Invitation
Annual General Meeting of Shareholdersof LEM HOLDING SA
Thursday, 29 June 2023, at 15:30 (CEST)
HP/Hive Innovation Lab, Meyrin,
Switzerland

2023

Invitation to the Annual
General Meeting of
Shareholders 2023 of
LEM HOLDING SA

LEM’s Board of Directors is pleased to invite you to
the Annual General Meeting of Shareholders 2023.
Date and timeThursday, 29 June 2023
at 15:30 (CEST)
doors open at 15:00 (CEST)

Place

HP/Hive Innovation Lab
Route du Nant-d’Avril 150, 1217 Meyrin, Switzerland

Public transportation

From Geneva, Cornavin: Take the train #L5 (direction La Plaine) and stopat Zimeysa. Then, take the bus #57 (direction Geneva-Airport) and exit
at the bus stop Satigny, Nant-d’Avril. Walk about 1 minute, the HP/Hive
Innovation Lab is across the street.
If taking a taxi from Geneva, Cornavin, please allow for about 20 minutes
journey time.
From Geneva Airport: Take the bus #56 (direction Meyrin, Hôpital de
La Tour) or bus #57 (direction Zimeysa, gare) and exit at the bus stop
Satigny, Nant-d’Avril. Walk about 1 minute, the HP/Hive Innovation Lab isacross the street.
If taking a taxi from Geneva Airport, please allow for about 10 minutes
journey time.

Car parking

Car parking is available at the HP/Hive Innovation Lab,
Route du Nant-d’Avril 150, 1217 Meyrin.

LEM Invitation to the Annual General Meeting of Shareholders 2023

3

life
energymotion

Our new headquarters in Meyrin, Geneva, andour celebrations of LEM’s 50th year as a company
there in November 2022 were full of positiveenergy and inspiration for the future. LEM
stakeholders – talents, investors, customers,
partners, and shareholders – can see andfeel transformation underway. We are proud toreport record performance again this year.
Behind the numbers, the new premises, and stellar
events are LEM people. Skilled individuals witha strong sense of resolve keep our company
improving and growing. Although at times overthe past year, the pandemic and component
constraints depleted our energy and disrupted ourplans, LEM people persevered by remaining
strong, caring, and positive.
The electronic sensor industry is changing fast,
being shaped by continuous technologicalbreakthroughs. The rapid rise in the electrificationof the world is driving change faster than everbefore. We are focused and moving fast to capture
growth opportunities in all of our markets,
pursuing our purpose: to help our customers
and society accelerate the transition to asustainable future.

Agenda and proposals
1

2

Appropriation of available earningsand distribution

Proposal: The Board of Directors proposes that the total available
earnings for the financial year 2022/23 of LEM HOLDING SA be allocatedas follows:

Reporting for the financial year 2022/23– Management report– Consolidated financial statements of the LEM Group– Annual financial statements of LEM HOLDING SA– Compensation report– Auditors’ reports

in CHF thousands

Balance brought forward from the previous financial year

1.1

Approval of the management report, the consolidated financial
statements of the LEM Group, and the annual financial statementsof LEM HOLDING SA as of 31 March 2023
Proposal: The Board of Directors proposes that the management report,
the consolidated financial statements of the LEM Group and the annual
financial statements of LEM HOLDING SA be approved.

Variation of treasury shares338’436(91)

Net profit of the financial year

33’948

Total available earnings

372’293

Proposal of the Board of Directors
Ordinary dividend 1(59’280)

Balance to be carried forward

313’013

Explanation: Pursuant to Article 698 para. 2 nr. 4 CO and our Articles ofIncorporation, the Annual General Meeting is responsible for approving
the appropriation of retained earnings. The Board of Directors proposes
the distribution of an ordinary dividend of CHF 52 per share. Net of
the Swiss withholding tax of 35%, this is an ordinary net cash dividendof CHF 33.8 per share. The shares will be traded ex-dividend as of
4 July 2023. The net dividend is expected to be paid on 6 July 2023.

