Vedtægter for Auriga Industries A/S DK/UK

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1 Vedtægter for Auriga Industries A/S DK/UK CVR-nr Page 1 of 11

2 Dansk: Vedtægter for Auriga Industries A/S CVR-nr Selskabets navn, hjemsted og formål 1.1. Selskabets navn er Auriga Industries A/S Selskabet driver tillige virksomhed under navnet "Industri Invest Holding A/S (Auriga Industries A/S)". 2. Selskabets hjemsted er Århus kommune. 3. Selskabets formål er at drive industri og handel samt finansiering i forbindelse hermed Aktiekapital, aktiebreve m.v Selskabets aktiekapital udgør kr Heraf udgør kr A-aktier og kr B- aktier. Aktiekapitalen er fordelt på aktier à kr. 10 eller multipla heraf. Der kan udstedes samleaktier. Aktiekapitalen er fuldt indbetalt Bestyrelsen er indtil 1. maj 2014 bemyndiget til ad en eller flere gange at forhøje aktiekapitalen med indtil kr B-aktier ved uden fortegningsret for de gamle aktionærer at udstede aktier til en kurs, der fastsættes af bestyrelsen, idet tegningskursen dog ingensinde kan være lavere end kurs pari. Bemyndigelsen kan benyttes såvel i forbindelse med overtagelse af bestående virksomhed eller aktiver i øvrigt som i forbindelse med en kontantforhøjelse. I det omfang bestyrelsen benytter bemyndigelsen til kapitaludvidelse til udstedelse af aktier til en lavere kurs end markedskursen, er bestyrelsen bemyndiget til at gennemføre kapitaludvidelsen med fortegningsret for de gamle aktionærer i henhold til English: Articles of association of Auriga Industries A/S CVR no Company name, domicile and object Article 1.1. The name of the Company shall be Auriga Industries A/S. Article 1.2. Moreover, the Company shall conduct business under the secondary name Industri Invest Holding A/S (Auriga Industries A/S). Article 2. The Company shall be domiciled in the Municipality of Aarhus, Denmark. Article 3. The object of the Company is to engage in industrial and trading activities as well as any financing activities incidental thereto. Share capital, share certificates etc. Article 4.1. The share capital of the Company is DKK 255,000,000. The said share capital shall be divided into Class A shares with a nominal value of DKK 75,000,000 and Class B shares with a nominal value of DKK 180,000,000. The share capital shall be divided into shares of DKK 10 each or multiples thereof. Portfolio shares may be issued. The share capital has been fully paid in. Article 4.2. In the period until May 1, 2014, the Board of Directors shall be authorized to increase the share capital, through one or more rounds, by issuing Class B shares with a nominal value of up to DKK 25,000,000 without pre-emptive rights of subscription for existing shareholders and at a price fixed by the Board of Directors. The subscription price shall, however, never be below par. The authorization shall be exercisable in connection with both the take-over of existing business activities or assets and in connection with a cash increase. To the extent that the Board of Directors should exercise its authorization to increase the share capital by issuing shares at a price below the market price, the Board of Directors shall be authorized to carry through such capital increase with pre-emptive Page 2 of 11

3 vedtægternes bestemmelse herom. Der skal for de nye aktier gælde, at der ved fremtidige forhøjelser ikke gælder indskrænkninger i den til aktierne knyttede fortegningsret, at aktierne udstedes til ihændehaver, men kan noteres på navn i selskabets ejerbog, og at de skal være omsætningspapirer. 5. A-aktierne skal udstedes lydende på navn og skal stedse være noteret på navn i selskabets ejerbog med angivelse af aktionærens postadresse. Udbytte vedrørende A-aktier betales ved fremsendelse til A- aktionærer under den adresse, der er noteret i ejerbogen. A-aktierne er ikke-omsætningspapirer. 6.1 B-aktierne er omsætningspapirer og udstedes og registreres gennem VP Securities A/S. B-aktierne udstedes til ihændehaver og er frit omsættelige. B-aktier kan noteres på navn i ejerbogen. En B-akties transport til en navngiven ejer har kun gyldighed over for selskabet, når transporten er registreret i VP Securities A/S og indført i ejerbogen. Selskabet er uden ansvar for en noteret transports ægthed eller rigtighed. Udbytte vedrørende B-aktierne udbetales ved overførsel gennem VP Securities A/S Auriga Industries A/S ejerbog føres eksternt af VP Investor Services A/S (VP Services A/S), Weidekampsgade 14, 2300 København S. rights of subscription for existing shareholders in accordance with the provisions of the Articles of Association thereon. The pre-emptive rights of subscription