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## NOTE 15 Commitments 

Operating lease commitments for the next five years are as follows: 

<img src='content_image/253245.jpg'>

Operating lease commitments result principally from leases for cold storage facilities, office equipment, premises and production equipment. Operating lease payments recognized as an expense during the year are $4.7 million (December 29, 2012: $3.3 million). The Company’s lease arrangements do not contain restrictions concerning dividends; additional debt and further leasing imposed by the lessor and on aggregate contain the option to renew the contract for at least one additional term. 

The Company has letters of credit outstanding as at December 28, 2013, relating to the procurement of inventories and the security of certain contractual obligations of $1.4 million (December 29, 2012: $1.2 million) that are denominated in USD. The Company also had a letter of credit outstanding as at December 28, 2013 relating to the securitization of the Company’s SERP benefit plan ( note 14 ) in the amount of $11.2 million (December 29, 2012: $11.1 million). 

## NOTE 16 Share capital 

The share capital of the Company is as follows: 

<img src='content_image/253247.jpg'>

A summary of the Company’s equity share transactions are as follows: 

<img src='content_image/253248.jpg'>

