<PAGE>
AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON JANUARY 3, 2000.
REGISTRATION NO. 333-_____
================================================================================
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
-------------------------------------
FORM S-8
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
-------------------------------------
JORE CORPORATION
(Exact Name of Registrant as Specified in Its Charter)
MONTANA 81-0465233
(State or other Jurisdiction of (I.R.S. Employer Identification Number)
Incorporation or Organization)
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45000 HIGHWAY 93 SOUTH
RONAN, MONTANA 59864
(406) 676-4900
(Address and Telephone Number of Registrant's Principal Executive Offices)
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JORE CORPORATION 1999 EMPLOYEE STOCK PURCHASE PLAN
(Full Title of the Plans)
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DAVID H. BJORNSON, ESQ.
45000 HIGHWAY 93 SOUTH
RONAN, MONTANA 59864
(406) 676-4900
(Name, Address and Telephone Number of Agent for Service)
-----------------------------------------------
COPIES TO:
WILLIAM E. VAN VALKENBERG, ESQ.
VAN VALKENBERG FURBER LAW GROUP P.L.L.C.
1325 FOURTH AVENUE, SUITE 1200
SEATTLE, WASHINGTON 98101-2509
TELEPHONE: (206) 464-0460
FACSIMILE: (206) 464-2857
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CALCULATION OF REGISTRATION FEE
<TABLE>
<CAPTION>
=====================================================================================================================
PROPOSED MAXIMUM PROPOSED MAXIMUM AMOUNT OF
TITLE OF EACH CLASS OF SECURITIES TO BE AMOUNT TO BE OFFERING PRICE AGGREGATE REGISTRATION
REGISTERED REGISTERED(1) PER SHARE(2) OFFERING PRICE(2) FEE(2)
<S> <C> <C> <C> <C>
=====================================================================================================================
Common Stock, without par value 1,000,000 $7.8125 $7,812,500.00 $2,062.50
=====================================================================================================================
</TABLE>
(1) Together with an indeterminate number of additional shares which
may be necessary to adjust the number of shares reserved for issuance
pursuant to the Plan as the result of any future stock split, stock dividend
or similar adjustment of the Registrant's outstanding Common Stock.
(2) Estimated solely for purposes of calculating the registration fee
pursuant to Rules 457(c) and 457(h) under the Securities Act of 1933, as
amended. The price per share and aggregate offering price are based upon an
estimated price per share of $7.8125 based on the average of the high
($8.6250) and low ($7.0000) sales prices for the Registrant's Common Stock on
December 28, 1999, as reported by the Nasdaq National Market.
-----------------------------------------------
<PAGE>
EXPLANATORY NOTE
Jore Corporation ("Jore" or the "Company") has prepared this
Registration Statement in accordance with the requirements of Form S-8 under
the Securities Act of 1933, as amended (the "1933 Act"), to register shares
of its Common Stock. The information required by Part I with respect to Jore
Corporation 1999 Employee Stock Purchase Plan is included in documents sent
or given to participants in the Plan pursuant to Rule 428(b)(1) of the
Securities Act.
PART II
INFORMATION REQUIRED IN REGISTRATION STATEMENT
ITEM 3. INCORPORATION OF DOCUMENTS BY REFERENCE
The following documents filed by Jore Corporation, a Montana corporation
(the "Company" or the "Registrant") with the Securities and Exchange
Commission (the "Commission") are incorporated by reference into this
Registration Statement:
(a) The Company's Registration Statement on Form S-1 (No. 333-78357)
and the prospectus filed with the Commission pursuant to Rule 424(b) under
the Securities Act, that contain audited financial statements for the
Company's latest fiscal year for which such statements have been filed; and
(b) A description of the Company's Common Stock, which is contained in
the Form 8-A Registration Statement (No. 000-26889) filed by the Company with
the Commission on July 30, 1999; and
(c) The Company's Quarterly Report on Form 10-Q dated November 15, 1999.
In addition, all reports and other documents subsequently filed by the
Company pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act
prior to the filing of a post effective amendment which indicates that all
securities offered have been sold or which deregisters all securities then
remaining unsold, shall be deemed to be incorporated by reference herein and
to be a part of this Registration Statement from the date of the filing of
such reports and documents.
ITEM 4. DESCRIPTION OF SECURITIES
Not applicable.
ITEM 5. INTEREST OF NAMED EXPERTS AND COUNSEL
Not Applicable.
ITEM 6. INDEMNIFICATION OF DIRECTORS AND OFFICERS
The Montana Business Corporation Act provides that a director or officer
of a corporation (i) shall, unless limited by the Articles of Incorporation,
be indemnified by the corporation for expenses in defense of any action or
proceeding if the director or officer is sued by reason of his service to the
corporation, to the extent that such person has been successful in defense of
such action or proceeding and (ii) may be indemnified by the corporation for
expenses, judgments, fines, penalties and amounts paid in settlement of a
proceeding, even if he is not successful on the merits, if he acted in good
faith and
<PAGE>
in a manner he reasonably believed to be in or not opposed to the best
interests of the corporation (and in a criminal proceeding, if he did not
have reasonable cause to believe his conduct was unlawful), provided that no
indemnification is permitted without court approval if the director or
officer was adjudged liable to the corporation. The Registrant's Articles of
Incorporation do not limit the Registrant's obligation to indemnify its
directors and officers.
The Registrant's Articles of Incorporation limit the liability of its
directors as permitted by the Montana Business Corporation Act. Specifically,
directors of the Registrant will not be personally liable for monetary
damages for any action taken or any failure to take any action as a director,
except for (i) the amount of financial benefit received by a director to
which a director is not entitled, (ii) an intentional infliction of harm on
the corporation or its shareholders, (iii) an unlawful distribution to
shareholders or (iv) an intentional violation of criminal law.
ITEM 7. EXEMPTION FROM REGISTRATION CLAIMED
Not applicable.
