# EDGAR Filing Document

**Accession Number:** 0001706164
**File Stem:** 0001706164-25-000007
**Filing Date:** 2025-8
**Character Count:** 76338
**Document Hash:** 11b45d8835ab4f6d895304b9aabe7dde
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001706164-25-000007.hdr.sgml**: 20250829

**ACCESSION NUMBER**: 0001706164-25-000007

**CONFORMED SUBMISSION TYPE**: N-PX

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250829

**EFFECTIVENESS DATE**: 20250829

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PenderFund Capital Management Ltd.
- **CENTRAL INDEX KEY:** 0001706164

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A1
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-PX
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-18272
- **FILM NUMBER:** 251281966

**BUSINESS ADDRESS:**
- **STREET 1:** SUITE 1830, 1066 W. HASTINGS STREET
- **CITY:** VANCOUVER
- **STATE:** A1
- **ZIP:** V6E 3X2
- **BUSINESS PHONE:** 6046881511

**MAIL ADDRESS:**
- **STREET 1:** SUITE 1830, 1066 W. HASTINGS STREET
- **CITY:** VANCOUVER
- **STATE:** A1
- **ZIP:** V6E 3X2

## FORM N-PX
### ANNUAL REPORT OF PROXY VOTING RECORD

## N-PX: Filer Information

**Filer CIK:** 0001706164

**Date of Report:** 06/30/2025

**Are you a Registered Management Investment Company or an Institutional Manager?:** Institutional Manager

**Is this a LIVE or TEST Filing?:** LIVE

**Is this an electronic copy of an official filing submitted in paper format?:** [ ]

### Submission Contact Information
_Not provided in this filing._

### Notification Information
**Notify via Filing Website only?:** [ ]

## N-PX: Cover Page

**Name of reporting person:** PenderFund Capital Management Ltd.

**Address:** Suite 1830, 1066 West Hastings Street, Vancouver, A1 V6E 3X2

**Telephone number:** (604) 688-1511

**Name of agent for service:** —

**Agent Address:** —, —, — —

**Reporting Period:** Report for the year ended 06/30/2025

**SEC File Number:** 028-18272

**CRD Number (if any):** —

**Other SEC File Number (if any):** —

**LEI (if any):** —

**Report Type (check only one):**

Institutional Manager.

- [x] Institutional Manager Voting Report

- [ ] Institutional Manager Notice Report

- [ ] Institutional Manager Combination Report

Registered Management Investment Company.

