Mitch Van Domelen
About Mitch Van Domelen
Mitch Van Domelen, age 43, serves as Chief Financial Officer (CFO) since January 1, 2022 and Corporate Secretary since December 31, 2022 . During his tenure, fiscal 2024 revenue was $47.1M (down 13% YoY) and net income improved to $0.72M from a loss in 2023, assisted by a $2.45M arbitration settlement; TSR for a $100 investment measured from Aug 31, 2021 was $43.49 in 2024 vs $60.00 in 2022 . The company’s executive pay framework emphasizes Board judgment rather than rigid metric formulas .
Past Roles
Not disclosed in reviewed filings for Mitch Van Domelen .
External Roles
Not disclosed in reviewed filings for Mitch Van Domelen .
Fixed Compensation
Historical NEO compensation (fiscal years, USD):
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Salary ($) | $167,229 | $170,833 | $178,333 |
| Share-based awards ($) | $6,804 | $9,422 | $13,375 |
| Annual incentive plans ($) | $38,696 | $50,578 | $40,125 |
| All other compensation ($) | $19,037 | $20,500 | $22,500 |
| Total compensation ($) | $231,835 | $251,333 | $254,333 |
Fiscal 2025 compensation plan targets:
| Component | FY 2025 Plan |
|---|---|
| Base salary ($) | $195,000 |
| Target bonus (% of base) | 30% |
401(k) contributions (company-paid, USD):
| Year | Contribution ($) |
|---|---|
| 2022 | $19,106 |
| 2023 | $20,500 |
| 2024 | $22,500 |
Performance Compensation
Annual bonus design and outcomes:
| Element | Weighting | Target | Actual/Payout | Vesting |
|---|---|---|---|---|
| Annual cash incentive | Board discretion; no rigid formula | 30% of base (FY 2025 plan) | $40,125 (FY 2024) | Cash (annual) |
Equity awards (Restricted Shares):
| Equity Type | Unvested Units | Market/Payout Value | Vesting Schedule | Notes |
|---|---|---|---|---|
| Restricted Shares (RSAs) | 5,418 | $24,977 (at $4.61) | Officers/employees RSAs generally carry a three-year Restricted Period | Awards accelerate vesting upon Change in Control |
Incentive value vested/earned during FY 2024:
| Metric | FY 2024 |
|---|---|
| Share-based awards – value vested ($) | $8,455 |
| Non-equity incentive (cash) – value earned ($) | $40,125 |
Options: The company terminated its stock option plan; no options outstanding for executives .
Equity Ownership & Alignment
| Ownership Item | Value |
|---|---|
| Shares beneficially owned | 5,897 |
| Ownership as % of outstanding | 0.17% (out of 3,518,119 shares) |
| Unvested RSAs | 5,418 |
| Options – exercisable | Nil |
| Options – unexercisable | Nil |
| Shares pledged as collateral | None disclosed |
| Stock ownership guidelines | Not disclosed |
| Hedging/pledging policy | RSAs cannot be pledged during Restricted Period |
Employment Terms
| Term | Detail |
|---|---|
| Role start dates | CFO: Jan 1, 2022; Corporate Secretary: Dec 31, 2022 |
| Employment agreement | No employment contracts for NEOs beyond Management Contracts section |
| Severance provisions | No other compensatory arrangements exceeding C$50,000 for termination/change-in-control/change of responsibilities in FY 2024 |
| Change-in-control (CIC) | RSAs vest upon CIC per plan (single-trigger vesting of awards) |
| Death/Disability/Retirement | Unvested awards become 100% vested at termination for death, disability, retirement |
| Forfeiture | Unvested RSAs forfeited if service terminates for other reasons (subject to possible Board acceleration) |
| Clawback | Not disclosed in proxy/plan |
Investment Implications
- Pay-for-performance alignment: CFO bonus is determined by Board judgment without fixed metric weights, which can reduce transparency of incentive alignment; FY 2024 cash bonus was $40,125 alongside revenue decline and net income supported by one-time arbitration income .
- Selling pressure/vesting overhang: 5,418 unvested RSAs and a plan that accelerates vesting on CIC could create event-driven supply; RSAs typically vest over three years for officers/employees .
- Alignment and skin-in-the-game: Direct ownership is modest at 0.17% (5,897 shares), with no options outstanding and no disclosed pledging, suggesting limited leverage to upside via options but ongoing equity exposure through RSAs .
- Retention risk: Absence of disclosed employment/severance agreements >C$50k and forfeiture of unvested RSAs on termination may support retention; accelerated vesting on death/disability/retirement/CIC reduces risk of unearned loss for the executive .
- Execution track record: FY 2024 revenue fell 13% YoY while net income recovered to $0.72M largely due to a $2.45M arbitration settlement; TSR value declined to $43.49 in 2024 from $60.00 in 2022, indicating market skepticism despite operational improvements .