the persons acting under
the proxies in their discretion.
Daniel O'Brien and John Bientjes have served as directors for a significant
period of time and each of those directors' long-standing experience with the
Company benefits both the Company and its shareholders. Robert Helina is
qualified to act as a director due to his longstanding financial experience. Dr.
Fyles is qualified to act as a director due to his experience in chemistry. Ben
Seaman is familiar with the company and is qualified to act as a director due to
his experience with development stage companies. David Fynn has accounting
experience which benefits both the Company and its shareholders.
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Information concerning the nominees to the Company's Board of Directors
follows:
Name Age Position
---- --- --------
Daniel B. O'Brien 60 President, Director
John H. Bientjes 63 Director
Robert Helina 50 Director
Thomas Fyles 64 Director
Ben Seaman 36 Director
David Fynn 58 Director
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Directors are elected annually and hold office until the next annual
meeting of our stockholders and until their successors are elected and
qualified. All executive offices are chosen by the board of directors and serve
at the board's discretion.
Daniel B. O'Brien has served as the Company's President and Chief Executive
Officer, as well as a director of the Company since June 1998. He has been
involved in the swimming pool industry since 1990, when he founded the Company's
subsidiary, Flexible Solutions Ltd. From 1990 to 1998 Mr. O'Brien was also a
teacher at Brentwood College where he was in charge of outdoor education.
John H. Bientjes has been a director of the Company since February 2000.
Since 1984, Mr. Bientjes has served as the manager of the Commercial Aquatic
Supplies Division of D.B. Perks & Associates, Ltd., located in Vancouver,
British Columbia, a company that markets supplies and equipment to commercial
swimming pools which are primarily owned by municipalities. Mr. Bientjes
graduated in 1976 from Simon Fraser University in Vancouver, British Columbia
with a Bachelor of Arts Degree in Economics and Commerce.
Robert T. Helina has been a director since October 2011. Mr. Helina has
been involved in the business financial services industry for over 20 years
which has given him extensive knowledge in business economics and finance. He
currently serves as the Executive Chairman on the Board of Directors for
SunCentro Corporation, providing corporate governance and guidance. Mr. Helina
is also the CFO and director of Metron Captial Corp., which is a publically
traded company. Mr. Helina holds a Bachelor of Arts degree from Trinity Western
University.
Thomas M. Fyles has been a director of the Company since August 2012. Since
1979 Dr. Fyles has been a chemistry professor at the University of Victoria
(Assistant Professor 1979-1984/Associate Professor 1984-1992/and Professor with
Tenure since 1992) Dr. Fyles received his Bachelor of Science degree (with
honors) from the University of Victoria in 1974 and his Ph.D. in chemistry from
York University in 1977. Dr. Fyles was a postdoctoral fellow with Prof. J.M.
Lehn, Institut Le Bel, Universite Louis Pasteur, Strasbourg, France, between
September 1977 and July 1979.
Ben Seaman is standing for election as director. Mr. Seaman has been the
CEO of Eartheasy.com Sustainable Living Ltd since 2007, growing the company from
$50K to over $25M in annual revenue. His company has contributed over $1M
towards clean water projects in Kenya since 2013, and has been recognized
internationally by the Stockholm Challenge Award and the Outdoor Industry
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Inspiration Award in 2016. Prior to that, he worked in sales and investor
relations at Flexible Solutions. Mr. Seaman graduated from the University of
Victoria with a Bachelor of Science degree in 2004. He has significant
experience in launching new products, marketing, distribution and e-commerce in
both the US and Canada. He's a strong believer in the triple bottom line
approach to business, giving consideration to social and environmental issues in
addition to financial performance.
David Fynn is standing for election as director. Mr. David Fynn is a
Canadian Chartered Professional Accountant and services individuals/companies in
many sectors including mining and commodities in his private practice. David
worked as a senior manager with KPMG in Canada and Ernst & Young in the United
Kingdom and Saudi Arabia. Since 1996 he has been the principal of D.A. Fynn &
Associates Inc., an accounting firm.
Daniel B. O'Brien devotes substantially all of his time to the Company's
business.
The Company's Board of Directors met on one occasion during the year ended
December 31, 2015. All of the Directors, attended this meeting either in person,
by telephone conference call or by email.
The Company's Board of Directors does not have a "leadership structure", as
such, since each director is entitled to introduce resolutions to be considered
by the Board and each director is entitled to one vote on any resolution
considered by the Board. The Company's Chief Executive Officer is not the
Chairman of the Company's Board of Directors.