- [ ] Fund Voting Report

- [ ] Fund Notice Report

**Do you wish to provide explanatory information pursuant to Special Instruction B.4?:**

- [x] No

- [ ] Yes

**Additional information:** —

## N-PX: Summary - Included Managers

**Number of Included Institutional Managers:** 0

**Included Institutional Managers:** —

## FORM N-PX PROXY VOTING RECORD

| NAME OF ISSUER                          | CUSIP     | MEETING DATE   | VOTE DESCRIPTION                                                                                                                                                                                                                                                                                                                                                       | VOTE CATEGORY                |   SHARES VOTED |   SHARES ON LOAN | HOW VOTED   | SHARES VOTED FOR OR AGAINST MANAGEMENT   | FOR OR AGAINST MANAGEMENT   | OTHER INFO   |
|:---|:---|:---|:---|:---|---:|---:|:---|:---|:---|:---|
| ACCOLADE, INC.                          | 00437E102 | 03/27/2025     | To approve, on a non-binding, advisory basis, the compensation that will or may become payable by Accolade to its named executive officers in connection with the Merger.                                                                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |          62700 |                0 | FOR         | 62700                                    | FOR                         |  |
| ADAMS RESOURCES  ENERGY, INC.           | 006351308 | 01/29/2025     | A proposal to approve, on a non-binding, advisory basis, certain compensation that will or may be paid by Adams to its named executive officers that is based on or otherwise relates to the Merger.                                                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |          10496 |                0 | FOR         | 10496                                    | FOR                         |  |
| AECON GROUP INC.                        | 00762V109 | 06/03/2025     | Advisory Vote Regarding Executive Compensation Approval, on an advisory basis, of the approach to the Corporation's executive compensation disclosed in the 2025 Management Information Circular.                                                                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |         250580 |                0 | FOR         | 250580                                   | FOR                         |  |
| AFFINITY BANCSHARES, INC.               | 00832E103 | 11/04/2024     | The approval of on an advisory (non-binding) basis, compensation that may be paid or become payable to certain executive officers of the Company in connection with the asset sale.                                                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |          10200 |                0 | FOR         | 10200                                    | FOR                         |  |
| AG GROWTH INTERNATIONAL INC.            | 001181106 | 05/21/2025     | Non-Binding Advisory Say on Pay A non-binding advisory resolution to accept AGI's approach to executive compensation.                                                                                                                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |           9900 |                0 | FOR         | 9900                                     | FOR                         |  |
| AIR TRANSPORT SERVICES GROUP, INC.      | 00922R105 | 02/10/2025     | To approve, by advisory (non-binding) vote, the compensation that may be paid or become payable to the Company's named executive officers in connection with the consummation of the merger (the "Advisory Compensation Proposal").                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |           9447 |                0 | FOR         | 9447                                     | FOR                         |  |
| ALBERTSONS COMPANIES, INC.              | 013091103 | 08/08/2024     | Hold the annual, non-binding, advisory vote on our executive compensation program.                                                                                                                                                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |          11600 |                0 | FOR         | 11600                                    | FOR                         |  |
| ALIMERA SCIENCES, INC.                  | 016259202 | 09/04/2024     | To approve, by non-binding, advisory vote, the compensation that will or may be paid or become payable to our named executive officers that is based on or otherwise relates to the Merger.                                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |          40371 |                0 | FOR         | 40371                                    | FOR                         |  |
| ALLETE, INC.                            | 018522300 | 08/21/2024     | To approve, on a nonbinding, advisory basis, the compensation that will or may become payable by the Company to our named executive officers in connection with the Merger.                                                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |           3752 |                0 | FOR         | 3752                                     | FOR                         |  |
| ALLETE, INC.                            | 018522300 | 05/13/2025     | Advisory vote to approve executive compensation.                                                                                                                                                                                                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |           1184 |                0 | FOR         | 1184                                     | FOR                         |  |
| ARC DOCUMENT SOLUTIONS, INC.            | 00191G103 | 11/21/2024     | A proposal to approve, by nonbinding, advisory vote, certain compensation arrangements for ARC's named executive officers in connection with the Merger.                                                                                                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |         174900 |                0 | FOR         | 174900                                   | FOR                         |  |
| ARC RESOURCES LTD.                      | 00208D408 | 05/02/2025     | A resolution to approve the Corporation's Advisory Vote on Executive Compensation.                                                                                                                                                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |           3120 |                0 | FOR         | 3120                                     | FOR                         |  |
| ATRION CORPORATION                      | 049904105 | 08/19/2024     | To approve, on an advisory (non-binding) basis, the compensation that may be paid or become payable to Atrion's named executive officers that is based on or otherwise relates to the Merger Agreement and the transactions contemplated by the Merger Agreement.                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |           1100 |                0 | FOR         | 1100                                     | FOR                         |  |
| AVANGRID, INC.                          | 05351W103 | 09/26/2024     | APPROVE, ON AN ADVISORY BASIS, NAMED EXECUTIVE OFFICERS COMPENSATION.                                                                                                                                                                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |           1700 |                0 | FOR         | 1700                                     | FOR                         |  |
| AVIAT NETWORKS, INC.                    | 05366Y201 | 11/06/2024     | Advisory, non-binding vote to approve the Company's named executive officer compensation.                                                                                                                                                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |              0 |                0 |  |  |  |  |
| AVIAT NETWORKS, INC.                    | 05366Y201 | 11/06/2024     | Advisory, non-binding vote on the frequency of holding advisory, non-binding votes to approve the Company's named executive officer compensation.                                                                                                                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |              0 |                0 |  |  |  |  |
| AVID BIOSERVICES, INC.                  | 05368M106 | 01/30/2025     | To approve, on an advisory (non-binding) basis, the compensation that may be paid or become payable to Avid's named executive officers that is based on or otherwise relates to the Merger Agreement and the transactions contentemplated by the Merger Agreement.                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |           4807 |                0 | FOR         | 4807                                     | FOR                         |  |
