UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
SCHEDULE
14A
INFORMATION
REQUIRED IN A PROXY STATEMENT
Proxy
Statement Pursuant to Section 14(a) of the Securities
Exchange Act of 1934
Filed
by the Registrant [X]
Filed
by a 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 Rule 14a-11(c) or Rule 14a-12
REGI
U.S., INC.
(Name of Registrant as Specified in Its Charter)
Not
Applicable
(Name of Person(s) Filing Proxy Statement, if other than the Registrant)
Payment
of Filing Fee (Check the appropriate box):
[X]
No fee required.
[ ] Fee computed on table below per Exchange Act Rules 14a-6(i)(4) and 0-11.
(1)
Title of each class of securities to which transaction applies: N/A
(2)
Aggregate number of securities to which transaction applies: N/A
(3)
Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (Set forth the amount on which
the filing fee is calculated and state how it was determined): N/A
(4)
Proposed maximum aggregate value of transaction: N/A
(5)
Total fee paid: N/A
[ ]
Fee paid previously with preliminary materials.
[ ]
Check box if any part of the fee if offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting
fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of
its filing.
(1)
Amount Previously Paid: N/A
(2)
Form, Schedule or Registration Statement No.: N/A
(3)
Filing Party: N/A
(4)
Date Filed: N/A
REGI
U.S., INC.
Suite 10 - 7520 N. Market St., Spokane , WA. 99217
NOTICE
OF SPECIAL MEETING OF STOCKHOLDERS
TO BE HELD ON JANUARY 6, 2017, at 10:00 AM (Pacific Daylight Time)
NOTICE
IS HEREBY GIVEN
that REGI U.S., Inc., a Oregon corporation, will hold a Special meeting of stockholders on January 6, 2017,
at 10:00 AM (PDT/local time) at our corporate office, Suite 10 - 7520 N. Market St. Spokane, WA, 99217 (the “
Meeting
").
The Meeting is being held for the following purposes:
1.
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to
approve an amendment to our Articles of Incorporation to increase the authorized number of shares of our common stock from
100,000,000 shares of common stock, with no par value, to 150,000,000 shares of common stock, with no par value (the “
Amendment
”);
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2.
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to
elect Paul W. Chute, Paul Porter, Jina Liu, Shaojun Zhang, and Susanne Robertson as Directors to serve our company for the
ensuing year and until their successors are elected; and
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3.
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to
transact such other business as may properly come before the Meeting or any adjournment or postponement thereof.
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Our
board of directors recommends that you vote “for” each of the nominees and vote “for” each proposal.
Our
board has fixed the close of business on November 4, 2016 as the record date for determining the stockholders entitled to notice
of, and to vote at, the Meeting or any adjournment or postponement of the Meeting. At the Meeting, each holder of record of shares
of common stock, with no par value, will be entitled to one vote per share of common stock held on each matter properly brought
before the Meeting.
THE
VOTE OF EACH STOCKHOLDER IS IMPORTANT. YOU CAN VOTE YOUR SHARES BY ATTENDING THE MEETING OR BY COMPLETING AND RETURNING THE PROXY
CARD SENT TO YOU. PLEASE SUBMIT A PROXY AS SOON AS POSSIBLE SO THAT YOUR SHARES CAN BE VOTED AT THE MEETING IN ACCORDANCE WITH
YOUR INSTRUCTIONS. FOR SPECIFIC INSTRUCTIONS ON VOTING, PLEASE REFER TO THE INSTRUCTIONS ON THE PROXY CARD OR THE INFORMATION
FORWARDED BY YOUR BROKER, BANK OR OTHER HOLDER OF RECORD. EVEN IF YOU HAVE VOTED YOUR PROXY, YOU MAY STILL VOTE IN PERSON IF YOU
ATTEND THE MEETING. PLEASE NOTE, HOWEVER, THAT IF YOUR SHARES ARE HELD OF RECORD BY A BROKER, BANK OR OTHER NOMINEE AND YOU WISH
TO VOTE IN PERSON AT THE MEETING, YOU MUST OBTAIN FROM SUCH BROKER, BANK OR OTHER NOMINEE, A PROXY ISSUED IN YOUR NAME.
Dated:
December 6, 2016
By
Order of the Board of Directors,
/s/
Paul W. Chute
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Paul
W. Chute
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President
and Director
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IMPORTANT:
Please complete, date, sign and promptly return the enclosed proxy card in the prepaid envelope (if mailing within the United
States) to ensure that your shares will be represented. If you attend the meeting, you may choose to vote in person even if you
have previously sent in your proxy card.
Important
Notice Regarding the Availability of Proxy Materials for the Stockholders Meeting to be held on January 6, 2017 the proxy statement
is available at pchute@radmaxtech.com.
REGI
U.S., INC.
Suite 10 - 7520 N. Market St. Spokane, WA, 99217
Proxy
Statement for the Special Meeting of Stockholders
The
enclosed proxy is solicited on behalf of our Board of Directors (the “
Board
”) for use at the Special Meeting
of Stockholders (the “
Meeting
”) to be held on January 6, 2017 at 10:00 AM (PDT/local time) at our corporate
office, 7520 N. Market St., Spokane, WA, 99217, or at any continuation, postponement or adjournment thereof, for the purposes
discussed in this proxy statement and in the accompanying Notice of Special Meeting and any business properly brought before the
Meeting. Proxies are solicited to give all stockholders of record an opportunity to vote on matters properly presented at the
Meeting. We intend to mail the proxy statement and accompanying proxy card on or about December 6, 2016 to all stockholders entitled
to vote at the Meeting who have not consented to electronic delivery of materials. Stockholders entitled to vote at the Meeting
who have consented to electronic delivery will instead receive materials electronically.
Unless
the context requires otherwise, references to “we”, “us” “our” and “our company”
refer to REGI U.S., Inc.
Who
Can Vote
You
are entitled to vote if you were a holder of record of shares of our common stock, with no par value per share (the “
Common
Stock
”) as of the close of business on November 4, 2016 (the “
Record Date
”). Your shares can be voted
at the Meeting only if you are present in person or represented by a valid proxy.
Shares
Outstanding and Quorum
Holders
of record of Common Stock at the close of business on the Record Date will be entitled to receive notice of and vote at the Meeting.
At the Meeting, each of the shares of Common Stock represented will be entitled to one (1) vote on each matter properly brought
before the Meeting. As of November 4, 2016, the record date, there were 32,779,298 shares of Common Stock issued and outstanding.
In
order to carry on the business of the Meeting, we must have a quorum. Under our bylaws, a quorum is a majority of issued and outstanding
entitled to vote, represented in person or by proxy.