attaching to such new shares shall not in the event of any future increase in the share capital be subject to any limitations. Such new shares shall be issued to the bearer, such bearers being, however, entitled to be recorded in the Company's Register of Shareholders, and be negotiable instruments. Article 5. Class A shares shall be registered shares and the names of the holders shall always be registered in the Company s Register of Shareholders together with the postal address of each shareholder. Dividend payable in respect of Class A shares shall be sent by post to the holders of such Class A shares at the addresses registered in the Register of Shareholders. Class A shares shall be nonnegotiable instruments. Article 6.1 Class B shares shall be negotiable instruments and be issued and registered through VP Securities A/S. Class B shares shall be issued to bearer and shall be freely negotiable. The holders of Class B shares can be recorded in the Company s Register of Shareholders. The transfer of a Class B share to a named holder shall be valid vis-à-vis the Company only when such transfer is registered by VP Securities A/S and recorded in the Company s Register of Shareholders. The Company shall accept no liability for the authenticity or correctness of a registered transfer. Divided payable in respect of Class B shares shall be paid by transfer via VP Securities A/S. Article 6.2 Auriga Industries A/S s Register of Shareholders shall be held externally by VP Investor Services A/S (VP Services A/S), Weidekampsgade 14, 2300 København S., Denmark Ingen aktionær er forpligtet til at lade sine aktier indløse helt eller delvist, og ingen aktier har særlige rettigheder bortset fra de nedenfor indeholdte regler om A-aktiernes og B-aktiernes fortegningsret ved aktieudvidelser og de i vedtægternes indeholdte regler om stemmeret Såfremt en generalforsamling beslutter, at Article 7.1. No shareholder shall be obliged to have his or her shares redeemed, either fully or partly, and no shares shall enjoy any special rights save as set out below in the provisions governing the pre-emptive rights of subscription attaching to Class A shares and Class B shares in connection with increases of the share capital and the provisions governing voting rights contained in Article 10 of the present Articles of Association. Article 7.2. In the event that a general meeting should decide Page 3 of 11

4 aktiekapitalen skal udvides ved nytegning af såvel A- som B-aktier, har A-aktionærer fortegningsret til nye A-aktier og B-aktionærerne fortegningsret til nye B- aktier. Sker udvidelsen alene med én aktieklasse, har samtlige aktionærer fortegningsret til nye aktier i forhold til deres besiddelse af gamle aktier Udbytte vedrørende A-aktier eller B-aktier, der ikke er hævet inden 5 år fra forfaldsdagen, tilfalder selskabet. Mortifikation af selskabets aktier kan finde sted uden dom i overensstemmelse med selskabslovens regler herom Aktionærer skal give meddelelse til selskabet om betydelige aktiebesiddelser og ændringer heri, jf. selskabsloven 55. Meddelelse skal gives senest 2 uger efter én af grænserne i selskabslovens 55 nås eller ikke længere er nået. that an increase of the share capital be effected through the issue of both Class A and Class B shares, existing holders of Class A shares shall enjoy a pre-emptive right of subscription to new Class A shares, and existing holders of Class B shares shall enjoy a pre-emptive right of subscription to new Class B shares. Should an increase be effected in respect of one share class only, all existing shareholders shall enjoy a pre-emptive right of subscription to such new shares in proportion to their existing shareholdings. Article 7.3. Dividend payable in respect of Class A or Class B shares not claimed within five years of the due date shall accrue to the Company. The Company s shares shall be cancellable without judgement in accordance with the provisions of the Danish Companies Act (selskabsloven) thereon. Article 7.4. Shareholders shall notify the Company of any considerable shareholdings and any changes therein, cf. Section 55 of the Danish Companies Act (Selskabsloven). Such notice shall be given within two weeks of one of the limits set out in Section 55 of the Danish Companies Act being reached or no longer being reached. Elektronisk kommunikation 7.5. Selskabet anvender elektronisk dokumentudveksling og elektronisk post (elektronisk kommunikation) i sin kommunikation med aktionærerne. Selskabet kan til enhver tid vælge endvidere at kommunikere med almindelig brevpost. Elektronisk kommunikation kan af selskabet