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Vistin Pharma Proxy Solicitation & Information Statement 2026
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Proxy Solicitation & Information Statement
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| INNKALLING TIL ORDINÆR GENERAL-FORSAMLING I VISTIN PHARMA ASA | CALLING NOTICE FOR ANNUAL GENERAL MEETING IN VISTIN PHARMA ASA |
|---|---|
| Ettersom det er utenlandske aksjonærer i selskapet, er denne innkalling utarbeidet både på norsk og engelsk. Dersom det skulle vise seg å være uoverensstemmelser mellom de to versjonene, skal den norske versjonen ha forrang. | In consideration for the number of foreign shareholders of the company, this calling notice has been prepared in both Norwegian and English. In case of variation of content of the two versions, the Norwegian version shall prevail. |
| Styret ("Styret") innkaller med dette til ordinær generalforsamling i Vistin Pharma ASA ("Selskapet"), som vil bli avholdt, den 20. mai 2026, 13:00 CET, i Østensjøveien 27, Oslo. Det vil ikke være mulig med et fysisk oppmøte på den ordinære generalforsamlingen. Aksjonærene oppfordres til å gi styreformann fullmakt. Det er mulig å gi fullmakt både med og uten stemmeinstruks. Ved å gi en fullmakt med stemmeinstruks, kan aksjonærene stemme på de spesifikke sakene uten personlig oppmøte. For ytterligere informasjon om bruk av fullmakt og stemmegivning, se generell informasjon nederst i denne innkallingen, samt fullmaktsskjema. | The Board of Directors (the "Board") hereby calls for an annual general meeting in Vistin Pharma ASA (the "Company"), to be held, on 20 May 2026 at 13:00 CET at Østensjøveien 27, Oslo. It will not be possible with physical attendance for the Annual General Meeting. Instead, shareholders should authorize the Chairman of the Board. It is possible to give proxy with and without voting instructions. By using a proxy with voting instructions, the shareholders will vote on the specific issues without personal attendance. For further information on the use of proxy, see general information at the bottom of the notice and enclosed proxy forms. |
| Følgende dagsorden er satt for den ordinære generalforsamlingen: | The following agenda has been set for the annual general meeting: |
| 1. Åpning av møtet og registrering av fremmøtte aksjonærer | 1. Opening of the meeting and registration of attending shareholders |
| Styreleder vil åpne generalforsamlingen. En registrering over møtende aksjonærer og fullmakter vil bli gjennomført. | The Chairman of the Board will open the general meeting. A list of attending shareholders and proxy's will be prepared. |
| 2. Valg av møteleder og person til å medundertegne protokollen | 2. Election of the meeting chairman and a person to co-sign the minutes |
| Styret foreslår at Styrets leder blir valgt til å lede generalforsamlingen. | The Board proposes the Chairman of the Board is elected to chair the shareholders meeting. |
| En person til stede på generalforsamlingen vil bli foreslått å medundertegne protokollen sammen med styreleder. | One person attending the general meeting will be proposed to co-sign the minutes together with the Chairman of the Board. |
| 3. Godkjenning av innkalling og saker til behandling | 3. Approval of the notice of the meeting and the agenda |
| Styrets forslag til vedtak: | The Board's proposal for resolution: |
| "Innkalling og dagsorden godkjennes". | "The notice of and agenda for the meeting are approved". |
| 4. Godkjenning av årsregnskap og årsberetning for 2025 | 4. Approval of the annual financial statement and the Director's report for 2025 |
| Årsregnskap og årsberetning er inntatt i årsrapporten som finnes på Selskapets website www.vistin.com. Det vil bli redegjort av selskapets redegjørelse for eierstyring og selskapsledelse. | The Annual Financial Statement and the Directors' Report are included in the Annual Report which is available on the Company's website www.vistin.com. An account of the Company's corporate governance report will be given. |
Styrets forslag til vedtak:
"Generalforsamlingen godkjenner årsregnskapet samt styrets beretning for 2025. Styret foreslår for generalforsamlingen en fullmakt til å utbetale et ordinært kontantutbytte på inntil NOK 1,50 per aksje, som skal utbetales delvis med NOK 1 i juni og inntil NOK 0,50 i november. Utbytte planlegges å utdeles som en tilbakebetaling av innbetalt kapital (overkurs)."
5. Honorar til styrets, valgkomiteens og kompensasjonskomiteens medlemmer
Valgkomiteens forslag til årlig honorar for styre, valgkomite og kompensasjonskomite for perioden mellom ordinær generalforsamling i mai 2026 og til ordinær generalforsamling i 2027:
| Styrets leder | NOK 540 000 |
|---|---|
| Andre aksjonærvalgte styremedlemmer | NOK 290 000 |
| Ansatte valgte styremedlemmer | NOK 290 000 |
| Leder i valgkomiteen | NOK 33 000 |
| Medlem i valgkomiteen | NOK 27 500 |
| Medlemmer i kompensasjonskomiteen | NOK 27 500 |
Valgkomiteens innstilling er tilgjengelig på selskapets hjemmeside www.vistin.com.
6. Honorar til revisor
Styrets forslag til vedtak:
"Generalforsamlingen godkjenner revisors honorar for revisjonen av årsregnskapet til Vistin Pharma ASA for 2025 etter regning."
7. Styrets erklæring om fastsettelse av lønn og annen godtgjørelse til ledende ansatte
Styret fremlegger sin erklæring i henhold til allmennaksjeloven § 6-16a. Erklæringen finnes på Selskapets website www.vistin.com.
Generalforsamlingen skal avholde en rådgivende avstemning over den delen av lederlønnserklæringen som gjelder lønn og godtgjørelse til ledende ansatte og skal
The Board's proposal for resolution:
"The General Meeting approves the Annual Financial Statements and the Directors' Report for 2025. The Board of Directors will propose for the AGM to get a power of attorney to pay-out an ordinary cash dividend of up to NOK 1.50 per share, to be paid partly with NOK 1 in June and up to NOK 0.50 in November. Dividend is planned to be distributed as a repayment of paid-in capital (share premium)."