Explanation: Pursuant to Article 698 para. 2 nr. 3 and 4 of the Swiss
Code of Obligations (CO) and our Articles of Incorporation, the Annual
General Meeting is responsible for approving the management report,
the consolidated financial statements and the annual financial statements.
1.2 Consultative vote on the compensation report 2022/23
Proposal: The Board of Directors recommends that the compensation report 2022/23 as included in the Financial Report be accepted(non-binding consultative vote).

3

Explanation: Pursuant to Article 735 para. 3 nr. 4 CO, the Board of Directors submits the compensation report 2022/23 to a consultative voteof the shareholders. The compensation report contains the principles
governing the compensation paid to the Board of Directors and the
Executive Management and reports on the amounts paid to the membersof both corporate bodies for the financial year 2022/23.

Discharge of the Board of Directors
and of the Executive Management

Proposal: The Board of Directors proposes that the members of
the Board of Directors and of the Executive Management be granted
discharge for the financial year 2022/23.
Explanation: Pursuant to Article 698 para. 2 nr. 7 CO and our Articles
of Incorporation, the Annual General Meeting is responsible for granting
the discharge.

1 Dividend-bearing shares are all shares issued except for treasury shares held by LEM HOLDING SA
and its subsidiaries as of the record date. The amount of CHF 59.28 million is calculated on the total numberof shares issued as of 31 March 2023. If the total amount of the ordinary dividend is higher or lower,
the difference will be balanced through the appropriation of the available earnings reserve.

LEM Invitation to the Annual General Meeting of Shareholders 2023

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4

Approval of the compensation of
the Board of Directors

5

Proposal: The Board of Directors proposes that a maximum aggregate
amount of compensation of the members of the Board of Directors
for the term of office from the Annual General Meeting 2023 until the
Annual General Meeting 2024 of CHF 1’400’000 be approved.
Explanation: Pursuant to Article 698 para. 3 nr. 4 CO and our Articles ofIncorporation, the Annual General Meeting votes on the compensation of
the Board of Directors. Each year, the Board of Directors submits to theAnnual General Meeting for approval the aggregate maximum amountof compensation for the Board of Directors for the term of office until thenext Annual General Meeting.
The proposed maximum aggregate amount of CHF 1’400’000 iscomposed of the following (non-binding) components:– Fixed compensation of CHF 1’020’000 based on the gross Boardof Directors membership fees (CHF 280’000 for the Chairman
and CHF 100’000 for each member) and the gross Committee
membership fees (CHF 40’000 for the Committee’s chairman
and CHF 20’000 for each member) for the six members of theBoard of Directors proposed for re-election under agenda item
6 below. For further details on the compensation system of theBoard of Directors, please refer to the compensation report
2022/23 in the Financial Report; plus
– Related employer contributions to social security; plus
– Reserve amount, which allows for flexibility in the event of
extraordinary events such as significant additional workload of
all or certain members of the Board of Directors that requires
additional compensation, including membership in ad hoc
committees, or an increase in mandatory social security contributions due to a change of applicable contribution rates.
Members of the Board of Directors do not receive any variable compensation. The actual payout to the members of the Board of Directors
for the term of office from the Annual General Meeting 2023 until the
Annual General Meeting 2024 will be disclosed in the compensation
report 2023/24.

LEM Invitation to the Annual General Meeting of Shareholders 2023

Approval of the compensation of
the Executive Management

Explanation: Pursuant to Article 698 para. 3 nr. 4 CO and our Articles ofIncorporation, the Annual General Meeting votes on the compensationof the Executive Management. Each year, the Board of Directors submits
to the Annual General Meeting for approval the compensation of themembers of the Executive Management in three separate votes:
1. The first approval relates to the gross short-term variable
compensation to be paid to the members of the Executive
Management under the Leadership for Results (L4R) plan –short-term incentive for the financial year 2022/23 (retrospective approval).
2. The second approval relates to the maximum gross long-term
variable compensation to be granted to the members of the
Executive Management under the Leadership for Results (L4R)
plan – long-term incentive for the financial year 2023/24(prospective approval) to be paid out in July 2026.
3. The third approval relates to the maximum fixed compensationof the members of the Executive Management for the period
from 1 October 2023 to 30 September 2024 (prospective
approval).
5.1

