Notice of Annual General Meeting of Hilbert Group AB (publ)
*STOCKHOLM, SWEDEN / ACCESSWIRE / April 24, 2024 / *Hilbert Group (STO:HILB-B)(FRA:999) The shareholders in Hilbert Group AB (publ), corporate identity number 559105-2948 ("Hilbert Group" or "the company"), are hereby summoned to the Annual General Meeting to be held on Friday, May 24, 2024 at 10.00 AM in the office of Advokatfirman Nerpin, Birger Jarlsgatan 2, 3rd floor in Stockholm.
*A. Entitlement to participation and notification*
Shareholders who wish to participate in the EGM must: (i) be recorded in the share register maintained by Euroclear Sweden AB ("Euroclear") as of Thursday, May 16, 2024, and (ii) notify the company of their intention to participate in the EGM no later than Friday, May 17, 2024. The notice may be done in writing by post to Hilbert Group AB, c/o Advokatfirman Nerpin, Mailbox 545, SE-114 11 Stockholm, or by e-mail to ir@hilbert.group, or by telephone to +46 8 502 353 00. When registering to attend, the shareholder must provide name, personal identity number or registration number, address, and telephone number, as well as the number of any advisors (no more than two).
Shareholders whose shares are nominee-registered must temporarily re-register their shares in their own name in the shareholders' register maintained by Euroclear in order to participate in the EGM. Voting rights registrations made no later than the second banking day after the record date May 16, 2024 will be taken into account in the preparation of the share register. Shareholders must, in accordance with the respective nominee's routines, in due time before said date, request their nominee to carry out such voting rights registration.
If the shareholder is represented by a proxy, a written and dated power of attorney, signed by the shareholder, is to be issued to the proxy. The power of attorney or any other documents of authorization, such as a copy of the registration certificate, is to be provided at the EGM. Any power of attorney or other document of authorization should also be enclosed in the notice to attend the EGM. A form of proxy is available on the company's website, www.hilbert.group.
*B. Shareholders' right to request information*
The board of directors and the CEO shall, if any shareholders so requests, and if the board of directors considers that it can be done without significant harm for the company, give information on circumstances that can affect the assessment of an item on the agenda and the company's relation to other group companies.
*Proposed agenda*
1. Opening of the Annual General Meeting
2. Election of chairman at the Annual General Meeting.
3. Establishment and approval of the voting list.
4. Approval of the agenda.
5. Selection of one or two adjusters.
6. Examination of whether the Annual General Meeting has been duly convened.
7. Presentation of the annual report and the auditor's report as well as the consolidated accounts and the consolidated auditor's report.
8. Decision on approval of the income statement and balance sheet as well as the consolidated income statement and consolidated balance sheet.
9. Decision on dispositions regarding the company's profit according to the approved balance sheet.
10. Decision on discharge of liability for the members of the Board of Directors and the President.
11. Determination of the number of board members.
12. Determination of the number of auditors and deputy auditors.
13. Determination of fees to the Board.
14. Determination of fees to the auditor.
15. Election of board members and chairman of the board.
16. Election of auditor and any deputy auditors.
17. Resolution authorizing the Board of Directors to decide on the issue of shares and/or warrants.
18. Resolution to amend the Employee Stock Option Plan resolved by the AGM 2023
19. Resolution to issue warrants and approval of transfer of warrants
20. Resolution on principles for the appointment of a Nomination Committee and instructions for the Nomination Committee
21. Close of the Meeting
*Motions for resolution*
*Item 2 - Election of chairman at the Annual General Meeting*
The Board of Directors proposes that the Chairman of the Board, Erik Nerpin, be elected Chairman of the Annual General Meeting.
*Item 9 - Resolution on dispositions regarding the company's profit according to the approved balance sheet*
The Board of Directors proposes that no profit dividend be paid and that disposable profits be capitalized in a new account.