The Company's Board of Directors has the ultimate responsibility to
evaluate and respond to risks facing the Company. The Company's Board of
Directors fulfills its obligations in this regard by meeting on a regular basis
and communicating, when necessary, with the Company's officers.
John Bientjes, Robert Helina and Dr. Thomas Fyles are, and Ben Seaman and
David Flynn will be, independent directors as that term is defined in section
803 of the listing standards of the NYSE MKT.
For purposes of electing directors at its annual meeting the Company does
not have a nominating committee or a committee performing similar functions. The
Company's Board of Directors does not believe a nominating committee is
necessary since the Company's Board of Directors is small and the board of
directors as a whole performs this function. The current nominees to the Board
of Directors were selected by a majority vote of the Company's independent
directors.
The Company does not have any policy regarding the consideration of
director candidates recommended by shareholders since a shareholder has never
recommended a nominee to the board of directors. However, the Company's board of
directors will consider candidates recommended by shareholders. To submit a
candidate for the board of directors the shareholder should send the name,
address and telephone number of the candidate, together with any relevant
background or biographical information, to the Company's Chief Executive
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Officer, at the address shown on the cover page of this proxy statement. The
board has not established any specific qualifications or skills a nominee must
meet to serve as a director. Although the board does not have any process for
identifying and evaluating director nominees, the board does not believe there
would be any differences in the manner in which the board evaluates nominees
submitted by shareholders as opposed to nominees submitted by any other person.
There have been no material changes to the procedures by which security holders
may recommend nominees to the Company's board of directors during the past three
years.
The Company does not have a policy with regard to board member's attendance
at annual meetings. All board members, with the exception of Dale Friend and
John Bientjes, attended the last annual shareholder's meeting held on November
4, 2015.
Holders of the Company's common stock can send written communications to
the Company's entire board of directors, or to one or more board members, by
addressing the communication to "the Board of Directors" or to one or more
directors, specifying the director or directors by name, and sending the
communication to the Company's offices in Victoria, British Columbia.
Communications addressed to the Board of Directors as whole will be delivered to
each board member. Communications addressed to a specific director (or
directors) will be delivered to the director (or directors) specified.
Security holder communications not sent to the board of directors as a
whole or to specified board members are not relayed to board members.
The Company has adopted a Code of Ethics that applies to the its Principal
Financial and Accounting Officer, as well as the other company employees. The
Code of Ethics is available at the Company's website at
www.flexiblesolutions.com.
If a violation of the code of ethics act is discovered or suspected, an
officer of the Company must (anonymously, if desired) send a detailed note, with
relevant documents, to the Company's Audit Committee, c/o John Bientjes, #1-230
West 13th St., North Vancouver, B.C., Canada V7M 1N7.
Executive Compensation
The following table shows in summary form the compensation earned by (i)
the Company's Principal Executive and Financial Officer and (ii) by each other
executive officer of the Company who earned in excess of $100,000 during the
fiscal years ended December 31, 2015 and 2014:
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All
Other
Restric- Annual
ted Stock Options Compen-
Name and Princi- Fiscal Salary Bonus Awards Awards sation
pal Position Year (1) (2) (3) (4) (5) Total
------------------- ------ ------ ------- -------- ------- ------ -----
Daniel B. O'Brien 2015 $ 616,295 -- -- $ 2,870 -- $ 619,165
President, Principal 2014 $ 624,950 -- -- $ 6,415 -- $ 631,368
Executive and
Financial Officer
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(1) The dollar value of base salary (cash and non-cash) earned.
(2) The dollar value of bonus (cash and non-cash) earned.
(3) During the periods covered by the table the expense of stock issued for
services computed in accordance with ASC 718 on the date of grant. In June
2012, at the request of Mr. O'Brien, all options held by Mr. O'Brien were
cancelled.
(4) During the periods covered by the table the fair value of options granted
computed in accordance with ASC 718 on the date of grant.
(5) All other compensation received that could not properly be reported in any
other column of the table.
Non-Qualified Stock Option Plan
In August 2014 we adopted a Non-Qualified Stock Option Plan which
authorizes the issuance of up to 1,500,000 shares of our common stock to persons
that exercise options granted pursuant to the Plan. Our employees, directors and
officers, and consultants or advisors are eligible to be granted options
pursuant to the Non-Qualified Plan.
