11 JULY 2014
.
arGEN-X N.V.
INSIDER TRADING POLICY
AMS3464124/8
CONTENT OF THE INSIDER TRADING POLICY INTRODUCTION......................................................................................................................3 CHAPTER I – SCOPE AND DEFINITIONS............................................................................3 1.
DEFINITIONS ..............................................................................................................3
2.
SCOPE...........................................................................................................................3
CHAPTER II – GENERAL PROHIBITIONS...........................................................................3 3.
GENERAL RULES.......................................................................................................3
4.
EXEMPTIONS..............................................................................................................3
5.
ADDITIONAL OBLIGATIONS ..................................................................................4
CHAPTER III – COMPANY SPECIFIC PROHIBITIONS ......................................................4 6.
OPEN AND CLOSED PERIODS.................................................................................4
7.
EXEMPTIONS..............................................................................................................5
8.
DURATION ..................................................................................................................5
CHAPTER IV – REPORTING OBLIGATIONS ......................................................................5 9.
REPORTING OBLIGATIONS WITH THE AFM .......................................................5
10.
EXEMPTIONS..............................................................................................................6
CHAPTER V – MARKET MANIPULATION..........................................................................6 11.
PROHIBITIONS ...........................................................................................................6
CHAPTER VI – REGISTRATION OFFICER ..........................................................................7 12.
REGISTRATION OFFICER.........................................................................................7
13.
THE REGISTRATION OFFICER’S TASKS...............................................................7
14.
INSIDER LIST..............................................................................................................8
CHAPTER VII – SANCTIONS.................................................................................................9 15.
SANCTIONS.................................................................................................................9
CHAPTER VIII – FINAL PROVISIONS..................................................................................9 16.
CONFIRMATION ........................................................................................................9
17.
STEPS TO CONSIDER TRADING COMPANY’S FINANCIAL INSTRUMENTS .9
18.
REMAINING PROVISIONS........................................................................................9
SCHEDULE 1 DEFINITIONS ................................................................................................10 SCHEDULE 2 DECLARATION OF AGREEMENT .............................................................13 SCHEDULE 3 INTERNAL REPORTING FORM..................................................................14 SCHEDULE 4 SANCTIONS...................................................................................................15 SCHEDULE 5 TRADING IN THE COMPANY’S FINANCIAL INSTRUMENTS .............24
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INTRODUCTION (A)
In accordance with the DFSA, the Board has adopted this Insider Trading Policy regarding the holding of and transactions in the Company’s Financial Instruments.
(B)
Pursuant to the DFSA and the BFSA, it is prohibited to use Inside Information by trading in Financial Instruments to which the Inside Information relates. In addition, it is prohibited to disclose all or part of the Inside Information to a third party or to advise or induce a third party to trade in Financial Instruments while having Inside Information.
(C)
This Insider Trading Policy is intended to raise and maintain Insiders’ awareness about the prohibition of trading in Financial Instruments while having Inside Information and about the other related prohibitions under the DFSA and the BFSA and to ensure that any Insiders with regular or incidental access to Inside Information do not abuse, and do not place themselves under suspicion of abusing Inside Information.
CHAPTER I – SCOPE AND DEFINITIONS 1.
DEFINITIONS
1.1
In this Insider Trading Policy capitalised terms have the meaning attributed to them in Schedule 1 (“Definitions”). Any of such terms, unless the context otherwise requires, may be used in the singular or plural, depending upon the reference.
2.
SCOPE
2.1
This Insider Trading Policy applies to all Insiders, unless this Insider Trading Policy specifically provides otherwise. This Insider Trading Policy shall apply to Insiders irrespective of the capacity in which they trade in Financial Instruments and shall also apply if the Insider in question is trading for another person’s account or as another person’s representative.
2.2
Nothing in this Insider Trading Policy will take away each person’s own responsibility to comply with the applicable laws in respect of trading in securities, reporting to the relevant regulator and any other matters covered in this Insider Trading Policy. In particular, this Insider Trading Policy is not aimed at shifting any responsibility for this to the Registration Officer.
CHAPTER II – GENERAL PROHIBITIONS 3.
GENERAL RULES
3.1
Each Insider who has Inside Information is prohibited from:
(a)
trading or attempting to trade in the Company’s Financial Instruments, subject to the exception of Article 4;
(b)
recommending or inducing third parties to trade in the Company’s Financial Instruments; and
(c)
disclosing Inside Information to a third party, unless (i) this occurs in the ordinary course of such person’s work, profession or position (normale uitoefening van zijn werk, beroep of functie), and (ii) the recipient of the Inside Information is subject to confidentiality undertakings in this respect.
4.
EXEMPTIONS
4.1
The prohibition described in Article 3.1(a) shall not apply to:
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(a)
an Insider who trades in the Company’s Financial Instruments in order to fulfil a due obligation (opeisbare verplichting) which already existed before the Insider acquired the Inside Information;
(b)
the receipt of the Company’s Financial Instruments as payment of dividend, except when such receipt is optional; and
(c)
any circumstances that fall under the scope of any other exemptions or exceptions available to an Insider under the DFSA and the BFSA, and any ancillary rules, decrees and regulations thereto, as amended from time to time.
5.
ADDITIONAL OBLIGATIONS
5.1
Notwithstanding the prohibitions and exemptions set out above, each Insider shall:
(a)
take due care when handling Inside Information;
(b)
avoid discussing Inside Information and other business information in a private/domestic setting;
(c)
avoid any kind of entanglement of business and personal interests, as well as the appearance thereof;
(d)
for the purpose of an inquiry as referred to in Article 13.2(j), render as much assistance as possible and shall, upon the Registration Officer’s request, provide him or her with all information regarding the trading in Financial Instruments executed by, on the instruction of, or on behalf of such Insider; and
(e)
instruct the securities institution where he or she keeps his or her securities account to provide the Registration Officer, upon his or her request, with all information regarding a trading in Financial Instruments executed or realised by, on the instruction of, or on behalf of such Insider.
CHAPTER III – COMPANY SPECIFIC PROHIBITIONS 6.
OPEN AND CLOSED PERIODS
6.1
Additional prohibitions for Insiders:
6.2
(a)
Insiders are prohibited from trading in the Company’s Financial Instruments during a Closed Period, irrespective of whether they have Inside Information.
(b)
Outside of a Closed Period, Insiders are prohibited from trading in the Company’s Financial Instruments if the Registration Officer in consultation with the Board has prohibited him or her from doing so.
