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Mobi724 Global Solutions Inc. Proxy Solicitation & Information Statement 2022

Sep 2, 2022

45697_rns_2022-09-02_f5e2e726-804f-467c-a30f-752cb0dddce5.pdf

Proxy Solicitation & Information Statement

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MOBI724 GLOBAL SOLUTIONS INC. Notice of Annual Meeting of Shareholders and Management Proxy Circular

MOBI724 GLOBAL SOLUTIONS INC. Annual Meeting of Shareholders will be held on Thursday September 22, 2022 at 10:00 a.m. (Montreal time) in Meeting Room 3F, 1010 Sainte-Catherine Street West , 3rd Floor, Montreal, Quebec, H3G 1R3

Shareholders may exercise their rights by attending the Meeting or by completing a Form of Proxy.

YOUR VOTE AS A SHAREHOLDER IS IMPORTANT

  • 2-

MOBI724 GLOBAL SOLUTIONS INC.

(the "Corporation")

TSXV: MOS

MANAGEMENT PROXY CIRCULAR

FOR THE ANNUAL MEETING OF SHAREHOLDERS TO BE HELD SEPTEMBER 22, 2022

REGISTERED SHAREHOLDERS

You will have received a form of proxy from the Corporation’s transfer agent Computershare Investor Services Inc. (“ Computershare ”). Complete, sign and mail your form of proxy in the postage prepaid envelope provided or fax it to the number indicated on the form.

NON-REGISTERED SHAREHOLDERS

Your shares are held in the name of a nominee (securities broker, trustee or other financial institution). You will have received a request for voting instructions from your broker. Follow the instructions on your Voting Instruction Form to vote by telephone, Internet or fax, or complete, sign and mail the Voting Instruction Form in the postage prepaid envelope provided. To vote in person at the Meeting, see the box on page 5 " of the management proxy circular (the " Proxy Circular ) .

PROXY VOTING

Who is soliciting my proxy?

The enclosed form of proxy (the " Form of Proxy ") is being solicited by the management of the Corporation in connection with the annual meeting of shareholders . The solicitation of proxies will be primarily by mail, but may be by telephone or other personal contact by directors of the Corporation, such directors receiving no compensation therefor. The cost of solicitation will be borne by the Corporation. In addition, the Corporation shall, upon request, reimburse brokerage firms and other custodians for their reasonable expenses in forwarding proxies and related materials to beneficial owners of shares of the Corporation.

How do I vote?

There are two ways you can vote your shares if you are a registered shareholder. You may vote in person at the Meeting or you may sign the enclosed Form of Proxy appointing the named persons or some other person you choose, who need not be a shareholder, to represent you as proxy-holder and vote your shares at the Meeting. If your shares are held in the name of a nominee, please see the box on page 5 for voting instructions. Given that COVID related restrictions remain fluid, it is possible that local regulations may compel the Corporation to limit the number of persons who are permitted to physically attend the Meeting thereby preventing some shareholders from casting their vote, in person, on the day of the Meeting. In order to ensure that such restrictions do not prevent you from casting your vote, it is strongly recommended that you cast your vote in advance of the Meeting by telephone, Internet, fax or mail (in order to do so please follow the appropriate instructions on your Voting Instruction Form).

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What if I plan to attend the Meeting and vote in person?

If you are a registered shareholder and plan to attend the Meeting on Thursday, September 22, 2022 and wish to vote your shares in person at the Meeting, do not complete or return the Form of Proxy. Your vote will be taken and counted at the Meeting. Please register with the transfer agent, Computershare upon arrival at the Meeting. If your shares are held in the name of a nominee, please see the box on page 5 for voting instructions. Given that COVID related restrictions remain fluid, it is possible that local regulations may compel the Corporation to limit the number of persons who are permitted to physically attend the Meeting thereby preventing some shareholders from casting their vote, in person, on the day of the Meeting. In order to ensure that such restrictions do not prevent you from casting your vote, it is strongly recommended that you cast your vote in advance of the Meeting by telephone, Internet, fax or mail (in order to do so please follow the appropriate instructions on your Voting Instruction Form).

What am I voting on?

Shareholders will be asked to vote on the following matters:

  1. To receive the comparative audited financial statements of the Corporation for the year ended December 31, 2021 and the auditors’ report thereon;

  2. To elect the directors of the Corporation for the ensuing year;

  3. To appoint the auditors of the Corporation for the ensuing year and authorize the directors to fix the remuneration of the auditors;

  4. To consider and, if deemed appropriate, pass, with or without variation, an ordinary resolution approving the Corporation’s stock option plan, as more fully described in the accompanying management information circular dated August 8, 2022 (the “ Proxy Circular ”); and

  5. To transact such other matter that may be validly submitted to the Meeting or any adjournment or postponement thereof.

Please refer to the heading "Matters to be Acted Upon at the Meeting".

Other than as specifically discussed under the heading "Matters to be Acted Upon at the Meeting", no director or senior officer, past, present or nominated hereunder, or any associate or affiliate of such persons, or any person on behalf of whom this solicitation is made, has any interest, direct or indirect, in any matter to be acted upon at the Meeting, except that such persons may be directly involved in the normal business of the Meeting or the general affairs of the Corporation.

What if I sign the Form of Proxy enclosed with this circular?

Signing the enclosed Form of Proxy gives authority to Marcel Vienneau, who is the Chief Executive Officer of the Corporation, or to another person you have appointed, to vote your shares at the Meeting.

Can I appoint someone other than the following management nominees listed in the Form of Proxy to vote my shares: Marcel Vienneau or Mathieu Laurin?

Yes. Write the name of this person, who need not be a shareholder, in the blank space provided in the Form of Proxy. It is important to ensure that any other person you appoint is attending the Meeting and is aware that he or she has been appointed to vote your shares. Proxy-holders should, upon arrival at the Meeting, present themselves to a representative of Computershare.

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What do I do with my completed Form of Proxy?

Return it to the Corporation's transfer agent Computershare Investor Services Inc., 100 University Ave, 8th Floor, Toronto, Ontario M5J 2Y1, Attention: Proxy Department, or by fax to 1-888-453-0330 within Canada and the United States or 416-263-9394 from all other countries, no later than 5:00 p.m. (Eastern Daylight Saving Time) on Tuesday, September 20, 2022 . This will ensure that your vote is recorded.

If I change my mind, can I take back my Form of Proxy once I have given it?

Yes. If you change your mind and wish to revoke your Form of Proxy, prepare a written statement to this effect. The statement must be signed by you or your attorney as authorized in writing or, if the shareholder is a corporation, under its corporate seal or by an officer or attorney of the corporation duly authorized. This statement must be delivered at the above-mentioned registered office of Computershare at any time up to and including the last business day preceding the day of the Meeting, or any adjournment thereof, at which the Form of Proxy is to be used, or to the Chairman of the Meeting on the day of the Meeting or any adjournment thereof, and upon either of such deposits the Form of Proxy is revoked.

How will my shares be voted if I give my Form of Proxy?

The persons named on the Form of Proxy must vote for or against or withhold from voting your shares in accordance with your directions, or you can let your proxy-holder decide for you. In the absence of such directions, proxies received by management will be voted in favour of the election of directors to the Board and the appointment of auditors and for the adoption of the other items on the agenda, as detailed under the heading "Matters to be Acted Upon at the Meeting".

What if amendments are made to these matters or if other matters are brought before the Meeting?

The persons named in the Form of Proxy will have discretionary authority with respect to amendments or variations to matters identified in the enclosed Form of Proxy and with respect to other matters which may properly come before the Meeting. As of the time of printing of this Proxy Circular, management of the Corporation knows of no such amendment, variation or other matter expected to come before the Meeting. If any other matters properly come before the Meeting, the persons named in the Form of Proxy will vote on them in accordance with their best judgment.

How many shares are entitled to vote?

As of the date hereof, there are 265,588,031 common shares of the Corporation (the " Common Shares ") issued and outstanding, each of which is entitled to one vote at the Meeting.

To the knowledge of the management of the Corporation, at the date hereof, no person holds, directly or indirectly, nor exercises control or direction over Common Shares carrying more than 10% of the voting rights attached to all shares of the Corporation.

As of the date hereof, the current directors and officers, as a group, beneficially own, directly or indirectly, 41,280,971 Common Shares, representing 15.54% of the currently issued and outstanding Common Shares.

What if ownership of shares has been transferred after August 15, 2022?

Only shareholders registered at the close of business on August 15, 2022 (the " Record Date ") are entitled to receive notice of and to vote at the Meeting unless after that date a shareholder of record transfers his shares and the transferee, upon producing properly endorsed certificates evidencing such shares or otherwise establishing that he owns the shares, requests no later than 10 days before the Meeting that the transferee's

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name be included on the list of shareholders entitled to vote, in which case such transferee is entitled to vote such shares at the Meeting.

Who counts the votes?

The Corporation’s transfer agent, Computershare, counts and tabulates the proxies. This is done independently of the Corporation to preserve the confidentiality of individual shareholder votes. Proxies are referred to the Corporation only in cases where a shareholder clearly intends to communicate with management or when it is necessary to do so to meet the requirements of applicable law.

If I need to contact the transfer agent, how do I reach them?

