Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On August 22, 2022, Salona Global Medical Device Corporation (the "Company") announced that Dennis Nelson, age 49, would become Chief Financial Officer of the Company effective as of August 29, 2022. In his executive career, Mr. Nelson has had a wide range of industry experience including medical device, aerospace manufacturing and consumer products. Prior to Mr. Nelson's appointment, he was the Corporate Controller of Manscaped Holdings LLC, a consumer products company based in San Diego, California, from August 2021 until August 2022. From June 2018 until October 2020, Mr. Nelson was the Chief Financial Officer for Senior Aerospace Jet Products and Senior Aerospace Ketema, aerospace manufacturing companies based in San Diego, California. From March 2011 until April 2017, Mr. Nelson held various financial positions, including Principal Financial Officer and Interim CFO, of Alphatec Spine, Inc., a medical technology company trading on the NASDAQ. Mr. Nelson is a CPA in the State of California with a BA in Business Economics and a concentration in accounting from University of California, Santa Barbara.

Pursuant to the terms of his employment arrangement with the Company, Mr. Nelson is entitled to receive an annual salary of C$363,804 (US $280,000) and a bonus equal to 40% of his base salary subject to the achievement of certain targets. In addition, Mr. Nelson was granted options to acquire an aggregate of 200,000 common shares under the Company's 2021 Amended and Restated Stock Option Plan (the "Options"). The Options have an exercise price of C$0.69 per share, become exercisable as to one third of the underlying common shares on the first, second and third anniversary of the date of grant through August 29, 2027. In addition, the Options and underlying common shares are subject to a four month hold period pursuant to the rules of the TSX Venture Exchange.

Mr. Nelson has no direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K promulgated under the Securities Exchange Act of 1934, as amended, nor are any such transactions currently proposed.

In connection with Mr. Nelson's appointment as Chief Financial Officer effective August 29, 2022, Melissa Polesky-Meyrowitz will transition from her role as Chief Financial Officer to Vice President of Finance and Accounting.

A copy of the news releases issued by the Company on August 22, 2022 and August 29, 2022 relating to the events described in this Item 5.02 are attached hereto as Exhibits 99.1 and 99.2.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

99.1 News Release dated August 22, 2022.


  99.2     News Release dated August 29, 2022.
104      Cover Page Interactive Data File (embedded within the Inline XBRL document)

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