(c)
The Registration Officer can in consultation with the Board from time to time determine that Insiders are prohibited from trading in a third party’s Financial Instruments listed on a regulated market or multilateral trading facility if and to the extent that this is necessary in order to avoid the appearance of market abuse.
The Registration Officer may in consultation with the Board, under special circumstances, grant an individual or a generic exemption from any of the prohibitions in Article 6.1. In case of a request for an individual exemption the request shall be made in writing. Exemptions shall be granted in writing. For the avoidance of doubt, if an Insider possesses Inside Information he or she is not allowed to trade 4
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in the Company’s Financial Instruments regardless any dispensation granted pursuant to this Article 6.2. Each person will be responsible for its own assessment whether he or she possesses Inside Information. This assessment and responsibility will under no circumstances be shifted to the Registration Officer. 7.
EXEMPTIONS
7.1
The prohibitions set out in Article 6.1 do not apply to transactions referred to in Article 4.
8.
DURATION
8.1
The prohibitions set out in Article 6.1 remain applicable to Insiders during the two months after termination of their function or removal from the Insider List.
CHAPTER IV – REPORTING OBLIGATIONS 9.
REPORTING OBLIGATIONS WITH THE AFM
9.1
Each Executive Director and Non-Executive Director must notify the AFM:
(a)
within two weeks after his or her designation or appointment, of the number of the Company’s Financial Instruments and Affiliated Financial Instruments at his or her disposal, and of the number of Votes he or she can cast on the issued capital of the Company and the issued capital of any Affiliated Company;
(b)
immediately without delay after a company has become an Affiliated Company, of the number of Affiliated Financial Instruments at his or her disposal, and of the number of Votes they can cast on the issued capital of the Affiliated Company. The obligation set out in the previous sentence shall be fulfilled if a notification of that matter has been made pursuant to other applicable provisions of the DFSA; and
(c)
immediately without delay of any change in the number of the Company’s Financial Instruments and the Affiliated Financial Instruments at his or her disposal, and of any change in the number of Votes he or she can cast on the issued capital of the Company and the issued capital of any Affiliated Company. The obligation set out in the previous sentence shall be fulfilled if a notification of that matter has been made pursuant to other applicable provisions of the DFSA.
9.2
Each PDMR and its Affiliated Person and each Affiliated Person of an Executive Director or NonExecutive Directors must notify the AFM no later than on the fifth business day after the trading conducted of effected for his or her own account, of any Company’s Financial Instruments or in Financial Instruments whose value is partly determined by the value of the Company’s Financial Instruments.
9.3
Each Insider shall notify the Registration Officer without a delay of any trade in the Company’s Financial Instruments or Affiliated Financial Instruments conducted by or on behalf of him or her.
9.4
Each Executive Director, Non-Executive Director and PDMR may instruct the Registration Officer to make the notification to the AFM referred to in Articles 9.1 and 9.2 on his or her behalf. The instruction must be given in writing accompanied by a form which is attached hereto as Schedule 3 Part A completed by the relevant Executive Director and Non-Executive Director or Schedule 3 Part B completed by the relevant PDMR. Such request must be received by the Registration Officer before 13:00 CET on the business day prior to the day for the notification to the AFM.
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9.5
Notwithstanding Article 9.4, each Executive Director, Non-Executive Director and PDMR will at all times remain ultimately responsible for the compliance with his or her notification duties within the relevant timeframe.
9.6
Each Executive Director, Non-Executive Director and PDMR is obliged to inform his or her Affiliated Person of his or her notification obligations as referred to in Article 9.2.
10.
EXEMPTIONS
10.1
The notification referred to in Article 9.2 may be deferred until the moment that the trading in the Financial Instruments in the relevant calendar year by the relevant person for his or her own account, together with transactions conducted by his or her Affiliated Person for his or her own account (if any) reaches collectively the total amount of €5,000. For the avoidance of doubt, this possibility to postpone the notification does not apply with respect to notifications by Executive Directors and NonExecutive Directors pursuant to Article 9.1(c).
10.2
PDMRs and Affiliated Persons are exempt from the notification requirements set out in Articles 9.2, provided:
(a)
the trading in the Company’s Financial Instruments is conducted by an authorised agent to whom, by written agreement, full discretionary management authority over the investment portfolio of the relevant person has been transferred;
(b)
such person may not exercise any influence on the investment portfolio on the basis of the authorisation; and
(c)
the written agreement containing the authorisation has been sent to and approved by the Registration Officer in advance.
For the avoidance of doubt, this exemption does not apply with respect to notifications by Executive Directors and Non-Executive Directors pursuant to Article 9.1(c). Executive Directors and NonExecutive Directors may at their own discretion authorise their discretionary asset manager to make the required notifications on his or her behalf, but by law the authorisation shall not affect the responsibility of Executive Directors and Non-Executive Directors for accurately and timely notifications. 10.3
The Registration Officer is authorised to send a copy of the agreement attesting the authorisation of the authorised agent to the AFM on behalf of the person concerned.
CHAPTER V – MARKET MANIPULATION 11.
PROHIBITIONS
11.1
Each Insider is prohibited from:
(a)
executing or effecting a transaction or order to trade in the Company’s Financial Instruments that:
(i)
sends or can be feared to send an incorrect or misleading signal in respect of the supply of, the demand for or the price of the Company’s Financial Instruments, unless the person who has executed or effected the transaction demonstrates that his or her reason for executing or effecting the transaction is justified and that the transaction or order to trade is in accordance with the accepted market practice in the relevant regulated market;
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11.2
(ii)
intend to keep the price of the Company’s Financial Instruments at an artificial level, unless the person who has executed or effected the transaction demonstrates that his or her reason for executing or effecting the transaction is justified and that the transaction or order to trade is in accordance with the accepted market practice in the relevant regulated market; or
(iii)
is based on fraud or deception;
(b)
inducing others to perform any action described in (i), (ii) and (iii); or
(c)
circulating information that sends or can be feared to send an incorrect or misleading signal in respect of the supply of, the demand for or the price of the Company’s Financial Instruments, while knowing or having reason to suspect that such information is incorrect or misleading.
Each Insider is prohibited from creating the appearance of performing any actions set out in Article 11.1.
CHAPTER VI – REGISTRATION OFFICER 12.