Vote on the aggregate amount of short-term variable compensation of the Executive Management for the financial year 2022/23
Proposal: The Board of Directors proposes that an aggregate amountof short-term variable compensation of the members of the Executive
Management for the preceding completed financial year 2022/23 of
CHF 1’175’255 be approved.
Explanation: The proposed amount of CHF 1’175’255 is composed of thefollowing components:– Gross short-term variable compensation of the members of
the Executive Management for the financial year 2022/23 of
CHF 1’068’414; plus
– Related employer contributions to social security of CHF 106’841.
For further details, please refer to the compensation report 2022/23 in
the Financial Report.

8

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5.2

Vote on the maximum aggregate amount of long-term variable
compensation of the Executive Management for the financial year
2023/24
Proposal: The Board of Directors proposes that a maximum aggregate
amount of long-term variable compensation to be granted to themembers of the Executive Management for the financial year 2023/24 of
up to CHF 3’300’000 be approved.

5.3

Explanation: The proposed maximum amount of CHF 3’300’000 iscomposed of the following (non-binding) components:– Maximum gross long-term variable compensation under the
Leadership for Results (L4R) plan of the members of the
Executive Management. This maximum amount assumes that all
performance targets will be reached at the maximum possiblelevel under the L4R LTI (Long-Term Incentive) plan rules of
CHF 3’000’000; plus
– Estimated related employer contributions to social securityof CHF 300’000.

Explanation: The proposed maximum amount of CHF 3’937’000 iscomposed of the following (non-binding) components:– Gross base salaries of the members of the Executive
Management of CHF 3’175’000; plus
– Related employer contributions to social security and pension
fund of CHF 762’000.

The L4R LTI plan is an annual long-term incentive plan, which is basedon the performance of LEM evaluated over a period of three consecutive
fiscal years.

6

The actual payout to the members of the Executive Management forthe period from 1 October 2023 to 30 September 2024 will be disclosed
in the compensation reports 2023/24 and 2024/25, respectively.

As of the financial year 2022/23, the current cash-based L4R LTI has
been replaced by a share-based Performance Share Unit (PSU) plan.
Members of the Executive Management receive an annual PSU award,
which vests in LEM shares upon completion of a three-year plan cycle.
The number of LEM shares obtained per PSU can thereby vary between
0% and 200% of the award, subject to continuous employment anddepending on the achievement of pre-agreed performance conditions.
Further, forfeiture rules in case of exit and the current claw-backregulations will continue to apply.

Re-elections of the members of theBoard of Directors, re-election of the Chairmanof the Board of Directors

Proposal: The Board of Directors proposes the re-election of– Cohen Ilan as member– Gabella François as member– Hürlimann Andreas as member and Chairman (one single vote)– Looser Ulrich Jakob as member– Wampfler Ueli as member– Weber Werner Carl as member
to the Board of Directors for a term of office of one year extending until
completion of the next Annual General Meeting.
Explanation: Pursuant to Article 698 para. 2 nr. 2 and para. 3 nr. 1 CO andour Articles of Incorporation, the Annual General Meeting is responsible
for electing the members of the Board of Directors and the Chairman.
These elections are held individually. The mandates of all current members of the Board of Directors will expire at the end of the Annual General
Meeting of 29 June 2023.

The performance criteria are the cumulated Economic Value Added(EVA), the absolute shareholder return, and the relative shareholder
return over these three fiscal years.
The actual payout to the members of the Executive Management for
grants awarded during the financial year 2023/24 will be disclosed in
the compensation report 2025/26.

