Bilag 1.a / Appendix 1.a 5. Aktier FULDSTÆNDIGE FORSLAG til de foreslåede ændringer til vedtægterne for GRUNDFOS HOLDING A/S CVR-nr. 31 85 83 56 ( Selskabet ) Hensigten med ændringen af vedtægterne er primært fokuseret på: ajourføring som konsekvens af ændringer i den danske selskabslovgivning og tilpasning af nogle bestemte forhold af teknisk karakter. Selskabets bestyrelse indstiller at foretage de foreslåede ændringer af Selskabets vedtægter. De væsentligste ændringer i vedtægterne er fremhævet nedenfor. De sprogmæssige og redaktionelle ændringer fremgår ikke. For et fuldstændig overblik henvises til bilag 1.b. I artikel 5 Aktier foreslås artikel 5.2 ændret for at reflektere de ændringer af selskabsloven, der er foretaget siden sidste revision af vedtægterne. Endvidere indskærpes det, at Selskabets ejerbog skal indeholde de oplysninger, som kræves af den gældende selskabslov. Den nye ordlyd foreslås at være følgende: 5.2 Aktierne skal lyde på navn og skal noteres på navn i Selskabets ejerbog. Ejerbogen skal indeholde de oplysninger, som den til enhver tid gældende Selskabslov måtte kræve. COMPLETE PROPOSALS in respect of the proposed amendment of the Articles of Association of GRUNDFOS HOLDING A/S Company Registration Number (CVR no.) 31 85 83 56 (The Company ) The amendments of the Articles of Association are primarially focused on: updating the Articles taking into account the adjustment to the Danish corporate legislation, and cleaning up certain technical issues. The proposed amendments of the Articles of Association are recommended by the Board of Directors of the Company. The most material changes in the Articles of Associations are listed below. Adjustments of language and spelling are not included. For a full overview of all changes please refer to the Appendix 1.b. Shares In Article 5 Shares, it is suggested to amend Article 5.2 to reflect the changes made to the Companies Act since the last revision of the Articles of Association. Furthermore, it is emphasized that the register of shareholders of the Company shall provide the information, which is required by the Danish Companies Act. The new wording is proposed to be as follows: The shares shall be issued in the name of the shareholder and shall be registered in the Company's register of shareholders. The register of shareholders shall provide the information, which is required in the Danish Companies Act as applicable from time to time. Page 1 of 10
I artikel 5 Aktier, foreslås det at indføje en ny bestemmelse som artikel 5.3 for at informere om, at Computershare er den eksterne fører af Selskabets ejerbog. Den nye ordlyd foreslås at være følgende: 5.3 Ejerbogen føres på Selskabets vegne af Computershare A/S, CVR-nr. 27 08 88 99, Kongevejen 418, Øverød, 2840 Holte, Danmark. I artikel 5 Aktier foreslås artikel 5.5 om udbytte opdateret således, at det præciseres, at Selskabet alene må udbetale udbytte til aktionærer, der er behørigt registreret i Selskabets ejerbog. Endvidere skal det fremgå, at den enkelte aktionær er ansvarlig for at holde ejerbogen opdateret med korrekte oplysninger vedrørende den pågældende aktionær. Den nye ordlyd foreslås at være følgende: 5.5 Selskabet udbetaler udbytte til aktionærer, som er behørigt registeret i ejerbogen, på den bankkonto som aktionæren har angivet til Selskabets ejerbog. Udbytte tilfalder Selskabet, hvis det ikke kan udbetales på grund af utilstrækkelige eller manglende oplysninger, når der er forløbet fem år efter udbyttes deklarering på Selskabets generalforsamling eller fra bestyrelsens beslutning om uddeling af ekstraordinært udbytte. I artikel 5 Aktier foreslås det, at artikel 5.7 slettes, da der ikke udstedes fysiske aktiebreve i Selskabet. 