REGISTRATION OFFICER
12.1
The Board shall appoint a Registration Officer. The Board may at any time revoke the appointment of the Registration Officer as such.
12.2
The Board shall inform all Insiders who the Registration Officer is and where he or she can be reached.
12.3
The Registration Officer of the Company is currently Eric Castaldi, T: 010-7038441, E:
[email protected].
13.
THE REGISTRATION OFFICER’S TASKS
13.1
The Registration Officer has the tasks, duties and authorities allocated to the Registration Officer in this Insider Trading Policy. The Board can assign additional tasks, duties and authorities to the Registration Officer.
13.2
The Registration Officer has, amongst others, the following tasks (which shall be exercised in consultation with the Board):
(a)
to announce, in due time, at least prior to the beginning of each calendar year, the Closed Periods, as well as any changes or additions in that regard;
(b)
to keep the Insider List as referred to in Article 14.1 and inform those persons added to the Insider List in writing of their placement on the list and the prohibitions relating to the possession of Inside Information and the sanctions imposed upon violation of those provisions, (please refer to Schedule 4 for the sanctions that may be imposed);
(c)
to prohibit Insiders, if and when necessary, from trading in the Company’s Financial Instruments outside a Closed Period, as referred to in Article 6.1(b);
(d)
to prohibit Insiders from trading in a third party’s Financial Instruments if and to the extent that this is necessary in order to avoid the appearance of market abuse, as referred to in Article 6.1(c);
(e)
to grant dispensation from the prohibitions set out in Article 6, as referred to in Article 6.2;
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(f)
to notify Executive Directors and Non-Executive Directors in writing of the limited liability companies that are regarded as Affiliated Companies;
(g)
to notify the AFM of transactions in the Company’s Financial Instruments by Executive Directors, Non-Executive Directors and PDMR as referred to in Article 9.4, but only upon an instruction thereof from the relevant Executive Directors, Non-Executive Directors and PDMR by completing the relevant forms as attached as Schedule 3 in accordance with this Insider Trading Policy;
(h)
to provide, when requested, Insiders with advice and information on the content and interpretation of the various regulations, without thereby releasing Insiders from their own (statutory) responsibilities, duties and liabilities;
(i)
to register notifications, requests, decisions and other relevant documents with regard to this Insider Trading Policy; and
(j)
to hold an inquiry, or effect that an inquiry be held, with regard to the correct compliance of this Insider Trading Policy, and report in writing on the outcome of the inquiry to the chairman of the Board, but only after having given the person concerned the opportunity to respond to (the outcome of) the inquiry.
14.
INSIDER LIST
14.1
The Registration Officer shall keep an Insider List containing:
(a)
the names of persons who may possess Inside Information on a regular or incidental basis;
(b)
the reason for including on the Insider List the persons referred to under 14.1(a);
(c)
the date on which those persons acquired Inside Information
(d)
the circumstance that, and the moment from which, the person no longer has access to Inside Information; and
(e)
the dates on which the list has been prepared and updated.
The Insider List shall be updated immediately and shall be kept by the Company for at least 5 years after the preparation or updating of the Insider List. 14.2
The Registration Officer shall keep a register containing:
(a)
all announcements, notifications, statements, instructions, designations and decisions made pursuant to this Insider Trading Policy;
(b)
all exemptions granted and requests for the same as referred to in Article 6; and
(c)
any violations, investigations and findings in respect of this Insider Trading Policy.
14.3
The Registration Officer shall inform the persons on the Insider List of their legal duties and the sanctions attached to the prohibited use of Inside Information.
14.4
A person on the Insider List has the right to examine the Insider List and register referred to in Article 14.2 to the extent it relates to him or her. Each member of the Board has the right to examine the Insider List and the register referred to in Article 14.2 to the extent necessary in exercising their responsibilities and to the extent necessary to comply with this Insider Trading Policy. 8
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14.5
The Registration Officer shall report annually, after the end of a financial year of the Company, to the chief executive officer and the chairman of the Board on the conduct of his or her tasks, duties and authorities.
14.6
If a person is in doubt as to whether a prohibition applies to him or her, he or she is recommended to contact the Registration Officer.
CHAPTER VII – SANCTIONS 15.
SANCTIONS
15.1
A person can be prosecuted if he or she breaches (or is suspected of breaching) prohibitions regarding insider trading or market manipulation as further set out in Schedule 4.
15.2
In the event of a violation of this Insider Trading Policy, the Company or the legal entity or company belonging to the Company’s group of companies by whom the Insider is employed (or where he is working), may impose any and all sanctions or measures pursuant to the applicable laws and/or contract (of employment), including termination of the (employment) contract.
CHAPTER VIII – FINAL PROVISIONS 16.
CONFIRMATION After having familiarised themselves with the content of this Insider Trading Policy, Insiders must send a signed copy of the declaration of agreement with the Insider Trading Policy, which is attached hereto as Schedule 2, to the Registration Officer.
17.
STEPS TO CONSIDER TRADING COMPANY’S FINANCIAL INSTRUMENTS If an Executive Director, Non-Executive Director, PDMR or Employee wishes to trade in the Company’s Financial Instruments, please consider the steps attached as Schedule 5.
18.
REMAINING PROVISIONS
18.1
This Insider Trading Policy may be amended by a resolution of the Board.
18.2
The provisions of this Insider Trading Policy shall be without prejudice to the obligations and prohibitions under the DFSA and the BFSA, and any ancillary rules, decrees and regulations thereto, as amended from time to time, or any other rule that may apply to trading in Financial Instruments, including, but not limited, in the country where the Insider has his or her principal residence and the country where the Company’s Financial Instruments are admitted to trading.
18.3
If one or more provisions of this Insider Trading Policy are or become invalid, this shall not affect the validity of the remaining provisions of this Insider Trading Policy. The Board shall replace the invalid provisions by those which are valid and the effect of which, given the contents and purpose of this Insider Trading Policy, is to the greatest extent possible similar to that of the invalid provisions.
18.4
In writing means a message that is conveyed by letter, fax, email or any other electronic means of communication provided that the message is legible and reproducible, unless this Insider Trading Policy, the laws or regulations explicitly provides otherwise.
18.5
This Insider Trading Policy enters into effect on 11 July 2014.