The Plan is administered by our Compensation Committee. The Committee is
vested with the authority to determine the number of shares issuable upon the
exercise of the options, the exercise price and expiration date of the options,
and when, and upon what conditions options granted under the Plan will vest or
otherwise be subject to forfeiture and cancellation.
During the fiscal year ended December 31, 2015 we issued 317,000 options
pursuant to the Non-Qualified Plan.
Stock Option Program
Prior to August 2014 we had a Stock Option Program which involved the
issuance of options, from time to time, to our employees, directors, officers,
consultants and advisors. Options were granted by means of individual option
agreements. Each option agreement specified the shares issuable upon the
exercise of the option, the exercise price, the expiration date and other terms
and conditions of the option.
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Options granted had terms of between one and five years after the date of
grant and had exercise prices equal to the fair market value of a share of our
common stock on the date of grant.
As a result of the adoption of our Non-Qualified Stock Option Plan in
August 2014, all future options have been granted pursuant to the Non-Qualified
Stock Option Plan.
Summary
The following table shows the weighted average exercise price of the
outstanding options granted pursuant to the Company's Stock Option Program as of
December 31, 2015, our most complete fiscal year:
Number of
Securities
Remaining
Number of Available for
Securities to Future Issuance
be Issued Upon Weighted-Average Under
Exercise of Exercise Price of Equity Compensation
Outstanding Outstanding PLans (Excluding
Options, Options, Securities
Warrants and Warrants and Reflected
Plan Category Rights Rights in Column (a))
---------------------------- ----------- ---------------- --------------------
(a) (b) (c)
Non-qualified Stock Option Plan 317,000 0.89 1,183,000
Stock Option Program 890,000 $1.49 --
-------- ----- ---------
Total 1,049,000 $1.43 1,183,000
========= ===== ---------
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Our Non-Qualified Stock Option Plan and all grants made pursuant to our
Stock Option Program have been approved by our shareholders.
As of September 12, 2016 options to purchase 715,000 shares of the
Company's common stock were outstanding under the Non-Qualified Stock Option
Plan and the Stock Option Program. The exercise price of these options varies
between $0.75 and $2.45 per share. The options expire at various dates between
September 22, 2016 and December 31, 2020.
Director Compensation
The Company reimburses directors for any expenses incurred in attending
board meetings. Prior to 2016, and except for Daniel B. O'Brien, the Company
compensated directors $2,500 annually and granted directors, other than Mr.
O'Brien, options to purchase shares of common stock each year that they serve.
For 2016, the Company will compensate the directors with an annual payment of
$5,000 and no stock options.
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The Company's directors received the following compensation during the year
ended December 31, 2015:
Name Paid in Cash Stock Awards (1) Option Awards (2)
---- ------------ ---------------- -----------------
John H. Bientjes $2,500 -- $2,455
Dale Friend $2,500 -- $2,455
Robert Helina $2,500 -- $2,455
Dr. Thomas Fyles $2,500 -- $2,455
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(1) The fair value of stock issued for services computed on the date of grant.
(2) The fair value of options granted computed in accordance with on the date
of grant.
The terms of outstanding options held by the following persons as of
September 12, 2016 are shown below.
Name Option Price No. of Options Expiration Date
---- ----------- -------------- ---------------
John H. Bientjes $2.22 5,000 January 1, 2017
John H. Bientjes $1.21 5,000 December 31, 2017
John H. Bientjes $1.00 5,000 December 31, 2018
John H. Beintjes $1.05 5,000 December 31, 2019
Robert Helina $2.45 5,000 September 22, 2016
Robert Helina $2.22 5,000 January 1, 2017
Robert Helina $1.21 5,000 December 31, 2017
Robert Helina $1.00 5,000 December 31, 2018
Robert Helina $1.05 5,000 December 31, 2019
Dr. Thomas Fyles $2.00 5,000 August 8, 2017
Dr. Thomas Fyles $1.21 5,000 December 31, 2017
Dr. Thomas Fyles $1.00 5,000 December 31, 2018
Dr. Thomas Fyles $1.05 5,000 December 31, 2019
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Compensation Committee
The Company's Compensation Committee consists of John Bientjes, Dale Friend
and Robert Helina, all of whom are independent as that term is defined in
Section 803 of the listing standards of the NYSE MKT.
The Compensation Committee is empowered to review and approve the annual
compensation and compensation procedures for the Company's officers and
determines the total compensation level for the Company's Chief Executive
Officer. The total proposed compensation of the Company's Chief Executive
Officer is formulated and evaluated by its Chief Executive Officer and submitted
to the Company's Compensation Committee for consideration.