ITEM 8. EXHIBITS
The following is a complete list of Exhibits filed as part of this
Registration Statement and which are incorporated herein:
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<CAPTION>
EXHIBIT NO. DESCRIPTION
-------------------- ----------------------------------------------------------------------------------------
<S> <C>
4.1 Amended and Restated Articles of Incorporation (Filed as Exhibit 3.1 to the Company's
Registration Statement on Form S-1 (No. 333-78357) and incorporated herein by
reference)
4.2 Bylaws (Filed as Exhibit 3.2 to the Company's Registration Statement on Form S-1 (No.
333-78357) and incorporated herein by reference)
4.3 Form of Common Stock Certificate (Filed as Exhibit 4.3 to the Company's Registration
Statement on Form S-1 (No. 333-78357) and incorporated herein by reference)
4.4 Jore Corporation 1999 Employee Stock Purchase Plan
5.1 Opinion of Van Valkenberg Furber Law Group P.L.L.C. as to legality of shares to be
issued
23.1 Consent of Van Valkenberg Furber Law Group P.L.L.C. (Included in Exhibit 5.1)
23.2 Consent of Deloitte & Touche L.L.P., independent certified public accountants for the
Company
24.1 Power of Attorney
</TABLE>
ITEM 9. UNDERTAKINGS
A. The Registrant hereby undertakes:
(1) To file, during any period in which offers or sells are being made,
a post-effective amendment to this Registration Statement to:
<PAGE>
(i) include any prospectus required by section 10(a)(3) of the
Securities Act;
(ii) reflect in the prospectus any facts or events arising
after the effective date of the Registration Statement (or the most recent
post-effective amendment thereof) which, individually or together, represent
a fundamental change in the information in the Registration Statement.
Notwithstanding the foregoing, any increase or decrease in volume of
securities offered (if the total dollar value of securities offered would not
exceed that which was registered) and any deviation from the low or high end
of the estimated maximum offering range may be reflected in the form of
prospectus filed with the Commission pursuant to Rule 424(b) if, in the
aggregate, the changes in volume and price represent no more than a 20%
change in the maximum aggregate offering price set forth in the "Calculation
of Registration Fee" table in the effective registration statement; and
(iii) include any material information with respect to the
plan of distribution not previously disclosed in the registration statement
or any material change to such information in the Registration Statement.
PROVIDED, HOWEVER, that paragraphs (1)(i) and (1)(ii) do not apply if the
Registration Statement is on Form S-3 or Form S-8, and the information
required to be included in a post-effective amendment by those paragraphs is
contained in periodic reports filed with or furnished to the Commission by
the Registrant pursuant to Section 13 or Section 15(d) of the Exchange Act
that are incorporated by reference in the Registration Statement.
(2) That, for the purpose of determining any liability under the
Securities Act, each such post-effective amendment shall be deemed to be a
new registration statement of the securities offered herein, and the offering
of such securities at that time shall be deemed to be the initial bona fide
offering thereof; and
(3) To remove from registration by means of a post-effective amendment
any of the securities being registered which remain unsold at the termination
of the offering.
B. The undersigned Registrant hereby undertakes that, for purposes of
determining any liability under the Securities Act, each filing of the
Registrant's annual report pursuant to Section 13(a) or Section 15(d) of the
Exchange Act (and, where applicable, each filing of an employee benefit
plan's annual report pursuant to Section 15(d) of the Exchange Act) that is
incorporated by reference in this Registration Statement shall be deemed to
be a new registration statement relating to the securities being offered
herein, and the offering of such securities at that time shall be deemed to
be the initial bona fide offering thereof.
C. Insofar as indemnification for liabilities arising under the
Securities Act may be permitted to directors, officers and controlling
persons of the Registrant pursuant to the foregoing provisions, or otherwise,
the Registrant has been advised that in the opinion of the Commission such
indemnification is against public policy as expressed in the Securities Act
and is, therefore, unenforceable. In the event that a claim for
indemnification against such liabilities (other than the payment by the
Registrant of expenses incurred or paid by a director, officer or controlling
person of the Registrant in the successful defense of any action, suit or
proceeding) is asserted by such director, officer or controlling person in
connection with the securities being registered, the Registrant will, unless
in the opinion of its counsel the matter has been settled by controlling
precedent, submit to a court of
<PAGE>
appropriate jurisdiction the question whether such indemnification by it is
against public policy as expressed in the Securities Act and will be governed
by the final adjudication of such issue.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended,
the Registrant certifies that it has reasonable grounds to believe that it
meets all of the requirements for filing on Form S-8 and has duly caused this
Registration Statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of Ronan, State of Montana, on the 3rd
day of January, 2000.
JORE CORPORATION
By: /s/ Matthew B. Jore
-------------------------------------------
Matthew B. Jore
President and Chief Executive Officer
In accordance with the requirements of the Securities Act of 1933, as
amended, this Registration Statement has been signed by the following persons
in the capacities indicated below on the 3rd day of January, 2000.
<TABLE>
<CAPTION>
SIGNATURE TITLE
<S> <C>
/s/ Matthew B. Jore Chairman, President and Chief Executive Officer
--------------------------- (Principal Executive Officer)
Matthew B. Jore
/s/ David H. Bjornson Chief Financial Officer and Director
--------------------------- (Principal Financial and Accounting Officer)
David H. Bjornson
* Executive Vice President and Director
---------------------------
Michael W. Jore
* Director
---------------------------
Thomas E. Mahoney
* Director
----------------------------
R. Bruce Romfo
* Director
----------------------------
William M. Steele
* Director
----------------------------
James P. Mathias
* Director
----------------------------
A. Blaine Huntsman
*By: /s/ David H. Bjornson
----------------------------
David H. Bjornson
ATTORNEY-IN-FACT
</TABLE>
<PAGE>
INDEX TO EXHIBITS
<TABLE>
<CAPTION>
EXHIBIT NO. DESCRIPTION
-------------------- ----------------------------------------------------------------------------------------
<S> <C>
4.1 Amended and Restated Articles of Incorporation (Filed as Exhibit 3.1 to the Company's
Registration Statement on Form S-1 (No. 333-78357) and incorporated herein by
reference)
4.2 Bylaws (Filed as Exhibit 3.2 to the Company's Registration Statement on Form S-1 (No.
333-78357) and incorporated herein by reference)
4.3 Form of Common Stock Certificate (Filed as Exhibit 4.3 to the Company's Registration
Statement on Form S-1 (No. 333-78357) and incorporated herein by reference)
4.4 Jore Corporation 1999 Employee Stock Purchase Plan
5.1 Opinion of Van Valkenberg Furber Law Group P.L.L.C. as to legality of shares to be
issued
23.1 Consent of Van Valkenberg Furber Law Group P.L.L.C. (Included in Exhibit 5.1)
23.2 Consent of Deloitte & Touche L.L.P., independent certified public accountants for the
Company
24.1 Power of Attorney
</TABLE>
<PAGE>
EXHIBIT 4.4
JORE CORPORATION 1999 EMPLOYEE STOCK PURCHASE PLAN
SECTION 1.
PURPOSE: The purposes of the Jore Corporation 1999 Employee Stock
Purchase Plan (the "Plan") are (a) to assist employees of Jore Corporation, a
Montana corporation (the "Company"), and its designated subsidiaries in
acquiring a stock ownership interest in the Company pursuant to a plan that is
intended to qualify as an "employee stock purchase plan" under Section 423 of
the Internal Revenue Code of 1986, as amended, and (b) to encourage employees to
remain in the employ of the Company and its subsidiaries.