Ueli Wampfler will be 73 years old at the time of the Annual General Meeting of 29 June 2023. Considering the most valuable services provided
by Ueli Wampfler to LEM as a member of the Board of Directors and his
wide knowledge of LEM’s business and culture, the Board of Directors
proposes Ueli Wampfler’s re-election based on Article 17, last paragraph,of the Articles of Incorporation.

For further details, please refer to the compensation report 2022/23
in the Financial Report.

LEM Invitation to the Annual General Meeting of Shareholders 2023

Vote on the maximum aggregate amount of fixed compensationof the Executive Management for the period from 1 October 2023
to 30 September 2024
Proposal: The Board of Directors proposes that a maximum aggregate
amount of fixed compensation for the members of the Executive
Management for the period from 1 October 2023 to 30 September 2024
of up to CHF 3’937’000 be approved.

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10

For further details on the nominees as well as their qualifications, see
the biographies in the corporate governance report 2022/23 in the
Financial Report.

7

Re-elections and election to the Nomination &Compensation Committee

Proposal: The Board of Directors proposes:– the re-election of Hürlimann Andreas– the re-election of Looser Ulrich Jakob– the election of Weber Werner Carlto the Nomination & Compensation Committee for a term of office of one
year extending until completion of the next Annual General Meeting.
Explanation: Pursuant to Article 698 para. 3 nr. 2 CO and our Articles ofIncorporation, the Annual General Meeting is responsible for electing
the members of the Nomination & Compensation Committee. Theseelections are held individually. In case of re-election, Ulrich Jakob
Looser will be appointed as chairman of the Nomination & Compensation
Committee.

8Re-election of the Independent Representative

Proposal: The Board of Directors proposes the re-election of thelaw firm Hartmann Dreyer, Attorneys-at-law, Boulevard de Pérolles 7,1701 Fribourg, Switzerland, as Independent Representative for aterm of office of one year extending until completion of the next
Annual General Meeting.
Explanation: Pursuant to Article 698 para. 3 nr. 3 CO and our Articles ofIncorporation, the Annual General Meeting is responsible for electing theIndependent Representative.

9

Re-election of the statutory auditors

Proposal: The Board of Directors proposes the re-election of Ernst &Young Ltd, Lancy, Switzerland, as statutory auditors for the financial year
2023/24.

Amendments to the Articles of Incorporation

On 1 January 2023, the Swiss corporate law reform entered into force.
The Swiss corporate law reform aims at amending the legal frameworkand increasing flexibility under which Swiss public and private corporations operate. The Swiss corporate law reform includes new provisions
in particular regarding share capital, shareholders rights, corporate governance, restructuring and other related rules. Swiss companies must
adapt their articles of incorporation within a period of two years startingon 1 January 2023, to comply with the new Swiss corporate law.
Explanations of the amendments to the Articles of Incorporation proposed by the Board of Directors can be found below under each respective agenda item. The detailed proposed amendments to the Articles ofIncorporation can be found in the Appendix to this invitation.
10.1 Shareholders rights and general meeting of shareholders’ matters
Proposal: Amendments to– Article 11 para. 2 (on the powers of the general meeting);– Article 12 para. 4 through 8 and para. 10 (on the invitation to thegeneral meeting, the agenda items and proposals requested
by shareholders, as well as the form and venue of the general
meeting);– Article 16 para. 3, 4, and para. 6 through 8 (on the voting
process, participants, minutes and vote results);– Article 27 new para. 5 (on the consultative vote on thecompensation report); and– Article 37 replaced by new Article 36 (on publications andcommunications).
For the wording of the proposed amendments, please refer to the
Appendix to this invitation.
Explanation: The powers of the general meeting of shareholders havebeen extended under the new Swiss corporate law. Article 11 para. 2of the Articles of Incorporation shall be amended accordingly, with its
new list now in line with Swiss corporate law.

