Core Viewpoint - Vicinity Motor (NASDAQ:VEV) stock is experiencing significant trading activity, with over 73 million shares moving, far exceeding its average daily volume of approximately 2.5 million shares and its float of 41.34 million units [1][2]. Group 1: Stock Performance - VEV stock has surged by 141.1% as of Tuesday morning, indicating a strong upward movement in its price [3]. - The stock is categorized as a penny stock, with a prior closing price of 10 cents and a market capitalization of only $5.017 million [2][3]. Group 2: Market Activity - The unusual trading activity is occurring without any clear news or press releases from Vicinity Motor, nor is there any analyst coverage that could explain the rally [2]. - The high trading volume may suggest speculative interest from traders, potentially involving retail and day traders engaging in pump and dump strategies [3].

Vicinity Motor Corp. (NASDAQ:VEV) Q1 2024 Earnings Conference Call May 14, 2024 4:30 PM ET Company Participants William Trainer - Founder & CEO Brent Phillips - President Dan Buckle - CFO Conference Call Participants Robin Cornwell - Catalyst Research Poe Fratt - Alliance Global Partners Operator Greetings, and welcome to the Vicinity Motor Corp. First Quarter 2024 Corporate Update Conference Call. At this time all participants are in listen-only mode. A question-and-answer session will follow the formal pr ...

Vicinity Motor Corp. (NASDAQ:VEV) Q4 2023 Earnings Conference Call April 2, 2024 4:30 PM ET Company Participants William Trainer - Founder and CEO Dan Buckle - CFO Conference Call Participants Robin Cornwell - Catalyst Research Poe Fratt - Alliance Global Partners Operator Greetings and welcome to the Vicinity Motor Corp. Fourth Quarter and Full Year 2023 Corporate Update Conference Call. At this time all participants are in listen-only mode. A question-and-answer session will follow the formal presentation ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _______________ FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EX ...

[Report Overview](index=1&type=section&id=Report%20Overview) This section provides a high-level summary of the company's financial and operational performance [Q4 & FY 2023 Financial Results Announcement](index=1&type=section&id=Q4%20%26%20FY%202023%20Financial%20Results%20Announcement) Vicinity Motor Corp. announced Q4 and FY 2023 results, detailing **$5.1 million** Q4 revenue and **71 VMC 1200 electric truck** invoicing - Q4 2023 deliveries included **11 Vicinity™ Classic Transit Buses**[2](index=2&type=chunk) - Q4 2023 revenue reached **$5.1 million**[2](index=2&type=chunk) - **71 VMC 1200 electric trucks** were invoiced for 2024 delivery[4](index=4&type=chunk) [Fourth Quarter 2023 and Subsequent Operational Highlights](index=1&type=section&id=Fourth%20Quarter%202023%20and%20Subsequent%20Operational%20Highlights) This section details key operational achievements and management commentary from Q4 2023 [Management Commentary](index=1&type=section&id=Management%20Commentary) Management emphasized increasing operational execution and sales momentum in Q4 2023 across all product lines - The VMC 1200 provides an ideal entry into the underserved commercial EV market, with an attractive price point enhanced by Canadian federal and provincial rebates[5](index=5&type=chunk) - VMC 1200 was approved for Quebec's Écocamionnage Program, providing a **CAD$85,000 incentive** for commercial freight electrification[5](index=5&type=chunk) - Partnership with ADASTEC to develop an **SAE Level-4 automated Vicinity Lighting EV transit bus** (Vicinity Autonomous Lightning EV) for North America, with initial deployments in **Q2 2024**[6](index=6&type=chunk) - The transit bus business maintained a solid recurring customer base and strong order momentum, retaining market leadership