| BARNES GROUP INC.                       | 067806109 | 01/09/2025     | To approve, on an advisory (nonbinding) basis, the compensation that may be paid or become payable to named executive officers of Barnes Group Inc. that is based on or otherwise related to the Merger Agreement and the transactions contemplated by the Merger Agreement.                                                                                           | SECTION 14A SAY-ON-PAY VOTES |          13400 |                0 | FOR         | 13400                                    | FOR                         |  |
| BRIGHTCOVE INC.                         | 10921T101 | 01/30/2025     | Approval of, on a non-binding, advisory basis, certain compensation that may be paid or become payable to Brightcove's named executive officers in connection with the transactions contemplated by the Merger Agreement.                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |         126900 |                0 | FOR         | 126900                                   | FOR                         |  |
| BROOKFIELD CORPORATION                  | 11271J107 | 06/06/2025     | Say on Pay Resolution The Say on Pay Resolution set out in the Circular.                                                                                                                                                                                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |          23740 |                0 | FOR         | 23740                                    | FOR                         |  |
| BURFORD CAPITAL LIMITED                 | G17977110 | 05/14/2025     | To approve, on an advisory basis, the compensation of the Company's named executive officers as disclosed in the proxy statement for the 2025 annual general meeting of shareholders under "Executive compensation", including the compensation discussion and analysis, the compensation tables and the related narrative discussion included therein ("Say-on-Pay"). | SECTION 14A SAY-ON-PAY VOTES |         764013 |                0 | FOR         | 764013                                   | FOR                         |  |
| BURFORD CAPITAL LIMITED                 | G17977110 | 05/14/2025     | To approve, on an advisory basis, the frequency of future shareholder advisory votes to approve the compensation of the Company's named executive officers ("Say-on-Frequency").                                                                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |         764013 |                0 | 1 YEAR      | 764013                                   | FOR                         |  |
| CANACCORD GENUITY GROUP INC.            | 134801109 | 08/09/2024     | BE IT RESOLVED, as an ordinary resolution, that on a non-binding and advisory basis and not to diminish the role and responsibilities of the Board of Directors, the shareholders accept the approach to executive compensation disclosed in the Management Information Circular.                                                                                      | SECTION 14A SAY-ON-PAY VOTES |           2389 |                0 | FOR         | 2389                                     | FOR                         |  |
| CHECKPOINT THERAPEUTICS, INC.           | 162828206 | 05/28/2025     | To consider and vote on the proposal to approve, on a non-binding, advisory basis, the compensation that will or may become payable by Checkpoint to its named executive officers in connection with the Merger (the "Compensation Proposal").                                                                                                                         | SECTION 14A SAY-ON-PAY VOTES |          96500 |                0 | FOR         | 96500                                    | FOR                         |  |
| CHUY'S HOLDINGS, INC.                   | 171604101 | 10/10/2024     | To approve, on a non-binding, advisory basis, certain compensation that may be paid or become payable to the named executive officers of Chuy's Holdings, Inc., in connection with the merger.                                                                                                                                                                         | SECTION 14A SAY-ON-PAY VOTES |           2900 |                0 | FOR         | 2900                                     | FOR                         |  |
| CLARIVATE PLC                           | G21810109 | 05/07/2025     | APPROVAL, ON AN ADVISORY, NON-BINDING BASIS, OF THE COMPENSATION OF OUR NAMED EXECUTIVE OFFICERS.                                                                                                                                                                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |         531100 |                0 | FOR         | 531100                                   | FOR                         |  |
| CROSS COUNTRY HEALTHCARE, INC.          | 227483104 | 02/28/2025     | To approve on an advisory (non-binding) basis the compensation that may be paid or become payable to Cross Country's named executive officers that is based on or otherwise relates to the merger.                                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |              7 |                0 | FOR         | 7                                        | FOR                         |  |
| DECISIONPOINT SYSTEMS, INC.             | 24345A507 | 07/01/2024     | The approval, on a non-binding advisory basis, of the compensation that may be paid or become payable to the Company's named executive officers that is based on or otherwise relates to the Merger Agreement and the transactions contemplated by the Merger Agreement.                                                                                               | SECTION 14A SAY-ON-PAY VOTES |          37085 |                0 | FOR         | 37085                                    | FOR                         |  |
| DMC GLOBAL INC.                         | 23291C103 | 05/14/2025     | Advisory vote on executive compensation.                                                                                                                                                                                                                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |           8500 |                0 | FOR         | 8500                                     | FOR                         |  |
| DUN  BRADSTREET HOLDINGS, INC.          | 26484T106 | 06/12/2025     | To approve, by a non-binding advisory vote, the compensation that may be paid or become payable to the Company's named executive officers that is based on or otherwise relates to the Transactions, including the Merger.                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |          54500 |                0 | FOR         | 54500                                    | FOR                         |  |
| DYE  DURHAM LIMITED                     | 267488104 | 12/17/2024     | To approve an advisory resolution on the Company's approach to executive compensation as more fully described in Dye  Durham's management information circular.                                                                                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |        2018588 |                0 | AGAINST     | 2018588                                  | FOR                         |  |
| ELEVANCE HEALTH, INC.                   | 036752103 | 05/14/2025     | Advisory vote to approve the compensation of our named executive officers.                                                                                                                                                                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |           1800 |                0 | FOR         | 1800                                     | FOR                         |  |
| EMCORE CORPORATION                      | 290846401 | 02/27/2025     | Approval of, on an advisory (non-binding) basis, the "golden parachute" compensation that will or may be paid or become payable to EMCORE's named executive officers that is based on or otherwise related to the Merger Agreement and the transactions contemplated by the Merger Agreement.                                                                          | SECTION 14A SAY-ON-PAY VOTES |          82200 |                0 | FOR         | 82200                                    | FOR                         |  |
| ENSTAR GROUP LIMITED                    | G3075P101 | 11/06/2024     | To approve, on a non-binding, advisory basis, the compensation that will or may become payable by Enstar to its named executive officers in connection with the Mergers.                                                                                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |           1800 |                0 | FOR         | 1800                                     | FOR                         |  |