For general shareholder enquiries, you can contact the transfer agent by mail at:

Computershare Investor Services Inc. 100 University Ave, 8th Floor Toronto ON M5J 2Y1

or by telephone: within Canada and the United States at 1-800-564-6253 and from all other countries at 514-982-7555

or by fax : within Canada and the United States at 1-888-453-0330 and from all other countries at 416-263-9394

or by email: [email protected]

If my shares are not registered in my name but are held in the name of a nominee (a bank, trust Corporation, securities broker, trustee or other), how do I vote my shares?

There are two ways you can vote your shares held by your nominee. As required by Canadian securities legislation, you will have received from your nominee either a request for voting instructions or a Form of Proxy for the number of shares you hold. For your shares to be voted for you, please follow the voting instructions provided by your nominee. Since the Corporation has limited access to the names of its nonregistered shareholders, if you attend the Meeting, the Corporation may have no record of your shareholdings or of your entitlement to vote unless your nominee has appointed you as proxy-holder. Therefore, if you wish to vote in person at the Meeting, insert your own name in the space provided on the request for voting instructions or Form of Proxy and return same by following the instructions provided. Do not otherwise complete the form as your vote will be taken at the Meeting. Please register with the transfer agent, Computershare, upon arrival at the Meeting. Given that COVID related restrictions remain fluid, it is possible that local regulations may compel the Corporation to limit the number of persons who are permitted to physically attend the Meeting thereby preventing some shareholders from casting their vote, in person, on the day of the Meeting. In order to ensure that such restrictions do not prevent you from casting your vote, it is strongly recommended that you cast your vote in advance of the Meeting by telephone, Internet, fax or mail (in order to do so please follow the appropriate instructions on your Voting Instruction Form).

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MATTERS TO BE ACTED UPON AT THE MEETING

1. ELECTION OF DIRECTORS

The Board of Directors of the Corporation will consist of five members, subject to the power of the Board of Directors to appoint additional directors between annual meetings. At the Meeting, the persons named hereunder will be proposed for election as directors of the Corporation until the next annual meeting or until his successor is elected or appointed. Except where authority to vote in favour of the election of directors is withheld, the nominees named in the accompanying Form of Proxy intend to vote the shares represented by such Form of Proxy FOR the election of the persons named hereunder . Management does not contemplate that any nominee will be unable or unwilling to serve as a director. Each director elected will hold office until the next annual meeting or until a successor is duly elected or appointed, unless his office is vacated earlier pursuant to the by-laws of the Corporation.

The table below indicates, for each candidate proposed for election as a director, his name, province (or country) of residence, position held with the Corporation, principal office presently held with the Corporation, the year he became a director, and the committees of the Corporation's Board of which he is a member. The table also indicates the number of shares of the Corporation with voting rights controlled or beneficially owned, directly or indirectly, by the candidate and the number of stock options held by him (see "Compensation of Directors" at page 17 of the Proxy Circular).

The candidates themselves have provided the following information to the Corporation, which is up to date as of August 8, 2022 .

MARCEL VIENNEAU
Quebec, Canada
-Director since 2019 (Not independent)
-Common Shares: 23,621,877
-Options: 1,506,198
-Warrants: 1,097,727
Board Director and Chief Executive Officer of the Corporation
Mr. Vienneau is currently the CEO of the Corporation and its largest
individual shareholder.
He is a visionary, an enthusiast, and an innovator, who has repeatedly
propelled new disruptive technologies to global markets. With over
20 years of experience in the loyalty rewards industry, and more than
8 years in payment transaction-based models and mobile wallet
solutions, Mr. Vienneau is a highly focused entrepreneur with
experience in Canada, the United States, Asia Pacific, Mexico, and
South America.
In 2009, he was named a TOP 10 Technology Entrepreneur in
Québec by MIT Sloan– Massachusetts Institute of Technology / EDP
and
Entrepreneurship
Center
and
the
Fondation
de
l’entrepreneurship.
Mr. Vienneau served as a public representative on Canada’s Certified
Management Accountants’ Governance Committee (2007-2009), as
a public director on Canada’s Certified Management Accountant’s
National Board of Directors (2010-2012), as a trustee member for
Canada’s Certified Management Accountants’ Research Foundation
in 2011.He alsosat as a public director on the Board of Directors
of Certified Public Account Canada from 2013 to 2016.
  • 7-
JACQUES CÔTÉ
Quebec, Canada
-Director since August 2015
Independent
-Chairman of the Audit & IT
Security Committee
-Common Shares: 14,500
-Options: 2,411,666
-Warrants: 0
Board Director
Mr. Côté is now retired from the Federal Government. Until recently he
was the CSA(Canadian Space Agency)Chief Financial Officer. During
his career, he has occupied a number of management positions in many
departments and agencies of the Government of Canada and has acted in
the role of Vice-president in the private sector.
Mr. Côté was also a Director and a Board Member of the Chartered
Professional Accountants of Canada (CPA Canada) and the Society of
Management Accountants of Canada (CMA Canada). He was also a
member of the Audit Committee of CPA Canada and on the Due diligence
Committee of nominating Fellows for CMA Canada. He also served as a
member of the Comité de révision and a member of Comité des relations
gouvernementales de l’Ordre des comptables professionnels agréés du
Québec (CPA Québec).
Mr. Côté was President of l’Ordre des comptables en management
accrédités du Québec from 2002 to 2003.
ALLAN ROSENHEK
Nevada, USA
-Director since August 2015
Not independent
-Chairman of the HR Committee
-Member of the Business Development
Committee
-Common Shares: 6,590,540
-Options: 1,161,666
-Warrants: 2,075,000
Board Director
Mr. Rosenhek runs his own boutique Investment Bank (RCI),
specializing in medium size transactions.
Mr. Rosenhek helped grow Glentel Inc. (acquired in 2015 by BCE and
Rogers) into one of the world’s largest Cellular Retail Conglomerates. He
played many roles in Glentel, most recently, Vice President and Board
Director of their US Operations. He was President & CEO of
KnowledgeWhere Inc. (acquired by Liberty Media) where he refocused
the company on Location Based Mobile Advertising. Mr. Rosenhek ran
strategy for TELUS Mobility and was one of the creators of Enstream, a
mobile commerce company owned by all the three largest Canadian
wireless companies. He ran Bell Mobility Investments, the strategic
venture capital arm of BCE, where he lead investments and guided
portfolio companies, many of which were acquired, including Motivus
(acquired by Citrix) and Airborne Mobile (acquired by Cybird Holdings).
Mr. Rosenhek holds an M.B.A. from the Richard Ivey School of Business
and an LL.B from the University of Manitoba Law School. He began his
career as a practicing lawyer with Simkin Gallagher and Ladner Downs
(now Borden Ladner Gervais) specializing in Mergers and Acquisitions
and Taxation.
DAVID ROBINSON
Ontario, Canada
-Director since June 2021
Independent
-Chairman of the Business
Development Committee
-Member of the Audit & IT Security
Committee
-Member of the HR Committee
Board Director
Mr. Robinson is an entrepreneurial executive who spent almost 30 years
in diverse roles at Rogers Communications.
He started in finance in 1990 and became Vice President of Investor
Relations and Financial Planning in the mid-90s. Mr. Robinson moved
from the corporate office to Rogers Wireless in 2000, just as the company
adopted GSM technology. In that role, Mr. Robinson authored the
original business plan for the new mobile data network and worked on
many of the earliest mobile browser, Blackberry, iPhone, and IoT
projects.
  • 8-
-Common Shares: 0
-Options: 0
-Warrants: 0



In 2015, Mr. Robinson became the President and CEO of Rogers Bank, a
national bank that he founded. When Mr. Robinson exited Rogers in
2019, Rogers Bank was Canada's fastest-growing retail bank by assets.
He is now a Board member of Rogers Communications.
Mr. Robinson is currently the Chief Commercial Officer of Clik2pay,
a direct-from-account payment service provider.
Mr. Robinson holds an MBA from Western University, a BA from
Queen's University, and holds an ICD.D designation from the Institute of
Corporate Directors.
TODD PARKER
California, USA
-Proposed Independent Director
-Common Shares: 0
-Options: 0
-Warrants: 0



Mr. Parker, CFA, is the founder and Managing Partner at Hidden River,
LLC. He has over 25 years of experience in Corporate Development,
M&A, Finance, Loyalty Marketing, and Advertising. he has been a
founding member of many entrepreneurial ventures and has 4 exits
including a sale to Google. He has successfully led over 150 M&A and
Strategic Partnership transactions equaling a total value of $10B.
Prior to Hidden River, Mr. Parker worked as Global Head of Business
Development for Google’s Rich Messaging group, who signed up over a
100 CPaaS and Messaging focusing on loyalty customer incentive
programs. He also led carrier messaging partnerships in the Americas,
helping the top banks, retailers, and consumer brands in Latin America
provide loyalty messaging to their customers.
He was the Founder and CEO of HR One, a SaaS provider that targeted
Venture Capital backed businesses who cared about Human Operations
but did not yet have a full-time People Operations person. HR One grew
to 50 employees in New York and San Francisco before being acquired
by Sage Software.
Earlier, Mr. Parker was VP of Sales and Marketing for AirTouch (now
Verizon) Messaging, where he oversaw new product development,
national retail (Target, 7-11, CircleK, Costco, Staples, etc.), the
nationwide advertising spend, and marketing programs.
He spent most of his career as Managing Director of M&A at AirTouch,
Vodafone, and Verizon. Reporting directly to the CEO, he worked on
Acquisitions, Joint Ventures, and Divestitures, and worked in Mobile,
Cable TV, TV Programming, and Wireless Data Technologies.
Mr. Parker was the Founder and CEO of Babson Federal Credit Union
which offered Savings Accounts, Extended Service Offers, and
Mortgages. Written up for its success in Time Magazine, New York
Times, Boston Globe, and many other publications.
He has a B.S. with a double major in Communications and
Entrepreneurship from Babson College and earned a Wireless
Engineering Certificate from the University of California Berkeley.
Mr. Parker is a Chartered Financial Analyst.
  • 9-