Proxy
Card and Revocation of Proxy
In
voting, please specify your choices by marking the appropriate spaces on the enclosed proxy card, signing and dating the proxy
card and returning it in the accompanying envelope. If no directions are given and the signed proxy is returned, the proxy holders
will vote the shares in favor of Proposals 1 through 2 and, at their discretion, on any other matters that may properly come before
the Meeting. The Board knows of no other business that will be presented for consideration at the Meeting.
Any
stockholder giving a proxy has the power to revoke the proxy at any time before the proxy is voted. In addition to revocation
in any other manner permitted by law, a proxy may be revoked by an instrument in writing executed by the stockholder or by his
attorney authorized in writing, or, if the stockholder is a corporation, under its corporate seal or by an officer or attorney
thereof duly authorized, and deposited at the offices of our transfer agent, Nevada Agency and Transfer Company, 50 West Liberty
Street, Suite 880 Reno, Nevada, at any time up to and including the last business day preceding the day of the Meeting, or any
adjournment thereof, or with the chairman of the Meeting on the day of the Meeting. Attendance at the Meeting will not in and
of itself constitute revocation of a proxy.
Voting
of Shares
Stockholders
of record on November 4th, 2016 are entitled to one (1) vote for each share of Common Stock held on all matters to be voted upon
at the Meeting. You may vote in person or by completing and mailing the enclosed proxy card. All shares entitled to vote and represented
by properly executed proxies received before the polls are closed at the Meeting, and not revoked or superseded, will be voted
at the Meeting in accordance with the instructions indicated on those proxies.
ADVICE
TO BENEFICIAL HOLDERS OF SHARES OF COMMON STOCK
THE
INFORMATION SET FORTH IN THIS SECTION IS OF SIGNIFICANT IMPORTANCE TO MANY STOCKHOLDERS OF OUR COMPANY, AS A SUBSTANTIAL NUMBER
OF STOCKHOLDERS DO NOT HOLD SHARES IN THEIR OWN NAME.
Stockholders
who do not hold their shares in their own name (referred to in this Proxy Statement as “
beneficial stockholders
”)
should note that only proxies deposited by stockholders whose names appear on the records of our company as the registered holders
of shares of common stock can be recognized and acted upon at our special meeting. If shares of common stock are listed in an
account statement provided to a stockholder by a broker, then in almost all cases those shares of common stock will not be registered
in the stockholder’s name on the records of our company. Such shares of common stock will more likely be registered under
the names of the stockholder’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 Depository Trust Company (which acts as depository 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 and custodian for many Canadian brokerage firms). Beneficial stockholders
should ensure that instructions respecting the voting of their shares of common stock are communicated to the appropriate person,
as without specific instructions, brokers/nominees are prohibited from voting shares for their clients.
Applicable
regulatory policy requires intermediaries/brokers to seek voting instructions from beneficial stockholders in advance of stockholders’
meetings, unless the beneficial stockholders have waived the right to receive meeting materials. Every intermediary/broker has
its own mailing procedures and provides its own return instructions to clients, which should be carefully followed by beneficial
stockholders in order to ensure that their shares of common stock are voted at our special meeting. The Form of Proxy supplied
to a beneficial stockholder by its broker (or the agent of the broker) is similar to the Form of Proxy provided to registered
stockholders by our company. However, its purpose is limited to instructing the registered stockholder (the broker or agent of
the broker) how to vote on behalf of the beneficial stockholder. The majority of brokers now delegate responsibility for obtaining
instructions from clients to Broadridge Financial Solutions, Inc. (“
Broadridge
”) (formerly, ADP Investor Communication
Services in the United States and Independent Investor Communications Company in Canada). Broadridge typically applies a special
sticker to proxy forms, mails those forms to the beneficial stockholders and the beneficial stockholders return the proxy forms
to Broadridge. Broadridge then tabulates the results of all instructions received and provides appropriate instructions respecting
the voting of shares to be represented at our special meeting.
A beneficial stockholder receiving a Broadridge proxy cannot
use that proxy to vote shares of common stock directly at our Special Meeting - the proxy must be returned to Broadridge well
in advance of our Special Meeting in order to have the shares of common stock voted
.
Although
a beneficial stockholder may not be recognized directly at our Special Meeting for the purposes of voting shares of common stock
registered in the name of his broker (or agent of the broker), a beneficial stockholder may attend at our Special Meeting as proxyholder
for the registered stockholder and vote the shares of common stock in that capacity. Beneficial stockholders who wish to attend
at our Special Meeting and indirectly vote their shares of common stock as proxyholder for the registered stockholder should enter
their own names in the blank space on the instrument of proxy provided to them and return the same to their broker (or the broker’s
agent) in accordance with the instructions provided by such broker (or agent), well in advance of our special meeting.
Alternatively,
a beneficial stockholder may request in writing that his or her broker send to the beneficial stockholder a legal proxy which
would enable the beneficial stockholder to attend at our Special Meeting and vote his or her shares of common stock.
There
are two kinds of beneficial owners – those who object to their name being made known to the issuers of securities which
they own (called OBOs for Objecting Beneficial Owners) and those who do not object to the issuers of the securities they own knowing
who they are (called NOBOs for Non-Objecting Beneficial Owners). Pursuant to National Instrument 54-101, issuers can obtain a
list of their NOBOs from intermediaries for distribution of proxy-related materials directly to NOBOs.
YOUR
VOTE IS IMPORTANT
Counting
of Votes
All
votes will be tabulated by the inspector of election appointed for the Meeting, who will separately tabulate affirmative and negative
votes and abstentions. Shares represented by proxies that reflect abstentions as to a particular proposal will be counted as present
and entitled to vote for purposes of determining a quorum. An abstention is counted as a vote against that proposal. Shares represented
by proxies that reflect a broker “non-vote” will be counted as present and entitled to vote for purposes of determining
a quorum. A broker “non-vote” will be treated as not-voted for purposes of determining approval of a proposal and
will not be counted as “for” or “against” that proposal. A broker “non-vote” occurs when a
nominee holding shares for a beneficial owner does not vote on a particular proposal because the nominee does not have discretionary
authority or does not have instructions from the beneficial owner.
Solicitation
of Proxies
We
will bear the entire cost of solicitation of proxies, including preparation, assembly and mailing of this proxy statement, the
proxy and any additional information furnished to stockholders. Copies of solicitation materials will be furnished to banks, brokerage
houses, depositories, fiduciaries and custodians holding shares of Common Stock in their names that are beneficially owned by
others to forward to these beneficial owners. We may reimburse persons representing beneficial owners for their costs of forwarding
the solicitation material to the beneficial owners of the Common Stock. Original solicitation of proxies by mail may be supplemented
by telephone, facsimile, electronic mail or personal solicitation by our directors, officers or other regular employees. No additional
compensation will be paid to directors, officers or other regular employees for such services. To date, we have not incurred costs
in connection with the solicitation of proxies from our stockholders, however, our estimate for total costs is $8,000.
