PROPOSED AMENDMENTS TO THE ARTICLES OF ASSOCIATION OF RNTS Media N.V., with its official seat in Amsterdam, the Netherlands.

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1 Allen & Overy LLP RNTS Media N.V. - Voorstel STW 2-K ENG JL/RH/hv/ PROPOSED AMENDMENTS TO THE ARTICLES OF ASSOCIATION OF RNTS Media N.V., with its official seat in Amsterdam, the Netherlands. dated 27 February 2017, as it will be presented at the Company's general meeting of shareholders, to be held on 11 April 2017, for its approval. Office translation In preparing this document, an attempt has been made to translate as literally as possible without jeopardizing the overall continuity of the text. Inevitably, however, differences may occur in translation, and if they do, the Dutch text will govern by law. In this document, Dutch legal concepts are expressed in English terms and not in their original Dutch terms; the concepts concerned may not be identical to concepts described by the English terms as such terms may be understood under the laws of other jurisdictions. 1

2 The following proposal contains two columns. The text of the current Articles of Association is stated in the left column and the text of the proposed new text is stated in the right column. In addition, general explanatory notes discussing the key issues of the proposed changes are available separately as part of the explanatory notes to the agenda. Agenda item 2 (a) - Amendment 1 - Red text Agenda item 2 (b) - Amendment 2 - Blue text Agenda item 2 (c) - Amendment 3 - Green text Current text: CHAPTER 1. Article 1. Definitions and Construction. 1.1 In these Articles of Association, the following terms have the following meanings: Company means the company the internal organization of which is governed by these Articles of Association. External Auditor has the meaning ascribed to that term in Article General Meeting or General Meeting of Shareholders means the body of the Company consisting of those in whom as a Shareholder or otherwise the voting rights on Shares are vested or a meeting of such persons (or their representatives) and other persons holding Meeting Rights. Management Board means the management board of the Company. Managing Director means a member of the Management Board, unless the contrary appears, this definition includes both a Managing Director A as well as a Managing Director B. Managing Director A means a Managing Director A, appointed as such by the General Meeting. Managing Director B means a Managing Director B, appointed as such by the General Meeting. Meeting Rights means the right to be invited to General Meetings of Shareholders and to speak at such meetings, as a Shareholder or as a person Proposed new text: 2

3 to whom these rights have been attributed in accordance with Article 11. Share means a share in the capital of the Company. Shareholder means a holder of one or more Shares. Supervisory Board means the supervisory board of the Company. Supervisory Director means a member of the Supervisory Board. 1.2 A message in writing means a message transmitted by letter, by telecopier, by e- mail or by any other means of electronic communication provided the relevant message or document is legible and reproducible, and the term written is to be construed accordingly. 1.3 The Management Board, the Supervisory Board and the General Meeting each constitutes a distinct body of the Company. 1.4 References to Articles refer to articles which are part of these Articles of Association, except where expressly indicated otherwise. 1.5 Unless the context otherwise requires, words and expressions contained and not otherwise defined in these Articles of Association bear the same meaning as in the Dutch Civil Code. References in these Articles of Association to the law are references to provisions of Dutch law as it reads from time to time. [ ] [ ] Share certificate means a share certificate issued for a share in the capital of the Company. CHAPTER 2. NAME, OFFICIAL SEAT AND OBJECTS. Article 2. Name and Official Seat. 2.1 The Company s name is: RNTS Media N.V. 2.2 The official seat of the Company is in Amsterdam, the Netherlands. Article 3. Objects. The objects of the Company are: (a) to incorporate, to participate in any way whatsoever in, to manage, to supervise CHAPTER 2. NAME, OFFICIAL SEAT AND OBJECTS. Article 2. Name and Official Seat. 2.1 The Company s name is: Fyber N.V. [ ] 3

4 (b) (c) (d) (e) (f) (g) (h) (i) (j) businesses and companies; to publish and develop mobile applications; to publish online games; to provide digital content and related services and advice to mobile network operators; to develop and provide educational softand hardware and to manage and market a portfolio of digital edutainment content; to develop and exploit a mobile advertising platform that provides supporting services to developers of mobile and digital applications; to render advice and commercial services for businesses and companies with which it forms a group; to acquire, manage, market and sell businesses and asset values in the mobile applications and online games industry, on its own name and account, not for third parties; to borrow and to raise funds, including the issue of bonds, promissory notes or other securities or evidence of indebtedness as well as to enter into agreements in connection with aforementioned activities provided that such activities do not implicate that the Company performs financial or otherwise regulated services or activities or otherwise is considered as regulated by the supervisory authorities of the country where the Company performs such activities; and to perform other activities in so far as they are closely connected with the abovementioned activities. CHAPTER 3. SHARES AND SHARE CAPITAL. Article 4. Authorised Capital and Shares. 4.1 The authorised capital of the Company amounts to forty million euro (EUR 40,000,000). 4.2 The authorised capital is divided into four hundred million (400,000,000) Shares, 4

5 having a nominal value of ten eurocent (EUR 0.10) each. 4.3 All Shares are in bearer form. Article 5. Bearer Shares; (Global) Share certificates. 5.1 Share certificates will be issued for bearer Shares. The Share certificates may represent more than one Share. Share certificates will be signed with due observance of Article The share certificates will be numbered and may be provided with additional characteristics as to be determined by the Management [ ] 4.3 All Shares are registered shares. 4.4 Share certificates can be issued for all Shares by the Company. The Management Board, in agreement with the Supervisory Board, shall decide upon form and contents of the Share certificates. Without prejudice to Article 5, the Company shall be entitled to document its total nominal capital by one or several multiple Share certificates. The Shareholders' claim to the issuance of individual share certificates shall be excluded unless such issuance is required in accordance with the regulations valid at a stock exchange at which the Shares are admitted. 4.5 All Share certificates are signed by two members of the Management Board and cannot be transferred. In case (part of) the Shares described on the Share certificate are transferred, the holder of such Share certificate will turn in such Share certificate to be destroyed by the Management Board. A new Share certificate can subsequently be issued to the new holder of the relevant Shares. 4.6 In case of a lost Share certificate, the Management Board can under conditions determined by them, issue a duplicate certificate. The duplicate certificates will state that these involve duplicates. All costs involved in this context are for the account of the Shareholder who has lost the Share certificate. Article 5. Register of Shareholders. 5.1 The Company must keep a register of Shareholders. The register may consist of various parts which may be kept in different places and each may be kept in more than one copy and in more than one place as determined by the Management Board. 5.2 Shares included in the statutory giro system will be registered in the name of central institute or an intermediary. Holders of 5

6 Board. The form, text and design of the Share certificates will be determined by the Management Board. 5.2 At the written request of or on behalf of an interested party, the Management Board may issue duplicates for Share certificates, dividend sheets, talons or dividend coupons which have been lost, mislaid or damaged under such conditions, including publications, to be decided in each individual case by the Management Board and subject to the approval of the Supervisory Board. It must be clear from the new documents to be issued that they are duplicates. As a result of the issue of duplicates, the original documents will be rendered null and void towards the Company. All related costs will be for account of the applicant and shall be paid prior to the duplicates being issued. 5.3 The Management Board may with the approval of the Supervisory Board provide that all bearer Shares are embodied in one or more (global) Share certificates with (global) dividend coupons attached. Such (global) Share certificate shall be given into the custody of an international central custodian to be designated by the Management Board. This central institution shall keep the Share certificate for and on behalf of the title holders in a collective deposit and it is irrevocably entrusted with the administration of the Share certificate. For the application of these Articles of Association the entitled participant in a collective deposit of bearer Shares as referred to in this Article 5.3 shall be considered to be a Shareholder. Article 6. Resolution to Issue; Conditions of Issuance. 6.1 Shares may be issued pursuant to a resolution of the General Meeting. This competence concerns all non-issued Shares of the Company s authorised capital, Shares that are not included in the statutory giro system, as well as each usufructuary and each pledgee of such Shares, are obliged to furnish their names and addresses to the Company in writing; these will be recorded in the register of Shareholders. The Management Board will supply anyone recorded in the register on request and free of charge with an extract from the register relating to his right to Shares. 5.3 The register will be kept up to date. The Management Board will set rules with respect to the signing of registrations and entries in the register of Shareholders. 5.4 Section 2:85 of the Dutch Civil Code applies to the register of Shareholders. 6

7 except insofar as the competence to issue Shares is vested in another body of the Company in accordance with Article 6.2 hereof. 6.2 Shares may be issued pursuant to a resolution of another body of the Company, if and insofar as such body is designated competent to do so by the General Meeting. Such designation can be made each time for a maximum period of five years and can be extended each time for a maximum period of five years. A designation must determine the aggregate nominal value up to which Shares may be issued pursuant to a resolution of the other body. A resolution of the General Meeting to designate another body of the Company as competent to issue Shares can only be withdrawn at the proposal of the Management Board which has been approved by the Supervisory Board, unless provided otherwise in the resolution to make the designation. 6.3 A resolution of the General Meeting to issue Shares or to designate another body of the Company as competent to do so can only be adopted at the proposal of the Management Board which has been approved by the Supervisory Board. 6.4 A resolution of the Management Board to issue Shares requires the approval of the Supervisory Board. 6.5 The foregoing provisions of this Article 6 apply by analogy to the granting of rights to subscribe for Shares, but do not apply to the issuance of Shares to a person exercising a right to subscribe for Shares previously granted. 6.6 The body of the Company resolving to issue Shares or to grant rights to subscribe for Shares must determine the issue price and the other conditions of issuance in the resolution to issue. It may also determine that the Shares concerned will, in whole or in part, be issued and paid-up at the 6.6 The body of the Company resolving to issue Shares or to grant rights to subscribe for Shares must determine the issue price and the other conditions of issuance in the resolution to issue. It may also determine that the Shares concerned will, in whole or in part, be issued and paid-up at the expense of 7

8 expense of the Company's reserves. the Company's reserves. This includes any Shares that are issued to participants of the Company s equity award programs, provided that such Shares are issued on the terms of such programs and that these equity award programs have been approved by the General Meeting of Shareholders. Article 7. Pre-emptive Rights. 7.1 Upon the issuance of Shares, each Shareholder will have pre-emptive rights in proportion to the aggregate nominal value of his Shares. A Shareholder will not have a pre-emptive right in respect of Shares issued against a non-cash contribution. Nor will the Shareholder have a pre-emptive right in respect of Shares issued to employees of the Company or of a group company (groepsmaatschappij). 7.2 Prior to each individual issuance, the preemptive rights may be restricted or excluded by a resolution of the General Meeting. However, with respect to an issue of Shares pursuant to a resolution of another body of the Company, the preemptive rights can be restricted or excluded pursuant to a resolution of such other body if and insofar as it is designated competent to do so by the General Meeting. The provisions of Articles 6.1, 6.2 and 6.4 apply by analogy. 7.3 A resolution of the General Meeting to restrict or exclude the pre-emptive rights or to designate another body of the Company as competent to do so can only be adopted at the proposal of the Management Board which has been approved by the Supervisory Board. 7.4 If a proposal is made to the General Meeting to restrict or exclude the preemptive rights, the reason for such proposal and the choice of the intended issue price must be set forth in the proposal in writing. 7.5 A resolution of the General Meeting to 8

9 restrict or exclude the pre-emptive rights or to designate another body of the Company as competent to do so requires a majority of not less than two-thirds of the votes cast, if less than one-half of the Company s issued capital is represented at the meeting. 7.6 When rights are granted to subscribe for Shares, the Shareholders will have preemptive rights in respect thereof; the foregoing provisions of this Article 7 apply by analogy. Shareholders will have no preemptive rights in respect of Shares issued to a person exercising a right to subscribe for Shares previously granted. Article 8. Payment on Shares. 8.1 Upon issuance of a Share, the full nominal value thereof must be paid-up, as well as the difference between the two amounts if the Share is subscribed for at a higher price, without prejudice to the provisions of Section 2:80 subsection 2 of the Dutch Civil Code, all without prejudice to the provision in Article 6.6, last sentence. 8.2 Payment for a Share must be made in cash insofar as no payment or contribution in any other form has been agreed on. 8.3 The Management Board is authorised to enter into legal acts relating to non-cash contributions and the other legal acts referred to in Section 2:94 of the Dutch Civil Code without the prior approval of the General Meeting, but subject to the approval of the Supervisory Board. 8.4 Payments for Shares and non-cash contributions are furthermore subject to the provisions of Sections 2:80, 2:80a, 2:80b and 2:94b of the Dutch Civil Code. Article 9. Own Shares. 9.1 When issuing Shares, the Company may not subscribe for its own Shares. 9.2 The Company is entitled to acquire its own fully paid-up Shares, or depositary receipts for Shares, provided either that no valuable 9

10 consideration is given or that: (a) the Company s equity, after the deduction of the acquisition price, is not less than the sum of the paidup and called-up part of the issued capital and the reserves which must be maintained by virtue of the law; and (b) the nominal value of the Shares which the Company acquires, holds, holds in pledge or which are held by a subsidiary (dochtermaatschappij), does not exceed fifty per cent (50%) of the Company s issued capital. For the purpose of applying provision (a), the amount of equity shown in the last adopted balance sheet, reduced by the acquisition price of Shares or depositary receipts for Shares the amount of loans as referred to in Section 2:98c, subsection 2 of the Dutch Civil Code and further reduced by distributions of profits or at the expense of reserves to others, which have become due from the Company and its subsidiaries after the balance sheet date, is decisive. An acquisition in accordance with this Article 9.2 is not permitted if more than six months have elapsed after the end of a financial year without the annual accounts having been adopted. 9.3 Acquisition for valuable consideration is permitted only if the General Meeting has authorised the Management Board to do so. Such authorization will be valid for a period not exceeding eighteen months. The General Meeting must determine in the authorization the number of Shares or depositary receipts for Shares which may be acquired, the manner in which they may be acquired and the limits within which the price must be set. In addition, the approval of the Supervisory Board is required for any such acquisition. 9.4 The Company may, without authorisation 10

11 by the General Meeting, acquire its own Shares for the purpose of transferring such Shares to employees of the Company or of a group company (groepsmaatschappij) under a scheme applicable to such employees, provided such Shares are quoted on the price list of a stock exchange. 9.5 Articles 9.2 and 9.3 do not apply to Shares or depositary receipts for Shares which the Company acquires by universal succession in title. 9.6 No voting rights may be exercised in the General Meeting with respect to any Share held by the Company or by a subsidiary (dochtermaatschappij), or any Share for which the Company or a subsidiary (dochtermaatschappij) holds the depositary receipts. No payments will be made on Shares which the Company holds in its own share capital. 9.7 The Management Board is authorised to alienate Shares held by the Company or depositary receipts for Shares, but only subject to the approval of the Supervisory Board. 9.8 Own Shares and depositary receipts for Shares are furthermore subject to the provisions of Sections 2:89a, 2:95, 2:98, 2:98a, 2:98b, 2:98c, 2:98d and 2:118 of the Dutch Civil Code. Article 10. Reduction of the Issued Capital The General Meeting may, but only at the proposal of the Management Board which has been approved by the Supervisory Board, resolve to reduce the Company s issued capital: (a) by cancellation of Shares; or (b) by reducing the nominal value of Shares by amendment of the Articles of Association. The Shares in respect of which such resolution is passed must be designated therein and provisions for the 11

12 implementation of such resolution must be made therein A resolution to cancel Shares can only relate to Shares held by the Company itself or of which it holds the depositary receipts Reduction of the nominal value of the Shares without repayment and without release from the obligation to pay up the Shares shall take place proportionately on all Shares. The requirement of proportion may be deviated from with the consent of all Shareholders concerned Partial repayment on Shares or release from the obligation to make payments will only be possible for the purpose of execution of a resolution to reduce the nominal value of the Shares. Such repayment or release shall take place with regard to all Shares A reduction of the issued capital of the Company is furthermore subject to the provisions of Sections 2:99 and 2:100 of the Dutch Civil Code. Article 11. Usufruct in Shares and Pledging of Shares; Depositary Receipts for Shares A right of usufruct may be created on Shares. Whether the voting rights attached to the Shares on which a right of usufruct is created, are vested in the Shareholder or the usufructuary, is determined in accordance with Section 2:88 of the Dutch Civil Code. Shareholders, with or without voting rights, and the usufructuary with voting rights hold Meeting Rights. A usufructuary without voting rights does not hold Meeting Rights Shares may be pledged. No voting rights and/or Meeting Rights accrue to the pledgee of Shares which have been pledged Holders of depositary receipts for Shares are not entitled to Meeting Rights, unless the Company explicitly assigned these by a resolution to that effect of the Management 12

13 Board which is approved by the Supervisory Board. CHAPTER 4. THE MANAGEMENT BOARD. Article 12. Management Board Members The number of Management Board members will be determined by the Supervisory Board after consultation with the Management Board The Supervisory Board appoints a chairman of the Management Board and, if deemed necessary, a vice-chairman, from among the Management Board members The Company must have a policy with respect to the remuneration of the Management Board members. This policy is determined by the General Meeting; the Supervisory Board will make a proposal to that end. The remuneration policy will include at least the subjects described in Sections 2:383c through 2:383e of the Dutch Civil Code, to the extent these subjects concern the Management Board The Supervisory Board will establish the remuneration and further conditions of employment for each Management Board member with due observance of the aforementioned policy. With respect to Share and Share option schemes, the Supervisory Board will submit a proposal for approval to the General Meeting. This proposal must at least state the number of Shares or options that can be awarded to the Management Board as well as the criteria that apply to any award or change Management Board members are entitled to an indemnity from the Company and D&O insurance, in accordance with the provisions of Article 26. Article 13. Appointment, Suspension and Removal of Management Board Members Management Board members will be appointed by the General Meeting of Shareholders. If the Management Board 13

14 consists of more than one Managing Director, the General Meeting may designate Managing Directors A and Managing Directors B The Supervisory Board will nominate one or more candidates for each vacant seat and, if no Management Board members are in office, it will do so as soon as reasonably possible If the nomination by the Supervisory Board with respect to a vacant seat consists of a list of two or more candidates, such list is binding and the vacant seat must be filled by election of a person from the binding list of candidates. However, the General Meeting of Shareholders may, at any time, by a resolution passed with a two-third majority of the votes cast representing more than one-half of the Company s issued capital, resolve that such list is not binding. If such resolution is passed the provisions in Article 13.2 and in the first and second sentences of this Article 13.3 shall apply by analogy. A resolution of the General Meeting of Shareholders to appoint a Management Board member other than pursuant to a nomination by the Supervisory Board requires a two-third majority of the votes cast representing more than one-half of the Company s issued capital At a General Meeting of Shareholders, votes in respect of the appointment of a Management Board member can only be cast for candidates named in the agenda of the meeting or explanatory notes thereto. If none of the candidates nominated by the Supervisory Board is appointed, the Supervisory Board retains the right to make a new binding or non-binding nomination at a next meeting A nomination or recommendation to appoint a Management Board member will state the candidate s age and the positions he holds or has held, insofar as these are 14

15 relevant for the performance of the duties of a Management Board member. The nomination or recommendation must state the reasons on which they are based Each Management Board member may be suspended or removed by the General Meeting of Shareholders at any time. A resolution of the General Meeting of Shareholders to suspend or remove a Management Board member other than pursuant to a proposal by the Supervisory Board requires a two-third majority of the votes cast representing more than one-half of the Company s issued capital. A Management Board member may also be suspended by the Supervisory Board. A suspension by the Supervisory Board may, at any time, be discontinued by the General Meeting of Shareholders Any suspension may be extended one or more times, but may not last longer than six months in aggregate. If, at the end of that period, no decision has been taken on termination of the suspension or on removal, the suspension will end. Article 14. Duties, Decision-making Process and Allocation of Duties The Management Board is entrusted with the management of the Company. In performing their duties, the Management Board members must act in accordance with the interests of the Company and its business The Management Board may establish rules regarding its decision-making process and working methods. In this context, the Management Board may also determine the duties for which each Management Board member is particularly responsible. The Supervisory Board may decide that such rules and allocation of duties be set forth in writing and that such rules and allocation of duties are subject to its approval Management Board resolutions at all times 15

16 may be adopted in writing, provided the proposal concerned is submitted to all Management Board members then in office and none of them objects to this manner of adopting resolutions. Adoption of resolutions in writing will be effected by written statements from all Management Board members then in office. Article 15. Representation The Management Board is authorised to represent the Company. If the General Meeting has designated Managing Directors A and Managing Directors B, a Managing Director A acting solely or a Managing Director B and a Managing Director A acting jointly are also authorised to represent the Company The Management Board may appoint officers with general or limited power to represent the Company. Each officer shall be competent to represent the Company, subject to the restrictions imposed on him. The authority of an officer thus appointed may not extend to any situation where the Company has a conflict of interest with the officer concerned or with one or more Management Board members. Article 16. Approval of Management Board Resolutions The Management Board requires the approval of the General Meeting for resolutions entailing a significant change in the identity or character of the Company or its business, in any case concerning: (a) the transfer of (nearly) the entire business of the Company to a third party; (b) entering into or terminating a long term cooperation between the Company or a subsidiary (dochtermaatschappij) and another legal entity or company or as a fully liable partner in a limited 16

17 partnership or general partnership, if such cooperation or termination is of fundamental importance for the Company; or (c) acquiring or disposing of a participation in the capital of a company if the value of such participation is at least one third of the sum of the assets of the Company according to its balance sheet and explanatory notes or, if the Company prepares a consolidated balance sheet, its consolidated balance sheet and explanatory notes according to the last adopted annual accounts of the Company, by the Company or a subsidiary (dochtermaatschappij) The Supervisory Board is entitled to require resolutions of the Management Board to be subject to its approval. Such resolutions must be clearly specified and notified to the Management Board in writing The absence of approval required pursuant to this Article 16 will not affect the authority of the Management Board or its members to represent the Company. Article 17. Conflicts of Interest A Management Board member may not participate in deliberating or decisionmaking within the Management Board, if with respect to the matter concerned he has a direct or indirect personal interests that conflicts with the interests of the Company and the business connected with it The Managing Director who in connection with a (potential) conflict of interests does not exercise the duties and powers otherwise accruing to him as a Managing Director, will as such be regarded as a Managing Director who is unable to perform his duties within the meaning of Article

18 17.3 In the event of a conflict of interests as referred to in Article 17.1, the provisions of Article 15.1 will continue to apply unimpaired. In addition, the Supervisory Board may, ad hoc or otherwise, appoint one or more persons to represent the Company in matters in which a (potential) conflict of interests exists between the Company and one or more Management Board members. Article 18. Vacancy or Inability to Act If a seat on the Management Board is vacant (ontstentenis) or a Managing Director is unable to perform his duties (belet), the remaining Managing Directors or Managing Director will be temporarily entrusted with the management of the Company If all seats on the Management Board are vacant or all Managing Directors or the sole Managing Director, as the case may be, are unable to perform their duties, the management of the Company will be temporarily entrusted to the Supervisory Board, with the authority to temporarily entrust the management of the Company to one or more Supervisory Directors and/or one or more other persons When determining to which extent Managing Directors are present or represented, consent to a manner of adopting resolutions, or vote, no account will be taken of vacant board seats and Managing Directors who are unable to perform their duties. CHAPTER 5. THE SUPERVISORY BOARD. Article 19. Supervisory Board Members The Company will have a Supervisory Board The number of Supervisory Board members will be determined by the Supervisory Board and will be at least three. If the number of Supervisory Board 18

19 members in office is less than three, the Supervisory Board will take measures forthwith to increase the number of members, with due observance of the provisions of Article The remuneration of each Supervisory Board member will be fixed by the General Meeting of Shareholders and will not be dependent upon the profit of the Company. The Supervisory Board members are entitled to an indemnity from the Company and D&O insurance, in accordance with the provisions of Article 26. Article 20. Appointment, Suspension and Removal of Supervisory Board Members Supervisory Board members will be appointed by the General Meeting of Shareholders The Supervisory Board will nominate one or more candidates for each vacant seat The Supervisory Board may prepare a profile of its size and composition, taking account of the nature of the business, its activities and the desired expertise and background of the Supervisory Board members. The profile will be made generally available and will be posted on the Company s website A resolution of the General Meeting of Shareholders to appoint a Supervisory Board member other than in accordance with a nomination by the Supervisory Board requires a majority of the votes cast representing at least one-third of the Company's issued capital. If a proposal to appoint a person not nominated by the Supervisory Board is supported by an absolute majority of the votes cast, but this majority does not represent at least onethird of the Company's issued capital, a new meeting can be convened in which the resolution can be adopted by an absolute majority of the votes cast, irrespective of the part of the Company's issued capital 19