Cease Trade Orders, Bankruptcies, Penalties or Sanctions

To the best of the Corporation's knowledge, after having made due inquiry, the Corporation confirms that as at the date hereof, no proposed director of the Corporation (including the Corporation):

  • (a) is, as at the date of hereof, or was, within 10 years before the date hereof, a director, chief executive officer or chief financial officer of any company, that:

  • (i) was the subject of a cease trade or similar order or an order that denied the company access to any exemption under securities legislation, for a period of more than 30 consecutive days, while that person was acting in that capacity;

  • (ii) was subject to an event that occurred while that person was acting in that capacity, that resulted, after the director or executive officer ceased to be a director or executive officer, in the company being the subject of a cease trade or similar order or an order that denied the company access to any exemption under securities legislation, for a period of more than 30 consecutive days;

  • (iii) while that person was acting in that capacity or within a year of that person ceasing to act in that capacity, became bankrupt, made a proposal under any legislation relating to bankruptcy or insolvency or was subject to or instituted any proceedings, arrangement or compromise with creditors or had a receiver, receiver-manager or trustee appointed to hold its assets; or

  • (b) has, within the 10 years before the date hereof, become bankrupt, made a proposal under any legislation relating to bankruptcy or insolvency, or become subject to or instituted any proceedings, arrangement or compromise with creditors, or had a receiver, receiver manager or trustee appointed to hold the assets of the director, officer or shareholder with the exception of Jacques Côté and Allan Rosenhek, who commenced their mandates as directors of the Corporation on August 3, 2015, while the Corporation was subject to a cease trade order that was issued on May 19, 2015 and which was revoked on September 4, 2015; and,

To the best of the Corporation's knowledge, after having made due inquiry, the Corporation confirms that as at the date hereof, no director or executive officer of the Corporation was subject to any penalties or sanctions imposed by a court relating to Canadian securities legislation or by a Canadian securities regulatory authority or has entered into a settlement agreement with a Canadian securities regulatory authority, nor was subject to any other penalties or sanctions imposed by a court or regulatory body that would likely be considered important to a reasonable investor in deciding whether to vote for a proposed director.

Meeting Attendance

The table below shows the number of Board and audit committee meetings each director attended in 2021 (and 2020):

Name Board Meetings Attended in 2021
(2020)
Audit Committee Meetings
Attended in 2021(2020)
Marcel Vienneau 7/7(12/12) -
Jacques Côté 7/7(12/12) (4/4) (4/4)
David Robinson(1) 3/3(N/A) 2/4(N/A)
  • 10-
Alejandro Rodriguez(2) 3/3(N/A) 2/4(N/A)
Allan Rosenhek(3) 7/7(12/12) -(4/4)

Notes:

(1) Mr. Robinson was elected to the Board of Directors of the Corporation on June 23, 2021

(2) Mr. Rodriguez was elected to the Board of Directors of the Corporation on June 23, 2021

(3) Allan Rosenhek sat as a non-voting interim member of the Audit Committee from June 21, 2019 to December 20, 2020

2. APPOINTMENT AND REMUNERATION OF AUDITORS

Unless the Form of Proxy states otherwise, or if the right to vote is not exercised for the appointment of the auditors, the persons named in the enclosed Form of Proxy intend to vote at the Meeting FOR the appointment of Raymond Chabot Grant Thornton, LLP, as auditors of the Corporation and to authorize the directors to fix their remuneration. The proposal requires the approval of a majority of the Common Shares voted in respect thereof is required at the Meeting. Raymond Chabot Grant Thornton have been the auditors of the Corporation since June 10, 2015.

External Auditor Service Fees (By Category)

You will find in the table below the total fees to Raymond Chabot Grant Thornton for all their services in 2019, 2020 and 2021.

Nature of Services Year Ended
December 31, 2021
Year Ended
December 31, 2020
Year Ended
December 31, 2019
Audit Fees(1) $98,370 $71,550 $79,500
Audit-Related Fees(2) $7,000 $7,000 $6,900
Tax Fees(3) $15,000 $14,500 $17,200
All Other Fees(4) $20,060 $9,377 $6,440
Total $140,430 $102,427 $110,040

Notes:

(1) "Audit Fees" include fees necessary to perform the annual audit and quarterly reviews of the Corporation’s consolidated financial statements. Audit Fees include fees for review of tax provisions and for accounting consultations on matters reflected in the financial statements. Audit Fees also include audit or other attest services required by legislation or regulation, such as comfort letters, consents, reviews of securities filings and statutory audits.

(2) "Audit-Related Fees" include services that are traditionally performed by the auditor. These audit-related services include employee benefit audits, due diligence assistance, accounting consultations on proposed transactions, internal control reviews and audit or attest services not required by legislation or regulation.

(3) "Tax Fees" include fees for all tax services other than those included in "Audit Fees" and "Audit-Related Fees". This category includes fees for tax compliance, tax planning and tax advice. Tax planning and tax advice includes assistance with tax audits and appeals, tax advice related to mergers and acquisitions, and requests for rulings or technical advice from tax authorities.

(4) “All Other Fees” include all other non-audit services.

3. SPECIAL MATTERS TO BE VOTED ON (STOCK OPTION PLAN)

The Corporation maintains a stock option plan (“ Stock Option Plan ”) in accordance with Policy 4.4- Incentive Stock Options of the Corporate Finance Manual of the TSX Venture Exchange (“ TSX-V ”). The purpose of the Stock Option Plan is to promote the interests of the Corporation by encouraging the directors, officers, management, consultants and employees of the Corporation and its subsidiaries through stock options (“ Options ”) to acquire Common Shares of the Corporation, thereby increasing their proprietary interest in the Corporation, encouraging them to remain associated with the Corporation and its subsidiaries

  • 11-

and furnishing them with additional incentive in their efforts on behalf of the Corporation and its subsidiaries.

The Stock Option Plan provides that the Board may from time to time, in its discretion, and in accordance with the requirements of the TSX-V, grant to directors, officers, employees and consultants to the Corporation and its affiliates, non-transferable Options to purchase Common Shares, provided that the number of Common Shares reserved for issue will not exceed ten per cent (10%) of the number of then outstanding Common Shares as at the date of the grant. Subject to the terms of grant as may be determined by the Corporation’s Board at the time Options are granted, Options may be exercisable for a period of up to five years after the date of grant thereof. The number of Common Shares reserved for issue to any individual director or officer will not exceed five per cent (5%) of the number of then-outstanding Common Shares and the number of Common Shares reserved for issue to any consultants or persons conducting investor relations activities will not exceed two per cent (2%) of the number of then-outstanding Common Shares. A copy of the Stock Option Plan is attached as Schedule “C” to this Circular.

The Corporation’s Stock Option Plan is administered by the Corporation’s Board, which may grant Options to directors, officers, employees and consultants of the Corporation and its affiliates. The Corporation’s Board has the discretion to determine to whom Options will be granted, the number and exercise price of such Options and the terms and time frames in which the Options will vest and be exercisable. Options, however, may only be exercisable for a maximum of five calendar years from the date of grant and the exercise price of the Options must be no less than the Discounted Market Price as defined in Policy 1.1 – Interpretation of the Corporate Finance Manual of the TSX-V.

At the Meeting, Shareholders will be asked to consider and, if deemed advisable, to approve the following resolution (the “ Stock Option Plan Resolution ”):

“BE IT RESOLVED THAT:

  1. the current stock option plan (the “ Stock Option Plan ”) of the Corporation as described in the management information circular of the Corporation dated August 8, 2022, be and is hereby approved;

  2. the Corporation be and is hereby authorized to grant options to acquire up to 10% of the issued and outstanding common shares in the capital of the Corporation from time to time in accordance with the terms of the Stock Option Plan; and

  3. any one director or officer of the Corporation be and is hereby authorized, for and on behalf of the Corporation, to execute and deliver all documents and do all things as such person may determine to be necessary or advisable to give effect to this resolution, the execution of any such document or the doing of any such other act or thing being conclusive evidence of such determination.”

In order for the resolution to be passed, approval by the majority of the Common Shares voted in respect thereof at the Meeting is required. The Board recommends that Shareholders vote FOR the Stock Option Plan Resolution. Unless the Shareholder has specified in the enclosed form of proxy that the Common Shares represented by that proxy are to be voted against the Stock Option Plan Resolution, the persons named in the enclosed form of proxy intend to vote FOR the Stock Option Plan Resolution.

  • 12-

4. OTHER MATTERS

Management of the Corporation knows of no other matters to come before the Meeting other than those referred to in the notice of meeting. However, if any other matters which are not known to the management should properly come before the Meeting, the accompanying Form of Proxy confers discretionary authority upon the persons named therein to vote on such matters in accordance with their best judgment.

