AGM Information • Apr 17, 2019
AGM Information
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This notice has been prepared in both Norwegian and English. In case of any discrepancies between the versions, the Norwegian version shall prevail.
Styret i Photocure ASA ("Selskapet") innkaller herved til ordinær generalforsamling.
Tid: 9. mai 2019 kl. 17.00 Sted: Hoffsveien 4, 0275 Oslo.
Generalforsamlingen vil åpnes av styrets leder Jan Hendrik Egberts. Møteåpner vil opprette fortegnelse over møtende aksjeeiere og fullmakter.
Selskapets styre foreslår følgende dagsorden for generalforsamlingen:
The board of directors of Photocure ASA (the "Company") hereby convenes an annual general meeting.
Time: 9 May 2019 at 17:00 hours (CET) Place: Hoffsveien 4, 0275 Oslo.
The general meeting will be opened by the chairperson of the board of directors Jan Hendrik Egberts. The person opening the meeting will register the attendance of shareholders present and proxies.
The board of directors of the Company proposes the following agenda for the general meeting:
| 9) Godtgjørelse til revisor |
9) Remuneration to the auditor |
|---|---|
| 10) Valg av styremedlemmer |
10) Election of board members |
| 11) Valg av medlemmer til valgkomiteen |
11) Election of members to the nomination committee |
| 12) Styrefullmakt til erverv av egne aksjer |
12) Board authorisation to acquire own shares |
| 13) Styrefullmakter til å gjennomføre aksjekapitalforhøyelse |
13) Board authorisations to increase the share capital |
| Det er 21 796 387 aksjer i Selskapet, og hver aksje gir én stemme. Selskapet har per datoen for denne innkallingen 14 930 egne aksjer. Det kan ikke utøves stemmerett for slike aksjer. |
There are 21,796,387 shares in the Company, and each share carries one vote. As of the date of this notice, the Company holds 14,930 own shares. No votes may be exercised for such shares. |
| I henhold til Selskapets vedtekter skal aksjeeiere som ønsker å delta på generalforsamlingen varsle Selskapet om dette innen fem dager før generalforsamlingen. |
Pursuant to the Company's articles of association shareholders who want to participate at the general meeting shall notify the Company thereof within five days prior to the general meeting |
| Deltakelse på generalforsamlingen, enten personlig eller ved fullmakt, må registreres innen 3. mai 2019 kl. 16:00. |
Attendance at the general meeting, either in person or by proxy, must be registered within 3 May 2019 at 16:00 CET. |
| Påmelding kan registreres ved å fylle ut og sende inn vedlagte påmeldings- eller fullmaktsskjema til Nordea Bank Norge ASA, Issuer Services, PB 1166 Sentrum, 0107 Oslo, e-post: [email protected], telefax 22 36 97 03, elektronisk via Selskapets hjemmeside www.photocure.com eller via VPS Investortjenester for aksjeeiere som har tilgang til dette. Se vedlagte skjemaer for nærmere instruks. |
Attendance can be registered by completing and submitting the attached registration or proxy form to Nordea Bank Norge ASA, Issuer Services, P.O. Box 1166 Sentrum, 0107 Oslo, Norway, e mail: [email protected], telefax + 47 22 36 97 03, online through the Company's web-site www.photocure.com or through the Norwegian Securities Depository's (VPS) Investor Services for shareholders having access to this. Please refer to the attached forms for further instructions. |
| Aksjeeiere som ikke har anledning til å møte selv på generalforsamlingen kan gi fullmakt til styrets leder (eller den han eller hun utpeker) eller annen person til å stemme for sine aksjer. Fullmakt kan sendes inn elektronisk via VPS investortjenester eller ved å fylle ut og sende inn fullmaktsskjema vedlagt som vedlegg 1 i henhold til instruksene angitt i skjemaet. Fullmakten må være skriftlig, datert og underskrevet. Fullmakter må være mottatt av Nordea innen 3. mai 2019 kl. 16:00, med mindre aksjeeier har registrert påmelding innen denne fristen. Dersom aksjeeiere er påmeldt innen fristen kan fullmakt fremlegges senest på generalforsamlingen. Se vedlagte fullmaktsskjema for ytterligere informasjon om |
Shareholders who are unable to attend the general meeting may authorize the chairperson (or whomever he or she designates) or another person to vote for its shares. Proxies may be submitted electronically through VPS investor services or by completing and submitting the registration or proxy form attached as Appendix 1 in accordance with the instructions set out in the form. The proxy must be in writing, dated and signed. Proxy forms must be received by Nordea no later than 3 May 2019 at 16:00, unless the shareholder has registered attendance within this deadline. If shareholders have registered attendance within the deadline, proxies may be presented no later than at the general meeting. |
Aksjeeiere kan avgi stemme for hver enkelt sak på dagsorden på forhånd. Slike forhåndsstemmer må avgis ved å fylle ut og sende inn vedlagte skjema for forhåndsstemme til Nordea Bank Norge ASA, Issuer Services, PB 1166 Sentrum, 0107 Oslo, e-post: [email protected], telefax 22 36 97 03, elektronisk via Selskapets hjemmeside www.photocure.com eller via VPS Investortjenester for aksjeeiere som har tilgang til dette. Se vedlagte skjemaer for nærmere instruks. Frist for å avgi forhåndsstemmes er 3. mai 2019 kl. 16:00. Fram til denne fristen kan stemmer som allerede er avgitt endres eller trekkes tilbake. Stemmer som er avgitt før generalforsamlingen er avholdt vil bli ansett som trukket tilbake dersom aksjeeieren deltar personlig på generalforsamlingen eller ved fullmakt.
Selskapets vedtekter fastsetter at ved erverv av aksjer kan retten til å delta og stemme på generalforsamlingen kun utøves hvis ervervet er innført i aksjeeierboken fem virkedager før generalforsamlingen. Erverv må være registrert i VPS senest den 2. mai 2019.
Etter Selskapets syn har verken den reelle aksjeeieren eller forvalteren rett til å stemme for aksjer som er registrert på forvalterkonto i VPS, jf. allmennaksjeloven § 4-10. Aksjeeiere som holder sine aksjer på en forvalterkonto i VPS og som ønsker å avgi stemmer for slike aksjer må etter selskapets vurdering overføre aksjene til en VPS-konto i eget navn senest den 2. mai 2019 for å være sikret å kunne avgi stemmer for slike aksjer.