anvendes til alle meddelelser og dokumenter, som i henhold til selskabets vedtægter, selskabsloven samt børslovgivning og -regler skal udveksles mellem selskabet og aktionærerne, herunder for eksempel indkaldelse til ordinær og ekstraordinær generalforsamling med tilhørende dagsorden og fuldstændige forslag, fuldmagter, delårsrapport, årsrapport, selskabsmeddelelser, finanskalender og prospekter samt i øvrigt generelle oplysninger fra selskabet til aktionærerne. Sådanne dokumenter og meddelelser lægges på selskabets hjemmeside, og tilsendes aktionærerne pr. i det omfang, det er påkrævet. Oplysning om kravene til de anvendte systemer samt Electronic communication Article 7.5. The Company shall use electronic document exchange and electronic mail (electronic communication) in its communication with shareholders. The Company shall at any time be entitled to communicate by ordinary post. The Company shall be entitled to use electronic communication for all announcements, notices and documents which, in accordance with the Company s Articles of Association, the Danish Companies Act (Selskabsloven) as well as stock exchange legislation and rules, must be exchanged between the Company and its shareholders, including, for example, notices of the annual general meeting and extraordinary general meetings with relevant agenda and complete proposals, proxies, interim financial report, annual report, company announcements, financial calendar and prospectuses as well as any other general information from the Company to shareholders. Such documents, announcements and notices shall be made available on the Company s website, and sent to the shareholders via to the extent required. Information on the requirements for the systems used Page 4 of 11

5 om fremgangsmåden i forbindelse med den elektroniske kommunikation fremgår af selskabets hjemmeside Det er den enkelte aktionærs ansvar at sikre, at selskabet er i besiddelse af korrekt -adresse. Uanset foranstående sendes indkaldelse til generalforsamling efter aktionærens anmodning med almindelig brevpost til den i ejerbogen noterede adresse. as well as on the procedure in connection with the electronic communication shall be available on the Company s website The individual shareholder shall be responsible for ensuring that the Company has the correct address. Notwithstanding the above, notices of general meetings shall, upon the request of the shareholder, be sent by ordinary post to the address registered in the Company s Register of Shareholders. Generalforsamlinger 8.1. Generalforsamlinger indkaldes af bestyrelsen med højst 5 ugers og mindst 3 ugers varsel ved offentliggørelse af en generel selskabsmeddelelse, bekendtgørelse i Erhvervsstyrelsens IT-system, på selskabets hjemmeside samt skriftligt til de i ejerbogen noterede aktionærer, der har fremsat begæring herom. Indkaldelsen skal indeholde dagsordenen for generalforsamlingen og angive det væsentligste indhold af eventuelle forslag til vedtægtsændringer, medmindre selskabsloven kræver, at indkaldelsen angiver den fulde ordlyd af forslaget til vedtægtsændringer Generalforsamlinger afholdes i selskabets hjemstedskommune, eller i Lemvig eller i København Den ordinære generalforsamling afholdes hvert år i så god tid, at den reviderede og godkendte årsrapport kan være Erhvervsstyrelsen i hænde senest 4 måneder efter regnskabsårets udløb. Forslag fra aktionærerne må, for at komme til behandling på den ordinære generalforsamling, være indgivet til bestyrelsen mindst 6 uger før generalforsamlingens afholdelse. Reglerne i selskabsloven er endvidere gældende Ekstraordinære generalforsamlinger afholdes, når bestyrelsen eller en generalforsamlingsvalgt revisor finder dette hensigtsmæssigt. Endvidere skal ekstraordinære generalforsamlinger indkaldes inden 14 dage, når det til behandling af et bestemt angivet emne skriftligt forlanges af aktionærer, der tilsammen General meetings Article 8.1. General meetings shall be called by the Board of Directors giving at most five weeks notice and at least three weeks notice by publication of a general company announcement, publication in the IT system of the Danish Business Authority (Erhvervsstyrelsen), on the Company s website and in writing to the shareholders registered in the Register of Shareholders having so requested. The notice shall be accompanied by the agenda for the general meeting and shall specify the material contents of any proposed amendments to the Articles of Association, unless the Danish Companies Act (Selskabsloven) stipulates that the full wording of the proposed amendment to the Articles of Association