5. EXECUTIVE COMPENSATION

The information contained in this Proxy Circular regarding executive compensation relates to the year ended December 31, 2021. The Board reviews from time to time other compensation issues within the Corporation in general, including the directors' compensation. The process for determining compensation is very simple and consists of holding discussions and making decisions at the Board level.

Compensation Philosophy

The Corporation’s compensation philosophy is to provide market-competitive compensation opportunities, subject to an affordability analysis, that deliver value based on sustainable performance results achieved, to support appropriate risk-taking and to encourage ethical behaviour of executives.

The Board believes that this philosophy allows the Corporation to attract and retain the high calibre executive talent necessary to successfully execute on the Corporation’s strategy, thus ensuring increased value for shareholders.

Compensation of Executive Officers

The table below sets forth certain information on compensation paid to Named Executive Officers (the " NEOs ") that must be disclosed in accordance with the applicable securities regulations. "NEO" means the following persons:

  • (a) the Chief Executive Officer;

  • (b) the Chief Financial Officer;

  • (c) each of the Corporation's three most highly compensated executive officers, other than the Chief Executive Officer and Chief Financial Officer, who were serving as executive officers at the end of 2021 and whose total salary and bonuses exceed $150,000; and

  • (d) any additional individuals for whom disclosure would have been provided under (c) except that the individual was not serving as an officer of the Corporation at the end of 2021.

  • 13-

Name and Principal
Position
Year Salary
Consultanc
Share-
Based
Option-
Based
Non-Equity Incentive
Plan Compensation
($)
Lon-
Non-Equity Incentive
Plan Compensation
($)
Lon-
Pension
Value
($)
All Other
Compensation
($)
Total
Compensation
($)
($) y
Fees ($)
Awards
($)
Awards
($)
Annual
Incentive
Plan
g
Term
Incenti
ve Plan
Marcel Vienneau
President & CEO
2021
2020
229,789
183,781
N/A -
-
-
22,569(1)
-
-
-
-
-
-
-(3)
24,508(2)
229,789
230,858
Johnny Hawa, COO 2021
2020
N/A 160,000
160,000
-
-
-
9,590(4)
- - - - 160,000
169,590
David Beauchemin,
CTO
2021
2020
211,050(6)
130,565(5)
N/A -
-
-
9,590(4)
-
-
-
-
-
-
-
-
211,050
140,155
Mathieu Laurin,(12)
CFO
2021
2020
141,758
95,976
N/A -
-
-
10,489(7)
-
-
-
-
-
-
-
-
141,758
106,465
Allan Rosenhek,
CFO
2021
2020
N/A 10,000
96,000
-
-
-
22,198(8)
-
-
-
-
-
-
10,500(10)
63,000(9)
20,500
181,198
Armando Calvo
Chico, CRO
2021 103,159 N/A - 18,375(11) - - - - 121,534

Notes:

  • (1) This amount is the fair-value of option-based awards made pursuant to the Corporation’s Stock Option Plan, based on the grant of 1,506,198 options multiplied by its fair market value price of $0.015, calculated using the Black Sholes option pricing model in accordance with the accounting treatment. The assumptions used to determine the stock option compensation costs on the grant date of December 22, 2020 were as follows: risk-free interest rate: 0.29%, expected stock price volatility: 112%, expected option life: 3 years, and no expected dividend yield.

  • (2) For the year ended December 31, 2020, Mr. Vienneau was awarded a bonus of $87,500 which has not been paid to Mr. Vienneau but which has been added to the liabilities of the Corporation.

  • (3) For the year ended December 31, 2021, Mr. Vienneau was paid vacation pay in lieu of time off in the amount of $24,508. For the year ended December 31, 2021, Mr. Vienneau was awarded a bonus of $87,500 which has not been paid to Mr. Vienneau but which has been added to the liabilities of the Corporation.

  • (4) This amount is the fair-value of option-based awards made pursuant to the Corporation’s Stock Option Plan, based on the grant of 640,000 options multiplied by its fair market value price of $0.015, calculated using the Black Sholes option pricing model in accordance with the accounting treatment. The assumptions used to determine the stock option compensation costs on the grant date of December 22, 2020 were as follows: risk-free interest rate: 0.29%, expected stock price volatility: 112%, expected option life: 3 years, and no expected dividend yield.

  • (5) For the year ended December 31, 2020, Mr. Beauchemin was entitled to an annual salary of $160,000 however he accepted to defer a portion of his salary to 2021.

  • (6) For the year ended December 31, 2021, in addition to receiving his annual salary of $160,000, Mr. Beauchemin also received the deferred portion of his salary relating to fiscal years 2019 and 2020.

  • (7) This amount is the fair-value of option-based awards made pursuant to the Corporation’s Stock Option Plan, based on the grant of 700,000 options multiplied by its fair market value price of $0.015, calculated using the Black Sholes option pricing model in accordance with the accounting treatment. The assumptions used to determine the stock option compensation costs on the grant date of December 22, 2020 were as follows: risk-free interest rate: 0.29%, expected stock price volatility: 112%, expected option life: 3 years, and no expected dividend yield.

  • (8) This amount is the fair-value of option-based awards made pursuant to the Corporation’s Stock Option Plan, based on the grant of 1,041,666 options multiplied by its fair market value price of $0.021, calculated using the Black Sholes option pricing model in accordance with the accounting treatment. The assumptions used to determine the stock option compensation costs on the grant date of December 22, 2020 were as follows: risk-free interest rate: 0.29%, expected stock price volatility: 112%, expected option life: 3 years, and no expected dividend yield.

  • (9) During the year ended December 31, 2020, Mr. Rosenhek render consultancy services to the Corporation pursuant to the sale of some of its assets to Ackroo Inc. in relation to which the Company agreed to pay Mr. Rosenhek $63,000.

  • (10) During the year ended December 31, 2021, Mr. Rosenhek render consultancy services to the Corporation pursuant M&A and Funding activities in relation to which the Company agreed to pay Mr. Rosenhek $10,500.

  • (11) This amount is the fair-value of option-based awards made pursuant to the Corporation’s Stock Option Plan, based on the grant of

  • 1,000,000 options multiplied by its fair market value price of $0.018, calculated using the Black Sholes option pricing model in

  • 14-

accordance with the accounting treatment. The assumptions used to determine the stock option compensation costs on the grant date of June 26, 2021 were as follows: risk-free interest rate: 0.56%, expected stock price volatility: 114%, expected option life: 3 years, and no expected dividend yield.

(12) Mr. Laurin replaced Mr. Allan Rosenhek as CFO on March 15, 2021. Prior to this date, Mr. Laurin held a non-executive role with the Corporation.

Base Salary

The base salary component of the compensation is based primarily on: (i) the level of responsibility of the position; (ii) the qualifications and experience of the Named Executive Officer; (iii) the skill and competence of the Named Executive Officer; (iv) the level of demonstrated performance by the Named Executive Officer; (v) retention considerations; and (vi) market conditions. Properly structured base salaries enable the Corporation to attract and retain highly skilled and talented employees. The Corporation’s base salary recognizes those employees who exceed expectations. The base salaries of the Named Executive Officers are reviewed annually by the Board of Directors. The base salaries of the NEO in 2021 were as follows:

Name Title Annual Base Salary ($) Annual Consultancy Fee
($)
Marcel Vienneau President & CEO 195,000 -
Mathieu Laurin CFO 150,000 -
JohnnyHawa COO - 160,000
David Beauchemin CTO 160,000 -
Armando Calvo Chico CRO 183,600(1) -

Notes:

(1) Mr. Armando Calvo Chico was appointed CRO on July 19, 2021 with an annual base salary of MXP3,000,000 (Mexican pesos). This amount was converted into CA$183,600 using an average exchange rate of 0.0612.

Cash bonuses

For fiscal year 2021, no cash bonuses were paid to any of the NEO’s.

Long-term incentive compensation

Except for the Stock Option Plan (as defined below) for key employees, the Corporation does not have a long-term compensation plan. The Stock Option Plan encourages officers to acquire shares of the Corporation's share capital, which increases their interest therein, motivates them to stay with the Corporation and its subsidiaries, and gives them an added incentive to make a greater personal effort on their own behalf. The Black-Scholes calculation method is used to determine the value of the stock options.

The Chief Executive Officer makes recommendations to the Board of Directors concerning the granting of options. When options are granted, the Board assesses the status of the reserve of stock options and the potential for dilution involved.

Pension plan and benefits

The Corporation has no pension plan benefits. The Corporation has in place a group insurance policy for the benefit of all the employees in Canada.

  • 15-

Termination and change of control benefits

The employment agreement entered into with Mr. Vienneau (“ Vienneau Agreement ”) provides that in the event Mr. Vienneau’s employment is terminated without cause, the Corporation will pay him in lieu of notice an amount equal to 12 months of base salary plus his annual bonus and the monetary value of his fringe benefits for a period of 12 months. The Vienneau Agreement also provides that in the event of a change in control of the Corporation and the termination of Mr. Vienneau’s employment within a period of twenty-four (24) months of the change of control, Mr. Vienneau shall be entitled to his base salary plus the annual bonus and the monetary value of his benefits for a period of 18 months in addition to the issuance of 750,000 Common Shares.