Beslutninger om stemmerett for aksjeeiere og fullmektiger treffes av møteåpner, hvis beslutning kan omgjøres av generalforsamlingen med alminnelig flertall.
Aksjeeiere kan ikke kreve at nye saker settes på dagsordenen, da fristen for å kreve dette er utløpt, jf. allmennaksjeloven § 5-11 andre setning. Aksjeeiere har rett til å fremsette forslag til vedtak i de saker som er på dagsordenen.
fullmakter. See the enclosed proxy form for further information on proxies.
Shareholders may cast votes for each matter on the agenda in advance. Such advance votes must be cast by completing and submitting the attached advance voting form to Nordea Bank Norge ASA, Issuer Services, P.O. Box 1166 Sentrum, 0107 Oslo, Norway, e-mail: [email protected], telefax +47 22 36 97 03, online through the Company's web-site www.photocure.com or through the Norwegian Securities Depository's (VPS) Investor Services for shareholders having access to this. Please refer to the attached forms for further instructions. The deadline for casting advance votes is 3 May 2019 at 16:00 CET. Until the deadline, votes already cast may be changed or withdrawn. Votes already cast prior to the general meeting will be considered withdrawn if the shareholder attends the general meeting in person or by proxy.
The Company's articles of association states that upon acquisition of shares, the right to participate and vote at the general meeting may only be exercised if the acquisition is recorded in the shareholder registry the fifth business day prior to the general meeting. Acquisitions must be registered in the VPS no later than 2 May 2019.
The Company is of the opinion that neither the beneficiary shareholder nor the nominee is entitled to vote for shares registered on a nominee account in the VPS, cf. the Norwegian Public Limited Act (the "Act") section 4-10. Shareholders, who hold their shares on a nominee account in the VPS, and who wish to vote for such shares must, based on the Company's assessment, transfer the shares to a securities account in the VPS held in their own name no later than on 2 May 2019 in order to be assured that it may vote for such shares at the general meeting.
Decisions on voting rights for shareholders and representatives are made by the person opening the meeting, whose decision may be reversed by the general meeting by majority vote.
Shareholders cannot require that new matters are put on the agenda as the deadline for this has lapsed cf. the Act section 5-11 second sentence. Shareholders have the right to propose resolutions under the matters to be addressed by the general
| Styrets forslag til vedtak: | The board of directors' proposal for resolutions: |
|---|---|
| Sak 3 – Valg av møteleder og en person til å medundertegne protokollen |
Item 3 – Election of chairperson of the meeting and a person to co-sign the minutes |
| Styret foreslår at Jan Hendrik Egberts velges til å lede generalforsamlingen, og at en av de fremmøtte aksjonærene velges til å medundertegne protokollen. |
The board of directors proposes that Jan Hendrik Egberts is elected as chairperson of the meeting, and that one of the present shareholders is elected to co-sign the minutes. |
| Sak 4 – Godkjennelse av innkalling og dagsorden | Item 4 – Approval of notice and agenda |
| Styret foreslår at generalforsamlingen godkjenner innkalling og dagsorden. |
The board of directors proposes that the notice and the agenda are approved. |
| Sak 5 – Godkjenning av årsregnskapet og årsberetningen for regnskapsåret 2018 |
Item 5 – Approval of the annual accounts and annual report for the financial year 2018 |
| Selskapets årsregnskap og årsberetning for 2018 er tilgjengelig på Selskapets internettside www.photocure.com. |
The Company's annual accounts and annual report for the financial year 2018 are available on the Company's website www.photocure.com. |
| Styret foreslår at generalforsamlingen treffer følgende vedtak: |
The board of directors proposes that the general meeting makes the following resolution: |
| "Generalforsamlingen godkjenner styrets forslag til årsregnskap og årsberetning for regnskapsåret 2018, herunder styrets redegjørelse for foretaksstyring i henhold til regnskapsloven § 3-3b." |
"The general meeting approves the board of director's proposal for annual accounts and annual report for the financial year 2018, including the board of directors' report on corporate governance pursuant to the Norwegian Accounting Act section 3-3b." |
| Sak 6 – Godkjennelse av erklæring om fastsettelse av lønn og annen godtgjørelse til ledende ansatte |
Item 6 – Approval of the declaration on salaries and other remuneration for senior management |
| Selskapet viser til erklæringen inntatt i styrets årsberetning for 2018, og som eget vedlegg til innkallingen. |
The Company refers to the declaration included in the annual report for 2018, and as a separate attachment to the notice. |
| Retningslinjer for tildeling av aksjer, tegningsretter, opsjoner og andre former for godtgjørelse som er knyttet til aksjer eller utviklingen av aksjekursen i Selskapet eller i andre selskaper innenfor konsernet vil være bindende for styret ved generalforsamlingens godkjennelse. Slike retningslinjer er beskrevet i punkt 3.2 i styrets erklæring om fastsettelse av lønn og annen godtgjørelse til ledende ansatte. Øvrige retningslinjer i denne erklæringen er veiledende for styret. |
Guidelines for allocation of shares, subscription rights, options and any other form of remuneration stemming from shares or the development of the official share price in the Company or in other group companies are binding on the board of directors when approved by the general meeting. Such guidelines are described in section 3.2 of the board of director's declaration on salaries and other remuneration for senior management. Other guidelines are precatory for the board of directors. |
Dersom styret i en avtale fraviker de veiledende retningslinjene, skal begrunnelsen for dette angis i styreprotokollen.
Det skal avholdes en rådgivende avstemming for retningslinjer som er veiledende for styret. Bindende retningslinjer skal godkjennes av generalforsamlingen.
Styret foreslår at det avholdes en rådgivende avstemning for veiledende retningslinjer.
Styret foreslår at generalforsamlingen treffer følgende vedtak med hensyn til punkt 3.2 i erklæringen:
"Generalforsamlingen godkjenner punkt 3.2 i erklæringen om fastsettelse av lønn og annen godtgjørelse til ledende ansatte."