Explanation: Pursuant to Article 698 para. 2 nr. 2 CO and our Articles ofIncorporation, the Annual General Meeting is responsible for electing thestatutory auditors.

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Among the several changes introduced by the corporate law reformthat enhance shareholders rights, there is the right to call for a general
meeting of shareholders. Until 31 December 2022, one or more shareholders holding 10% or more of the share capital were entitled to call fora general meeting of shareholders. As from 1 January 2023, this limit is
now set at 5% of the share capital or votes. Also, the threshold for theright of the shareholders to add items to the agenda has been loweredfrom CHF 1 million to 0.5% of the share capital or votes. Provided thatthe same new threshold is met, the shareholders may also request thata proposal regarding an agenda item be included in the invitation to a
general meeting of shareholders. The proposed amendments to Article
12 para. 4 reflect these changes in law.
The Swiss corporate law reform has introduced the use of electronicmeans of communication. In the future, Swiss companies will be able
to communicate with their shareholders and provide documents byelectronic means. In order to make use of this flexibility, the Board of
Directors proposes various amendments to the Articles of Incorporation(Article 12 para. 5 and 7 and new Article 36).
The proposed amendments to Article 12 para. 6 and 8, and Article 16para. 6 through 8 (paragraph 8 being deleted) reflect the wording introduced by the Swiss corporate law reform with regard to the content of
the invitation to the general meeting of shareholders, the reports to bemade available before the general meeting, as well as the minutes andthe vote results after the general meeting.
The Swiss corporate law reform now explicitly provides that a general
meeting of shareholders may be held simultaneously at several locations
or as hybrid events (i.e., as a general meeting with a physical venue
where shareholders who are not present on site can exercise their rights
also electronically directly at the meeting). Furthermore, the Swiss corporate law reform also now allows for virtual general meetings without aphysical venue. While the Board of Directors intends to continue to holdthe Annual General Meeting with the physical presence of the shareholders and at one location, the Board of Directors would like to take theadvantage of the various possibilities to hold physical, virtual or hybrid
general meetings, at one or different locations, in the future, wheneverappropriate and under exceptional circumstances. In any case, the Boardof Directors will ensure that the shareholders can exercise their rights
electronically at the meeting itself, as well as communicate with andask questions to the Board of Directors. Hence, the Board of Directors
proposes to introduce these new possibilities in Article 12 para. 10 of the
Articles of Incorporation.

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The Board of Directors would like to take the opportunity of theseamendments to also clarify the voting process (i.e., open ballot, inwriting or electronically, as determined by the acting chair of the general
meeting), as well as the appointments of the minute keeper and thescrutineer(s) who do not need to be shareholders (Article 16 para. 3
and 4).
The Swiss corporate law reform introduced expressly the consultative
vote of the general meeting of shareholders on the compensation report
where variable compensation is approved prospectively. This is the caseof LEM HOLDING SA, which already submits the compensation report to
the Annual General Meeting each year. The new paragraph 5 to Article 27
reflects expressly this obligation.
10.2 Board of Directors, compensation of the Executive Management,
external mandates
Proposal: Amendments to– Article 17 para. 4 (on the secretary of the Board of Directors);– Article 18 para. 1 and 2 (on the convening and minutes of board
meetings);– Article 19 para. 1, 2 and 4 (on the quorum of presence and board
resolutions);– Article 20 para. 1 and 2 and new para. 3 (on the powers of theBoard of Directors and delegation thereof);– Article 30 para. 3 (on non-compete agreements); and– Article 31 para. 4 (on the definition of external mandates).
For the wording of the proposed amendments, please refer to the
Appendix to this invitation.
Explanation: Under the new Swiss corporate law, the board of directors
no longer has the obligation to appoint a secretary. Such change isreflected in Article 17 para. 4 and in Article 18 para. 2.
The Swiss corporate law reform introduced electronic means of communication also with respect to resolutions taken by the board of directors.
Article 18 para. 1 and Article 19 para. 2 reflect this new electronic form.
The Board of Directors would like to take the advantage of the amendments related to board of directors' matters to introduce a derogation
to its attendance quorum in the case of resolutions aiming solely
at implementing resolutions adopted by the general meeting ofshareholders (Article 19 para. 1); it also proposes to introduce a list of its
powers and the delegation thereof, in line with the new Swiss corporatelaw (Article 20 para. 1 and 2 and new para. 3).