5. Remuneration for the board of directors, the election committee and the remuneration committee
The proposed annual remuneration to the board of directors, the election committee and the remuneration committee from the ordinary general meeting in May 2026 and to the annual general meeting in 2027:
| Chairman of the Board | NOK 540 000 |
|---|---|
| Other shareholder-elected Board members | NOK 290 000 |
| Employee-elected Board members | NOK 290 000 |
| Election Committee | NOK 33 000 |
| Members of the Election Committee | NOK 27 500 |
| Members of the Remuneration Committee | NOK 27 500 |
The recommendation from the Election committee is available on the company's website www.vistin.com.
6. Auditor's remuneration
The Board's proposal for resolution:
"The general meeting approves the auditor's remuneration for audit of the Annual Financial Statements of Vistin Pharma ASA for the financial year of 2025 in accordance with invoice."
7. The Board's statement regarding determination of salary and other compensation to leading employees
The Board submits its statement in accordance with the Norwegian Public Limited Liability Companies Act (the "Act") § 6-16a. The statement is available on the Company's website www.vistin.com.
The General Meeting shall give an advisory vote on the part of the statement which concerns compensation to leading employees and shall vote
stemme over godkjennelse av den del av erklæringen som gjelder aksjekursbasert avlønning, jf. allmennaksjeloven § 5-6 (3). Erklæringen inneholder også redegjørelse for hvorvidt fjorårets lederlønnserklæring er blitt gjennomført.
Styrets forslag til vedtak:
1: "Generalforsamlingen gir sin tilslutning til styrets erklæring om lønn og annen godtgjørelse til ledende ansatte."
2: "Generalforsamlingen godkjenner styrets erklæring om aksjebaserte insentiv ordninger (LTIP)."
- Godkjennelse av finansieringsbistand til ledende ansatte ifm. kjøp av aksjer i selskapet under langsiktig insentivavtale.
Styret foreslår at generalforsamlingen godkjenner at selskapet stiller en ny låneramme på NOK 6 000 000,- tilgjengelig for selskapets ledergruppe. Lånene har en tidsbegrensning på tre år, og kan kun benyttes til finansiering av aksjekjøp i selskapet iht. vedlagt redegjørelse og erklæring utarbeidet av styret.
9. Valg av medlemmer til styret
Følgende ble på ordinær generalforsamling i 2024 valgt som aksjonærvalgte medlemmer av styret for en periode på 2 (to) år, frem til den ordinære generalforsamling i 2026, og er således på valg:
- Øyvin A. Brøymer (Styreleder)
- Bettina Banoun
- Kari Krogstad
- Espen Marcussen
Valgkomiteens foreslår at Øyvin A. Brøymer, Bettina Banoun, Kari Krogstad og Espen Marcussen blir gjenvalgt som styremedlem for de neste to årene.
Kjell-Erik Nordby har hatt en rolle som observatør i styret i en periode på 2 år, og utløper ved den ordinære generalforsamlingen i 2026. Nominasjonskomiteen foreslår at denne rollen ikke forlenges.
Valgkomiteens innstilling er tilgjengelig på selskapets hjemmeside www.vistin.com.
on the approval of the part of the statement which concerns share based remuneration, cf. the Act § 5-6 (3). The statement also contains an account with respect to compliance with the last report.
The Board's proposal for resolution:
1: "The General Meeting supports the statement of the Board regarding compensation to leading employees."
2: "The General Meeting adopts the statement of the Board regarding share-based incentive plans (LTIP)."
- Approval of financial assistance to purchase shares in relation to the company's long-term incentive plan.
The Board propose to the General meeting that the company approves a new loan facility of NOK 6 000 000,- to the executive management. The loans are limited to a duration of three years and can only be used as financing for purchasing of shares in the company according to the attached statement and declaration prepared by the Board.
9. Election of members to the board of directors
The following were at the 2024 annual general meeting elected as shareholder-elected members of the board of directors for a period of 2 (two) years, until the annual general meeting in 2026, and are thus up for election:
- Øyvin A. Brøymer (Styreleder)
- Bettina Banoun
- Kari Krogstad
- Espen Marcussen
The Election Committee proposes that Øyvin A. Brøymer, Bettina Banoun, Kari Krogstad and Espen Marcussen are re-elected for a new two-year period.
Kjell-Erik Nordby has had a role as an observer to the board for a period of 2 years, expiring at the annual general meeting in 2026. The nomination committee proposes that this role is not extended.
The recommendation from the Election committee is available on the company's website www.vistin.com.
| ## 10. Fullmakt til å utstede aksjer
Styret har tidligere hatt fullmakter til å øke aksjekapitalen. Eksisterende fullmakt utløper ved avholdelse av denne generalforsamlingen. Styret finner det hensiktsmessig at slike fullmakter fortsatt eksisterer.
Styrets forslag til vedtak:
Styret gis fullmakt til å øke aksjekapitalen med inntil NOK 8 868 918 gjennom én eller flere aksjekapitalutvidelser.
Fullmakten skal kunne anvendes for følgende formål:
(i) for å gi Selskapet finansiell fleksibilitet, herunder ved investeringer, oppkjøp og fusjoner.
Pris og tegningsvilkår fastsettes av styret ved hver utstedelse under hensyn til Selskapets behov og aksjenes markedsverdi på det aktuelle tidspunkt. Aksjer vil kunne utstedes mot kontantvederlag eller vederlag i form av andre aktiva (tings innskudd).
Eksisterende aksjonærers fortrinnsrett til å tegne aksjer vil kunne bli fraveket av styret i forbindelse med utøvelse av fullmakten.