20 represented At a General Meeting of Shareholders, votes in respect of the appointment of a Supervisory Board member can only be cast for candidates named in the agenda of the meeting or the explanatory notes thereto. If none of the candidates nominated by the Supervisory Board is appointed, the Supervisory Board retains the right to make a new binding or nonbinding nomination at a next meeting A nomination or recommendation to appoint a Supervisory Board member will state the candidate's age, his profession, the number of shares he holds in the capital of the Company and the positions he holds or has held, insofar as these are relevant for the performance of the duties of a Supervisory Board member. Furthermore, the names of the legal entities of which he is also a member of their supervisory boards must be indicated; if those include legal entities which belong to the same group, a reference to that group will be sufficient. The nomination or recommendation must state the reasons on which it is based The Supervisory Board members may retire periodically in accordance with a rotation plan to be drawn up by the Supervisory Board. However, a Supervisory Board member will retire not later than the day on which the annual General Meeting of Shareholders is held in the fourth calendar year after the calendar year in which such member was last appointed, without prejudice to the provisions of Article 20.4 last sentence. A Supervisory Board member who retires in accordance with the previous provision is immediately eligible for reappointment Each Supervisory Board member may be suspended or removed by the General Meeting of Shareholders at any time. A resolution of the General Meeting of 20

21 Shareholders to suspend or remove a Supervisory Board member other than pursuant to a proposal by the Supervisory Board requires at least two-thirds of the votes cast representing more than one-half of the Company's issued capital Any suspension may be extended one or more times, but may not last longer than three months in the aggregate. If, at the end of that period, no decision has been taken on termination of the suspension or on removal, the suspension ends. Article 21. Duties and Powers It is the duty of the Supervisory Board to supervise the management of the Management Board and the general course of affairs of the Company and the business connected with it. The Supervisory Board will assist the Management Board by giving advice. In performing their duties, the Supervisory Board members must act in accordance with the interests of the Company and its business The Supervisory Board may provide that one or more of its members, whether or not accompanied by an expert as referred to in Article 21.3, has access to the Company s premises and is authorised to inspect its books, correspondence and other documents, and take cognizance of the acts and operations that have taken place. The Supervisory Board may also decide that only certain of the rights set forth in the preceding sentence may be exercised In the accomplishment of its duties, the Supervisory Board may call upon the assistance or advice of one or more experts to be appointed by it for a fee to be agreed upon with the Supervisory Board, which fee shall be chargeable to the Company The Supervisory Board may establish rules regarding its decision-making process and its working methods, in addition to the relevant provisions of these Articles of 21

22 Association. Article 22. Chairman and Vice-Chairman The Supervisory Board will elect a chairman and can elect a vice-chairman from among its members If the chairman and the vice-chairman are absent or prevented from attending a meeting, one of the other Supervisory Board members, to be designated by the Supervisory Board, will act as chairman. Article 23. Meetings; Decision-making Process The Supervisory Board will meet whenever its chairman or at least two of its members deem it desirable. The chairman or his substitute will preside over the meeting and minutes will be kept of the proceedings. The Management Board members will attend the meetings unless the Supervisory Board expresses its wish to meet separately At the meeting of the Supervisory Board, resolutions must be adopted by an absolute majority of the votes cast at the meeting In the event of a tie in voting the chairman will have a deciding vote, but only if more than two Supervisory Board members are present A Supervisory Director may not participate in deliberating or decision-making within the Supervisory Board, if with respect to the matter concerned he has a direct or indirect personal interests that conflicts with the interests of the Company and the business connected with it. The Supervisory Director who in connection with a (potential) conflict of interests does not exercise the duties and powers otherwise accruing to him as a Supervisory Director, will as such be regarded as a Supervisory Director who is unable to perform his duties within the meaning of Article 25. If, as a result hereof, the Supervisory Board cannot make 22

23 a decision, the Supervisory Board will still resolve the matter The Supervisory Board may adopt a resolution by written consent without holding a meeting, provided that the proposed resolution has been submitted to all the Supervisory Board members, none of them opposes this manner of adopting a resolution and the majority of the members have voted in favour of the proposed resolution. After the Supervisory Board adopts a resolution without holding a meeting all Supervisory Board members are to be informed thereof A resolution of the Supervisory Board can be evidenced by a document setting forth such resolution and signed by the chairman or, if the chairman is absent or prevented from attending the meeting or if there is no chairman, by one of the other Supervisory Board members. Article 24. Committees The Supervisory Board may, without prejudice to its responsibilities, designate one or more committees from among its members, which will have the responsibilities specified by the Supervisory Board The composition of any such committee will be determined by the Supervisory Board The General Meeting of Shareholders may grant additional compensation to the members of the committee(s) for their service on the committee(s). Article 25. Vacancy or Inability to Act For each vacant seat on the Supervisory Board, the Supervisory Board can determine that it will be temporarily occupied by a person (a stand-in) designated by the Supervisory Board. Persons that can be designated as such include (without limitation) former 23

24 Supervisory Board members (irrespective of the reason why they are no longer Supervisory Board members) If and as long as all seats on the Supervisory Board are vacant and no seat is temporarily occupied, the Management Board will decide to what extent and in which manner the duties and authorities of the Supervisory Board will temporarily be taken care of The provisions of Articles 18.2 and 18.3 apply by analogy. Article 26. Indemnity and Insurance To the extent permissible by law, the Company will indemnify and hold harmless each member of the Management Board and of the Supervisory Board, both former members and members currently in office (each of them, for the purpose of this Article 26 only, an Indemnified Person), against any and all liabilities, claims, judgments, fines and penalties (Claims) incurred by the Indemnified Person as a result of any expected, pending or completed action, investigation or other proceeding, whether civil, criminal or administrative (each, a Legal Action), of or initiated by any party other than the Company itself or a group company (groepsmaatschappij) thereof, in relation to any acts or omissions in or related to his capacity as an Indemnified Person. Claims will include derivative actions of or initiated by the Company or a group company (groepsmaatschappij) thereof against the Indemnified Person and (recourse) claims by the Company itself or a group company (groepsmaatschappij) thereof for payments of claims by third parties if the Indemnified Person will be held personally liable therefore The Indemnified Person will not be indemnified with respect to Claims in so far as they relate to the gaining in fact of 24

25 personal profits, advantages or remuneration to which he was not legally entitled, or if the Indemnified Person has been adjudged to be liable for wilful misconduct (opzet) or intentional recklessness (bewuste roekeloosheid) The Company will provide for and bear the cost of adequate insurance covering Claims against sitting and former Management Board members and sitting and former Supervisory Board members (D&O insurance), unless such insurance cannot be obtained at reasonable terms Any expenses (including reasonable attorneys fees and litigation costs) (collectively, Expenses) incurred by the Indemnified Person in connection with any Legal Action will be settled or reimbursed by the Company, but only upon receipt of a written undertaking by that Indemnified Person that he will repay such Expenses if a competent court in an irrevocable judgment has determined that he is not entitled to be indemnified. Expenses will be deemed to include any tax liability which the Indemnified Person may be subject to as a result of his indemnification Also in case of a Legal Action against the Indemnified Person by the Company itself or its group companies (groepsmaatschappijen), the Company will settle or reimburse to the Indemnified Person his reasonable attorneys fees and litigation costs, but only upon receipt of a written undertaking by that Indemnified Person that he will repay such fees and costs if a competent court in an irrevocable judgment has resolved the Legal Action in favour of the Company or the relevant group company (groepsmaatschappij) rather than the Indemnified Person The Indemnified Person may not admit any personal financial liability vis-à-vis third parties, nor enter into any settlement agreement, without the Company s prior 25

26 written authorisation. The Company and the Indemnified Person will use all reasonable endeavours to cooperate with a view to agreeing on the defence of any Claims, but in the event that the Company and the Indemnified Person fail to reach such agreement, the Indemnified Person will comply with all directions given by the Company in its sole discretion, in order to be entitled to the indemnity contemplated by this Article The indemnity contemplated by this Article 26 does not apply to the extent Claims and Expenses are reimbursed by insurers This Article 26 can be amended without the consent of the Indemnified Persons as such. However, the provisions set forth herein nevertheless continues to apply to Claims and/or Expenses incurred in relation to the acts or omissions by the Indemnified Person during the periods in which this clause was in effect. CHAPTER 6. ANNUAL ACCOUNTS; PROFITS AND DISTRIBUTIONS. Article 27. Financial Year and Annual Accounts The Company s financial year is the calendar year Annually, not later than five months after the end of the financial year, the Management Board must prepare annual accounts and deposit the same for inspection by the Shareholders and other persons holding Meeting Rights at the Company s office. Within the same period, the Management Board must also deposit the annual report for inspection by the Shareholders and other persons holding Meeting Rights The annual accounts must be signed by the Management Board members and the Supervisory Board members. If the signature of one or more of them is missing, this will be stated and reasons for 26

27 this omission will be given Annually, the Supervisory Board must prepare a report, which will be enclosed with the annual accounts and the annual report The Company must ensure that the annual accounts, the annual report, the report of the Supervisory Board and the information to be added by virtue of the law are kept at its office as of the day on which notice of the annual General Meeting of Shareholders is given. Shareholders and other persons holding Meeting Rights may inspect the documents at that place and obtain a copy free of charge The annual accounts, the annual report and the information to be added by virtue of the law are furthermore subject to the provisions of Book 2, Title 9, of the Dutch Civil Code The language of the annual accounts and the annual report will be English or German. Article 28. External Auditor The General Meeting of Shareholders may and if obligated will commission an organization in which certified public accountants cooperate, as referred to in Section 2:393 subsection 1 of the Dutch Civil Code (an External Auditor) to examine the annual accounts drawn up by the Management Board in accordance with the provisions of Section 2:393 subsection 3 of the Dutch Civil Code The External Auditor is entitled to inspect all of the Company s books and documents and is prohibited from divulging anything shown or communicated to it regarding the Company s affairs except insofar as required to fulfil its mandate. Its fee is chargeable to the Company The External Auditor will present a report on its examination to the Supervisory Board and to the Management Board. In 27

28 this it will address at a minimum its findings concerning there liability and continuity of the automated data processing system The External Auditor will report on the results of its examination, in an auditor s statement, regarding the accuracy of the annual accounts The annual accounts cannot be adopted if the General Meeting of Shareholders has not been able to review the auditor s statement from the External Auditor, which statement must have been added to the annual accounts as the case may be, unless the information to be added to the annual accounts states a legal reason why the statement has not been provided. Article 29. Adoption of the Annual Accounts and Release from Liability The General Meeting will adopt the annual accounts At the General Meeting of Shareholders at which it is resolved to adopt the annual accounts, it will be separately proposed that the Management Board members and the Supervisory Board members be released from liability for their respective duties, insofar as the exercise of such duties is reflected in the annual accounts or otherwise disclosed to the General Meeting prior to the adoption of the annual accounts. Article 30. Profits and Distributions The Management Board, with the approval of the Supervisory Board, may decide that part of the profits realised during a financial year be set aside to increase and/or form reserves The profits remaining after application of Article 30.1 will be put at the disposal of the General Meeting. The Management Board, with the approval of the Supervisory Board, will make a proposal 28

29 for that purpose. A proposal to pay a dividend will be dealt with as a separate agenda item at the General Meeting of Shareholders Distributions from the Company s distributable reserves are made pursuant to a resolution of the Management Board, with the approval of the Supervisory Board Provided it appears from an interim statement of assets signed by the Management Board that the requirement mentioned in Article 30.7 concerning the position of the Company s assets has been fulfilled, the Management Board may, with the approval of the Supervisory Board, make one or more interim distributions to the Shareholders The Management Board may, with the approval of the Supervisory Board, decide that a distribution on Shares shall not take place as a cash payment but as a payment in Shares, or decide that the Shareholders shall have the option to receive a distribution as a cash payment and/or as a payment in Shares, out of the profit and/or at the expense of reserves, provided that the Management Board is designated by the General Meeting pursuant to Articles 6.2 and 6.3. With the approval of the Supervisory Board, the Management Board shall determine the conditions applicable to the aforementioned choices The Company s policy on reserves and dividends shall be determined and can be amended by the Management Board, subject to the approval of the Supervisory Board. The adoption and thereafter each amendment of the policy on reserves and dividends shall be discussed and accounted for at the General Meeting of Shareholders under a separate agenda item Distributions may be made only insofar as the Company s equity exceeds the amount of the paid in and called up part of the 29

30 issued capital, increased by the reserves which must be kept by virtue of the law or these Articles of Association. Article 31. Payment of and Entitlement to Distributions Dividends and other distributions shall be made payable within four weeks after adoption, unless the Management Board sets another date for payment A claim of a Shareholder for payment of a distribution shall be barred after five years have elapsed after the day of payment. CHAPTER 7. THE GENERAL MEETING. Article 32. Annual General Meeting of Shareholders Each year, though not later than in the month of June, a General Meeting of Shareholders will be held The agenda of such meeting will include the following subjects for discussion: (a) discussion of the annual report; (b) discussion of the remuneration of the management board; (c) discussion and adoption of the annual accounts; (d) dividend proposal (if applicable); (e) appointment of an External Auditor (if applicable); (f) other subjects presented for discussion by the Supervisory Board or the Management Board and announced with due observance of the provisions of these Articles of Association, as for instance (i) release of the Management Board members and Supervisory Board members from liability; (ii) discussion of the policy on reserves and dividends; (iii) designation of a body of the Company competent to issue Shares; and/or (iv) authorisation of the Management Board to make the 30

31 Company acquire own Shares or depositary receipts for Shares. Article 33. Extraordinary General Meeting of Shareholders. Other General Meetings of Shareholders will be held whenever the Supervisory Board or the Management Board deems such to be necessary, without prejudice to the provisions of Sections 2:108a, 2:110, 2:111 and 2:112 of the Dutch Civil Code. Article 34. Notice and Agenda of Meetings Notice of General Meetings of Shareholders will be given by the Supervisory Board or the Management Board Notice of the meeting must be given with due observance of the statutory notice period The notice of the meeting will state: (a) the subjects to be dealt with; (b) venue and time of the meeting; (c) the requirements for admittance to the meeting as described in Articles 38.1 and 38.2 (if applicable), as well as the information referred to in Article 39.3 (if applicable); and (d) the address of the Company s website, and such other information as may be required by law Further communications which must be made to the General Meeting pursuant to the law or these Articles of Association can be made by including such communications either in the notice, or in a document which is deposited at the Company s office for inspection, provided a reference thereto is made in the notice itself Shareholders and/or other persons holding Meeting Rights, who, alone or jointly, meet the requirements set forth in Section 2:114a subsection 2 of the Dutch Civil Code will 31

32 have the right to request the Management Board or the Supervisory Board to place items on the agenda of the General Meeting of Shareholders, provided the reasons for the request must be stated therein and the request must be received by the chairman of the Management Board or the chairman of the Supervisory Board in writing at least sixty (60) days before the date of the General Meeting of Shareholders The notice will be given in the manner stated in Article 40. Article 35. Venue of Meetings. General Meetings of Shareholders can be held in Amsterdam or Haarlemmermeer (including Schiphol Airport), at the choice of those who call the meeting. Article 36. Chairman of the Meeting The General Meeting of Shareholders will be presided over by the chairman of the Supervisory Board or his replacement. However, the Supervisory Board may also appoint another chairman to preside over the meeting. The chairman of the meeting will have all powers necessary to ensure the proper and orderly functioning of the General Meeting of Shareholders If the chairmanship of the meeting is not provided for in accordance with Article 36.1, the meeting will itself elect a chairman, provided that so long as such election has not taken place, the chairmanship will be held by a Management Board member designated for that purpose by the Management Board members present at the meeting. Article 37. Minutes Minutes will be kept of the proceedings at the General Meeting of Shareholders by a secretary to be appointed by the chairman, which will be adopted by the chairman and 32

33 the secretary and will be signed by them as evidence thereof However, the chairman may determine that notarial minutes will be prepared of the proceedings of the meeting. In that case the co-signature of the chairman will be sufficient. Article 38. Rights at Meetings and Admittance Each Shareholder and each other person holding Meeting Rights is authorised, either in person or represented by a representative authorised in writing, to take part in, to speak at, and to the extent applicable, to exercise his voting rights in the General Meeting of Shareholders For each General Meeting of Shareholders a statutory record date will be applied, in order to determine in which persons voting rights and Meeting Rights are vested. The record date and the manner in which persons holding Meeting Rights can register and exercise their rights will be set out in the notice convening the meeting A person holding Meeting Rights or his proxy will only be admitted to the meeting if he has notified the Company of his intention to attend the meeting in writing at the address and by the date specified in the notice of meeting. The proxy is also required to produce written evidence of his mandate The Management Board is authorised to determine that the Meeting Rights and voting rights in respect of a General Meeting of Shareholders as referred to in Article 38.1 can be exercised by using an electronic means of communication. If so decided, it will be required that each person holding Meeting Rights or his proxy holder can be identified through the electronic means of communication, follow the discussions in the meeting and exercise the voting right. The Management Board may also determine that the electronic means of 33

34 communication used must allow each person holding Meeting Rights or his proxy holder to participate in the discussions The Management Board may determine further conditions to the use of electronic means of communication as referred to in Article 38.4, provided such conditions are reasonable and necessary for the identification of persons holding Meeting Rights and the reliability and safety of the communication. Such further conditions will be set out in the notice of the meeting. The foregoing does, however, not restrict the authority of the chairman of the meeting to take such action as he deems fit in the interest of the meeting being conducted in an orderly fashion. Any non or malfunctioning of the means of electronic communication used is at the risk of the persons holding Meeting Rights using the same The company secretary will arrange for the keeping of an attendance list in respect of each General Meeting of Shareholders. The attendance list will contain in respect of each person with voting rights present or represented: his name, the number of votes that can be exercised by him and, if applicable, the name of his representative. The attendance list will furthermore contain the aforementioned information in respect of persons with voting rights who participate in the meeting in accordance with Article 38.4 or which have cast their votes in the manner referred to in Article The Company is authorised to apply such verification procedures as it reasonably deems necessary to establish the identity of the persons holding Meeting Rights and, where applicable, the identity and authority of representatives The Supervisory Board members and Management Board members will have the right to attend the General Meeting of Shareholders in person and to address the 34

35 meeting. They will have the right to give advice in the meeting. Also, the External Auditor is authorised to attend and address the General Meetings of Shareholders The chairman of the meeting will decide upon the admittance to the meeting of persons other than those aforementioned in this Article The official language of a General Meeting of Shareholders will be English or German, as determined by the Supervisory Board. Article 39. Adoption of Resolutions and Voting Power Each Share confers the right to cast one vote At the General Meeting of Shareholders, all resolutions must be adopted by an absolute majority of the votes cast, except in those cases in which the law or these Articles of Association require a greater majority. If there is a tie in voting, the proposal will thus be rejected The Management Board may determine that votes cast prior to the General Meeting of Shareholders by electronic means of communication or by mail, are equated with votes cast at the time of the General Meeting. Such votes may not be cast before the record day referred to in Article Without prejudice to the provisions of Article 38 the notice convening the General Meeting of Shareholders must state how Shareholders may exercise their rights prior to the meeting Blank and invalid votes will be regarded as not having been cast The chairman of the meeting will decide whether and to what extent votes are taken orally, in writing, electronically or by acclamation If in the election of persons no absolute majority of the valid votes cast at the meeting is obtained, a new vote will be taken after an intermediate vote, if 35

36 necessary, on the two persons who received the greatest and the next greatest number of votes in the first such meeting. The person who receives the greatest number of votes at the new vote will be elected. If there is an equality of votes in this case, the Supervisory Board decides which person will be elected In the case of a voting tie regarding resolutions not concerning persons the proposal will be rejected When determining how many votes are cast by Shareholders, how many Shareholders are present or represented, or what portion of the Company s issued capital is represented, no account will be taken of Shares for which no votes can be cast by law. Article 40. Notices and Announcements Notice of General Meetings of Shareholders will be given by announcement on the website of the Company and/or through other means of electronic public announcement, as the Company deems fit In cases where the Company must, accepts to or wishes to give notice to Shareholders and other persons holding Meeting Rights in writing, it will do so at the address which the Shareholder has given to the Company for that purpose. Unless the opposite is evident, the provision of an electronic mail address by a person holding Meeting Rights to the Company will constitute evidence of that person s consent with the sending of notices electronically The provisions of Articles 40.1 and 40.2 apply by analogy to other announcements, notices and notifications to Shareholders and other persons holding Meeting Rights. CHAPTER 8. AMENDMENT OF THE ARTICLES OF ASSOCIATION AND DISSOLUTION. 36

37 Article 41. Resolution to Amend of Articles of Association and Dissolution The General Meeting of Shareholders may pass a resolution to amend the Articles of Association or to dissolve the Company, with an absolute majority of the votes cast, but only on a proposal of the Management Board that has been approved by the Supervisory Board. Any such proposal must be stated in the notice of the General Meeting of Shareholders In the event of a proposal to the General Meeting of Shareholders to amend the Articles of Association, a copy of such proposal containing the verbatim text of the proposed amendment will be deposited at the Company s office for inspection by Shareholders and other persons holding Meeting Rights, until the end of the meeting. Furthermore, a copy of the proposal will be made available free of charge to Shareholders and other persons holding Meeting Rights from the day it was deposited until the day of the meeting. Article 42. Liquidation In the event of the dissolution of the Company by resolution of the General Meeting, the Management Board members will be charged with effecting the liquidation of the Company s affairs, and the Supervisory Board members will be charged with the supervision thereof without prejudice to the provisions of Section 2:23 subsection 2 of the Dutch Civil Code The provisions of these Articles of Association will remain in force to the extent possible during liquidation The balance of the Company's assets after payment of all debts and the costs of the liquidation shall be distributed to the Shareholders. All distributions shall be made in proportion to the number of Shares held by each Shareholder. 37

38 42.4 The liquidators are authorised, if the statement of assets indicates there is reason to do so, to make distributions in advance After liquidation, the Company s books and documents shall remain in the possession of the person designated for this purpose by the liquidators of the Company for the period prescribed by law The liquidation is otherwise subject to the provisions of Title 1, Book 2 of the Dutch Civil Code

39 Allen & Overy LLP RNTS Media N.V. - Voorstel STW 2-K NED JL/RH/hv/ VOORSTELLEN TOT STATUTENWIJZIGING RNTS Media N.V., gevestigd te Amsterdam. d.d. 27 februari 2017 zoals deze ter besluitvorming worden voorgelegd aan de op 11 april 2017 te houden algemene vergadering van aandeelhouders van de vennootschap. 39

40 In de linkerkolom is de tekst van de nu geldende statuten opgenomen. In de rechterkolom zijn de voorgestelde wijzigingen opgenomen. Daarnaast is afzonderlijk een algemene toelichting beschikbaar, waarin de voorgestelde wijzigingen op hoofdpunten worden besproken. Deze toelichting maakt onderdeel uit van de toelichting bij de agenda. Agendapunt 2 (a) - Wijziging 1 - Rode tekst Agendapunt 2 (b) - Wijziging 2 - Blauwe tekst Agendapunt 2 (c) - Wijziging 3 - Groene tekst Bestaande tekst: Voorgestelde tekst: HOOFDSTUK 1. Article 1. Definities en interpretatie. 1.1 In deze statuten hebben de volgende begrippen de daarachter vermelde betekenissen: aandeel betekent een aandeel in het kapitaal van de vennootschap. [ ] aandeelhouder betekent een houder van aandeelbewijs betekent een aandeelbewijs één of meer aandelen. uitgegeven voor een aandeel in het kapitaal van de algemene vergadering of algemene vennootschap. vergadering van aandeelhouders [ ] betekent het vennootschapsorgaan dat wordt gevormd door de personen aan wie als aandeelhouder of anderszins het stemrecht op aandelen toekomt dan wel een bijeenkomst van zodanige personen (of hun vertegenwoordigers) en andere personen met vergaderrechten. bestuur betekent het bestuur van de vennootschap. bestuurder betekent een lid van het bestuur, tenzij het tegendeel blijkt wordt hieronder begrepen zowel een bestuurder A als een bestuurder B. bestuurder A betekent een bestuurder A van de vennootschap, als zodanig aangewezen door de algemene vergadering. bestuurder B betekent een bestuurder B van de vennootschap, als zodanig aangewezen door de algemene vergadering. commissaris betekent een lid van de raad 40