in the Canadian mid-sized heavy-duty segment[8](index=8&type=chunk) - Order backlog **exceeded $125 million** as of December 31, 2023, with **over 75% from electric vehicles**[9](index=9&type=chunk) [Key Operational Achievements](index=1&type=section&id=Key%20Operational%20Achievements) Vicinity Motor Corp. achieved key operational milestones in Q4 2023, including substantial order backlog, increased revenue, and EV truck invoicing - Order backlog as of December 31, 2023, **exceeded $125 million**, with electric vehicles accounting for **over 75%**[7](index=7&type=chunk) - Revenue **increased to $5.1 million** in Q4 2023, primarily driven by the sale of **11 Vicinity™ Classic transit buses**[7](index=7&type=chunk) - Invoiced **71 EV trucks** to dealers in December 2023, with revenue recognition and delivery scheduled for 2024[7](index=7&type=chunk) - Secured four new VMC 1200 distribution agreements, establishing new dealerships in strategic Canadian markets (Ontario, Quebec, Alberta)[7](index=7&type=chunk) - Secured new orders for **twenty Vicinity™ Classic Clean Diesel Buses** from Autobus La Québécoise for 2024 delivery[7](index=7&type=chunk) - Partnered with ADASTEC to create an **SAE Level-4 automated Vicinity Lighting EV transit bus**, with deployment agreements for Michigan State University and Buffalo Niagara Medical Campus in **mid-2024**[7](index=7&type=chunk) [Fourth Quarter 2023 Financial Results](index=2&type=section&id=Fourth%20Quarter%202023%20Financial%20Results) Vicinity Motor Corp. reported significant financial improvements in 2023, with full-year revenue increasing to **$19.1 million** and gross profit improving to **$2.1 million** [Key Financial Metrics](index=2&type=section&id=Key%20Financial%20Metrics) Vicinity Motor Corp. reported significant financial improvements in 2023, with full-year revenue increasing to **$19.1 million** and gross profit improving to **$2.1 million** Revenue Performance | Metric | Q4 2023 (USD in millions) | Q4 2022 (USD in millions) | YoY Change (Q4) | FY 2023 (USD in millions) | FY 2022 (USD in millions) | YoY Change (FY) | | :----------------- | :------------ | :------------ | :-------------- | :------------ | :------------ | :-------------- | | Revenue | $5.1 million | $2.0 million | +155% | $19.1 million | $18.5 million | +3.2% | | Primary Driver (Q4) | 11 bus deliveries | 11 trucks | | | | | Gross Profit/Loss Analysis | Metric | Q4 2023 (USD in millions) | Q4 2022 (USD in millions) | YoY Change (Q4) | FY 2023 (USD in millions) | FY 2022 (USD in millions) | YoY Change (FY) | | :----------------- | :------------ | :------------ | :-------------- | :------------ | :------------ | :-------------- | | Gross Loss | $(0.4) million | $(0.6) million | Improved | | | | | Gross Loss % of Revenue | (9%) | (28%) | Improved | | | | | Gross Profit | | | | $2.1 million | $0.4 million | +425% | | Gross Profit % of Revenue | | | | 11% | 2% | Improved | Cash Flow from Operating Activities | Metric | Q4 2023 (USD in millions) | Q4 2022 (USD in millions) | YoY Change (Q4) | FY 2023 (USD in millions) | FY 2022 (USD in millions) | YoY Change (FY) | | :-------------------------------- | :------------ | :------------ | :-------------- | :------------ | :------------ | :-------------- | | Cash Used in Operating Activities | $5.7 million | $3.9 million | +46.2% | $24.7 million | $9.1 million | +171.4% | Net Loss and EPS | Metric | Q4 2023 (USD in millions) | Q4 2022 (USD in millions) | YoY Change (Q4) | FY 2023 (USD in millions) | FY 2022 (USD in millions) | YoY Change (FY) | | :----------------- | :------------ | :------------ | :-------------- | :------------ | :------------ | :-------------- | | Net Loss | $9.1 million | $3.8 million | +139.5% | $16.6 million | $18.0 million | -7.7% | | EPS (Basic & Diluted) | $(0.20) | $(0.08) | | $(0.36) | $(0.45) | | Adjusted