Johnny Hawa is an employee of the Corporation’s wholly owned subsidiary in Argentina (Mobi724 S.R.L.) and is a consultant of the Corporation in Montreal. The Consultant Agreement entered into between the Corporation and Johnny Hawa on January 1, 2017 provided for the rendering of services to the Corporation by Mr. Hawa as Vice President and Operations Head for LatAm (“ Hawa Agreement ”) and on June 15, 2017 Mr. Hawa was named Chief Operating Officer of the Corporation. If the Hawa Agreement is terminated without cause certain periods of advance notice (or payment in lieu thereof) must be provided. The Hawa Agreement provides for an eighteen (18) month non-competition clause.

The following table indicates the amounts that would be paid in the event that the employment of a Named Executive Officer is terminated without cause, as at December 31, 2021.

Name Title Termination
Without Cause
($)
Termination
for change of control
($)
Marcel Vienneau President and CEO 282,500(1) 402,500(2)
JohnnyHawa COO 98,462(3) Nil
David Beauchemin CTO 53,333(4) Nil
Mathieu Laurin CFO 6,000 Nil
Armando Calvo Chico CRO 54,000(5) Nil

Notes:

(1) If Mr. Marcel Vienneau’s employment is terminated without cause, he is entitled to an indemnity equal to his base annual salary plus his annual bonus for a period of 12 months.

(2) If Mr. Marcel Vienneau’s employment is terminated following a change of control he is entitled to an indemnity equal to his base annual salary plus the annual bonus for a period of 18 months in addition to the issuance of 750,000 shares of the Company. The value of the 750,000 Common Shares is based on the closing trading price of the Common Shares on the TSX Venture Exchange of $0.03 on December 31, 2021, the last trading day of the Corporation’s most recently completed financial year. The issuance of the 750,000 Common Shares may be subject to shareholder approval pursuant to TSX Venture Policies.

(3) If Mr. Johnny Hawa’s employment is terminated without cause he is entitled to 32 weeks of advance notice (or payment in lieu thereof). (4) If Mr. David Beauchemin’s employment is terminated without cause he is entitled to 4 months of advance notice (or payment in lieu thereof).

(5) This amount was arrived at by converted MXP881,703 (Mexican pesos) into Canadian Dollars using an average exchange rate of 0.0612.

  • 16-

Outstanding Share-Based Awards and Option Based Award at the End of 2021

Option-based Awards Option-based Awards Option-based Awards Option-based Awards Share-based award Share-based award
Name Number of
securities
underlying
unexercised
options
(#)
Option
exercise price
($)
Option
expiration date
Value of
unexercised in-
the-money
options(1)
($)
Number of
shares that
have not
vested
(#)
Market or Payout
value of share-based
awards that have not
vested(1)
($)
Marcel Vienneau 670,454(2)
1,506,198(3)
0.08
0.075
21/06/2022
21/12/2023
Nil
Nil
N/A N/A
Johnny Hawa 363,636(2)
640,000(3)
0.08
0.075
21/06/2022
21/12/2023
Nil
Nil
N/A N/A
David Beauchemin 363,636(2)
640,000(3)
0.08
0.075
21/06/2022
21/12/2023
Nil
Nil
N/A N/A
Mathieu Laurin 164,600(4)
125,000(2)
700,000(3)
0.075
0.08
0.075
29/05/2022
21/06/2022
21/12/2023
Nil
Nil
Nil
N/A N/A
Armando Calvo C. 1,000,000(5) 0.075 26/07/2024 Nil N/A N/A

Notes:

  • (1) Based on the closing trading price of the Common Shares on the TSX Venture Exchange of $0.05 on December 31, 2020, the last trading day of the Corporation’s most recently completed financial year.

  • (2) These options have a vesting period as follows: one-sixth on the date of grant (June 21, 2019), one-sixth on the first anniversary (June 21, 2020), one-sixth 24 months following the date of grant (June 21, 2021) and three-sixth on the date the market price of the Corporation’s stock attains at least $0.10 per share provided this occurs prior to June 30, 2020. On December 31, 2021, three-sixth of the options were forfeited as the market price of the Corporation’s stock failed to attain at least $0.10 per share prior to June 30, 2020.

  • (3) These options have a vesting period as follows: on the date the market price of the Corporation’s stock attains at least $0.09 per share provided

  • this occurs prior to December 31, 2021. On March 15, 2021, the options vested as the market price of the Corporation’s stock attained a price of at least $0.09 per share prior to December 31, 2021.

  • (4) These options have a vesting period as follows: half on the first anniversary (May 28, 2020) and half 24 months following the date of grant (May 28, 2021).

  • (5) These options have a vesting period as follows: one-third 3 months following the date of the grant (October 24, 2021), one-third 15 months following the date of the grant (October 24, 2022) and one-third 27 months following the date of the grant (October 24, 2023).

Incentive Plan Awards – Value Vested or Earned during the Year 2021

Name Option-based awards – Value
vested during the year
($)(1)
Share-based awards – Value
vested during the year
($)
Non-equity incentive plan
compensation – Value earned during
the year
($)
Marcel Vienneau 29,550(2) - -
JohnnyHawa 13,376(3) - -
David Beauchemin 13,376(4) - -
Allan Rosenhek 3,786(5) - -
Mathieu Laurin 14,106(6) - -
Armando Calvo C. 6,125(7) - -

Notes:

  • (1) None of the options that vested during the year ended December 31, 2021 were in the money on their respective vesting dates. See the notes to the table entitled “Outstanding Share-based Awards and Option-Based Awards at the End of 2021” of this Proxy Circular for details of the options vested during the year ended December 31, 2021.

  • (2) Of the 1,340,908 options granted to Mr. Vienneau on June 21, 2019, 223,485 options vested on the date of the grant, 223,485 options vested on June 21, 2020, 223,484 options vested on June 21, 2021 and the remaining 670,454 options are forfeited as of June 30, 2020 as the market price of the Corporation’s stock failed to attain at least $0.10 per share prior to June 30, 2020. Of the 1,506,198 options granted on December 21, 2020, all the options vested on March 15, 2021 as the market price of the Corporation’s stock attained a price of at least $0.09 per share prior to December 31, 2021. During fiscal year ended December 2021, 1,729,682 options vested.

  • (3) Of the 727,272 options granted to Mr. Hawa on June 21, 2019, 121,212 options vested on the date of the grant, 121,212 options vested on June 21, 2020, 121,212 options vested on June 21, 2021 and the remaining 363,636 options are forfeited as of June 30, 2020 as the market price of the Corporation’s stock failed to attain at least $0.10 per share prior to June 30, 2020. Of the 640,000 options granted on December 21, 2020, all the options vested on March 15, 2021 as the market price of the Corporation’s stock attained a price of at least $0.09 per share prior to December 31, 2021. During fiscal year ended December 2021, 761,212 options vested.

  • (4) Of the 727,272 options granted to Mr. Beauchemin on June 21, 2019, 121,212 options vested on the date of the grant, 121,212 options vested on June 21, 2020, 121,212 options vested on June 21, 2021 and the remaining 363,636 options are forfeited as of June 30, 2020

  • 17-

as the market price of the Corporation’s stock failed to attain at least $0.10 per share prior to June 30, 2020. Of the 640,000 options granted on December 21, 2020, all the options vested on March 15, 2021 as the market price of the Corporation’s stock attained a price of at least $0.09 per share prior to December 31, 2021. During fiscal year ended December 2021, 761,212 options vested.

  • (5) Of the 727,272 options granted to Mr. Rosenhek on June 21, 2019, 121,212 options vested on the date of the grant, 121,212 options vested on June 21, 2020, 121,212 options vested on June 21, 2021 and the remaining 363,636 options are forfeited as of June 30, 2020 as the market price of the Corporation’s stock failed to attain at least $0.10 per share prior to June 30, 2020. During fiscal year ended December 2021, 121,212 options vested related to his CFO role.

  • (6) Of the 164,600 options granted to Mr. Laurin on May 29, 2019, 82,300 options vested on May 28, 2020 and 82,300 options vested on May 28, 2021. Of the 250,000 options granted to Mr. Laurin on June 21, 2019, 41,667 options vested on the date of the grant, 41,667 options vested on June 21, 2020, 41,666 options vested on June 21, 2021 and the remaining 125,000 options are forfeited as of June 30, 2020 as the market price of the Corporation’s stock failed to attain at least $0.10 per share prior to June 30, 2020. Of the 700,000 options granted on December 21, 2020, all the options vested on March 15, 2021 as the market price of the Corporation’s stock attained a price of at least $0.09 per share prior to December 31, 2021. During fiscal year ended December 2021, 823,966 options vested.

  • (7) Of the 1,000,000 options granted to Mr. Calvo Chico on July 26, 2021, 333,333 options vested 3 months following the date of the grant on October 24, 2021, 333,333 options vest 15 months following the date of the grant on October 24, 2022 and the remaining 333,334 options vest 27 months following the date of the grant on October 24, 2023. During fiscal year ended December 2021, 333,333 options vested.

A copy of the Corporation's Stock Option Plan is annexed hereto.

6. COMPENSATION OF DIRECTORS

The non-employee directors of the Corporation are entitled to receive a fee for their services which shall be paid partially in cash and partially through the issuance of receive stock options. In addition, directors are reimbursed their out-of-pocket expenses in carrying out their duties as directors.