| ENVESTNET, INC.                         | 29404K106 | 09/24/2024     | To approve, on a non-binding advisory basis, the compensation that will or may become payable by Envestnet to its named executive officers in connection with the Merger.                                                                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |           7546 |                0 | FOR         | 7546                                     | FOR                         |  |
| EQUITRANS MIDSTREAM CORPORATION         | 294600200 | 07/18/2024     | Approval, on an advisory (non-binding) basis, of the compensation that may be paid or become payable to the Company's named executive officers in connection with the Merger.                                                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |         225000 |                0 | FOR         | 225000                                   | FOR                         |  |
| ERO COPPER CORP.                        | 296006109 | 04/24/2025     | To approve a non-binding advisory "say on pay" resolution accepting the Company's approach to executive compensation.                                                                                                                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |           8500 |                0 | FOR         | 8500                                     | FOR                         |  |
| ERO COPPER CORP.                        | 296006109 | 04/24/2025     | To approve a non-binding advisory "say on pay" resolution accepting the Company's approach to executive compensation.                                                                                                                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |         113600 |                0 | FOR         | 113600                                   | FOR                         |  |
| ESPERION THERAPEUTICS, INC.             | 29664W105 | 05/29/2025     | To approve the non-binding advisory resolution on the compensation of our named executive officers.                                                                                                                                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |        2000000 |                0 | FOR         | 2000000                                  | FOR                         |  |
| EVERI HOLDINGS INC.                     | 30034T103 | 11/14/2024     | Approval, on an advisory (non-binding) basis, of the "golden parachute" compensation payments that will or may be paid by the Company to its named executive officers in connection with the Merger.                                                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |          21902 |                0 | ABSTAIN     | 21902                                    | AGAINST                     |  |
| EVERI HOLDINGS INC.                     | 30034T103 | 05/21/2025     | Advisory approval, on a non-binding basis, of the compensation of our named executive officers.                                                                                                                                                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |          23600 |                0 | FOR         | 23600                                    | FOR                         |  |
| EXCHANGE INCOME CORPORATION             | 301283107 | 05/13/2025     | To approve, on an advisory basis, an ordinary resolution to accept the Corporation's approach to executive compensation.                                                                                                                                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |          16748 |                0 | FOR         | 16748                                    | FOR                         |  |
| EXOR N.V.                               | N3140A107 | 05/22/2025     | 2024 ANNUAL REPORT: REMUNERATION REPORT                                                                                                                                                                                                                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |          34760 |                0 | FOR         | 34760                                    | FOR                         |  |
| FEVERTREE DRINKS PLC                    | G33929103 | 06/05/2025     | TO APPROVE THE DIRECTORS' REMUNERATION REPORT FOR THE YEAR ENDED 31 DECEMBER 2024                                                                                                                                                                                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |          79900 |                0 | FOR         | 79900                                    | FOR                         |  |
| FIDELITY NATIONAL FINANCIAL, INC.       | 31620R303 | 06/11/2025     | Approval of a non-binding advisory resolution on the compensation paid to our named executive officers.                                                                                                                                                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |           2100 |                0 | FOR         | 2100                                     | FOR                         |  |
| FORUM ENERGY TECHNOLOGIES, INC.         | 34984V209 | 05/09/2025     | Approval, on a non-binding, advisory basis, of the compensation of our named executive officers.                                                                                                                                                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |         363779 |                0 | FOR         | 363779                                   | FOR                         |  |
| FORUM ENERGY TECHNOLOGIES, INC.         | 34984V209 | 05/09/2025     | Vote on a non-binding, advisory basis, on the frequency of future advisory votes on the compensation of our named executive officers.                                                                                                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |         363779 |                0 | 1 YEAR      | 363779                                   | FOR                         |  |
| GALAXY GAMING, INC.                     | 36318P105 | 11/12/2024     | To approve, on a non-binding, advisory basis, certain compensation that will or may be paid or become payable to Galaxy's named executive officers that is based on or otherwise relates to the Merger.                                                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |              0 |                0 |  |  |  |  |
| GENMAB A S                              | 372303206 | 03/12/2025     | Advisory vote on the Compensation Report.                                                                                                                                                                                                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |          31100 |                0 | FOR         | 31100                                    | FOR                         |  |
| GITLAB INC.                             | 37637K108 | 06/20/2025     | Approve, on a non-binding advisory basis, the compensation paid by GitLab Inc. to its named executive officers.                                                                                                                                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |             71 |                0 | FOR         | 71                                       | FOR                         |  |
| GREAT-WEST LIFECO INC.                  | 39138C726 | 05/08/2025     | Advisory Resolution Accepting Approach to Executive Compensation                                                                                                                                                                                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |          55400 |                0 | FOR         | 55400                                    | FOR                         |  |
| GREAT-WEST LIFECO INC.                  | 39138C734 | 05/08/2025     | Advisory Resolution Accepting Approach to Executive Compensation                                                                                                                                                                                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |          73000 |                0 | FOR         | 73000                                    | FOR                         |  |
| GREAT-WEST LIFECO INC.                  | 39138C775 | 05/08/2025     | Advisory Resolution Accepting Approach to Executive Compensation                                                                                                                                                                                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |         100000 |                0 | FOR         | 100000                                   | FOR                         |  |
