说明：

Versabank（以下简称“银行”）是一家加拿大发行人，根据美国采用的多区域披露系统，被允许根据《1934年证券交易法》（修订版，以下简称“交易法”）第13条的规定，按照加拿大的披露要求编制此《40-F表年报》（以下简称“年报”），而这些要求与美国的不同。银行是《交易法》第30亿.4条和《1933年证券法》（修订版，以下简称“证券法”）第405条所定义的“外国私人发行人”。因此，银行的股票证券根据《交易法》第3a12-3条的规定，免于适用第14(a)、14(b)、14(c)、14(f)和16条的限制。

主要文件

以下文件作为本年度报告的一部分提交：

A.         公司于2024年3月4日出具的年度信息表格

关于截至2024年10月31日的银行年度信息表，请参见本年度报告的展示99.1。

B.         在设计和评估登记人的内部财务报告控制时，登记人管理层认识到，任何控制措施，无论设计和运作得多么好，都只能提供合理保证来实现其目标，管理层在评估可能的控制措施的成本效益关系时必须合理判断。由于内部财务报告控制的固有局限性，可能无法防止或发现错误陈述。对有效性的任何评估的未来时期的预测都可能面临控制因条件变化而变得不足，或执行政策和程序的程度可能下降的风险。

关于截至2024年10月31日的银行经审计的合并基本报表，包括独立注册公会计师事务所的报告，请参阅本年度报告的附件99.2。

C.          管理’讨论与分析

有关截至2024年10月31日的年度财务状况和运营结果的银行管理层讨论与分析（“MD&A”），请参见本年度报告的附件99.3。

控制和程序

A.         认证

所需的披露包含在本年报的附件99.5和99.6中。

B.         披露控制程序

披露控制和程序旨在提供合理保证，确保所有重要信息及时收集并报告给高级管理层，包括首席执行官和首席财务官，以便能够就公众披露做出适当的决策。

截至2024年10月31日，银行管理层在首席执行官和首席财务官的监督和参与下进行了内部评估，评估内容为银行“披露控制和程序”的设计与控件的有效性，该定义在《交易所法》第13a-15(e)条中。根据该评估，首席执行官和首席财务官得出结论，银行的披露控制和程序的设计与控件在确保银行提交给证券交易委员会（“委员会”）的报告中所需披露的信息被记录、处理、汇总和报告的有效性方面，发挥了有效作用，且在所需的时间范围内。银行在交易所法下提交的报告中所需披露的信息也得以积累并传达给银行管理层，包括其首席执行官和首席财务官或适当履行类似职能的人员，以便于及时做出有关所需披露的决策。

需要注意的是，尽管首席执行官和首席财务官相信，银行的披露控制和程序提供了合理的有效性保证，但他们并不期望银行的披露控制和程序能够防止所有错误和欺诈。无论控制系统设计得多么精良或操作得多么出色，都只能提供合理而非绝对的保证，以确保控制系统的目标得以实现。

C.         管理’年度内部控制财务报告的报告

财务报告的内部控制旨在提供合理保证，确保财务报告的可靠性以及根据国际财务报告准则编制财务报表。管理层负责为银行建立和维护足够的财务报告内部控制。

一个由高级管理层成员组成的披露委员会，协助首席执行官和首席财务官履行与评估银行内部控制系统和流程有效性相关的职责。管理层对控制的评估只能提供合理的，而非绝对的保证，确保所有可能导致重大误报的内部控制问题（如果有的话）均已被检测到。

管理层根据Treadway委员会赞助组织委员会在2013年发布的《内部控制 - 综合框架》中列出的标准，对截至2024年10月31日的银行财务报告内部控制的有效性进行了评估。基于这次评估，管理层得出结论，截至2024年10月31日，银行对财务报告的内部控制是有效的。