EBITDA Performance | Metric | Q4 2023 (USD in millions) | Q4 2022 (USD in millions) | YoY Change (Q4) | FY 2023 (USD in millions) | FY 2022 (USD in millions) | YoY Change (FY) | | :----------------- | :------------ | :------------ | :-------------- | :------------ | :------------ | :-------------- | | Adjusted EBITDA Loss | $3.2 million | $1.4 million | +128.6% | $6.9 million | $7.4 million | -6.8% | Cash and Cash Equivalents Summary | Metric | Dec 31, 2023 (USD in millions) | Dec 31, 2022 (USD in millions) | YoY Change | | :-------------------------- | :----------------- | :----------------- | :---------- | | Cash and Cash Equivalents | $2.0 million | $1.6 million | +25% | [Fourth Quarter and Full Year 2023 Results Conference Call](index=2&type=section&id=Fourth%20Quarter%20and%20Full%20Year%202023%20Results%20Conference%20Call) This section provides details for the Q4 and FY 2023 results conference call, including access and replay information [Conference Call Details](index=2&type=section&id=Conference%20Call%20Details) This section provides details for the Q4 and FY 2023 results conference call, including access and replay information - Date & Time: **Tuesday, April 2, 2024, 4:30 p.m. Eastern time**[17](index=17&type=chunk) - U.S./Canada Dial-in: **1-877-407-3982**; International Dial-in: **1-201-493-6780**; Conference ID: **13745184**[17](index=17&type=chunk) - Webcast available at: Vicinity Motor Q4 & FY2023 Webcast[17](index=17&type=chunk) - Playback available through **Wednesday, May 1, 2024**, via phone replay (U.S./Canada: **1-844-512-2921**, International: **1-412-317-6671**, replay pin **13745184**) and webcast[18](index=18&type=chunk) [About Vicinity Motor Corp.](index=3&type=section&id=About%20Vicinity%20Motor%20Corp.) This section provides an overview of Vicinity Motor Corp., a North American supplier of electric vehicles for public and commercial sectors [Company Profile](index=3&type=section&id=Company%20Profile) Vicinity Motor Corp. is a North American supplier of electric vehicles for public and commercial sectors, leveraging a dealer network and manufacturing partners - Vicinity Motor Corp. is a North American supplier of electric vehicles for both public and commercial enterprise use[19](index=19&type=chunk) - The company supplies flagship electric, CNG, and clean-diesel Vicinity buses, as well as the VMC 1200 electric truck[19](index=19&type=chunk) - Leverages a dealer network and relationships with manufacturing partners to serve transit and industrial markets[19](index=19&type=chunk) [Contact Information](index=3&type=section&id=Contact%20Information) This section provides contact details for the Company's VP Corporate Development and Investor Relations - Company Contact: John LaGourgue, VP Corporate Development, **604-288-8043**, **IR@vicinitymotor.com**[20](index=20&type=chunk) - Investor Relations Contact: Lucas Zimmerman, MZ Group - MZ North America, **949-259-4987**, **VMC@mzgroup.us**[20](index=20&type=chunk) [Legal and Financial Disclosures](index=3&type=section&id=Legal%20and%20Financial%20Disclosures) This section outlines legal and financial disclosures, including cautionary notes on forward-looking statements and non-GAAP financial measures [Cautionary Note Regarding Forward-Looking Statements](index=3&type=section&id=Cautionary%20Note%20Regarding%20Forward-Looking%20Statements) This section advises on forward-looking statements, highlighting inherent risks and uncertainties that may cause actual results to differ materially - The press release includes **'forward-looking information'** and **'forward-looking statements'** identified by words like 'expects', 'anticipates', 'believes', etc[21](index=21&type=chunk) - Forward-looking statements involve various risks and uncertainties, and actual results could