Sak 8 – Godtgjørelse til styremedlemmer og valgkomitémedlemmer
Valgkomiteens innstilling er vedlagt denne innkallingen, samt tilgjengelig på Selskapets internettside www.photocure.com.
Styret foreslår at generalforsamlingen, i tråd med valgkomiteens innstilling, treffer følgende vedtak:
"Godtgjørelse til styrets medlemmer for siste år fastsettes til NOK 503 000 for styrets leder og NOK 290 000 for hvert av de øvrige styremedlemmene.
Styremedlemmer bosatt utenfor Norge skal bli kompensert med et beløp tilsvarende EUR 100 for hver arbeidstime som går tapt på reise, i henhold til valgkomiteens innstilling til generalforsamlingen."
Styret foreslår at generalforsamlingen, i tråd med valgkomiteens innstilling, treffer følgende vedtak:
If the board of directors in an agreement deviates from the precatory guidelines, the reasons for this shall be stated in the minutes of the board of directors' meeting.
An advisory vote shall be held for the guidelines that are precatory for the board of directors. Binding guidelines shall be approved by the general meeting.
The board of directors proposes that an advisory vote is held for precatory guidelines.
The board of directors proposes that the general meeting makes the following resolution with respect to section 3.2 of the declaration:
"The general meeting approves section 3.2 of the board of director's declaration on salaries and other remuneration for senior management."
Item 8 – Remuneration to the board members and members of the nomination committee
The nomination committee's recommendation is attached hereto and available on the Company's website www.photocure.com.
The Board of directors proposes that the general meeting, in accordance with the nomination committee's recommendation, makes the following resolution:
"Remuneration to the members of the board for the last year is fixed to NOK 503,000 for the chairperson for the board and NOK 290,000 for each of the other board members.
Board members domiciled outside Norway shall be compensated with an amount equivalent of EUR 100 for each working hour spent travelling, in accordance with the nomination committee's recommendation to the general meeting."
The board of directors proposes that the general meeting, in accordance with the nomination committee's recommendation, makes the following resolution:
"Godtgjørelse til medlemmene av valgkomiteen for siste år fastsettes til NOK 30 000 for leder av valgkomiteen og NOK 10 000 for hvert av de øvrige medlemmene av valgkomiteen."
Påløpte honorarer til revisor for 2018 utgjør totalt NOK 617 000, hvorav NOK 361 000 er relatert til ordinær lovpålagt revisjon, NOK 45 000 er relatert til attestasjonstjenester og andre revisjonsnære tjenester og NOK 211 000 for andre tjenester. Generalforsamlingen skal treffe vedtak om honorar relatert til lovpålagt revisjon.
Styret foreslår at generalforsamlingen treffer følgende vedtak:
"Godtgjørelse til revisor på NOK 361 000 for lovpålagt revisjon godkjennes."
Valgkomiteens innstilling er vedlagt denne innkallingen, samt tilgjengelig på Selskapets internettside www.photocure.com.
Det nåværende styret ble valgt med en valgperiode frem til ordinær generalforsamling 2019. Følgelig skal generalforsamlingen velge et nytt styre.
Styret foreslår at generalforsamlingen, i tråd med valgkomiteens innstilling, velger følgende styremedlemmer med valgperiode frem til ordinær generalforsamling i 2020, ved å fatte følgende vedtak:
"Følgende personer velges som styremedlemmer:
"Remuneration to the members of the nomination committee for the last year is fixed to NOK 30,000 for the chairperson for the nomination committee and NOK 10,000 for each of the other members of the nomination committee."
Accrued fees to the auditor for 2018 amount to NOK 617,000 for the Company, whereof NOK 361,000 is related to the statutory audit, NOK 45,000 is related to attestation services and other audit related services and NOK 211,000 to other services. The general meeting shall make a resolution regarding the remuneration related to the statutory audit.
The board of directors proposes that the general meeting makes the following resolution:
"Remuneration to the auditor of NOK 361,000 for statutory audit is approved."
The nomination committee's recommendation is attached hereto and available on the Company's website www.photocure.com.
The current board of directors was elected with an election term until the ordinary general meeting 2019. Accordingly, the general meeting shall elect a new board of directors.
The board of directors proposes that the general meeting, in accordance with the nomination committee's recommendation, elects the following board members with an election period until the ordinary general meeting in 2020, by making the following resolution:
"The following persons are elected as board members:
| med en valgperiode frem til ordinær generalforsamling i 2020." |
with an election term until the ordinary general meeting in 2020." |
||
|---|---|---|---|
| Sak 11 – Valg av medlemmer til valgkomiteen | Item 11 – Election of members to the nomination committee |
||
| Valgkomiteens innstilling er vedlagt denne innkallingen, samt tilgjengelig på Selskapets internettside www.photocure.com. |
The nomination committee's recommendation is attached hereto and available on the Company's website www.photocure.com. |
||
| Alle medlemmer av valgkomiteen er, i henhold til Selskapets vedtekter, på valg hvert år. |
Pursuant to the Company's articles of association, all members of the nomination committee shall be elected annually by the general meeting. |
||
| Styret foreslår at generalforsamlingen, i tråd med valgkomiteens innstilling, velger følgende medlemmer til valgkomiteen, med valgperiode frem til ordinær generalforsamling i 2020, ved å fatte følgende vedtak: |
The board of directors proposes that the general meeting, in accordance with the nomination committee's recommendation, elects the following members to the nomination committee, with an election period until the ordinary general meeting in 2020 by making the following resolution: |
||
| "Følgende personer velges som medlemmer av valgkomiteen: |
"The following persons are elected as members of the nomination committee: |
||
| • Hans Peter Bøhn, leder • Lars Viksmoen (medlem) • Jónas Einarsson (medlem) |
• Hans Peter Bøhn, chairperson • Lars Viksmoen (member) • Jónas Einarsson (member) |
||
| med en valgperiode frem til ordinær generalforsamling i 2020." |
with an election term until the ordinary general meeting in 2020." |
||
| Sak 12 – Styrefullmakt til erverv av egne aksjer | Item 12 – Board authorisation to acquire own shares |
||
| Styret har fullmakt fra generalforsamlingen til erverv av aksjer i Selskapet som også omfatter erverv av avtalepant i egne aksjer. Styret foreslår at fullmakten fornyes. |
The board has authorisation from the general meeting to acquire own shares which also includes acquisition of charge by agreement in own shares. The board proposes that the authorization is renewed. |
||
| Selskapets styre mener at det er hensiktsmessig å ha en fullmakt til å kunne erverve egne aksjer, herunder å kunne inngå avtaler om pant i egne aksjer. Styret foreslår at generalforsamlingen tildeler slik fullmakt på de betingelser som fremgår nedenfor. |
The Company's board of directors believes it to be expedient to have an authorisation to acquire own shares, including to enter into agreements on charges in own shares. The board of directors proposes that the general meeting grants such authorisation on the terms set out below. |
||
| Fullmakten vil gi Styret mulighet til å utnytte de finansielle instrumenter og mekanismer som allmennaksjeloven gir anledning til. Tilbakekjøp av egne aksjer, med etterfølgende sletting, vil |
The authorisation would give the board of directors the opportunity to take advantage of the financial instruments and mechanisms provided by the Act. Buy-back of the Company's |
kunne være et viktig virkemiddel for optimalisering av Selskapets kapitalstruktur. Videre vil en slik fullmakt også medføre at Selskapet, etter eventuelt erverv av egne aksjer, kan benytte egne aksjer i forbindelse med incentivprogram og for helt eller delvis oppgjør i forbindelse med erverv av virksomheter.