SECTION 2.
DEFINITIONS: For purposes of the Plan, the following terms shall be
defined as set forth below:
"Board" means the Board of Directors of the Company.
"Code" means the Internal Revenue Code of 1986, as amended from time to
time.
"Committee" means the Company's Compensation Committee.
"Common Stock" means the common stock, without par value, of the
Company.
"Company" means Jore Corporation, a Montana corporation.
"Corporate Transaction" means either of the following events: (a)
consummation of any merger or consolidation of the Company with or into another
corporation; or (b) consummation of any sale, lease, exchange or other transfer
in one transaction or a series of related transactions of all or substantially
all of the Company's assets or outstanding securities other than a transfer of
the Company's assets or securities to a majority-owned Subsidiary Corporation.
"Designated Subsidiary" has the meaning set forth under the definition
of "Eligible Employee" in this Section 2.
"Effective Date" has the meaning set forth in Section 23.
"Eligible Compensation" means all base salary and wages. Eligible
Compensation does not include overtime, cash bonuses, commissions, severance
pay, hiring and relocation bonuses, pay in lieu of vacations, sick leave, gain
from stock option exercises or any other special payments.
"Eligible Employee" means any employee of the Company or any Subsidiary
Corporation designated by the Board or the Committee (a "Designated
Subsidiary"), who is in the employ of the Company (or any Designated Subsidiary)
on one or more Offering Dates and
<PAGE>
who meets the following criteria: (a) the employee does not, immediately after
the option is granted, own stock (as defined by the Code) possessing 5% or
more of the total combined voting power or value of all classes of stock of
the Company or of a Parent Corporation or Subsidiary Corporation of the
Company; (b) the employee's customary employment is for 20 hours or more per
week; provided, however, that the Plan Administrator may decrease this minimum
requirement for any future Offering so long as the required number of hours
does not exceed 20; (c) if specified by the Plan Administrator for a future
Offering, the employee customarily works a minimum of 5 months per year or any
lesser number of months established by the Plan Administrator; and (d) if
specified by the Plan Administrator for a future Offering, the employee has
been employed for a certain minimum period of time prior to an Offering Date;
provided, however, that any such minimum employment period may not exceed two
years. If the Company permits any employee of a Designated Subsidiary to
participate in the Plan, then all employees of that Designated Subsidiary who
meet the requirements of this paragraph shall also be considered Eligible
Employees.
"Enrollment Period" has the meaning set forth in Section 7.1.
"ESPP Broker" has the meaning set forth in Section 10.
"Exchange Act" means the Securities Exchange Act of 1934, as amended.
"Fair Market Value" shall be as established in good faith by the Plan
Administrator, or (a) if the Common Stock is listed on the Nasdaq National
Market, the average of the high and low per share sales prices for the Common
Stock as reported by the Nasdaq National Market on the Offering Date or the
Purchase Date, as applicable, or (b) if the Common Stock is listed on the New
York Stock Exchange or the American Stock Exchange, the average of the high and
low per share sales prices for the Common Stock as such price is officially
quoted in the composite tape of transactions on such exchange on the Offering
Date or the Purchase Date, as applicable. If there is no such reported price for
the Common Stock for the date in question, then such price on the last preceding
date for which such price exists shall be determinative of Fair Market Value.
"Offering" has the meaning set forth in Section 5.1.
"Offering Date" means the first day of an Offering.
"Option" means an option granted under the Plan to an Eligible Employee
to purchase shares of Common Stock.
"Parent Corporation" means any corporation, other than the Company, in
an unbroken chain of corporations ending with the Company, if, at the time of
the granting of the Option, each of the corporations, other than the Company,
owns stock possessing 50% or more of the total combined voting power of all
classes of stock in one of the other corporations in such chain.
"Participant" means any Eligible Employee who has elected to
participate in an Offering in accordance with the procedures set forth in
Section 7.1 and who has not withdrawn from the Plan or whose participation in
the Plan is not terminated.
<PAGE>
"Plan" means the Jore Corporation 1999 Employee Stock Purchase Plan.
"Purchase Date" means the last day of each Purchase Period.
"Purchase Period" has the meaning set forth in Section 5.2.
"Purchase Price" has the meaning set forth in Section 6.
"Subscription" has the meaning set forth in Section 7.1.
"Subsidiary Corporation" means any corporation, other than the Company,
in an unbroken chain of corporations beginning with the Company, if, at the time
of the granting of the Option, each of the corporations, other than the last
corporation in the unbroken chain, owns stock possessing 50% or more of the
total combined voting power of all classes of stock in one of the other
corporations in such chain.
SECTION 3.
ADMINISTRATION:
3.1 PLAN ADMINISTRATOR: The Plan shall be administered by the Board or
the Committee or, if and to the extent the Board or the Committee designates an
executive officer of the Company to administer the Plan, by such executive
officer (each, the "Plan Administrator"). Any decisions made by the Plan
Administrator shall be applicable equally to all Eligible Employees.
3.2 ADMINISTRATION AND INTERPRETATION BY THE PLAN ADMINISTRATOR:
Subject to the provisions of the Plan, the Plan Administrator shall have the
authority, in its sole discretion, to determine all matters relating to Options
granted under the Plan, including all terms, conditions, restrictions and
limitations of Options; provided, however, that all Participants granted Options
pursuant to the Plan shall have the same rights and privileges within the
meaning of Section 423 of the Code.
The Plan Administrator shall also have exclusive authority to interpret
the Plan and may from time to time adopt, and change, rules and regulations of
general application for the Plan's administration. The Plan Administrator's
interpretation of the Plan and its rules and regulations, and all actions taken
and determinations made by the Plan Administrator pursuant to the Plan, unless
reserved to the Board or the Committee, shall be conclusive and binding on all
parties involved or affected. The Plan Administrator may delegate administrative
duties to such of the Company's other officers or employees as the Plan
Administrator so determines.
SECTION 4.
STOCK SUBJECT TO PLAN: Subject to adjustment from time to time as
provided in Section 21, the maximum number of shares of Common Stock which shall
be available for issuance under the Plan shall be (a) 1,000,000 shares plus (b)
an annual increase to be added beginning in 2000 on the first day of the
Company's fiscal year equal to the least of (i) of
<PAGE>
100,000 shares of Common Stock, or (ii) 1.5% of the adjusted average common
shares outstanding of the Company used to calculate fully diluted earnings per
share as reported in the Company's annual financial statements for the
preceding fiscal year, or (iii) a lesser amount determined by the Board;
provided, however, that any shares from any increases in previous years that
are not actually issued shall be added to the aggregate number of shares
available for issuance under the Plan. Shares issued under the Plan shall be
drawn from authorized and unissued shares or shares now held or subsequently
acquired by the Company as treasury shares.