*Item 11 - Determination of the number of board members*
A group of shareholders who together represent approximately 60 per cent of the voting rights in Hilbert Group (the "Principal Shareholders") has submitted the proposals outlined under items 11-16 below.
The Principal Shareholders propose that the number of Board members be five.
*Item 12 - Determination of the number of auditors and deputy auditors*
The Principal Shareholders propose that a registered auditing company without a deputy be appointed as auditor.
*Item 13 - Determination of fees to the Board*
The Principal Shareholders propose that the yearly fee to the Chairman of the Board shall be SEK 200,000 and that the yearly fee to other Board members elected by the Annual General Meeting who are not employees of the company shall be SEK 125,000 each.
*Item 14 - Determination of fees to the auditor*
The Principal Shareholders propose that fees to the auditor be paid in accordance with an approved invoice.
*Item 15 - Election of board members and chairman of the board*
The Principal Shareholders propose re-election of the Board members Erik Nerpin, Frode Foss-Skiftesvik, David Butler, Stuart Connolly and Tim Grant for the period until the end of the next Annual General Meeting. Furthermore, it is proposed that Erik Nerpin be re-elected Chairman of the Board.
*Item 16 - Election of auditor and any deputy auditors*
The Principal Shareholders propose re-election of the registered auditing company PricewaterhouseCoopers AB as auditor for the period until the end of the next Annual General Meeting. The principal auditor will be the authorized public accountant Johan Engstam.
*Item 17 - Resolution authorizing the Board of Directors to decide on the issue of shares and/or warrants*
The Board of Directors proposes that the Annual General Meeting resolves to authorize the Board of Directors to, on one or more occasions, during the period up to the next Annual General Meeting, decide on the issue of shares and/or warrants with or without preferential rights for shareholders. The Board of Directors may decide that such issues be made with a provision on non-cash, set-off or cash payment.
The purpose of the authorization and the reasons for any deviation from the shareholders' preferential rights is that issues should be able to take place to increase the company's financial flexibility and enable the company to finance any company acquisitions fully or partially by issuing financial instruments, alternatively to raise capital for expansion of the Company's business.
The Board, or the person appointed by the Board, shall have the right to make the minor adjustments to the AGM's resolutions that may prove necessary in connection with registration with the Swedish Companies Registration Office.
*Item 18 -Resolution to amend the Employee Stock Option Plan resolved by the Annual General Meeting 2023*
*Background*
At the 2023 Annual General Meeting, it was resolved to implement an Employee Stock Option Plan (ESOP 2023) for employees and consultants in Hilbert Group AB (including its subsidiaries).
In summary, under the terms and conditions of ESO 2023 the participants are allotted, free of charge, options to acquire Class B shares in Hilbert Group ("*Options*"). A maximum of 2,500,000 Options may be allotted to the participants. The subscription price upon exercise of the Warrants is SEK 6.41 per share.
According to the original terms and conditions, the Options shall vest over a three-year period, after which the Options, subject to certain conditions stating that the participant is still employed by Hilbert Group, may be exercised for subscription of shares.
The Board of Directors proposes that the terms and conditions for vesting of the Options be amended so that one third of the number of allotted Options are vested each year during the term of the Options and that the Options can be exercised for subscription of new shares after vesting. The reason for the proposal is to make the Options more competitive in relation to similar option programs in Hilbert Group's competitors. Hilbert Group conducts its business mainly in Malta and has no operations in Sweden. The employees are Hilbert Group's most important asset and the Board of Directors believes that this improvement for the employees is also an advantage for Hilbert Group's shareholders.
The terms and conditions of the Options, including the above proposed amendments to items 5 and 6, are set out below.
*Conditions for Options*
The following conditions shall apply for the Options.
1. The Options shall be granted free of charge to the participants.
2. Allotment requires that an acquisition of Options can take place legally and that, according to the Board of Directors' assessment, it can be carried out with reasonable administrative and financial efforts.