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The proposed amendments to Article 30 para. 3 reflect the new regime
regarding non-compete agreements according to which annual compensation payable during the term of non-competition agreements shallin no event exceed the average of the compensation of the last threefinancial years.
The Swiss corporate law reform introduced clarification regarding thedefinition of external mandates, which the proposed amendments to
Article 31 para. 4 reflect.
10.3 Technical amendments
Proposal: Amendments to– Article 8 (on opting out);– Article 27 para. 1 (on compensation);– Article 28 (on additional compensation);– Article 35 (on dividends);– Title VIII (on publications and dissolution);– Deletion of Article 36 (on capital loss);– Deletion of Article 38 (on dissolution and allocation of liquidation
proceeds); and– Deletion of Article 39 (on jurisdiction) replaced by new
Article 37.

With the view of simplifying Section VIII of the Articles of Incorporation,
the Board of Directors proposes to delete Article 36 on capital loss andArticle 38 on dissolution and allocation of liquidation proceeds. Since
the Board of Directors has already, by law, the obligation to act if there
is a capital loss, it is therefore not necessary to provide for a similar
obligation in the Articles of Incorporation. Deletion of Article 38 will
result in the application of the law which provides that the allocation is
proportionate to the payments made by the shareholders.
The jurisdiction clause in the Articles of Incorporation is not new.
However, such clause can only have full effect if it is exclusive. The
proposed amendment to new Article 37 therefore reflects this. The
Board of Directors also proposes to adapt the place of jurisdiction, since
LEM HOLDING SA has its registered office in the Canton of Geneva.

Explanation: The Board of Directors would like to take the advantageof the proposed amendments to the Articles of Incorporation required by
the Swiss corporate reform to propose to adapt the wording and/or
to simplify the Articles of Incorporation.
The Federal Act on Stock Exchanges and Securities Trading (SESTA)
referred to in Article 8 is no longer in force. The current provision
corresponding to the old Article 32 SESTA is Article 135 of the Federal
Act on Financial Market Infrastructures and Market Conduct in Securities
and Derivatives Trading (Financial Market Infrastructure Act, FinMIA).
Reference to the statute in Article 8 is updated accordingly.
The proposed amendments to Article 27 and Article 28 are pure wording
improvements.
The proposed amendments to Article 35 specify now that thedividends that have not been collected within five years after their
payment date shall be allocated to the statutory profit reserves, whichis in line with Swiss corporate law.

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Organizational information

Proxies to the Independent Representative

Annual report

The annual report 2022/23 is available in two documents. The first is
the Annual Review, which is effectively the management report on theyear’s performance. The second is the Financial Report, consisting of
the consolidated financial statements of the LEM Group, the annual
financial statements of LEM HOLDING SA, the compensation report, thecorporate governance report and the reports of the statutory auditors.
Both documents can be accessed on LEM’s website www.lem.com/en/
investors and select > Financial Reports. A hard copy of the Annual Review is sent to shareholders. A hard copy of the Financial Report is sent
to shareholders upon request to LEM HOLDING SA, c/o areg.ch ag, Fabrikstrasse 10, 4614 Hägendorf, Switzerland. The full annual report is alsoavailable for inspection from 6 June 2023 at the registered office of LEM
HOLDING SA, which is located at Route du Nant-d’Avril 152, 1217 Meyrin,
Switzerland. The annual report 2022/23 is only available in English.

Voting entitlement

Those shareholders entered in the share register on 20 June 2023,
17:00 (CEST), are entitled to vote.