41 van commissarissen. externe accountant heeft de betekenis aan die term gegeven in artikel raad van commissarissen betekent de raad van commissarissen van de vennootschap. vennootschap betekent de vennootschap waarvan de interne organisatie wordt beheerst door deze statuten. vergaderrechten betekent het recht om uitgenodigd te worden voor algemene vergadering van aandeelhouders en daarin het woord te voeren, als aandeelhouder of als persoon waaraan deze rechten overeenkomstig artikel 11 zijn toegekend. 1.2 De term schriftelijk betekent bij brief, telefax, of enig ander elektronisch communicatiemiddel, mits het bericht leesbaar en reproduceerbaar is, en de term schriftelijke wordt dienovereenkomstig geïnterpreteerd. 1.3 Het bestuur, de raad van commissarissen en de algemene vergadering vormen elk een onderscheiden vennootschapsorgaan. 1.4 Verwijzingen naar artikelen zijn verwijzingen naar artikelen van deze statuten tenzij uitdrukkelijk anders aangegeven. 1.5 Tenzij uit de context anders voortvloeit, hebben woorden en uitdrukkingen in deze statuten, indien niet anders omschreven, dezelfde betekenis als in het Burgerlijk Wetboek. Verwijzingen in deze statuten naar de wet zijn verwijzingen naar de Nederlandse wet zoals deze van tijd tot tijd luidt. HOOFDSTUK 2. NAAM, ZETEL EN DOEL. Article 2. Naam en zetel. 2.1 De naam van de vennootschap is: RNTS Media N.V. 2.2 De vennootschap is gevestigd te Amsterdam. Article 3. Doel. HOOFDSTUK 2. NAAM, ZETEL EN DOEL. Artikel 2. Naam en zetel. 2.1 De naam van de vennootschap is: Fyber N.V. [ ] 41

42 De vennootschap heeft ten doel: (k) het oprichten van, het op enigerlei wijze deelnemen in, het besturen van en het toezicht houden op ondernemingen en vennootschappen; (l) het uitgeven en het ontwikkelen van applicaties voor de mobiele telefoon; (m) het uitgeven van online games; (n) het leveren van digitale inhoud en daarmee verband houdende diensten en het verstrekken van advies aan exploitanten van mobiele netwerken; (o) het ontwikkelen en leveren van educatieve soft- en hardware en het beheren en vermarkten van een portefeuille bestaande uit producten op het gebied van edutainment; (p) het ontwikkelen en exploiteren van een platform voor reclame uitingen via mobiele applicaties dat ondersteunende diensten aanbiedt aan ontwikkelaars van mobiele en digitale toepassingen; (q) het verstrekken van advies aan en het verlenen van commerciële diensten voor ondernemingen en vennootschappen waarmee de vennootschap in een groep is verbonden; (r) het verwerven, het beheren, het in de markt zetten en het verkopen van ondernemingen en vermogenswaarden op het gebied van applicaties voor mobiele telefoons en online games, op eigen naam en voor eigen rekening, niet voor derden; (s) het lenen en bijeenbrengen van gelden daaronder begrepen het uitgeven van obligaties, schuldbrieven of andere waardepapieren, alsmede het aangaan van daarmee samenhangende overeenkomsten mits deze werkzaamheden er niet toe leiden dat de vennootschap financiële of anderszins gereguleerde diensten verstrekt of werkzaamheden verricht of anderszins als gereguleerde instelling wordt aangemerkt door de toezichthoudende instanties van het land waar de 42

43 (t) vennootschap deze activiteiten ontplooit; en het uitvoeren van overige werkzaamheden voor zover deze met de bovengenoemde activiteiten in nauw verband staan. HOOFDSTUK 3. KAPITAAL EN AANDELEN. Article 4. Maatschappelijk kapitaal. 4.1 Het maatschappelijk kapitaal van de vennootschap bedraagt veertig miljoen euro (EUR ). 4.2 Het maatschappelijk kapitaal is verdeeld in vierhonderd miljoen ( ) aandelen met een nominaal bedrag van tien eurocent (EUR 0,10) elk. 4.3 Alle aandelen luiden aan toonder. 4.3 Alle aandelen zijn aandelen op naam. 4.4 Voor alle aandelen kunnen door de vennootschap aandeelbewijzen worden uitgegeven. Het bestuur, met goedkeuring van de raad van commissarissen, bepaalt de vorm en inhoud van de aandeelbewijzen. Niettegenstaande het bepaalde in artikel 5, zal de vennootschap kunnen bepalen dat het kapitaal wordt belichaamd in één of meerdere aandeelbewijzen. De aandeelhouders kunnen hun rechten tor afgifte van afzonderlijke aandeelbewijzen niet uitoefenen tenzij dit vereist is op grond van de regels die van toepassing zijn op de markt waaraan de aandelen zijn genoteerd. 4.5 Alle aandeelbewijzen worden ondertekend door twee bestuurders en kunnen niet worden overgedragen. Indien (een gedeelte van) de aandelen die worden belichaamd in het aandeelbewijs worden overgedragen draagt de houder van dit aandeelbewijs dit aandeelbewijs over zodat dit door het bestuur kan worden vernietigd. Hierop geeft het bestuur een nieuw aandeelbewijs uit aan de opvolgende houder van de desbetreffende aandelen. 4.6 In geval van verlies van een aandeelbewijs, kan het bestuur op de door hem vast te stellen voorwaarden een vervangend 43

44 Article 5. Aandelen aan toonder. Aandeelbewijzen. 5.1 Voor aandelen aan toonder worden aandeelbewijzen verstrekt. Aandeelbewijzen kunnen meer dan een aandeel vertegenwoordigen. De aandeelbewijzen zullen worden getekend met inachtneming van artikel De aandeelbewijzen zullen worden genummerd en eventueel voorzien van aanvullende onderscheidingstekens zoals bepaald door het bestuur. De vorm, de tekst en het onderwerp van de aandeelbewijzen worden bepaald door het bestuur. 5.2 Op schriftelijk verzoek van of namens de belanghebbende kunnen door het bestuur voor aandeelbewijzen, dividendbladen, talons of dividendbewijzen die worden vermist, teniet zijn gegaan of zijn beschadigd, duplicaten worden afgegeven onder zodanige voorwaarden, waaronder publicaties, als door het bestuur - onder goedkeuring van de raad van commissarissen - per geval te bepalen. Uit de af te geven stukken dient te blijken dat het duplicaten zijn. Door de afgifte van duplicaten verliezen de oorspronkelijke stukken ten opzichte van de vennootschap hun waarde. De verbonden kosten zijn voor rekening van de verzoeker en dienen te worden voldaan voor afgifte van de duplicaten. 5.3 Het bestuur kan met goedkeuring van de raad van commissarissen bepalen dat alle aandelen aan toonder zullen worden belichaamd in een of meer (global) aandeelbewijzen waaraan (global) dividendbladen zijn gehecht. Zulk (global) aandeelbewijs uitgeven. Op de vervangende aandeelbewijzen wordt aangetekend dat het een vervangend bewijs betreft. Alle kosten die in dit verband worden gemaakt komen voor rekening van de aandeelhouder die zijn aandeelhoudersbewijs is verlorer. Artikel 5. Register van aandeelhouders. 5.1 De vennootschap houdt een register van aandeelhouders. Het register kan uit verschillende delen bestaan, welke op onderscheidene plaatsen kunnen worden gehouden en elk van deze delen kan in meer dan één exemplaar en op meer dan één plaats worden gehouden, een en ander ter bepaling door de raad van bestuur. 5.2 Aandelen die zijn opgenomen in het wettelijk giraal systeem worden in het register van aandeelhouders op naam van een centraal instituut of een intermediair gesteld. Houders van aandelen die niet zijn opgenomen in het wettelijk giraal systeem, alsmede vruchtgebruikers en pandhouders van dergelijke aandelen, zijn verplicht aan de vennootschap schriftelijk hun naam en adres op te geven; deze worden opgenomen in het register van aandeelhouders. Aan een persoon die in het register is ingeschreven, verstrekt de raad van bestuur desgevraagd kosteloos een uittreksel uit het register met betrekking tot zijn gerechtigheid tot aandelen. 5.3 Het register wordt regelmatig bijgehouden. De raad van bestuur treft een regeling voor de ondertekening van inschrijvingen en aantekeningen in het register van aandeelhouders. 5.4 Het bepaalde in artikel 2:85 van het Burgerlijk Wetboek is op het register van aandeelhouders van toepassing. 44

45 aandeelbewijs zal in bewaring worden gegeven aan een door het bestuur aan te wijzen internationale centrale bewaarder. Dit centrale instituut houdt het aandeelbewijs voor en namens de rechthebbenden in een verzameldepot en het is onherroepelijk belast met de administratie van het aandeelbewijs. Voor de toepassing van de onderhavige statuten wordt de als deelgenoot gerechtigde in een verzameldepot van aandelen aan toonder zoals naar verwezen in dit artikel 5.3 als aandeelhouder aangemerkt. Article 6. Besluit tot uitgifte; voorwaarden van uitgifte. 6.1 Uitgifte van aandelen geschiedt krachtens besluit van de algemene vergadering. Deze bevoegdheid betreft alle niet uitgegeven aandelen in het maatschappelijk kapitaal van de vennootschap, behoudens voor zover de bevoegdheid tot uitgifte van aandelen overeenkomstig het bepaalde in artikel 6.2 aan een ander vennootschapsorgaan toekomt. 6.2 Uitgifte van aandelen geschiedt krachtens besluit van een ander vennootschapsorgaan, indien en voor zover dat orgaan daartoe door de algemene vergadering is aangewezen. Deze aanwijzing kan telkens voor niet langer dan vijf (5) jaren geschieden en telkens voor niet langer dan vijf (5) jaren worden verlengd. Bij de aanwijzing moet worden bepaald voor welk gezamenlijk nominaal bedrag aandelen krachtens besluit van dat orgaan kunnen worden uitgegeven. In een besluit tot aanwijzing wordt tevens bepaald hoeveel aandelen van elke soort mogen worden uitgegeven. Een besluit van de algemene vergadering tot aanwijzing van een ander vennootschapsorgaan als tot uitgifte van aandelen bevoegd vennootschapsorgaan kan slechts worden ingetrokken op voorstel van het bestuur dat 45

46 is goedgekeurd door de raad van commissarissen, tenzij in het besluit tot aanwijzing anders is bepaald. 6.3 Een besluit van de algemene vergadering tot uitgifte van aandelen of tot aanwijzing van een ander vennootschapsorgaan als tot uitgifte van aandelen bevoegd orgaan, kan slechts worden genomen op voorstel van het bestuur dat is goedgekeurd door de raad van commissarissen. 6.4 Een besluit van het bestuur tot uitgifte van aandelen behoeft de goedkeuring van de raad van commissarissen. 6.5 Het hiervoor in dit artikel 6 bepaalde is van overeenkomstige toepassing op het verlenen van rechten tot het nemen van aandelen maar is niet van toepassing op het uitgeven van aandelen aan iemand die een voordien reeds verkregen recht tot het nemen van aandelen uitoefent. 6.6 Bij het besluit tot uitgifte van aandelen worden de uitgifteprijs en de verdere voorwaarden van uitgifte bepaald door het vennootschapsorgaan dat het besluit neemt. Het vennootschapsorgaan is bevoegd te bepalen dat de desbetreffende aandelen geheel of gedeeltelijk zullen worden uitgegeven en volgestort ten laste van de reserves van de vennootschap. Article 7. Voorkeursrecht. 7.1 Iedere aandeelhouder heeft bij de uitgifte van gewone aandelen een voorkeursrecht naar evenredigheid van het gezamenlijke nominale bedrag van zijn aandelen. Een aandeelhouder heeft geen voorkeursrecht [ ] 6.6 Bij het besluit tot uitgifte van aandelen of het verlenen van rechten tot het nemen van aandelen worden de uitgifteprijs en de verdere voorwaarden van uitgifte bepaald door het vennootschapsorgaan dat het besluit neemt. Het vennootschapsorgaan is bevoegd te bepalen dat de desbetreffende aandelen geheel of gedeeltelijk zullen worden uitgegeven en volgestort ten laste van de reserves van de vennootschap. Daaronder begrepen de uitgifte van aandelen aan deelnemers van aandelenoptieplannen van de vennootschap, met dien verstande dat desbetreffende aandelen worden uitgegeven onder de voorwaarden van dergelijke plannen en dat de aandelenoptieplannen zijn goedgekeurd door de algemene vergadering van aandeelhouders. 46

47 op aandelen die worden uitgegeven tegen inbreng anders dan in geld. Ook heeft hij geen voorkeursrecht op aandelen die worden uitgegeven aan werknemers van de vennootschap of van een groepsmaatschappij daarvan. 7.2 Het voorkeursrecht kan, telkens voor een enkele uitgifte, worden beperkt of uitgesloten bij besluit van de algemene vergadering. Echter, ten aanzien van een uitgifte van gewone aandelen waartoe een ander vennootschapsorgaan heeft besloten, kan het voorkeursrecht worden beperkt of uitgesloten bij besluit van dat vennootschapsorgaan, indien en voor zover dat orgaan daartoe door de algemene vergadering is aangewezen. Het bepaalde in de artikelen 6.1, 6.2 en 6.4 is van overeenkomstige toepassing. 7.3 Een besluit van de algemene vergadering tot beperking of uitsluiting van het voorkeursrecht of tot aanwijzing van een ander vennootschapsorgaan dat daartoe bevoegd is, kan slechts worden genomen op voorstel van het bestuur met goedkeuring van de raad van commissarissen. 7.4 Indien aan de algemene vergadering een voorstel tot beperking of uitsluiting van het voorkeursrecht wordt gedaan, moeten in het voorstel de redenen voor het voorstel en de keuze van de voorgenomen uitgifteprijs schriftelijk worden toegelicht. 7.5 Voor een besluit van de algemene vergadering tot beperking of uitsluiting van het voorkeursrecht of tot aanwijzing van het bestuur als vennootschapsorgaan dat daartoe bevoegd is, is een meerderheid van ten minste twee derden van de uitgebrachte stemmen vereist, indien minder dan de helft van het geplaatste kapitaal van de vennootschap in de vergadering vertegenwoordigd is. 7.6 Bij het verlenen van rechten tot het nemen van aandelen hebben de aandeelhouders 47

48 een voorkeursrecht; het hiervoor in dit artikel 7 bepaalde is van overeenkomstige toepassing. Aandeelhouders hebben geen voorkeursrecht op aandelen die worden uitgegeven aan iemand die een voordien reeds verkregen recht tot het nemen van aandelen uitoefent. Article 8. Storting op aandelen. 8.1 Bij het nemen van een aandeel moet daarop het gehele nominale bedrag worden gestort, alsmede, indien het aandeel voor een hoger bedrag wordt genomen, het verschil tussen die bedragen, onverminderd het bepaalde in artikel 2:80 lid 2 van het Burgerlijk Wetboek en bepaalde in artikel 6.6, laatste zin. 8.2 Storting op een aandeel moet in geld geschieden voor zover niet een andere betaling of inbreng is overeengekomen. 8.3 Het bestuur is bevoegd tot het aangaan van rechtshandelingen betreffende inbreng op aandelen anders dan in geld, en van de andere rechtshandelingen genoemd in artikel 2:94 van het Burgerlijk Wetboek, zonder voorafgaande goedkeuring van de algemene vergadering, maar met goedkeuring van de raad van commissarissen. 8.4 Op storting op aandelen en inbreng anders dan in geld zijn voorts de artikelen 2:80, 2:80a, 2:80b en 2:94b van het Burgerlijk Wetboek van toepassing. Article 9. Eigen aandelen. 9.1 De vennootschap mag bij uitgifte geen eigen aandelen nemen. 9.2 De vennootschap mag volgestorte eigen aandelen of certificaten daarvan verkrijgen, maar alleen om niet of indien: (a) het eigen vermogen van de vennootschap, verminderd met de verkrijgingsprijs, niet kleiner is dan het gestorte en opgevraagde deel van het kapitaal, vermeerderd met 48

49 de reserves die krachtens de wet moeten worden aangehouden, en (b) het nominale bedrag van de aandelen of certificaten daarvan die de vennootschap verkrijgt, houdt of in pand houdt of die worden gehouden door een dochtermaatschappij, niet meer beloopt dan vijftig procent (50%) van het geplaatste kapitaal van de vennootschap. Voor het vereiste onder (a) is bepalend de grootte van het eigen vermogen volgens de laatst vastgestelde balans, verminderd met de verkrijgingsprijs voor aandelen of certificaten daarvan, het bedrag van leningen als bedoeld in artikel 2:98c lid 2 van het Burgerlijk Wetboek en uitkeringen uit winst of reserves aan anderen die de vennootschap en dochtermaatschappijen na de balansdatum verschuldigd werden. Is een boekjaar meer dan zes (6) maanden verstreken zonder dat de jaarrekening is vastgesteld, dan is verkrijging overeenkomstig dit artikel 9.2 niet toegestaan. 9.3 Verkrijging anders dan om niet kan slechts plaatsvinden indien de algemene vergadering het bestuur daartoe heeft gemachtigd. Deze machtiging geldt voor ten hoogste achttien (18) maanden. De algemene vergadering moet in de machtiging bepalen hoeveel aandelen of certificaten daarvan mogen worden verkregen, hoe zij mogen worden verkregen en tussen welke grenzen de prijs moet liggen. Voor zulk een verkrijging is voorts vereist de goedkeuring van de raad van commissarissen. 9.4 Het is de vennootschap, zonder machtiging van de algemene vergadering, toegestaan eigen aandelen te verkrijgen om deze krachtens een voor hen geldende regeling over te dragen aan werknemers in dienst van de vennootschap of van een 49

50 groepsmaatschappij, mits deze aandelen zijn opgenomen in de prijscourant van een beurs. 9.5 De artikelen 9.2 en 9.3 hiervoor gelden niet voor aandelen of certificaten daarvan die de vennootschap onder algemene titel verkrijgt. 9.6 Voor een aandeel dat toebehoort aan de vennootschap of aan een dochtermaatschappij kan in de algemene vergadering geen stem worden uitgebracht; evenmin voor een aandeel waarvan één van hen de certificaten houdt. Op aandelen die de vennootschap in haar eigen kapitaal houdt, vindt generlei uitkering plaats. 9.7 Het bestuur is bevoegd, maar alleen met goedkeuring van de raad van commissarissen, door de vennootschap gehouden eigen aandelen of certificaten daarvan te vervreemden. 9.8 Op eigen aandelen en certificaten daarvan zijn voorts de artikelen 2:89a, 2:95, 2:98, 2:98a, 2:98b, 2:98c, 2:98d en 2:118 van het Burgerlijk Wetboek van toepassing. Article 10. Vermindering van het geplaatste kapitaal De algemene vergadering kan, maar alleen op voorstel van het bestuur dat is goedgekeurd door de raad van commissarissen, besluiten tot vermindering van het geplaatste kapitaal van de vennootschap: (a) door intrekking van aandelen; of (b) door het nominale bedrag van aandelen bij statutenwijziging te verminderen. In een dergelijk besluit moeten de aandelen waarop het besluit betrekking heeft worden aangewezen en moet de uitvoering van het besluit zijn geregeld Een besluit tot intrekking kan slechts aandelen betreffen die de vennootschap zelf houdt of waarvan zij de certificaten houdt. 50

51 10.3 Vermindering van het nominale bedrag van de aandelen zonder terugbetaling en zonder ontheffing van de verplichting tot storting moet naar evenredigheid op alle aandelen van eenzelfde soort geschieden. Van het vereiste van evenredigheid mag worden afgeweken met instemming van alle betrokken aandeelhouders Gedeeltelijke terugbetaling op aandelen of ontheffing van de verplichting tot storting is slechts mogelijk ter uitvoering van een besluit tot vermindering van het nominale bedrag van de aandelen. Zulk een terugbetaling of ontheffing moet geschieden ten aanzien van alle aandelen Op een vermindering van het geplaatste kapitaal van de vennootschap zijn voorts van toepassing de bepalingen van de artikelen 2:99 en 2:100 van het Burgerlijk Wetboek. Article 11. Vruchtgebruik en pandrecht op aandelen; certificaten van aandelen Op de aandelen kan een recht van vruchtgebruik worden gevestigd. Of het stemrecht verbonden aan aandelen waarop een vruchtgebruik rust, toekomt aan de aandeelhouder danwel de vruchtgebruiker, wordt bepaald overeenkomstig het bepaalde in artikel 2:88 van het Burgerlijk Wetboek. Vergaderrechten komen toe aan de aandeelhouder, met of zonder stemrecht, en aan de vruchtgebruiker met stemrecht. Een vruchtgebruiker zonder stemrecht heeft geen vergaderrechten Op de aandelen kan een pandrecht worden gevestigd. Bij de vestiging van een pandrecht op een aandeel kan het stemrecht en/of vergaderrechten niet aan de pandhouder worden toegekend Aan houders van certificaten van aandelen komen geen vergaderrechten toe, tenzij deze uitdrukkelijk door de vennootschap aan hen zijn toegekend, ingevolge een daartoe strekkend besluit van het bestuur 51

52 dat is goedgekeurd door de raad van commissarissen. HOOFDSTUK 4. HET BESTUUR. Article 12. Bestuurders Het aantal bestuurders wordt door de raad van commissarissen na overleg met het bestuur vastgesteld De raad van commissarissen benoemt uit het bestuur een voorzitter van het bestuur en benoemt eventueel een vice-voorzitter De vennootschap heeft een beleid op het terrein van bezoldiging van het bestuur. Het beleid wordt vastgesteld door de algemene vergadering; de raad van commissarissen doet daartoe een voorstel. In het bezoldigingsbeleid komen ten minste de in artikel 2:383c tot en met 2:383e van het Burgerlijk Wetboek omschreven onderwerpen aan de orde voor zover deze het bestuur betreffen De bezoldiging en de overige arbeidsvoorwaarden van iedere bestuurder worden met inachtneming van vorenbedoeld beleid vastgesteld door de raad van commissarissen. Ten aanzien van regelingen in de vorm van aandelen of rechten tot het nemen van aandelen legt de raad van commissarissen een voorstel ter goedkeuring voor aan de algemene vergadering. In het voorstel moet ten minste zijn bepaald hoeveel aandelen of rechten tot het nemen van aandelen aan het bestuur mogen worden toegekend en welke criteria gelden voor toekenning of wijziging Bestuurders zijn gerechtigd tot een vrijwaring van de vennootschap en bcaverzekering, overeenkomstig het bepaalde in artikel 26. Article 13. Benoeming, schorsing en ontslag van bestuurders Bestuurders worden benoemd door de algemene vergadering van aandeelhouders. 52

53 Indien er meer dan één bestuurder is, kan de algemene vergadering bestuurders A en bestuurders B aanwijzen De raad van commissarissen draagt voor elke vacature één of meer kandidaten voor en wel, indien er geen bestuurders zijn, zo spoedig als redelijkerwijs mogelijk Indien de voordracht van de raad van commissarissen voor een te vervullen vacature bestaat uit twee of meer kandidaten is zij bindend en geschiedt benoeming in de desbetreffende vacature door verkiezing uit de op de bindende voordracht geplaatste kandidaten. De algemene vergadering van aandeelhouders kan echter aan een bindende voordracht steeds het bindende karakter ontnemen bij een besluit genomen met een meerderheid van de uitgebrachte stemmen die meer dan een derde van het geplaatste kapitaal van de vennootschap vertegenwoordigen. Bij het nemen van dit besluit is het bepaalde in artikel 13.2 en de eerste en tweede zin van dit artikel 13.3 van overeenkomstige toepassing. Een besluit van de algemene vergadering van aandeelhouders tot benoeming van een bestuurder anders dan overeenkomstig een voordracht van de raad van commissarissen kan slechts worden genomen met een meerderheid van twee derden van de uitgebrachte stemmen die meer dan de helft van het geplaatste kapitaal van de vennootschap vertegenwoordigen Tijdens een algemene vergadering van aandeelhouders kan, bij de benoeming van een bestuurder, uitsluitend worden gestemd over kandidaten van wie de naam daartoe in de agenda van de vergadering, of een toelichting daarbij, is vermeld. Indien geen benoeming plaatsvindt van een door de raad van commissarissen voorgedragen kandidaat, behoudt de raad van commissarissen het recht in een volgende vergadering een nieuwe bindende of niet- 53