Styrets forslag til vedtak innebærer en fullmakt til erverv av egne aksjer med samlet pålydende verdi tilsvarende tilnærmet 10 % av Selskapets aksjekapital. Aksjer ervervet av Selskapet skal kunne benyttes for eventuell senere nedskriving av aksjekapitalen med generalforsamlingens samtykke, godtgjørelse til styrets medlemmer, for incentivprogram eller som oppgjør i eventuelle oppkjøp av virksomheter.
Styret foreslår på denne bakgrunn at generalforsamlingen treffer følgende vedtak:
"I henhold til allmennaksjeloven §§ 9-4 og 9-5 gis styret fullmakt til å erverve Selskapets egne aksjer på følgende vilkår:
shares, with subsequent cancellation, may be an important aid for optimising the Company's capital structure. In addition, such authorisation will also enable the Company, following any acquisition of own shares, to use own shares as part of incentive schemes, and in full or in part, as consideration with regards to acquisition of businesses.
The board of directors' proposal entails that the general meeting gives the board of directors an authorisation to acquire shares in the Company, with a total nominal value corresponding to 10% of the Company's share capital. Shares acquired by the Company can be used in a later reduction of the share capital with the general meeting's approval, remuneration to the members of the board, for incentive schemes or as consideration with regards to acquisition of businesses.
The board of directors proposes that the general meeting makes the following resolution:
"In accordance with the Norwegian Public Limited Liability Companies Act sections 9-4 and 9-5, the board of directors is authorised to acquire the Company's own shares on the following conditions:
5) Fullmakten erstatter andre fullmakter til styret til å erverve egne aksjer i Selskapet fra tidspunktet for registrering i Foretaksregisteret."
Styrets eksisterende fullmakter fra generalforsamlingen til gjennomføring av aksjekapitalforhøyelse i Selskapet utløper på tidspunktet for den ordinære generalforsamlingen 2019. Styret foreslår at fullmaktene fornyes.
Den første fullmakten vil legge til rette for at styret ved behov kan sikre finansiering av Selskapets videre utvikling og/eller gjennomføre oppkjøp med oppgjør i aksjer. Den andre fullmakten kan benyttes til å utstede aksjer til ansatte under Selskapets incentivordning. Formålet tilsier at aksjeeiernes fortrinnsrett til å tegne aksjer kan settes til side ved bruk av fullmaktene.
Styret foreslår at generalforsamlingen treffer følgende vedtak:
shares with regards to acquisition of businesses.
5) The authorisation replaces any other authorisation to the board of directors to acquire own shares in the Company from registration in the Norwegian Register of Business Enterprises."
Item 13 – Board authorisations to increase the share capital
The board's current authorisations from the general meeting to implement share capital increase in the Company expire at the time of the annual general meeting 2019. The board proposes that the authorizations are renewed.
The first authorisation will allow the board to, if required, secure financing for the further development of the Company and/or carry out acquisitions by issuing shares as consideration. The second authorisation may be used to issue shares to employees under the Company's incentive scheme. The purpose of the authorisations indicates that the pre-emptive rights for existing shareholders to subscribe for new shares may be set aside if the authorisations are used.
The board proposes that the general meeting makes the following resolutions:
2) The authorisation may be used to issue shares in order to secure the financing of the Company's development. The authorisation can also be used in connection with acquisitions, mergers and other business purposes that serve the Company's development. Shares can be issued against cash deposit or against other assets (contribution in kind).
3) Styret gis fullmakt til å fastsette øvrige vilkår for tegningen, herunder tegningskurs, dato for innbetaling og retten til videresalg av aksjene til andre.
8) Denne styrefullmakt erstatter tidligere gitte fullmakter til kapitalforhøyelse fra tidspunktet for registrering i Foretaksregisteret."
1) "Styret gis herved fullmakt til å gjennomføre en eller flere aksjekapitalforhøyelser samlet begrenset oppad til 500 000 aksjer pålydende NOK 0,50. Samlet økning av aksjekapitalen kan utgjøre opp til NOK 250 000,00.
3) Fullmakten gjelder til ordinær generalforsamling i 2020, likevel senest til 30. juni 2020.