SECTION 5.
OFFERING DATES AND PURCHASE PERIODS:
5.1 OFFERINGS:
(a) Except as otherwise set forth below, the Plan shall be implemented
by a series of Offerings (each, an "Offering"). Offerings shall commence on
March 1 and September 1 of each year and end on the second February 28 (or
February 29 in the case of leap years) and August 31, respectively, occurring
thereafter; provided, however, that the first Offering shall begin on the
Effective Date hereof and shall end on December 31, 2001.
(b) Notwithstanding the foregoing, the Plan Administrator may establish
(i) a different term for one or more Offerings, and (ii) different commencing
and ending dates for such Offerings; provided, however, that an Offering may not
exceed five years; and provided further that if the Purchase Price may be less
than 85% of the fair market value of the Common Stock on the Purchase Date, the
Offering may not exceed 27 months.
(c) In the event the first or the last day of an Offering is not a
regular business day, then the first day of the Offering shall be deemed to be
the next regular business day and the last day of the Offering shall be deemed
to be the last preceding regular business day.
5.2 PURCHASE PERIODS:
(a) Each Offering shall consist of four consecutive purchase periods of
six months' duration (each, a "Purchase Period"). The last day of each Purchase
Period shall be the Purchase Date for such Purchase Period. Except as otherwise
set forth below, a Purchase Period shall commence on March 1 and September 1 of
each year and end on the next August 31 and February 28 (or February 29 in the
case of leap years), respectively, occurring thereafter; provided, however, that
the first Purchase Period for the first Offering shall begin on the Effective
Date and shall end on June 30, 2000, and the second Purchase Period for the
first Offering shall begin July 1, 2000 and end on December 31, 2000, the third
Purchase Period for the first Offering shall begin on January 1, 2001 and end on
June 30, 2001, and the fourth Purchase Period for the first Offering shall begin
on July 1, 2001 and end on December 31, 2001.
(b) Notwithstanding the foregoing, the Board may establish (i) a
different term for one or more Purchase Periods, and (ii) different commencing
and ending dates for any such Purchase Period.
<PAGE>
(c) In the event the first or last day of a Purchase Period is not a
regular business day, then the first day of the Purchase Period shall be deemed
to be the next regular business day and the last day of the Purchase Period
shall be deemed to be the last preceding regular business day.
5.3 GOVERNMENTAL APPROVAL; SHAREHOLDER APPROVAL: Notwithstanding any
other provision of the Plan to the contrary, an Option granted pursuant to the
Plan shall be subject to (a) obtaining all necessary governmental approvals and
qualifications of the Plan and of the issuance of Options and sale of Common
Stock pursuant to the Plan, and (b) obtaining shareholder approval of the Plan.
SECTION 6.
PURCHASE PRICE:
6.1 "Purchase Price" at which Common Stock may be acquired in an
Offering pursuant to the exercise of all or any portion of an Option granted
under the Plan (the "Offering Exercise Price") shall be 85% of the lesser of (a)
the fair market value of the Common Stock on the Offering Date of such Offering,
and (b) the fair market value of the Common Stock on the Purchase Date.
6.2 Notwithstanding the foregoing, if an increase in the number of
shares authorized for issuance under the Plan (other than an annual increase
pursuant to Section 4 and other than the initial authorization on the Effective
Date) is approved and all or a portion of such additional shares are to be
issued during one or more Offerings that are underway at the time of shareholder
approval of such increase (the "Additional Shares"), then, if as of the date of
such shareholder approval, the Fair Market Value of a share of Common Stock is
higher than the Fair Market Value on the Offering Date for any such Offering,
the Purchase Price for the Additional Shares shall be 85% of the lesser of (i)
the Common Stock's Fair Market Value on the date of such shareholder approval,
and (ii) the Fair Market Value of the Common Stock on the Purchase Date.
SECTION 7.
PARTICIPATION IN THE PLAN:
7.1 INITIAL PARTICIPATION: An Eligible Employee shall become a
Participant on the first Offering Date after satisfying the eligibility
requirements and delivering to the Plan Administrator during the enrollment
period established by the Plan Administrator (the "Enrollment Period") a
subscription (the "Subscription"): (a) indicating the Eligible Employee's
election to participate in the Plan; (b) authorizing payroll deductions and
stating the amount to be deducted regularly from the Participant's pay; and (c)
authorizing the purchase of Common Stock for the Participant in each Purchase
Period. An Eligible Employee who does not deliver a Subscription as provided
above during the Enrollment Period shall not participate in the Plan for that
Offering or for any subsequent Offering unless such Eligible Employee
subsequently enrolls in the Plan by filing a Subscription with the Company
during the Enrollment Period for such subsequent Offering. The Company may, from
time to time, change the Enrollment Period for any future Offering as deemed
advisable by the Plan Administrator, in its sole discretion, for the
<PAGE>
proper administration of the Plan. Except as provided in Section 7.2, an
employee who becomes eligible to participate in the Plan after an Offering has
commenced shall not be eligible to participate in such Offering but may
participate in any subsequent Offering, provided that such employee is still
an Eligible Employee as of the commencement of any such subsequent Offering.
Eligible Employees may not participate in more than one Offering at a time.
7.2 ALTERNATIVE INITIAL PARTICIPATION: Notwithstanding any other
provisions of the Plan, the Board or the Committee may provide for any future
Offering that any employee of the Company or any Designated Subsidiary who first
meets the requirements of subparagraphs (a) through (b) of the paragraph
"Eligible Employee" in Section 2 during the course of an Offering shall, on a
date or dates specified in the Offering which coincides with the date on which
such person first meets such requirements or occurs on a specified date
thereafter, receive an Option under that Offering which Option shall thereafter
be deemed to be a part of that Offering. Such Option shall have the same
characteristics as any Options originally granted under that Offering, except
that: (a) the date on which such Option is granted shall be the "Offering Date"
of such Option for all purposes, including determining the Purchase Price of
such Option; provided, however, that if the Fair Market Value of the Common
Stock on the date on which such Option is granted is less than the Fair Market
Value of Common Stock on the first day of the Offering, then, solely for the
purpose of determining the Purchase Price of such Option, the first day of the
Offering shall be the "Offering Date" for such Option; (b) the Purchase
Period(s) for such Option shall begin on its Offering Date and end coincident
with the remaining Purchase Date(s) for such Offering; and (c) the Board or the
Committee may provide that if such employee first meets such requirements within
a specified period of time before the end of a Purchase Period for such
Offering, he or she will not receive any Option for that Purchase Period.