5.7 Bortkomne aktier kan ved Selskabets foranstaltning og for ejerens regning mortificeres uden dom efter lovgivningens til enhver tid gældende regler herom. In Article 5 Shares, it is proposed to insert a new provision as Article 5.3 for the purpose of informing that Computershare is the external keeper of the Company s register of shareholders. The new wording is proposed to be as follows: The register of shareholders shall be kept on behalf of the Company by Computershare A/S, Company Registration no. 27 08 88 99, Kongevejen 418, Øverød, DK-2840 Holte. In Article 5 Shares, it is proposed to amend Article 5.5 regarding dividend in order to specify that the Company may only pay dividend to a shareholder, who is duly registered in the Company s register of the shareholders. Furthermore, it shall be stated that each shareholder is responsible to provide correct information concerning such shareholder to the register of shareholders. The new wording is proposed to be as follows: The Company shall pay dividend to each shareholder, who is duly registered in the register of shareholders, on the bank account provided by the shareholder to the Company s register of shareholders. Any dividend that cannot be payed due to missing or insufficient information within five years from the date the dividend was declared at the Company's general meeting or from the date the Board of Directors decided on the distribution of extraordinary dividend, shall accrue to the Company. In Article 5 Shares, it is proposed that Article 5.7 is deleted as no physical share certificates are issued in the Company. Lost shares may be cancelled without judgment by the company at the expense of the owner in accordance with relevant statutory provisions in force from time to time. Page 2 of 10
6. Aktieovergang mv. I artikel 6 Aktieovergang mv. foreslås det at ændre artiklerne 6.2, 6.3 og 6.3.1. med henblik på at ajourføre bestemmelserne i henhold til den gældende selskabslov. Fristen for beslutninger vedrørende aktieoverdragelse og Poul Due Jensens Fonds forkøbsret justeres således, at en aktionær er berettiget til svar senest 4 uger efter at en anmodning om aktieoverdragelse blev modtaget. Den nye ordlyd foreslås at være følgende: 6.2 Enhver overgang af aktier, hvorved forstås enhver form for direkte eller indirekte overførsel af ejendomsret eller stemmeret m.v., herunder ved aftale, gave, arv, kreditorforfølgning, skifte i levende live såvel som ved død m.v., kræver bestyrelsens forudgående samtykke. Bestyrelsen skal svare senest fire uger fra anmodningen modtages. Bestyrelsen skal meddele samtykke, såfremt aktieovergangen sker i overensstemmelse med punkt 6.3 medmindre punkt 6.6 finder anvendelse. 6.3 Ved enhver overgang af aktier har Poul Due Jensens Fond, CVR-nr. 83 64 88 13 ( Fonden ), forkøbsret. Når en aktionær ønsker at overdrage aktier i Selskabet, skal aktionæren give skriftlig meddelelse herom til Selskabets bestyrelse. Bestyrelsen er pligtig til snarest muligt efter modtagelsen af meddelelsen at fremsende orientering herom til Fonden samt fremsende den gældende aktiekurs fastlagt i henhold til punkt 6.3.1. Fonden er berettiget til at gøre forkøbsretten gældende inden for den i punkt 6.2 angivne frist. Hvis forkøbsretten udnyttes, skal købesummen berigtiges kontant. 6.3.1 Forkøbsretten jf. punkt 6.3 skal udøves til den kurs, som i henhold til bestyrelsens beslutning beregnes af Selskabets generalforsamlingsvalgte revisor i henhold til bilag A til disse vedtægter. Transfer of shares, etc. In Article 6 Transfer of shares, it is proposed that Articles 6.2, 6.3 and 6.3.1 are amended to align the provisions with the current Companies Act. Consequently, the time period for the exercise of the decisions concerning the transfer of shares and the Poul Due Jensen Foundation s preemption right is adjusted in such a way that a shareholder is entitled to receive an answer no later than 4 weeks after a request was received. The new wording is proposed to be as follows: All share transfers, including any form of direct or indirect transfer of title or voting rights, etc. whether as a result of agreement, gifts, inheritance, debt collection, succession inter vivos or upon death, or otherwise, shall require the prior consent of the Board of Directors. The Board of Directors shall respond no later than four weeks after receipt of the notification. The Board of Directors shall grant its consent if the transfer of shares takes place in accordance with Article 6.3 unless Article 6.6 applies. In connection with a transfer of shares, the Poul Due Jensen Foundation, CVR no. 83 64 88 13 (the Foundation ), shall have a preemptive right. When a