3) The board of directors is authorised to decide upon the subscription terms, including subscription price, date of payment and the right to sell shares to others.
og And
| 4) | Eksisterende aksjeeieres fortrinnsrett til å tegne aksjer etter allmennaksjeloven § 10-4 kan settes til side. |
4) | Existing shareholders pre-emptive right to subscribe for shares according to Section 10- 4 of the Norwegian Public Limited Liability Companies Act may be set aside. |
|---|---|---|---|
| 5) | Fullmakten omfatter ikke beslutning om fusjon etter allmennaksjeloven § 13-5 eller kapitalforhøyelse ved tingsinnskudd. |
5) | The authorisation does not include decision on merger according to Section 13-5 of the Norwegian Public Limited Companies Act or share capital increase with settlement against consideration in kind. |
| 6) | Generalforsamlingen gir styret fullmakt til å endre Selskapets vedtekter vedrørende aksjekapitalen og antall aksjer når fullmakten brukes." |
6) | The general meeting authorises the board of directors to amend the Company's articles of association concerning the share capital and number of shares when the authorisation is used." |
| *** | *** | ||
| Ingen andre saker foreligger til behandling. | No other matters are on the agenda. |
PIN: XXXXX REF: XXXXX
[NAME] [ADRESS I] [ADRESS II] [ZIP CODE PLACE] [COUNTRY]
Annual general meeting in Photocure ASA is held Thursday 9 May 2019 at 17:00 (CET) in Hoffsveien 4, 0275 Oslo
Notice of attendance can be sent to Nordea Bank Norge ASA, Issuer Services, P.O. Box 1166 Sentrum, 0107 Oslo, Norway, email: [email protected] or telefax +47 22 36 97 03. Attendance can also be registered electronically through the company's website www.photocure.com or through VPS Investor Services for shareholders with access to this. The reference code must be stated upon the registration of attendance.
The undersigned will attend the annual general meeting in Photocure ASA on 9 May 2019:
Representative for the shareholder (if a company)
Place Date Signature for the shareholder
If the shareholder is a company, the certificate of registration or other valid documentation (e.g. board resolution) showing that the undersigned may sign on behalf of the shareholder shall be attached. Shareholders which are granting proxy shall use the proxy form. Shareholders which provide an advance vote shall use the form on advance voting.
[NAME] [ADRESS I] [ADRESS II] [ZIP CODE PLACE] [COUNTRY]
PIN: XXXXX REF: XXXXX
Annual general meeting in Photocure ASA is held Thursday 9 May 2019 at 17:00 (CET) in Hoffsveien 4, 0275 Oslo
This proxy form is to be used for a proxy without voting instructions. To grant a proxy with voting instructions, please use the proxy form with voting instructions.
Notice of attendance for the general meeting, either personally or by proxy, must be received by Nordea no later than 3 May 2019 at 16:00 (CET). Attendance will be registered when this proxy has been received within the said deadline.
The proxy form can be sent to Nordea Bank Norge ASA, Issuer Services, P.O. Box 1166 Sentrum, 0107 Oslo, Norway, email: [email protected] or telefax +47 22 36 97 03. Registration of proxy can also be made electronically through the company's website www.photocure.com or through VPS Investor Services for shareholders with access to this. The reference code must be stated upon the registration of attendance.
The undersigned shareholder hereby grants (tick off)
a proxy to attend and vote at Photocure ASA's annual general meeting on 9 May 2019 for my/our shares. If the proxy holder is not named, the proxy shall be deemed granted to the chairperson of the board of directors or the person who the chairperson authorises.
Neither the company nor the chairperson of the board (or whoever the chairperson of the board authorises) can be held responsible for any loss resulting from the proxy form not being received by the proxy in time. The company and the chairperson of the board (or whoever the chairperson of the board authorises) are not responsible for ensuring that votes will be cast in accordance with the proxy form and have no responsibility in connection with cast of votes pursuant to the proxy form.
Representative for the shareholder (if a company)
Place Date Signature for the shareholder
If the shareholder is a company, the certificate of registration or other valid documentation (e.g. board resolution) showing that the undersigned may sign on behalf of the shareholder shall be attached.
[NAME] [ADRESS I] [ADRESS II] [ZIP CODE PLACE] [COUNTRY]
PIN: XXXXX REF: XXXXX
Annual general meeting in Photocure ASA is held Thursday 9 May 2019 at 17:00 (CET) in Hoffsveien 4, 0275 Oslo
This proxy form is to be used for a proxy with voting instructions.
Notice of attendance for the general meeting, either personally or by proxy, must be received by Nordea no later than 3 May 2019 at 16:00 (CET). Attendance will be registered when this proxy has been received within the said deadline.
The proxy form can be sent to Nordea Bank Norge ASA, Issuer Services, P.O. Box 1166 Sentrum, 0107 Oslo, Norway, email: [email protected] or telefax +47 22 36 97 03. Registration of proxy can also be made electronically through the company's website www.photocure.com or through VPS Investor Services for shareholders with access to this. The reference code must be stated upon the registration of attendance.
The undersigned shareholder hereby grants (tick off)
a proxy to attend and vote at Photocure ASA's annual general meeting on 9 May 2019 for my/our shares. If the proxy holder is not named, the proxy shall be deemed granted to the chairperson of the board of directors or the person who the chairperson authorises.
Neither the company nor the chairperson of the board (or whoever the chairperson of the board authorises) can be held responsible for any loss resulting from the proxy form not being received by the proxy in time. The company and the chairperson of the board (or whoever the chairperson of the board authorises) are not responsible for ensuring that votes will be cast in accordance with the proxy form and have no responsibility in connection with cast of votes pursuant to the proxy form.
Please note that if any items below are not voted on (not ticked off); this will be deemed to be an instruction to vote "for" the proposals in the notice. However, if any motions are made from the floor in addition to or in replacement of the proposals in the notice, the proxy holder may vote or abstain from voting at his discretion. If the voting instruction is unclear, the proxy holder will vote on the basis of his reasonable understanding of the instruction. Where no such reasonable interpretation is possible, the proxy holder may abstain from voting.
