Zwipe AS — Remuneration Information 2020

Apr 23, 2020

Zwipe AS (English version below)

Nominasjonskomiteens innstilling til styrevalg ved ordinær generalforsamling 14. mai 2020.

Nominasjonskomiteen har i perioden bestått av:

Leder Paal S. Raaholt Medlem Magnus Berner Medlem Jörgen Lantto

Bakgrunn:

• Nominasjonskomiteen gjennomførte samtaler med aksjonærer, styreleder, styremedlemmer og deler av administrasjonen på nyåret 2018 som førte fram til styrevalg på ordinær generalforsamling 2018. Utover dette har nominasjonskomiteen avholdt 4 protokollførte møter i 2020.
• Nominasjonskomiteen har i tillegg mottatt styrets egenvurdering av styrets arbeid.
• Nominasjonskomiteen har nå, med bakgrunn i, blant annet, endret eierstruktur med en rekke nye aksjonærer og for å harmonisere styret til selskapets nye strategi og aksjonærstruktur.
  • o Gjennomført samtaler med de største aksjonærene og avklart om de har kandidater de ønsker å fremme, eller meninger om dagens styre.
  • o Gjennomført samtaler med dagens styre og avklart deres motivasjon til å fortsette i styret og hvordan de oppfatter styret som helhet og deres egen innsats og påvirkning. Nominasjonskomiteens medlem Jörgen Lantto har ikke deltatt i disse samtalene.
  • o Gjennomført samtaler med potensielle nye styrekandidater
• Zwipe, som selskap, har endret seg betydelig de to siste årene.

Nominasjonskomiteen skal avdekke om det er behov for endringer i Styret, tilpasset selskapets strategi og aksjonærer, og foreslå disse for Generalforsamling.

Dagens styre består av:

Jörgen Lantto - Chairman of the Board Espen Tøndel Lars F. Windfeldt Dennis Jones Johan Biehl Dorian Barak Sam Chester

Nominasjonskomiteen har kommet fram til sin innstilling basert på innspill fra gruppene nevnt over samt god corporate governance.

Nominasjonskomiteens forslag til styresammensetning i perioden 14. mai 2020 til ordinær generalforsamling 2022:

Chairman Jörgen Lantto gjenvalg Member Dennis Jones gjenvalg

Member	Johan Biehl	gjenvalg
Member	Dorian Barak	gjenvalg
Member	Diderik Schonheyder	nytt styremedlem
Member	Pål Eivind Vegard	nytt styremedlem

Kort presentasjon og begrunnelse for foreslåtte nye kandidater:

Diderik Schonheyder:

Mr Schonheyder runs his own consultancy company handling assignments mostly within the payment eco systems. He has more than 35 years' experience in payments product, services and systems development. He has also experience in information technology and telecommunication. All of these roles as board member, senior executive, consultant, advisor and investor.

Whilst working for Visa International and then MasterCard he was instrumental in the development of a multi-currency clearing and settlement system, the creation of a seven year international debit card product roadmap and an EMV purse application.

Mr Schonheyder graduated from San Francisco State University and after that worked in the Bay Area for six years before moving to London where he set up Visa's operations that provided products and services to financial institutions in Europe, the Middle East, and Africa.

He is a Norwegian citizen and now lives in Portugal.

Pål Eivind Vegard:

Mr Vegard is today Product Director Telecom in Hudya Group. He has been working 25 years in the Norwegian Telecom business and is therefore one of the industry´s most experienced. He was Sales Director in Telenor Mobile before he started up Tele1 Europe in Norway in 1998. Later Mr. Vegard has started several companies within and outside the Telecom Industry – amongst others OneCall as Chairman and partial owner.

He has also experience from the Media and Software industry, and is especially interested in innovative tech companies with disruptive potential. Mr. Vegard runs his own investment company (Concito) as well, and was one of the initial investors in Zwipe in 2011.

Concito is a considerable shareholder in Zwipe, holding 535 610 shares.

Board assignments: Concito AS, Arctic Silver Innovation AS and JensenSoftware AS

Mr. Vegard graduated from the Norwegian School of Economics (NHH) in Bergen, Norway, and is a Norwegian citizen.

Styrets sammensetning sikrer god kontinuitet, har god oversikt og kontakt med markedet innen betalingskort og kunnskap om teknologi og markedsutvikling, samt god kunnskap og erfaring om corporate governance for noterte selskap i Skandinavia.

Honorar;

Tidligere honoreringen har vært en kombinasjon av monetært og opsjoner. Nominasjonskomiteen har vurdert at opsjoner bør unngås og at den monetære delen av honoraret justeres opp.

Tidligere honorar for 2019; Styreleder NOK 150 000,- + 40 000 opsjoner Styremedlem NOK 75 000,- + 20 000 opsjoner

Totalt innebærer dette NOK 675 000 samt 180 000 opsjoner for styret som helhet.

Foreslått nytt honorar; Styreleder NOK 260 000,- Styremedlem NOK 130 000,-

Motivasjonen bak forslaget er at selskapet nå er notert på Merkur Market samt Nasdaq First North Growth Market, og således at styrets honorering bør følge norsk anbefaling for eierstyring og selskapsledelse (NUES), der opsjoner anbefales ikke å bli anvendt som incentiv- og kompensasjonsmiddel for styremedlemmer.