be stated in the notice. Article 8.2. General meetings of the Company shall be held in the Company's municipality of registration or in Lemvig or in Copenhagen. Article 8.3. The annual general meeting shall be held each year so as to allow for the audited and adopted annual report to be submitted to the Danish Business Authority (Erhvervsstyrelsen) within four months of the end of the financial year at the latest. Proposals from the shareholders shall, in order to be considered by the annual general meeting, be submitted to the Board of Directors no later than six weeks before the holding of the annual general meeting. Furthermore, the provisions laid down in the Danish Companies Act (Selskabsloven) shall apply. Article 8.4. Extraordinary general meetings shall be held when deemed expedient by the Board of Directors or one of the Company auditors appointed by the general meeting. Extraordinary general meetings shall moreover be called within two weeks when so requested in writing by shareholders jointly holding at Page 5 of 11

6 ejer mindst 5% af aktiekapitalen. least 5% of the share capital for the consideration of a concrete, specified item Indkaldelsen til generalforsamlingen, oplysninger om stemme- og kapitalforhold på datoen for indkaldelsen, de dokumenter, der skal fremlægges på generalforsamlingen, herunder for ordinære generalforsamlinger den reviderede årsrapport, dagsorden og fuldstændige forslag, samt oplysninger om de formularer, der skal anvendes ved skriftlig stemmeafgivelse og ved stemmeafgivelse ved fuldmagt gøres tilgængelige til eftersyn for aktionærerne på hjemmesiden senest 3 uger før generalforsamlingen Selskabet offentliggør senest 8 uger før dagen for den påtænkte afholdelse af den ordinære generalforsamling datoen for generalforsamlingen samt datoen for aktionærernes seneste fremsættelse af forslag til dagsordenen, jf Offentliggørelsen sker i selskabets finanskalender Hvor det i vedtægterne er angivet, at en bestemt handling skal foretages et bestemt antal dage eller uger før eller efter generalforsamlingen, beregnes fristen for denne handling fra dagen før eller efter generalforsamlingen, jf. dog 9 om registreringsdato. 9. Ethvert medlem af bestyrelsen for Aarhus Universitets Forskningsfond har adgang til generalforsamlingen, og enhver aktionær eller dennes fuldmægtig har ret til at deltage i generalforsamlingen og afgive stemme i tilknytning til de aktier, som aktionæren besidder på registreringsdatoen. Registreringsdatoen ligger 1 uge før generalforsamlingen (samme ugedag som generalforsamlingens afholdelse). De aktier, den enkelte aktionær besidder, opgøres på registreringsdatoen på baggrund af oplysningerne i ejerbogen samt meddelelser om ejerforhold, som selskabet har modtaget med henblik på indførsel i ejerbogen, men som endnu ikke er indført i denne. Selskabets generalforsamlinger er åbne for pressen Enhver aktionær, der er berettiget til at møde på generalforsamlingen, jf. 9, og som ønsker at Article 8.5. The notice of the general meeting, information on voting rights and capital on the date of the notice, the documents to be presented at the general meeting as well as information on the forms to be used in connection with voting in writing and voting by proxy shall be made available for inspection by the shareholders on the Company s website no later than three weeks prior to the general meeting. Prior to the annual general meeting, the audited annual report, the agenda and the complete proposals to be considered shall also be made available for inspection. Article 8.6. No later than eight weeks before the planned holding of the annual general meeting, the Company shall announce the date of the annual general meeting as well as the deadline for the shareholders submission of proposals for the agenda, cf. Article 8.3. Such announcement shall be made in the Company s financial calendar. Article 8.7. Where these Articles of Association stipulate that a specific action must be taken a specific number of days or weeks before or after the general meeting, the deadline for such action shall be calculated from the day before or after the general meeting, cf., however, Article 9 on registration date. Article 9. All members of the board of the Aarhus University Research Foundation shall be admitted to the general meeting, and all shareholders or their proxies shall be entitled to attend the general meeting and exercise the voting right attaching to the shares held by the shareholder on the registration date. The registration date shall be one week prior to the general meeting (the same day of the week as the day on which the general meeting is held). The number of shares held by the individual shareholder shall be calculated on the registration date on the basis of the information contained in the Company s Register of Shareholders as well as on the announcements concerning ownership received by the Company with a view to recording in the Register of Shareholders but which have not yet been recorded therein. The Company s general meetings shall be open to the media. Article 9.1. All shareholders entitled to attend the general meeting, cf. Article 9, and wishing to attend the Page 6 of 11