Annual Directorship Fees (2021-2022)[(1)]

Name Board
Member
Board
Chairman
Audit & IT
Security
Committee
Business
Development
Committee
HR
Committee
Total
Remuneration
Amount
payable
in Cash
Amount
payable in
Options(2)
Allan
Rosenhek
$20,000 $12,000 $3,000 $2,000 $37,000 $24,000 $13,000
Jacques
Côté
$20,000 $5,000 $25,000 $12,000 $13,000
David
Robinson
$20,000 $3,500 $4,000 $2,000 $29,500 $12,000 $17,500
Marcel
Vienneau
$20,000 $20,000 - $20,000
Alejandro
Rodriguez
$20,000 $3,500 $3,000 $2,000 $28,500 $12,000 $16,500
Total $140,000 $60,000 $80,000

Notes:

  • (1) Commencing on June 23, 2021 (the date of the election of the directors to the Board).

  • (2) The amount payable in stock options was paid in its entirety to the directors through the issuance of the stock options that were granted by the Board to the directors on June 23, 2021 as disclosed via News Release.

  • 18-

Director Outstanding Share-based Awards and Option-Based Awards at the End of 2021

Option-based Awards Option-based Awards Option-based Awards Option-based Awards Share-based Awards Share-based Awards
Name Number of securities
underlying
unexercised options
(#)
Option
exercise
price
Option
expiration date
Value of
unexercised
in-the-
Number of
shares or
units of
Market or
payout value
of share-based
awards that
have not
vested
($)

($)
money shares that
options
($)(1)
have not
vested
(#)
Jacques Côté 120,000(2)
284,091(3)
2,291,666(4)
434,782(5)
0.35
0.055
0.05
0.05
16/10/2022
21/06/2022
21/12/2023
23/06/2024
-
-
-
-
N/A N/A
Allan Rosenhek 120,000(2)
1,041,666(4)
434,782(5)
0.35
0.05
0.05
16/10/2022
21/12/2023
23/06/2024
-
-
-
N/A N/A
David Robinson 585,284(5) 0.05 23/06/2024 - N/A N/A
Alejandro
Rodriguez
551,839(5) 0.05 23/06/2024 - N/A N/A
Marcel Vienneau 668,896(5) 0.05 23/06/2024 - N/A N/A

Notes:

(1) Calculation based on the closing trading price of the Common Shares on the TSX Venture Exchange of $0.03 on December 31, 2021, the last trading day of the Corporation’s most recently completed financial year

(2) One-third of the options granted on December 20, 2017 vested immediately upon grant, one-third vested on December 20, 2018 and the remaining options vested on December 20, 2019.

(3) Of the options granted on June 21, 2019, one sixth (1/6) of options vested on the date of the grant, one sixth (1/6) of the options vested on June 21, 2020, one sixth (1/6) of the options vested on June 21, 2021 and the remaining three sixths (3/6) of the options are forfeited as of June 30, 2020 as the market price of the Corporation’s stock failed to attain at least $0.10 per share prior to June 30, 2020.

(4) Of the options granted on December 21, 2020, all the options vested on December 24, 2020 as the market price of the Corporation’s stock attained a price of at least $0.055 per share prior to December 31, 2021.

(5) Of the options granted on June 23, 2021, all the options are forfeited as of June 23, 2022 as the market price of the Corporation’s stock failed to attain at least $0.055 per share prior to June 23, 2022.

Director Incentive Plan Awards – Value Vested or Earned During the Year 2021

**Name ** Option-based awards – Value
vested during the year
($)
Share-based awards – Value
vested during the year
($)
Non-equity incentive plan
compensation – Value earned
during the year
($)
Jacques Côté 3,101(1) N/A N/A
Allan Rosenhek 3,786(2) N/A N/A
Vincent Hogue(7) 3,535(3) N/A N/A
Louis Bélanger-Martin(7) 2,481(4) N/A N/A
David Robinson(8) -(5) N/A N/A
Alejandro Rodriguez(8) -(6) N/A N/A
Marcel Vienneau -(9) N/A N/A
  • 19-

Notes:

  • (1) Of the 568,181 options granted to Mr. Côté on June 21, 2019, 94,697 options vested on the date of the grant, 94,697 options vested on June 21, 2020, 94,697 options vest on June 21, 2021 and the remaining 284,090 options are forfeited as of June 30, 2020 as the market price of the Corporation’s stock failed to attain at least $0.10 per share prior to June 30, 2020. Of the 2,291,666 options granted to Mr. Côté on December 21, 2020, all the options vested on December 24, 2020 as the market price of the Corporation’s stock attained a price of at least $0.055 per share prior to December 31, 2021. Of the 434,782 options granted to Mr. Côté on June 23, 2021, all the options are forfeited as of June 23, 2022 as the market price of the Corporation’s stock failed to attain at least $0.055 per share prior to June 23, 2022. During fiscal year ended December 2021, 94,697 options vested.

  • (2) Of the 1,041,666 options granted to Mr. Rosenhek on Decemebr 21, 2020, all the options vested on December 24, 2020 as the market price of the Corporation’s stock attained a price of at least $0.055 per share prior to December 31, 2021. Of the 434,782 options granted to Mr. Rosenhek on June 23, 2021, all the options are forfeited as of June 23, 2022 as the market price of the Corporation’s stock failed to attain at least $0.055 per share prior to June 23, 2022. During fiscal year ended December 2021, 121,212 options vested.

  • (3) Of the 647,727 options granted to Mr. Hogue on June 21, 2019, 107,955 options vested on the date of the grant, 107,955 options vested on June 21, 2020, 107,955 options vest on June 21, 2021 and the remaining 323,862 options are forfeited as of June 30, 2020 as the market price of the Corporation’s stock failed to attain at least $0.10 per share prior to June 30, 2020. Of the 1,395,833 options granted to Mr. Hogue on Decemebr 21, 2020, all the options vested on December 24, 2020 as the market price of the Corporation’s stock attained a price of at least $0.055 per share prior to December 31, 2021. During fiscal year ended December 2021, 107,955 options vested.

  • (4) Of the 454,545 options granted to Mr. Bélanger-Martin on June 21, 2019, 75,758 options vested on the date of the grant, 75,758 options vested on June 21, 2020, 75,758 options vest on June 21, 2021 and the remaining 227,271 options are forfeited as of June 30, 2020 as the market price of the Corporation’s stock failed to attain at least $0.10 per share prior to June 30, 2020. Of the 1,187,500 options granted to Mr. Bélanger-Martin on Decemebr 21, 2020, all the options vested on December 24, 2020 as the market price of the Corporation’s stock attained a price of at least $0.055 per share prior to December 31, 2021. During fiscal year ended December 2021, 75,758 options vested.

  • (5) Of the 585,284 options granted to Mr. Robinson on June 23, 2021, all the options are forfeited as of June 23, 2022 as the market price of the Corporation’s stock failed to attain at least $0.055 per share prior to June 23, 2022. During fiscal year ended December 2021, no options vested.

  • (6) Of the 551,839 options granted to Mr. Rodriguez on June 23, 2021, all the options are forfeited as of June 23, 2022 as the market price of the Corporation’s stock failed to attain at least $0.055 per share prior to June 23, 2022. During fiscal year ended December 2021, no options vested.

  • (7) Vincent Hogue and Louis Bélanger-Martin remained on the Board of Directors of the Corporation up to June 23, 2021.

  • (8) David Robinson and Alejandro Rodriguez joined the Board of Directors of the Corporation on June 23, 2021.

  • (9) Of the 668,896 options granted to Mr. Vienneau on June 23, 2021, all the options are forfeited as of June 23, 2022 as the market price of the Corporation’s stock failed to attain at least $0.055 per share prior to June 23, 2022. During fiscal year ended December 2021, no options vested.

7. SECURITIES AUTHORIZED FOR ISSUANCE UNDER EQUITY COMPENSATION PLANS

The following table sets forth the number of Common Shares to be issued upon exercise of outstanding Options, the weighted-average exercise price of such outstanding Options and the number of Common Shares remaining available for future issuance under equity compensation plans as at December 31, 2021.

Plan Category Number of Common
Shares to be Issued Upon
Exercise of Outstanding
Options
Weighted Average
Exercise Price of
Outstanding Options
Number of Common
Shares Remaining
Available for Future
Issuance Under
the Plan(1)
Equity Compensation Plan of
the Corporation approved by
the shareholders
18,817,147 $0.08 7,741,656
Equity Compensation Plan of
the Corporation not approved
by the Shareholders
N/A N/A N/A
  • 20-

Notes: (1) Based on the figure that is 10% of the issued and outstanding Common Shares that were available for issuance under the Option Plan as at December 31, 2021. As at such date there were 265,588,031Common Shares issued and outstanding.

As at the date of this Circular, the Corporation does not have any equity compensation plan other than the Stock Option Plan.

8. INDEBTEDNESS OF DIRECTORS AND EXECUTIVE OFFICERS

As at December 31, 2021 none of the directors, senior officers or employees of the Corporation were indebted to the Corporation nor has the Corporation guaranteed or otherwise supported any indebtedness of any of the said parties during that period.

9. INTEREST OF INFORMED PERSONS IN MATERIAL TRANSACTIONS

To the knowledge of the Corporation, no directors or executive officers or any other insiders of the Corporation, or persons related to or forming part of the same group as said persons, has any material interest in a transaction that has been concluded since the beginning of the last fiscal year or has an interest in any planned transaction that has affect or could affect in a material manner the Corporation or any of its subsidiaries.