INTEREST
OF CERTAIN PERSONS IN OR OPPOSITION TO MATTERS TO BE ACTED UPON
Except
as disclosed elsewhere in this Proxy Statement, since April 30, 2016, being the end of our last completed financial year, none
of the following persons has any substantial interest, direct or indirect, by security holdings or otherwise in any matter to
be acted upon:
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1.
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any
director or officer of our corporation;
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2.
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any
proposed nominee for election as a director of our corporation; and
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3.
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any
associate or affiliate of any of the foregoing persons.
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The
shareholdings of our directors and officers are listed below in the section entitled “Principal Stockholders and Security
Ownership of Management”. To our knowledge, no director has advised that he intends to oppose the Amendments to our authorized
capital or to the proposed nominees for election as directors of our corporation, as more particularly described herein.
PRINCIPAL
STOCKHOLDERS AND SECURITY OWNERSHIP OF MANAGEMENT
As
of November 4, 2016, we had a total of 32,779,298 shares of common stock (no par value per share) issued and outstanding.
The
following table sets forth, as of the date of this report, certain information with respect to the beneficial ownership of our
common and preferred stock by each stockholder known by us to be the beneficial owner of more than 5% of our common and preferred
stock and by each of our current directors and executive officers. Each person has sole voting and investment power with respect
to the shares of common stock and preferred stock, except as otherwise indicated. Beneficial ownership consists of a direct interest
in the shares of common and preferred stock, except as otherwise indicated.
Name
and Address of
Beneficial Owner
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Amount
and Nature of Beneficial Ownership
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Percentage
of Class
(1)
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John
G. Robertson
(2)(3)
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4,093,849
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12.5
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%
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Rand
Energy Group Inc.
(4)
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588,567
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1.8
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%
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Reg
Technologies Inc.
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2,744,700
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8.4
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%
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(1)
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Based
on 32,779,298 shares of common stock issued and outstanding as of November 4, 2016. Beneficial ownership is determined in
accordance with the rules of the SEC and generally includes voting and investment power with respect to securities. Except
as otherwise indicated, we believe that the beneficial owners of the common stock listed above, based on information furnished
by such owners, have sole investment and voting power with respect to such shares, subject to community property laws where
applicable.
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(2)
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This
individual may be deemed to be a “parent or founder” of REGI as that term is defined in the Rules and Regulations
promulgated under the Securities Act of 1933.
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(3)
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Includes
634,889 common shares owned by JGR Petroleum, Inc. of which Mr. Robertson was a sole director, 2,747,720 common shares owed
by Access Information Services, of which Mr. Robertson was a sole director, 86,160 common shares owned by SMR Investment Ltd,
of which Mr. Robertson is a sole director. John Robertson passed away on November 13, 2016
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(4)
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Rand
Energy Group Inc. is owned 51% by Reg Tech and 49% by Rand Cam-Engine Corp. Under Rule 13d-3 under the Securities Exchange
Act of 1934, both Reg Tech and Rand Cam-Engine Corp. could be considered the beneficial owner of the 588,567 shares registered
in the name of Rand Energy Group Inc.
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PROPOSAL
NO. 1 - AMENDMENT TO OUR
CORPORATION’S ARTICLES – COMMON STOCK
Our
Articles of Incorporation (the “
Articles
”) currently authorize the issuance of 100,000,000 shares of common
stock, with no par value. On October 19, 2016, our board of directors approved, subject to receiving the approval of at least
two-thirds of voting stockholders of our common stock, an amendment to our Articles to increase our authorized shares of common
stock to 150,000,000 shares, with no par value per share:
Proposal
No. 1 is solely to approve the Amendment to our Articles of Incorporation to increase our authorized common stock to 150,000,000,
with no par value.
The
general purpose and effect of the amendment to our corporation’s Articles is to increase our authorized share capital, which
will enhance our company’s ability to finance the development and operation of our business.
Our
board of directors approved the amendment to our corporation’s Articles to increase our authorized share capital so that
such shares will be available for issuance for general corporate purposes, including financing activities, without the requirement
of further action by our stockholders. Potential uses of the additional authorized shares may include public or private offerings,
conversions of convertible securities, issuance of options pursuant to employee benefit plans, acquisition transactions and other
general corporate purposes. Increasing the authorized number of shares of our common stock will give us greater flexibility and
will allow us to issue such shares in most cases without the expense of delay of seeking stockholder approval. Our company is
at all times investigating additional sources of financing which our board of directors believes will be in our best interests
and in the best interests of our stockholders. Other than the asset purchase agreement dated September 16, 2016 with Reg Technologies
Inc, we do not currently have any agreements for any transaction that would require the issuance of additional shares of common
stock. Our common shares carry no pre-emptive rights to purchase additional shares. The adoption of the amendment to our Articles
of Incorporation will not of itself cause any changes in our capital accounts.
The
amendment to our corporation’s Articles to increase our authorized share capital will not have any immediate effect on the
rights of existing stockholders.
However, our board of directors will have the authority to issue authorized common stock
without requiring future stockholders approval of such issuances, except as may be required by applicable law or exchange regulations.
To the extent that additional authorized common shares are issued in the future, they will decrease the existing stockholders’
percentage equity ownership and, depending upon the price at which they are issued, could be dilutive to the existing stockholders.
The
increase in the authorized number of shares of our common stock and the subsequent issuance of such shares could have the effect
of delaying or preventing a change in control of our company without further action by the stockholders. Shares of authorized
and unissued common stock could be issued (within limits imposed by applicable law) in one or more transactions. Any such issuance
of additional stock could have the effect of diluting the earnings per share and book value per share of outstanding shares of
common stock, and such additional shares could be used to dilute the stock ownership or voting rights of a person seeking to obtain
control of our company.
We
do not have any provisions in our Articles, by laws, or employment or credit agreements to which we are party that have anti-takeover
consequences. We do not currently have any plans to adopt anti-takeover provisions or enter into any arrangements or understandings
that would have anti-takeover consequences. In certain circumstances, our management may issue additional shares to resist a third
party takeover transaction, even if done at an above market premium and favoured by a majority of independent stockholders.
Stockholders
should note that our company does not have any current plans, intentions, agreements or understandings to issue any of our common
stock that will result if Proposal No. 1 is approved.