54 bindende voordracht te doen Bij een voordracht of aanbeveling tot benoeming van een bestuurder worden van de kandidaat meegedeeld zijn leeftijd en de betrekkingen die hij bekleedt of die hij heeft bekleed, voor zover die van belang zijn in verband met de vervulling van de taak van een bestuurder. De voordracht of aanbeveling wordt met redenen omkleed Iedere bestuurder kan te allen tijde door de algemene vergadering van aandeelhouders worden geschorst of ontslagen. Tot een schorsing of ontslag anders dan op voorstel van de raad van commissarissen kan de algemene vergadering alleen besluiten met een meerderheid van twee derden van de uitgebrachte stemmen die meer dan de helft van het geplaatste kapitaal van de vennootschap vertegenwoordigen. Een bestuurder kan ook door de raad van commissarissen worden geschorst. Een schorsing door de raad van commissarissen kan te allen tijde door de algemene vergadering van aandeelhouders worden opgeheven Een schorsing kan één of meer malen worden verlengd, maar kan in totaal niet langer duren dan zes (6) maanden. Is na verloop van die tijd geen beslissing genomen omtrent de opheffing van de schorsing of ontslag, dan eindigt de schorsing. Article 14. Bestuurstaak, besluitvorming en taakverdeling Het bestuur is belast met het besturen van de vennootschap. Bij de vervulling van hun taak richten de bestuurders zich naar het belang van de vennootschap en de met haar verbonden onderneming Het bestuur kan regels vaststellen omtrent de besluitvorming en werkwijze van het bestuur. In dat kader kan het bestuur onder meer bepalen met welke taak iedere bestuurder meer in het bijzonder zal zijn 54

55 belast. De raad van commissarissen kan bepalen dat deze regels en taakverdeling schriftelijk moeten worden vastgelegd en deze regels en taakverdeling aan zijn goedkeuring onderwerpen Besluiten van het bestuur kunnen te allen tijde schriftelijk worden genomen, mits het desbetreffende voorstel aan alle in functie zijnde bestuurders is voorgelegd en geen van hen zich tegen deze wijze van besluitvorming verzet. Schriftelijke besluitvorming geschiedt door middel van schriftelijke verklaringen van alle dan in functie zijnde bestuurders. Article 15. Vertegenwoordiging Het bestuur is bevoegd de vennootschap te vertegenwoordigen. Indien er zowel bestuurders A als bestuurders B zijn aangewezen, komt de bevoegdheid tot vertegenwoordig mede toe aan een bestuurder A handelend zelfstandig of een bestuurder B en een bestuurder A handelend tezamen Het bestuur kan functionarissen met algemene of beperkte vertegenwoordigingsbevoegdheid aanstellen. Ieder van hen vertegenwoordigt de vennootschap met inachtneming van de begrenzing aan zijn bevoegdheid gesteld. De titulatuur van deze functionarissen wordt door het bestuur bepaald. De vertegenwoordigingsbevoegdheid van een aldus benoemde functionaris kan zich niet uitstrekken tot gevallen waarin de vennootschap een tegenstrijdig belang heeft met de desbetreffende functionaris of met één of meer bestuurders. Article 16. Goedkeuring van bestuursbesluiten Het bestuur behoeft de goedkeuring van de algemene vergadering voor besluiten omtrent een belangrijke verandering van de identiteit of het karakter van de vennootschap of haar onderneming, 55

56 waaronder in ieder geval: (a) overdracht van de onderneming of vrijwel de gehele onderneming aan een derde; (b) het aangaan of verbreken van duurzame samenwerking van de vennootschap of een dochtermaatschappij met een andere rechtspersoon of vennootschap dan wel als volledig aansprakelijke vennote in een commanditaire vennootschap of vennootschap onder firma, indien deze samenwerking of verbreking van ingrijpende betekenis is voor de vennootschap; (c) het nemen of afstoten van een deelneming in het kapitaal van een vennootschap ter waarde van ten minste één derde van het bedrag van de activa volgens de balans met toelichting of, indien de vennootschap een geconsolideerde balans opstelt, volgens de geconsolideerde balans met toelichting volgens de laatst vastgestelde jaarrekening van de vennootschap, door haar of een dochtermaatschappij De raad van commissarissen is bevoegd besluiten van het bestuur aan zijn goedkeuring te onderwerpen. Deze besluiten dienen duidelijk te worden omschreven en schriftelijk aan het bestuur te worden meegedeeld Het ontbreken van een goedkeuring met betrekking tot een besluit als bedoeld in dit artikel 16 tast de vertegenwoordigingsbevoegdheid van het bestuur of de bestuurders niet aan. Article 17. Tegenstrijdige belangen Een bestuurder neemt niet deel aan de beraadslaging en besluitvorming binnen het bestuur, indien hij daarbij een direct of 56

57 indirect persoonlijk belang heeft dat tegenstrijdig is met het belang van de vennootschap en de met haar verbonden onderneming De bestuurder die in verband met een (potentieel) tegenstrijdig belang niet de taken en bevoegdheden uitoefent die hem anders als bestuurder zouden toekomen, wordt in zoverre aangemerkt als een bestuurder die belet heeft in de zin van artikel Ingeval van een tegenstrijdig belang als bedoeld in artikel 17.1 blijft het bepaalde in artikel 15.1 onverminderd van kracht. Daarnaast kan de raad van commissarissen, al dan niet ad hoc, een of meer personen aanwijzen die bevoegd zijn de vennootschap te vertegenwoordigen in aangelegenheden waarin zich (potentieel) een dergelijk tegenstrijdig belang voordoet. Article 18. Ontstentenis of belet In geval van ontstentenis of belet van een bestuurder zijn de overblijvende bestuurders of is de overblijvende bestuurder tijdelijk met het besturen van de vennootschap belast In geval van ontstentenis of belet van alle bestuurders of van de enige bestuurder is de raad van commissarissen tijdelijk met het besturen van de vennootschap belast, met de bevoegdheid het bestuur van de vennootschap tijdelijk op te dragen aan één of meer commissarissen en/of één of meer andere personen Bij de vaststelling in hoeverre bestuurders aanwezig of vertegenwoordigd zijn, instemmen met een wijze van besluitvorming, of stemmen, wordt geen rekening gehouden met vacante bestuurszetels en bestuurders die belet hebben. HOOFDSTUK 5. DE RAAD VAN COMMISSARISSEN. 57

58 Article 19. Commissarissen De vennootschap heeft een raad van commissarissen De raad van commissarissen bestaat uit een door de raad van commissarissen vast te stellen aantal van ten minste drie (3) natuurlijke personen. Is het aantal commissarissen in functie minder dan drie (3), dan neemt de raad onverwijld maatregelen tot aanvulling van zijn ledental, met inachtneming van het bepaalde in artikel De bezoldiging van iedere commissaris wordt door de algemene vergadering van aandeelhouders vastgesteld en zal niet van de winst afhankelijk zijn. De leden van de raad van commissarissen zijn gerechtigd tot een vrijwaring van de vennootschap en bca-verzekering, overeenkomstig het bepaalde in artikel 26. Article 20. Benoeming, schorsing en ontslag van commissarissen Commissarissen worden benoemd door de algemene vergadering van aandeelhouders De raad van commissarissen draagt voor elke vacature één of meer kandidaten voor De raad van commissarissen kan een profielschets opstellen voor zijn omvang en samenstelling, rekening houdend met de aard van de vennootschap, haar activiteiten en de gewenste deskundigheid en achtergrond van de commissarissen. De profielschets wordt algemeen verkrijgbaar gesteld en op de website van de vennootschap geplaatst Een besluit van de algemene vergadering tot benoeming van een commissaris anders dan overeenkomstig een voordracht van de raad van commissarissen kan slechts genomen met een volstrekte meerderheid van de uitgebrachte stemmen die ten minste een derde van het geplaatste kapitaal van de vennootschap vertegenwoordigen. Indien een voorstel tot 58

59 benoeming van een niet door de raad van commissarissen voorgedragen persoon wordt gesteund door een volstrekte meerderheid van de uitgebrachte stemmen, maar deze meerderheid niet ten minste een derde van het geplaatste kapitaal van de vennootschap vertegenwoordigt, kan een nieuwe vergadering worden bijeengeroepen waarin het besluit kan worden genomen met een volstrekte meerderheid van de uitgebrachte stemmen, ongeacht het gedeelte van het geplaatste kapitaal van de vennootschap dat is vertegenwoordigd Tijdens een algemene vergadering van aandeelhouders kan, bij de benoeming van een commissaris, uitsluitend worden gestemd over kandidaten van wie de naam daartoe in de agenda van de vergadering, of een toelichting daarbij, is vermeld. Indien geen benoeming plaatsvindt van een door de raad van commissarissen voorgedragen kandidaat, behoudt de raad van commissarissen het recht in een volgende vergadering een nieuwe bindende of nietbindende voordracht te doen Bij een voordracht of aanbeveling tot benoeming van een commissaris worden van de kandidaat meegedeeld zijn leeftijd, zijn beroep, het bedrag aan door hem gehouden aandelen in het kapitaal van de vennootschap en de betrekkingen die hij bekleedt of die hij heeft bekleed, voor zover die van belang zijn in verband met de vervulling van de taak van een commissaris. Tevens wordt vermeld aan welke rechtspersonen hij reeds als commissaris is verbonden; indien zich daaronder rechtspersonen bevinden die tot een zelfde groep behoren, kan met de aanduiding van die groep worden volstaan. De voordracht of aanbeveling wordt met redenen omkleed De raad van commissarissen kan een rooster vaststellen waarbij de 59

60 commissarissen periodiek zullen aftreden. Echter, een commissaris treedt uiterlijk af op de dag waarop de jaarlijkse algemene vergadering van aandeelhouders wordt gehouden in het vierde kalenderjaar na het kalenderjaar waarin hij voor het laatst werd benoemd, onverminderd het bepaalde in artikel Een overeenkomstig het voorgaande aftredende commissaris is terstond herbenoembaar Iedere commissaris kan te allen tijde door de algemene vergadering worden geschorst en ontslagen. Tot een schorsing of ontslag anders dan op voorstel van de raad van commissarissen kan de algemene vergadering alleen besluiten met ten minste twee derden van de uitgebrachte stemmen die meer dan de helft van het geplaatste kapitaal vertegenwoordigen Een schorsing kan één of meer malen worden verlengd, maar kan in totaal niet langer duren dan drie (3) maanden. Is na verloop van die tijd geen beslissing genomen omtrent de opheffing van de schorsing of ontslag, dan eindigt de schorsing. Article 21. Taak en bevoegdheden De raad van commissarissen heeft tot taak toezicht te houden op het beleid van het bestuur en de algemene gang van zaken in de vennootschap en de met haar verbonden onderneming. Hij staat het bestuur met raad terzijde. Bij vervulling van hun taak richten de commissarissen zich naar het belang van de vennootschap en de met haar verbonden onderneming De raad van commissarissen kan bepalen dat één of meer zijner leden, al dan niet vergezeld door een deskundige als bedoeld in artikel 21.3, toegang zullen hebben tot de bedrijfsruimten van de vennootschap en bevoegd zullen zijn inzage te nemen van de boeken, correspondentie en andere bescheiden en kennis te nemen van de 60

61 plaatsgehad hebbende handelingen. De raad van commissarissen kan ook bepalen dat slechts een gedeelte van de in de vorige volzin genoemde bevoegdheden kunnen worden uitgeoefend De raad van commissarissen kan zich bij de uitoefening van zijn taak doen bijstaan of voorlichten door één of meer door hem aan te stellen deskundigen tegen een met de raad van commissarissen overeen te komen vergoeding, welke ten laste van de vennootschap komt De raad van commissarissen kan regels vaststellen omtrent de besluitvorming en de werkwijze van de raad van commissarissen, in aanvulling op hetgeen daaromtrent in deze statuten is bepaald. Article 22. Voorzitter en vice-voorzitter De raad van commissarissen kiest uit zijn midden een voorzitter en kan uit zijn midden een vice-voorzitter kiezen Bij afwezigheid van de voorzitter en de vice-voorzitter wordt de functie van voorzitter waargenomen door één der andere commissarissen, door de raad van commissarissen aan te wijzen. Article 23. Vergaderingen; besluitvorming De raad van commissarissen vergadert zo vaak zulks door de voorzitter dan wel door ten minste twee (2) commissarissen wenselijk wordt geoordeeld; de voorzitter of diens plaatsvervanger zit de vergadering voor; van het verhandelde worden notulen gehouden. De bestuurders wonen de vergaderingen bij, tenzij de raad van commissarissen te kennen geeft afzonderlijk te willen vergaderen In de vergadering van de raad van commissarissen worden besluiten genomen bij volstrekte meerderheid van de ter vergadering uitgebrachte stemmen In geval van staking van stemmen beslist de voorzitter, indien er meer dan twee 61

62 commissarissen aanwezig zijn Een commissaris neemt niet deel aan de beraadslaging en besluitvorming binnen de raad van commissarissen, indien hij daarbij een direct of indirect persoonlijk belang heeft dat tegenstrijdig is met het belang van de vennootschap en de met haar verbonden onderneming. De commissaris die in verband met een (potentieel) tegenstrijdig belang niet de taken en bevoegdheden uitoefent die hem anders als commissaris zouden toekomen, wordt in zoverre aangemerkt als een commissaris die belet heeft in de zin van artikel 25. Wanneer hierdoor geen besluit van de raad van commissarissen kan worden genomen, beslist de raad van commissarissen alsnog De raad van commissarissen kan buiten vergadering een besluit nemen, indien het desbetreffende voorstel aan alle commissarissen is voorgelegd, geen van de commissarissen zich tegen deze wijze van besluitvorming heeft verzet en de meerderheid van de commissarissen zich voor het voorstel heeft verklaard. Na besluitvorming buiten vergadering door de raad van commissarissen zullen alle leden van de raad van commissarissen hiervan op de hoogte worden gebracht Van een besluit van de raad van commissarissen kan te allen tijde worden blijk gegeven door middel van een daartoe strekkende schriftelijke verklaring van de voorzitter van de raad van commissarissen en in geval van afwezigheid, ontstentenis of belet van deze door één van de andere commissarissen van de vennootschap. Article 24. Commissies De raad van commissarissen kan, onverminderd zijn verantwoordelijkheid, uit zijn midden één of meer commissies benoemen, met als taak het behandelen van door de raad van commissarissen nader aan te geven onderwerpen. 62

63 24.2 De samenstelling van deze commissie(s) wordt door de raad van commissarissen vastgesteld De algemene vergadering van aandeelhouders kan aan de leden van de commissie(s) voor hun bemoeiingen als zodanig een honorarium toekennen. Article 25. Ontstentenis of belet De raad van commissarissen kan voor elke vacante zetel in de raad van commissarissen bepalen dat deze tijdelijk zal worden bezet door een persoon (een tijdelijk waarnemer) aangewezen door de raad van commissarissen. Als zodanig kunnen onder meer (maar niet uitsluitend) voormalige commissarissen (ongeacht de reden waarom zij geen commissaris meer zijn) worden aangewezen Indien en voor zolang alle zetels in de raad van commissarissen vacant zijn en er geen enkele zetel tijdelijk wordt bezet, bepaalt het bestuur in hoeverre en op welke wijze de taak en bevoegdheden van de raad van commissarissen tijdelijk worden waargenomen Het bepaalde in de artikelen 18.2 en 18.3 is van overeenkomstige toepassing. Article 26. Vrijwaring en verzekering Voor zover rechtens toelaatbaar vrijwaart de vennootschap ieder zittend en voormalig bestuurder en commissaris (ieder van hen, alleen voor de toepassing van dit artikel 26, een Gevrijwaarde Persoon) en stelt deze schadeloos, voor elke aansprakelijkheid en alle claims, uitspraken, boetes en schade (Claims) die de Gevrijwaarde Persoon heeft moeten dragen in verband met een te verwachten, lopende of beëindigde actie, onderzoek of andere procedure van civielrechtelijke, strafrechtelijke of administratiefrechtelijke aard (elk, een Juridische Actie) van of geïnitieerd door enige partij, niet zijnde de vennootschap of 63

64 een groepsmaatschappij daarvan, als gevolg van enig doen of nalaten in zijn hoedanigheid van Gevrijwaarde Persoon of een daaraan gerelateerde hoedanigheid. Onder Claims worden mede verstaan afgeleide acties tegen de Gevrijwaarde Persoon van of geïnitieerd door de vennootschap of een groepsmaatschappij daarvan alsmede (regres)vorderingen van de vennootschap of een groepsmaatschappij daarvan ter zake van betalingen op grond van claims van derden, indien de Gevrijwaarde Persoon daarvoor persoonlijk aansprakelijk wordt gehouden De Gevrijwaarde Persoon wordt niet gevrijwaard voor Claims voor zover deze betrekking hebben op het behalen van persoonlijke winst, voordeel of beloning waartoe hij juridisch niet was gerechtigd, of als de aansprakelijkheid van de Gevrijwaarde Persoon wegens opzet of bewuste roekeloosheid bij in kracht van gewijsde gegaan vonnis is vastgesteld De vennootschap zorgt voorts voor een adequate verzekering tegen Claims tegen zittende en voormalige bestuurders en commissarissen (bca-verzekering) en draagt daarvan de kosten, tenzij zodanige verzekering niet op redelijke voorwaarden verkregen kan worden Alle kosten (redelijke advocatenhonoraria en proceskosten inbegrepen) (tezamen Kosten) die de Gevrijwaarde Persoon heeft moeten dragen in verband met een Juridische Actie zullen door de vennootschap worden voldaan of vergoed, maar slechts na ontvangst van een schriftelijke toezegging van de Gevrijwaarde Persoon dat hij zodanige Kosten zal terugbetalen als een bevoegde rechter bij in kracht van gewijsde gegaan vonnis heeft vastgesteld dat hij niet gerechtigd is om aldus schadeloos gesteld te worden. Onder Kosten wordt mede verstaan de door de Gevrijwaarde Persoon 64

65 eventueel verschuldigde belasting op grond van de aan hem gegeven vrijwaring Ook ingeval van een Juridische Actie tegen de Gevrijwaarde Persoon die aanhangig is gemaakt door de vennootschap of een groepsmaatschappij zal de vennootschap redelijke advocatenhonoraria en proceskosten voldoen of aan de Gevrijwaarde Persoon vergoeden, maar slechts na ontvangst van een schriftelijke toezegging van de Gevrijwaarde Persoon dat hij zodanige honoraria en kosten zal terugbetalen als een bevoegde rechter bij in kracht van gewijsde gegaan vonnis de Juridische Actie heeft beslist in het voordeel van de vennootschap of de desbetreffende groepsmaatschappij De Gevrijwaarde Persoon zal geen persoonlijke financiële aansprakelijkheid jegens derden aanvaarden en geen vaststellingsovereenkomst in dat opzicht aangaan, zonder voorafgaande schriftelijke toestemming van de vennootschap. De vennootschap en de Gevrijwaarde Persoon zullen zich in redelijkheid inspannen om samen te werken teneinde overeenstemming te bereiken over de wijze van verdediging terzake van enige Claim. Indien echter de vennootschap en de Gevrijwaarde Persoon geen overeenstemming bereiken zal de Gevrijwaarde Persoon, om aanspraak te kunnen maken op de vrijwaring als bedoeld in dit artikel 26, alle door de vennootschap naar eigen inzicht gegeven instructies opvolgen De vrijwaring als bedoeld in dit artikel 26 geldt niet voor Claims en Kosten voor zover deze door verzekeraars worden vergoed Dit artikel 26 kan worden gewijzigd zonder instemming van de Gevrijwaarde Personen als zodanig. Echter, de hierin gegeven vrijwaring zal niettemin haar gelding behouden ten aanzien van Claims en/of 65

66 Kosten die zijn ontstaan uit handelingen of nalatigheid van de Gevrijwaarde Persoon in de periode waarin deze bepaling van kracht was. HOOFDSTUK 6. JAARREKENING; WINST EN UITKERINGEN. Article 27. Boekjaar en jaarrekening Het boekjaar van de vennootschap valt samen met het kalenderjaar Jaarlijks binnen vier (4) maanden na afloop van het boekjaar maakt het bestuur een jaarrekening op en legt deze voor de aandeelhouders en andere personen met vergaderrechten ter inzage ten kantore van de vennootschap. Binnen deze termijn legt het bestuur ook het jaarverslag ter inzage voor de aandeelhouders en andere personen met vergaderrechten De jaarrekening wordt ondertekend door de bestuurders en door de leden van de raad van commissarissen. Ontbreekt de ondertekening van één of meer van hen, dan wordt daarvan onder opgave van reden melding gemaakt De raad van commissarissen maakt jaarlijks een bericht op dat bij de jaarrekening en het jaarverslag wordt gevoegd De vennootschap zorgt dat de opgemaakte jaarrekening, het jaarverslag, het bericht van de raad van commissarissen en de krachtens de wet toe te voegen gegevens vanaf de oproeping voor de jaarlijkse algemene vergadering van aandeelhouders te haren kantore aanwezig zijn. Aandeelhouders en andere personen met vergaderrechten kunnen de stukken aldaar inzien en er kosteloos een afschrift van verkrijgen Op de jaarrekening, het jaarverslag en de krachtens de wet toe te voegen gegevens zijn voorts van toepassing de bepalingen van Boek 2, Titel 9, van het Burgerlijk Wetboek. 66

67 27.7 De taal van de jaarrekening en het jaarverslag is Engels of Duits. Article 28. Externe accountant De algemene vergadering van aandeelhouders kan of indien verplicht zal aan een organisatie, waarin registeraccountants samenwerken als bedoeld in artikel 2:393 lid 1 van het Burgerlijk Wetboek (een externe accountant), opdracht verlenen om de door het bestuur opgemaakte jaarrekening te onderzoeken overeenkomstig het bepaalde in artikel 2:393 lid 3 van het Burgerlijk Wetboek De externe accountant is gerechtigd tot inzage van alle boeken en bescheiden van de vennootschap. Het is hem verboden hetgeen hem over de zaken der vennootschap blijkt of medegedeeld wordt verder bekend te maken dan zijn opdracht met zich brengt. Zijn bezoldiging komt ten laste van de vennootschap De externe accountant brengt omtrent zijn onderzoek verslag uit aan de raad van commissarissen en aan het bestuur. Hij maakt daarbij ten minste melding van zijn bevindingen met betrekking tot de betrouwbaarheid en continuïteit van de geautomatiseerde gegevensverwerking De externe accountant geeft de uitslag van zijn onderzoek weer in een verklaring omtrent de getrouwheid van de jaarrekening De jaarrekening kan niet worden vastgesteld, indien de algemene vergadering van aandeelhouders geen kennis heeft kunnen nemen van de verklaring van de externe accountant, die aan de jaarrekening moest zijn toegevoegd indien zulks het geval is, tenzij onder de overige gegevens bij de jaarrekening een wettige grond wordt medegedeeld waarom de verklaring ontbreekt. 67

68 Article 29. Vaststelling van de jaarrekening en kwijting De algemene vergadering stelt de jaarrekening vast In de algemene vergadering van aandeelhouders waarin tot vaststelling van de jaarrekening wordt besloten, worden afzonderlijk aan de orde gesteld voorstellen tot het verlenen van kwijting aan de bestuurders en van de leden van de raad van commissarissen voor de uitoefening van hun taak, voor zover van die taakuitoefening blijkt uit de jaarrekening of uit informatie die anderszins voorafgaand aan de vaststelling van de jaarrekening aan de algemene vergadering is verstrekt. Article 30. Winst en uitkeringen Het bestuur kan met goedkeuring van de raad van commissarissen een deel van de winst, behaald in een boekjaar bestemmen voor de versterking van/of de vorming van reserves De winst die overblijft na toepassing van artikel 30.1 staat ter beschikking van de algemene vergadering. Het bestuur, onder goedkeuring van de raad van commissarissen, doet daartoe een voorstel. Het voorstel tot uitkering van dividend wordt als apart agendapunt op de algemene vergadering van aandeelhouders behandeld Uitkeringen ten laste van de uitkeerbare reserves van de vennootschap worden gedaan krachtens besluit van het bestuur, onder goedkeuring van de raad van commissarissen Mits uit een door het bestuur ondertekende tussentijdse vermogensopstelling blijkt dat aan het in artikel 30.7 bedoelde vereiste betreffende de vermogenstoestand is voldaan, kan het bestuur, met goedkeuring van de raad van commissarissen, aan de aandeelhouders één of meer tussentijdse uitkeringen doen. 68