10. DIRECTORS AND OFFICERS LIABILITY INSURANCE

The Corporation maintains directors' and officers' liability insurance on behalf of the directors and officers of the Corporation. The premium for the liability insurance is $60,315 (plus applicable tax) and is limited to $7,000,000 per claim made against a director or officer of the Corporation.

11. STATEMENT OF CORPORATE GOVERNANCE PRACTICES

The Board of Directors of the Corporation considers good corporate governance to be important to the effective operations of the Corporation and to ensure that the Corporation is managed so as to enhance shareholder value. The Board of Directors is responsible for ensuring that the Corporation addresses all relevant corporate governance issues in compliance with the corporate governance guidelines set forth in Policy Statement 58-201 Corporate Governance Guideline of the Canadian Securities Administrators.

The Corporation’s disclosure of corporate governance practices pursuant to Regulation 58-101 respecting Disclosure of Corporate Governance Practices is set out in Schedule "A" to this Proxy Circular.

12. AUDIT & IT SECURITY COMMITTEE INFORMATION

Audit & IT Security Committee Charter

The Audit & IT Security Committee has formal terms of reference, the text of which is attached in Schedule “B” and is incorporated herein by reference. The Audit & IT Security Committee terms of reference sets out the mandate and responsibilities of the Audit Committee after careful consideration of Regulation 52-110 respecting Audit Committees (" Regulation 52-110 ") of the Canadian Securities Administrators and other applicable policies.

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Composition of Audit & IT Security Committee

At the date of this Proxy Circular, the Corporation had three members on the Audit & IT Security Committee, all three of of whom are independent under Regulation 52-110. All the members of the Committee are "financially literate" and have the ability to read and understand a set of financial statements.

Name Independent Financially Literate
Jacques Côté Yes Yes
David Robinson Yes Yes
Alejandro Rodriguez Yes Yes

Relevant Education and Experience

Please refer to the heading "Election of Directors" for details on the education and experience of the Audit & IT Security Committee members that are relevant to the performance of their responsibilities as members of the Audit & IT Security Committee.

The Audit & IT Security Committee meets as circumstances require or adopts written resolutions with respect to the Corporation's financial statements.

Reliance on Certain Exemptions

The Corporation is relying upon the exemption in section 6.1 of Regulation 52-110 in respect of its reporting obligations under Regulation 52-110. At no time since the commencement of the Corporation's most recently completed financial year has the Corporation relied on exemptions in relation to " De Minimis NonAudit Services" or any exemption provided by Part 8 of Regulation 52-110.

Audit & IT Security Committee Oversight

At no time since the commencement of the Corporation's most recently completed financial year have any recommendations by the Audit & IT Security Committee respecting the appointment and/or compensation of the Corporation's external auditors not been adopted by the Board.

Pre-Approval Policies and Procedures

The Audit & IT Security Committee approves the engagement terms for all audit and non-audit services to be provided by the Corporation’s auditors before such services are provided to the Corporation or any of its subsidiaries.

13. OTHER MATTERS WHICH MAY COME BEFORE THE MEETING

Management of the Corporation knows of no matters to come before the Meeting other than as set forth in this Circular. HOWEVER, IF OTHER MATTERS WHICH ARE NOT KNOWN TO THE MANAGEMENT SHOULD PROPERLY COME BEFORE THE MEETING, THE ENCLOSED FORM

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OF PROXY WILL BE USED TO VOTE ON SUCH MATTERS IN ACCORDANCE WITH THE BEST JUDGMENT OF THE PERSONS VOTING THE PROXY.

14. ADDITIONAL INFORMATION

Additional information relating to the Corporation is available on SEDAR at www.sedar.com and on the Corporation's website at www.mobi724.com Financial information is provided in the Corporation's comparative financial statements and management's discussion and analysis for the year ended December 31, 2021, copy of which may be obtained on request from the Corporate Secretary, at 1275 Avenue des Canadiens-de-Montréal, Suite 500, Montreal, Quebec H3B 0G4. The Corporation may require the payment of a reasonable charge when the request is made by someone other than a shareholder.

15. APPROVAL OF CIRCULAR

The contents of this Proxy Circular and delivery of it to each director of the Corporation, to the auditors of the Corporation and to the Shareholders of the Corporation entitled to notice of the Meeting, have been approved by the directors of the Corporation.

Montreal, Quebec, August 8, 2022

MOBI724 GLOBAL SOLUTIONS INC.

Per: (s) Marcel Vienneau Marcel Vienneau, President and Chief Executive Officer

SCHEDULE "A"

CORPORATE GOVERNANCE

STATEMENT OF CORPORATE GOVERNANCE PRACTICES MOBI724 GLOBAL SOLUTIONS INC.

(the " Corporation " )

Effective June 30, 2005, National Instrument 58-101 Disclosure of Corporate Governance Practices (" NI 58-101 ") and National Policy 58-201 Corporate Governance Guidelines (" NP 58-201 ") were adopted in each of the provinces and territories of Canada. NI 58-101 requires issuers to disclose the corporate governance practices that they have adopted. NP 58-201 provides guidance on corporate governance practices.

The Corporation seeks to attain high standards of corporate governance. The Board of Directors has carefully considered the Corporate Governance Guidelines set forth in Policy Statement 58-201 to Corporate Governance Guideline . A description of the Corporation’s corporate governance practices is set out below in response to the requirements of Regulation 58-101 respecting Disclosure of Corporate Governance Practices .

1. Board of DirectorsDisclose how the board of directors (the board) facilitates its exercise of independent supervision over management, including (i) the identity of directors that are independent, and (ii) the identity of directors who are not independent, and the basis for that determination.

Directors are considered to be independent if they have no direct or indirect material relationship with the Corporation. A "material relationship" is a relationship which could, in the view of the Corporation’s board of directors (the " Board "), be reasonably expected to interfere with the exercise of a director’s independent judgment.

Management has been delegated the responsibility for meeting defined corporate objectives, implementing approved strategic and operating plans, carrying on the Corporation’s business in the ordinary course, managing cash flow, evaluating new business opportunities, recruiting staff and complying with applicable regulatory requirements. The Board facilitates its independent supervision over management by reviewing and approving long-term strategic, business and capital plans, material contracts and business transactions, and all debt and equity financing transactions. Through its audit committee, the Board examines the effectiveness of the Corporation’s internal control processes and information systems.

Allan Rosenhek and Marcel Vienneau are non-independent members of the Corporation within the meaning of section 1.4 Regulation 58-101 regarding Disclosure of Corporate Governance Practices.

2. DirectorshipIf a director is presently a director of any other issuer that is a reporting issuer (or the equivalent) in a jurisdiction or a foreign jurisdiction, identify both the director and the other issuer.

As of the date of this Proxy Circular none of the directors of the Corporation are on the board of any other issuer except for David Robinson who has been a director of Rogers Communications Inc. since April 21, 2022.

3. Orientation and Continuing EducationDescribe what steps, if any, the board takes to orient new board members, and describe any measures the board takes to provide continuing education for directors.

While the Corporation does not currently have a formal orientation and education program for new recruits, when new directors are appointed, they receive orientation on the Corporation’s business industry, properties and on the responsibilities of directors. The Board believes that these procedures will prove to be a practical and effective approach in light of the Corporation's particular circumstances, including the size of the Corporation, limited changes to members of the Board and the experience and expertise of the members of the Board.

4. Ethical Business ConductDescribe what steps, if any, the board takes to encourage and promote a culture of ethical business conduct.

Until now, the Board has not adopted a formal code of business conduct or ethics given the size and limited operations and resources attributable to the Corporation.

5. Nomination of DirectorsDisclose what steps, if any, are taken to identify new candidates for board nomination, including (i) who identifies new candidates, and (ii) the process of identifying new candidates.

The Board considers its size each year when it considers the number of directors to recommend to the shareholders for election at the annual meeting of shareholders, taking into account the number required to carry out the Board’s duties effectively and to maintain a diversity of views and experience.

6. Compensation – Disclose what steps, if any, are taken to determine compensation for the directors and CEO, including (i) who determines compensation, and (ii) the process of determining compensation.

The Board of Directors is responsible for (i) evaluating senior management; and (ii) developing appropriate compensation policies for the senior management and directors of the Corporation, including implementation of the Corporation's stock option plan. An initial grant of options is generally made at the time of recruitment and reviewed annually. All employment, consulting or other compensation arrangements between the Corporation and any director or officer or between any subsidiary of the Corporation and any director or officer are approved by independent directors.

7. Other Board CommitteesIf the board has standing committees other than the audit, compensation and nominating committees, identify the committees and describe their function .

Other than the Audit & IT Security Committee and Human Resources Committee, the Corporation has Business Development committee which reviews business development strategies, sales funnels and strategic alliances.

8. AssessmentsDisclose what steps, if any, that the board takes to satisfy itself that the board, its committees, and its individual directors are performing effectively.

The Board makes informal assessments on a periodic basis regarding the effectiveness of the Board itself, committees and individual directors in fulfilling their respective responsibilities.