Dissenters’
Rights of Appraisal
Under
Oregon law, our stockholders are not entitled to appraisal rights with respect to the Amendments and we will not independently
provide our stockholders with any such right.
Voting
Procedure
The
Amendments to our Articles will require the approval of stockholders holding at least a two-thirds majority of voting shares of
our common stock entitled to be voted at the Meeting.
If
Proposal No. 1 is accepted by the stockholders, the Articles of our company will be amended in substantially the same form as
attached Schedule “A”, with changes as may be required by the Oregon Secretary of State.
PROPOSAL
NO. 2 – ELECTION OF DIRECTORS
Our
Board of Directors has nominated the persons named below as candidates for Directors at the Meeting. Unless otherwise directed,
the proxy holders will vote the proxies received by them for the five nominees named below.
Each
Director who is elected will hold office until the next Meeting of Stockholders and until his or her successor is elected and
qualified. Any Director may resign his or her office at any time and may be removed at any time by the majority of vote of the
stockholders given at a special meeting of our stockholders called for that purpose.
Our
company’s management proposes to nominate the persons named in the table below for election by the stockholders as Directors
of the company. Information concerning such persons, as furnished by the individual nominees, is as follows:
Our
Board of Directors recommends that you vote FOR the nominees.
Nominees
Our
nominated Directors and executive officers, their age, positions held, and duration of term, are as follows:
Name
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Position
Held with our Company
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Age
|
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Date
First Elected Or Appointed
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Paul
W. Chute
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Director,
President and CEO
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67
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July,
2016
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Paul
Porter
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Director,
Vice President and Chief Engineer
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58
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August,
2013
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Jina
Liu
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Director
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52
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Nominated
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Shaojun
Zhang
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Director
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48
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Nominated
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Susanne
Robertson
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Director
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70
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Nominated
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Business
Experience
The
following is a brief account of the education and business experience of the nominees during at least the past five years, indicating
their principal occupation during the period, and the name and principal business of the organization by which they were employed.
Paul
W. Chute
Mr.
Chute has extensive experience in making development stage companies successful, serving as CFO, CEO and Director of both private
and public companies. Mr. Chute’s strong belief in the potential of the RadMax technology has led him to come out of recent
retirement to move REGI U.S., Inc. forward and focus on refining, testing and marketing the RadMax Technology. Mr. Chute was appointed
a director and the Chief Executive Officer of the company on July 17, 2016. Mr. Chute also serves as the President and CEO and
a director of Reg Technologies Inc. and Minewest Silver and Gold Inc., the president and CEO and the sole director of Rand Energy
Group, Inc. Mr. Chute has his Bachelor of Science degree in accounting and his MBA degree. Mr. Chute expects to devote 95% of
his time to the operations of REGI U.S., Inc. and Reg Technologies Inc.
Paul
Porter
Mr.
Porter was appointed a director in August, 2013. Mr. Porter had served as our Chief Engineer prior to his appointment. Mr. Porter
has extensive experience as an expert mechanical engineer in the manufacturing and designing of seals. Mr. Porter was the founder
and President of JetSeal, Inc., a manufacturing engineering tool and producing design firm. JetSeal, Inc. was sold to Heico Corp.
(HEI) an aerospace company in the late 1990’s when JetSeal, Inc. was under Mr. Porter’s ownership. Prior to this,
he was a manufacturing manager for Parker Seal Group, a Fortune 500 Company.
Jina
Liu
Ms.
Liu was appointed as a director of Reg Technologies, Inc. on March 27, 2014. She is currently the President of Canada-China Federation
of Entrepreneurs. Canada-China Federation of Entrepreneurs is mainly focused on building bridges for cooperation and communication
for both Chinese and Canadian entrepreneurs, contributing to the promotion of Canada-China economic cooperation and development.
Previously, Ms. Liu served as the Executive President of SinoCann Entrepreneurs Association, the Vice President of Canada China
Environmental Technology Development Association, and the Honorary President of Canada & China Association of Educators.
Shaojun
Zhang
Mr.
Zhang was appointed as a director of Reg Technologies on May 1, 2014. Mr. Zhang has been the Chairman of China Zhongling Hangke
New Energy Group Limited (“
Zhongling
”) since February 2012. Zhongling is an organization engaged in research
and development of new energy solutions. Prior thereto, Mr. Zhang was the CEO of the Natural Brand Strategy Network, based in
Beijing, China, from January 2007. From January 2003 to January 2007, Mr. Zhang was the President of Jun Xin Mining Group based
in Guangxi, China.
Susanne
Robertson
Mrs.
Robertson has been a director of Reg Technologies, Inc. since 1984, and has been an invaluable asset in facilitating the cooperation
between Reg Technologies Inc. and REGI U.S. Inc.
Executive
Officers
Our
executive officers are appointed by our Board of Directors and serve at the pleasure of our Board of Directors.
The
names of our executive officers, their ages, positions held, and durations of are as follows:
Name
|
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Position
Held with our Company
|
|
Age
|
|
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Date
First Elected Or Appointed
|
Paul
W. Chute
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Director,
President and CEO
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67
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July,
2016
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Victoria
Huang
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Chief
Financial Officer
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45
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July,
2016
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Paul
Porter
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Director,
Vice President and Chief Engineer
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58
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August,
2013
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Jim
Slinger
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Vice
President of Investor Relations and Communications
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72
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July,
2016
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Family
Relationships
There
are no family relationships between any director or executive officer.
Involvement
in Certain Legal Proceedings
We
know of no material proceedings in which any of our Directors, officers, affiliates or any stockholder of more than 5% of any
class of our voting securities, or any associate thereof is a party adverse to our company.
To
the best of our knowledge, none of our directors or executive officers has, during the past ten years:
1.
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been
convicted in a criminal proceeding or been subject to a pending criminal proceeding (excluding traffic violations and other
minor offences);
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2.
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had
any bankruptcy petition filed by or against the business or property of the person, or of any partnership, corporation or
business association of which he was a general partner or executive officer, either at the time of the bankruptcy filing or
within two years prior to that time;
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3.