| GREAT-WEST LIFECO INC.                  | 39138C817 | 05/08/2025     | Advisory Resolution Accepting Approach to Executive Compensation                                                                                                                                                                                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |         100000 |                0 | FOR         | 100000                                   | FOR                         |  |
| GREAT-WEST LIFECO INC.                  | 39138C825 | 05/08/2025     | Advisory Resolution Accepting Approach to Executive Compensation                                                                                                                                                                                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |          81100 |                0 | FOR         | 81100                                    | FOR                         |  |
| GREAT-WEST LIFECO INC.                  | 39138C874 | 05/08/2025     | Advisory Resolution Accepting Approach to Executive Compensation                                                                                                                                                                                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |          71700 |                0 | FOR         | 71700                                    | FOR                         |  |
| GREAT-WEST LIFECO INC.                  | 39138C882 | 05/08/2025     | Advisory Resolution Accepting Approach to Executive Compensation                                                                                                                                                                                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |         100000 |                0 | FOR         | 100000                                   | FOR                         |  |
| HASHICORP, INC.                         | 418100103 | 07/15/2024     | To approve, on a non-binding, advisory basis, the compensation that will or may become payable by HashiCorp to its named executive officers in connection with the merger contemplated by the merger agreement.                                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |           4632 |                0 | FOR         | 4632                                     | FOR                         |  |
| HEARTLAND FINANCIAL USA, INC.           | 42234Q102 | 08/06/2024     | HTLF compensation proposal: Proposal to approve, on a non-binding, advisory basis, the compensation that may be paid or become payable to HTLF's named executive officers that is based on or otherwise relates to the mergers.                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |           9100 |                0 | FOR         | 9100                                     | FOR                         |  |
| HESS CORPORATION                        | 42809H107 | 05/14/2025     | Advisory approval of the compensation of our named executive officers.                                                                                                                                                                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |           1500 |                0 | FOR         | 1500                                     | FOR                         |  |
| HEXCEL CORPORATION                      | 428291108 | 05/08/2025     | Advisory non-binding vote to approve 2024 executive compensation.                                                                                                                                                                                                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |          31200 |                0 | FOR         | 31200                                    | FOR                         |  |
| HIBBETT, INC.                           | 428567101 | 07/19/2024     | To approve, by non-binding, advisory vote, the compensation that will or may become payable to Hibbett's named executive officers that is based on or otherwise relates to the Merger Agreement and the transactions contemplated by the Merger Agreement.                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |             30 |                0 | FOR         | 30                                       | FOR                         |  |
| INNERGEX RENEWABLE ENERGY INC.          | 45790B104 | 05/01/2025     | Consider an advisory resolution on the Corporation's approach to executive compensation.                                                                                                                                                                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |           8405 |                0 | FOR         | 8405                                     | FOR                         |  |
| INTRA-CELLULAR THERAPIES, INC.          | 46116X101 | 03/27/2025     | To approve, on an advisory (non-binding) basis, the compensation that may be paid or become payable to ITI's named executive officers that is based on or otherwise relates to the Merger Agreement and the transactions contemplated by the Merger Agreement.                                                                                                         | SECTION 14A SAY-ON-PAY VOTES |           1300 |                0 | FOR         | 1300                                     | FOR                         |  |
| ITERIS, INC.                            | 46564T107 | 10/22/2024     | To approve, on a non binding, advisory basis, certain compensation that will or may become payable to Iteris, Inc.'s named executive officers in connection with the transactions contemplated by the Merger Agreement.                                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |          72500 |                0 | FOR         | 72500                                    | FOR                         |  |
| JABIL INC.                              | 466313103 | 01/23/2025     | Approve (on an advisory basis) Jabil's executive compensation.                                                                                                                                                                                                                                                                                                         | SECTION 14A SAY-ON-PAY VOTES |           1600 |                0 | FOR         | 1600                                     | FOR                         |  |
| JAMIESON WELLNESS INC.                  | 470748104 | 05/27/2025     | To consider and, if deemed advisable, to approve an advisory resolution (the full text of which is reproduced in Schedule "A" to the Management Information Circular) on Jamieson's approach to executive compensation.                                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |          23400 |                0 | FOR         | 23400                                    | FOR                         |  |
| KENNEDY-WILSON HOLDINGS, INC.           | 489398107 | 06/05/2025     | To approve, on an advisory nonbinding basis, the compensation of the Company's named executive officers.                                                                                                                                                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |         264660 |                0 | FOR         | 264660                                   | FOR                         |  |
| KINAXIS INC.                            | 49448Q109 | 06/17/2025     | Have a say on executive pay (see page 8 of the circular) This is an advisory vote and the results are not binding on the board. Accept our approach to executive compensation as described in the circular.                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |         102580 |                0 | FOR         | 102580                                   | FOR                         |  |
| LIGHTSPEED COMMERCE INC.                | 53229C107 | 08/01/2024     | Consider, and if deemed appropriate, approve an advisory, non-binding resolution on the Company's approach to executive compensation as disclosed in the management information circular for the Meeting                                                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |           2400 |                0 | FOR         | 2400                                     | FOR                         |  |
| LITHIA MOTORS, INC.                     | 536797103 | 04/24/2025     | To approve, by an advisory vote, named executive officer compensation.                                                                                                                                                                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |           1200 |                0 | FOR         | 1200                                     | FOR                         |  |