69 30.5 Het bestuur is bevoegd, onder goedkeuring van de raad van commissarissen, om te bepalen dat een uitkering op aandelen niet in geld maar in de vorm van aandelen zal worden gedaan of te bepalen dat de aandeelhouders de keuze wordt gelaten om de uitkering in geld en/of in de vorm van gewone aandelen te nemen, één en ander uit de winst en/of uit een reserve en één en ander voor zover het bestuur overeenkomstig het bepaalde in de artikelen 6.2 en 6.3 door de algemene vergadering is aangewezen. Het bestuur stelt, onder goedkeuring van de raad van commissarissen, de voorwaarden vast waaronder een dergelijke keuze kan worden gedaan Het reserverings- en dividendbeleid van de vennootschap wordt vastgesteld en kan worden gewijzigd door het bestuur, onder goedkeuring van de raad van commissarissen. De vaststelling en nadien elke wijziging van het reserverings- en dividendbeleid wordt als apart agendapunt op de algemene vergadering van aandeelhouders behandeld en verantwoord Uitkeringen kunnen slechts worden gedaan voor zover het eigen vermogen groter is dan het bedrag van het gestorte en opgevraagde deel van het kapitaal vermeerderd met de reserves die krachtens de wet of deze statuten moeten worden aangehouden. Article 31. Betaalbaarstelling van en gerechtigdheid tot uitkeringen Dividenden en andere uitkeringen worden betaalbaar gesteld binnen vier (4) weken na vaststelling, tenzij de algemene vergadering daartoe op voorstel van het bestuur een andere datum bepaalt De vordering tot uitkering van dividend verjaart door een tijdsverloop van vijf (5) jaren na de dag van betaalbaarstelling 69

70 HOOFDSTUK 7. DE ALGEMENE VERGADERING. Article 32. Jaarlijkse algemene vergadering van aandeelhouders Jaarlijks wordt uiterlijk in de maand juni een algemene vergadering van aandeelhouders gehouden De agenda van die vergadering vermeldt onder meer de volgende punten ter behandeling: (a) bespreking van het jaarverslag; (b) bespreking van de remuneratie van het bestuur; (c) bespreking en vaststelling van de jaarrekening; (d) voorstel tot uitkering van dividend (indien van toepassing); (e) benoeming van een externe accountant (indien van toepassing); (f) andere onderwerpen, door de raad van commissarissen of het bestuur aan de orde gesteld en aangekondigd met inachtneming van de bepalingen van deze statuten, zoals inzake (i) het verlenen van kwijting aan de bestuurders en de commissarissen; (ii) bespreking van het reserverings- en dividendbeleid; (iii) aanwijzing van een orgaan van de vennootschap dat bevoegd is tot uitgifte van aandelen; en/of (iv) machtiging van het bestuur tot het doen van uitkering en verkrijgen van eigen aandelen of certificaten daarvan door de vennootschap. Article 33. Buitengewone algemene vergadering van aandeelhouders. Algemene vergaderingen van aandeelhouders worden voorts gehouden, zo dikwijls de raad van commissarissen of het bestuur zulks noodzakelijk acht, onverminderd het bepaalde in de artikelen 2:108a, 2:110, 2:111 en 2:112 van het Burgerlijk Wetboek. 70

71 Article 34. Oproeping en agenda van vergaderingen De algemene vergaderingen van aandeelhouders worden bijeengeroepen door de raad van commissarissen of het bestuur De oproeping geschiedt met inachtneming van de wettelijke oproepingstermijn Bij de oproeping worden vermeld: (a) de te behandelen onderwerpen; (b) de plaats en het tijdstip van de algemene vergadering; (c) de vereisten voor toegang tot de algemene vergadering zoals omschreven in de artikelen 38.1 en 38.2 (indien van toepassing), alsmede de informatie als bedoeld in artikel 39.3 (indien van toepassing); en (d) het adres van de website van de vennootschap, alsmede overige door de wet voorgeschreven informatie Mededelingen welke krachtens de wet of de statuten aan de algemene vergadering moeten worden gericht, kunnen geschieden door opneming hetzij in de oproeping hetzij in een stuk dat ter kennisneming ten kantore van de vennootschap is neergelegd, mits daarvan in de oproeping melding wordt gemaakt Aandeelhouders en/of andere personen met vergaderrechten die alleen of gezamenlijk voldoen aan de vereisten uiteengezet in artikel 2:114a lid 2 van het Burgerlijk Wetboek, hebben het recht om aan het bestuur of de raad van commissarissen het verzoek te doen om onderwerpen op de agenda van de algemene vergadering van aandeelhouders te plaatsen, mits de redenen voor het verzoek daarin zijn vermeld en het verzoek ten minste zestig (60) dagen voor de datum van de algemene vergadering van aandeelhouders bij de 71

72 voorzitter van het bestuur of de voorzitter van de raad van commissarissen schriftelijk is ingediend De oproeping geschiedt op de wijze vermeld in artikel 40. Article 35. Plaats van vergaderingen. Algemene vergaderingen van aandeelhouders worden gehouden te Amsterdam of in de gemeente Haarlemmermeer (inclusief luchthaven Schiphol), ter keuze van degene die de vergadering bijeenroept. Article 36. Voorzitter van de vergadering De algemene vergadering van aandeelhouders wordt geleid door de voorzitter van de raad van commissarissen of diens plaatsvervanger. De raad van commissarissen kan echter ook een ander aanwijzen om de vergadering te leiden. Aan de voorzitter van de vergadering komen alle bevoegdheden toe die nodig zijn om de vergadering goed en ordelijk te laten functioneren Indien niet volgens artikel 36.1 in het voorzitterschap van een vergadering is voorzien, voorziet de vergadering zelf in het voorzitterschap, met dien verstande dat, zolang die voorziening niet heeft plaatsgehad, het voorzitterschap wordt waargenomen door een bestuurder, daartoe door de aanwezige leden van het bestuur aangewezen. Article 37. Notulen Van het verhandelde in de algemene vergadering van aandeelhouders worden door een door de voorzitter aangewezen secretaris notulen gehouden, welke door de voorzitter en de secretaris worden vastgesteld en ten blijke daarvan door hen ondertekend De voorzitter kan echter bepalen dat van het verhandelde een notarieel procesverbaal van vergadering wordt opgemaakt. 72

73 Alsdan is de mede-ondertekening daarvan door de voorzitter voldoende. Article 38. Vergaderrechten en toegang Iedere aandeelhouder en iedere andere persoon met vergaderrechten is bevoegd de algemene vergaderingen van aandeelhouders, in persoon danwel vertegenwoordigd door een schriftelijk gevolmachtigde, bij te wonen, daarin het woord te voeren en, voor zover het hem toekomt, het stemrecht uit te oefenen Voor iedere algemene vergadering van aandeelhouders geldt een volgens de wet vast te stellen registratiedatum teneinde vast te stellen aan wie de aan aandelen verbonden stem- en vergaderrechten toekomen. Bij de oproeping van de vergadering wordt de registratiedatum vermeld alsmede de wijze waarop personen met vergaderrechten zich kunnen laten registreren en de wijze waarop zij hun rechten kunnen uitoefenen Een persoon met vergaderrechten, of diens gevolmachtigde, wordt alleen tot de vergadering toegelaten indien hij de vennootschap schriftelijk van zijn voornemen om de vergadering bij te wonen heeft kennis gegeven, zulks op de plaats die en uiterlijk op het tijdstip dat in de oproeping is vermeld. De gevolmachtigde dient tevens zijn schriftelijke volmacht te tonen Het bestuur kan bepalen dat vergaderrechten en het stemrecht in een algemene vergadering van aandeelhouders als bedoeld in artikel 38.1 kunnen worden uitgeoefend door middel van een elektronisch communicatiemiddel. Hiervoor is in ieder geval vereist dat iedere persoon met vergaderrechten, of zijn vertegenwoordiger, via het elektronisch communicatiemiddel kan worden geïdentificeerd, rechtstreeks kan kennisnemen van de verhandelingen ter 73

74 vergadering en het stemrecht kan uitoefenen. Het bestuur kan daarbij bepalen dat bovendien is vereist dat iedere persoon met vergaderrechten, of zijn vertegenwoordiger, via het elektronisch communicatiemiddel kan deelnemen aan de beraadslaging Het bestuur kan nadere voorwaarden stellen aan het gebruik van het elektronische communicatiemiddel als bedoeld in artikel 38.4, mits deze voorwaarden redelijk en noodzakelijk zijn voor de identificatie van personen met vergaderrechten en de betrouwbaarheid en veiligheid van de communicatie. Deze voorwaarden worden bij de oproeping bekend gemaakt. Het voorgaande laat onverlet de bevoegdheid van de voorzitter om in het belang van een goede vergaderorde die maatregelen te treffen die hem goeddunken. Een eventueel niet of gebrekkig functioneren van de gebruikte elektronische communicatiemiddelen komt voor risico van de personen met vergaderrechten die ervan gebruik maakt Onder de zorg van de secretaris van de vennootschap wordt met betrekking tot elke algemene vergadering van aandeelhouders een presentielijst opgemaakt. In de presentielijst worden van elke aanwezige of vertegenwoordigde stemgerechtigde opgenomen diens naam en het aantal stemmen dat door hem kan worden uitgebracht alsmede, indien van toepassing, de naam van diens vertegenwoordiger. Tevens worden in de presentielijst opgenomen de hiervoor bedoelde gegevens van stemgerechtigde personen die ingevolge artikel 38.4 deelnemen aan de vergadering of hun stem hebben uitgebracht op de wijze zoals bedoeld in artikel De vennootschap is bevoegd zodanige verificatieprocedures in te stellen als zij redelijkerwijs nodig zal oordelen om de identiteit van personen met 74

75 vergaderrechten en, waar van toepassing, de identiteit en bevoegdheid van vertegenwoordigers te kunnen vaststellen Commissarissen en bestuurders zijn bevoegd in persoon de algemene vergadering van aandeelhouders bij te wonen en daarin het woord te voeren; zij hebben als zodanig in de vergadering een raadgevende stem. Voorts is de externe accountant bevoegd de algemene vergaderingen van aandeelhouders bij te wonen en daarin het woord te voeren Over de toelating tot de vergadering van anderen dan de hiervoor in dit artikel 38 bedoelde personen beslist de voorzitter van de vergadering De officiële taal van een algemene vergadering van aandeelhouders is Engels of Duits, zoals vastgesteld door de raad van commissarissen. Article 39. Besluitvorming en stemmingen Elk aandeel geeft recht op het uitbrengen van één stem Alle besluiten in de algemene vergadering van aandeelhouders worden, behalve in de gevallen waarin de wet of deze statuten een grotere meerderheid voorschrijven, genomen bij volstrekte meerderheid ter vergadering uitgebrachte stemmen. Indien de stemmen staken wordt het voorstel verworpen Het bestuur kan bepalen dat stemmen die voorafgaand aan de algemene vergadering van aandeelhouders via een elektronisch communicatiemiddel of per post zijn uitgebracht worden gelijk gesteld met stemmen die ten tijde van de vergadering worden uitgebracht. Deze stemmen kunnen echter niet eerder worden uitgebracht dan de registratiedatum als bedoeld in artikel Onverminderd het overigens in artikel 38 bepaalde wordt bij de oproeping vermeld op welke wijze en onder welke voorwaarden de stemgerechtigden hun 75

76 rechten voorafgaand aan de algemene vergadering van aandeelhouders kunnen uitoefenen Blanco en niet rechtsgeldige stemmen worden als niet uitgebracht beschouwd De voorzitter van de vergadering bepaalt of en in hoeverre de stemming mondeling, schriftelijk, elektronisch of bij acclamatie geschiedt Is bij de verkiezing van personen geen volstrekte meerderheid der rechtsgeldig ter vergadering uitgebrachte stemmen verkregen, dan moet, zo nodig na een gehouden tussenstemming, herstemd worden tussen de twee personen, die bij de eerste stemming het grootste en het op een na grootste aantal stemmen op zich verenigd hebben en is degene gekozen, op wie bij herstemming de meeste stemmen zijn uitgebracht. Staken in dit geval de stemmen, dan beslist de raad van commissarissen Bij staking van stemmen over zaken, is het voorstel verworpen Bij de vaststelling in hoeverre aandeelhouders stemmen, aanwezig of vertegenwoordigd zijn, of in hoeverre het geplaatste kapitaal van de vennootschap vertegenwoordigd is, wordt geen rekening gehouden met aandelen waarvan de wet bepaalt dat daarvoor geen stemrecht kan worden uitgebracht. Article 40. Oproepingen en kennisgevingen De oproepingen tot de algemene vergaderingen van aandeelhouders geschieden via de website van de vennootschap en/of via een langs andere elektronische weg openbaar gemaakte aankondiging, naar goeddunken van de vennootschap De vennootschap kan aandeelhouders ook langs schriftelijke weg oproepen. In dat geval zal zij dit doen aan het adres dat door de aandeelhouder voor dit doel aan de 76

77 vennootschap bekend is gemaakt. Tenzij het tegendeel ondubbelzinnig blijkt, geldt opgave van een elektronisch postadres door een aandeelhouder aan de vennootschap als bewijs van diens instemming met toezending langs elektronische weg Het bepaalde in de artikelen 40.1 en 40.2 is van overeenkomstige toepassing op andere aankondigingen, bekendmakingen, mededelingen en kennisgevingen aan aandeelhouders. HOOFDSTUK 8. STATUTENWIJZIGING EN ONTBINDING. Article 41. Besluit tot statutenwijziging of ontbinding De algemene vergadering van aandeelhouders kan een besluit tot wijziging van de statuten of tot ontbinding van de vennootschap nemen met een volstrekte meerderheid van de uitgebrachte stemmen, echter alleen op een door de raad van commissarissen goedgekeurd voorstel van het bestuur. Een dergelijk voorstel moet steeds in de oproeping tot de algemene vergadering van aandeelhouders worden vermeld Wanneer aan de algemene vergadering een voorstel tot statutenwijziging wordt gedaan, moet tegelijkertijd een afschrift van het voorstel, waarin de voorgestelde wijziging woordelijk is opgenomen, op het kantoor van de vennootschap ter inzage van aandeelhouders en andere personen met vergaderrechten tot de afloop der vergadering worden neergelegd; tevens dient een afschrift van het voorstel voor aandeelhouders en andere personen met vergaderrechten van de dag van de nederlegging tot die van de vergadering kosteloos verkrijgbaar te worden gesteld. Article 42. Vereffening In geval van ontbinding van de vennootschap krachtens besluit van de 77

78 algemene vergadering zijn de bestuurders belast met de vereffening van de zaken van de vennootschap en de raad van commissarissen met het toezicht daarop, onverminderd het bepaalde in artikel 2:23 lid 2 van het Burgerlijk Wetboek De bepalingen van deze statuten blijven voor zoveel mogelijk gedurende de vereffening van kracht Van hetgeen resteert van het vermogen van de vennootschap na betaling van alle schulden en de kosten van de vereffening wordt uitgekeerd aan de aandeelhouders. Alle uitkeringen geschieden naar rato van het aantal aandelen iedere aandeelhouder houdt De vereffenaars zijn bevoegd om, indien de staat van de boedel daartoe aanleiding geeft, een uitkering bij voorbaat te doen Na de vereffening blijven gedurende de daarvoor in de wet gestelde termijn de boeken en bescheiden van de vennootschap berusten onder degene, die daartoe door de vereffenaars is aangewezen. Op de vereffening zijn overigens de bepalingen van Titel 1, Boek 2 van het Burgerlijk Wetboek van toepassing

79 RNTS Media N.V. Stock Option Plan 79

80 RNTS MEDIA N.V. OPTION PLAN This Option Plan is designed in order to grant options on ordinary shares in the capital of RNTS Media N.V. to certain management board members and employees of RNTS Media N.V. and its Subsidiaries following a consistent course of action as regards the conditions and periodicity of the grants. This Option Plan was originally approved on 1 April 2015 (Initial Adoption Date). This Option Plan was amended and restated by the Supervisory Board and approved by the General Meeting on [11 April 2017] 2017 (Amendment Date). 1. Definitions The following terms apply: Administrator Change of Control Closed Period Company Company Insider Trading Policy Compliance Officer means the Supervisory Board, a committee of the Supervisory Board or a third party designated at the discretion of the Supervisory Board to administer this Option Plan. means (i) the event where one Person or group of Persons, acting in concert, acquire(s) the Control over the Company or its legal successors; or (ii) a sale, transfer, transmission or otherwise, directly or indirectly, of all or almost all of the assets of the Company, by means of one transaction or by a series of transactions. If, for the purpose of sub (ii), there is any doubt on what qualifies as all or almost all of the assets of the Company, this shall be determined conclusively by the Supervisory Board. means a closed period of the Company within the meaning of the Company Insider Trading Policy. means (i) RNTS Media N.V., a public limited liability company, incorporated under the laws of the Netherlands (naamloze vennootschap), having its official seat at Amsterdam, the Netherlands, its registered office at Johannisstrasse 20, Berlin, the Federal Republic of Germany and registered with the Dutch Commercial Register under number and (ii) its legal successor(s). means the the Company Insider Trading Policy, as amended from time to time. means an officer with such title, appointed in accordance with the terms 80

81 of the the Company Insider Trading Policy. Control Date of Grant Disability Fair Market Value General Meeting Inside Information Management Board Nominee means, in relation to a Person, the power to exercise, directly or indirectly, more than fifty per cent. (50%) of the controlling rights of that Person or the possibility to appoint or designate more than fifty per cent. (50%) of the total number of members of the Management Board or any other similar managerial body, through ownership of the Shares or other securities, by means of agreement, power of attorney or otherwise. means the day that an Option is granted as set out in the relevant Option Agreement. For Options granted to non-us Optionees in fulfilment of certain binding promises made prior to the adoption of this Option Plan, the Date of Grant shall be the date pursuant to such earlier promises, as determined in good faith by the Supervisory Board or, as the case may be, the Administrator, and in accordance with Dutch law and which shall be set out in the relevant Option Agreement. means the inability of an Optionee to engage in any substantially gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or which has lasted or can be expected to last for a continuous period of not less than twelve (12) months, and shall be determined by the Supervisory Board on the basis of such medical evidence as the Supervisory Board deems warranted under the circumstances. means the average closing price of the Shares of the last five (5) trading days preceding the relevant date, on the Principal Exchange. means the general meeting of shareholders (algemene vergadering van aandeelhouders) of the Company. means information as defined in the the Company Insider Trading Policy. means the management board of the Company. means (i) an employee or manager of the Company or its Subsidiaries (including the members of the Management Board) or (ii) an individual not being a member of the Management Board, otherwise having a business relationship with the Company or its Subsidiaries as nominated by the Management Board (including an Executive as defined in the 81

82 the Company Insider Trading Policy). Open Period Option Agreement Option Plan Option Price Optionee Options Person Principal Exchange Shares Start Date means an open period of the Company as defined in the the Company Insider Trading Policy. means an agreement between a Nominee and the Company in relation to the grant of Options specifying, amongst others, the Date of Grant, the Start Date, the number of Options, the Option Price, the applicable Vesting schedule as referred to in Article 7.2, the applicable exercise period and a brief description of the performance condition(s) as a condition of Vesting, if any. means this RNTS Media N.V. Stock Option Plan, as amended from time to time. means the exercise price of Options as laid down in the relevant Option Agreement. means a Nominee who has accepted Options offered under an Option Agreement. means a right to purchase Shares at the Option Price subject to the terms of the Option Plan and the Option Agreement. means a natural person, body, company, legal person, association, foundation, special-purpose fund and other entities. means (i) in case the Shares are listed on one stock exchange, the stock exchange where the Shares are listed, currently being the Frankfurt Stock Exchange or (ii) in case the Shares are listed on more than one stock exchange, the exchange with the highest accumulated turnover (in value of Shares and derivatives of the Shares) over the three (3) months preceding the relevant date. means ordinary shares in the capital of the Company. means the Date of Grant, unless (i) the Supervisory Board determines otherwise for a Nominee being a member of the Management Board or (ii) the Management Board determines otherwise for a Nominee not being a member of the Management Board. 82

83 Subsidiaries Supervisory Board Termination for Cause Termination of Employment Event Termination Without Cause US Optionee Vest, Vested, Vesting means any subsidiary (dochtermaatschappij) within the meaning of section 2:24a of the Dutch Civil Code) of the Company. means the supervisory board of the Company. means the occurrence of a Termination of Employment Event (i) at the initiative of the Company or any Subsidiary on the basis of an urgent cause or a serious cause in a situation where (serious) blame can be attributed to the Optionee including dishonesty, fraud, wilful misfeasance, gross negligence or other gross misconduct by the Optionee or (ii) at the initiative of the Optionee in a situation where the Company or any Subsidiary could terminate the employment, management or other relevant business relationship, between an Optionee and the Company or any Subsidiary on the basis of an urgent cause or a serious cause in a situation where (serious) blame can be attributed to the Optionee as set out above, unless determined otherwise by the Supervisory Board. means the termination of the employment, management or other relevant business relationship, between an Optionee and the Company or any Subsidiary for any reason, including but not limited to the death of an Optionee or long term illness or Disability. means the occurrence of a Termination of Employment Event with respect to an Optionee that is not a Termination for Cause. means an Optionee that is a resident of the United States. means the event of an Option becoming exercisable as described in Articles 7 and 9, as the case may be, which may, amongst others, be conditional upon the performance condition(s), if any, being satisfied. 2. Scope 2.1 Under this Option Plan Nominees may be granted Options. 2.2 Unless extended by the General Meeting, this Option Plan shall be effective until ten (10) years from the Initial Adoption Date; provided that Options granted during the term of this Option Plan shall continue to Vest and be exercisable as set forth in the relevant Option Agreement after the expiration of such ten (10)-year term. 83

84 3. Purpose of the Option Plan The purpose of the Option Plan is to provide Nominees with an opportunity to participate directly in the growth of the value of the Company by receiving Options. 4. Administration of the Option Plan 4.1 The Option Plan shall be administered by the Administrator. Any designation as Administrator by the Supervisory Board can at all times be revoked by the Supervisory Board. 4.2 The Administrator shall be authorized to take all actions required or advisable for the administration and proper implementation of the Option Plan. 4.3 The Administrator shall be authorized: (i) (ii) to interpret the Option Plan unless specifically provided otherwise in this Option Plan; and to make all other decisions necessary or advisable to enable the administration and proper implementation of the Option Plan. 4.4 The Company and/or the Administrator may select a third party service provider (Service Provider) that provides for an online-platform and other services for Nominees and Optionees through which, amongst others, certain actions and transactions of a Nominee or Optionee in the context of this Option Plan should be dealt with and who may act as an intermediary between the Administrator and the Company and the Nominee or Optionee. In order to participate in the Option Plan, an Optionee must accept the terms and conditions of the use of the online-platform and the other services provided by the Service Provider if such Service Provider is selected. 5. Grant of Options 5.1 The Supervisory Board and Management Board must act in accordance with the rules under the Company Insider Trading Policy and any applicable securities regulations as regards the granting, Vesting and settlement of any Options. 5.2 The total number of Shares in respect of which Options may be granted under the Option Plan shall not exceed fifteen per cent. (15%) of the Company's issued and outstanding share capital on a fully diluted basis taking into account the limitations set out in Articles 5.4, 5.5 and 5.6. Shares in respect of which Options are granted will again be available for the grant of Options hereunder to the extent that the relevant Options lapse or are forfeited, without having been exercised in full, subject to the provisions of this Option Plan and a resolution of the Supervisory Board as to the terms and conditions of such new grants of Options. 84