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SCHEDULE 1 DEFINITIONS Affiliated Company means every Dutch public company (naamloze vennootschap naar Nederlands recht) whose (depositary receipts for) shares, or transferable securities equivalent to depositary receipts for shares, have been admitted to trading on a regulated market in the Netherlands or in another Member State: (a)
belonging to the same group as the Company or in which the Company has a participating interest as referred to in article 2:24c of the Dutch Civil Code (Burgerlijk Wetboek) if the turnover of that Dutch public company, as most recently determined, constitutes at least 10% of the consolidated turnover of the Company; or
(b)
which holds directly or indirectly more than 25% of the capital of the Company;
Affiliated Financial Instruments means Financial Instruments issued by or relating to an Affiliated Company; Affiliated Persons means: (a)
spouses, registered partners or life partners of, or other persons who share a joint household with a Executive Director, Non-Executive Director or PDMR;
(b)
children of a Executive Director, Non-Executive Director or PDMR who fall under his authority or who are under legal restraint and for whom such person was appointed as a guardian;
(c)
other relatives by blood or otherwise of a Executive Director, Non-Executive Director or PDMR who have shared a joint household with him or her for at least one year; or
(d)
a legal entity, a trust as referred to in section 1 under c of the act on the Supervision of Trust Offices (Wet toezicht trustkantoren) or a partnership (i) the executive responsibility of which is vested in a Executive Director, Non-Executive Director or PDMR or in a person referred to under a, b or c above, (ii) which is controlled by a Executive Director, Non-Executive Director or PDMR, (iii) which has been created for the benefit of such person, or (iv) the economic interests of which are essentially equivalent to those of such person;
AFM means Authority for the Financial Markets (Autoriteit Financiële Markten); Article means an article in this Insider Trading Policy; BFSA means the Belgian law dated 2 August 2002 on the supervision of the financial markets and the financial services; Board means the board of directors of the Company; Closed Period means the period: (a)
60 days immediately preceding the earlier of (i) the preliminary announcement of the Company’s annual results, or (ii) the publication of the Company’s annual financial report, or, if shorter, the period from the relevant financial year end up to and including the time of such preliminary announcement or publication, as the case may be;
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(b)
21 days immediately preceding the announcement of the Company’s quarterly or half-yearly results, or, if shorter, the period from the relevant financial period end up to and including the time of such announcement, or the announcement of a dividend or interim dividend;
(c)
30 days immediately preceding the first publication of a prospectus for a share issue, or, if shorter, the period from the decision making prior to the publication of a prospectus and the first publication of the prospectus; and
(d)
such other periods as the Company may announce;
Company means arGEN-X N.V., a public company (naamloze vennootschap) incorporated under the laws of the Netherlands, with its statutory seat in Rotterdam, the Netherlands, with its registered office address at Willemstraat 5, 4811 AH, Breda, the Netherlands and is registered with the Dutch Commercial Register (Handelsregister) under number 24435214; Company’s Financial Instruments means: (a)
the ordinary shares in the capital of the Company that are admitted to trading on NYSE Euronext Brussels; and
(b)
any other Financial Instruments issued by or relating to the Company;
DFSA means the Dutch Financial Supervision Act (Wet op het financieel toezicht) as amended from time to time; Employees means persons employed by, or in any other relationship of authority to, the Company or a subsidiary or group company of the Company; Executive Directors means executive directors of the board of directors of the Company; Financial Instruments means (depositary receipts for) shares or any other financial instruments (financieel instrument) as defined in article 1:1 and 5:53 subsection 3 of the DFSA which: (a)
are admitted to trading on a regulated market or multilateral trading facility in the Netherlands or in another Member State or a system comparable with a regulated market or multilateral trading facility in a non-Member State, or for which a request for admission has been made;
(b)
are not admitted to a regulated market or multilateral trading facility as referred to under (a) above, but whose value depend on the financial instruments referred to under (a) above; or
(c)
are admitted to trading on a multilateral trading facility for which the investment firm holds a licence in accordance with article 2:96 of the DFSA;
FSMA means the Belgian Financial Services and Markets Authority; Inside Information means information of a precise nature which has not been made public, relating, directly or indirectly, to the Company, the Company’s Financial Instruments or the trade in the Company’s Financial Instruments and which, if it were made public, could have a significant influence on the price of the Company’s Financial Instruments or on the price of related derivative Financial Instruments; Insider List means a list of Insiders; Insider Trading Policy means this insider trading policy; Insider means the Executive Directors, Non-Executive Directors, PDMRs and Employees;
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Member State means a state that is a member of the European Union and a state not being a member of the European Union, which is a party to the Agreement on the European Economic Area; Non-Executive Directors means non-executive directors of the board of directors of the Company; PDMRs means Employees discharging managerial responsibilities within the Company and on that basis have the power to take decisions which have an effect on the future development and prospects of the Company and who may regularly have access to Inside Information; Registration Officer means the person referred to in Article 12; trading in means the sale or purchase of Financial Instruments or the execution of any other legal act aimed at acquiring or disposing of Financial Instruments, either directly or indirectly and for one’s own account or the account of others; and Votes means voting rights which can be exercised in respect of Shares, including any rights under a contract to acquire voting rights.
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SCHEDULE 2 DECLARATION OF AGREEMENT The undersigned Last name: First name: Employed by (company name): and (insofar as applicable) Name partner/spouse: Name(s) minor child(ren): Name(s) relative(s) living at home: •
hereby declares, also on behalf of the above-mentioned affiliated persons, that he/she received a copy of the Insider Trading Policy of arGEN-X N.V., familiarised himself/herself with the contents of the Insider Trading Policy and that he/she will comply with these regulations and that the Insider Trading Policy has also been given to the aforesaid members of the family for their inspection;
•
hereby also declares, also on behalf of above-mentioned affiliated persons, that he/she will refrain from holding the Company’s Financial Instruments (as defined in the Insider Trading Policy) in any way contrary to the application of the Insider Trading Policy;
•
states that, on the date that this statement was signed he/she (and/or the following above-mentioned affiliated persons _____________________) has ________ (number) Company’s Financial Instruments.
Place: Date: Name: Signature:
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SCHEDULE 3 INTERNAL REPORTING FORM Part A Executive Director and Non-Executive Director NOTIFICATION FORM FOR DIRECTORS AND MEMBERS OF THE SUPERVISORY BOARD AS MEANT IN SECTION 5:48 WFT Attached separately. Part B PDMR NOTIFICATION FORM FOR FINANCIAL INSTRUMENT TRANSACTIONS IN ONE’S OWN ISSUING INSTITUTION (SECTION 5:60 OF THE FINANCIAL SUPERVISION ACT (WFT)) Attached separately.