differ materially from those anticipated[21](index=21&type=chunk) - Important factors include economic conditions, vehicle sales volume, market prices for parts, operational strategies, facility operations, COVID-19 impact, supply chain recovery, strategic partnerships, and debt terms[22](index=22&type=chunk) - Vicinity assumes no obligation to update forward-looking statements or beliefs, opinions, projections, or other factors, should they change, except as required by law[22](index=22&type=chunk) [Non-GAAP Financial Measures](index=3&type=section&id=Non-GAAP%20Financial%20Measures) This section defines non-GAAP financial measures, specifically **Adjusted EBITDA**, noting they lack standardized IFRS meanings but are useful for assessing performance - Non-GAAP and other financial measures do not have standardized meaning prescribed by IFRS and may not be directly comparable to similar measures presented by other issuers[23](index=23&type=chunk) - Data presented is intended to provide additional information and should not be considered in isolation or as a substitute for IFRS measures[23](index=23&type=chunk) - **Adjusted EBITDA** is defined as earnings before interest, income taxes, depreciation and amortization, foreign exchange gains or losses, certain non-recurring/non-operating income and expenses, and share-based compensation[24](index=24&type=chunk) - **Adjusted EBITDA** is considered a meaningful metric in assessing the Company's financial performance and operational efficiency[24](index=24&type=chunk) [Adjusted EBITDA Reconciliation](index=4&type=section&id=Adjusted%20EBITDA%20Reconciliation) This section provides a reconciliation of **Adjusted EBITDA**, a non-GAAP financial measure, to Net Comprehensive Loss Adjusted EBITDA Reconciliation Table | | 3 months ended | 3 months ended | Year ended | Year ended | | --- | --- | --- | --- | --- | | | December 31, | December 31, | December 31, | December 31, | | (US dollars in thousands - unaudited) | 2023 | 2022 | 2023 | 2022 | | Net Comprehensive loss | (9,108) | (3,828) | (16,633) | (17,948) | | Add back | | | | | | Stock based compensation | 470 | 668 | 929 | 1,380 | | Interest | 1,876 | 482 | 5,036 | 2,258 | | Gain on modification of debt | — | — | (492) | (803) | | Change in fair value of embedded derivatives | (580) | — | (605) | — | | Write down of intangible asset | 5,037 | — | 5,037 | — | | Foreign exchange (gain) loss | (1,546) | (629) | (1,728) | 3,253 | | (Gain) loss on disposal of property and equipment | (6) | — | (6) | 27 | | Inventory write down | 178 | 1,227 | 178 | 1,227 | | Income tax expense | (9) | (98) | — | 202 | | Amortization | 510 | 754 | 1,419 | 2,966 | | **Adjusted EBITDA** | **(3,178)** | **(1,424)** | **(6,865)** | **(7,438)** | [Consolidated Financial Statements](index=5&type=section&id=Consolidated%20Financial%20Statements) The Consolidated Financial Statements provide a comprehensive overview of the company's financial position, performance, and cash flows [Consolidated Statements of Financial Position](index=5&type=section&id=Consolidated%20Statements%20of%20Financial%20Position) The Consolidated Statements of Financial Position detail the company's assets, liabilities, and equity as of December 31, 2023 and 2022 Financial Position Data | | Dec 31, 2023 (USD in thousands) | Dec 31, 2022 (USD in thousands) | Change (USD in thousands) | Change (%) | | :------------------------------------ | :--------------- | :--------------- | :--------- | :--------- | | **Current Assets** | | | | | | Cash and cash equivalents | 2,026 | 1,622 | 404 | 24.9% | | Trade and other receivables | 5,599 | 2,655 | 2,944 | 110.9% | | Inventory | 23,273 | 10,068 | 13,205 | 131.1% | | Prepaids and deposits | 9,748 | 3,801 | 5,947 | 156.5% | | **Total Current Assets** | **40,646** | **18,146** | **22,500** | **124.0%** | | **Long-term