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During the year ended December 31, 2015 the Compensation Committee met
once. All members of the Compensation Committee attended this meeting.
During the year ended December 31, 2015, Daniel B. O'Brien, the Company's
only executive officer, did not participate in deliberations of the Company's
Compensation Committee concerning executive officer compensation.
During the year ended December 31, 2015, no director of the Company was
also an executive officer of another entity, which had an executive officer of
the Company serving as a director of such entity or as a member of the
Compensation Committee of such entity.
The following is the report of the Compensation Committee:
The key components of the Company's executive compensation program include
annual base salaries and long-term incentive compensation consisting of stock
options. It is the Company's policy to target compensation (i.e., base salary,
stock option grants and other benefits) at approximately the median of
comparable companies in the industries in which the Company competes.
Accordingly, data on compensation practices followed by other companies in the
industries in which the Company competes is considered.
The Company's long-term incentive program consists exclusively of periodic
grants of stock options with an exercise price equal to the fair market value of
the Company's common stock on the date of grant. To encourage retention, the
ability to exercise options granted under the program may be subject to vesting
restrictions. Decisions made regarding the timing and size of option grants take
into account the performance of both the Company and the employee, "competitive
market" practices, and the size of the option grants made in prior years. The
weighting of these factors varies and is subjective. Current option holdings are
not considered when granting options.
Audit Committee
The Company's Audit Committee presently consists of John Bientjes, Dale
Friend and Robert Helina, all of whom and have strong financial backgrounds. Ben
Seaman and David Fynn, who are standing for election, will join the audit
committee following the October 24, 2016 annual meeting. The purpose of the
Audit Committee is to review and approve the selection of the Company's auditors
and review the Company's financial statements with the Company's independent
registered public accounting firm. The Audit Committee also serves as an
independent and objective party to monitor the Company's financial reporting
process and internal control systems. The Audit Committee meets periodically
with management and the Company's independent auditors.
During the fiscal year ended December 31, 2015, the Audit Committee met
four times. All members of the Audit Committee attended these meetings.
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The following is the report of the Audit Committee:
(1) The Audit Committee reviewed and discussed the Company's audited
financial statements for the year ended December 31, 2015 with the
Company's management.
(2) The Audit Committee discussed with the Company's independent
registered public accounting firm the matters required to be discussed
by Statement on Accounting Standards (SAS) No. 61 "Communications with
Audit Committee" as amended by SASs 89 and 90.
(3) The Audit Committee has received the written disclosures and the
letter from the Company's independent registered public accounting
firm required by PCAOB (Public Company Accounting Oversight Board)
standards, and had discussed with the Company's independent registered
public accounting firm the independent registered public accounting
firm's independence; and
(4) Based on the review and discussions referred to above, the Audit
Committee recommended to the Board of Directors that the audited
financial statements be included in the Company's Annual Report on
Form 10-K for the year ended December 31, 2015 for filing with the
Securities and Exchange Commission.
(5) During the year ended December 31, 2015 the Company paid Meyers Norris
Penny LLP, the Company's independent registered public accounting
firm, audit and audit related fees of $58,970 for professional
services rendered for the audit of the Company's annual financial
statements and the reviews of the financial statements included in the
Company's 10-Q reports for the fiscal year and all regulatory filings.
(6) The Audit Committee is of the opinion that these fees are consistent
with maintaining its independence from the Company.
The foregoing report has been approved by the members of the Audit
Committee:
John Bientjes
Dale Friend
Robert Helina
The Company's Board of Directors has adopted a written charter for the
Audit Committee, a copy of which is available on the Company's website:
www.flexiblesolutions.com.
ADVISORY VOTE ON EXECUTIVE COMPENSATION
The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, or
the Dodd-Frank Act, enables the Company's shareholders to vote to approve, on a
nonbinding advisory basis, the compensation of the Company's executive officers.
Accordingly, the Company will ask shareholders to vote for the following
resolution at the annual meeting:
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"RESOLVED, that the Company's shareholders approve, on a nonbinding
advisory basis, the compensation of the Company's executive officers,
as disclosed in the Company's Proxy Statement for the Annual Meeting of
Shareholders to be held October 24, 2016 pursuant to the compensation
disclosure rules of the Securities and Exchange Commission, including
the Summary Compensation Table and the other related tables and
narrative disclosure in the Company's proxy statement."