Denne fullmakt utløper på datoen for den ordinære generalforsamlingen i 2027, men skal i alle tilfelle utløpe senest 15 måneder fra datoen for denne generalforsamlingen.
Styret gis samtidig fullmakt til å foreta nødvendige vedtektsendringer ved utøvelse av fullmakten."
11. Fullmakt til å erverve egne aksjer
Styrets forslag til vedtak:
"Styret gis fullmakt til på Selskapets vegne å erverve aksjer i Vistin Pharma ASA til ett eller flere av følgende formål:
(i) for å øke aksjonærenes avkastning.
Fullmakten gjelder for kjøp av inntil 10 % av pålydende av Selskapets aksjekapital, jf. allmennaksjeloven §§ 9-2 og 9-3. Aksjer kan erverves til minst NOK 1,00 per aksje og maksimalt NOK 100 per aksje. Disse begrensninger skal justeres tilsvarende i tilfelle av aksjespleis, aksjesplitt og lignende transaksjoner. Aksjene skal erverves ved ordinær omsetning over børs. | ## 10. Authorization to issue shares
The Board has previously been authorized to increase the share capital. The existing authorisation expires at this general meeting. The Board deems it purposeful that such authorisation remains in place.
The Board's proposal for resolution:
"The Board is granted authorization to increase the share capital with up to NOK 8 868 918, through one or several share capital increases.
The authorization may be used for one or more of the following purposes:
(i) to provide the Company with financial flexibility, including in connection with investments, mergers and acquisitions.
Price and conditions for subscription will be determined by the Board on issuance, according to the Company's needs and the shares' market value at the time. Shares may be issued in exchange for cash settlement or contribution in kind.
The existing shareholders pre-emptive rights to subscribe shares can be deviated from in connection with the effectuation of this authorization.
The Board's authorization is valid until the Annual General Meeting in 2027 but shall in any event expire at the latest 15 months from the date of this annual general meeting.
The Board is at the same time given authorization to make the necessary amendments to the articles of association on execution of the authorization."
11. Authorization to acquire treasury shares
The Board's proposal for resolution:
"The Board is granted authorization to acquire shares in Vistin Pharma ASA on behalf of the Company for one or more of the following purposes:
(i) to increase return on investment for the Company's shareholders.
The authorization covers purchase(s) of up to 10% of the face value of the share capital of the Company, cf. the public limited liability companies act §§ 9-2 and 9-3. Shares may be acquired at minimum NOK 1 per share and maximum NOK 100 per share. These limitations shall be adjusted in the event of share consolidation, share splits, and similar transactions. The shares shall be acquired through ordinary purchase on the stock exchange. |
| --- | --- |
Styrets fullmakt gjelder frem til den ordinære generalforsamlingen i 2027, men skal i alle tilfelle utløpe senest 15 måneder fra datoen for denne generalforsamlingen. Beslutningen skal meldes til og registreres av Foretaksregisteret innen aksjer erverves i henhold til fullmakten."
Oslo, 23. april 2026
Øyvin A. Brøymer
(sign.)
Pr dato for innkallingen er det 44 344 592 aksjer i Selskapet, hver med en pålydende verdi på NOK 1,00 og hvor hver representerer én stemme på selskapets generalforsamling. Selskapet eier ingen egne aksjer.
Vedlagt denne innkallingen følger det et fullmaktsskjema. Det vil ikke være mulig med et fysisk oppmøte på den ordinære generalforsamlingen. Aksjonærene oppfordres til å gi styreformann fullmakt og bes om å returnere en signert versjon av vedlagte fullmaktsskjema innen 18. mai 2026, 16:00 CET til Nordea Bank Norge ASA, Verdipapirservice, Postboks 1166 Sentrum, 0107 Oslo, Norge, telefaks 47 22 36 97 03, eller [email protected]. En aksjeeier som ikke registrert fullmakt innen fristens utløp, kan nektes adgang til å stemme, jf. vedtektene § 10. Melding kan også gis via www.vistin.com.
Aksjonærer som eier aksjer i Selskapet gjennom en forvalter, jf. allmennaksjeloven § 4-10, må kontakte forvalteren og be om å bli direkte registrert i den norske Verdipapirsentralen ("VPS") dersom de ønsker å bruke stemmeretten sin. Slik registrering må fremgå av utskrift fra VPS på dagen for generalforsamlingen.
For at en aksjonær skal kunne utøve sin rett til å stemme på generalforsamlingen, må aksjonærens aksjeerverv være innført i selskapets aksjeeierregister den femte virkedagen før generalforsamlingen avholdes, 12. mai 2026 (registreringsdatoen), jfr. selskapets vedtekter § 10 siste ledd.
The Board's authorization is valid until the annual general meeting in 2027 but shall in any event expire at the latest 15 months from the date of this General Meeting. The decision shall be notified to and registered by the Norwegian Register of Business Enterprises prior to acquiring any shares pursuant to this authorization."
Oslo, 23 April 2026
Øyvin A. Brøymer
(sign)
As of the date of this notice, there are 44,344,592 shares of the Company, each with a nominal value of NOK 1.00 and each representing one vote at the Company's general meeting. The Company does not hold any treasury shares.
Enclosed to this notice are the proxy form. It will not be possible to physically attend the annual general meeting. Instead, shareholders should authorize the Chairman of the Board and are asked to return a signed version of the enclosed proxy form within 18 May 2026, 16:00 CET to Nordea Bank Norge ASA, Issuer Services, P.O. Box 1166 Sentrum, 0107 Oslo, Norway, fax +47 22 36 97 03, or [email protected]. Notice may also be given via www.vistin.com. A shareholder who has not registered proxy within this time limit may be denied access to vote, cf. § 10 of the Company's Articles of Association.