| LOGILITY SUPPLY CHAIN SOLUTIONS, INC.   | 029683109 | 04/03/2025     | To approve on a non-binding, advisory basis, the compensation that may be paid or may become payable to the Company's named executive officers in connection with, or following, the consummation of the merger of Update Merger Sub, Inc., a wholly owned subsidiary of Aptean, Inc., with and into the Company.                                                      | SECTION 14A SAY-ON-PAY VOTES |          30500 |                0 | FOR         | 30500                                    | FOR                         |  |
| MANITEX INTERNATIONAL, INC.             | 563420108 | 12/20/2024     | A proposal to approve, by a non-binding advisory vote, certain compensation arrangements for the Company's named executive officers in connection with the Merger.                                                                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |          96000 |                0 | FOR         | 96000                                    | FOR                         |  |
| MARAVAI LIFESCIENCES HOLDINGS, INC.     | 56600D107 | 05/22/2025     | To approve, on a non-binding advisory basis, the compensation of Maravai's named executive officers.                                                                                                                                                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |         814565 |                0 | FOR         | 814565                                   | FOR                         |  |
| MARKEL GROUP INC.                       | 570535104 | 05/21/2025     | Advisory vote on approval of executive compensation.                                                                                                                                                                                                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |            500 |                0 | FOR         | 500                                      | FOR                         |  |
| MATTERPORT, INC.                        | 577096100 | 07/26/2024     | To approve, on a non-binding, advisory basis, the compensation that may be paid or become payable to Matterport's named executive officers that is based on or otherwise relates to the transactions contemplated by the Merger Agreement (the "Transaction Related Compensation Proposal").                                                                           | SECTION 14A SAY-ON-PAY VOTES |         111400 |                0 | FOR         | 111400                                   | FOR                         |  |
| MCGRATH RENTCORP                        | 580589109 | 07/11/2024     | To approve a non-binding advisory proposal to approve compensation that will or may become payable by McGrath RentCorp to its named executive officers in connection with the Merger Proposal (the "Merger-Related Compensation Proposal").                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |            387 |                0 | FOR         | 387                                      | FOR                         |  |
| MDA SPACE LTD.                          | 55293N109 | 05/08/2025     | Advisory Vote on Executive Compensation (Say-On-Pay Vote) BE IT RESOLVED, on an advisory basis and not to diminish the role and responsibilities of the board of directors, that the shareholders accept the approach to executive compensation disclosed in the Company's information circular delivered in advance of the 2025 annual meeting of shareholders.       | SECTION 14A SAY-ON-PAY VOTES |         520209 |                0 | FOR         | 520209                                   | FOR                         |  |
| MICROCHIP TECHNOLOGY INCORPORATED       | 595017104 | 08/20/2024     | Proposal to approve, on an advisory (non-binding) basis, the compensation of our named executives.                                                                                                                                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |           7160 |                0 | FOR         | 7160                                     | FOR                         |  |
| MOLINA HEALTHCARE, INC.                 | 60855R100 | 04/30/2025     | To consider and approve, on a non-binding, advisory basis, the compensation of our named executive officers.                                                                                                                                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |          10000 |                0 | FOR         | 10000                                    | FOR                         |  |
| NATIONAL BANK OF CANADA                 | 633067103 | 04/24/2025     | Advisory resolution to accept the approach taken by the Bank's Board of Directors with respect to executive compensation. The text of the resolution is set out in Section 1 of the Management Proxy Circular.                                                                                                                                                         | SECTION 14A SAY-ON-PAY VOTES |              2 |                0 | FOR         | 2                                        | FOR                         |  |
| NEUEHEALTH, INC                         | 10920V404 | 05/07/2025     | To approve, by non-binding, advisory vote, certain compensation arrangements for the Company's named executive officers in connection with the Merger.                                                                                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |          29115 |                0 | FOR         | 29115                                    | FOR                         |  |
| NEUEHEALTH, INC                         | 10920V404 | 05/29/2025     | To approve on a non-binding advisory basis the compensation of our named executive officers for 2024.                                                                                                                                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |          29712 |                0 | FOR         | 29712                                    | FOR                         |  |
| NEVRO CORP.                             | 64157F103 | 04/02/2025     | To approve, on a non-binding, advisory basis, certain compensation that will or may be paid or become payable to Nevro's named executive officers that is based on or otherwise relates to the Merger.                                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |          50434 |                0 | FOR         | 50434                                    | FOR                         |  |
| NFI GROUP INC.                          | 62910L102 | 05/09/2025     | An advisory resolution on approach to executive compensation.                                                                                                                                                                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |        1171208 |                0 | FOR         | 1171208                                  | FOR                         |  |
| NORTHROP GRUMMAN CORPORATION            | 666807102 | 05/21/2025     | Proposal to approve, on an advisory basis, the compensation of the Company's Named Executive Officers.                                                                                                                                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |           1400 |                0 | FOR         | 1400                                     | FOR                         |  |
| ONEX CORPORATION                        | 68272K103 | 05/08/2025     | The advisory resolution on the Corporation's approach to executive compensation as set out in the Management Information Circular.                                                                                                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |          15840 |                0 | FOR         | 15840                                    | FOR                         |  |
| OPTINOSE, INC.                          | 68404V209 | 05/16/2025     | To approve, by advisory (non-binding) vote, the compensation that may be paid or become payable to our named executive officers in connection with the consummation of the merger.                                                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |          22938 |                0 | FOR         | 22938                                    | FOR                         |  |
| PAR TECHNOLOGY CORPORATION              | 698884103 | 06/02/2025     | Non-binding advisory vote to approve the compensation of the Company's Named Executive Officers ("Say-on-Pay Vote").                                                                                                                                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |         206909 |                0 | FOR         | 206909                                   | FOR                         |  |