SCHEDULE "B"

Mobi724 Global Solutions Inc. Audit & IT Security Committee - Terms of Reference

1. Mandate

The mandate of the Audit & IT Security Committee (the “ Committee ”) is to assist Mobi724 Global Solutions Inc. (“ Mobi724 ”) Board of Directors (the “ Board ”) in fulfilling its oversight responsibilities related to the quality and integrity of Mobi724’s financial reporting (the “Financial Auditing Function”), the safeguarding of Mobi724’s intellectual properties, the security of its IT systems and Mobi724’s compliant to applicable standards relating to data privacy (collectively the “IT Security Function”). Consistent with its Financial Auditing Function, the Committee assures that the financial reporting results in fair presentation of the financial position and results of operations of Mobi724 in accordance with Canadian accounting standards for public companies and ensures that appropriate systems and controls are maintained for the proper recording of transactions and protection of assets. The Committee also oversees Mobi724’s compliance with its legal, regulatory, and contractual obligations and provides oversight of the financial reporting and control activities.

Consistent with its IT Security Function, the Committee shall provide oversight and prioritization of information security and data privacy issues through the review and, if necessary, development of information security policies, procedures, and guidelines.

2. Responsibilities - Financial Auditing Function

The Committee is responsible for:

a) Financial Reporting:

  • i) Reviewing the quarterly and annual financial statements of Mobi724, any significant related entities and assessing the quality and appropriateness of the generally accepted accounting principles used in preparing the statements.

  • ii) Reviewing the significant estimates used in preparing the financial statements and significant variances from plans or comparable results of prior periods.

  • iii) Reviewing the external auditor’s report and discussing the financial statements with management and with the external auditor.

  • iv) Reviewing the auditor’s management letter and management’s response thereto, as well as the status of any significant issues reported previously.

  • v) Reviewing the report from management and the Management Discussion and Analysis to be included in the Annual Report and reporting its findings to the Board. The Committee shall be consulted on any other financial information presented in the Annual Report.

  • vi) Approving the quarterly financial statements and recommending the annual financial statements to the Board for its approval.

  • b) Financial and Accounting Policies:

Reviewing the appropriateness of and approving changes to the financial and accounting policies and disclosures.

c) Risk and Uncertainty

Reviewing, at least annually:

  • i) the significant risks and uncertainties that may affect Mobi724 and determining, together with the Board, the risk tolerance. Reviewing, on an annual basis, the adequacy of the internal control system established to minimize risk.

  • ii) the appropriateness of insurance coverage maintained by Mobi724.

  • d) Financial Controls and Control Deviations

Reviewing and considering any matters relating to the adequacy of internal controls and any reports from management or others on significant control deviations or indications of fraud and the corrective action undertaken with regard thereto. The Committee also oversees the status and handling of reports of possible fraudulent or dishonest use or misuse of Mobi724 resources or property by management, staff, consultants, affiliates or partners.

  • e) Compliance with Laws, Regulations and Contractual Obligations

Reviewing, as required, reports from management and others relating to the Mobi724’s compliance with laws, regulations and contractual obligations to which it is subject.

f) Relationship with External Auditor

Recommending annually the appointment of Mobi724’s auditor and reviewing and approving the associated remuneration. Reviewing and approving the overall scope and approach of the auditor’s annual audit plan. Reviewing and making recommendations, as appropriate, on any matter relating to the external audit of Mobi724’s accounts. Reviewing the auditor’s performance, at least annually, including a review of all relationships and engagements between the auditor and Mobi724 for non-audit services that may reasonably be thought to bear on the independence of the auditor.

g) Other Responsibilities

Reviewing and making recommendations, as appropriate on:

  • i) the Business Plan and Budget of Mobi724 for approval by the Board; including:

    • (a) the financial implications of any significant changes to approved budgets and other major undertakings or projects that may be contemplated during the year;

    • (b) the banking and other financing arrangements of the corporation; and (c) the planned funding strategy for the employee pension and benefit plans.

  • h) The provisions of the Mobi724 Code of Conduct and Intellectual Property Rights Agreement (the “Code of Conduct”) and the requirement for and status of the execution of the Code of Conduct by management, staff, consultants, affiliates or partners; and

  • i) Reviewing and approving the Chair of the Board expense report.

3. Responsibilities - IT Security Function

The Committee shall:

  • a) Oversee and advise the Board on Mobi724’s current cyber risk exposure and future cyber risk strategy;

  • b) Review at least annually Mobi724’s cyber security breach response and crisis management plan;

  • c) Review reports on any cyber security incidents and the adequacy of proposed action;

  • d) Review and consider the regular reports from the Chief Technology Officer (“CTO”);

  • e) Ensure the CTO is given the right of direct access to the Committee;

  • f) Consider and recommend actions in respect of all cyber risk issues escalated by the CTO and the compliance function;

  • g) Keep under review the effectiveness of Mobi724’s controls, services and products to analyze potential vulnerabilities that could be exploited;

  • h) Regularly assess what are Mobi724’s most valuable intangible assets and the most sensitive Mobi724 and customer information and assess whether the controls in place sufficiently protect those assets and information;

  • i) Review Mobi724’s ability to identify and manage new cyber risks;

  • j) Assess the adequacy of resources and funding for cyber security activities;

  • k) Regularly review the cyber risk posed by third parties including outsourced IT and other partners;

  • l) Oversee cyber security due diligence undertaken as part of an acquisition and advise the Board of the risk exposure; and

  • m) Annually assess the adequacy of Mobi724’s cyber insurance cover.

4. Authority

The Committee is empowered to:

  • a) make such enquiry and investigation and require such information and explanation from management as it reasonably considers necessary;

  • b) require management to inform the Committee and the auditor promptly of any material misstatement or error in the financial statements following discovery of such situation; and

  • c) engage expert advisors and consultants where appropriate.

5. Accountability

The Committee is accountable to the Board.

6. Composition and Term

The Board will appoint annually from among its members a Committee, which will consist of at least three (3) members of the Board. The Mobi724 Chairs and Vice Chair are not eligible to be members of the Committee. The Board will designate one Committee member as Chair of the Committee. Committee members may be reappointed; however, the maximum term of a Committee member will not exceed six consecutive years. In the absence of the Chair of the Committee, the Committee members present shall appoint one of the members to act as Chair of the meeting. The Mobi724 Chairs and the President may be nonvoting, ex officio attendees at meetings of the Committee. The Chair of the Committee shall determine the participants of any in camera sessions.

The CFO and CTO shall be a standing attendee. Only members of the Committee have the right to attend Committee meetings. However, other individuals (such as other directors, finance and IT representatives and compliance related representatives) may be invited to attend all or part of any meeting, as and when appropriate and necessary.

7. Assistance/Advice/Operations

Staff support will be provided by Mobi724.

8. Quorum and Decision Making

A quorum consists of at least two of the voting members of the Committee. Each Committee member is entitled to one vote and decisions shall be by majority vote of those participating in the meeting.

9. Standard of Care and Reliance on Experts

  • a) In the discharge of their duties under the Committee’s mandate, each member of the Committee shall be obliged to exercise all the care, diligence and skill that a reasonably prudent person would exercise in comparable circumstances where they are dealing with the affairs and property of another person. All members of the Committee must be financially literate, apart from which the standard of care and diligence imposed on the Committee members is no more onerous or extensive than that to which all Board members are subject.

  • b) In the discharge of their duties the members of the Committee may rely in good faith upon the report, advice and findings of any expert engaged by the committee to report upon the matter under consideration.

10. Operating Principles

The Committee shall conduct itself in accordance with the following operating principles:

a) Committee Values

The Committee and management are expected to operate in compliance with the provisions of the Mobi724 Code of Conduct and Intellectual Property Rights Agreement and the policies, laws and regulations governing Mobi724.

b) Communications

The Committee members will maintain direct, open and frank communications with management, the Board, the external auditor and other key advisors as appropriate.

c) Financial Literacy

All members of the Committee should be sufficiently versed in financial matters to understand Mobi724’s accounting practices and policies and the major judgements involved in preparing the financial statements.

  • d) Information Needs and Timing

The Committee shall communicate its expectations to management and the external auditor with respect to the nature, timing and extent of its information needs. The Committee expects that written meeting materials will be received by the Committee members at least one week in advance of regular meeting dates.

e) In Camera Meetings

The Committee members shall, when deemed appropriate, meet in private session with the external auditor, with management and as Committee members only to discuss matters relevant to the Committee’s mandate.

  • f) Committee Self-Assessment

The Committee shall annually review, discuss and assess the performance of the Committee and its members and shall periodically review and consider the need for recommending amendment to this charter to the Mobi724 Board.

11. Reporting

The Committee shall report to the Board as often as necessary but at least annually. Reporting shall normally be made through the Committee’s Chair.

12. Bilingualism

The Committee is designated as English/Français with accommodation.

13. Meetings

  • a) Meetings may be conducted in person or by telephone or video conference and shall be held as frequently as required to discharge the Committee’s mandate properly, but in no circumstances will meetings be held less frequently than twice each year. Meetings may be convened by order of the Chair or at the request of any member of the Committee, Mobi724’s auditor or management.

  • b) The Mobi724’s auditor shall receive notice of all meetings of the Committee and is entitled to appear and be heard thereat. Any member of the Committee may require the attendance of the auditor at any meeting of the Committee. The Committee shall meet with the auditor at least twice each year.

14. Funding

Funding for reasonable and necessary expenses for the activities of the Committee is provided from the budget of Mobi724.

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