3. The Board of Directors shall resolve upon the allocation of Options between the date of the AGM 2023 and the date of the AGM 2024 (with each respective granting falling on a "*Grant Date*").
4. Each Option entitles the holder to acquire one B-share in Hilbert Group at a price of SEK 6.41.
5. The options shall vest over a three-year period. One third of the Options vest one year after grant. A further one-third of the Options vest two years from grant. The remaining third of the Options vest three years after grant. In order for vesting to take place at any given time, it is required that the participant, with certain exceptions, is still employed by Hilbert Group (or, in the case of consultants, still provides services to Hilbert Group.
6. The Options may be exercised for the acquisition of shares after vesting, i.e. by one third each year during the term of the Options. The Options shall be exercised for subscription of new shares no later than three months after the expiration of the vesting period, i.e. three years and three months after the allotment of the Options.
7. The number of Options and the exercise price shall be subject to customary re-calculation, for example in the event that changes occur in Hilbert Group's equity capital structure, such as a bonus issue, merger, rights issue, share split or reverse share split, reduction of the share capital or similar measures.
8. The Options are non-transferable and may not be pledged.
9. The Options may be granted by Hilbert Group AB as well as any of its subsidiaries.
10. In the event of a public take-over offer, significant asset sale, liquidation, merger or any other such transaction affecting Hilbert Group, the Options will vest in entirety following the completion of a change of control.
*Item 19 - Resolution to issue warrants and approval of transfer of warrants*
In order to ensure the delivery of shares under ESOP 2023, and for hedging of potential social security costs, the Board of Directors proposes that the AGM resolves to issue not more than 3,000,000 warrants (which include 500,000 warrants to potentially hedge social security costs), whereby the company's share capital could be increased by not more than SEK 150,000.
The right to subscribe for the warrants shall, with deviation from the shareholders' pre-emptive rights, only be granted a wholly owned subsidiary of Hilbert Group AB. The reason for the deviation from the shareholders' pre-emptive rights is the implementation of ESOP 2023.
The subsidiary shall be entitled to transfer the warrants to participants or a financial intermediary in connection with exercise.
The Board proposes that the meeting resolves to issue warrants with the terms and conditions stated below. The conditions are essentially identical to the conditions decided at the AGM 2023.
1. Hilbert Group AB shall issue no more than 3,000,000 warrants, of which 2,500,000 warrants shall be issued to secure share delivery to the participants in the ESOP 2023, and 500,000 warrants shall be issued to hedge the company's exposure to social contribution costs that may arise as a result of the exercise of the Options.
2. The share capital may increase by no more than SEK 150,000.
3. The right to subscribe warrants is given, by a deviation from the shareholders' preferential rights, a wholly owned subsidiary of Hilbert Group AB.
4. Further transfer of 2,500,000 warrants shall be possible, at one or several occasions, to participants in the ESOP 2023 or otherwise to third parties to deliver shares to the participants, in accordance with the terms and conditions of ESOP 2023. Further transfers of 500,000 warrants shall be possible to third parties with whom/which Hilbert Group AB has entered into an agreement for the purpose of raising capital to cover social contribution costs arising as a result of the exercise of Options.
5. The reason for the deviation from the shareholders' preferential rights is the introduction of the ESOP 2023.
6. The warrants shall be issued free of charge.
7. The warrants shall be subscribed for no later than 30 June 2024. The Board of Directors shall have the right to prolong the subscription period.
8. Each warrant entitles to subscription of one (1) B-share in Hilbert Group AB. New subscription of shares by support of the warrants can take place from and including the day of registration of the warrants with the Swedish Companies Registration Office up to and including 30 November 2027.
9. The subscription price for the shares subscribed for by support of the warrants shall correspond to the share's quotient value, i.e. SEK 0.05. Recalculation may take place pursuant to the complete terms and conditions of the warrants. Any share premium shall be added to the non-restricted share premium reserve.