To the extent there is any significant vote against the named executive
officer compensation as disclosed in this proxy statement, the Company's Board
of Directors and its Compensation Committee will consider shareholders' concerns
and the Compensation Committee will evaluate whether any actions are necessary
to address those concerns.
The Board of Directors recommends that the shareholders approve on a
nonbinding advisory basis the resolution approving the compensation of the
Company's executive officers set forth in this proxy statement.
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
The Board of Directors has selected Meyers, Norris, Penny, LLP, an
independent registered public accounting firm, to audit the books and records of
the Company for the fiscal year ending December 31, 2015. Meyers, Norris, Penny
served as the Company's independent registered public accounting firm for the
fiscal years ended December 31, 2014 and 2013. A representative of Meyers,
Norris, Penny, is expected to be present at the shareholders' meeting.
The following table shows the aggregate fees billed to the Company during
the years ended December 31, 2015 and 2014 by Meyers Norris Penny LLP:
Year Ended December 31,
2015 2014
---- ----
Audit Fees $58,970 $72,243
Audit-Related Fees -- --
Tax Fees $ -- $ 4,527
All Other Fees -- --
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Audit fees represent amounts billed for professional services rendered for
the audit of the Company's annual financial statements and the reviews of the
financial statements included in the Company's 10-Q reports for the fiscal year
and all regulatory filings. Audit-related fees represent amounts billed for
reviewing amendments to the Company's 10-K and 10-Q reports. Before Meyers
Norris Penny was engaged by the Company to render audit or non-audit services,
the engagement was approved by the Company's audit committee. The Company's
Board of Directors is of the opinion that the audit fees charged by Meyers
Norris Penny are consistent with that firm maintaining its independence from the
Company.
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AVAILABILITY OF ANNUAL REPORT ON FORM 10-K
The Company's Annual Report on Form 10-K for the year ending December 31,
2015 will be sent to any shareholder of the Company upon request. Requests for a
copy of this report should be addressed to the Company's Secretary at the
address provided on the first page of this proxy statement.
SHAREHOLDER PROPOSALS
Any shareholder proposal which may properly be included in the proxy
solicitation material for the annual meeting of shareholders following the
Company's year ending December 31, 2016 must be received by the Company's
Secretary no later than March 31, 2017.
GENERAL
The cost of preparing, printing and mailing the enclosed proxy,
accompanying notice and proxy statement, and all other costs in connection with
solicitation of proxies will be paid by the Company including any additional
solicitation made by letter, telephone or email. Failure of a quorum to be
present at the meeting will necessitate adjournment and will subject the Company
to additional expense. The Company's annual report, including financial
statements for the 2015 fiscal year, is available at the Company's website:
www.flexiblesolutions.com.
The Company's Board of Directors does not intend to present and does not
have reason to believe that others will present any other items of business at
the annual meeting. However, if other matters are properly presented to the
meeting for a vote, the proxies will be voted upon such matters in accordance
with the judgment of the persons acting under the proxies.
Please complete, sign and return the attached proxy promptly.
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PROXY CARD
FLEXIBLE SOLUTIONS INTERNATIONAL, INC.
This Proxy is solicited by the Company's Board of Directors
The undersigned stockholder of Flexible Solutions International, Inc.
acknowledges receipt of the Notice of the Annual Meeting of Stockholders to be
held October 24, 2016, at 6:00 p.m. local time, at the Company's offices located
at # 206 - 920 Hillside Ave., Victoria BC, V8T 1Z8 and hereby appoints Daniel
O'Brien with the power of substitution, as Attorney and Proxy to vote all the
shares of the undersigned at said annual meeting of stockholders and at all
adjournments thereof, hereby ratifying and confirming all that said Attorney and
Proxy may do or cause to be done by virtue hereof. The above named Attorney and
Proxy is instructed to vote all of the undersigned's shares as follows:
(1) To elect the persons who shall constitute the Company's Board of
Directors for the ensuing year.
[ ] FOR all nominees listed below (except as marked to the contrary below)
[ ] WITHHOLD AUTHORITY to vote for all nominees listed below
(INSTRUCTION: TO WITHHOLD AUTHORITY TO VOTE FOR ANY INDIVIDUAL NOMINEE, STRIKE A
LINE THROUGH THE NOMINEE'S NAME IN THE LIST BELOW)
Nominees: Daniel B. O'Brien John H. Bientjes Robert Helina
Thomas Fyles Ben Seaman David Fynn
(2) To approve on an advisory basis, the compensation of the Company's
executive officers.