7.3 CONTINUED PARTICIPATION: A Participant shall automatically
participate in the next Offering until such time as such Participant withdraws
from the Plan pursuant to Section 11.2 or 11.3 or terminates employment as
provided in Section 13.
SECTION 8.
LIMITATIONS ON RIGHT TO PURCHASE SHARES:
8.1 NUMBER OF SHARES PURCHASED:
(a) No participant shall be entitled to purchase Common Stock under the
Plan (or any other employee stock purchase plan that is intended to meet the
requirements of Section 423 of the Code sponsored by the Company, a Parent
Corporation or a Subsidiary Corporation) with a fair market value exceeding
$25,000, determined as of the Offering Date for each Offering (or such other
limit as may be imposed by the Code), in any calendar year in which a
Participant participates in the Plan (or any other employee stock purchase plan
described in this Section 8.1).
(b) No Participant shall be entitled to purchase more than 4,000 shares
of Common Stock (or such other number as the Board or the Committee shall
specify for a future Offering) under the Plan in any single Purchase Period.
<PAGE>
(c) For a future Offering, the Board or the Committee may specify a
maximum number of shares that may be purchased by any Participant, as well as
a maximum aggregate number of shares that may be purchased by all Participants
pursuant to such Offering. In addition, for a future Offering with more than
one Purchase Date, the Board or the Committee may specify a maximum aggregate
number of shares that may be purchased by all Participants on any given
Purchase Date under the Offering.
8.2 PRO RATA ALLOCATION: In the event the number of shares of Common
Stock that might be purchased by all Participants in the Plan exceeds the number
of shares of Common Stock available in the Plan, the Plan Administrator shall
make a pro rata allocation of the remaining shares of Common Stock in as uniform
a manner as shall be practicable and as the Plan Administrator shall determine
to be equitable. Fractional shares may not be issued under the Plan unless the
Plan Administrator determines otherwise for any future Offering.
SECTION 9.
PAYMENT OF PURCHASE PRICE:
9.1 GENERAL RULES SUBJECT TO SECTION 9.11: Common Stock that is
acquired pursuant to the exercise of all or any portion of an Option may be paid
for only by means of payroll deductions from the Participant's Eligible
Compensation. Except as set forth in this Section 9, the amount of compensation
to be withheld from a Participant's Eligible Compensation during each pay period
shall be determined by the Participant's Subscription.
9.2 PERCENT WITHHELD: The amount of payroll withholding for each
Participant for purchases pursuant to the Plan during any pay period shall be at
least 1% but shall not exceed 15% of the Participant's Eligible Compensation for
such pay period. Amounts shall be withheld in whole percentages only.
9.3 PAYROLL DEDUCTIONS: Payroll deductions shall commence on the first
payday following the Offering Date and shall continue through the last payday of
the Offering unless sooner altered or terminated as provided in the Plan.
9.4 MEMORANDUM ACCOUNTS: Individual accounts shall be maintained for
each Participant for memorandum purposes only. All payroll deductions from a
Participant's compensation shall be credited to such account but shall be
deposited with the general funds of the Company. All payroll deductions received
or held by the Company may be used by the Company for any corporate purpose.
9.5 NO INTEREST: No interest shall be paid on payroll deductions
received or held by the Company.
9.6 ACQUISITION OF COMMON STOCK: On each Purchase Date of an Offering,
each Participant shall automatically acquire, pursuant to the exercise of the
Participant's Option, the number of shares of Common Stock arrived at by
dividing the total amount of the Participant's accumulated payroll deductions
for the Purchase Period by the Purchase Price; provided, however, that the
number of shares of Common Stock purchased by the Participant shall not
<PAGE>
exceed the number of whole shares of Common Stock so determined, unless the
Plan Administrator has determined for any future Offering that fractional
shares may be issued under the Plan; and provided, further, that the number of
shares of Common Stock purchased by the Participant shall not exceed the
number of shares for which Options have been granted to the Participant
pursuant to Section 8.1.
9.7 REFUND OF EXCESS AMOUNTS: Any cash balance remaining in the
Participant's account at the termination of each Purchase Period shall be
refunded to the Participant as soon as practical after the Purchase Date without
the payment of any interest; provided, however, that if the Participant
participates in the next Purchase Period, any cash balance remaining in the
Participant's account shall be applied to the purchase of Common Stock in the
new Purchase Period, provided such purchase complies with Section 8.1.
9.8 WITHHOLDING OBLIGATIONS: At the time the Option is exercised, in
whole or in part, or at the time some or all of the Common Stock is disposed of,
the Participant shall make adequate provision for federal and state withholding
obligations of the Company, if any, that arise upon exercise of the Option or
upon disposition of the Common Stock. The Company may withhold from the
Participant's compensation the amount necessary to meet such withholding
obligations.
9.9 TERMINATION OF PARTICIPATION: No Common Stock shall be purchased on
behalf of a Participant on a Purchase Date if his or her participation in the
Offering or the Plan has terminated on or before such Purchase Date.
9.10 PROCEDURAL MATTERS: The Company may, from time to time, establish
(a) limitations on the frequency and/or number of any permitted changes in the
amount withheld during an Offering, as set forth in Section 11.1, (b) an
exchange ratio applicable to amounts withheld in a currency other than U.S.
dollars, (c) payroll withholding in excess of the amount designated by a
Participant in order to adjust for delays or mistakes in the Company's
processing of properly completed withholding elections and (d) such other
limitations or procedures as deemed advisable by the Company in the Company's
sole discretion that are consistent with the Plan and in accordance with the
requirements of Section 423 of the Code.
9.11 LEAVES OF ABSENCE: During leaves of absence approved by the
Company and meeting the requirements of the applicable Treasury Regulations
promulgated under the Code, a Participant may elect to continue participation in
the Plan by delivering cash payments to the Plan Administrator on the
Participant's normal paydays equal to the amount of his or her payroll deduction
under the Plan had the Participant not taken a leave of absence. Currently, the
Treasury Regulations provide that a Participant may continue participation in
the Plan only during the first 90 days of a leave of absence unless the
Participant's reemployment rights are guaranteed by statute or contract.
SECTION 10.