shareholder wishes to sell shares in the Company, the shareholders shall give notice in writing to the Company's Board of Directors. As soon as possible following the receipt of a notice from a shareholder, the Board of Directors shall inform the Foundation and send the applicable share price determined in accordance with Article 6.3.1. The Foundation shall be entitled to exercise its pre-emptive right within the time limit mentioned in the Article 6.2. If the preemptive right is exercised, the purchase price shall be paid in cash. The pre-emptive right, cf. Article 6.3, shall be exercised at the price calculated by the Company's auditor elected by the general meeting in accordance with the decision of the Board of Directors in accordance with Page 3 of 10
Appendix A to these Articles of Association. I artikel 6 Aktieovergang mv. foreslås det, at det i artikel 6.5 bliver præciseret, at hvis proceduren i artikel 6.3 ikke er opfyldt eller hvis bestyrelsen har nægtet samtykke til en overdragelse, anses overdragelsen ikke for at have fundet sted. Den nye ordlyd foreslås at være følgende: 6.5 Aktier, der erhverves uden at proceduren i punkt 6.3 er fulgt eller hvor bestyrelsen har nægtet samtykke, er ikke gyldigt overdraget og giver ingen rettigheder overfor Selskabet. I artikel 6 Aktieovergang mv. foreslås det, at det præciseres i artikel 6.6, at såfremt proceduren i artikel 6.3 er observeret og forkøbsretten ikke er udnyttet, kan bestyrelsen alene nægte at meddele samtykke til aktieovergangen i de oplistede situationer i artiklerne 6.6.1.1, 6.6.1.2 og 6.6.1.3. Den nye ordlyd foreslås at være følgende: 6.6 Forudsat at proceduren i punkt 6.3 er iagttaget og såfremt Fonden enten ikke har ønsket at udnytte forkøbsretten eller faktisk ikke har udnyttet forkøbsretten inden for den fastsatte frist, kan bestyrelsen alene nægte at meddele samtykke til aktieovergang med én af følgende begrundelser: 6.6.1.1 Med henblik på at forhindre overgang af aktier til én af Selskabets eller koncernens konkurrenter eller en anden fysisk eller juridisk person, der på hvilken som helst måde deltager i eller har sammenfaldende interesser med en eller flere af Selskabets eller koncernens konkurrenter, 6.6.1.2 Med henblik på at modvirke en spredning af den kontrollerende majoritet af Selskabets aktier til andre end Fonden og livsarvinger efter Grundfos A/S stifter Poul Due Jensen, eller I Article 6 Transfer of shares, it is proposed to amend Article 6.5 to specify that unless the procedure set out in Article 6.3 is adhered to or if the Board of Directors has refused to grant its consent, the shares acquired are not considered validly transferred. The new wording is proposed to be as follows: Any shares acquired without adhering to the procedure set out in Article 6.3 or where the Board of Directors has refused to grant its consent are not legally transferred and shall not entitle the shareholder in question to any rights in relation to the Company. In Article 6 Transfer of shares, it is proposed to specify in Article 6.6 that provided that the procedure in Article 6.3 is noticed and the preemption right is not exercised, the Board of Directors may only refuse to grant its consent to a transfer of shares for the reasons listed in Articles 6.6.1.1, 6.6.1.2 and 6.6.1.3. The new wording is proposed to be as follows: Provided that the transfer of shares takes place in accordance with Articles 6.3 and provided further that the Foundation either does not wish to exercise the pre-emption right or has not exercised the pre-emption right within the time allowed, the Board of Directors may only refuse to grant its consent to a transfer of shares for one of the following reasons: In order to prevent the transfer of shares to one of the competitors of the Company or the Group or another legal entity or natural person who in anyway whatsoever participates in or has joint interests with one or more of the competitors of the Company or the Group; In order to prevent the spreading of the controlling majority of the Company's shares to others than the Foundation or descendants of Poul Due Jensen, the founder of Grundfos A/S; or 6.6.1.3 Såfremt erhververen ikke erklærer at have Where such a transferee does not declare that Page 4 of 10