| PAR TECHNOLOGY CORPORATION              | 698884103 | 06/02/2025     | Non-binding advisory vote on the frequency of future Say-on-Pay Votes.                                                                                                                                                                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |         206909 |                0 | 1 YEAR      | 206909                                   | FOR                         |  |
| PARAGON 28, INC                         | 69913P105 | 04/17/2025     | To approve, by advisory (non-binding) vote, the compensation that may be paid or become payable to the Company's named executive officers in connection with the consummation of the merger.                                                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |          41881 |                0 | FOR         | 41881                                    | FOR                         |  |
| PARKLAND CORPORATION                    | 70137W108 | 05/06/2025     | Executive Compensation Advisory, non-binding vote on a resolution to accept Parkland's approach to executive compensation                                                                                                                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |         130100 |                0 | AGAINST     | 130100                                   | FOR                         |  |
| PATTERSON COMPANIES, INC.               | 703395103 | 04/01/2025     | To approve, on a non-binding, advisory basis, certain compensation that will or may become payable to our named executive officers in connection with the Merger.                                                                                                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |             83 |                0 | FOR         | 83                                       | FOR                         |  |
| PETIQ, INC.                             | 71639T106 | 10/22/2024     | To approve, on a non-binding, advisory basis, the compensation that will or may become payable by PetIQ, Inc. to its named executive officers in connection with the merger agreement.                                                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |           1531 |                0 | FOR         | 1531                                     | FOR                         |  |
| PLAYA HOTELS  RESORTS N V               | N70544106 | 04/17/2025     | Non-binding advisory vote to approve the compensation that will or may become payable by the Company to its named executive officers in connection with the completion of the Offer                                                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |          15547 |                0 | FOR         | 15547                                    | FOR                         |  |
| PLAYAGS, INC.                           | 72814N104 | 08/06/2024     | To approve, on a non-binding, advisory basis, the compensation that may be paid or become payable to PlayAGS's named executive officers that is based on or otherwise relates to the Merger Agreement and the transactions contemplated by the Merger Agreement.                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |          20600 |                0 | FOR         | 20600                                    | FOR                         |  |
| PREMIUM BRANDS HOLDINGS CORPORATION     | 74061A108 | 05/06/2025     | The Corporation's approach to executive compensation described in the accompanying Information Circular. **NOTE**: This is an advisory vote only.                                                                                                                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |          86380 |                0 | FOR         | 86380                                    | FOR                         |  |
| PROASSURANCE CORPORATION                | 74267C106 | 05/21/2025     | Advisory vote on executive compensation.                                                                                                                                                                                                                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |           4111 |                0 | FOR         | 4111                                     | FOR                         |  |
| PROASSURANCE CORPORATION                | 74267C106 | 06/24/2025     | To approve, on a non-binding, advisory basis, certain compensation that will or may be paid by ProAssurance to its named executive officers that is based on or otherwise relates to the merger.                                                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |           7262 |                0 | FOR         | 7262                                     | FOR                         |  |
| R1 RCM INC.                             | 77634L105 | 11/14/2024     | To approve, on an advisory and non-binding basis, certain compensation arrangements for the Company's named executive officers in connection with the Merger.                                                                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |          52100 |                0 | FOR         | 52100                                    | FOR                         |  |
| REDFIN CORPORATION                      | 75737F108 | 06/04/2025     | To approve, on a non-binding advisory basis, the compensation that may be paid or become payable to Redfin's named executive officers in connection with the proposed Merger.                                                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |             33 |                0 | FOR         | 33                                       | FOR                         |  |
| RETAIL OPPORTUNITY INVESTMENTS CORP.    | 76131N101 | 02/07/2025     | Proposal to approve, on a non-binding, advisory basis, the compensation that may be paid or become payable to our principal executive officer, principal financial officer, and the three other most highly compensated executive officers that is based on or otherwise related to the company merger as more fully described in the Proxy Statement.                 | SECTION 14A SAY-ON-PAY VOTES |          15100 |                0 | FOR         | 15100                                    | FOR                         |  |
| SHARECARE INC                           | 81948W104 | 10/17/2024     | To approve, on a non-binding, advisory basis, the compensation that will or may become payable by Sharecare to its named executive officers in connection with the Merger.                                                                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |         126400 |                0 | FOR         | 126400                                   | FOR                         |  |
| SILK ROAD MEDICAL, INC.                 | 82710M100 | 09/05/2024     | To approve, on a non-binding, advisory basis, the compensation that will or may become payable by Silk Road to its named executive officers in connection with the merger contemplated by the merger agreement.                                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |          19100 |                0 | FOR         | 19100                                    | FOR                         |  |
| SMARTSHEET INC.                         | 83200N103 | 12/09/2024     | To approve, on a non-binding advisory basis, the compensation that may be paid or become payable to Smartsheet's named executive officers that is based on or otherwise relates to the Merger.                                                                                                                                                                         | SECTION 14A SAY-ON-PAY VOTES |           6200 |                0 | FOR         | 6200                                     | FOR                         |  |
| SPAR GROUP, INC.                        | 784933103 | 10/25/2024     | To approve, on a non-binding, advisory basis, certain compensation that will or may become payable to our named executive officers in connection with the Merger, when approved by SGRP's Stockholders, as described in the Proxy Statement.                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |          86200 |                0 | FOR         | 86200                                    | FOR                         |  |
| SPRINGWORKS THERAPEUTICS INC            | 85205L107 | 06/26/2025     | A proposal to approve, on a non-binding, advisory basis, certain compensation that may be paid or become payable to the Company's named executive officers in connection with the Merger.                                                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |           8768 |                0 | FOR         | 8768                                     | FOR                         |  |