COMMON STOCK PURCHASED UNDER THE PLAN:
10.1 ESPP BROKER: If the Plan Administrator designates or approves a
stock brokerage or other financial services firm (the "ESPP Broker") to hold
shares purchased under the Plan for
<PAGE>
the accounts of Participants, the following procedures shall apply. Promptly
following each Purchase Date, the number of shares of Common Stock purchased
by each Participant shall be deposited into an account established in the
Participant's name with the ESPP Broker. Each Participant shall be the
beneficial owner of the Common Stock purchased under the Plan and shall have
all rights of beneficial ownership in such Common Stock. Subject to Section
15, a Participant shall be free to undertake a disposition of the shares of
Common Stock in his or her account at any time, but, in the absence of such a
disposition, the shares of Common Stock must remain in the Participant's
account at the ESPP Broker until the holding period set forth in Section 423
of the Code has been satisfied. With respect to shares of Common Stock for
which the holding period set forth above has been satisfied, the Participant
may move those shares of Common Stock to another brokerage account of the
Participant's choosing or request that a stock certificate be issued and
delivered to him or her. Dividends paid in the form of shares of Common Stock
with respect to Common Stock in a Participant's account shall be credited to
such account. A Participant who is not subject to payment of U.S. income taxes
may move his or her shares of Common Stock to another brokerage account of his
or her choosing or request that a stock certificate be delivered to him or her
at any time, without regard to the holding period required by Section 423 of
the Code.
10.2 NOTICE OF DISPOSITION: By entering the Plan, each Participant
agrees to promptly give the Company notice of any Common Stock disposed of
within the later of one year from the Purchase Date and two years from the
Offering Date for such Common Stock, showing the number of such shares disposed
of and the Purchase Date and Offering Date for such Common Stock. This notice
shall not be required if and so long as the Company has a designated ESPP
Broker.
SECTION 11.
CHANGES IN WITHHOLDING AMOUNTS AND VOLUNTARY WITHDRAWAL:
11.1 CHANGES IN WITHHOLDING AMOUNTS:
(a) Unless the Plan Administrator establishes otherwise for a future
Offering, during an Offering, a Participant may elect to decrease, or on one
occasion only during an Offering may elect to increase, the amount withheld from
his or her Eligible Compensation during an Offering by completing and filing
with the Company an amended Subscription authorizing a change in the payroll
deduction rate. The change in rate shall be effective as of the beginning of the
next calendar month following the date of filing the amended Subscription if the
amended Subscription is filed at least 10 days prior to such date (the "Change
Notice Date") and, if not, as of the beginning of the next succeeding calendar
month. All payroll deductions accrued by a Participant as of a Change Notice
Date shall continue to be applied toward the purchase of Common Stock on the
Purchase Date, unless a Participant withdraws from an Offering or the Plan,
pursuant to Section 11.2 or Section 11.3 below. An amended Subscription shall
remain in effect until the Participant changes such Subscription in accordance
with the terms of the Plan.
(b) Unless otherwise determined by the Plan Administrator for a
future Offering, a Participant may elect to increase or decrease the amount to
be withheld from his or her
<PAGE>
compensation for future Offerings; provided, however, that notice of such
election must be delivered to the Plan Administrator in such form and in
accordance with such terms as the Plan Administrator may establish for an
Offering.
(c) Notwithstanding the foregoing, to the extent necessary to comply
with Code Section 423 and Section 8.1, a Participant's payroll deductions may
be decreased during any Purchase Period scheduled to end during the current
calendar year to 0% at such time that the aggregate of all payroll deductions
accumulated with respect to the Offering to which such Purchase Period applies
and any other Offering ending within the same calendar year exceed $21,250.
Payroll deductions shall re-commence at the rate provided in such
Participant's Subscription at the beginning of the first Purchase Period that
is scheduled to end in the following calendar year, unless the Participant
terminates participation in the Plan as provided in Section 11.2 or Section
11.3 below.
11.2 WITHDRAWAL FROM AN OFFERING: A Participant may withdraw from an
Offering by signing and delivering to the Plan Administrator a written notice of
withdrawal on a form provided by the Company for such purpose. Such withdrawal
must be elected at least 10 days prior to the end of the Purchase Period for
which such withdrawal is to be effective or by any other date specified by the
Plan Administrator for any future Offering. If a Participant withdraws after the
Purchase Date for a Purchase Period of an Offering, the withdrawal shall not
affect Common Stock acquired by the Participant in any earlier Purchase Periods.
Unless otherwise indicated, withdrawal from an Offering shall not result in a
withdrawal from the Plan or any succeeding Offering therein. A Participant is
prohibited from again participating in the same Offering at any time upon
withdrawal from such Offering. The Company may, from time to time, impose a
requirement that the notice of withdrawal be on file with the Plan Administrator
for a reasonable period prior to the effectiveness of the Participant's
withdrawal.
11.3 WITHDRAWAL FROM THE PLAN: A Participant may withdraw from the Plan
by signing a written notice of withdrawal on a form provided by the Company for
such purpose and delivering such notice to the Plan Administrator. Such notice
must be delivered at least 10 days prior to the end of the Purchase Period for
which such withdrawal is to be effective or by any other date specified by the
Plan Administrator for any future Offering. In the event a Participant
voluntarily elects to withdraw from the Plan, the Participant may not resume
participation in the Plan during the same Offering, but may participate in any
subsequent Offering under the Plan by again satisfying the definition of
Eligible Employee. The Company may impose, from time to time, a requirement that
the notice of withdrawal be on file with the Plan Administrator for a reasonable
period prior to the effectiveness of the Participant's withdrawal.
11.4 RETURN OF PAYROLL DEDUCTIONS: Upon withdrawal from an Offering
pursuant to Section 11.2 or from the Plan pursuant to Section 11.3, the
withdrawing Participant's accumulated payroll deductions that have not been
applied to the purchase of Common Stock shall be returned as soon as practical
after the withdrawal, without the payment of any interest, to the Participant
and the Participant's interest in the Offering shall terminate. Such accumulated
payroll deductions may not be applied to any other Offering under the Plan.
<PAGE>
SECTION 12.
AUTOMATIC WITHDRAWAL: If the Fair Market Value of the Common Stock on
any Purchase Date of an Offering is less than the Fair Market Value of the
Common Stock on the Offering Date for such Offering, then every Participant
shall automatically (a) be withdrawn from such Offering at the close of such
Purchase Date and after the acquisition of the shares of Common Stock for such
Purchase Period, and (b) be enrolled in the Offering commencing on the first
business date subsequent to such Purchase Period, provided the Participant is
eligible to participate in the Plan and has not elected to terminate
participation in the Plan pursuant to Section 11.2 or 11.3.
SECTION 13.
TERMINATION OF EMPLOYMENT: Termination of a Participant's employment
with the Company for any reason, including retirement, death or the failure of a
Participant to remain an Eligible Employee, shall immediately terminate the
Participant's participation in the Plan. The payroll deductions credited to the
Participant's account since the last Purchase Date shall, as soon as practical,
be returned to the Participant or, in the case of a Participant's death, to the
Participant's legal representative or designated beneficiary as provided in
Section 14.2, and all of the Participant's rights under the Plan shall
terminate. Interest shall not be paid on sums returned to a Participant pursuant
to this Section 13.
SECTION 14.