85 5.3 Options to Nominees being members of the Management Board can be granted by the Supervisory Board. Options to Nominees not being members of the Management Board can be granted by the Management Board. Options to Nominees not being members of the Management Board who are joining the Company or any of its Subsidiaries will be granted within the first week of each quarter of the Company s financial year. Options to Nominees being members of the Management Board who are joining the Company or any of its Subsidiaries will be granted within the first week of each quarter of a financial year if this falls in an Open Period. Options to other Nominees may only be granted at a fixed day, that falls within an Open Period, as shall be determined in joint consultation between the Supervisory Board and the Management Board at least one (1) year in advance. The Company strives to apply a consistent course of action with regard to the grant of Options but such is without prejudice to the fact that an Option may also be granted at any other time during the year only if the Supervisory Board considers the circumstances to be exceptional to do so. 5.4 The aggregate number of Shares in respect of which Options may be granted under the Option Plan to Nominees, being members of the Management Board, shall at no time exceed the total of seven per cent. (7%) of the Company's issued and outstanding Share capital on a fully diluted basis. 5.5 The aggregate number of Shares in respect of which Options may be granted under the Option Plan to Nominees, not being a member of the Management Board, shall at no time exceed the total of eight per cent. (8%) of the Company's issued and outstanding Share capital on a fully diluted basis. 5.6 In one (1) year the maximum total number of Shares in respect of which Options may be granted to a Nominee, being a member of the Management Board, cannot exceed one per cent. (1%) of the Company's issued and outstanding Share capital on a fully diluted basis and for a Nominee, not being a member of the Management Board, this number cannot exceed a half per cent. (0.5%), unless the Supervisory Board, upon proposal of the Management Board, considers it appropriate to grant a larger number in case of exceptional circumstances. 5.7 Each grant of Options will be evidenced by an Option Agreement. Options shall be granted in accordance with the terms and conditions set out in this Option Plan. 5.8 A grant of an Option is a one-time benefit which does not create any contractual or other rights to receive future grants of Options, or benefit in lieu of such Options. 85

86 6. Price An Optionee is not under any obligation to pay any amount to the Company in respect of the grant of Options. Subject to the provisions of Articles 8.6, 8.9 and 9.2, an Optionee who exercised his Options other than by way of the net exercise mechanism is obliged to pay the Option Price upon exercise as laid down in Article 8.4 and the Option Agreement. 7. Transfer and Vesting of Options 7.1 Except as provided for under the Option Plan, the Options may not be sold, assigned, transferred, pledged, mortgaged or otherwise disposed of, unless otherwise agreed by the Supervisory Board on a case by case basis in the event of exceptional circumstances. The aforementioned prohibition does not apply to the transmission of Vested Options to the heirs of an Optionee, subject to the terms of the relevant Option Agreement and applicable law. 7.2 The Option Agreement shall contain a Vesting schedule relating to each Option. Unless otherwise determined in the Option Agreement at the time the Option is granted, each Option will Vest (i.e., such Option will actually become exercisable) annually over a period of three (3) years in equal portions at the first, second and third anniversary of the Start Date subject to (i) no occurrence of a Termination of Employment Event as further described in Articles 7.4 and 7.5 and (ii) the satisfaction of any performance condition(s), if any, imposed under Article 7.3, such to be determined by the Supervisory Board in its sole discretion. Unless the Supervisory Board has determined a longer or shorter exercise period, Vested Options may be exercised, subject to the provisions of Articles 8.1 to 8.10, until the date five (5) years from the Start Date, unless the Vesting is postponed pursuant to the terms of the relevant Option Agreement. If the Vesting of Options for any year is postponed, the exercise period shall be extended once by a maximum period of one (1) year. Options which have not been exercised prior to the end of the aforementioned exercise period shall lapse automatically without any compensation whatsoever being due to the Optionee. Notwithstanding the foregoing, the maximum term of an Option granted to a US Optionee may not be extended beyond ten (10) years from the Date of Grant. 7.3 Unless otherwise determined by the Supervisory Board, Vesting of Options that are granted to Nominees is only subject to the condition that no Termination of Employment Event has occurred on the date of Vesting as further described in Articles 7.4 and 7.5. Vesting of Options that are granted to Nominees may, in the sole discretion of the Supervisory Board, be made subject to satisfaction of performance criteria. Such performance criteria shall be set out in the relevant Option Agreement and may be waived by the Supervisory Board in its sole discretion, in whole or in part, as to some or all Options thereunder. 86

87 7.4 The Options that have not Vested in accordance with the Vesting scheme as laid down in the Option Agreement are, unless otherwise agreed by the Supervisory Board, forfeited upon: (i) (ii) (iii) a moratorium of payments, bankruptcy, debt restructuring (schuldsanering) or similar proceedings being imposed on an Optionee; or the appointment of a guardian by a court (onder curatelestelling) or curator in bankruptcy over an Optionee; or the passing of a resolution for the winding up of the Company or an order is made by the competent court for the compulsory winding up of the Company; the occurrence of a Termination of Employment Event with respect to such Optionee prior to the first anniversary of the Start Date. 7.5 Upon the occurrence of a Termination of Employment Event on or after the first anniversary of the Start Date, the Optionee s Options shall either be forfeited, lapse or continue to be exercisable as set forth below: (i) (ii) (iii) in case of Termination for Cause, both the Options of such Optionee that have Vested (to the extent not exercised) and the Options of such Optionee that have not yet Vested shall be forfeited at the date of Termination for Cause (i.e. the end date), unless agreed otherwise by the Supervisory Board; and subject to subsection (iii) below, in case of a Termination Without Cause, (a) the Options of such Optionee that have Vested (to the extent not exercised) shall not be forfeited and (b) the Options of such Optionee that have not yet Vested shall Vest on a pro rata basis having regard to the number of complete months that the Optionee has been employed or engaged from the first anniversary of the Start Date until the date of Termination Without Cause (i.e. the end date) and be subject to the satisfaction of any performance condition(s) imposed, if any, applied on a pro rata basis at the discretion of the Supervisory Board and the remaining part of the Options of such Optionee that have not yet Vested shall be forfeited at the date of Termination Without Cause (i.e. the end date) where the Options that have Vested (to the extend not exercised) may be exercised by such Optionee within ninety (90) days after the date of such Termination Without Cause (i.e. the end date), unless the Supervisory Board agreed otherwise and without prejudice to Article 8.2. If such Vested Options are not exercised within such ninety (90)-day period, such Vested Options will, unless agreed otherwise by the Supervisory Board, be forfeited. in case of a Termination Without Cause due to death or Disability of an Optionee, then all Vested Options (determined in the manner provided in subsection (ii) above) may be 87

88 exercised by such Optionee or his or her estate within six (6) months after the date of such Termination Without Cause (i.e. the end date) due to death or Disability. If such Vested Options are not exercised within such six (6) month period, such Vested Options will, unless agreed otherwise by the Supervisory Board, be forfeited. 7.6 An Optionee incurs no right whatsoever to damages in respect of the lapse, annulment or the forfeiture of any Option pursuant to this Option Plan. 7.7 The Option Price will be set out in the relevant Option Agreement and will be no less than the Fair Market Value of a Share as of the Date of Grant. The Supervisory Board in relation to Nominees being members of the Management Board and the Management Board in relation to Nominees not being members of the Management Board may determine another Option Price for Options granted to Nominees. 8. Exercise of Options 8.1 An Optionee who possesses Inside Information or who should reasonably suspect that he or she possesses Inside Information relating to the Company shall be prohibited from making use of that Inside Information by exercising an Option. 8.2 An Option can only be exercised by a Nominee during a period other than a Closed Period, unless the Compliance Officer in joint consultation with the Supervisory Board determines otherwise. 8.3 Irrespective of Article 8.1 and 8.2 an Optionee is always entitled to exercise an Option on the last day of the exercise period of the Option or within a period of five (5) business days prior thereto in accordance with the Company Insider Trading Policy. The subsequent sale of Shares obtained through the exercise of Options is only allowed in as far as such is allowed under the Company Insider Trading Policy and any applicable laws. 8.4 An Optionee may exercise Options by irrevocably notifying the relevant (i) Administrator in writing until a Service Provider has been selected in accordance with Article 4.4 or (ii) the Service Provider electronically once such Service Provider has been selected in accordance with Article 4.4 of the exercise of Options and by paying the Option Price in cash to the Company at the date of such notice. An Optionee should be able to prove that the instruction for the payment of the Option Price is made at the date of notice. If the Option Price is not received by the Company within five (5) trading days after the date of notice, the exercise shall be deemed void, however the Optionee may restart the procedure by submitting a new notice. Instead of an exercise as referred to in the preceedings sentences Options may also be exercised by the net exercise mechanism described in Article In derogation of the above, Options granted on or after the Amendment Date may not be exercised by paying the Option Price in cash as set out in 88

89 the preceeding sentences, but must be exercised by the net exercise mechanism described in Article Subject to Articles 8.1, 8.2 and 8.3, Options, to the extent Vested, can be exercised partially or all at once, provided that partial exercises of less than (i) thirty per cent (30%) of the Vested Options owned by an Optionee at the time when the Options shall be exercised, or, alternatively, (ii) 10,000 Vested Options in the individual case, whichever is lower, is not permitted. Any non-permitted exercise below such threshold shall be deemed void. 8.5 An Optionee shall not be entitled to any fractional Shares upon exercise of an Option. If any exercise of an Option would result in the issuance of fractional Shares, the number of Shares issued upon such exercise shall be rounded down to the nearest whole number. 8.6 The Shares in respect of which the Vested Option has been validly exercised will be issued or transferred, in the first five (5) trading days of the next quarter of the Company s financial year that falls within an Open Period following the exercise of the Vested Options in accordance with Article 8.4, to a depository account with a party to be determined by the Company (Depository Account) which party will hold such Shares on behalf of the Optionee. 8.7 Subject to the Articles 8.1 to 8.3 and 11.3, a lock-up period may apply to Shares obtained by an Optionee after exercise of Options: (i) (ii) unless determined otherwise in the Option Agreement, for Optionees being members of the Management Board: (a) one third of the Shares obtained by the exercise of Options can be sold by the Nominee directly after receipt of the Shares in accordance with Article 8.6; (b) one third of the Shares obtained by the exercise of Options can be sold by the Nominee six (6) months after receipt of the Shares in accordance with Article 8.6; and (c) one third of the Shares obtained by the exercise of Options can be sold by the Nominee twelve (12) months after receipt of the Shares in accordance with Article 8.6; unless determined otherwise in the Option Agreement, for Optionees not being members of the Management Board: all Shares obtained by the exercise of Options can be sold by the Nominee at any time after receipt of the Shares in accordance with Article In case a lock-up period applies in accordance with Article 8.7, for the duration of the lock-up period, subject to Article 11.3, the Shares obtained by an Optionee after exercise of Options in relation to which a lock-up period applies (the Blocked Shares) may not be sold, assigned, transferred, pledged, mortgaged or otherwise disposed of by the Optionee. If the Company pays out a dividend in cash during the lock-up period, the dividend in relation to Blocked Shares owned by an Optionee shall be paid into the bank account number known to the Company s payroll department minus any dividend tax/transaction fees applicable to dividends received on such Blocked Shares during the lock-up period. If the Company pays out a dividend in Shares 89

90 during the lock-up period in relation to the Blocked Shares, such Shares shall qualify as Blocked Shares and be transferred to the Depository Account, after setting off any deductible dividend tax, if possible, or the Optionee having paid to the Company any deductible dividend tax. Throughout the lock-up period, the Shares added by way of dividend may not be sold, assigned, transferred, pledged, mortgaged or otherwise disposed of by the Optionee. In the case of any of the situations as described in Articles 9.1 or 9.2, the Supervisory Board may, at its discretion, decide that no lock-up period shall apply or that a lock-up period shall end immediately. For the avoidance of doubt, Article 11 also applies during the lock-up period. If a Service Provider is selected in accordance with Article 4.4, such Service Provider is entitled to ensure through the online platform that the Blocked Shares cannot be sold, assigned, transferred, pledged, mortgaged or otherwise disposed of by the Optionee. 8.9 The Company may, subject to Article 7.5 and after the prior written approval by the Supervisory Board, settle its obligation to deliver Shares to such Optionee pursuant to this Option Plan or an Option Agreement, if any, by paying to the Optionee a cash amount equal to the Fair Market Value of the Shares issuable upon exercise of the Options less the applicable Option Price for such Shares. The payment to be made to an Optionee upon settlement of Options by payment of cash pursuant to the preceding sentence shall be made by the Company within twenty (20) trading days after exercise by the relevant Optionee of the Options In lieu of exercising Options by payment of cash, an Optionee may elect to exercise its Options on the terms and conditions of this Option Plan and the Option Agreement through the net exercise mechanism provided in this Article As set out in Article 8.4, Options granted on or after the Amendment Date can only be exercised by the net exercise mechanism described in this Article Net exercise means that the Optionee s right to acquire Shares pursuant to this Option Plan or an Option Agreement is settled by paying the value of the Options to the Optionee in the form of Shares, without a payment in cash by the Optionee. Upon a net exercise, the Company will issue to the Optionee a number of Shares (S) equal to the number of exercised Options (N) multiplied by the Fair Market Value of one Share issuable upon exercise of the Options (FMV) less the applicable Option Price for one Option (OP), divided by the Fair Market Value of the Share (FMV). The number of Shares the participant will be entitled to receive upon a net exercise is calculated by using the following formula (whereby decimal numbers are rounded down to the nearest whole number: S = N*(FMV-OP)/FMV 8.11 All the provisions in this Option Plan relating to exercise of Options and the sale of Shares are subject to restrictions regarding the exercise of Options laid down in any applicable law and the Company Insider Trading Policy. 90

91 9. Change of Control 9.1 In the event of a Change of Control, all the outstanding Options will Vest fully at the date of the Change of Control subject to the satisfaction of any performance condition(s) set out in the Option Agreement, if any, applied on a pro rata basis at the discretion of the Supervisory Board, unless provided otherwise in Article In the event of a Change of Control due to a sale, merger, demerger or consolidation of the Company, all the outstanding Options will be included for the purpose of the purchase agreement or the merger agreement, as applicable at such time. Such agreement may at the sole discretion of the Supervisory Board and without the approval or the advice of the Optionees being required, provide in the following: (i) (ii) (iii) (iv) the continuation of the outstanding Options by the Company (if the Company is the company that continues to exist); the take-over of the Option Plan and the outstanding Options by the acquiring company or the company that continues to exist, or its parent company; the replacement of the outstanding Options by new option rights with conditions that are equivalent to the conditions of the outstanding Options by the acquiring company or the company that continues to exist, or its parent company; or the cancellation of each outstanding Option in return for payment to the Optionee of an amount per Option equal to the difference between the value in commercial transactions of a Share at the time of the purchase, merger, demerger or consolidation of the Company less the Option Price of the Option subject to the satisfaction of any performance condition(s) set out in the Option Agreement, if any, applied on a pro rata basis at the discretion of the Supervisory Board. 10. Hold back and claw back 10.1 Section 2:135, paragraphs 6 and 8 of the Dutch Civil Code shall be applicable to the Options and all Shares or cash, as the case may be, received by a member of the Management Board under this Option Plan. For the avoidance of doubt, this provision shall continue to apply after the end of this Option Plan Section 2:135, paragraph 7 of the Dutch Civil Code shall be applicable to the Options and all Shares or cash, as the case may be, received by a member of the Management Board under this Option Plan. 91

92 10.3 The Supervisory Board may recover from an Optionee all or part of the Options granted and Shares or cash, as the case may be, transferred to the Nominee pursuant to this Option Plan (including any taxes and social security liabilities or national insurance contributions paid on its behalf), if the grant was made on the basis of incorrect financial or other data. If Vesting of the Options would in the opinion of the Supervisory Board produce an unfair result due to extraordinary circumstances, the Supervisory Board as the case may be, has the power to adjust the value of the award downwards or upwards. 11. Taxes; Sell to cover 11.1 The Company and/or its Subsidiaries shall have the right to withhold from any salary, severance or other amounts payable by the Company or a Subsidiary to an Optionee, or to otherwise require payment by the Optionee of, any taxes and/or social security contributions payable by the Optionee (including any withholding obligations of the Company and/or its Subsidiaries) in connection with his participation in the Option Plan as well as any taxes and/or social security contributions payable by the Optionee in connection with any grant, Vesting or exercise of Options An Optionee is and remains at all times fully responsible for the payment of any taxes and/or social security contributions payable by such Optionee in connection with his or her participation in the Option Plan The Company may elect at its discretion to sell Shares on behalf of the Optionee in order to immediately use the proceeds to fulfill in the name and on behalf of the Optionee the payment obligations of the Optionee or to fulfill any withholding obligations of the Company and/or its Subsidiaries resulting from tax and social security liabilities or national insurance contributions due in relation to the grant, Vesting or exercise of Options After Vesting, the Participant may not transfer the Vested Shares from the Depository Account to another account as long as not all taxes and/or social security contributions payable as regards the Vested Shares have been paid to the relevant tax authority. 12. Reporting and other obligations 12.1 An Optionee is obliged to fully cooperate with notification obligations towards regulators that result from or are connected with a grant or exercise of Options or otherwise connected to this Option Plan or the Option Agreement An Optionee is obliged to cooperate with any reasonable requests from the Administrator and/or the Company and to enter into separate agreements with the Company, the Service Provider or 92

93 any third party for the proper execution and administration of this Plan and the grant, Vesting or exercise of Options unless this would be considered manifestly unreasonable. 13. No employment condition The participation of an Optionee in the Option Plan does not constitute remuneration for any employment activity. The Options are not part of normal or expected compensation or salary for any purposes, including, but not limited to, calculating any severance, resignation, redundancy, and/or service payments, bonuses, long service awards, pension or retirement benefits or similar payments. 14. Anti-dilution adjustment If at any time after the Date of Grant: (i) (ii) (iii) (iv) a Share split or reverse Share split is carried out; capital on the Shares is repaid; Shares in the capital of the Company are issued at the expense of the profit reserve or the share premium reserve; or any other comparable recapitalisation, requalification, combination, merger or other corporate transaction takes place; and such event, in the reasonable opinion of the Supervisory Board, causes a change in the value of the Options that were granted to Nominees, the Supervisory Board shall have the authority to adjust the Option Price and/or the number of Options, so that the value in commercial transactions of the granted Options at the time after one of the above-mentioned events shall be equal to the value in commercial transactions of the Options at the time immediately prior to one of the above-mentioned events. The adjustment of the Option Price and/or the number of Options will be carried out in conformity with the applicable listing and trading rules. The Company will inform the Optionee of an adjustment of the Option Price and/or the number of Options. 15. Data protection By participating in the Option Plan the Nominee authorises the Company and the Service Provider or any other agent of the Company administering the Option Plan or providing Option Plan recordkeeping services, to disclose to the Company or any of its affiliates such information and data as the Company shall request in order to facilitate the grant of Options and the administration of the Option Plan. The Nominee waives, to the fullest extent possible under any 93

94 applicable law, any data privacy rights with respect to such information. The Nominee authorises the Company and any such agent to store and transmit such information in electronic form. 16. Confidentiality By executing an Option Agreement, the Optionee accepts an obligation not to disclose any information regarding the Option Plan, or any information in connection therewith, unless such Optionee is legally obliged to disclose such information by law or exchange regulations. 17. Governing Law 17.1 This Option Plan is governed by the laws of the Netherlands All disputes relating to this Option Plan or agreements based on or pursuant to this Option Plan shall be submitted exclusively to the competent court of law in Amsterdam, the Netherlands. 18. Amendment and Revocation 18.1 The Supervisory Board shall have the right to alter, amend or terminate the Option Plan or any part thereof at any time and from time to time, provided, however, that no such alteration or amendment shall adversely affect the rights relating to any Options granted or Shares acquired upon exercise of Options prior to that time, unless required pursuant to Article 18.2 and further provided that any increase in the number of Shares issuable hereunder and any material changes shall require the approval of the General Meeting, to the extent applicable, or other body then authorized to issue Shares pursuant to the articles of association of the Company The Administrator has the authority to take any action consistent with the terms of the Option Plan, which it deems necessary or advisable to comply with any laws or regulatory requirements, including but not limited to, modifying or amending the terms and conditions governing Option Agreements, or establishing any local country plans as sub-plans to this Option Plan. * * * 94

95 RNTS Media N.V. Stock Option Plan Israeli Appendix This Israeli Appendix (the Appendix ) to the Stock Option Plan of RNTS Media N.V. (the Company ) as approved and adopted by the supervisory board of the Company and approved by the general meeting of the Company on [11 April 2017] (the Plan ) shall apply only to persons who are, or are deemed to be, residents of the State of Israel for Israeli tax purposes. 1. GENERAL 1.1. The management board of the Company (the Management Board ), in its discretion, may grant Options to Nominees not being members of the Management Board and the supervisory board of the Company (the Supervisory Board ) in its discretion, may grant Options to Nominees being members of the Management Board, both in accordance with Article 5.3 of the Plan and such corporate body shall determine whether such Options are intended to be 102 Options or 3(9) Options. Each grant of Options shall be evidenced by an Option Agreement, which shall expressly state that this Appendix applies, as the case may be, and identify the Option type, and be in such form and contain such provisions, as the Management shall from time to time deem appropriate The Plan shall apply to any Options granted pursuant to this Appendix, provided, that the provisions of this Appendix shall supersede in the case of any inconsistency or conflict, either explicit or implied, arising between the provisions of this Appendix and the Plan Unless otherwise defined in this Appendix, capitalized terms contained herein shall have the same meanings given to them in the Plan. 2. DEFINITIONS (9) Option means any Option representing a right to purchase Shares granted by the Company to any Nominee who is not an Employee pursuant to Section 3(9) of the Ordinance Option means any Option intended to qualify (as set forth in the Option Agreement) and which qualifies under Section 102, provided it is settled only in Shares Capital Gain Track Option means any Option granted by the Company to an Employee pursuant to Section 102(b)(2) or (3) (as applicable) of the Ordinance under the capital gain track Non-Trustee Option means any Option granted by the Company to an Employee pursuant to Section 102(c) of the Ordinance without a Trustee Ordinary Income Track Option means any Option granted by the Company to an Employee pursuant to Section 102(b)(1) of the Ordinance under the ordinary income track Trustee Options means, collectively, 102 Capital Gain Track Options and 102 Ordinary Income Track Options. 95

96 2.7. Affiliate means, for purpose of 102 Trustee Option, an employing company within the meaning and subject to the conditions of Section 102(a) of the Ordinance Applicable Law shall mean any applicable law, rule, regulation, statute, pronouncement, policy, interpretation, judgment, order or decree of any federal, provincial, state or local governmental, regulatory or adjudicative authority or agency, of any jurisdiction, and the rules and regulations of any stock exchange, over-the-counter market or trading system on which the common stock of the Company are then traded or listed Controlling Stockholder means as to such term is defined in Section 32(9) of the Ordinance Election as defined in Section 3.2 below Employee means an employee within the meaning of Section 102(a) of the Ordinance (which as of the date of the adoption of this Appendix means (i) an individual employed by an Israeli company being an Affiliate, and (ii) an individual who is serving and is engaged personally (and not through an entity) as an office holder by an Affiliate, excluding any Controlling Stockholder) ITA means the Israel Tax Authority Management means: (i) (ii) where the Nominee or Optionee concerned is a member of the Management Board, the Supervisory Board; and where the Nominee or Optionee concerned is not a member of the Management Board, the Management Board Nominee means a Nominee as defined in the Plan who is, or is deemed to be, resident of the State of Israel for Israeli tax purposes Ordinance means the Israeli Income Tax Ordinance (New Version), 1961, including the Rules and any other regulations, rules, orders or procedures promulgated thereunder, as may be amended or replaced from time to time Optionee means an Optionee as defined in the Plan who is, or is deemed to be, resident of the State of Israel for Israeli tax purposes Required Holding Period as defined in Section below Rules means the Income Tax Rules (Tax Benefits in Stock Issuance to Employees) Section 102 means Section 102 of the Ordinance Trust Agreement means the agreement to be signed between the Company, an Affiliate and the Trustee for the purposes of Section