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SCHEDULE 4 SANCTIONS 1.
THE PROHIBITIONS UNDER THE DFSA
1.1
Prohibition of article 5:56(1) of the DFSA: “Het is een ieder die behoort tot een in het tweede lid genoemde categorie personen verboden om gebruik te maken van voorwetenschap door een transactie te verrichten of te bewerkstelligen: a. in of vanuit Nederland of een staat die geen lidstaat is in financiële instrumenten die zijn toegelaten tot de handel op een gereglementeerde markt in Nederland (…) of waarvoor toelating tot die handel is aangevraagd; b. in of vanuit Nederland in financiële instrumenten die zijn toegelaten tot de handel op een gereglementeerde markt of multilaterale handelsfaciliteit in een andere lidstaat of die zijn toegelaten tot de handel op een met een gereglementeerde markt of multilaterale handelsfaciliteit vergelijkbaar systeem in een staat die geen lidstaat is, of in financiële instrumenten waarvoor toelating tot die handel is aangevraagd; of c. in of vanuit Nederland of een staat die geen lidstaat is financiële instrumenten, niet zijnde financiële instrumenten als bedoeld in onderdeel a of b, waarvan de waarde mede wordt bepaald door in onderdeel a of b bedoelde financiële instrumenten; of d. in of vanuit een andere lidstaat in financiële instrumenten die zijn toegelaten tot de handel op een multilaterale handelsfaciliteit in Nederland.” which can be translated as: “It shall be prohibited for any person who belongs to a category of persons mentioned in paragraph two to make use of inside information by executing or effecting a transaction: a. in or from the Netherlands or a state which is not a member state in financial instruments that have been admitted to trading on a regulated market in the Netherlands (…) or for which admission to such trading has been requested; b. in or from the Netherlands in financial instruments that have been admitted to trading on a regulated market or multilateral trading facility in another member state or that have been admitted to trading on a market for financial instruments or multilateral trading facility established in and officially admitted in a state which is not a member state, or in financial instruments for which a request for admission to such trading has been made; or c. in or from the Netherlands or a state which is not a member state in financial instruments not being financial instruments as meant under a or b, the value of which is partly determined by the financial instruments meant under a or b; or d. in or from within another member state in financial instruments that have been admitted to trading on a regulated market on a multilateral trading facility in the Netherlands.”
1.2
Prohibition of article 5:56(3) of the DFSA: “Het is een ieder die niet behoort tot een in het tweede lid genoemde categorie en die weet of
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redelijkerwijs moet vermoeden dat hij over voorwetenschap beschikt, verboden om gebruik te maken van die voorwetenschap door: a. in of vanuit Nederland of een staat die geen lidstaat is een transactie te verrichten of te bewerkstelligen in financiële instrumenten als bedoeld in het eerste lid, onderdeel a; b. in of vanuit Nederland een transactie te verrichten of te bewerkstelligen in financiële instrumenten als bedoeld in het eerste lid, onderdeel b; of c. in of vanuit Nederland of een staat die geen lidstaat is een transactie te verrichten of te bewerkstelligen in financiële instrumenten als bedoeld in het eerste lid, onderdeel c; of d. in of vanuit een andere lidstaat een transactie te verrichten of te bewerkstelligen in financiële instrumenten die zijn toegelaten tot de handel op een multilaterale handelsfaciliteit in Nederland.” which can be translated as: “It shall be prohibited for any person who does not belong to a category mentioned in paragraph two and who knows or should reasonably suspect that he has inside information, to make use of this inside information by a. executing or effecting a transaction, in or from the Netherlands or a state which is not a member state, in financial instruments as meant in the first paragraph, subsection a; b. executing or effecting a transaction, in or from the Netherlands, in financial instruments as meant in the first paragraph, subsection b; or c. executing or effecting, in or from the Netherlands or a state which is not a member state, in financial instruments as meant in the first paragraph, subsection c; or d. executing or effecting, in or from within another member state, any transaction in financial instruments that have been admitted to trading on a multilateral trading facility in the Netherlands.” 1.3
Prohibition of article 5:56(7) of the DFSA: “Het is verboden om gebruik te maken van voorwetenschap door te trachten een transactie te verrichten of te bewerkstelligen als bedoeld in het eerste lid.” which can be translated as: “It shall be prohibited to make use of inside information by trying to execute or effect a transaction as meant in paragraph one.”
1.4
Prohibition of article 5:57(1) of the DFSA: “Het is een ieder die behoort tot een in artikel 5:56, tweede lid, onderdeel a, b of d bedoelde categorie, alsmede een ieder die beschikt over voorwetenschap en behoort tot de in artikel 5:56, tweede lid, onderdeel c, bedoelde categorie verboden om in of vanuit een in artikel 5:56, eerste lid, onderdeel a, b, c of d bedoelde staat, voor zover het financiële instrumenten betreft als bedoeld in het betreffende onderdeel: a. de informatie waarop zijn voorwetenschap betrekking heeft aan een derde mee te delen, anders dan in de normale uitoefening van zijn werk, beroep of functie; of
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b. een derde aan te bevelen of ertoe aan te zetten transacties te verrichten of te bewerkstelligen in die financiële instrumenten.” which can be translated as: “A person that pertains to a category referred to in article 5:56, second paragraph, subsections a, b or d, as well as a person in possession of inside information that pertains to the category referred to in article 5:56, paragraph 2, subsection c, shall, where it concerns financial instruments as referred to in the relevant subsections, not be allowed, in or from a state as referred to in article 5:56, second paragraph, subsection a, b, c or d, to: a. disclose the information forming the object of his inside information to a third party, outside the normal practice of his work, profession or function; or b. recommend or induce a third party to execute or effect transactions in these financial instruments.” 1.5
Prohibition of article 5:57(2) of the DFSA: “Het eerste lid is van overeenkomstige toepassing op ieder ander die weet of redelijkerwijs moet vermoeden dat hij over voorwetenschap beschikt.” which can be translated as: “The first paragraph is applicable by analogy to any other person who knows or should reasonably suspect that he has inside information.”