D.         注册上市会计事务所的审计报告

本年度报告不包括银行独立注册公共会计师事务所关于财务报告内部控制的认证报告，这是因为《就业法案》为“新兴成长公司”设立了豁免。

E.         财务报告内部控制的变化

截至2024年10月31日的年度内，银行的财务报告内部控制没有发生任何实质性变化，也没有合理可能造成内部控制发生实质性影响。

审计委员会财务专家

该银行的董事会已确定，保罗·G·奥利弗、彼得·M·欧文和罗伯特-扬·布拉班德正在其审计委员会任职，并且根据《交易所法》和《纳斯达克市场规则》第5605(a)(2)条的定义，他们为“独立人士”；保罗·G·奥利弗、彼得·M·欧文和罗伯特-扬·布拉班德为“审计委员会财务专家”（该术语定义见Form 40-F的说明b第8(b)段）。 有关保罗·G·奥利弗、彼得·M·欧文和罗伯特-扬·布拉班德在财务事务方面的相关经验，请参见该银行截至2024年10月31日的年度信息表中“审计委员会”下的保罗·G·奥利弗、彼得·M·欧文和罗伯特-扬·布拉班德的传记描述，该文件作为附录99.1万亿提交。这份年度报告。

美国证券交易委员会已表示，保罗·G·奥利弗、彼得·M·欧文和罗伯特·扬·布拉班德被指定为审计委员会财务专家，并不使他们在任何方面成为“专家”，也不会对他们施加比未获得此称号的审计委员会及董事会成员更大的职责、义务或责任，也不会影响审计委员会任何其他成员的职责、义务或责任。

避险政策

银行已采用道德规范（"行为准则"，如40-F表格一般指示b第9(b)段所定义的术语），该规范适用于所有董事、管理人员、官员和员工（包括主要执行官、信安金融官、主要会计官或人形机器人-电机控制器，以及履行职能的人员）。行为准则的完整文本可在银行的网站上查看，网址为https://www.versabank.com/codes-and-commitments。

在银行网站上提供的所有信息均不包含在本年度报告中，也不被视为本年度报告的一部分，对银行网站的任何引用仅为无效的文本引用。

In the past fiscal year, the Bank has not granted any waiver, including an implicit waiver, from any provision of its Code of Conduct.

PRINCIPAL ACCOUNTANT FEES AND SERVICES

The required disclosure is included under the heading “Auditor Fees” and “Pre-Approval Policies and Procedures” in the Bank’s Annual Information Form for the year ended October 31, 2024, filed as Exhibit 99.1 to this Annual Report, and is incorporated herein by reference.

OFF-BALANCE SHEET ARRANGEMENTS

The disclosure provided under the heading “Off-Balance Sheet Arrangements” on page [28] of the Bank’s MD&A, set forth in Exhibit 99.3, is incorporated by reference herein.

CONTRACTUAL OBLIGATIONS

The disclosure provided under the heading “Contractual Obligations” on page [29] of the Bank’s MD&A, set forth in Exhibit 99.3, is incorporated by reference herein.

IDENTIFICATION OF THE AUDIT COMMITTEE

The Bank has a separately designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act. The Bank’s audit committee members consist of Paul G. Oliver, Peter M. Irwin and Robbert-Jan Brabander. See “Directors and Officers” and “Audit Committee” in the Bank’s Annual Information Form for the fiscal year ended October 31, 2024, which is filed as Exhibit 99.1 to this Annual Report.

DIFFERENCES IN NASDAQ AND CANADIAN CORPORATE GOVERNANCE REQUIREMENTS

The Bank is a foreign private issuer and its common shares are listed on the Nasdaq Global Select Market (“Nasdaq”).

Nasdaq Rule 5615(a)(3) permits a foreign private issuer to follow its home country practice in lieu of the requirements of the Rule 5600 Series, the requirement to distribute annual and interim reports set forth in Rule 5250(d), and the Direct Registration Program requirement set forth in Rules 5210(c) and 5255; provided, however, that such a company shall comply with the Notification of Material Noncompliance requirement (Rule 5625), the Voting Rights requirement (Rule 5640), have an audit committee that satisfies Rule 5605(c)(3), and ensure that such audit committee’s members meet the independence requirement in Rule 5605(c)(2)(A)(ii).