Assets** | | | | | | Intangible assets | 9,815 | 14,273 | (4,458) | -31.2% | | Property, plant, and equipment | 23,734 | 22,613 | 1,121 | 5.0% | | **Total Assets** | **74,195** | **55,032** | **19,163** | **34.8%** | | **Current Liabilities** | | | | | | Accounts payable and accrued liabilities | 10,162 | 4,942 | 5,220 | 105.6% | | Credit facility | 15,926 | 628 | 15,298 | 2436.0% | | Current portion of deferred revenue | 4,429 | 2,382 | 2,047 | 86.0% | | Current debt facilities | 8,499 | 6,587 | 1,912 | 29.0% | | Convertible debt | 2,658 | — | 2,658 | N/A | | **Total Current Liabilities** | **43,508** | **16,573** | **26,935** | **162.5%** | | **Long-term Liabilities** | | | | | | Other long-term liabilities | 9,355 | 1,503 | 7,852 | 522.4% | | **Total Liabilities** | **52,998** | **18,200** | **34,798** | **191.2%** | | **Shareholders' Equity** | **21,197** | **36,832** | **(15,635)** | **-42.4%** | [Consolidated Statements of (Loss) Income](index=6&type=section&id=Consolidated%20Statements%20of%20%28Loss%29%20Income) The Consolidated Statements of (Loss) Income for 2023 and 2022 show increased revenue and gross profit, but also higher expenses leading to a net loss Statements of (Loss) Income Data | (In thousands of US dollars, except for per share amounts) | Year ended Dec 31, 2023 (USD in thousands) | Year ended Dec 31, 2022 (USD in thousands) | Change (USD in thousands) | Change (%) | | :------------------------------------------------------ | :-------------------------- | :-------------------------- | :--------- | :--------- | | **Revenue** | | | | | | Vehicle sales | 13,651 | 13,165 | 486 | 3.7% | | Other | 5,399 | 5,310 | 89 | 1.7% | | **Total Revenue** | **19,050** | **18,475** | **575** | **3.1%** | | Cost of sales | (16,914) | (18,035) | 1,121 | -6.2% | | **Gross profit** | **2,136** | **440** | **1,696** | **385.5%** | | **Expenses** | | | | | | Sales and administration | 9,730 | 9,526 | 204 | 2.1% | | Stock-based compensation | 929 | 1,380 | (451) | -32.7% | | Amortization | 862 | 2,572 | (1,710) | -66.5% | | Interest and finance costs | 5,036 | 2,258 | 2,778 | 123.0% | | Change in fair value of embedded derivatives | (605) | — | (605) | N/A | | Write-down of intangible asset | 5,037 | — | 5,037 | N/A | | Gain on modification of debt | (492) | (803) | 311 | -38.7% | | Foreign exchange (gain) loss | (1,728) | 3,253 | (4,981) | -153.1% | | **Total Expenses** | **18,769** | **18,186** | **583** | **3.2%** | | Loss before taxes | (16,633) | (17,746) | 1,113 | -6.3% | | Current income tax expense | — | 202 | (202) | -100.0% | | **Net loss** | **(16,633)** | **(17,948)** | **1,315** | **-7.3%** | | **Loss per share (Basic & diluted)** | **(0.36)** | **(0.45)** | **0.09** | **-20.0%** | | Weighted average number of common shares outstanding | 45,605,239 | 39,650,426 | 5,954,813 | 15.0% | [Consolidated Statements of Cash Flows](index=7&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) The Consolidated Statements of Cash Flows for 2023 and 2022 indicate increased cash used in operating activities, offset by substantial cash from financing activities Cash Flow Data | (In thousands of US dollars) | Year ended Dec 31, 2023 (USD in thousands) | Year ended Dec 31, 2022 (USD in thousands) | Change (USD in thousands) | Change (%) | | :-------------------------- | :-------------------------- | :-------------------------- | :--------- | :--------- | | **Cash used in operating activities** | **(24,697)** | **(9,082)** | **(15,615)** | **171.9%** | | **Cash used in investing activities** | **(1,945)** | **(10,698)** | **8,753** | **-81.8%** | | **Cash provided by financing activities** | **27,014** | **17,368** | **9,646** | **55.5%** | | Effect of foreign exchange rate on cash | 32 | (368) | 400 | -108.7% | | **Increase (decrease) in cash and cash equivalents** | **404** | **(2,780)** | **3,184** | **-114.5%** | | Cash and cash equivalents, beginning | 1,622 | 4,402 | (2,780) | -63.1% | | **Cash and cash equivalents, ending** | **2,026** | **1,622** | **404** | **24.9%** |