1.6
Prohibition of article 5:58(1) of the DFSA: “Het is verboden om in of vanuit een in artikel 5:56, eerste lid, onderdeel a, b of d, bedoelde staat telkens voor zover het financiële instrumenten betreft als bedoeld in het desbetreffende onderdeel: a een transactie of handelsorder in financiële instrumenten te verrichten of te bewerkstelligen waarvan een onjuist of misleidend signaal uitgaat of te duchten is met betrekking tot het aanbod van, de vraag naar of de koers van die financiële instrumenten, tenzij degene die de transactie of handelsorder heeft verricht of bewerkstelligd, aantoont dat zijn beweegreden om de transactie of handelsorder te verrichten of te bewerkstelligen gerechtvaardigd is en dat de transactie of handelsorder in overeenstemming is met de gebruikelijke marktpraktijk op de desbetreffende gereglementeerde markt of multilaterale handelsfaciliteit (…); b. een transactie of handelsorder in financiële instrumenten te verrichten of te bewerkstelligen teneinde de koers van die financiële instrumenten op een kunstmatig niveau te houden, tenzij degene die de transactie of handelsorder heeft verricht of bewerkstelligd, aantoont dat zijn beweegreden om de transactie of handelsorder te verrichten of te bewerkstelligen gerechtvaardigd is en dat de transactie of handelsorder in overeenstemming is met de gebruikelijke marktpraktijk op de desbetreffende gereglementeerde markt (…); c. een transactie of handelsorder in financiële instrumenten te verrichten of te bewerkstelligen waarbij gebruik wordt gemaakt van bedrog of misleiding; of d. informatie te verspreiden waarvan een onjuist of misleidend signaal uitgaat of te duchten is met betrekking tot het aanbod van, de vraag naar of de koers van financiële instrumenten, terwijl de verspreider van die informatie weet of redelijkerwijs moet vermoeden dat die informatie onjuist of misleidend is.”
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which can be translated as: “It shall be prohibited, in or from a state as meant in article 5:56, first paragraph, subsection a or b, insofar as it concerns financial instruments as meant in the relevant subparagraph, to: a. execute or effect a transaction or order to trade in financial instruments that sends or can be feared to send an incorrect or misleading signal in respect of the supply of, the demand for or the price of those financial instruments, unless the person who has executed or effected the transaction demonstrates that his reason for executing or effecting the transaction is justified and that the transaction or order to trade is in accordance with the accepted market practice in the relevant regulated market (…); b. execute or effect a transaction or order to trade in financial instruments with the intention to keep the price of those financial instruments at an artificial level, unless the person who has executed or effected the transaction demonstrates that his reason for executing or effecting the transaction is justified and that the transaction or order to trade is in accordance with the accepted market practice in the relevant regulated market (…); c. execute or effect a transaction or order to trade in financial instruments using fraud or deception; or d. divulge information that sends or can be feared to send an incorrect or misleading signal in respect of the supply of, the demand for or the price of those financial instruments, while knowing or having reason to suspect that that information is incorrect or misleading.” 2.
PROHIBITIONS UNDER THE BFSA
2.1
Insider dealing prohibition article 25, §1, 1° of the BFSA “Het is aan eenieder verboden: 1° die over informatie beschikt waarvan hij weet of zou moeten weten dat het voorkennis betreft : a) (...), voor eigen of voor andermans rekening, rechtstreeks of onrechtstreeks de financiële instrumenten waarop deze voorkennis betrekking heeft (...) te verkrijgen of te vervreemden of te pogen deze te verkrijgen of te vervreemden; b) deze voorkennis aan iemand anders mede te delen, tenzij dit gebeurt binnen het kader van de normale uitoefening van zijn werk, beroep of functie; c) op grond van deze voorkennis iemand anders aan te bevelen om de financiële instrumenten waarop deze voorkennis betrekking heeft, (...) te verkrijgen of te vervreemden of door anderen te doen verkrijgen of vervreemden; (…)” which can be translated as: “It is prohibited for any person: 1° possessing information that he or she is aware, or ought to be aware, constitutes inside information:
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a) (…) to acquire or dispose of, or try to acquire or dispose of, for his/her own account or for the account of a third party, either directly or indirectly, financial instruments to which that information refers (…); b) to disclose that inside information to any other person, unless such disclosure is made in the normal course of the exercise of his/her employment, profession or duties; c) on the basis of inside information, to recommend that a third party acquire or dispose of, or induce others to acquire or dispose of financial instruments to which that information refers (…); (…)” 2.2
Insider dealing prohibition article 40 of the BFSA “§ 1. Aan de personen die over voorkennis beschikken: 1° wegens hun hoedanigheid van lid van een beheers-, bestuurs- of toezichtsorgaan van de emittent van het betrokken financieel instrument of van een vennootschap die nauwe banden heeft met die emittent; of 2° wegens hun deelneming in het kapitaal van de emittent; of 3° wegens hun toegang tot de informatie door hun werk, beroep of functies, en die weten of redelijkerwijze moeten weten dat de betrokken informatie voorkennis uitmaakt, is het verboden om gebruik te maken van deze voorkennis door, voor eigen of voor andermans rekening, rechtstreeks of onrechtstreeks, het financieel instrument waarop deze voorkennis betrekking heeft, (...) te verkrijgen of te vervreemden of te pogen deze te verkrijgen of te vervreemden. De in het eerste lid vastgestelde verbodsbepaling geldt eveneens: 1° voor iedere persoon die over de voorkennis beschikt omwille van zijn criminele activiteiten; 2° in het geval van een vennootschap of andere rechtspersoon, voor de natuurlijke personen die betrokken zijn in de beslissing om een transactie uit te voeren of een order te plaatsen voor rekening van de betrokken rechtspersoon; 3° voor beleggingsvennootschappen, vennootschappen voor belegging in schuldvorderingen en beheersvennootschappen van instellingen voor collectieve belegging, voor de leden van de organen van deze vennootschappen en voor hun personeelsleden, die over voorkennis beschikken betreffende een financieel instrument in de portefeuille van de betrokken vennootschap of instelling. § 2. Het is de personen die zijn onderworpen aan de in § 1 vastgestelde verbodsbepaling, verboden: 1° om de voorkennis aan iemand anders mede te delen, tenzij dit gebeurt binnen het kader van de normale uitoefening van zijn werk, beroep of functie; 2° om op grond van de voorkennis iemand anders aan te bevelen om de financiële instrumenten waarop deze voorkennis betrekking heeft (...) te verkrijgen of te vervreemden of door anderen te doen verkrijgen of vervreemden. § 3. De in §§ 1 en 2 vastgestelde verbodsbepalingen gelden voor elke persoon, buiten deze bedoeld in die paragrafen, die bewust over informatie beschikt waarvan hij weet of redelijkerwijze moet weten dat zij voorkennis uitmaakt en rechtstreeks of onrechtstreeks afkomstig is van een in § 1 of § 2 bedoelde persoon. (…)” 19