| Agenda annual general meeting 2019 | Against | Abstain | |
|---|---|---|---|
| 1. Opening of the meeting by the chairperson of the board of directors | No vote | ||
| 2. Presentation of the record of shareholders and representatives present | No vote | ||
| 3. Election of a chairperson of the meeting and a person to co-sign the minutes |
| | |
| 4. Approval of notice and agenda | | | |
| 5. Approval of the annual accounts and the annual report for the financial year 2018 |
| | |
| 6. Approval of the declaration on salaries and other remuneration for senior management |
|||
| a. Advisory vote is held for precatory guidelines |
| | |
| b. Approval of binding guidelines |
| | |
| 7. Presentation of the company's state of affairs | No vote |
| 8. Remuneration to the board members and members of the nomination committee |
| | |
|---|---|---|---|
| 9. Remuneration to the auditor | | | |
| 10. Election of board members | |||
| The nomination committee's proposal in its entirety, | | | |
| or individual vote: | |||
| - Jan H. Egberts, chairperson |
| | |
| Tom Pike, board member - |
| | |
| - Grannum R. Sant, board member |
| | |
| Johanna Holldack, board member - |
| | |
| - Gwen Melincoff, board member |
| | |
| To be announced, board member - |
| | |
| 11. Election of members to the nomination committee | |||
| The nomination committee's proposal in its entirety, | | | |
| or individual vote: | |||
| - Hans Peter Bøhn, chairperson |
| | |
| Lars Viksmoen, member - |
| | |
| - Jónas Einarsson, member |
| | |
| 12. Board authorisation to acquire own shares | | | |
| 13. Board authorisations to increase the share capital | |||
| Board authorisation no. 1 | | | |
| Board authorisation no. 2 | | | |
Representative for the shareholder (if a company)
Place Date Signature for the shareholder
If the shareholder is a company, the certificate of registration or other valid documentation (e.g. board resolution) showing that the undersigned may sign on behalf of the shareholder shall be attached.
[NAME] [ADRESS I] [ADRESS II] [ZIP CODE PLACE] [COUNTRY]
PIN: XXXXX REF: XXXXX
Annual general meeting in Photocure ASA is held Thursday 9 May 2019 at 17:00 (CET) in Hoffsveien 4, 0275 Oslo
This form is used to provide advance votes. Advance votes must be received by Nordea no later than 3 May 2019 at 16:00 (CET). Neither the company nor the chairperson of the board (or whoever the chairperson of the board authorises) can be held responsible for any loss resulting from advance votes not being received in time.
The form for advance voting can be sent to Nordea Bank Norge ASA, Issuer Services, P.O. Box 1166 Sentrum, 0107 Oslo, Norway, email: [email protected] or telefax +47 22 36 97 03. Registration of advance votes can also be made electronically through the company's website www.photocure.com or through VPS Investor Services for shareholders with access to this. The reference code must be stated upon the registration of attendance.
Until the deadline stated above votes already cast can be changed or withdrawn. Votes cast prior to the general meeting being held will be deemed withdrawn if the shareholder attends in person at the general meeting or by proxy. Shareholders which cast advance votes will not have the possibility to consider or vote over motions made from the floor, proposals in addition to or as replacement of the proposals in the notice. If the tick-off in the form is unclear the chairperson of the meeting may register that the shareholder abstains from voting. Please note that if a vote is not cast for or against by tick-off of the items below in a matter on the agenda, this will be deemed as the shareholder abstains from voting in the particular matter.
| Agenda annual general meeting 2019 | For | Against | Abstain |
|---|---|---|---|
| 1. Opening of the meeting by the chairperson of the board of directors | No vote | ||
| 2. Presentation of the record of shareholders and representatives present | No vote | ||
| 3. Election of a chairperson of the meeting and a person to co-sign the minutes |
| | |
| 4. Approval of notice and agenda | | | |
| 5. Approval of the annual accounts and the annual report for the financial year 2018 |
| | |
| 6. Approval of the declaration on salaries and other remuneration for senior management |
|||
| c. Advisory vote is held for precatory guidelines |
| | |
| d. Approval of binding guidelines |
| | |
| 7. Presentation of the company's state of affairs | No vote | ||
| 8. Remuneration to the board members and members of the nomination committee |
| | |
| 9. Remuneration to the auditor | | | |
| 10. Election of board members | |||
|---|---|---|---|
| The nomination committee's proposal in its entirety, | | | |
| or individual vote: | |||
| - Jan H. Egberts, chairperson |
| | |
| Tom Pike, board member - |
| | |
| - Grannum R. Sant, board member |
| | |
| Johanna Holldack, board member - |
| | |
| Gwen Melincoff, board member - |
| | |
| - To be announced, board member |
| | |
| 11. Election of members to the nomination committee | |||
| The nomination committee's proposal in its entirety, | | | |
| or individual vote: | |||
| - Hans Peter Bøhn, chairperson |
| | |
| Lars Viksmoen, member - |
| | |
| - Jónas Einarsson, member |
| | |
| 12. Board authorisation to acquire own shares | | | |
| 13. Board authorisations to increase the share capital | |||
| Board authorisation no. 1 | | | |
| Board authorisation no. 2 | | | |
Representative for the shareholder (if a company)
Place Date Signature for the shareholder
If the shareholder is a company, the certificate of registration or other valid documentation (e.g. board resolution) showing that the undersigned may sign on behalf of the shareholder shall be attached.
The mandate of the Nomination Committee is stipulated in the Articles of Association § 7:
"The company shall have a Nomination Committee.
The Nomination Committee shall make recommendations to the general meeting regarding election of shareholder-elected members of the Board of Directors, remuneration to the members of the Board of Directors, election of members to the Nomination Committee and remuneration to the members of the Nomination Committee.
The Nomination Committee shall consist of two to three members out of whom at least two shall be shareholders or representatives of shareholders. The members of the Nomination Committee, including the chairperson of the Nomination Committee, are elected by the general meeting for a term of one year. Remuneration to the members of the Nomination Committee is determined by the general meeting.
The general meeting shall resolve the instructions for the Nomination Committee."
At the Annual General Meeting (AGM) on May 9th 2018 the Nomination Committee was established as follows: Daniel Mahony (member); James McDonald (member); Hans Peter Bøhn (leader)
Since the members of the Nomination Committee are based in the UK, Australia and Norway respectively, we have not had opportunity to hold face to face meetings this year. However, the Nomination Committee held a kick-off meeting by teleconference in November 2018. After this, there have been several teleconferences and exchanges of e-mails. The Committee has conducted interviews with the 12 largest shareholders. Furthermore, the committee chairman has conducted separate telephone interviews with Board members. The committee has also been in dialogue with the Board chairperson on a continuous basis. Conversely, he has given input to, and regularly been updated on the committee's work. The committee has been in running contact with Photocure's CEO, who has also had meetings with the committee chairman.