Shareholders who own shares in the Company through a nominee/share manager, cf. the Norwegian Public Limited Liability Companies Act section 4-10, must contact the nominee/share manager and request to be directly registered in the Norwegian Central Securities Depository ("VPS") if they want to use their voting rights at the annual general meeting. Such registration must appear from a VPS transcript at the date of the general meeting. In order for a shareholder to be entitled to exercise its rights to vote on the general meeting, the shareholder's holdings of shares must be registered with the Company's share register the fifth (5th) business day prior to the day the general meeting is held, 12 May 2026 (the record date), cf. the Company's Articles of Association section 10 last paragraph.
Aksjeeiers fullstendige navn og adresse
INNKALLING TIL ORDINÆR
GENERALFORSAMLING
- mai 2026
Ordinær Generalforsamling i Vistin Pharma ASA avholdes 20. mai 2026, kl. 13:00, i Østensjøveien 27, Oslo.
FULLMAKTSBLANKETT
Fullmakts blankett sendes innen 18. mai 2026, kl. 16:00 til:
Pr telefaks: +47 22 36 97 03
Pr post: Nordea Bank Norge ASA, Issuer Services, Postboks 1166 Sentrum, 0107 Oslo.
Pr e-post: [email protected]
FULLMAKT
Undertegnede er innehaver av _____ aksjer i Vistin Pharma ASA.
Jeg/vi gir herved _____ fullmakt til å møte og å stemme for mine/våre aksjer ved ordinær generalforsamling i Vistin Pharma ASA den 20. mai 2026, kl. 13:00.
Hvis ingen annen blir gitt fullmakt, kan navnet til styreleder Øyvin A. Brøymer innskrives. Dersom ikke annet fremgår av skjemaet over vil fullmakten anses å være gitt til styreleder Øyvin A. Brøymer.
Der styreleder Øyvin A. Brøymer er gitt fullmakt, vil stemmegivning skje i henhold til nedenstående instruks for stemmegivning som bes utfylt og sendes kontofører. Stemmene vil da avgis av fullmakts haveren i overensstemmelse med instruksen. Dersom det ikke er gitt instruksjoner ved avkrysning på det vedlagte instruksjonsskjema, vil fullmakter gitt til Brøymer ansees for å være gitt med instruksjon om å stemme FOR forslag i innkallingen, samt FOR forslag som fremlegges av valgkomiteen.
Dato, Sted
Signatur
Navn / selskap med blokkbokstaver
Vennligst send denne fullmakten, og eventuelt instruks for stemmegivningen, slik at den er fremme innen 18. mai 2026, kl. 16:00.
INSTRUKS FOR STEMMEGIVNING
Dersom styreleder Øyvin A. Brøymer blir gitt fullmakt vil stemmene avgis slik som fullmaktsgiver har angitt i denne instruksen under:
| Punkt på agendaen | Stemme for | Stemme imot | Avstå |
|---|---|---|---|
| 2. Valg av møteleder og person til å medundertegne protokollen sammen med møteleder | ☐ | ☐ | ☐ |
| 3. Godkjennelse av innkalling og dagsorden | ☐ | ☐ | ☐ |
| 4. Godkjennelse av årsregnskap og årsberetning for 2025 | ☐ | ☐ | ☐ |
| 5. Fastsettelse av honorar til styrets, valgkomiteens og kompensasjonskomiteens medlemmer | ☐ | ☐ | ☐ |
| 6. Godkjennelse av revisors godtgjørelse | ☐ | ☐ | ☐ |
| 7. Behandling av styrets erklæring om fastsettelse av lønn og annen godtgjørelse til ledende ansatte: | |||
| 7.1 Generalforsamlingen gir sin tilslutning til styrets erklæring om lønn og annen godtgjørelse til ledende ansatte | ☐ | ☐ | ☐ |
| 7.2 Generalforsamlingen godkjenner styrets erklæring om langsiktige insentivplaner og tiltak for å beholde nøkkelpersonell | ☐ | ☐ | ☐ |
| 8. Godkjennelse av finansieringsbistand til ledende ansatte ifm. kjøp av aksjer i selskapet under langsiktig insentivavtale | ☐ | ☐ | ☐ |
| 9. Valg av medlemmer til styret | ☐ | ☐ | ☐ |
| 10. Fullmakt til å utstede aksjer | ☐ | ☐ | ☐ |
| 11. Fullmakt til å erverve egne aksjer | ☐ | ☐ | ☐ |
Vennligst vær oppmerksom på at dersom alternativene over ikke krysses av vil det bli ansett som en instruks om å avgi ”stemme for” forslag i innkallingen, samt forslag som fremlegges av valgkomiteen.
Shareholder's full name and address
NOTICE OF ANNUAL GENERAL MEETING
20 May 2026
Annual General Meeting in Vistin Pharma ASA to be held on 20 May 2026 at 13:00 hours CET, Østensjøveien 27, Oslo, Norway.
PROXY FORM
The proxy form is to be returned not later than 16:00 CET on 18 May 2026 to:
By fax: +47 22 36 97 03
By mail: Nordea Bank Norge ASA, Issuer Services, P.O. Box 1166 Sentrum, 0107 Oslo, Norway.
By e-mail: [email protected].
PROXY FORM
The undersigned is the owner of ___ shares in Vistin Pharma ASA.
I/we hereby appoint ___ as my/our proxy to attend and vote for my/our shareholding at the annual general meeting of Vistin Pharma ASA to be held on 20 May 2026 at 13:00 CET.
If no other person is chosen as proxy, the name of the Chairman Øyvin A. Brøymer, may be entered. Should no other indication be given above, the proxy will be deemed to have been given to the Chairman, Øyvin A. Brøymer.
Where the Chairman, Øyvin A. Brøymer, is appointed as proxy, the voting instructions below will be followed if completed and sent to the registrar. The votes will be cast by the appointed proxy as specified in the voting instructions. If instructions on voting are not submitted by checking the boxes in the attached form, any proxies given to Mr. Brøymer will be deemed to have been given with instructions to vote in favour of the proposals on the agenda and in favour of the proposal presented by the election committee.