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been
subject to any order, judgment, or decree, not subsequently reversed, suspended or vacated, of any court of competent jurisdiction
or federal or state authority, permanently or temporarily enjoining, barring, suspending or otherwise limiting, his involvement
in any type of business, securities, futures, commodities, investment, banking, savings and loan, or insurance activities,
or to be associated with persons engaged in any such activity;
|
|
|
4.
|
been
found by a court of competent jurisdiction in a civil action or by the SEC or the Commodity Futures Trading Commission to
have violated a federal or state securities or commodities law, and the judgment has not been reversed, suspended, or vacated;
|
|
|
5.
|
been
the subject of, or a party to, any federal or state judicial or administrative order, judgment, decree, or finding, not subsequently
reversed, suspended or vacated (not including any settlement of a civil proceeding among private litigants), relating to an
alleged violation of any federal or state securities or commodities law or regulation, any law or regulation respecting financial
institutions or insurance companies including, but not limited to, a temporary or permanent injunction, order of disgorgement
or restitution, civil money penalty or temporary or permanent cease-and-desist order, or removal or prohibition order, or
any law or regulation prohibiting mail or wire fraud or fraud in connection with any business entity; or
|
|
|
6.
|
been
the subject of, or a party to, any sanction or order, not subsequently reversed, suspended or vacated, of any self-regulatory
organization (as defined in Section 3(a)(26) of the Exchange Act (15 U.S.C. 78c(a)(26))), any registered entity (as defined
in Section 1(a)(29) of the Commodity Exchange Act (7 U.S.C. 1(a)(29))), or any equivalent exchange, association, entity or
organization that has disciplinary authority over its members or persons associated with a member.
|
Corporate Governance
Public Availability of Corporate Governance
Documents
Our key corporate governance document is our
Code of Ethics which is:
●
|
available in print to any stockholder who requests it from our President; and
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|
|
●
|
filed on EDGAR as an exhibit to our Annual Report on Form 10-K filed on August 15, 2011.
|
Code of Ethics
We adopted a Code of Ethics applicable to our
senior financial officers and certain other finance executives, which is a “code of ethics” as defined by applicable
rules of the SEC. Our Code of Ethics is attached as an exhibit to our Annual Report on Form 10-K filed on August 15, 2011. If we
make any amendments to our Code of Ethics other than technical, administrative, or other non-substantive amendments, or grant any
waivers, including implicit waivers, from a provision of our Code of Ethics to our Chief Executive Officer, chief financial officer,
or certain other finance executives, we will disclose the nature of the amendment or waiver, its effective date and to whom it
applies in a Current Report on Form 8-K filed with the SEC.
Meetings
Our Board of Directors held no formal meetings
during the year ended April 30, 2016, 2015, 2014, 2013, 2012, 2011, or 2010. All proceedings of the Board of Directors were conducted
by resolutions consented to in writing by all the Directors and filed with the minutes of the proceedings of the Directors. Such
resolutions consented to in writing by the Directors entitled to vote on that resolution at a meeting of the Directors are, according
to the Nevada Revised Statutes and our Bylaws, as valid and effective as if they had been passed at a meeting of the Directors
duly called and held.
It is our policy to invite Directors to attend
the Meeting of stockholders. Four Directors are expected to attend the Meeting.
Committees of the Board of Directors
We currently do not have a nominating or compensation
committee or committees performing similar functions. There has not been any defined policy or procedure requirements for stockholders
to submit recommendations or nomination for Directors.
Audit Committee and Audit Committee Financial
Expert
The Company currently does not have an audit
committee.
The Company does not have nominating, compensation
committees or committees performing similar functions, nor does our Company have a written nominating, compensation or audit committee
charter. Our Board of Directors believes that due to our small size it is not necessary to have such committees as the functions
of such committees are performed by the Board of Directors.
Director Independence
We currently act with three Directors, consisting
of Paul W. Chute, Paul Porter and Thomas Robertson. John G. Robertson served as a Director until his death on November 13, 2016.
Mr. Robertson’s vacancy has not been filled.
We have determined that Paul Porter is an “independent
director” as defined in Rule 5605(a) of the Nasdaq Listing Rules and that Jina Liu, Shaojun Zhang and Susanne Robertson will
be each an “independent director” as defined in Rule 5605(a) of the Nasdaq Listing Rules if elected as Directors to
our company.
Stockholder Communications with Our Board
of Directors
Because of our company’s small size,
we do not have a formal procedure for stockholder communication with our Board of Directors. In general, members of our Board of
Directors and executive officers are accessible by telephone or mail. Any matter intended for our Board of Directors, or for any
individual member or members of our Board of Directors, should be directed to our President with a request to forward the communication
to the intended recipient.
Section 16(a) Beneficial Ownership Reporting
Compliance
Section 16(a) of the Securities Exchange Act
of 1934 requires our executive officers and Directors, and persons who own more than 10% of our common stock, to file reports regarding
ownership of, and transactions in, our securities with the Securities and Exchange Commission and to provide us with copies of
those filings. Based solely on our review of the copies of such forms received by us, or written representations from certain reporting
persons, we believe that during fiscal year ended April 30, 2016, all filing requirements applicable to our executive officers,
Directors and persons who own more than 10% of our common stock were complied with.
Executive Compensation
Compensation Discussion and Analysis
The company’s executive officers make
recommendations to the board of directors regarding compensation policies and the compensation of senior officers. The company
does not have a Compensation Committee. The compensation of the senior executives comprises two components; namely, a base salary
or consulting fees and the grant of stock options pursuant to the company’s stock option plan which is more particularly
outlined below under the
Option-based Awards
section. These forms of compensation are chosen to attract, retain and motivate
the performance of selected directors, officers, employees or consultants of the company of high caliber and potential. Each senior
executive is employed for his or her skills to perform specific tasks and the base salary and number of options is fixed accordingly.
Summary Compensation Table
Named Executive Officer mean the Chief Executive
Officer (“CEO”), the Chief Financial Officer (“CFO”) or any individual acting in a similar capacity or
function, regardless of the amount of compensation of that individual and each of the company’s two most highly compensated
executive officers, other than the CEO and CFO, or three two highly compensated individuals acting in similar capacities, who were
serving as executive officers, or in a similar capacity, at the end of the most recent financial year and whose compensation exceeds
$100,000, and such individuals who would be an NEO but for the fact that they were not serving as an executive officer or in a
similar capacity at the end of that financial year.
During our company’s last completed financial year ended April
30, 2016, our company had two Named Executive Officers: Mr. John Robertson, President and CEO and Ms. Susanne Robertson, CFO.
The following table (presented in accordance
with Item 402 of Regulation S-K – Executive Compensation) sets forth all annual, long term and other compensation for services
in all capacities to our company and its subsidiaries payable to the NEOs for the three financial years ended April 30, 2016, 2015
and 2014 (to the extent required by the Regulations) in respect of the Named Executive Officers:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-equity incentive plan compensation
|
|
|
|
|
|
|
Name and Principal Position
|
|
|
Year Ended
April 30
|
|
|
Salary
($)
|
|
Bonus
($)
|
|
Share-based Awards
($)
|
|
Option- Based Awards
($)(7)
|
|
Annual incentive plans
($)
|
|
Long-term incentive plans
($)
|
|
Pension value
($)
|
|
All other
Compensation
($)(2)
|
|
Total
compensation
($)
|
John G.