All members of the Board of Directors, including the leader, are up for election every year. One board member, Synne Røine did not wish to be nominated for another term. The remaining members will be available for re-election. The Nomination Committee propose the following:
| Jan H. Egberts (board chair) |
(re-election) |
|---|---|
| Tom Pike (board member) | (re-election) |
| Grannum R. Sant (board member) |
(re-election) |
| Johanna Holldack (board member) | (re-election) |
| Gwen Melincoff (board member) | (re-election) |
| Yet to be announced | (new) |
The proposal from the Nomination Committee is based on a careful evaluation of the Board's composition and function versus what the company needs. It is our belief that the proposed Board is eminently suited to help meeting the challenges the company faces at present and up to the ordinary AGM in 2020. However, the departure of Synne Røine necessitates recruiting another board member with financial background, intimate knowledge of the Norwegian capital market and who is qualified to head the Audit Committee. For this role a candidate has been approached. Unfortunately, she is unable to confirm her availability at the time of writing.
A named candidate and brief CV for the open position will be announced before the May 9th 2019 AGM.
The Nomination Committee propose that the remuneration to board members for the period ending at the 2019 AGM is raised with approximately 3.5% from the preceding year, to:
Board chairperson: NOK 503,000 annually Board members: NOK 290,000 annually
As an extra incentive for attracting board members from outside Norway, the Nomination Committee proposed in 2017 to compensate board members for the working hours lost while on international travel. The arrangement is to pertain to Photocure board members domiciled abroad and to be applicable for travels to and from board meetings.
The Nomination Committee proposes to continue the scheme:
For each working hour thus spent traveling, Board members domiciled outside Norway are compensated the equivalent of EUR 100.-
Neither James McDonald, nor Daniel Mahony will be available for re-election. The Nomination Committee proposes they are replaced by Lars Viksmoen and Jónas Einarsson respectively and as follows:
Hans Peter Bøhn (leader) Lars Viksmoen (member) Jónas Einarsson (member)
Lars Viksmoen is Norwegian citizen and MD from University of Oslo, Norway. After 10 years as surgeon he started his professional life in the pharma industry in 1990 at the Norwegian subsidiary of Merck & Co. Inc. During the last 25 years he has gained a broad international experience through several international management and executive roles within the pharma, biotech as well as medtech industry. He has close to 10 years of experience leading listed companies. His last position has been as President and CEO of GN ReSound AS, Denmark, the fourth largest hearing-aid manufacture worldwide, listed in Denmark.
Jónas Einarsson is an MD and the Chief Executive Officer of the Radium Hospital Research Foundation (RF). RF is an experienced pre-seed investor and project developer focused on cancer. Dr. Einarsson was one of the initiators behind Oslo Cancer Cluster and the Oslo Cancer Cluster Innovation Park. Jónas Einarsson serves on the board of Targovax (chairman), Ultimovacs, Oncoinvent and Biomolex.
The Nomination Committee propose that the remuneration for the leader is left unchanged from the previous year. However, the remaining members' fee is lowered to NOK 10,000 reflecting the reduced work-load during the current period.
I.e. the remuneration of the committee members for the period ending at the 2019 AGM will be:
Committee leader: NOK 30,000 Committee members: NOK 10,000
Any member of the Nomination Committee may, on an individual basis, opt to waive his/her fees for any one year.
The proposals from the Nomination Committee are unanimous.
Oslo, April 12th 2019
Hans Peter Bøhn
(Committee Leader)
This declaration is prepared by the board of directors in Photocure ASA ("Photocure" or the "Company") in accordance with the Norwegian Public Limited Liability Companies Act (the "Companies Act") section 6-16a, for consideration at the annual general meeting on 9 May 2019.
Principles in this declaration regarding allocation of shares, subscription rights, options and any other form of remuneration stemming from shares or the development of the official share price in the Company are binding on the board of directors when approved by the general meeting. Such guidelines are described in section 3.2. Other guidelines are precatory for the board of directors. If the board of directors decides to deviate from these guidelines, the reasons for this change shall be stated in the minutes of the board of directors' meeting.
The principles set out for the determination of salaries and other remuneration for senior management in this declaration shall apply for the financial year 2019 and until new principles are resolved by the general meeting in accordance with the Companies Act. The annual general meeting in 2020 will review how the principles set out in this declaration have been pursued in 2019 and deal with the principles for 2020 in accordance with the Companies Act.
Senior management remuneration in Photocure and group companies shall be determined based on the following main principles:
Senior management remuneration shall, as a general guideline, be suited to attract and retain skilled leaders in order to enhance value creation in the Company and support the alignment of interests between management and shareholders. Total remuneration should, as a general rule, be at level with remuneration for senior management in comparable industries, businesses and positions in the country in which the individual manager resides.
Senior management remuneration shall be structured to drive motivation and encourage improvements in results and shareholder value. In general, the remuneration consists of five elements: base salary, short term incentives, long term incentives, benefits in kind and pension benefits.
The variable remuneration, short term and long term, is linked to value generation for shareholders over time. The variable remuneration is determined both by the achievement of individual and companywide key performance indicators and goals. Instrumental is that senior managers, both individually and as a team, can influence achievement of the key performance indicators and goals.
The long term incentives are tied to the development of the share price of the Company and in accordance with section 3.2 of this declaration.
The remuneration system shall not be unduly difficult to explain to the general public and should not involve disproportional complexity for the administration.
To be able to offer competitive remuneration, the Company must have a flexible system that can accommodate changes as the Company and markets evolve.
The base salary is the main element of the senior manager's remuneration. Additional and variable remuneration elements are, at time of grant, subject to determination of specific maximum amounts depending on the position of the employee.
The following refers to the individual benefits which are granted in addition to base salary. Unless specifically mentioned, no special terms, conditions or allocation criteria apply to the benefits mentioned.
The Company has established a bonus scheme for senior management. These schemes are reviewed at least annually. Bonus schemes are tied to the achievement of operational and financial goals for the Company determined by the board of directors and achievement of personal goals. Personal goals for senior management are approved by the board of directors at the start of the year.
The Chief Executive Officer of the Company has a bonus agreement of up to 40% of base salary, while other members of the senior management team have bonus agreements from 20% to 35% of their base salary.