97 2.21. Trustee means the trustee appointed by Management to hold the Options and approved by the ITA Withholding Obligations as defined in Section 5.5 below OPTIONS 3.1. Tracks. Options granted pursuant to this Section 3 are intended to be granted as either 102 Capital Gain Track Options or 102 Ordinary Income Track Options. 102 Trustee Options shall be granted subject to the special terms and conditions contained in this Section 3 and the general terms and conditions of the Plan, except for any provisions of the Plan applying to Options under different tax laws or regulations. In the event of any inconsistency or contradictions between the provisions of this Section 3 and the other terms of the Plan, this Section 3 shall prevail Election of Track. Subject to Applicable Law, the Company may grant only one type of 102 Trustee Option at any given time to all Nominees who are to be granted 102 Trustee Options pursuant to this Appendix, and shall file an election with the ITA regarding the type of 102 Trustee Option it elects to grant before the Date of Grant of any 102 Trustee Option (the Election ). Such Election shall also apply to any other securities received by any Nominee as a result of holding the 102 Trustee Options. The Company may change the type of 102 Trustee Option that it elects to grant only after the expiration of at least 12 months from the end of the year in which the first grant was made in accordance with the previous Election, or as otherwise provided by Applicable Law. Any Election shall not prevent the Company from granting 102 Non-Trustee Options Eligibility for Options. Subject to Applicable Law, 102 Options may only be granted to Employees. Such 102 Options may either be granted to a Trustee or granted under Section 102 without a Trustee Option Grant Date Each 102 Option will be deemed granted on the date determined by Management, subject to the provisions of the Plan, provided that (i) the Nominee has signed all documents required by the Company or pursuant to Applicable Law, and (ii) with respect to any 102 Trustee Option, the Company has provided all applicable documents to the Trustee in accordance with the guidelines published by the ITA Unless otherwise permitted by the Ordinance, any grants of 102 Trustee Options that are made on or after the date of the adoption of the Plan and this Appendix or an amendment to the Plan or this Appendix, as the case may be, that may become effective only at the expiration of thirty (30) calendar days after the filing of the Plan and this Appendix or any amendment thereof (as the case may be) with the ITA in accordance with the Ordinance shall be conditional only upon the expiration of such 30-day period, and such condition shall be read and is incorporated by reference into any corporate resolutions approving such grants and into any Option Agreement evidencing such grants (whether or not explicitly referring to such condition), and the Date of Grant shall be at the expiration of such 30-day period, whether or not the Date of Grant indicated therein corresponds with this Section. In the case of any contradiction, this provision and the Date of Grant determined pursuant hereto shall supersede and be deemed to amend any Date of Grant indicated in any corporate resolution or Option Agreement. 97

98 Trustee Options Each 102 Trustee Option and each Share issued pursuant to exercise of any Vested 102 Trustee Option and any rights granted thereunder, shall be allocated or issued to and registered in the name of the Trustee and shall be held in trust or controlled by the Trustee for the benefit of the Optionee for the requisite period prescribed by the Ordinance or such longer period as set by Management (the Required Holding Period ). In the event that the requirements under Section 102 to qualify an Option as a 102 Trustee Option are not met, then the Option may be treated as a 102 Non- Trustee Option or 3(9) Option (as determined by the Company), all in accordance with the provisions of the Ordinance. After the expiration of the Required Holding Period, the Trustee may release such 102 Trustee Options and any such Shares, provided that (i) the Trustee has received an acknowledgment from the ITA that the Optionee has paid any applicable taxes due pursuant to the Ordinance, or (ii) the Trustee and/or the Company and/or the Affiliate withhold(s) all applicable taxes and compulsory payments due pursuant to the Ordinance arising from the 102 Trustee Options and/or any Shares issued upon exercise of such Vested 102 Trustee Options. The Trustee shall not release any 102 Trustee Options or Shares issued upon exercise of Vested 102 Trustee Options prior to the payment in full of the Optionee s tax and compulsory payments arising from such 102 Trustee Options and/or Shares or the withholding referred to in (ii) above Each 102 Trustee Option shall be subject to the relevant terms of the Ordinance, the Rules and any determinations, rulings or approvals issued by the ITA, which shall be deemed an integral part of the 102 Trustee Options and shall prevail over any term contained in the Plan, this Appendix or the Option Agreement that is not consistent therewith. Any provision of the Ordinance, the Rules and any determinations, rulings or approvals by the ITA not expressly specified in the Plan, this Appendix or Option Agreement that are necessary to receive or maintain any tax benefit pursuant to Section 102 shall be binding on the Optionee. The Optionee granted a 102 Trustee Option shall comply with the Ordinance and the terms and conditions of the Trust Agreement entered into between the Company and the Trustee. The Optionee shall execute any and all documents that the Company and/or the Affiliate and/or the Trustee determine from time to time to be necessary in order to comply with the Ordinance and the Rules During the Required Holding Period, the Optionee shall not release from trust or sell, assign, transfer or give as collateral, the Shares awarded upon the exercise of a Vested 102 Trustee Option and/or any securities issued or distributed with respect thereto, until the expiration of the Required Holding Period. Notwithstanding the above, if any such sale, release or other action occurs during the Required Holding Period it may result in adverse tax consequences to the Optionee under Section 102 and the Rules, which shall apply to and shall be borne solely by such Optionee. Subject to the foregoing, the Trustee may, pursuant to a written request from the Optionee, but subject to the terms of the Plan and this Appendix, release and transfer such Shares to a designated third party or the Company, provided that both of the following conditions have been fulfilled prior to such release or transfer: (i) payment has been made to the ITA of all taxes and compulsory payments required to be paid upon the release and transfer of the Shares, and confirmation of such payment has been received by the Trustee and the Company, and (ii) the Trustee has received written confirmation from the Company that all requirements for such release and transfer have been fulfilled according to the terms of the Company s corporate documents, any agreement governing the Shares, the Plan, this Appendix, the Option Agreement and any Applicable Law If a Vested 102 Trustee Option is exercised, the Shares issued upon such exercise shall be transferred to the securities account in the name of the Trustee for the benefit of the Optionee. 98

99 Upon or after receipt of a 102 Trustee Option, if required, the Optionee may be required to sign an undertaking to release the Trustee from any liability with respect to any action or decision duly taken and executed in good faith by the Trustee in relation to the Plan, this Appendix, or any 102 Trustee Options granted to such Optionee hereunder Non-Trustee Options. The foregoing provisions of this Section 3 relating to 102 Trustee Options shall not apply with respect to 102 Non-Trustee Options, which shall, however, be subject to the relevant provisions of Section 102 and the applicable Rules. Management may determine that 102 Non-Trustee Options, the Shares issuable upon the exercise of a Vested 102 Non-Trustee Option and/or any securities issued or distributed with respect thereto, shall be allocated or issued to the Trustee, who shall hold such 102 Non-Trustee Option and all accrued rights thereon (if any) in trust for the benefit of the Optionee and/or the Company, as the case may be, until the full payment of tax arising from the 102 Non-Trustee Options, the Shares issuable upon the exercise of a Vested 102 Non-Trustee Option and/or any securities issued or distributed with respect thereto. The Company may choose, alternatively, to require the Optionee to provide the Company with a guarantee or other security, to the satisfaction of each of the Trustee and the Company, until the full payment of the applicable taxes Written Optionee Undertaking. With respect to any 102 Trustee Option, as required by Section 102 and the Rules, by virtue of the receipt of such Option, the Optionee is deemed to have undertaken and confirmed in writing the following (and such undertaking is deemed incorporated into any documents signed by the Optionee in connection with the employment or service of the Optionee and/or the grant of such Option). The following written undertaking shall be deemed to apply and relate to all 102 Trustee Options granted to the Optionee, whether under the Plan and this Appendix or other plans maintained by the Company, and whether prior to or after the date hereof: The Optionee shall comply with all terms and conditions set forth in Section 102 with regard to the Capital Gain Track or the Ordinary Income Track, as applicable, and the applicable rules and regulations promulgated thereunder, as amended from time to time; The Optionee is familiar with, and understands the provisions of, Section 102 in general, and the tax arrangement under the Capital Gain Track or the Ordinary Income Track in particular, and its tax consequences; the Optionee agrees that the 102 Trustee Options and Shares that may be issued upon exercise of the Vested 102 Trustee Options (or otherwise in relation to the Options), will be held by a trustee appointed pursuant to Section 102 for at least the duration of the "Holding Period" (as such term is defined in Section 102) under the "Capital Gain Track" or the Ordinary Income Track, as applicable. The Optionee understands that any release of such 102 Trustee Options or Shares from trust, or any sale of the Shares prior to the termination of the Holding Period, as defined above, will result in taxation at the marginal tax rate, in addition to deductions of appropriate social security, health tax contributions or other compulsory payments; and The Optionee agrees to the trust deed signed between the Company, his employing company and the trustee appointed pursuant to Section (9) OPTIONS 4.1. Options granted pursuant to this Section 4 are intended to constitute 3(9) Options and shall be granted subject to the general terms and conditions of the Plan, except for any provisions of the Plan applying to Options under different tax laws or regulations. In the event of any inconsistency or 99

100 contradictions between the provisions of this Section 4 and the other terms of the Plan, this Section 4 shall prevail To the extent required by the Ordinance or the ITA or otherwise deemed by Management to be advisable, the 3(9) Options and/or any Shares or other securities issued or distributed with respect thereto granted pursuant to the Plan and this Appendix shall be issued to a trustee nominated by Management in accordance with the provisions of the Ordinance. In such event, the trustee shall hold such Options or other securities issued or distributed with respect thereto in trust, until exercised by the Optionee, and the full payment of tax arising therefrom, pursuant to the Company's instructions from time to time as set forth in a trust agreement, which will have been entered into between the Company and the trustee. If determined by Management, and subject to such trust agreement, the Trustee shall be responsible for withholding any taxes to which a Optionee may become liable upon issuance of Shares, whether due to the exercise of Vested Options or not Shares pursuant to a Vested 3(9) Option shall not be issued, unless the Optionee delivers to the Company payment in cash or by bank check or such other form acceptable to Management of all withholding taxes due, if any, on account of the Optionee acquiring Shares under the Option or the Optionee provides other assurance satisfactory to Management of the payment of those withholding taxes. 5. AGREEMENT REGARDING TAXES; DISCLAIMER 5.1. If Management shall so require, as a condition of exercise of a Vested Option or the release of Shares by the Trustee, an Optionee shall agree that, no later than the date of such occurrence, the Optionee will pay to the Company (or the Trustee, as applicable) or make arrangements satisfactory to Management and the Trustee (if applicable) regarding payment of any applicable taxes and compulsory payments of any kind required by Applicable Law to be withheld or paid TAX LIABILITY. ALL TAX CONSEQUENCES UNDER ANY APPLICABLE LAW WHICH MAY ARISE FROM THE GRANT OF ANY OPTIONS OR THE VESTING, EXERCISE OR SETTLEMENT THEREOF, THE SALE OR DISPOSITION OF ANY SHARES GRANTED HEREUNDER OR ISSUED UPON EXERCISE OF ANY VESTED OPTION, THE ASSUMPTION, SUBSTITUTION, CANCELLATION OR PAYMENT IN LIEU OF OPTIONS OR FROM ANY OTHER ACTION IN CONNECTION WITH THE FOREGOING (INCLUDING WITHOUT LIMITATION ANY TAXES AND COMPULSORY PAYMENTS, SUCH AS SOCIAL SECURITY OR HEALTH TAX PAYABLE BY THE OPTIONEE OR THE COMPANY IN CONNECTION THEREWITH) SHALL BE BORNE AND PAID SOLELY BY THE OPTIONEE, AND THE OPTIONEE SHALL INDEMNIFY THE COMPANY, THE AFFILIATE AND THE TRUSTEE, AND SHALL HOLD THEM HARMLESS AGAINST AND FROM ANY LIABILITY FOR ANY SUCH TAX OR PAYMENT OR ANY PENALTY, INTEREST OR INDEXATION THEREON. EACH OPTIONEE AGREES TO, AND UNDERTAKES TO COMPLY WITH, ANY RULING, SETTLEMENT, CLOSING AGREEMENT OR OTHER SIMILAR AGREEMENT OR ARRANGEMENT WITH ANY TAX AUTHORITY IN CONNECTION WITH THE FOREGOING WHICH IS APPROVED BY THE COMPANY NO TAX ADVICE. THE NOMINEE OR OPTIONEE IS ADVISED TO CONSULT WITH A TAX ADVISOR WITH RESPECT TO THE TAX CONSEQUENCES OF RECEIVING, EXERCISING OR DISPOSING OF OPTIONS HEREUNDER. THE COMPANY AND THE AFFILIATE DO NOT ASSUME ANY RESPONSIBILITY TO ADVISE THE NOMINEE OR 100

101 OPTIONEE ON SUCH MATTERS, WHICH SHALL REMAIN SOLELY THE RESPONSIBILITY OF THE NOMINEE OR OPTIONEE TAX TREATMENT. THE COMPANY AND THE AFFILIATE DO NOT UNDERTAKE OR ASSUME ANY LIABILITY OR RESPONSIBILITY TO THE EFFECT THAT ANY OPTION SHALL QUALIFY WITH ANY PARTICULAR TAX REGIME OR RULES APPLYING TO PARTICULAR TAX TREATMENT, OR BENEFIT FROM ANY PARTICULAR TAX TREATMENT OR TAX ADVANTAGE OF ANY TYPE AND THE COMPANY AND THE AFFILIATE SHALL BEAR NO LIABILITY IN CONNECTION WITH THE MANNER IN WHICH ANY OPTION IS EVENTUALLY TREATED FOR TAX PURPOSES, REGARDLESS OF WHETHER THE OPTION WAS GRANTED OR WAS INTENDED TO QUALIFY UNDER ANY PARTICULAR TAX REGIME OR TREATMENT. THIS PROVISION SHALL SUPERSEDE ANY DESIGNATION OF OPTIONS OR TAX QUALIFICATION INDICATED IN ANY CORPORATE RESOLUTION OR OPTION AGREEMENT, WHICH SHALL AT ALL TIMES BE SUBJECT TO THE REQUIREMENTS OF APPLICABLE LAW. THE COMPANY AND THE AFFILIATE DO NOT UNDERTAKE AND SHALL NOT BE REQUIRED TO TAKE ANY ACTION IN ORDER TO QUALIFY ANY OPTION WITH THE REQUIREMENTS OF ANY PARTICULAR TAX TREATMENT AND NO INDICATION IN ANY DOCUMENT TO THE EFFECT THAT ANY OPTION IS INTENDED TO QUALIFY FOR ANY TAX TREATMENT SHALL IMPLY SUCH AN UNDERTAKING. NO ASSURANCE IS MADE BY THE COMPANY OR THE AFFILIATE THAT ANY PARTICULAR TAX TREATMENT ON THE DATE OF GRANT WILL CONTINUE TO EXIST OR THAT THE OPTION WILL QUALIFY AT THE TIME OF EXERCISE OR DISPOSITION THEREOF WITH ANY PARTICULAR TAX TREATMENT. THE COMPANY AND THE AFFILIATE SHALL NOT HAVE ANY LIABILITY OR OBLIGATION OF ANY NATURE IN THE EVENT THAT AN OPTION DOES NOT QUALIFY FOR ANY PARTICULAR TAX TREATMENT, REGARDLESS WHETHER THE COMPANY AND/OR THE AFFILIATE COULD HAVE TAKEN ANY ACTION TO CAUSE SUCH QUALIFICATION TO BE MET AND SUCH QUALIFICATION REMAINS AT ALL TIMES AND UNDER ALL CIRCUMSTANCES AT THE RISK OF THE OPTIONEE. THE COMPANY AND THE AFFILIATE DO NOT UNDERTAKE OR ASSUME ANY LIABILITY TO CONTEST A DETERMINATION OR INTERPRETATION (WHETHER WRITTEN OR UNWRITTEN) OF ANY TAX AUTHORITY, INCLUDING IN RESPECT OF THE QUALIFICATION UNDER ANY PARTICULAR TAX REGIME OR RULES APPLYING TO PARTICULAR TAX TREATMENT. IF THE OPTIONS DO NOT QUALIFY UNDER ANY PARTICULAR TAX TREATMENT IT COULD RESULT IN ADVERSE TAX CONSEQUENCES TO THE OPTIONEE The Company or the Affiliate may take such action as it may deem necessary or appropriate, in its discretion, for the purpose of or in connection with withholding of any taxes and compulsory payments which the Trustee, the Company or the Affiliate is required by any Applicable Law to withhold in connection with any Options (collectively, Withholding Obligations ). Such actions may include (i) requiring Optionees to remit to the Company in cash an amount sufficient to satisfy such Withholding Obligations and any other taxes and compulsory payments, payable by the Company and/or the Affiliate in connection with the Option or the exercise thereof; (ii) subject to Applicable Law, allowing the Optionees to provide Shares, in an amount that at such time, reflects a value that Management determines to be sufficient to satisfy such Withholding Obligations; (iii) withholding Shares otherwise issuable upon the exercise of a Vested Option at a value which is determined by Management to be sufficient to satisfy such Withholding Obligations; or (iv) any combination of the foregoing. The Company shall not be obligated to allow the exercise of any Vested Option by or on behalf of a Optionee until all tax consequences arising from the exercise of such Option are resolved in a manner acceptable to the Company. 101

102 5.6. Each Optionee shall notify the Company and the relevant Affiliate in writing promptly and in any event within ten (10) days after the date on which such Optionee first obtains knowledge of any tax bureau inquiry, audit, assertion, determination, investigation, or question relating in any manner to the Options granted or received hereunder or Shares issued thereunder and shall continuously inform the Company and the relevant Affiliate of any developments, proceedings, discussions and negotiations relating to such matter, and shall allow the Company and the relevant Affiliate and their representatives to participate in any proceedings and discussions concerning such matters. Upon request, an Optionee shall provide to the Company and/or the relevant Affiliate any information or document relating to any matter described in the preceding sentence, which the Company or the Affiliate, respectively,, in its discretion, requires With respect to 102 Non-Trustee Options, if the Optionee ceases to be employed by the Company or any Affiliate, the Optionee shall extend to the Company and/or the Affiliate with whom the Optionee is employed a security or guarantee for the payment of taxes due at the time of sale of Shares, all in accordance with the provisions of Section 102 and the Rules. 6. RIGHTS AND OBLIGATIONS AS A STOCKHOLDER 6.1. An Optionee shall have no rights as a stockholder of the Company with respect to any Shares covered by an Option until the Optionee exercises the Vested Option, becomes the record holder of the subject Shares. In the case of 102 Options or 3(9) Options (if such Options are being held by a Trustee), the Trustee shall have no rights as a stockholder of the Company with respect to the Shares covered by such Option until the Trustee becomes the record holder for such Share for the Optionee s benefit, and the Optionee shall not be deemed to be a stockholder and shall have no rights as a stockholder of the Company with respect to the Shares covered by the Option until the date of the release of such Shares from the Trustee to the Optionee and the transfer of record ownership of such Shares to the Optionee (provided however that the Optionee shall be entitled to receive from the Trustee any cash dividend or distribution made on account of the Shares held by the Trustee for such Optionee s benefit, subject to any tax withholding and compulsory payment). No adjustment shall be made for dividends (ordinary or extraordinary, whether in cash, securities or other property) or distribution of other rights for which the record date is prior to the date on which the Optionee or Trustee (as applicable) becomes the record holder of the Shares covered by an Option, except as provided in the Plan With respect to Shares issued upon the exercise of Vested Options hereunder, any and all voting rights attached to such Share shall be subject to the provisions of the Plan, and the Optionee shall be entitled to receive dividends distributed with respect to such Shares, subject to the provisions of the Company s articles of association, as amended from time to time, and subject to any Applicable Law The Company may, but shall not be obligated to, register or qualify the sale of Shares under any applicable securities law or any other Applicable Law Shares issued pursuant to a Vested Option shall be subject to the Company s articles of association, any limitation, restriction or obligation applicable to stockholders included in any governing documents of the Company, and all policies, manuals and internal regulations adopted by the Company, including but not limited to the Company Insider Trading Rules, from time to time, in each case, as may be amended from time to time, including any provisions included therein concerning restrictions or limitations on disposition of Shares (such as, but not limited to, right of first refusal and lock up/market stand-off) or grant of any rights with respect thereto, forced sale and bring along provisions, any 102

103 provisions concerning restrictions on the use of inside information and other provisions deemed by the Company to be appropriate in order to ensure compliance with Applicable Laws. Each Optionee shall execute such separate agreement(s) as may be requested by the Company relating to matters set forth in this Section 6.4. The execution of such separate agreement(s) may be a condition by the Company to the exercise of any Vested Option. 7. GOVERNING LAW 7.1. This Appendix shall be governed by, construed and enforced in accordance with the laws of the Netherlands, without reference to conflicts of law principles, except that applicable Israeli laws, rules and regulations (as amended) shall apply to any mandatory tax matters arising hereunder. **** 103

104 FEBRUARY 2017 RNTS MEDIA N.V. BY-LAWS SUPERVISORY BOARD First adopted July Last amended February

105 BY-LAWS SUPERVISORY BOARD 1. Scope 1.1 The Policy By-laws Supervisory Board defines the rules of internal organization of the Supervisory Board of RNTS MEDIA (the Company). It is based on the Articles of Association of the Company. 1.2 The Policy applies to members of the Supervisory Board, members of the Management Board, Employees, any staff linked by SLA as well as to external service providers of the Company where relevant specific duties may be outsourced, and to all its subsidiaries and branches. They are together referred to as Relevant persons. 1.3 The Policy shall be updated from time to time to reflect legal and regulatory evolution, as well as changes to the Articles of Association of the Company, and shall be communicated to all Relevant persons. 1.4 Unless specifically mentioned and described otherwise, all laws and regulations mentioned in the Policy are laws and regulations of the Netherlands. 1.5 All terms spelled in capital letters in the present Policy are defined in the official Glossary of the Company (see document number in the Company Manual). 2. Composition; Supervisory Board Profile 2.1 The number of Supervisory Board members is determined by the Supervisory Board and will be at least three, but with the aim of having six members. The Supervisory Board shall prepare a profile of its size and composition, taking account of the nature of the business of the Company and its Subsidiaries and the desired expertise and background of the Supervisory Board members (the Supervisory Board Profile). The Supervisory Board Profile will set out the aspects of diversity in the composition of the Supervisory Board that are relevant to the Company as well as the current aim applied by the Supervisory Board in respect of diversity. The Supervisory Board aims at having at least one female board member and a representation of women of at least 30 %. To the extent that the existing situation deviates from the situation pursued, the Supervisory Board will account for this in the Supervisory Board report and must indicate how and within what term it expects to realise its aim. The Supervisory Board shall endeavour to ensure, within the limits of its powers, that it is at all times composed in way which is in accordance with the Supervisory Board Profile (which is attached as Annex 1). 2.2 The aim is that all Supervisory Board members, with exception of not more than one, are independent within the meaning of the Dutch Corporate Governance Code. 3. (Re)Appointment; Term of Office; Resignation 3.1 The members of the Supervisory Board are appointed by the General Meeting of Shareholders. The Supervisory Board nominates one or more candidates for appointment all in accordance with article 20 of the Articles of Association. 3.2 A Supervisory Board member is appointed for a period of 4 years and may then be reappointed once for another four-year period. The Supervisory Board member may then subsequently be reappointed again for a period of 2 years, which appointment may be extended by at most 2 years. In the event of 105

106 a reappointment after an 8-year period, reasons should be given in the report of the Supervisory Board. In any appointment or reappointment, the Supervisory Board Profile will be observed. 3.3 Supervisory Board members shall retire periodically in accordance with a rotation plan to be drawn up by the Supervisory Board in order to avoid, as far as possible, a situation in which many Supervisory Board members retire at the same time. The current rotation plan is attached under Annex 2. The Supervisory Board may at any time amend the rotation plan. Amendments to the rotation plan, however, do not permit a sitting member of the Supervisory Board to remain in office for a longer period than appointed for, or allow that he be asked to retire before his term has expired. The rotation plan is available on written demand to the Company and is posted on the Company's website. 3.4 A Supervisory Board member who is temporarily charged with the management of the Company when seats on the Management Board are vacant or Management Board members are unable to fulfil their duties, shall resign from the Supervisory Board. 4. Chairman and Vice-Chairman 4.1 The Supervisory Board shall elect a Chairman and may elect a Vice-Chairman from among its members. The Chairman may not be a former member of the Management Board. 4.2 The Vice-Chairman replaces, and assumes the powers and duties of, the Chairman in the latter's absence. The Vice-Chairman acts as a contact for the individual members of the Supervisory Board and the Management Board on the performance of the Chairman of the Supervisory Board. 4.3 The Chairman of the Supervisory Board is primarily responsible for the functioning of the Supervisory Board and its Committees, if any. He shall act as the spokesman of the Supervisory Board and is the main contact for the CEO and the Management Board as a whole. The CEO and the Chairman of the Supervisory Board shall meet on a regular basis. The Chairman of the Supervisory Board shall act as spokesperson towards investor relations and present the Company towards investor relations together with the Management Board. The responsibilities of the Chairman are included under Annex Committees 5.1 The Supervisory Board may appoint standing and/or ad hoc Committees from among its members, which are charged with tasks specified by the Supervisory Board. The composition of any Committee is determined by the Supervisory Board. If the Supervisory Board consists of more than four members, the Supervisory Board shall establish an Audit Committee, a Remuneration Committee and a Nomination Committee. The Supervisory Board shall establish terms of reference for each Committee and may amend these at any time. The terms of reference and the composition of the Committees are posted on the Company's website. 5.2 The Supervisory Board remains collectively responsible for decisions prepared by Committees from among its members. A Committee may only exercise such powers as are explicitly attributed or delegated to it and may never exercise powers beyond those exercisable by the Supervisory Board as a whole. 5.3 At least 50% of the members of a Committee, among who the chairman of the Committee, must be independent Supervisory Board members. 5.4 Each Committee must inform the Supervisory Board in a clear and timely way of the manner in which it has used delegated authority and of any major development in the area of its responsibilities. All Supervisory Board members have unrestricted access to all Committee meetings and records. The Supervisory Board shall, within the term specified in the terms of reference of the Committee concerned, receive a report from each Committee of its deliberations and findings. 106