Date, Place
Signature
Name / company in capital letters
Please send this proxy form, and, if applicable, the voting instructions, to arrive no later than 16:00 CET on 18 May 2026.
VOTING INSTRUCTIONS
If Chairman, Øyvin A. Brøyner is given a power of attorney, the votes will be cast as specified in the voting instructions below by the person that has given the Chairman the power of attorney:
| Item on the agenda | Vote for | Vote against | Abstain |
|---|---|---|---|
| 2. Election of the chairman of the meeting and a person to co-sign the minutes | ☐ | ☐ | ☐ |
| 3. Approval of the notice of the meeting and the agenda | ☐ | ☐ | ☐ |
| 4. Approval of the annual financial statements and the Directors’ report for 2025 | ☐ | ☐ | ☐ |
| 5. Approval of remuneration for the Board of Directors, the Election Committee and the Remuneration Committee | ☐ | ☐ | ☐ |
| 6. Approval of auditor’s remuneration | ☐ | ☐ | ☐ |
| 7. The Board’s statement regarding determination of salary and other compensation to leading employees: | |||
| 7.1 The General Meeting supports the statement of the Board regarding compensation to leading employees | ☐ | ☐ | ☐ |
| 7.2 The General Meeting adopts the statement of the Board regarding long term incentive plans and measures for keeping key personnel | ☐ | ☐ | ☐ |
| 8. Approval of financial assistance to purchase shares in relation to the company’s long-term incentive plan. | ☐ | ☐ | ☐ |
| 9. Election of members to the Board of Directors | ☐ | ☐ | ☐ |
| 10. Authorisation to issue shares | ☐ | ☐ | ☐ |
| 11. Authorisation to acquire treasury shares | ☐ | ☐ | ☐ |
Please note that if the alternatives above are not checked off, this will be deemed as an instruction to “vote for” the proposals on the agenda, and the proposal presented by the Election Committee.
Statement from the board on financial assistance to purchase shares
This report has been issued by the board of Vistin Pharma ASA in accordance with Section 8-10 (5) of the Public Limited Liability Companies Act.
The background for the proposal for financial assistance
The board has proposed that the company provide financial assistance to Vistin Pharma's Executive Management Group, in the form of a loan limit of up to NOK 6 000 000,- in connection with the acquisition of shares in the company under the company's long-term incentive agreement for Executive management.
The board's proposal must be approved by the company's annual general meeting in accordance with Section 8-10 (4) of the Public Limited Liability Companies Act. In this connection, the board must prepare an account of the financial assistance according to the Public Limited Liability Companies Act § 8-10 (5), which is this document.
The following conditions apply to the company's financial assistance:
- Lender: Vistin Pharma ASA
- Borrower: Vistin Pharma's Executive Management Group
- Loan limit: NOK 6 000 000
- Security: Pledge of the borrowers' holdings of shares in the company
- Interest rate: The standard interest rate for employee loans determined by the Norwegian Tax Administration, assuming employment in the company
- Duration: Three years from the time of purchase
Price to be paid for the shares
According to the long-term incentive agreement, shares can be acquired at a 25% discount. For shares that are acquired with a 25% discount, a three-year lock-in period is mandatory. For shares that are acquired at market price, no lock-in period is required.
The company's interest in providing financial assistance
In the opinion of the board, it is desirable that the company's Executive management own shares in the company, as this gives the employees financial incentives to (i) maximize the shareholders' values and (ii) to remain in their positions for a sufficient time to create a good result for the shareholders. In order to further facilitate such share purchases, the board considers it to be in the company's interest to offer the Executive Management Group in the company, financing assistance for the acquisition of shares under the company's long-term incentive program.
The aid's consequences for the company's equity and liquidity
In the opinion of the board, the financing assistance will not have any significant impact on the company's liquidity and solvency.
Oslo, 23 April 2026
Board of Directors in Vistin Pharma ASA
Øyvin A. Brøymer
Chairman
Bettina Banoun
Board member
Kari Krogstad
Board member
Espen Marcussen
Board member
Stine W. Rønningen
Board member
Espen Lia Gregoriussen
Board member
Declaration from the board about financial assistance to purchase shares
This report has been issued by the board of Vistin Pharma ASA in accordance with Section 8-10 (5) of the Public Limited Liability Companies Act.
The board has proposed that the company provide financial assistance to Vistin Pharma's Executive Management Group, in the form of a loan limit of up to NOK 6 000 000 in connection with the acquisition of shares in the company under the company's long-term incentive agreement for senior employees. The board has issued a separate report on the financial assistance in accordance with Section 8-10 (5) of the Public Limited Liability Companies Act.
The board declares that it is in the company's interest to provide the financial assistance, and that the requirement for proper equity and liquidity in Section 3-4 of the Public Limited Liability Companies Act will be met.
Oslo, 23 April 2026
Board of Directors in Vistin Pharma ASA
Øyvin A. Brøymer
Chairman
Bettina Banoun
Board member
Kari Krogstad
Board member
Espen Marcussen
Board member
Stine W. Rønningen
Board member
Espen Lia Gregoriussen
Board member
Vistin Pharma ASA
Remuneration report for salary and other remuneration for leading persons 2025
1. Key developments in remuneration – 2025
1.1. The financial year 2025
2025 has been another strong year for Vistin Pharma. The sales volume ended record high at 5 800 MT which is a 12% increase compared to 2024. Driven by Excellent commercial execution and good cost control EBITDA ended at new all-time high of MNOK 115 compared to MNOK 104 last year, a 10% increase. Revenue of MNOK 452 compared to MNOK 430 in 2024, reflecting a 5% increase.