The Bank does not follow Rule 5605(b)(1), which requires companies to have a majority of the board of directors comprised of independent directors, as defined in Rule 5605(a)(2). In lieu of following Rule 5605(b)(1), the Bank follows the rules of the Toronto Stock Exchange.

The Bank does not follow Rule 5605(b)(2), which requires that independent directors hold regularly scheduled meetings at which only independent directors are present (“executive meetings”). In lieu of following Rule 5605(b)(2), the Bank follows the rules of the Toronto Stock Exchange.

The Bank does not follow Rule 5605(d)(1), which requires companies to adopt a formal written compensation committee charter and have a compensation committee review and reassess the adequacy of the charter on an annual basis. In lieu of following Rule 5605(d)(1), the Bank follows the rules of the Toronto Stock Exchange.

The Bank does not follow Rule 5605(d)(2), which requires companies to have a compensation committee comprised of at least two members, with each member being Independent Director as defined under Rule 5605(a)(2). In lieu of following Rule 5605(d)(2), the Bank follows the rules of the Toronto Stock Exchange.

The Bank does not follow Rule 5605(e)(1), which requires independent director involvement in the selection of director nominees, by having a nominations committee comprised solely of independent directors. In lieu of following Rule 5605(e)(1), the Bank follows the rules of the Toronto Stock Exchange.

The Bank does not follow Rule 5605(e)(2), which requires companies to adopt a formal written charter or board resolution, as applicable, addressing the director nomination process and such related matters as may be required under the federal securities laws. In lieu of following Rule 5605(e)(2), the Bank follows the rules of the Toronto Stock Exchange.

The Bank does not follow Rule 5610, which requires companies to adopt a code of conduct applicable to all directors, officers and employees, which shall be publicly available and comply with the definition of a “code of ethics” set out in Section 406(c) of the Sarbanes-Oxley Act of 2002 and any regulations promulgated thereunder by the SEC. In lieu of following Rule 5610, the Bank follows the rules of the Toronto Stock Exchange.

The Bank does not follow Rule 5620(c) (shareholder quorum) but instead follows its home country practice, as described below:

The foregoing is consistent with the laws, customs and practices in Canada.

FORWARD-LOOKING STATEMENTS

Certain statements in this Annual Report are forward-looking statements within the meaning of Section 21E of the Exchange Act and Section 27A of the Securities Act. Please see “Caution Regarding Forward Looking Information” in the Annual Information Form of the Bank for the year ended October 31, 2024, filed as Exhibit 99.1 to this Annual Report for a discussion of risks, uncertainties, and assumptions that could cause actual results to vary from those forward-looking statements.

UNDERTAKING

The Bank undertakes to make available, in person or by telephone, representatives to respond to inquiries made by the Commission staff, and to furnish promptly, when requested to do so by the Commission staff, information relating to: the securities in relation to which the obligation to file an annual report on Form 40-F arises; or transactions in said securities.

DISCLOSURE PURSUANT TO SECTION 13(r) OF THE SECURITIES EXCHANGE ACT OF 1934

In accordance with Section 13(r) of the Exchange Act, we are required to disclose certain Iran-related activities. We maintain a robust economic sanctions compliance program which monitors compliance with economic sanctions requirements in the jurisdictions in which we operate and we believe we have been in compliance with relevant economic sanctions legislation throughout fiscal year 2024.

CONSENT TO SERVICE OF PROCESS

The Bank has previously filed a Form F-X in connection with the class of securities in relation to which the obligation to file this report arises. Any change to the name or address of the Bank’s agent for service shall be communicated promptly to the SEC by amendment to Form F-X referencing the file number of the Bank.

SIGNATURES

Pursuant to the requirements of the Exchange Act, the Bank certifies that it meets all of the requirements for filing on Form 40-F and has duly caused this Annual Report to be signed on its behalf by the undersigned, thereto duly authorized.

Date: December 9, 2024

INDEX TO EXHIBITS