7 deltage i generalforsamlingen, skal senest 3 dage før generalforsamlingen anmode om adgangskort til generalforsamlingen. Procedure for bestilling af adgangskort angives på selskabets hjemmeside Aktionæren kan møde personligt eller ved fuldmægtig, og aktionæren hhv. fuldmægtigen kan møde sammen med en rådgiver. Stemmeret kan udøves i henhold til fuldmagt. Såfremt der gives fuldmagt til andre end bestyrelsen, er det en forudsætning at enten aktionæren eller fuldmægtigen har indløst adgangskort. Fuldmægtigen skal i forbindelse med eventuel bestilling af adgangskort og ved adgangskontrollen i forbindelse med generalforsamlingen forevise skriftlig og dateret fuldmagt. En fuldmagt kan tilbagekaldes til enhver tid. Tilbagekaldelsen skal ske skriftligt og kan ske ved henvendelse til selskabet på -adressen: investor@auriga.dk. Fuldmagt til selskabets ledelse kan ikke gives for længere tid end 12 måneder og skal gives til en bestemt generalforsamling med en på forhånd kendt dagsorden Aktionærer, der er berettiget til at deltage i en generalforsamling, jf. 9, kan stemme skriftligt. Skriftlige stemmer skal være selskabet i hænde senest dagen før generalforsamlingen. Skriftlige stemmer kan ikke tilbagekaldes Stemmeret kan kun udøves af aktionæren, når han har fået noteret sine aktier i ejerbogen eller har anmeldt og dokumenteret sin erhvervelse. En aktionær, der har erhvervet aktier ved overdragelse efter registreringsdatoen, har ikke ret til at deltage i generalforsamlingen og kan ikke udøve stemmeret for de pågældende aktier på generalforsamlinger Hvert A-aktiebeløb på kr. 10 giver 10 stemmer på generalforsamlingen, og hvert B-aktiebeløb på kr. 10 giver 1 stemme på generalforsamlingen. 11. Generalforsamlingen ledes af en af bestyrelsen forud valgt dirigent, der leder forhandlingerne og afgør alle spørgsmål vedrørende sagernes behandlingsmåde og stemmeafgivningen. Enhver stemmeberettiget kan forlange skriftlig afstemning med hensyn til de forelig- general meeting shall, at least three days prior to the date of the general meeting, request an admission card to the general meeting. The procedure for ordering admission cards is indicated on the Company s website Article 9.2. Shareholders shall be entitled to attend in person or by proxy, and each shareholder or proxy, respectively, shall be entitled to be accompanied by an advisor. The voting right may be exercised by proxy. Where an instrument of proxy is issued to a party other than the Board of Directors, it shall be a precondition that either the shareholder or the proxy has obtained an admission card. In connection with any ordering of admission cards and at the admission control in connection with the general meeting, the proxy shall present a written and dated instrument of proxy. An instrument of proxy can be revoked at any time. Such revocation shall be made in writing and can take place by contacting the Company on the address: investor@auriga.dk. Instruments of proxy to the Company s Board of Directors and Board of Executives shall not be issued for a period of more than 12 months and shall be issued only for a specific general meeting with an agenda known in advance. Article 9.3. All shareholders entitled to attend a general meeting, cf. Article 9, can cast their vote in writing. Votes cast in writing shall be submitted to the Company no later than on the day before the general meeting. Written votes cannot be revoked. Article The voting rights of a shareholder shall be exercisable only if such shareholder has registered his or her shareholding in the Company s Register of Shareholders or has reported and documented his or her acquisition of shares. A shareholder who has acquired shares by way of a transfer after the registration date shall not be entitled to attend the general meeting and cannot exercise the voting right attaching to the shares in question at general meetings. Article Each shareholding of Class A shares of DKK 10 shall carry ten votes and each shareholding of Class B shares of DKK 10 shall carry one vote at the Company's general meetings. Article 11. All general meetings shall be chaired by a chairman elected in advance by the Board of Directors, who shall preside over the general meeting and decide any issue concerning the consideration of the items and the casting of votes. Any shareholder entitled to Page 7 of 11