Diabetes is one of the most serious diseases of this century. The number of diabetes patients are by WHO expected to grow from approximately 590 million today to >850 million in approximately 25 years. About 11% of the world's population in the age group between 25 – 79 years are living with diabetes. Vistin Pharma contributes to deliver Metformin diabetes type 2 medication to millions of patients around the world every day and is proud to play a key role in treating this disease. Many European clients prefer high quality supplies, near-shore production and a leading ESG profile, and Vistin is strategically well positioned to take advantage of this.
1.2. Shareholder feedback
The statement regarding remuneration for executive management was approved by the annual general meeting in 2025. The general meeting also approved a long-term incentive plan (LTIP). The executive management, in total, can purchase shares for up to MNOK 5, at a 25% discount, with three years of binding time. The long-term incentive plan also includes a loan facility of MNOK 5 for purchase of shares. The loan facility has a duration of three years and can only be used as financing for the purchasing of shares in the company.
1.3. Key developments in Board remuneration and composition in 2025
The annual general meeting in May 2025 did not re-elect Øystein Stray Spetalen as board member, based on his own wish. At year end 2025 the board consisted of Øyvin A. Brøymer (chairman), Bettina Banoun, Kari Krogstad, Espen Marcussen, Espen Lia Gregoriussen (employee representative), Stine W. Rønningen (employee representative) and Kjell-Erik Nordby (observer). Stine W. Rønningen was elected by the employees in 2025 as a new employee representative, replacing Åse Musum.
The annual general meeting in 2025 approved the remuneration for the board members for the period between the annual general meeting in 2025 and the annual general meeting in 2026. Remuneration for the Chairman is NOK 490 000 and NOK 264 000 for all the other board members. The 2025 remunerations are adjusted in accordance with the general inflation in society.
1.4. Key developments in Executive remuneration and composition in 2025
There has been one change in the executive management team in 2025. Hilde M. Hagen stepped down as Vice President of Quality in the first quarter of the year and was replaced by Lilly M. Myra that started the role as Vice President of Quality in March. In accordance with the decision at the annual general meeting in May 2025 the remuneration of executives during the period has been governed by the guidelines for determination of salary and other remuneration to leading personnel. All remuneration in 2025 to the executive management has been
in line with the approved remuneration policy. Base salaries to executives in 2025 amounted to MNOK 9.1 compared to MNOK 8.2 in 2024, equal to a 12 % increase. The executive Group consisted of four individuals in 2025.
The company has a system of annual performance-based bonuses (STIP) for the executive management. The maximum bonus payable to the CEO is 40% of the annual salary. The maximum bonus payable to other members of the executive Management team is 30% of the annual salary. The CEO and CFO bonus is 100% linked to a financial target, while in the rest of the Executive Team, the bonus is 70% linked to a financial target and 30% linked to individual KPI's. The thresholds to earn bonus for 2025 were partly met, with 99% of the financial target met, providing 92% bonus. Bonuses will be paid out in 2026.
1.5. Derogations and deviations from the remuneration policy
The management remuneration policy in the preceding fiscal year has been conducted in accordance with the prevailing principles for 2025.
2. Remuneration of the Board of Directors
2.1. The Company's salary policy for the Board of Directors – main principles
Remuneration of Board members shall be reasonable and based on the Board's responsibilities, work, time invested and the complexity of the business. The remuneration needs to be sufficient to attract both Norwegian and foreign Board members with the right expertise and competence. The compensation shall be a fixed annual amount and shall be determined by the Annual General Meeting based on a proposal from the Election Committee. All remuneration in 2025 to the board has been in line with the resolution from the general meeting.
2.2. Board of Directors remuneration
Board and committee fee level 2025-2026
| Chairman of the Board | NOK 490 000 |
|---|---|
| Other shareholder-elected Board members | NOK 264 000 |
| Employee- elected Board members | NOK 264 000 |
| Chairman of the Election Committee | NOK 30 000 |
| Members of the Election Committee | NOK 25 000 |
| Members of the Remuneration Committee | NOK 25 000 |
Board of Directors compensation from 2025-2026 and 2024-2025
| (NOK 000's) | 2025-26 | 2024-25 | ||
|---|---|---|---|---|
| Board fees | Other* | Board fees | Other* | |
| Øyvin A. Brøymer Chairman* | 490 | 25 | 460 | 25 |
| Bettina Banoun* | 264 | 25 | 240 | 25 |
| Øystein Stray Spetalen | - | - | 240 | - |
| Espen Marcussen | 264 | - | 240 | - |
| Kari Krogstad | 264 | - | 240 | - |
| Espen Lia Gregoriussen | 264 | - | 240 | - |
| Åse Musum | - | - | 240 | - |
| Stine W. Rønningen | 264 | - | - | - |
| Kjell-Erik Nordby (observer) | 264 | - | 240 | - |
| Total | 2 074 | 50 | 2 140 | 50 |
Stine W. Rønningen replaced Åse Musum as Board Member (employee representative) in 2025, and Øystein S. Spetalen resigned from the Board the same year.
*Both Bettina Banoun and Øyvin A. Brøymer received NOK 25 000 in 2025 and 2024 as members of the Remuneration Committee.
3. Remuneration of Executive Management
3.1 The Company's salary policy for the executive management – main principles
The purpose of the Company's remuneration policy is to attract and retain personnel with the competence and experience that the Group requires to achieve Vistin Pharma's goal of becoming a leading and a profitable producer of selected APIs for the international pharmaceutical market. The general policy is to pay fixed salaries and pensions, while at the same time offering bonuses, or other types of incentives, which aligns the interest of senior management and the shareholders of the Company.
3.2 Executive remuneration benchmark
Salary statistics and comparisons with other companies in the industry and other relevant companies are used to determine compensation to the executive management.