Vicinity Motor Corp. (NASDAQ:VEV) Q3 2023 Earnings Conference Call November 13, 2023 4:30 PM ET Company Participants William Trainer - Founder and Chief Executive Officer Dan Buckle - Chief Financial Officer Conference Call Participants Robin Cornwell - Catalyst Research Poe Fratt - Alliance Global Partners Operator Greetings and welcome to the Vicinity Motor Corp. Third Quarter 2023 Corporate Update Conference Call. At this time all participants are in listen-only mode. A question-and-answer session will f ...

Vicinity Motor Corp. (NASDAQ:VEV) Q2 2023 Results Conference Call August 14, 2023 4:30 PM ET Company Participants William Trainer - Founder and CEO Dan Buckle - CFO Conference Call Participants Poe Fratt - Alliance Global Partners Robin Cornwell - Catalyst Research **Note: Transcript provided by the company Operator Greetings, and welcome to the Vicinity Motor Corp.’s Second Quarter 2023 Earnings Conference Call. [Operator Instructions] Before we begin the formal presentation, I'd like to remind everyone th ...

Vicinity Motor Corp. (NASDAQ:VEV) Q1 2023 Earnings Conference Call May 15, 2023 4:30 PM ET Company Participants William Trainer - Founder and CEO Danial Buckle - CFO Conference Call Participants Poe Fratt - Alliance Global Partners Robin Cornwell - Catalyst Equity Research Operator Greetings and welcome to the Vicinity Motor Corp. First Quarter 2023 Corporate Update Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. A ...

Financial Performance - Revenue for the year ended December 31, 2022 was $18,475, a decrease of 56% compared to $41,708 for 2021[201]. - Net loss for the year ended December 31, 2022 was $17,948, compared to a net loss of $7,323 for 2021[201]. - Gross margin for the year ended December 31, 2022 was 2% of revenue, down from 10% in 2021[202]. - Adjusted EBITDA loss for the year ended December 31, 2022 was ($7,438), compared to ($2,666) for 2021[205]. - Revenue for Q4 2022 was $2,035, a 13% decrease from $2,330 in Q4 2021, primarily due to product mix with 11 truck deliveries versus four bus deliveries[241]. - Gross loss for Q4 2022 was $560, representing a gross margin of (28%) of revenue, compared to a gross loss of $316 or (14%) of revenue in Q4 2021[242]. - For the year ended December 31, 2022, revenue was $18,475, down from $41,708 in 2021, with vehicle sales revenue at $13,165 compared to $38,197 in 2021[243][244]. - Total revenue for the year ended December 31, 2022 was $18,475, a significant decrease from $41,708 in 2021, with bus sales in Canada dropping from $10,925 to $7,429[281]. Operational Developments - The newly constructed manufacturing facility in Ferndale, Washington is set to commence operations in the first half of 2023[218]. - The Corporation's first Vicinity Lightning™ EV buses are in production, and the Vicinity 1200 EV trucks were delivered in November 2022[226]. - The demand for the VMC 1200 has exceeded expectations with 1,000 trucks ordered in October 2022[217]. - The Corporation secured a $100 million+ purchase order for 1,000 VMC 1200 electric trucks from Pioneer Auto Group[203]. Cash Flow and Liquidity - Cash used in operating activities for the year ended December 31, 2022 was $9,082, a decrease of $12,676 compared to cash provided of $3,594 in 2021, mainly due to increased operational losses[251]. - Investing activities used cash of $10,698 in 2022, a decrease from $23,120 in 2021, attributed to the purchase of a sales and marketing license in 2021[252]. - Financing activities provided cash of $17,368 in 2022, down from $22,945 in 2021, due to lower proceeds from option exercises