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which can be translated as: “§ 1. Persons who possess inside information: 1° by virtue of their membership of an administrative, management or supervisory body of the issuer of the financial instrument concerned, or of a company closely connected to the issuer; or 2° by virtue of their shareholding in the capital of the issuer; or 3° by virtue of their access to the information through their employment, profession or duties, and who are aware or ought reasonably to be aware that the information in question is inside information: are prohibited from using that information to acquire or dispose of, or to attempt to acquire or dispose of, for own account or on behalf of a third party, either directly or indirectly, the financial instruments which that information concerns (…). The prohibitory provision laid down in the first paragraph shall also apply: 1° to any person possessing inside information as a result of his or her criminal activities; 2° in the case of a company or other legal person, to the natural persons who take part in the decision to execute a transaction or place an order for account of the legal person in question; 3° to investment firms, undertakings for investment in debt securities, and management companies of undertakings for collective investment, to members of the bodies of such firms, undertakings and companies, and to members of their staff who possess inside information concerning a financial instrument held by the firm, undertaking, or company concerned. § 2. Persons subject to the prohibitions laid down in § 1 are prohibited from: 1° communicating inside information to third parties, except within the scope of the normal exercise of their employment, profession or duties; 2° based on inside information recommending that third parties acquire or dispose of, or inducing others to acquire or dispose of, the financial instruments to which that information refers (…). § 3. The prohibitory provisions laid down in §§ 1 and 2 shall apply to any person, other than those referred to in the said sections, who possesses information that he or she is aware, or ought reasonably to be aware, constitutes inside information and that, directly or indirectly, comes from a person as referred to in §§ 1 or 2. (…)” 2.3
Market manipulation prohibition article 25, §1, 2° of the BFSA “Het is aan eenieder verboden : 2° transacties uit te voeren of orders te plaatsen : a) die valse of misleidende signalen geven of kunnen geven over het aanbod van, de vraag naar of de koers van één of meer financiële instrumenten; of b) waarbij één of meer personen op basis van onderlinge afspraken de koers van één of meer financiële instrumenten op een abnormaal of kunstmatig peil houden, tenzij de persoon die de transacties heeft uitgevoerd of de orders heeft geplaatst, aannemelijk maakt
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dat zijn beweegredenen legitiem zijn en dat de betrokken transacties of orders beantwoorden aan (gebruikelijke marktpraktijken op de relevante markt); 3° transacties uit te voeren of orders te plaatsen waarbij gebruik wordt gemaakt van fictieve constructies of enigerlei andere vorm van bedrog of misleiding; 4° informatie of geruchten te verspreiden, via de media, het Internet of om het even welk ander kanaal, die (onjuiste) of misleidende signalen geven of kunnen geven over financiële instrumenten, waarbij de betrokken persoon wist of had moeten weten dat de informatie (onjuist) of misleidend was; (Ten aanzien van journalisten die in hun beroepshoedanigheid handelen, moet deze verspreiding van informatie worden beoordeeld met inachtneming van de gedragsregels die voor hun beroepsgroep gelden, tenzij deze personen rechtstreeks of middellijk voordeel of winst behalen uit de verspreiding van deze informatie); 5° andere handelingen te stellen, bepaald door de Koning op advies van de FSMA, die de goede werking, de integriteit en de transparantie van de markt belemmeren of verstoren of dit kunnen doen; (…)” which can be translated as: “It is prohibited for any person: 2° to carry out transactions or place orders: a) which give, or are likely to give, false or misleading signals regarding the supply of, demand for, or price of one or more financial instruments; or b) which, through one person or persons acting in concert, secure an abnormal or artificial price level for one or more financial instruments, unless the person who has carried out the transactions or placed the orders demonstrates legitimate reasons for doing so, and that these transactions or orders are in accordance with (the accepted market practices that apply on the market concerned); 3° to carry out transactions or place orders that employ fictitious structures or any other form of deception or contrivance; 4° to disseminate information or rumours through the media or the Internet or by any other means, which give, or are likely to give, (false or) misleading signals as to financial instruments, where the person in question knew, or ought to have known, that the information was (false or) misleading; (In the case of journalists acting in their professional capacity, this dissemination of information shall be assessed in light of the ethical rules that apply to their profession, unless these persons directly or indirectly obtain an advantage or a gain from the dissemination of this information); 5° to commit other acts, as defined by the King upon the recommendation of the FSMA, that hamper or disrupt the proper functioning, integrity and transparency of the market or could do so; (…)” 2.4
Market manipulation prohibition article 39, §1 of the BFSA “Worden gestraft met een gevangenisstraf van één maand tot twee jaar en met een geldboete van 300 euro tot 10.000 euro, zij die, door om het even welk bedrieglijk middel, transacties hebben uitgevoerd
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of hebben gepoogd uit te voeren, orders hebben geplaatst of hebben gepoogd te plaatsen, of informatie of geruchten hebben verspreid of hebben gepoogd te verspreiden, die: 1° valse of misleidende aanwijzingen geven of kunnen geven betreffende het aanbod van, de vraag naar of de koers van een financieel instrument; 2° de activiteit op de markt, de koers van een financieel instrument, het transactievolume van een financieel instrument of het niveau van een marktindex kunstmatig of abnormaal beïnvloeden of kunnen beïnvloeden. (…)” which can be translated as: “A punishment of a prison term of between one month and two years and of a fine of between EUR 300 and EUR 10,000 shall be imposed on those who, by any fraudulent means, have executed or attempted to execute transactions, have placed or attempted to place orders, have disseminated or attempted to disseminate information or rumours that: 1° provide or could provide false or misleading information regarding the supply, the demand, or the price of a financial instrument; 2° influence or could influence, in an artificial or abnormal manner, activity on the market, the price of a financial instrument, the volume of transactions in a financial instrument, or the level of a market index. (…)” 3.