10. The newly issued shares following exercise of the warrants shall carry rights to dividends for the first time on the first record date for dividend that takes place after the new shares have been registered and recorded in the share register kept by Euroclear Sweden AB.
11. The complete terms and conditions for the warrants are available on the company's website, www.hilbert.group.
The Board of Directors, or the person appointed by the Board of Directors, shall have the right to make the minor adjustments to the above resolutions that may prove necessary in connection with registration with the Swedish Companies Registration Office.
*Item 20 - Resolution on principles for the appointment of a Nomination Committee and instructions for the Nomination Committee*
It is proposed that the Annual General Meeting resolves on principles for the appointment of a Nomination Committee and instructions for the Nomination Committee as described below.
The company shall have a nomination committee consisting of a representative for each of the three largest shareholders in the company as of the last banking day in September the year before the AGM. In addition, the Chairman of the Board shall be a member of the Nomination Committee.
The chairman of the Nomination Committee shall, unless the members agree otherwise, be the member who represents the largest shareholder in terms of the number of votes. The Chairman of the Board or another Board member shall not be the Chairman of the Nomination Committee unless the members agree otherwise. Board members may be members of the Nomination Committee but shall not constitute a majority of its members. The CEO or another person from the company management shall not be a member of the Nomination Committee.
The names of the members of the Nomination Committee and the shareholders they have been appointed by shall be published no later than six months before the next Annual General Meeting. The Nomination Committee is appointed for a term of office until a new Nomination Committee is appointed.
The Nomination Committee shall carry out its assignment in accordance with these instructions and applicable rules and prepare proposals in the following matters to be submitted to the Annual General Meeting for decision:
· chairman of the meeting,
· number of board members and auditors,
· election of board members and chairman of the board,
· fees and other remuneration for board assignments to each of the board members and, where applicable, remuneration for committee work,
· election of auditor,
· remuneration of auditors, and
· to the extent deemed necessary, changes in the principles for the appointment of the Nomination Committee and the instructions for the Nomination Committee.
*Other information*
*Number of shares and votes*
At the time of issuing this notice, the total number of shares in the company is 60,895,995 divided into 8,500,000 A-shares (carrying ten votes) and 52,395,995 B-shares (carrying one vote). The total number of votes is 137,395,995. The company does not hold any own shares.
*Majority requirements*
A resolution pursuant to item 17 on the proposed agenda requires for its validity that it is supported by shareholders with at least two-thirds of both the votes cast and the shares represented at the Annual General Meeting.
A resolution pursuant to item 19 on the proposed agenda requires for its validity that it is supported by shareholders with at least nine-tenths of both the votes cast and the shares represented at the Annual General Meeting.
Other resolutions are valid with simple majority.
*Available documents*
The Annual Report for 2023 will be kept available at the company for at least three weeks before the Annual General Meeting. The Annual Report will also be available on the company's website, www.hilbert.group.
Copies of the above documents are also sent to the shareholders who request it and state their postal address.
*Processing of personal data*
For information on how your personal data is processed, see https://www.euroclear.com/dam/ESw/Legal/Integritetspolicy-bolagsstammor-svenska.pdf.
*HILBERT GROUP AB (publ)*
Stockholm, April 2024
Board of Directors
*For further information, please contact:*
Erik Nerpin
Chairman of the board - Hilbert Group AB
+46 (0)8 122 123 50
erik.nerpin@advokatnerpin.com
*About Us*
Hilbert group is a quantitative investment company specializing in algorithmic trading strategies in digital asset markets.
Hilbert Group is a Swedish public company and is committed to providing operational infrastructure, risk management and corporate governance that meets the ever-increasing demands of institutional investors.
Hilbert Group is listed on Nasdaq First North Growth Market (ticker HILB B) with Redeye AB as Certified Adviser.
For more information, visit: www.hilbert.group
*Attachments*
Notice of Annual General Meeting of Hilbert Group AB (publ)
*SOURCE:* Hilbert Group
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