erhvervet Selskabets aktier i eget navn og for egen regning. 8. Generalforsamling I artikel 8 Generalforsamling foreslås det at ajourføre bestemmelserne i henhold til den gældende selskabslov. Det er som konsekvens heraf foreslået at: justere ejerandelen krævet for at indkalde til ekstraordinær generalforsamling fra ti til fem procent for at sikre overensstemmelse med gældende lovgivning (artikel 8.4); at præcisere indkaldelsen til generalforsamling ved meddelelse på Grundfos hjemmesiden og ved elektronisk post såfremt en aktionær har givet konkrette oplysninger herom til ejerbogen (artikel 8.6); og justere en aktionærens ret til at få et emne medtaget på dagsordenen til den ordinære generalforsamling således, at det er i overensstemmelse med fristen i selskabsloven (artikel 8.9). Den nye ordlyd foreslås at være følgende: 8.4 Ekstraordinær generalforsamling indkaldes efter (i) en generalforsamlings beslutning, (ii) en bestyrelsens beslutning, (iii) når det kræves af en generalforsamlingsvalgt revisor, eller (iv) når det til behandling af et bestemt emne skriftligt kræves af aktionærer, der ejer mindst fem procent af selskabskapitalen. 8.6 Bestyrelsen indkalder til generalforsamling ved meddelelse på Selskabets hjemmeside (Grundfos.com). Såfremt en aktionær har oplyst en elektronisk post adresse til Selskabets ejerbog, giver Selskabet tillige meddelelse om indkaldelse ved elektronisk post. Er oplysningerne modtaget fra den enkelte aktionær mangelfulde således, at elektronisk post ikke kommer frem, har bestyrelsen ingen pligt til at søge disse berigtiget eller til at indkalde på anden måde. they have acquired the Company's shares in their own name and on their own account. General meeting In Article 8 General meeting it is proposed to align the provisions with the current Companies Act. Consequently, it is proposed to: adjust from ten to five the ownership percentage needed to call an extraordinary general meeting to comply with current legislation (Article 8.4); to specify the notices to the general meeting on Grundfos homepage and by e-mail if the shareholder has provided specific contact information in the register of shareholder (Article 8.6); and adjust the right for a shareholder to have an item included in the agenda for the Annual General Meeting to comply with the Danish Companies Act (Article 8.9). The new wording is proposed to be as follows: An extraordinary general meeting shall be convened following (i) a decision by the general meeting, (ii) by the Board of Directors, (iii) if so required by the auditor elected by the general meeting, or (iv) if requested in writing by shareholders owning at least five percent of the share capital for the purpose of discussing a particular item. The Board of Directors shall convene a general meeting by posting a notice on the Company s homepage (Grundfos.com). If a shareholder has provided an e-mail address to the Company s register of shareholders, the Company will also provide the notice by electronic mail. If the information provided by the shareholder is incomplete or the electronic mail cannot be reached, the Board of Directors shall be under no obligation to verify the information or to give notice by other means. Page 5 of 10
8.9 En aktionær har ret til at få et bestemt emne behandlet på den ordinære generalforsamling, hvis aktionæren skriftligt fremsætter krav herom over for bestyrelsen i så god tid, at emnet kan optages på dagsordenen. Såfremt aktionæren fremsætter kravet minimum seks uger før den ordinære generalforsamlings afholdelse, anses kravet for at være fremkommet rettidigt og emnet skal medtages på dagsordenen. Den tidligere artikel 8.8 vedrørende valg af medarbejderrepræsentanter til bestyrelsen slettes, idet retten til medarbejderrepræsentation allerede er udnyttet. 8.8 Bestyrelsen skal give meddelelse om indkaldelsen til Selskabets og, hvis Selskabet er moderselskab, til koncernens medarbejdere, hvis de har afgivet meddelelse til bestyrelsen efter aktieselskabslovens 177, stk. 1, 2. punktum. 