107 6. General Duties and Powers; Relation with the Management Board 6.1 The Supervisory Board is charged with the supervision of the Management Board, the general course of affairs of the Company and the business connected with it. The Supervisory Board assists the Management Board with advice. The responsibility for the proper performance of its duties is vested collectively in the Supervisory Board. 6.2 In performing its duties the Supervisory Board shall act in accordance with the interests of the Company and the business connected with it, taking into consideration the interests of the Company's stakeholders. Supervisory Board members shall perform their duties without mandate and independent of any interest in the business of the Company. They should not support one interest without regard to the other interests involved. 6.3 The Supervisory Board members shall externally express concurring views with respect to important affairs, matters of principle and matters of general interest, without jeopardising the responsibilities of individual Supervisory Board members. 6.4 The Supervisory Board and its individual members each has responsibility for obtaining all information from the Management Board and the External Auditor needed to enable them to carry out their duties properly as a supervisory body. The Company shall provide the necessary means for this purpose. The Supervisory Board may require that certain officers and external advisers attend its meetings. 6.5 Each member of the Supervisory Board has access to the books, records and offices of the Company in so far as required or as is useful for the proper performance of his duties. The Supervisory Board member shall exercise this right in consultation with the Chairman of the Supervisory Board, save where the applicable terms of reference of a Committee dictate otherwise. 6.6 The Supervisory Board may in exercising its duties seek the assistance or advice of one or more experts at a price agreed upon with the Supervisory Board, which is to be paid by the Company. 7. Duties regarding the Activities of the Management Board Members 7.1 The supervision of the Management Board by the Supervisory Board shall include: (i) the strategy and especially the manner in which the Management Board implements the longterm value creation strategy (iii) the achievement of the Company's objectives; (iii) the risks inherent in the business activities; (iv) the structure and operation of the internal risk management and control systems; (v) the financial reporting process; (vi) compliance with the legislation and regulations, in particular in relation to the status of a listed company; (vii) the relation with the Shareholders of the Company and (viii) the corporate social responsibility issues that are relevant to the Company. 7.2 The Supervisory Board supervises the financial reporting in accordance with clause The Supervisory Board shall discuss the corporate strategy and the main risks of the business, the result of the assessment by the Management Board of the structure and operation of the internal risk management and control systems, as well as any significant changes thereto at least once a year. 7.4 The resolutions of the Management Board listed in Annex 4 are subject to the approval of the Supervisory Board. 7.5 The Management Board shall provide the Supervisory Board with the following reports in a timely manner: 107

108 each month, a report with detailed information on, among other things, mergers and acquisitions, material investments, major organisational issues, regulatory developments and other relevant issues; and each quarter, a report with detailed information on the financial situation and development of the Company and its Subsidiaries, which will be drafted in the format agreed upon from time to time between the Management Board and the Supervisory Board, and used for the quarterly market updates on the company s business. 7.6 At least once a year the Supervisory Board shall, without the Management Board being present, discuss its own functioning, and that of its individual members, and the conclusions that must be drawn on the basis thereof. The desired profile, composition and competence of the Supervisory Board shall also be discussed. At least once a year the Supervisory Board shall also, without the Management Board being present, discuss the functioning of the Management Board as a body and the functioning of its individual members, and the conclusions that must be drawn on the basis thereof. 8. Supervision of Financial Reporting 8.1 The Supervisory Board supervises compliance with internal procedures established by the Management Board for the preparation and publication of the Annual Report, the Annual Accounts, the quarterly and half-yearly figures and ad hoc financial information. The Supervisory Board also supervises the establishment and maintenance of internal control mechanisms for external financial reporting as described in clause 5 of the By-Laws of the Management Board. 8.2 The line of contact between the Supervisory Board and the external auditor is in principle through a designated Supervisory Board member or, if an Audit Committee has been established, the Chairman of the Audit Committee. The aforementioned applies if any irregularities in the contents of the financial reports are discovered. In such a case, the Chairman will be informed of all details of the case by the Chairman of the Audit Committee on a near time and on-going basis. 8.3 The Supervisory Board sees to it that the recommendations made by the external auditor are considered carefully by the Management Board and the Supervisory Board and, to the extent accepted, that they are actually carried out by the Management Board. 8.4 The Supervisory Board is free to decide whether or not to make a recommendation on the setup of an internal audit function to the Management Board. 9. Remuneration of Management Board Members 9.1 The Supervisory Board shall be responsible for the remuneration structure of the Management Board. It shall propose a Remuneration Policy for the Management to the General Meeting and Shareholders, and propose modifications to this policy if and when it deems it necessary. 9.2 The Supervisory Board shall annually prepare a Remuneration Report, which contains an account of the manner in which the Remuneration Policy has been implemented in the past financial year, as well as an overview of the Remuneration Policy for Management Board members planned by the Supervisory Board for the next financial year and subsequent years. This overview shall, in any event, contain the information as set out in Annex 5. The Remuneration Report is posted on the Company's website. 9.3 The Chairman of the Supervisory Board shall propose the remuneration of the individual members of the Management Board and, if there are reasons therefore, make proposals for changes or additions to 108

109 the remuneration of individual members of the Management Board, which remuneration and possible changes and/or additions shall be submitted for adoption to the Supervisory Board. 9.4 The remuneration of the individual Management Board members shall be determined within the scope of the remuneration policy adopted by the General Meeting of Shareholders. 9.5 The Supervisory Board shall have the power to adjust upwards or downwards the value of a variable remuneration component conditionally awarded in a particular financial year if payment thereof is unacceptable according to standards of reasonableness and fairness or if in its opinion such value produces an unfair result due to extraordinary circumstances in the period in which the performance criteria determined beforehand are or should be realised. 9.6 The Supervisory Board shall have the power to claim back from a Management Board member the variable remuneration component granted in part or in whole, in so far as payments were made on the basis of inaccurate information about the realisation of targets, or circumstances that such remuneration was made conditional to, that underlie the variable remuneration (claw back clause). 10. Relation with the Shareholders 10.1 Where appropriate, the Supervisory Board shall provide all Shareholders and other parties in the financial markets with equal and simultaneous information about matters that may influence the share price. In urgent cases when a common board decision cannot be reached timely, the Chairman of the Supervisory Board will decide on such publications and inform the Supervisory Board members immediately thereafter The Management Board and the Supervisory Board shall provide the General Meeting of Shareholders in time with all information that it requires for the exercise of its powers. Any requested information is provided, unless this would be contrary to an overriding interest of the Company. If the Management Board and the Supervisory Board invoke an overriding interest, it shall state the reasons The Supervisory Board shall be the first point of contact for shareholders in case of a(n intended) public take-over bid or in case of matters that otherwise fall within the scope of the duties and tasks of the Supervisory Board. For all other matters (including but not limited to operational matters) the Management Board will be the first point of contact for shareholders If one or more Shareholders intend to request that an item be put on the agenda which may lead to a change of strategy of the Company, such as the dismissal of one or more members of the Management Board or the Supervisory Board, the Management Board shall respond to such request within a reasonable period of time (the response time). The response time shall not exceed 180 days, calculated as from the date on which the Management Board was informed by one or more Shareholders of the intention to put this item on the agenda until the date of the General Meeting of Shareholders at which the item is to be discussed. The Management Board shall use this response time for consultations, constructive negotiations and to explore alternatives, in any case with the Shareholders concerned. The Supervisory Board shall supervise this The members of the Supervisory Board shall be present at the General Meetings of Shareholders, unless they are unable to attend and give a power of attorney to another Supervisory or Management board member The General Meetings of Shareholders are presided over by the Chairman of the Supervisory Board or, in his absence, the Vice-Chairman of the Supervisory Board. The Supervisory Board may designate someone else to preside over the meeting. 109

110 10.7 The Supervisory Board may see to it that the responsible partner (certifying auditor) of the firm of the External Auditor is present at the General Meeting of Shareholders and that he can address the meeting. The External Auditor may be questioned by the General Meeting of Shareholders in relation to his statement on the fairness of the Annual Accounts. 11. Meetings of the Supervisory Board 11.1 The Supervisory Board shall meet as often as deemed necessary for the proper functioning of the Supervisory Board. The Supervisory Board shall meet at least four times a year. Meetings shall be scheduled annually as much as possible in advance. The Supervisory Board shall also meet earlier than scheduled if this is deemed necessary by the Chairman of the Supervisory Board, two other members of the Supervisory Board, or the Management Board Meetings of the Supervisory Board are in principle called by the Chairman. Save in urgent cases to be determined by the Chairman the agenda for a meeting shall be sent to all Supervisory Board members at least seven calendar days before the meeting. For each item on the agenda an explanation in writing shall be provided, where possible and relevant, and/or other related documentation will be attached. The Chairman shall in principle consult on the content of the agenda with the CEO prior to convening the meeting Each Supervisory Board member, the CEO, and the Management Board collectively, have the right to request that an item be placed on the agenda for a Supervisory Board meeting Supervisory Board meetings are generally held at the offices of the Company, but may also take place elsewhere. In addition, meetings of the Supervisory Board may be held by conference call, video conference or by any other means of communication, provided all participants can communicate with each other simultaneously The CEO shall be requested to attend as many of the Supervisory Board meetings as possible, to the extent the Supervisory Board does not indicate that it wishes to meet in the absence of the CEO. If requested, other Management Board members also attend meetings of the Supervisory Board A Supervisory Board member may be represented at Supervisory Board meetings by another Supervisory Board member holding a proxy in writing. The existence of such authorisation must be proved satisfactorily to the chairman of the meeting Supervisory Board meetings are presided over by the Chairman of the Supervisory Board or, in his absence, the Vice-Chairman. 12. Chairman of the Meeting; Reports 12.1 Supervisory Board meetings are presided over by the Chairman or, in his absence, the Vice-Chairman. If both are absent, one of the other Supervisory Board members, designated by a majority of votes cast by the Supervisory Board members present at the meeting, shall preside A Supervisory Board member designated for such purpose by the chairman of the meeting shall draw up a report on the proceedings at the meeting. The report should provide insight into the decisionmaking process at the meeting. The report shall be adopted by the Supervisory Board at the same meeting, or the next meeting. 13. Decision-making within the Supervisory Board 13.1 The Supervisory Board members shall endeavour to achieve that resolutions are, as much as possible, adopted unanimously. Each Supervisory Board member has the right to cast one vote. Where 110

111 unanimity cannot be reached and the law, the Company s articles of association or these By-Laws do not prescribe a larger majority, all resolutions of the Supervisory Board are adopted by an absolute majority of the votes cast. In the event of a tie, the Chairman of the Supervisory Board has the deciding vote, but only if more than two Supervisory Board members are present. At a meeting, the Supervisory Board may only pass resolutions if the majority of the Supervisory Board members then in office are present or represented In general, resolutions of the Supervisory Board are adopted at a Supervisory Board meeting Supervisory Board resolutions may also be adopted in writing, provided the proposal concerned is submitted to all Supervisory Board members then in office and none of them objects to this form of adoption and the majority of the members vote in favour of the proposed resolution. Adoption of resolutions in writing shall be effected by statements in writing from all the Supervisory Board members. A statement from a Supervisory Board member who wishes to abstain from voting on a particular resolution which is adopted in writing must reflect the fact that he does not object to this form of adoption The Supervisory Board may deviate from the provisions of clauses 13.3 (last sentence), if this is deemed necessary by the Chairman, considering the urgent nature and other circumstances of the case, provided that all Supervisory Board members are allowed the opportunity to participate in the decision-making process. The Chairman or a designated Supervisory Board member shall then prepare a report on a resolution so adopted, which shall be added to the documents for the next meeting of the Supervisory Board A resolution adopted by the Supervisory Board may be evidenced outside the Company through a statement from the Chairman or a designated Supervisory Board member If a resolution is adopted in a meeting, the Chairman undertakes to circulate either a statement (as referred to in clause 13.5) by him or a designated Supervisory Board member. If a Supervisory Board member objects to the resolution within 48 hours as soon as reasonably possible after the meeting after the resolution has been circulated, until any objection or objections has or have been received in accordance with the preceding sentence, the content of the resolution are deemed to be agreed by the Supervisory Board. 14. Conflicts of Interests of Supervisory Board Members 14.1 A Supervisory Board member shall immediately report any conflict of interest or potential conflict of interest that is of material significance to the Company and/or to him to the Chairman and shall provide all relevant information, including information concerning his spouse, registered partner or other life companion, foster child and relatives by blood or marriage up to the second degree. The Supervisory Board member concerned shall not take part in the assessment by the Supervisory Board of whether a conflict of interest exists A Supervisory Board member having a conflict of interests or an interest which may have the appearance of such a conflict of interests (both a (potential) conflict of interests within the meaning of the Dutch Corporate Governance Code) must declare the nature and extent of that interest to the Chairman of the Supervisory Board. He may not participate in deliberating or decision-making within the Supervisory Board, if with respect to the matter concerned he has a direct or indirect personal interest that conflicts with the interests of the Company and the business connected with it. A conflict of interest exists in any event if the Company intends to enter into a transaction with a legal entity: (a) in which a Supervisory Board member personally has a material financial interest; (b) which has a management board member who has a relationship under family law with a Supervisory Board member; or (c) in which a Supervisory Board member has a managerial or supervisory position. 111

112 14.3 A conflict of interests exists in any other event if in the situation at hand the Supervisory Board member must be deemed to be unable to serve the interests of the Company and the business connected with it with the required level of integrity and objectivity. If a transaction is proposed in which apart from the Company also an affiliate of the Company has an interest, then the mere fact that a Supervisory Board member holds any office or other function with the affiliate concerned or another affiliate, whether or not it is remunerated, does not mean that a conflict of interests as referred to above, exists All transactions in which there are conflicts of interest with Supervisory Board members shall be agreed on terms that are customary for arm's-length transactions in the branch of business in which the Company and its subsidiaries operate. Decisions to enter into transactions in which there are conflicts of interest with Supervisory Board members that are of material significance to the Company and/or the relevant Supervisory Board members require the approval of the Supervisory Board. 15. Remuneration of Supervisory Board Members 15.1 The remuneration of the Supervisory Board members is determined by the General Meeting of Shareholders. The Supervisory Board may from time to time submit proposals on its remuneration to the General Meeting of Shareholders. If a Supervisory Board member is required to charge VAT on his fees, this will be paid by the Company Apart from their remuneration, Supervisory Board members shall be reimbursed for all reasonable costs incurred in connection with their attendance of meetings, the reasonableness of such costs being assessed by the Chairman of the Supervisory Board (costs incurred by the Chairman of the Supervisory Board are assessed by the Vice-Chairman, or by the other members if no Vice-chairman is in place). Any other expenses are only reimbursed, in whole or in part, if incurred with the consent of the Chairman (or if it concerns the Chairman, the Vice-Chairman or the other members) The Company and its Subsidiaries do not grant personal loans, guarantees or the like to Supervisory Board members, save as part of its usual business operations. Loans are not remitted. 16. Other Positions 16.1 Members of the Supervisory Board shall limit the number and nature of their other positions so as to ensure due performance of their duties as members of the Supervisory Board. A member of the Supervisory Board will hold no more than five supervisory memberships of boards of Dutch large companies or large foundations, with a chairmanship counted twice Supervisory Board members must inform the Chairman or a designated Supervisory Board member of their other positions which may be of importance to the Company or the performance of their duties before accepting such positions. If the Chairman determines that there is a risk of a conflict of interest, the matter shall be discussed by the Supervisory Board in accordance with clause 14. A designated person shall keep a list of the outside positions concerned of each Supervisory Board member. 17. Holding and Trading Securities 17.1 Any holding of Shares or other securities in the Company by Supervisory Board members is for the purpose of long-term investment (minimum holding period 1 year) Supervisory Board members are bound to the RNTS Media N.V. Insider Trading Policy regarding securities of the Company and other securities referred to in those regulations. The Insider Trading Policy is posted on the Company's website The Company does not impose any limitation on the right of a Supervisory Board member to hold and trade in securities of companies other than the Company, except that the Supervisory Board member 112

113 will be obliged towards the Company to comply with all statutory requirements concerning such holding or trading. 18. Confidentiality 18.1 No Supervisory Board member shall, during his membership of the Supervisory Board or afterwards, disclose in any way whatsoever to anyone whomsoever any information of a confidential nature regarding the business of the Company and/or any companies in which it holds a stake, that came to his knowledge in the capacity of his work for the Company and any companies in which it holds a stake and which he knows or should know to be of a confidential nature, unless required by law. A Supervisory Board member is allowed to disclose the above information to Management Board members and Supervisory Board members as well as to staff members of the Company and companies in which the Company holds a stake who, in view of their activities for the Company and companies in which the Company holds a stake, should be informed of the information concerned. A Supervisory Board member shall not in any way whatsoever utilise the information referred to above for his personal benefit. 19. Miscellaneous 19.1 Acceptance by Supervisory Board members. Anyone who is appointed as a Supervisory Board member must, upon assuming office, declare in writing to the Company that he accepts and agrees to the contents of these By-Laws and pledge to the Company that he will comply with the provisions of these By-Laws Occasional non-compliance. Subject to applicable law and regulation, the Supervisory Board may occasionally decide at its sole discretion not to comply with these By-Laws Amendment. These By-Laws may be amended by the Supervisory Board at its sole discretion without prior notification. Prior to amendment of these By-Laws the Management Board shall be consulted Interpretation. In case of uncertainty or difference of opinion on how a provision of these By-Laws should be interpreted, the opinion of the Chairman of the Supervisory Board shall be decisive Governing law and jurisdiction. These By-Laws are governed by the laws of the Netherlands. The courts of the Netherlands have exclusive jurisdiction to settle any dispute arising from or in connection with these By-Laws (including any dispute regarding the existence, validity or termination of these rules). 20. Effectiveness This internal Policy comes into effect the day of its publication. 113

114 ANNEX 1 SUPERVISORY BOARD PROFILE 1. Description of the nature and size of the Company and its Subsidiaries Under clause 2.1 of these By-Laws the nature and size of the Company and its subsidiaries must be taken into account when determining the size and composition of the Supervisory Board. The Company is a public company with limited liability (naamloze vennootschap), incorporated under the laws of the Netherlands. The Company (together with its subsidiaries, the Group) is a holding company focused on mobile advertising and digital content. Headquartered in Berlin, Germany, with subsidiaries in, inter alia, San Francisco, California and Seoul, Korea, the Group operates in the field of mobile advertising technology and develops and distributes digital educational content for children via apps, ebooks and animations. Its supply-side ad tech platform helps app developers and publishers to efficiently monetize their content by giving streamlined access to a wide range of advertising revenue sources, such as ad networks, demand-side platforms, agencies and direct advertisers. The markets for mobile advertising and digital content are relatively new, highly volatile and intensely competitive, so that the business strategies of the Company will by nature evolve very rapidly. 2. Description of the desired composition of the Supervisory Board The Company aims to have a Supervisory Board of six members who bring to the table their professional relevant background, in either the Company s target markets or/and financial markets, taking into account the relevant criteria about independence and diversity that follow from the Dutch Corporate Governance Code and the Dutch Civil Code respectively. The Company in the long term aims at having a Supervisory Board with all members being independent; however, for an interim period the minimum aim is having four out of six members being independent in the meaning of the Dutch Corporate Governance Code. 3. Description of the desired expertise and background of the individual members of the Supervisory Board A person shall be suitable for performing the duties of a member of the Supervisory Board if he or she strives to comply with (the majority of) the following criteria: (a) (b) (c) (d) (e) (f) (g) (h) knowledge of and experience in financial, legal, economic, commercial, social and marketing areas experience with (the management or supervision of the management of) a listed company national and international experience with groups of companies knowledge of and experience and affinity with the business of the Company and its Subsidiaries in depth ad-tech industry experience and mobile advertising knowledge; to be able, also by having a sufficient amount of available time, to supervise and promote the policy of the Management Board and the general course of affairs within the Company timely and adequately and to assist the Management Board with the preparation and implementation of its policy to be able to operate independently and critically in relation to the other members of the Management Board and the Supervisory Board and to take measures in the absence of the Management Board to provide for the management of the Company to be prepared to approve of these By-Laws 114

115 4. Size and composition of the Supervisory Board (a) (b) (c) Point of departure at all times is that the size of the Supervisory Board must be such that the Supervisory Board as a whole can perform its duties effectively and responsibly and that each individual member of the Supervisory Board is able to make a contribution by his specific qualities. Without prejudice to the provisions of clause 4(a) above, the Supervisory Board endeavours to achieve that it consists of six members. The Supervisory Board must at all times be so composed that clause 2.1 of these By-Laws is complied with as much as possible. 5. Miscellaneous (a) (b) (c) (d) The Supervisory Board discusses at least once a year, without the Management Board being present, the composition and competence of the Supervisory Board. These deliberations will be mentioned in the annual Supervisory Board report. Each change to the Supervisory Board Profile will be discussed at the General Meeting of Shareholders. This Supervisory Board Profile must be taken into account on each (re)appointment of members of the Supervisory Board. This Supervisory Board Profile is made available on written demand to the Company and is posted on the Company's website. 115

116 ANNEX 2 ROTATION PLAN SUPERVISORY BOARD Name Position First appointed End of current term First term Second terms D.K.J. van (Dirk) Daele Chairman 8 January 2013 AGM years 4 years G.M.C.Y. (Guy) Dubois Member 30 June 2014 AGM years T. (Thorsten) Grenz Member (chairman audit committee) 15 June 2016 AGM years J. Schumann (Jens) Member 15 June 2016 AGM years C. Yu (Crid) Member 15 June 2016 AGM years Y. Valler Interim Member 13 February

117 ANNEX 3 RESPONSIBILITIES OF THE CHAIRMAN Without prejudice to the generality of clause 4.2, the Chairman sees to it that: (a) (b) (c) (d) (e) (f) the Supervisory Board members receive all information necessary for the proper performance of their duties in a timely manner; there is sufficient time for consultation and decision-making by the Supervisory Board; the Committees if any - function properly; the performance of the Management Board members and the Supervisory Board members is assessed at least once a year; the Supervisory Board elects a Vice-Chairman who is the absence alternate of the Chairman; and the Supervisory Board has proper contact with the Management Board. In addition, the Chairman is primarily responsible for: (a) (b) (c) (d) (e) (f) ensuring the proper discharge by the Supervisory Board of its duties; determining the agenda of Supervisory Board meetings and chairing such meetings; consulting with external advisors appointed by the Supervisory Board; addressing problems related to the performance of individual Supervisory Board members; and addressing internal disputes and conflicts of interest concerning individual Supervisory Board members and the possible resignation of such members as a result sending minutes of meetings and undertaking to circulate statements in the sense of clause 13.6, if a resolution is adopted in a meeting. 117

118 ANNEX 4 LIST OF APPROVAL SUPERVISORY BOARD The following resolutions of the Management Board are subject to the approval of the Supervisory Board: (a) (b) (c) (d) (e) (f) (g) determining the operational and financial objectives of the Company; determining and amending the strategy designed to achieve the objectives; determining and amending the parameters to be applied in relation to the strategy (for example in respect of the financial ratios); the corporate social responsibility issues that are relevant to the company; all investments that are outside the scope of ongoing business, and in particular, but not only, investments by acquisition of other companies, purchase of real estate; and any issuance of debt instruments or other financial market instruments new policies and changes to existing policies of the Company. 118

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