[ ] FOR [ ] AGAINST [ ] ABSTAIN
(3) To ratify the appointment of Meyers, Norris, Penny, LLP as the
Company's independent registered public accounting firm for the fiscal year
ending December 31, 2016.
[ ] FOR [ ] AGAINST [ ] ABSTAIN
To transact such other business as may properly come before the meeting.
THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED AS DIRECTED HEREIN BY THE
UNDERSIGNED STOCKHOLDER. IF NO DISCRETION IS INDICATED, THIS PROXY WILL BE VOTED
IN FAVOR OF ALL DIRECTORS AND ITEMS 2 AND 3.
Dated this day of 2016.
----- ------------
---------------------------------------------
(Signature)
|
(Signature)
Please sign your name exactly as it appears on your stock certificate. If shares
are held jointly, each holder should sign. Executors, trustees, and other
fiduciaries should so indicate when signing.
Please Sign, Date and Return this Proxy so that your shares may be voted at
the meeting.
Send the proxy statement by regular mail, email, or fax to:
Flexible Solutions International, Inc.
Attn: Daniel B. O'Brien
#206 - 920 Hillside Ave.
Victoria, BC V8T 1Z8
Phone: 250 477 9969
Fax: 250 477 9912
Email: damera@flexiblesolutions.com
17
FLEXIBLE SOLUTIONS INTERNATIONAL, INC.
NOTICE OF INTERNET AVAILABILITY OF PROXY MATERIALS
Important Notice Regarding the Availability of Proxy Materials for the
Shareholder Meeting to Be Held on October 24, 2016.
1. This notice is not a form for voting.
2. This communication presents only an overview of the more complete
proxy materials that are available to you on the Internet. We
encourage you to access and review all of the important information
contained in the proxy materials before voting.
3. The Proxy Statement, Information Statement, Annual Report to
Shareholders is available at
http://flexiblesolutions.com/investor/AGM_2016.shtml
4. If you want to receive a paper or email copy of these documents, you
must request one. There is no charge to you for requesting a copy.
Please make your request for a copy as instructed below on or before
September 30, 2016 to facilitate timely delivery.
The 2016 annual meeting of the Company's shareholders will be held at the
Company's offices located at #206 - 920 Hillside Ave., Victoria, BC V8T 1Z8 on
October 24, 2016, at 6:00 p.m. Pacific Time, for the following purposes:
(1) to elect the directors who shall constitute the Company's Board of
Directors for the ensuing year;
(2) to approve on an advisory basis, the compensation of the Company's
executive officers;
(3) to ratify the appointment of Meyers, Norris, Penny, LLP as the
Company's independent registered public accounting firm for the fiscal
year ending December 31, 2016; and
to transact such other business as may properly come before the meeting.
The Board of Directors recommends that shareholders vote FOR all directors
and proposals 2-3.
September 12, 2016 is the record date for the determination of shareholders
entitled to notice of and to vote at such meeting. Shareholders may cast one
vote for each share held.
Shareholders may access the following documents at or
http://flexiblesolutions.com/investor/AGM_2016.shtml:
o Notice of the 2016 Annual Meeting of Shareholders
18
o Company's 2016 Proxy Statement;
o Company's Annual Report on form 10-K for the year ended December 31,
2015
o Proxy Card
Shareholders may request a paper copy of the Proxy Materials and Proxy Card
by calling 1-800-661-3560, by emailing the Company at
http://flexiblesolutions.com/investor/AGM_2016.shtml, or by visiting
http://flexiblesolutions.com/investor/AGM_2016.shtml and indicating if you want
a paper copy of the proxy materials and proxy card:
o for this meeting only, or
o for this meeting and all other meetings.
If you have a stock certificate registered in your name, or if you have a proxy
from a shareholder of record on September 12, 2016, you can, if desired, attend
the Annual Meeting and vote in person. Shareholders can obtain directions to the
2016 annual shareholders' meeting at
http://flexiblesolutions.com/investor/AGM_2016.shtml.
Please visit www.flexiblesolutions.com to print and fill out the Proxy Card.
Complete and sign the proxy card and mail the Proxy Card to:
Flexible Solutions International, Inc.
#206 - 920 Hillside Ave.
Victoria, British Columbia,
Canada V8T 1Z8
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