10. Stemmeret I artikel 10 Stemmeret foreslås det præciseret i artikel 10.2, at en aktionær skal enten være behørigt noteret i Selskabets ejerbog eller aktionæren skal have givet den nødvendige information til Selskabets ejerbog mindst en uge før generalforsamlingen for at kunne udøve rettigheder over sine aktier. Den nye ordlyd foreslås at være følgende: 10.2 For at en aktionær kan udøve rettigheder over sine aktier på en generalforsamling, skal erhvervelsen af aktierne enten være i) noteret i Selskabets ejerbog, eller ii) behørigt anmeldt til registrering i Selskabets ejerbog med nødvendig dokumentation for erhvervelsen, senest en uge før afholdelsen af generalforsamlingen. I artikel 10 Stemmeret foreslås det at ajourføre artikel 10.3 i henhold til den Each shareholder has the right to have a particular item discussed at the annual general meeting, so long as the shareholder submits a written request to that effect to the Board of Directors in due time allowing the item to be included on the agenda. If the shareholder submits the written request within six weeks before the date of the annual general meeting, the request is deemed to be given in due time and the item shall be included on the agenda. The former Article 8.8 regarding election of employee representatives to the Board of Directors of the Company is proposed to be deleted as this right has already been utilized. The Board of Directors shall notify the Company of the meeting and, if the Company is a parent company, shall also notify any employees of the group who have given notice to the Board of Directors in pursuance of section 177 (1), second sentence, of the Danish Public Companies Act. Voting rights In Article 10 Voting rights it is proposed to specify in Article 10.2 that a shareholder shall be duly notified in the Company s register of shareholders or that the shareholder shall have provided the necessary information to the Company s register of shareholders in order to be entitled to exercise rights over his shares. The new wording is proposed to be as follows: In order for a shareholder to exercise rights over his shares at a general meeting, the ownership of the shares shall either i) have been entered into the Company s register of shareholders or ii) have been duly notified for registration in the Company s register of shareholders, including adequate documentation of ownership to the shares, no later than one week prior to the general meeting. In Article 10 Voting rights the proposed change is to align the Article 10.3 with the Page 6 of 10
gældende selskabslov ved at justere reglerne vedrørende fuldmagt meddelt af en aktionær. Den nye ordlyd foreslås at være følgende: 10.3 Aktionæren har ret til at møde på generalforsamlingen ved fuldmægtig og kan møde sammen med en rådgiver. Fuldmagten skal opfylde Selskabslovens regler og kan uanset anden ordlyd i fuldmagten tilbagekaldes i overensstemmelse hermed. Det foreslås at slette den tidligere artikel 10 Bemyndigelse der indeholdt en bemyndigelse til bestyrelsen til at træffe beslutning om uddeling af ekstraordinært udbytte i forbindelse med aflæggelse af den først årsrapport i Selskabet. 10.1 På Selskabets konstituerende generalforsamling afholdt den 20. november 2008 har generalforsamlingen bemyndiget bestyrelsen til efter aflæggelsen af den første årsrapport at træffe beslutning om uddeling af ekstraordinært udbytte. I artikel 10 Stemmeret (tidligere artikel 11) foreslås det at slette artikel 11.5 vedrørende beslutninger, som træffes med kvalificeret stemmeflertal således, at reglerne om kvalificeret flertal følger den til enhver tid gældende Selskabslov. Dette medfører ikke en materiel ændring af stemmereglerne der gælder på generalforsamlingen. Som følge af forslaget slettes artiklerne 11.5, 11.5.1, 11.5.2, 11.5.3, 11.5.4, 11.5.5, 11.5.6 og 11.5.7. current Companies Act by adjusting the regulation of the issuance of a power of attorney by a shareholder. The new wording is proposed to be as follows: The shareholder shall be entitled to be represented at the general meeting by a proxyholder and the shareholder may attend the general meeting together with an adviser. The proxy shall comply with the provisions of the Danish Companies Act and can be revoked notwithstanding any wording in the proxy to the contrary. It