8 gende forhandlingsemner. 12. Dagsordenen for den ordinære generalforsamling skal omfatte: 1. Bestyrelsens beretning om selskabets virksomhed i det forløbne regnskabsår. 2. Fremlæggelse af årsrapport med revisionspåtegning til godkendelse, herunder beslutning om decharge for direktion og bestyrelse samt godkendelse af vederlag til bestyrelsen. 3. Beslutning om anvendelse af overskud eller dækning af underskud i henhold til den godkendte årsrapport. 4. Valg af medlemmer til bestyrelsen. 5. Valg af revisor. 6. Eventuelle forslag fra bestyrelse eller aktionærer De på generalforsamlingen behandlede anliggender afgøres ved simpel stemmeflerhed, for så vidt der ikke efter lovgivningen eller nærværende vedtægter udkræves særlig stemmeflerhed Over det på generalforsamlingen passerede føres en protokol, der underskrives af dirigenten og bestyrelsens formand. Senest 2 uger efter generalforsamlingens afholdelse skal protokollen være tilgængelig for aktionærerne Selskabet offentliggør senest 2 uger efter generalforsamlingens afholdelse afstemningsresultaterne på sin hjemmeside: Bestyrelsen 14. Bestyrelsen består - foruden de repræsentanter for medarbejderne, som ifølge de til enhver tid gældende lovregler måtte være valgt som bestyrelsesmedlemmer - af 4-6 medlemmer, der vælges af generalforsamlingen. Valget sker for et år ad gangen. vote may demand that secret ballots be held in connection with the voting on any items considered. Article 12. The agenda of the annual general meeting shall include the following items: 1. Report by the Board of Directors on the Company s activities in the past financial year. 2. Presentation of the annual report with the auditors report for adoption, including resolution about the discharge of the obligations of the Board of Executives and the Board of Directors, and approval of remuneration paid to the Board of Directors. 3. Resolution concerning the appropriation of profits or the cover of losses in accordance with the adopted annual report. 4. Election of members to the Board of Directors. 5. Appointment of auditor. 6. Any proposals submitted for consideration by the Board of Directors or by shareholders. Article The items considered at the general meeting shall be decided by a simple majority of votes unless a special majority of votes is required by legislation or by any provision contained in the present Articles of Association. Article Minutes of the proceedings of the general meeting shall be entered in a minute book, which shall be signed by the chairman of the meeting and the chairman of the Board of Directors. No later than two weeks after the holding of the general meeting, the minute book shall be made available for review by the shareholders. Article No later than two weeks after the holding of the general meeting, the Company shall publish the voting results on its website: Board of Directors Article 14. The Board of Directors shall in addition to such employee representatives as are elected members to the Board of Directors pursuant to legislation in force from time to time consist of 4-6 members who shall be elected by the general meeting. Members shall be Page 8 of 11

9 Fratrædende bestyrelsesmedlemmer kan genvælges. Intet bestyrelsesmedlem kan dog vælges eller genvælges efter at være fyldt 70 år Bestyrelsen vælger mellem sine medlemmer for ét år ad gangen en formand og en næstformand, der i formandens forfald træder i hans sted Formanden sammenkalder til bestyrelsesmøder og leder disse. Over det på møderne passerede føres en protokol, der efter hvert møde underskrives af de tilstedeværende medlemmer af bestyrelsen. Bestyrelsesmøder afholdes så ofte, formanden finder det hensigtsmæssigt, eller når det begæres af et medlem af bestyrelsen eller af en direktør Bestyrelsen er beslutningsdygtig, når over halvdelen af samtlige medlemmer er til stede eller repræsenteret. Bestyrelsens beslutninger træffes ved flertal af de mødende bestyrelsesmedlemmer. I tilfælde af stemmelighed er formandens, og i dennes forfald næstformandens, stemme den afgørende På ordinær generalforsamling den 28. april 2011 har generalforsamlingen godkendt nye overordnede retningslinjer for incitamentsaflønning af selskabets bestyrelse og direktion. Retningslinjerne er offentliggjort på selskabets hjemmeside. 