ADMINISTRATIVE SANCTIONS
Administrative fine 3.1 In case of violation of article 5:56(1), (3), (7), 5:57(1) and 5:58(1) of the DFSA, the AFM can decide to impose an administrative fine (bestuurlijke boete) with a base amount of €2,000,000. The maximum administrative fine is €4,000,000. If a violation occurs within a period of five years since an administrative fine was imposed for a similar violation, the maximum amount referred to in the previous sentence shall be doubled. The AFM may set the amount of the administrative fine at a maximum amount of double the amount of the financial benefit obtained by the violation if that financial benefit exceeds the amount of €2,000,000. 3.2 The AFM shall decrease or increase the base amount (i.e. €2,000,000) of the administrative fine by no more than 50% if this is justified by (i) the seriousness or duration of the violation or (ii) the culpability of the person committing the violation. If a violation occurs within a period of five years since an administrative fine was imposed for a similar violation, the amount of the administrative fine, as determined in accordance with the policies set out in the previous sentence, shall be doubled. 3.3 In determining the administrative fine, the AFM shall take into account the financial ability of the person committing the violation, and it may reduce the administrative fine for this reason by up to 100%. 3.4 In case of violation of the BFSA, the FSMA can decide to sanction the person committing the violation by way of an administrative fine between €2,500 and €2,500,000. If the person committing the violation obtained a financial benefit the FSMA may set the administrative fine at the double of such benefit or triple in case of repeated violation.
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4.
CRIMINAL SANCTIONS
4.1 In case of a criminal investigation, a conviction of a violation of articles 5:56 (1), (3), (7), 5:57(1) and 5:58(1) of the DFSA (which are designated as an economic offence) can lead to the imposition of a prison sentence of two years and/or a fine to a maximum of €20,250 for natural persons (or a maximum of €81,000 in case the proceeds of the crime exceed one-fourth of the maximum amount of the fine, i.e. €5,062.5), and, for legal persons, a fine to a maximum of €81,000 (or maximum of €810,000 in case the proceeds of the crime exceed one-fourth of the maximum amount of the fine, i.e. €20,250). These amounts are adjusted every two years to the development of the consumer price index; the last adjustment took place on 1 January 2014. 4.2 Furthermore, (i) additional sanctions and (ii) measures may be imposed pursuant to the Economic Offences Act, which sanctions are listed in article 7 and measures are listed in article 8 of the Economic Offences Act. 4.3 Pursuant to article 67 of the Code of Criminal Procedure, an order can be given to detain a person before trial, if he or she is suspected of having committed an offence as referred to in articles 5:56, 5:57 and 5:58 of the DFSA. 4.4 Pursuant to article 39 of the BFSA, a the person committing violation of the market manipulation rules, can be given an imprisonment of between one month to two years and a monetary fine of between €300 and €10,000. Pursuant to article 40 of the BFSA, the person committing the violation of the prohibited use of Inside Information can be given an imprisonment of between three months to one year and a monetary fine of between three months to one year and a monetary fine of between €50 and €10,000.
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SCHEDULE 5 TRADING IN THE COMPANY’S FINANCIAL INSTRUMENTS If you are an Executive Director or Non-Executive Director and you wish to trade in the Company’s Financial Instruments, kindly consider the following: 1. Is this a Closed Period? If the answer is yes, you are not permitted to trade. If the answer is no, please go to step 2. 2. Do I possess Inside Information? If the answer is yes, you are not permitted to trade unless an exemption applies, please go to step 3. If the answer is no, please go to step 4. 3. Can I rely on an exemption (see Article 4.1 of the Insider trading Policy)? If the answer is no, you are not permitted to trade. If the answer is yes, please go to step 4. 4. Would I otherwise infringe any applicable laws, regulations, rules or policies with the trade? If the answer is yes, you are not permitted to trade. If the answer is no, you may trade. 5. Should I notify the AFM? Yes, immediately without delay after the trade in the Company’s Financial Instruments. If you want the Registration Officer to notify the AFM on your behalf, please complete form of Schedule 3 Part A and provide this to the Registration Officer before 13:00 CET on the business day prior to the trading day. 6. Has the AFM been notified? Check the public register of the AFM on the AFM website: www.afm.nl/nl/professionals/registers/alle-huidige-registers.aspx 7. Should I notify the Registration Officer? Yes, immediately after the trade in the Company’s Financial Instruments you should inform the Registration Officer about the transaction in writing. If you are a PDMR and you wish to trade in the Company’s Financial Instruments, kindly consider the following: 1. Is this a Closed Period? If the answer is yes, you are not permitted to trade. If the answer is no, please go to step 2. 2. Do I possess Inside Information? If the answer is yes, you are not permitted to trade unless an exemption applies, please go to step 3. If the answer is no, please go to step 4. 3. Can I rely on an exemption (see Article 4.1 of the Insider trading Policy)? If the answer is no, you are not permitted to trade. If the answer is yes, please go to step 4. 4. Would I otherwise infringe any applicable laws, regulations, rules or policies with the trade? If the answer is yes, you are not permitted to trade. If the answer is no, you may trade. 5. Should I notify the AFM? Yes, within 5 days after the trade in the Company’s Financial Instruments. If you want the Registration Officer to notify the AFM on your behalf, please complete form of Schedule 3 Part B and provide this to the Registration Officer before 13:00 CET on the business day prior to the day for notification. 6. Has the AFM been notified? Check the public register of the AFM on the AFM website: http://www.afm.nl/nl/professionals/registers/alle-huidige-registers.aspx 7. Should I notify the Registration Officer? Yes, immediately after the trade in the Company’s Financial Instruments you should inform the Registration Officer about the transaction in writing.
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If you are an Employee (other than an Executive Director, Non-Executive Director or PDMR) and you wish to trade in the Company’s Financial Instruments, kindly consider the following: 1. Is this a Closed Period? If the answer is yes, you are not permitted to trade. If the answer is no, please go to step 2. 2. Do I possess Inside Information? If the answer is yes, you are not permitted to trade unless an exemption applies, please go to step 3. If the answer is no, please go to step 4. 3. Can I rely on an exemption (see Article 4.1 of the Insider trading Policy)? If the answer is no, you are not permitted to trade. If the answer is yes, please go to step 4. 4. Would I otherwise infringe any applicable laws, regulations, rules or policies with the trade? If the answer is yes, you are not permitted to trade. If the answer is no, you may trade. 5. Should I notify the AFM? No. 6. Should I notify the Registration Officer? Yes, immediately after the trade in the Company’s Financial Instruments you should inform the Registration Officer about the transaction in writing.
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