is proposed to delete the former Article 10 Authorisation which contained an authorization to the Board of Directors to decide on the distribution of extraordinary dividend in connection with the presentation of the first annual report in the Company. At the Company's statutory general meeting on 20 november 2008, the general meeting authorised the Board of Directors to decide on the distribution of extraordinary dividend following the presentation of the first annual report. In Article 10 Voting rights (the former Article 11) it is proposed to delete Article 11.5 regarding the decisions to be made by the general meeting by qualified majority in order to have the Companies Act applicable from time to time regulate which decisions requires qualified majority. This change does not make a material change to the voting rules applicable to the general meeting. As a consequence, Articles 11.5, 11.5.1, 11.5.2, 11.5.3, 11.5.4, 11.5.5, 11.5.6 and 11.5.7 will be deleted. 11.5 11.5.1 11.5.2 Følgende beslutninger træffes med kvalificeret stemmeflertal i henhold til aktieselskabsloven eller det højere flertal som den til enhver tid gældende aktieselskabslov måtte kræve: Ændring af Selskabets formålsbestemmelse. Oprettelsen af aktieklasser. The following decisions shall be made by a statutory majority in accordance with the Danish Public Companies Act or any higher majority that may be stipulated by the Danish Public Companies Act as applicable from time to time: Amendments to the company's object clause. The creation of share classes. Page 7 of 10
11.5.3 11.5.4 11.5.5 11.5.6 11.5.7 Vedtagelsen af omsættelighedsbegrænsninger. Kapitalforhøjelse. Indførelsen af eller suspension af forkøbsretsbestemmelser. Ændring af Selskabets hjemsted. Opløsning af Selskabet. Decisions regarding restrictions on negotiability. Capital increase. The introduction or suspension of provisions regarding pre-emptive rights. A change of address of the company's registered office. The dissolution of the company. 11. Meddelelser Notices Det foreslås, at det præciseres i artikel 11.1 (tidligere artikel 12.1), at meddelelser til aktionærerne skal gives på Selskabets hjemmeside eller ved elektronisk post. Den nye ordlyd foreslås at være følgende: 11.1 Selskabet kan give alle meddelelser til Selskabets aktionærer i henhold til Selskabsloven eller disse vedtægter på Selskabets hjemmeside (Grundfos.com) eller ved elektronisk post. 12. Bestyrelse I artikel 12 Bestyrelse foreslås det, at foretage følgende ændringer: indføje en højeste grænse for antal af bestyrelsesmedlemmer for at ajourføre bestemmelsen i henhold til den gældende Selskabslov (artikel 12.1); indsætte en ny bestemmelse om, at bestyrelsesmedlemmet udpeget af descendenterne til stifteren vælges for en fireårig periode i overensstemmelse med fundatsen for Poul Due Jensens Fond (ny artikel 12.3); indføje at næstformanden for bestyrelsen vælges af generalforsamlingen (artikel 12.4); It is proposed to specify in Article 11.1 (the former Article 12.1) that all notices to the shareholders shall be given by the Company s homepage or by electronic post. The new wording is proposed to be as follows: The Company shall be entitled to forward all notices to the Company's shareholders as required by the Danish Companies Act or these Articles of Association by the Company s homepage (Grundfos.com) or by electronic mail. Board of Directors In Article 12 Board of Directors it is proposed to make the following changes: include a maximum number of board members to align the provision with the current Companies Act (Article 12.1); include a new provision setting out that the board member appointed by the decedents of the founder in accordance with the charter of the Poul Due Jensen Foundation is elected for a period of 4 years (new Article 12.3); include that the Vice Chairman of the Board of Directors of the Company is elected by the general meeting (Article 12.4); Page 8 of 10