RESTRICTIONS ON ASSIGNMENT:
14.1 TRANSFERABILITY: An Option granted under the Plan shall not be
transferable and such Option shall be exercisable during the Participant's
lifetime only by the Participant. The Company will not recognize, and shall be
under no duty to recognize, any assignment or purported assignment by a
Participant of the Participant's interest in the Plan, of his or her Option or
of any rights under his or her Option.
14.2 BENEFICIARY DESIGNATION: The Plan Administrator may permit a
Participant to designate a beneficiary who is to receive any shares and cash, if
any, from the Participant's account under the Plan in the event the Participant
dies after the Purchase Date for an Offering but prior to delivery to such
Participant of such shares and cash. In addition, the Plan Administrator may
permit a Participant to designate a beneficiary who is to receive any cash from
the Participant's account under the Plan in the event that the Participant dies
before the Purchase Date for an Offering. Such designation may be changed by the
Participant at any time by written notice to the Plan Administrator.
SECTION 15.
RESERVED.
<PAGE>
SECTION 16.
NO RIGHTS AS SHAREHOLDER UNTIL SHARES ISSUED: With respect to shares of
Common Stock subject to an Option, a Participant shall not be deemed to be a
shareholder of the Company, and he or she shall not have any of the rights or
privileges of a shareholder. A Participant shall have the rights and privileges
of a shareholder of the Company when, but not until, a certificate or its
equivalent has been issued to the Participant for the shares following exercise
of the Participant's Option.
SECTION 17.
LIMITATIONS ON SALE OF COMMON STOCK PURCHASED UNDER THE PLAN: The Plan
is intended to provide Common Stock for investment and not for resale. The
Company does not, however, intend to restrict or influence any Participant in
the conduct of his or her own affairs. A Participant, therefore, may sell Common
Stock purchased under the Plan at any time he or she chooses, subject to
compliance with any applicable federal and state securities laws. A Participant
assumes the risk of any market fluctuations in the price of the Common Stock.
SECTION 18.
AMENDMENT OR TERMINATION OF THE PLAN:
18.1 The Board may amend the Plan in such respects as it shall deem
advisable; provided, however, that, to the extent required for compliance with
Section 423 of the Code or any applicable law or regulation, shareholder
approval will be required for any amendment that will (i) increase the total
number of shares as to which Options may be granted under the Plan, (ii) modify
the class of employees eligible to receive Options, or (iii) otherwise require
shareholder approval under any applicable law or regulation.
18.2 The Plan shall continue in effect for 10 years after the date of
its adoption by the Board. Notwithstanding the foregoing, the Board may at any
time and for any reason terminate or suspend the Plan. During any period of
suspension or upon termination of the Plan, no Options shall be granted.
18.3 Except as provided in Section 21, no such termination of the Plan
may affect Options previously granted, provided that the Plan or an Offering may
be terminated by the Board on a Purchase Date or by the Board's setting a new
Purchase Date with respect to an Offering and a Purchase Period then in progress
if the Board determines that termination of the Plan and/or the Offering is in
the best interests of the Company and the shareholders or if continuation of the
Plan and/or the Offering would cause the Company to incur adverse accounting
charges as a result of a change after the Effective Date of the Plan in the
generally accepted accounting rules applicable to the Plan.
<PAGE>
SECTION 19.
NO RIGHTS AS AN EMPLOYEE: Nothing in the Plan shall be construed to
give any person (including any Eligible Employee or Participant) the right to
remain in the employ of the Company or a Parent or Subsidiary Corporation or to
affect the right of the Company or a Parent or Subsidiary Corporation to
terminate the employment of any person (including any Eligible Employee or
Participant) at any time with or without cause.
SECTION 20.
EFFECT UPON OTHER PLANS: The adoption of the Plan shall not affect any
other compensation or incentive plans in effect for the Company or any Parent or
Subsidiary Corporation. Nothing in the Plan shall be construed to limit the
right of the Company, or any Parent Corporation or Subsidiary Corporation, to
(a) establish any other forms of incentives or compensation for employees of the
Company, a Parent Corporation or Subsidiary Corporation, or (b) grant or assume
options otherwise than under the Plan in connection with any proper corporate
purpose, including, but not by way of limitation, the grant or assumption of
options in connection with the acquisition, by purchase, lease, merger,
consolidation or otherwise, of the business, stock or assets of any corporation,
firm or association.
SECTION 21.
ADJUSTMENTS:
21.1 ADJUSTMENT OF SHARES: In the event that, at any time or from time
to time, a stock dividend, stock split, spin-off, combination or exchange of
shares, recapitalization, merger, consolidation, distribution to shareholders
other than a normal cash dividend, or other change in the Company's corporate or
capital structure results in (a) the outstanding shares, or any securities
exchanged therefor or received in their place, being exchanged for a different
number or kind of securities of the Company or of any other corporation, or (b)
new, different or additional securities of the Company or of any other
corporation being received by the holders of shares of Common Stock, then
(subject to any required action by the Company's shareholders), the Board or the
Committee, in its sole discretion, shall make such equitable adjustments as it
shall deem appropriate in the circumstances in (i) the maximum number and kind
of shares of Common Stock subject to the Plan as set forth in Section 4, (ii)
the number and kind of securities that are subject to any outstanding Option and
the per share price of such securities, and (iii) the maximum number of shares
of Common Stock that may be purchased by a Participant in a Purchase Period. The
determination by the Board or the Committee as to the terms of any of the
foregoing adjustments shall be conclusive and binding. Notwithstanding the
foregoing, a Corporate Transaction, dissolution or liquidation of the Company
shall not be governed by this Section 21.1 but shall be governed by Sections
21.2 and 21.3, respectively.
21.2 MERGER OR ASSET SALE OF THE COMPANY: In the event of a proposed
Corporate Transaction, each outstanding Option shall be assumed or continued or
an equivalent option substituted by the surviving corporation, the successor
corporation or its parent corporation, as applicable (the "Successor
Corporation"). In the event that the Successor Corporation refuses to
<PAGE>
assume, continue or substitute for the Option, the Offering then in progress
shall be shortened by setting a new Purchase Date. The new Purchase Date shall
be a specified date before the date of the Company's proposed sale or merger.
The Board shall notify each Participant in writing, at least 10
business days prior to the new Purchase Date, that the Purchase Date for the
Participant's Option has been changed to the new Purchase Date and that the
Participant's Option shall be exercised automatically on the new Purchase Date,
unless prior to such date the Participant has withdrawn from the Offering or the
Plan as provided in Section 11.