16. Bestyrelsen ansætter 1 til 4 direktører til den daglige ledelse af selskabet under tilsyn af bestyrelsen og i overensstemmelse med de instrukser, som gives af denne. Tegningsret 17. Selskabet tegnes af 2 medlemmer af direktionen, eller af et medlem af direktionen og et bestyrelsesmedlem, eller af bestyrelsens formand og et bestyrelsesmedlem eller af den samlede bestyrelse i forening. elected for a period of one year at a time. Resigning members of the Board of Directors shall be eligible for re-election. No member of the Board of Directors shall be elected or re-elected after having attained the age of seventy. Article From among its members, the Board of Directors shall for a period of one year at a time elect a chairman and a deputy chairman, who shall take the place of the chairman in his absence. Article The chairman of the Board of Directors shall call meetings of the Board of Directors and chair its meetings. Minutes of the proceedings at board meetings shall be entered in a protocol which shall be signed after each meeting by the members of the Board of Directors present. The Board of Directors shall meet as and when deemed necessary by the chairman or when so requested by a member of the Board of Directors or of the Board of Executives. Article The Board of Directors shall form a quorum when more than half of all members of the Board of Directors are present or represented. Any proposal considered by the Board of Directors shall be carried by a majority of the members of the Board of Directors present. In the event of an equality of votes, the chairman or, in his absence, the deputy chairman shall have the casting vote. Article At the annual general meeting on April 28, 2011, the general meeting adopted new general guidelines concerning performance-related remuneration for the Company s Board of Directors and Executive Board. The guidelines are available on the Company s website. Article 16. The Board of Directors shall appoint between one and four members to the Board of Executives who shall be in charge of the day-to-day management of the Company. The day-to-day management of the Company shall be overseen by the Board of Directors and shall be in accordance with any instructions issued by the Board of Directors. Signatories for the Company Article 17. Signatories for the Company shall be two members of the Board of Executives; or one member of the Board of Executives jointly with one member of the Board of Directors; or the chairman of the Board of Directors jointly with another member of the Board of Page 9 of 11

10 Directors; or all members of the Board of Directors jointly. Regnskabsafslutning 18. Selskabets regnskabsår er kalenderåret. 19. Selskabets regnskaber revideres af en af generalforsamlingen for 1 år ad gangen valgt statsautoriseret revisor. 20. Regnskabet opgøres overensstemmende med god regnskabsskik og under foretagelse af påbudte og nødvendige afskrivninger og henlæggelser. Om anvendelse af overskuddet træffer generalforsamlingen bestemmelse efter bestyrelsens indstilling. Ved selskabets opløsning skal formuen fordeles ligeligt mellem aktionærerne i forhold til deres aktiers nominelle værdi. Således vedtaget på selskabets ordinære generalforsamling den 11. april Bestyrelsen for Auriga Industries A/S består pr. 11. april 2012 af følgende personer: Annual reporting Article 18. The Company s financial year shall be the calendar year. Article 19. The Company s financial statements shall be audited by one state-authorised public accountant to be appointed by the general meeting for one year at a time. Article 20. The financial statements shall be prepared in accordance with generally recognised accounting principles and in compliance with all statutory and necessary depreciation and provisions being made. The general meeting shall decide on the appropriation of profits following the recommendation of the Board of Directors. In the event of the winding-up of the Company, the assets of the Company shall be divided equally between its shareholders in proportion to the nominal value of their shareholdings. Thus adopted at the Company s annual general meeting on April 11, As on April 11, 201, members of the Board of Directors of Auriga Industries A/S were: Jens Due Olsen Formand Jens Due Olsen Chairman Torben Svejgård Næstformand Torben Svejgård Deputy Chairman Lars Hvidtfeldt Lars Hvidtfeldt Page 10 of 11

11 Jørgen Jensen Jørgen Jensen Karl Anker Jørgensen Karl Anker Jørgensen Jutta af Rosenborg Jutta af Rosenborg Kapil K. Saini Kapil K. Saini Peder Munk Sørensen Peder Munk Sørensen Jørn Sand Tofting Jørn Sand Tofting Page 11 of 11