indsætte minimuskrav for bestyrelsens beslutningsdygtighed for at sikre overensstemmelse med gældende Selskabslov (artikel 12.5); berettige en direktør eller en generalforsamlingsvalgt revisor at indkalde til bestyrelsesmøde for at sikre overensstemmelse med gældende Selskabslov (artikel 12.10); og lægge op til, at bestyrelsesmødereferatet skal underskrives af samtlige tilstedeværende bestyrelsesmedlemmer for at sikre overensstemmelse med den gældende Selskabslov (artikel 12.11). Den nye ordlyd foreslås at være følgende: 12.1 Til Selskabets bestyrelse vælger generalforsamlingen mindst tre medlemmer og højest seks. 12.3 Bestyrelsesmedlemmet som er udpeget i overensstemmelse med punkt 10.4 i Fundatsen for Fonden, vælges for en fireårig periode til afgang på den fjerde ordinære generalforsamling efter vedkommende er blevet valgt. 12.4 Generalforsamlingen vælger blandt bestyrelsens medlemmer en formand og en næstformand. 12.5 Bestyrelsen træffer beslutning ved simpelt stemmeflertal. I tilfælde af stemmelighed er formandens stemme afgørende. Bestyrelsen er beslutningsdygtig når over halvdelen af samtlige bestyrelsesmedlemmer er repræsenteret. 12.10 Bestyrelsesmøder indkaldes af bestyrelsesformanden og afholdes så ofte, som Selskabets forhold tilsiger det eller når et bestyrelsesmedlem, en direktør eller en generalforsamlingsvalgt revisor måtte kræve det. 12.11 Et referat af bestyrelsesmødet indføres i Selskabets forhandlingsprotokol. Referatet skal include minimum quorum requirement for the Board of Directors to comply with the current Companies Act (Article 12.5); allow a member of the Executive Board or the auditor of the Company to call a board meeting to align the provision with the current Companies Act (Article 12.10); and set out that the minutes of the board meetings shall be signed by all board members participating in the meeting to comply with the Companies Act (Article 12.11). The new wording is proposed to be as follows: The general meeting shall elect a minimum of three and a maximum of six members to the Company's Board of Directors. The member of the Board of Directors appointed in accordance with Article 10.4 in the Charter of the Foundation is elected for a term of four years with termination on the fourth annual general meeting following the appointment. The general meeting shall elect a Chairman and a Deputy Chairman from among the members of the Board of Directors. The Board of Directors shall make its decision by simple majority. In the event of a parity of votes, the Chairman shall have the casting vote. The Board of Directors forms a quorum when more than half of its members are represented. Meetings of the Board of Directors shall be convened by the Chairman of the Board of Directors and shall be held as often as required by the Company's situation or if requested by a member of the Board of Directors, a member of the Executive Board or an auditor elected by the general meeting. Minutes of the board meeting shall be entered in the Company's minute book. The minutes Page 9 of 10
underskrives af samtlige tilstedeværende bestyrelsesmedlemmer. 14. Tegningsregel I artikel 14 Tegningsregel foreslås det at præcisere tegningsreglen for at gøre bestemmelse mere tydelig og maskinlæsbar. Der er ikke tale om en materiel ændring af bestemmelsen. Den nye ordlyd foreslås at være følgende: 14.1 Selskabet tegnes af bestyrelsens formand i forening med et bestyrelsesmedlem eller af bestyrelsens formand i forening med en direktør eller af to bestyrelsesmedlemmer i forening med en direktør eller af den samlede bestyrelse. shall be signed by all board members participating in the meeting. Power to bind the Company In Article 14 Power to bind the Company it is proposed to specify the power-to-bind-clause to make the rule clearer and machine readable. No material change of the rule is made. The new wording is proposed to be as follows: The Company shall be bound by the Chairman of the Board of Directors together with a member of the Board of Directors or by the Chairman of the Board of Directors together with a member of the Executive Board or by two members of the Board of Directors together with a member of the Executive Board or by the entire Board of Directors. ***** For et samlet overblik over samtlige ændringer i vedtægterne henvises til bilag 1.b. For a full overview of all the changes proposed to the Articles of Association please refer to the Appendix 1.b. Page 10 of 10