Robertson,
CEO(1)(2)(3)
|
|
|
2016
2015
2014
|
|
|
Nil
Nil
Nil
|
|
Nil
Nil
Nil
|
|
Nil
Nil
Nil
|
|
Nil
Nil
Nil
|
|
Nil
Nil
Nil
|
|
Nil
Nil
Nil
|
|
Nil
Nil
Nil
|
|
22,500
30,000
30,000
|
|
22,500
30,000
30,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
James
Vandeberg,
CFO(4)(5)
|
|
|
2016
2015
2014
|
|
|
NA
Nil
Nil
|
|
NA
Nil
Nil
|
|
NA
Nil
Nil
|
|
NA
Nil
Nil
|
|
NA
Nil
Nil
|
|
NA
Nil
Nil
|
|
NA
Nil
Nil
|
|
NA
Nil
Nil
|
|
NA
Nil
Nil
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Susanne
Robertson,
CFO(6)
|
|
|
2016
2015
2014
|
|
|
Nil
NA
NA
|
|
Nil
NA
NA
|
|
Nil
NA
NA
|
|
Nil
NA
NA
|
|
Nil
NA
NA
|
|
Nil
NA
NA
|
|
Nil
NA
NA
|
|
Nil
NA
NA
|
|
Nil
NA
NA
|
|
(1)
|
Mr. Robertson was also a director and did not receive compensation in that capacity. See “Director Compensation – Narrative Discussion”. Mr. Robertson resigned as the CEO on July 17, 2016.
|
|
|
|
|
(2)
|
Access Information Services, Inc., a Washington corporation which is owned and controlled by the Robertson Family Trust, accrued $2,500 per month for management services until January 31, 2016. Mr. Robertson was a trustee of the Robertson Family Trus
t.
The amounts for fiscals 2014, 2015 and 2016 were accrued but not paid.
|
|
|
|
|
(3)
|
Mr. Robertson’s option-based awards granted during 2013 consisted of 500,000 stock options granted on May 15, 2013 at an exercise price of $0.10 with the vested options fair valued at $0.04 per option, and 500,000 stock options granted on April 11, 2013 at an exercise price of $0.20 and vested options fair valued at $0.05 per option.
|
|
|
|
|
(4)
|
Mr. Vandeberg resigned as the CFO of the company on November 11, 2014. He was also a director until August 2, 2016 and did not receive compensation in that capacity. See “Director Compensation – Narrative Discussion”.
|
|
|
|
|
(5)
|
Mr. Vandeberg’s option-based awards granted during 2013 consisted of 200,000 stock options granted on May 15, 2013 at an exercise price of $0.10 with the vested options fair valued at $0.04 per option, and 200,000 stock options granted on April 11, 2013 at an exercise price of $0.20 with the vested options fair valued at $0.05 per option.
|
|
|
|
|
(6)
|
Mrs. Robertson was appointed as the CFO of the company on November 11, 2014 and resigned on July 17, 2016.
|
|
|
|
|
(7)
|
The valuation of the fair value of the options at the time of the grant is based on the Black Scholes model and includes the following assumptions; weighted average risk free rate, weighted average expected life, expected volatility and dividend yield.
|
Narrative Discussion
Our company does not have a share-based award
plan other than the stock option plan referred to above. The company also does not have a pension plan or a long term incentive
plan. Other than John Robertson, as described below in the
Narrative Description – Directors
reported in the
Directors’
Compensation
table below, no directors, who were not NEO’s of the company were compensated during the financial year
ended April 30, 2016 for services in their capacity as directors.
A management fee was payable, but accrued to
Access Information Inc., a company controlled by Mr. Robertson. Other than as herein set forth, the company did not pay any compensation
to its directors or Named Executive Officers.
Employment Contracts and Termination
of Employment
For the fiscal year ended April 30, 2016, there
were no employment agreements or other compensating plans or arrangements with regard to any of the Named Executive Officers which
provide for specific compensation in the event of resignation, retirement, other termination of employment or from a change of
control of the Issuer or from a change in a Named Executive Officer’s responsibilities following a change in control.
Pursuant to the company’s stock option
plan, in the event the optionee’s employment by or engagement with (as a director or otherwise) the company is
terminated
by the company
for any reason other than death before exercise of the options granted hereunder, the stock option granted to
the Participant shall expire three months after the optionees’ departure and all rights to purchase shares thereunder shall
cease and expire three months after the optionees’ departure and be of no further force or effect.
In the event the Participant resigns as an
employee, officer or director, the stock option granted to the Participant shall expire three months after the optionees’
departure and all rights to purchase shares thereunder shall cease and expire three months after the optionees’ departure
and be of no further force or effect.
Refer also to the
Compensation Discussion
and Analysis
section above.
Incentive Plan Awards
Narrative Discussion
As reported above under the
Summary Compensation
Table,
the company does not have a share-based award plan or a long term incentive plan. Information with respect to the grant
of stock options is more particularly described above in the
Option-based Awards
and
Compensation Discussion and Analysis
sections.
Outstanding Option-Based Awards and Share-Based
Awards
The grant of option-based awards to the senior
executives is determined by the recommendation of executive officers to the board of directors pursuant to the terms of the stock
option plan referred to below. Previous grants of option-based awards are taken into account when considering new grants.
The options are always granted at or above
market price. The valuation of the fair value of the options at the time of the grant is based on the Black Scholes model and includes
the following assumptions: weighted average risk free rate, weighted average expected life, expected volatility and dividend yield.
The following table sets out the option-based
awards that were outstanding as at April 30, 2016:
|
|
|
Option-based Awards
|
|
|
|
Stock-based Awards
|
Name
|
|
|
Number of
securities underlying unexercised options
(#)
|
|
|
|
Option exercise price
($)
|
|
|
Option expiration date
|
|
|
Value of unexercised
in-the-money options
($)
|
|
|
|
Number of shares or units of shares that
have not vested
(#)
|
|
|
Market or payout value of share-based awards
that have not vested
($)
|
John Robertson
|
|
|
500,000
|
|
|
|
0.10
|
|
|
May 15, 2017
|
|
|
Nil
|
|
|
|
375,000
|
|
|
Nil
|
|
|
|
500,000
|
|
|
|
0.20
|
|
|
April 11, 2018
|
|
|
Nil
|
|
|
|
375,000
|
|
|
Nil
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
James Vandeberg
|
|
|
200,000
|
|
|
|
0.10
|
|
|
May 15, 2017
|
|
|
Nil
|
|
|
|
150,000
|
|
|
Nil
|
|
|
|
200,000
|
|
|
|
0.20
|
|
|
April 11, 2018
|
|
|
Nil
|
|
|
|
150,000
|
|
|
Nil
|
Incentive Plan Awards – value vested or earned during
the year
Pension Plan Benefits
As reported under the
Summary Compensation
Table
, the company does not maintain a Pension Plan for its employees and therefore no benefits were received.