21.3 DISSOLUTION OR LIQUIDATION OF THE COMPANY: In the event of the
proposed dissolution or liquidation of the Company, the Offering then in
progress shall be shortened by setting a new Purchase Date and shall terminate
immediately prior to the consummation of such proposed dissolution or
liquidation, unless provided otherwise by the Board. The new Purchase Date shall
be a specified date before the date of the Company's proposed dissolution or
liquidation. The Board shall notify each Participant in writing, at least 10
business days prior to the new Purchase Date, that the Purchase Date for the
Participant's Option has been changed to the new Purchase Date and that the
Participant's Option shall be exercised automatically on the new Purchase Date,
unless prior to such date the Participant has withdrawn from the Offering or the
Plan as provided in Section 11.
21.4 LIMITATIONS: The grant of Options will in no way affect the
Company's right to adjust, reclassify, reorganize or otherwise change its
capital or business structure or to merge, consolidate, dissolve, liquidate or
sell or transfer all or any part of its business or assets.
SECTION 22.
REGISTRATION; CERTIFICATES FOR SHARES: The Company shall be under no
obligation to any Participant to register for offering or resale under the
Securities Act of 1933, as amended, or register or qualify under state
securities laws, any shares of Common Stock. The Company may issue certificates
for shares with such legends and subject to such restrictions on transfer and
stop-transfer instructions as counsel for the Company deems necessary or
desirable for compliance by the Company with federal and state securities laws.
SECTION 23.
EFFECTIVE DATE: The Plan's Effective Date is December 31, 1999.
<PAGE>
EXHIBIT 5.1
[Van Valkenberg Furber Law Group P.L.L.C. Letterhead]
January 3, 2000
Jore Corporation
45000 Highway 93 South
Ronan, Montana 59864
Ladies and Gentlemen:
We have acted as counsel to Jore Corporation, a Montana
corporation (the "Company"), in connection with the preparation and filing of a
registration statement on Form S-8 (the "Registration Statement") under the
Securities Act of 1933, as amended (the "Securities Act"), being filed by the
Company with the Securities and Exchange Commission with respect to the issuance
by the Company of up to 1,000,000 shares (the "Shares") of the Company's common
stock, without par value per share, that may be issuable under the Jore
Corporation 1999 Employee Stock Purchase Plan (the "Plan").
We have examined the Registration Statement and such documents
and records of the Company and other documents as we have deemed necessary for
the purpose of this opinion. In our examination of the foregoing documents, we
have assumed the genuineness of all signatures and the authenticity of all
documents submitted to us as originals, the conformity to original documents of
all documents submitted to us as copies and the authenticity of the originals of
such latter documents. Based upon and subject to the foregoing, we are of the
opinion that upon the happening of the following events:
(a) the filing and effectiveness of the Registration
Statement and any amendments thereto;
(b) registration by the Company's registrar of the Shares;
(c) the issuance and sale of the Shares in accordance
with the terms of the Plan; and
(d) receipt by the Company of the consideration required
for the Shares in accordance with the terms of the
Plan;
the Shares will be duly authorized, validly issued, fully paid and
nonassessable.
We hereby consent to the filing of this opinion as an exhibit
to the Registration Statement. In giving such consent, we do not thereby admit
that we are in the category of persons whose consent is required under Section 7
of the Securities Act.
<PAGE>
This opinion is based upon currently existing statutes, rules,
regulations and judicial decisions, and we disclaim any obligation to advise you
of any change in any of these sources of law or subsequent legal or factual
developments which might affect any matters or opinions set forth herein.
Please note that we are opining only as to the matters
expressly set forth herein, and no opinion should be inferred as to any other
matters.
Very truly yours,
/s/ Van Valkenberg Furber Law Group P.L.L.C.
<PAGE>
Exhibit 23.2
INDEPENDENT AUDITORS' CONSENT
To the Board of Directors and Stockholders of
Jore Corporation
Ronan, Montana
We consent to the incorporation by reference in this Registration Statement of
Jore Corporation on Form S-8 of our report dated May 12, 1999 (August 19, 1999
as to Note 11) on the consolidated financial statements of Jore Corporation and
subsidiaries appearing in the Prospectus filed pursuant to Rule 424(b) under the
Securities Act of 1933 that relates to Amendment No. 5 to Registration Statement
No. 333-78357 of Jore Corporation on Form S-1.
/s/ DELOITTE & TOUCHE LLP
Seattle, Washington
January 3, 2000
<PAGE>
EXHIBIT 24.1
POWER OF ATTORNEY
The following Power of Attorney is executed on December 15, 1999 in
connection with the filing with the Securities and Exchange Commission (the
"Commission"), in accordance with the Securities Act of 1933, as amended, and in
conformity with the rules and regulations thereunder, of a Registration
Statement on Form S-8 (the "Registration Statement") relating to the issuance of
up to 1,000,000 shares (the "Shares") of the Company's common stock, without par
value per share, that may be issuable under the Employee Stock Purchase Plan
(the "ESPP").
KNOW ALL PERSONS BY THESE PRESENT, that each person whose
signature appears below constitutes and appoints Matthew B. Jore and
David H. Bjornson and each of them, his attorney-in-fact, each with the
power of substitution, for him and in his name, place and stead, in any
and all capacities, to sign any and all amendments (including
post-effective amendments) to this Registration Statement, and to sign
any registration statement for the same offering covered by this
Registration Statement that is to be effective upon filing pursuant to
Rule 462(b) promulgated under the Securities Act of 1933, as amended,
and all post-effective amendments thereto, and to file the same, with
all exhibits thereto and all documents in connection therewith, with
the Securities and Exchange Commission, granting unto said
attorneys-in-fact and agents, and each of them, full power and
authority to do and perform each and every act and thing requisite and
necessary to be done in and about the premises, as fully to all intents
and purposes as he might or could do in person, hereby ratifying and
confirming all that such attorneys-in-fact and agents or any of them,
or his or their substitute or substitutes, may lawfully do or cause to
be done by virtue hereof.
<TABLE>
<CAPTION>
<S> <C>
/s/ Matthew B. Jore Chairman, President and Chief Executive Officer
---------------------- (Principal Executive Officer)
Matthew B. Jore
/s/ David H. Bjornson Chief Financial Officer and Director
----------------------- (Principal Financial and Accounting Officer)
David H. Bjornson
/s/ Michael W. Jore Executive Vice President and Director
----------------------
Michael W. Jore
/s/ Thomas E. Mahoney Director
-----------------------
Thomas E. Mahoney
/s/ R. Bruce Romfo Director
-----------------------
R. Bruce Romfo
/s/ William M. Steele Director
-----------------------
William M. Steele
<PAGE>
/s/ James P. Mathias Director
-----------------------
James P. Mathias
/s/ A. Blaine Huntsman Director
------------------------
A. Blaine Huntsman
</TABLE>