and private placements[253]. - The company estimates sufficient liquidity to meet working capital requirements for at least the next twelve months based on forecasted cash flows and current cash on hand[263]. - The company had cash and cash equivalents of $1,622 as of December 31, 2022, down from $4,402 in 2021, reflecting a decrease in liquidity[250]. - The company had $19.4 million undrawn on its C$20 million credit facility as of December 31, 2022, and subsequently secured an additional $30 million in debt financing for production[262]. Expenses and Costs - Selling, general, and administrative costs rose by $1.7 million from 2021 to 2022, driven by increased travel, legal, and compliance expenses[247]. - Depreciation increased by $1.7 million in 2022 due to the Optimal license purchased in Q4 2021[248]. - Interest costs rose by $739 in 2022 compared to 2021, reflecting a full year of interest on debt received in Q4 2021[248]. - Foreign exchange losses increased by $2.9 million in 2022, primarily due to intercompany balance translations[249]. Management and Compensation - The total compensation for CEO William Trainer in fiscal 2022 was C$480,428, including a base salary of C$467,588 and other compensation[299]. - The Corporation's Vice President Corporate Development, John LaGourgue, received total compensation of C$342,941, with a base salary of C$310,380[299]. - Chief Financial Officer Dan Buckle earned total compensation of C$379,633, including a base salary of C$311,072[299]. - The Corporation's independent directors received total compensation ranging from C$120,000 to C$180,000 for their services in fiscal 2022[297]. - The Corporation's compensation program aims to attract and retain qualified executives, motivate performance, and align interests with shareholders[300]. - The Corporation's Board reviews compensation policies annually to mitigate risks associated with executive compensation practices[309]. - The Corporation's executives receive a significant portion of their compensation in the form of long-term equity-based awards[315]. Shareholder Information - The total direct and indirect shareholdings of the Corporation's directors and executive officers amounted to 4,600,428 common shares, representing 10.07% of total outstanding common shares[328]. - William Trainer holds 1,613,541 common shares, accounting for 3.53% of total outstanding shares[326]. - Joseph Miller owns 1,908,809 common shares, representing 4.18% of total outstanding shares[326]. Corporate Governance - The Audit Committee oversees the financial reporting processes and the integrity of the Corporation's financial statements[320]. - The Compensation Committee is responsible for recommending compensation levels for NEOs and key employees[325]. - The Corporation's Omnibus Equity Incentive Plan was adopted on December 22, 2022, allowing for equity-based incentive awards including Options, RSUs, DSUs, and PSUs[314]. - As of the date of the Annual Report, the Corporation has 1,580,826 Options and 623,802 DSUs outstanding[318]. - The maximum number of common shares available for issuance under the Omnibus Plan is capped at 10% of the issued and outstanding common shares[317]. - The Corporation had 57 employees as of December 31, 2022, an increase from 52 in 2021 and 48 in 2020[326].

Vicinity Motor Corp. (NASDAQ:VEV) Q4 2022 Earnings Conference Call March 30, 2023 4:30 PM ET Company Participants William Trainer - Founder and Chief Executive Officer Danial Buckle - Chief Financial Officer Conference Call Participants Poe Fratt - Alliance Global Partners Robin Cornwell - Catalyst Equity Research Operator Greetings and welcome to the Vicinity Motor Corp. Fourth Quarter and Full Year 2022 Corporate Update Conference Call. [Operator Instructions] As a reminder, this conference is being recor ...