Termination of Employment or Change of
Control
Other than as described in the
Narrative
Discussion
section under the
Summary Compensation Table
, the company has no plans or arrangements with respect to remuneration
received or that may be received by the Named Executive Officers during the company’s most recently completed financial year
or current financial year in view of compensating such officers in the event of termination of employment (as a result of resignation,
retirement, change of control, etc.) or a change in responsibilities following a change of control, where the value of such compensation
exceeds $100,000 per executive officer.
DIRECTOR COMPENSATION
Director Compensation Table
The following table sets forth all compensation
provided to the directors for the year ended April 30, 2016.
The company does not have a share-based award
plan for the directors other than the stock option plan, details of which are provided below under
Outstanding Option-Based
Awards, Share- Based Awards and Non-equity Incentive Plan Compensation.
The company also does not have a pension plan or a
non-equity incentive plan for its directors.
No directors, who were not NEO’s of the
Company, were compensated during the financial year ended April 30, 2016 for services in their capacity as directors.
|
|
|
|
|
|
|
|
|
|
|
|
Non-equity incentive plan compensation ($)
|
|
|
|
|
|
|
Name and Principal Position
|
|
|
Year Ended April 30
|
|
|
Salary
($)
|
|
Share- based Awards
($)
|
|
Option- Based Awards
($) (6)
|
|
Annual incentive plans
($)
|
|
Long-term incentive plans
|
|
Pension value
($)
|
|
All other Compensation
($)
|
|
Total compensation
($)
|
John G.
Robertson,
CEO(1)(2)
|
|
|
2016
2015
2014
|
|
|
Nil
Nil
Nil
|
|
Nil
Nil
Nil
|
|
Nil
Nil
Nil
|
|
Nil
Nil
Nil
|
|
Nil
Nil
Nil
|
|
Nil
Nil
Nil
|
|
Nil
Nil
Nil
|
|
Nil
Nil
Nil
|
James
Vandeberg,
CFO(3)
|
|
|
2016
2015
2014
|
|
|
Nil
Nil
Nil
|
|
Nil
Nil
Nil
|
|
Nil
Nil
Nil
|
|
Nil
Nil
Nil
|
|
Nil
Nil
Nil
|
|
Nil
Nil
Nil
|
|
Nil
Nil
Nil
|
|
Nil
Nil
Nil
|
Paul Porter (4) (5)
|
|
|
2016
2015
2014
|
|
|
Nil
NA
NA
|
|
Nil
NA
NA
|
|
Nil
NA
NA
|
|
Nil
NA
NA
|
|
Nil
NA
NA
|
|
Nil
NA
NA
|
|
Nil
NA
NA
|
|
Nil
NA
NA
|
Thomas Robertson
|
|
|
2016
2015
2014
|
|
|
Nil
Nil
Nil
|
|
Nil
Nil
Nil
|
|
Nil
Nil
Nil
|
|
Nil
Nil
Nil
|
|
Nil
Nil
Nil
|
|
Nil
Nil
Nil
|
|
Nil
Nil
Nil
|
|
Nil
Nil
Nil
|
|
(1)
|
Mr. Robertson was also an NEO and indirectly received or accrued compensation in that capacity. See “Executive Compensation – Narrative Discussion”.
|
|
|
|
|
(2)
|
Mr. Robertson did not receive option-based awards in his capacity as a director. John Robertson passed away on November 13, 2016
|
|
|
|
|
(3)
|
Mr. Vandeberg does not receive any compensation in his capacity as a director, nor any option-based awards in his capacity as a director.
|
|
|
|
|
(4)
|
Mr. Porter was appointed to the Board of Directors in August, 2013.
|
|
|
|
|
(5)
|
Mr. Porter provides research and development services for the company and receives consulting fees in that capacity. See related party transactions below.
|
|
|
|
|
(6)
|
The valuation of the fair value of the options at the time of the grant is based on the Black Scholes model and includes the following assumptions; weighted average risk free rate, weighted average expected life, expected volatility and dividend yield.
|
Narrative Description
Directors of the company who are also NEOs
are not compensated for their services in their capacity as directors, although directors of the company are reimbursed for their
expenses incurred in connection with their services as directors.
Information with respect to grants of options
to the directors is reported below under the
Narrative Description
in the section below entitled
Outstanding Option-Based
Awards, Share-Based Awards and Non-equity Incentive Plan Compensation.
Other than as described above, no directors
of the company were compensated by the company during the financial year ended April 30, 2016 for services as consultants or experts.
Option-Based Awards, Share-Based Awards
and Non-equity Incentive Plan Compensation for Directors
As disclosed under the
Director Compensation
Table,
the company does not have a share-based award plan, a pension plan or a non-equity incentive plan for its directors.
Option-based awards to the directors are granted
pursuant to the terms of the company’s stock option plan. The options are always granted at market price. The valuation of
the fair value of the options at the time of the grant is based on the Black Scholes model and includes the following assumptions;
weighted average risk free rate, weighted average expected life, expected volatility and dividend yield.
Directors generally receive a grant of stock
options upon their appointment.
The following table shows at April 30, 2016
the options held by the directors and former directors who served during the year ended April 30, 2016:
|
|
Option-based Awards
|
|
Stock-based Awards
|
Name
|
|
Number of securities underlying unexercised
options
(#)
|
|
|
Option exercise price
($)
|
|
|
Option expiration date
|
|
Value of unexercised in-the-money options
($)
|
|
Number of shares or units of shares that
have not vested
(#)
|
|
|
Market or payout value of share-based awards
that have not vested**
($)
|
John G. Robertson
|
|
|
500,000
500,000
|
|
|
|
0.10
0.20
|
|
|
May 15, 2017
April 11, 2018
|
|
Nil
Nil
|
|
|
375,000
375,000
|
|
|
Nil
Nil
|
James Vandeberg
|
|
|
200,000
200,000
|
|
|
|
0.10
0.20
|
|
|
May 15, 2017
April 11, 2018
|
|
Nil
Nil
|
|
|
150,000
150,000
|
|
|
Nil
Nil
|
Paul Porter
|
|
|
55,000
55,000
|
|
|
|
0.10
0.10
|
|
|
May 15, 2017
April 11, 2018
|
|
Nil
Nil
|
|
|
41,250
41,250
|
|
|
Nil
Nil
|
Thomas Robertson
|
|
|
50,000
|
|
|
|
0.20
|
|
|
April 11, 2018
|
|
Nil
|
|
|
37,500
|
|
|
Nil
|
“HOUSEHOLDING” OF PROXY MATERIAL
The Securities and Exchange Commission permits
companies and intermediaries (e.g. brokers) to satisfy the delivery requirements for proxy statements with respect to two or more
stockholders sharing the same address by delivering a single proxy statement addressed to those stockholders. This process, commonly
referred to as “householding”, potentially means extra conveniences for stockholders and cost savings for companies.