3.3 Salaries and other remuneration
Fixed salary
It is the Company's policy that salaries to the CEO and senior management primarily shall take the form of a fixed monthly salary, reflecting the level of the position, responsibility and experience of the person concerned and the results achieved.
Short term incentive Plan (STIP / Bonuses)
The Group has a system of annual performance-based bonuses for all employees. The maximum bonus payable to the CEO is 40% of the annual salary. The maximum bonus payable to other members of the Executive Management team is 30% of the annual salary, depending on individual employment contracts. The Board of Directors evaluates and determines annually the bonus system for Vistin Pharma, based on recommendations from the remuneration committee. The bonuses are linked to the achievement of certain targets for financial
results, and for some, other personal performance targets (KPI's) which are defined at the beginning of the fiscal year. The bonus targets shall reflect both short-term financial parameters, and operational and strategic performance targets that are expected to give a positive long-term financial effect.
Pension plan
Principally, pension plan shall be the same for executive management as what is generally agreed for other employees. The Group has a defined contribution plan for all employees. Under this plan the Group contributes 6% of the salary between 1G and 7.1G, and 15%, for the salary between 7.1G and 12G.
Notice period
The CEO has an 18-month termination benefit in the case of involuntary termination of his employment. The remaining executive management group has a three-month termination period.
Long Term Incentive Plan (LTIP)
Vistin has established, and the Annual General Meeting approved in 2025 a long-term incentive plan (LTIP). The executive management, in total, can purchase shares for up to MNOK 5, at a 25% discount, with three years of binding time. The General meeting also approved a loan facility, for the executive management team, of up to MNOK 5 for purchase of shares. The loan facility has a duration of three years and can only be used as financing for the purchasing of shares in the company. If the finance option is used to purchase shares, the standard interest rate for employee loans determined by the Norwegian Tax Administration, will be used.
No shares were purchased in 2025.
3.4 Executive Management compensation overview (paid in 2025 and 2024)
2025
| (NOK 000's) | Base salary | Bonus paid* | Pension | Other** | Total | Proportion of fixed and variable |
|---|---|---|---|---|---|---|
| Magnus Tolleshaug, CEO | 3 077 | 882 | 176 | 292 | 4 427 | 80% / 20% |
| Alexander Karlsen, CFO | 2 246 | 512 | 175 | 219 | 3 153 | 84% / 16% |
| Lilly M. Margareth Myra, VP Quality | 1 700 | -*** | 141 | 318 | 2 159 | 100% / 0% |
| Vegard Heggem, COO | 2 103 | 384 | 175 | 192 | 2 853 | 87% / 13% |
| Total Executive Management | 9 127 | 1 778 | 666 | 1 021 | 12 592 | - |
Bonuses paid are related to bonus earned for 2024 and paid out in 2025
*Mainly fixed monthly car allowance and fringe benefits
*** Lilly Margareth Myra started the position 1st of March 2025 and was not entitled to a bonus payout.
| (NOK 000's) | Base salary | Bonus paid* | Pension | Other*() | Total | Proportion of fixed and variable |
|---|---|---|---|---|---|---|
| Magnus Tolleshaug, CEO | 2 590 | 553 | 171 | 249 | 3 562 | 84% / 16% |
| Alexander Karlsen, CFO | 2 034 | 576 | 173 | 207 | 2 989 | 81% / 19% |
| Hilde Merethe Hagen, VP Quality | 1 616 | 470 | 175 | 169 | 2 430 | 81% / 19% |
| Vegard Heggem, COO | 1 980 | 546 | 178 | 169 | 2 872 | 81% / 19% |
| Total Executive Management | 8 220 | 2 144 | 697 | 793 | 11 854 | - |
Bonus paid is related to bonus earned for 2023 and paid out in 2024
*Mainly fixed monthly car allowance
3.5 Short term incentive Plan (STIP / Bonuses)
The purpose of the performance-based bonus scheme is to stimulate the executives to work actively to achieve strategic goals. Furthermore, it is a tool for addressing which goals the company's board prioritizes. The short-term incentive plan consists of an EBIT target for the CEO and CFO equal to the budgeted figure. For the rest of the Executive Group, they have the same EBIT target (weights $70\%$ ), and personal KPI's (weights $30\%$ ). The EBIT target is adjusted for FX. The purpose of the EBIT target is to reflect the focus on healthy annual profitability as the most important financial goal.
The annual bonus targets are approved by the board of directors. The target for the Executive team in 2025 was; if $90\%$ of budgeted EBIT was met, $75\%$ is paid out. To achieve $100\%$ payout, EBIT needed to be $105\%$ of the budgeted figure. The payout percentage is calculated pro rata between the lower and upper target. Target achievements are reviewed by the board before paying out. The thresholds to earn bonus for 2025 were partly met $(92\%)$ and there will be a bonus payment in March 2026.
4. Remuneration and Company Performance 2021-2025
4.1. Board remuneration 2021-2025
A summary of the development of the Board remuneration in the five-year period 2021-2025 is provided in the table below.