| STARBUCKS CORPORATION                   | 855244109 | 03/12/2025     | Approve, on an advisory, nonbinding basis, the compensation of our named executive officers.                                                                                                                                                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |           5930 |                0 | FOR         | 5930                                     | FOR                         |  |
| STERICYCLE, INC.                        | 858912108 | 08/14/2024     | To approve on a non-binding, advisory basis, certain compensation that will or may become payable to Stericycle, Inc.'s named executive officers in connection with the transactions contemplated by the Merger Agreement.                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |              0 |                0 |  |  |  |  |
| SUMMIT MATERIALS, INC.                  | 86614U100 | 02/05/2025     | Approve on an advisory (non-binding) basis the compensation that may be paid or become payable to Summit's named executive officers that is based on or otherwise relates to the merger (referred to as the "merger-related compensation proposal").                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |           8000 |                0 | FOR         | 8000                                     | FOR                         |  |
| SUPERIOR DRILLING PRODUCTS, INC.        | 868153107 | 07/29/2024     | To vote on a non-binding advisory proposal to approve compensation that will or may become payable by SDPI to its named executive officers in connection with the Mergers (the "Merger Compensation Proposal").                                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |            300 |                0 | FOR         | 300                                      | FOR                         |  |
| SURMODICS, INC.                         | 868873100 | 08/13/2024     | Approve, in a non-binding advisory vote, certain compensation that may be paid or become payable to our named executive officers in connection with the merger.                                                                                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |          10600 |                0 | FOR         | 10600                                    | FOR                         |  |
| TELLURIAN INC.                          | 87968A104 | 10/04/2024     | To approve, on a nonbinding advisory basis, compensation that will or may become payable to our named executive officers in connection with the merger.                                                                                                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |         458400 |                0 | FOR         | 458400                                   | FOR                         |  |
| TEXAS PACIFIC LAND CORPORATION          | 88262P102 | 11/08/2024     | To approve, by non-binding advisory vote, the executive compensation paid to the Company's named executive officers.                                                                                                                                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |           3121 |                0 | FOR         | 3121                                     | FOR                         |  |
| THE AARON'S COMPANY, INC.               | 00258W108 | 09/25/2024     | To approve on a non-binding, advisory basis, the compensation that may be paid or may become payable to the Company's named executive officers in connection with, or following, the consummation of the merger of Polo Merger Sub, Inc., a wholly-owned direct subsidiary of IQVentures Holdings, LLC, with and into the Company.                                     | SECTION 14A SAY-ON-PAY VOTES |          29089 |                0 | FOR         | 29089                                    | FOR                         |  |
| THE DUCKHORN PORTFOLIO, INC.            | 26414D106 | 12/23/2024     | A proposal to approve, on a non-binding, advisory basis, the compensation that may be paid or become payable to Duckhorn's named executive officers that is based on or otherwise relates to the Merger Agreement and the transactions contemplated by the Merger Agreement.                                                                                           | SECTION 14A SAY-ON-PAY VOTES |             77 |                0 | FOR         | 77                                       | FOR                         |  |
| TRIUMPH GROUP, INC.                     | 896818101 | 04/16/2025     | Proposal to approve, on a non-binding, advisory basis, compensation that will or may become payable by the Company to its named executive officers in connection with the merger of Merger Sub with and into the Company pursuant to the Merger Agreement.                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |          13000 |                0 | FOR         | 13000                                    | FOR                         |  |
| UNIVERSAL STAINLESS  ALLOY PRODS., INC. | 913837100 | 01/15/2025     | To approve, on an advisory (non-binding) basis, the compensation that may be paid or become payable to Universal's named executive officers that is based on or otherwise relates to the Merger Agreement and the transactions contemplated by the Merger Agreement.                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |           4900 |                0 | FOR         | 4900                                     | FOR                         |  |
| VAPOTHERM, INC.                         | 922107305 | 09/19/2024     | To consider and vote on the proposal to approve, on a non-binding, advisory basis, the compensation that may be paid or become payable to Vapotherm's named executive officers that is based on or otherwise relates to the Merger Agreement and the transactions contemplated by the Merger Agreement.                                                                | SECTION 14A SAY-ON-PAY VOTES |          27700 |                0 | FOR         | 27700                                    | FOR                         |  |
| VISTA OUTDOOR INC.                      | 928377100 | 08/23/2024     | Advisory Vote to Approve Compensation of Vista Outdoor's Named Executive Officers.                                                                                                                                                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |            629 |                0 | ABSTAIN     | 629                                      | AGAINST                     |  |
| VISTA OUTDOOR INC.                      | 928377100 | 11/25/2024     | To approve, by advisory (non-binding) vote, the compensation that may be paid or become payable to Vista Outdoor's named executive officers in connection with the consummation of the Merger.                                                                                                                                                                         | SECTION 14A SAY-ON-PAY VOTES |             66 |                0 | FOR         | 66                                       | FOR                         |  |
| VOXX INTERNATIONAL CORPORATION          | 91829F104 | 03/31/2025     | To approve by a non-binding, advisory vote certain compensation arrangements for the Company's named executive officers in connection with the Merger.                                                                                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |          21510 |                0 | FOR         | 21510                                    | FOR                         |  |
| WEBSTER FINANCIAL CORPORATION           | 947890109 | 05/21/2025     | To approve, on a non-binding, advisory basis, the compensation of the named executive officers of Webster (Proposal 2).                                                                                                                                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |           5200 |                0 | FOR         | 5200                                     | FOR                         |  |
| ZUORA, INC.                             | 98983V106 | 02/13/2025     | To approve, on a non-binding, advisory basis, the compensation that will or may become payable by Zuora to its named executive officers in connection with the merger of Zodiac Acquisition Sub, Inc., a wholly owned subsidiary of Zodiac Purchaser, L.L.C., with and into Zuora.                                                                                     | SECTION 14A SAY-ON-PAY VOTES |          47887 |                0 | FOR         | 47887                                    | FOR                         |  |

## N-PX: Signature Block

**Reporting Person:** PenderFund Capital Management Ltd.

**By (Signature):** Gina Jones

**By (Printed Signature):** Gina Jones

**By (Title):** COO

**Date:** 08/29/2025