A number of brokers with accountholders who
are stockholders of our Company will be “householding” our proxy materials. As indicated in the notice previously provided
by these brokers to stockholders, a single proxy statement will be delivered to multiple stockholders sharing an address unless
contrary instructions have been received from an affected stockholder. Once you have received notice from your broker that they
will be “householding” communications to your address, “householding” will continue until you are notified
otherwise or until you revoke your consent. If at any time, you no longer wish to participate in “householding” and
would prefer to receive a separate proxy statement, please notify your broker.
Stockholders who currently receive multiple
copies of the proxy statement at their address and would like to request “householding” of their communications should
contact their broker.
STOCKHOLDER PROPOSALS
Pursuant to Rule 14a-8 under the Exchange Act,
stockholders may present proper proposals for inclusion in our proxy statement and for consideration at our next meeting of stockholders.
To be eligible for inclusion in our 2017 proxy statement, your proposal must be received by us no later than 120 days before March
23, 2017 and must otherwise comply with Rule 14a-8 under the Exchange Act. Further, if you would like to nominate a Director or
bring any other business before the stockholders at the 2017 Meeting, you must comply with the procedures contained in the bylaws
and you must notify us in writing and such notice must be delivered to or received by the Secretary no later than 120 days before
March 23, 2017. While the Board will consider stockholder proposals, we reserve the right to omit from our proxy statement relating
to our 2017 meeting stockholder proposals that it is not required to include under the Exchange Act, including Rule 14a-8 of the
Exchange Act.
All stockholder proposals, notices and requests
should be made in writing and sent via registered, certified or express mail, to our company, at the address on the first page
of this Proxy Statement to the attention of the President.
With respect to business to be brought before
the Meeting, we have received no notices from our stockholders that we were required to include in this proxy statement.
OTHER BUSINESS
The Board knows of no other business that will
be presented for consideration at the Meeting. If other matters are properly brought before the Meeting; however, it is the intention
of the persons named in the accompanying proxy to vote the shares represented thereby on such matters in accordance with their
best judgment.
If there are insufficient votes to approve
any of the proposals contained herein, the Board may adjourn the Meeting to a later date and solicit additional proxies. If a vote
is required to approve such adjournment, the proxies will be voted in favor of such adjournment.
NOTICE REGARDING ANNUAL MEETINGS OF THE SHAREHOLDERS
Our company has not historically held an annual
meeting of the shareholders for the purpose of electing the Board of Directors or other business. We have not convened an annual
meeting of the shareholders because, in the opinion of our management, we have not had adequate resources or administrative support
during our development stage to host a comprehensive meeting. In our decision not to convene an annual meeting we have relied on
the relevant provisions of our constating documents and of Oregon corporate law, which are summarized as follows:
Section 60.201 of Chapter 60 – Private
Corporations:
|
(1)
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Except as provided in subsection (4) of this section, a corporation shall hold an annual meeting of the shareholders at a time stated in or fixed in accordance with the bylaws.
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(3)
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A failure to hold an annual meeting at the time stated in or fixed in accordance with a corporations bylaws does not affect the validity of any corporate action.
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In light of the applicable provisions of our
Company’s bylaws and of Section 60.201 of Chapter 60 – Private Corporations, and absent an order by the Oregon district
court obtained pursuant to Section 60.207 of Section 60.201 of Chapter 60 – Private Corporations, our management believes
that there is no material adverse consequence resulting from our Company’s failure to hold an annual meeting. We do, however,
intend to hold an annual meeting in the future when adequate resources are available to us. The capital alterations proposed to
the shareholders at the forthcoming Meeting are in part intended to lay the groundwork for additional financing and the engagement
of additional independent directors to be confirmed at an annual meeting of the shareholders.
By Order of the Board of Directors,
/s/ Paul W. Chute
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Paul W. Chute
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Director
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Schedule A
REGISTRY NUMBER:
307187-87
In accordance with Oregon Revised Statute 192.410-192.490, the information on this application is public record.
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We must release this information to all parties upon request and it will be posted on our website.
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For office use only
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Please Type or Print Legibly in
Black
Ink. Attach Additional
Sheet if Necessary.
1.
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ENTITY NAME:
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REGI U.S., INC.
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2.
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THE FOLLOWING AMENDMENT(S) TO THE ARTICLES OF INCORPORATION IS MADE HEREBY:
State the article number(s) and set forth the article(s) as it is amended to read. (Attach a separate sheet if necessary.)
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The Capital Stock shall consist of 150,000,000 shares of common
stock, with no par value,
all of which stock shall be entitled to voting power.
3.
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THE AMENDMENT WAS ADOPTED ON:
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(If more than one amendment was adopted, identify the date of adoption of each amendment.
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4.
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PLEASE CHECK THE APPROPRIATE STATEMENT:
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[X]
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Shareholder action was required to adopt the amendment(s).
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The vote was as follows:
Class or series of shares
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Number of shares outstanding
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Number of votes entitled to be cast
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Number of votes cast FOR
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Number of votes cast AGAINST
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Common
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32,779,298
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[ ]
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Shareholder action was not required to adopt the amendment(s). The amendment(s) was adopted by the board of directors without shareholder action.
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[ ]
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The corporation has not issued any shares of stock. Shareholder action was not required to adopt the amendment(s). The amendment(s) was adopted by the Incorporators or by the board of directors.
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5.
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EXECUTION
: By my signature, I declare as an authorized signer, that this filing has been examined by me and is, to the best of my knowledge and belief, true, correct, and complete. Making false statements in this document is against the law and may be penalized by fines, imprisonment or both.
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Signature:
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Printed Name:
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Title:
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CONTACT
NAME
: (To resolve questions with this filing)
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FEES
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Required Processing Fee $100
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PHONE NUMBER
: (Include area code)
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processing Fees are nonrefundable. Please make check payable to “Corporation Division”.
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Free copies are available at FilingInOregon.com using the Business Name Search program.
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Articles of Amendment - Business/Professional Corporation (05/14)
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