Numbers in TNOK
| Board of Directors | Election year | 2021-22 | 2022-23 | 2023-24 | 2024-25 | 2025-26 |
|---|---|---|---|---|---|---|
| Øyvin A. Brøymer; Chairman | 2020 | 420 | 420 | 441 | 485 | 515 |
| % change annualised | - | - | 5 % | 10 % | 6 % | |
| Espen Marcussen, Board Member | 2020 | 200 | 200 | 210 | 240 | 264 |
| % change annualised | - | - | 5 % | 14 % | 10 % | |
| Øystein Stray Spetalen, Board Member | 2015 | 200 | 200 | 210 | 240 | - |
| % change annualised | - | 0 % | 5 % | 14 % | - | |
| Espen Lia Gregoriussen, Employee-elected Board Member | 2017 | 200 | 200 | 210 | 240 | 264 |
| % change annualised | - | 0 % | 5 % | 14 % | 10 % | |
| Ase Musum, Employee-elected Board Member | 2015 | 200 | 200 | 210 | 240 | - |
| % change annualised | - | 0 % | 5 % | 14 % | - | |
| Bettina Banoun, Board Member | 2018 | 220 | 220 | 231 | 240 | 289 |
| % change annualised | - | 0 % | 5 % | 4 % | 20 % | |
| Kari Krogstad, Board Member | 2020 | 200 | 200 | 210 | 240 | 264 |
| % change annualised | - | - | 5 % | 4 % | 20 % | |
| Stine W. Rønningen, Employee-elected Board Member | 2025 | - | - | - | - | 264 |
| % change annualised | - | - | - | - | - | |
| Kjell-Erik Nordby, Observer | 2024 | - | - | - | 240 | 264 |
| % change annualised | - | - | - | - | 10 % |
4.2. Executive remuneration and company performance 2021-2025
The table below includes the average annual change in remuneration of the company's executive management, and the annual financial performance from 2020 to 2025.
Numbers in TNOK
| Person and position | Appointment year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Magnus Tolleshaug, CEO*/CCO | 2020/24 | 1903 | 2503 | 2238 | 3562 | 4427 |
| % change annualised | - | 32% | -11% | 59% | 24% | |
| Kjell-Erik Nordby, CEO* | 2009 | 4189 | 4138 | 3565 | - | - |
| % change annualised | - | -1% | -14% | - | - | |
| Alexander Karlsen, CFO | 2020 | 2321 | 2513 | 2341 | 2989 | 3153 |
| % change annualised | - | 8% | -7% | 28% | 5% | |
| Hilde Merethe Hagen, VP Quality | 2017 | 1987 | 1996 | 1921 | 2430 | - |
| % change annualised | - | 0% | -4% | 26% | - | |
| Vegard Heggem, VP Operations | 2017 | 2273 | 2284 | 2176 | 2872 | 2853 |
| % change annualised | - | 0% | -5% | 32% | -1% | |
| Lilly M. Myra, VP Quality | 2025 | - | - | - | - | 2159 |
| % change annualised | - | - | - | - | - |
Numbers in MNOK
| Vistin Pharma performance | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|
| Revenue | 279 | 305 | 438 | 430 | 452 | |
| EBITDA | 48.6 | 6,2 | 86,0 | 104 | 115 | |
| Avg. number of employees | 68 | 75 | 75 | 75 | 76 | |
| Average compensation employees | 2,6 % | 2,9 % | 3,9 % | 5,3 % | 4,7 % | |
| --- | --- | --- | --- | --- | --- | --- |
- Magnus Tolleshaug succeeded Kjell-Erik Nordby as CEO from 01.01.2024, who retired as of 31.12.2023.
To get comparable annual base salary change the figures in the table above are annualized to reflect twelve months if the executive only has received compensation part of the year.
Oslo, 23 April 2026
Board of Directors in Vistin Pharma ASA
Remuneration report is signed electronically
| Øyvin A. Brøymer | Bettina Banoun | Kari Krogstad |
|---|---|---|
| Chairman | Board member | Board member |
| Espen Marcussen | Stine W. Rønningen | Espen Lia Gregoriussen |
| Board member | Board member | Board member |
EY
Shape the future with confidence
Statsautoriserte revisorer
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To the General Meeting in Vistin Pharma ASA
INDEPENDENT AUDITOR'S ASSURANCE REPORT ON REMUNERATION REPORT
Opinion
We have performed an assurance engagement to obtain reasonable assurance that Vistin Pharma ASA's report on salary and other remuneration to directors (the remuneration report) for the financial year ended 31 December 2025 has been prepared in accordance with section 6-16 b of the Norwegian Public Limited Liability Companies Act and the accompanying regulation.
In our opinion, the remuneration report has been prepared, in all material respects, in accordance with section 6-16 b of the Norwegian Public Limited Liability Companies Act and the accompanying regulation.
Board of directors' responsibilities
The board of directors is responsible for the preparation of the remuneration report and that it contains the information required in section 6-16 b of the Norwegian Public Limited Liability Companies Act and the accompanying regulation and for such internal control as the board of directors determines is necessary for the preparation of a remuneration report that is free from material misstatements, whether due to fraud or error.
Our independence and quality control
We are independent of the company in accordance with the requirements of the relevant laws and regulations in Norway and the International Ethics Standards Board for Accountants' International Code of Ethics for Professional Accountants (including International Independence Standards) (IESBA Code), and we have fulfilled our other ethical responsibilities in accordance with these requirements. The firm applies International Standard on Quality Management, which requires the firm to design, implement and operate a system of quality management including policies or procedures regarding compliance with ethical requirements, professional standards and applicable legal and regulatory requirements.
Auditor's responsibilities
Our responsibility is to express an opinion on whether the remuneration report contains the information required in section 6-16 b of the Norwegian Public Limited Liability Companies Act and the accompanying regulation and that the information in the remuneration report is free from material misstatements. We conducted our work in accordance with the International Standard for Assurance Engagements (ISAE) 3000 – “Assurance engagements other than audits or reviews of historical financial information”.
We obtained an understanding of the remuneration policy approved by the general meeting. Our procedures included obtaining an understanding of the internal control relevant to the preparation of the remuneration report in order to design procedures that are appropriate in the circumstances, but not for
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Shape the future with confidence
the purpose of expressing an opinion on the effectiveness of the company's internal control. Further we performed procedures to ensure completeness and accuracy of the information provided in the remuneration report, including whether it contains the information required by the law and accompanying regulation. We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Oslo, 28. April 2026
ERNST & YOUNG AS
The auditor's assurance report is signed electronically
Kristian Dalby
State Authorised Public Accountant (Norway)
Independent auditor's assurance report on remuneration report - Vistin Pharma ASA 2025
A member firm of Ernst & Young Global Limited
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