Den totale kompensasjonen til styret blir dermed NOK 910 000.

Nominasjonskomiteens innstilling er enstemmig.

Zwipe AS – English version

The nomination of the new Board composition, by the Nomination Committee of the Company.

The Nomination Committee has in this period consisted of the following members:

Leader	Paal S. Raaholt
Member	Magnus Berner
Member	Jörgen Lantto

Background

• The nomination committee did in the beginning of 2018 execute conversations with shareholders, the chairman of the Board, Board members and parts of the management, which then resulted in the election of the Board at the Annual General Meeting 2018. The nomination committee held 4 recorded meetings in 2020.
• The Nomination Committee has received the Board's self-evaluation of the performance by the Board.
• The Nomination Committee has now, as a consequence of the changed shareholder composition, with several new, large shareholders, and to harmonize the Board to reflect the company's revised strategy and shareholders composition:
  • o executed conversation with the largest shareholders to clarify potential preferred new members of the Board, as well as their preference of the composition of the current Boardexecuted conversations with members of the current Board, in order to clarify the members' motivation to continue as a Board member, as well as their preference of the composition of the Board, their self-evaluation as a Board member. The nomination committee member Jörgen Lantto, chairman of the board of Zwipe, has not been participating in these conversations.
  • o executed conversations with potential new members to the Board
• Zwipe, as a company, has evolved significantly the last two years

Main objective for the nomination committee is to evaluate potential necessary changes in the composition of the Board of Directors, customized to the company's strategy and shareholders, and propose the potential changes for the Annual General Meeting.

Current Board of Directors are as follows

Jörgen Lantto - Chairman of the Board
Espen Tøndel
Lars F. Windfeldt
Dennis Jones
Johan Biehl
Dorian Barak
Sam Chester

The Nomination Committee has concluded to recommendation based on input provided from the relevant parties mentioned, as well as an ambition to be in compliance with prudent corporate governance.

The Nomination Committee of the Company has recommended the following new board composition from 14 May 2020 until Annual General Meeting 2022:

Chairman	Jörgen Lantto	re-election
Member	Dennis Jones	re-election
Member	Johan Biehl	re-election
Member	Dorian Barak	re-election
Member	Diderik Schonheyder	new board member
Member	Pål Eivind Vegard	new board member

Below, a short presentation and reasoning for the proposed new candidates.

Diderik Schonheyder:

Mr Schonheyder runs his own consultancy company handling assignments mostly within the payment eco systems. He has more than 35 years' experience in payments product, services and systems development. He has also experience in information technology and telecommunication. All of these roles as board member, senior executive, consultant, advisor and investor.

Whist working for Visa International and then MasterCard he was instrumental in the development of a multi-currency clearing and settlement system, the creation of a seven year international debit card product roadmap and an EMV purse application.

Mr Schonheyder graduated from San Francisco State University and after that worked in the Bay Area for six years before moving to London where he set up Visa's operations that provided products and services to financial institutions in Europe, the Middle East, and Africa.

He is a Norwegian citizen and now lives in Portugal.

Pål Eivind Vegard:

Mr Vegard is today Product Director Telecom in Hudya Group. He has been working 25 years in the Norwegian Telecom business and is therefore one of the industry´s most experienced. He was Sales Director in Telenor Mobile before he started up Tele1 Europe in Norway in 1998. Later Mr. Vegard has started several companies within and outside the Telecom Industry – amongst others OneCall as Chairman and partial owner.

He has also experience from the Media and Software industry, and is especially interested in innovative tech companies with disruptive potential. Mr. Vegard runs his own investment company (Concito) as well, and was one of the initial investors in Zwipe in 2011.

Concito is a considerable shareholder in Zwipe, holding 535 610 shares.

Board assignments: Concito AS, Arctic Silver Innovation AS and JensenSoftware AS

Mr. Vegard graduated from the Norwegian School of Economics (NHH) in Bergen Norway, and is a Norwegian citizen.

The composition of the Board of Directors provides continuity, knowledge and relations with the market within payment cards, knowledge regarding technology and market development, as well as experience with respect to corporate governance for listed companies in Scandinavia.

Remuneration;

The current remuneration has been a combination of cash and company options. The nomination committee has concluded that options should be avoided as remuneration, and thus the cash compensation should be adjusted.

Current remuneration 2019;

Chair	NOK	150 000,- + 40 000 options
Member	NOK	75 000,- + 20 000 options

In total a remuneration of NOK 675 000 and 180 000 options to the Board.

Proposed new remuneration. Chair NOK 260 000,- Member NOK 130 000,-

The motivation behind the proposal is that the company is now listed at Merkur Market and Nasdaq First North Growth Market. Consequently, the board's remuneration should follow the Norwegian Code of Practice for Corporate Governance, which states that options should not be used as incentive-and compensation for board members.

In total a remuneration of NOK 910 000 to the Board.

The Nomination Committee's recommendation is unanimous.