Senior managers in Norway participate in Photocure's pension scheme, which is a contribution scheme that involves payment of between 6% and 16% of the employee's salary, up to a maximum of 12 times the basic amount (Grunnbeløp) of the Norwegian National Social Security Scheme (Folketrygden). Photocure has established pension coverage for senior managers in Norway for salary above 12 G. The scheme is a contribution-based operating pension with provisions corresponding to 16% of salary above 12 G. In the event of resignation, full pension rights are conditional upon at least five years' employment, while less than 3-years' employment carries no rights. The pension schemes also cover in the event of disability.
Senior managers residing in the United States participates in a 401(k), a tax-qualified, definedcontribution pension account defined in subsection 401(k) of the Internal Revenue Code. In addition, Photocure has established an additional pension coverage contributing annually an amount equal to 4% of salary and earned bonus.
The Company compensates senior management for health and life insurance plans in line with standard conditions for senior positions, in addition to mandatory occupational injury insurance required under Norwegian Law.
The Chief Executive Officer has a period of notice of thirty (30) days. In addition, and in accordance with detailed regulations, the Chief Executive Officer is entitled to a lump sum amount equal to 12 months of his base salary and prorated performance bonus adjusted for degree of bonusobjectives achieved at time of termination and also a lump sum related to a health care premium calculated for 12 months of coverage. Other senior management has a period of notice between 3 and 12 months.
Senior managers will normally be given the benefits in kind that are common market practice, i.e., telephone expenses, a laptop, free broadband connection, newspapers and car allowance if applicable. There are no special restrictions on the type of other benefits that can be agreed on.
No loans are granted, nor are any securities provided for members of the senior management team, the board of directors, employees or other persons in elected corporate bodies.
It may be used other variable elements in the remuneration or awarded other special benefits than those mentioned above, provided that this is considered expedient for attracting and/or retaining a manager. No special limitations have been placed on the type of benefits that can be agreed.
The Company operates an equity-settled, share-based compensation plan for its senior managers and selected personnel.
The existing restricted shares program shall be replaced with a share option program. The option program is designed to create an ownership culture to ensure alignment between shareholders and senior employees of the Company. The program is an important tool to attract and retain high caliber employees as the Company has transformed itself from a technology-based company to a therapeutic area-focused commercial stage pharmaceutical company with focus on bladder cancer. In particular, the Company needs to adjust compensation structure to the regions where it operates. As the largest growth potential for the Company is in U.S., the Company needs to adjust to U.S. practices. Furthermore, the restricted shares program is not tax effective and has been difficult to implement for U.S. based employees.
Senior management and selected employees will be eligible for option awards, including new hires, as decided by the board of directors. Awards will be on a discretionary basis taking into account performance, organizational level and position, and importance of retention. Evaluation of performance will be based on the achievement of Company and individual goals. The option program has a performance-based remuneration element reflecting the underlying long term value creation of the Company. The board of directors shall, amongst others, take into consideration the Company's goals, strategies and performance as well as targeted individual performance for each participant. Depending on goal achievement, senior management (CEO and currently 6 direct reports) are for 2019 expected to be awarded 50-70% of total Company award. Total Company award will depend on goal achievement.
Company goals are mainly financial and related to growth and profitability, as are individual goals designed for the specific position. For 2019, Company goals are 85% related to revenue growth and EBITDA and 15% related to specific strategic initiatives. Individual performance goals for 2019 are position specific and designed to support achievement of Company goals. All individual goals for senior management are approved by the board of directors.
Senior management are for 2019 measured as follows:
The terms for the options for each individual, including any limits, are determined by the board of directors within the board of director's authorizations as resolved by the Company's general meeting. The board of directors will exercise discretion as to who will receive an equity award in any given year. This decision is based on recommendations made by the compensation committee. Awards will normally be granted on an annual basis based on Company performance and within the maximum size of the awards approved at the Company's annual general meeting. The number of outstanding options shall not exceed 9 % of the Company's total outstanding shares at any point in time.
The intention is that options will be granted annually with a strike price based on the weighted average share price 10 trading days prior to the grant with an additional premium of 10% on top of the calculated average price. Grants may also be made in connection with new recruitments. The share options shall vest over three years, with 25% vesting after one year, 25% after two years, and the remaining 50% after three years. Any non-exercised options expire five years after grant.
To avoid the risk of extreme payouts, the options shall have a cap on the maximum pay out of the share option. This cap shall equal 7 times the stock price at the time of grant.
To ensure long term ownership, shares following exercise of options shall be held for at least 2 years after exercise, except shares to be sold to cover costs including purchase amount and tax.
In case of termination of employment, all options unvested as well as vested but not exercised at the time of expiry of employment will lapse. If the option holder is dismissed, unvested options as well as vested but not exercised options will lapse upon dismissal, unless the board of directors decides otherwise.
The option strike price may be subject to adjustments in the event of share split, combination of shares, dividend payment and/or other distribution. In the event of change of control or a merger the options may vest in full.
The board of directors shall decide the further terms and conditions for the share options.
To recruit and retain experienced managers and key employees to support the commercial activities and growth, particularly in U.S., the Company needs to offer competitive compensation. The option program is an important element of this.
The board of directors proposes that the 2019 annual general meeting authorizes the board of directors to grant, during the period from the 2019 annual general meeting until the 2020 annual general meeting, up to 500,000 options including assumed 100,000 options for new key employees as determined by the board of directors. Maximum award requires full achievement of Company goals as well as all individual goals as outlined in this guideline.
All companies in the Photocure group are to follow the main principles for the determining of senior management salaries and remuneration as set out in this declaration. Photocure aims at coordinating management remuneration policy and the schemes used for variable benefits throughout the group.
Remuneration, including pension and insurances, severance schemes, benefits in kind and other benefits granted to senior management are discussed in note 24 to the annual accounts for the financial year 2018.
The annual report and annual accounts for 2018 are available on the web site of the Company, www.photocure.com.
The agreements entered into with senior management during the financial year 2018 are entered into in accordance with the principles for determining senior management salaries and remuneration as approved by the general meeting in 2018.
The board of directors believes that the guidelines for share-based remuneration promote value creation in the Company and that the impact they have on the Company and shareholders is positive.
Oslo, 16 April 2019 The board of directors of Photocure ASA
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