If you cannot attend the Annual General Meeting in person, according to
Article 14 of the Articles of Incorporation of LEM HOLDING SA, you may
arrange to be represented by:– another person, who does not need to be a shareholder, or– the Independent Representative, Hartmann Dreyer, Attorneys-at-law, Boulevard de Pérolles 7, 1701 Fribourg, Switzerland.
The enclosed registration form may be used as power of attorney to
the Independent Representative and for voting instructions. Both haveto be returned by enclosed envelope not later than 26 June 2023 to
LEM HOLDING SA, c/o areg.ch ag, Fabrikstrasse 10, 4614 Hägendorf,
Switzerland.
To the extent you do not provide specific instructions to the Independent Representative, you instruct the Independent Representative tovote your shares in favor of the proposals of the Board of Directors
with respect to the items listed on the agenda. The same shall apply for
additional or alternative proposals to the agenda items included in thisinvitation and for new agenda items.

Electronic proxies and voting instructions

From 20 June 2023, 17:00 (CEST), up to and including 29 June 2023,
no entries will be made in the share register which would create a rightto vote at this year’s Annual General Meeting. Shareholders who sell partor all of their shares before the Annual General Meeting are no longer
entitled to vote to that extent.

Personal attendance at the Annual General Meeting

Alternatively, shareholders have the possibility to cast their votes by issuing electronic proxies and voting instructions to the Independent Representative via Netvote: www.netvote.ch/lem. Shareholders may provide
or change any voting instructions they have communicated electronically
until but not later than 26 June 2023, 23:59 (CEST). The e-voting fact
sheet and requisite login data are part of the enclosed meeting materials
supplied to the shareholders.

If you wish to attend the Annual General Meeting in person, please use
the enclosed registration form to order your admission card.

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Correspondence

We kindly request that shareholders submit any correspondence
in connection with the Annual General Meeting by priority mailto LEM HOLDING SA, c/o areg.ch ag, Fabrikstrasse 10, 4614 Hägendorf,
Switzerland.

Language

The Annual General Meeting will be held in French. Presentations will
be projected in French and English. There will be no simultaneoustranslation into other languages.

Invitation

This invitation will be published in the Swiss Commercial Gazette on
6 June 2023.
At the end of the Annual General Meeting, we are pleased to welcome
all shareholders to a cocktail buffet.
Meyrin, 25 May 2023
On behalf of the Board of Directors of LEM HOLDING SA

Andreas Hürlimann,
Chairman of the Board of Directors
LEM HOLDING SA
Route du Nant-d’Avril 1521217 Meyrin
Switzerland
Phone: +41 22 706 11 11
www.lem.com

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Appendix to the Invitation to
the Annual General Meeting

Amended official version in French

Free translation in English

[…]

[…]

de fixer le dividende intermédiaire et d’approuver
les comptes intermédiaires
nécessaires à cet effet;
8.
de décider du remboursement
de la réserve légale issue ducapital;7.9. d’approuver la rémunération
du conseil d’administration etde la direction conformément
à l’article 27;
8.10. de donner décharge aux
membres du conseil d’administration et de la direction;11.
de procéder à la décotation
des titres de participation dela société;
12.
d’approuver le rapport surles questions non financières
selon l’article 964c CO;
9.13. de prendre toutes les décisions qui lui sont réservées
par la loi ou les statuts.

Elle a le droit intransmissible:

It shall have the following
inalienable powers:[…]

Introduction

This Appendix provides our shareholders with the new wording regarding
the proposed amendments to the Articles of Incorporation submitted
to the Annual General Meeting of Shareholders 2023 of LEM HOLDING
SA. It forms part of the invitation to the Annual General Meeting by wayof reference. Only amended sections, articles and paragraphs to the
Articles of Incorporation are submitted to a vote at this Annual General
Meeting. Unchanged parts of the Articles of Incorporation shall remain inforce and effect.

10

10.1

Amendments to the Articles of Incorporation

Shareholders rights and general meeting of shareholders’ matters

Article 11 para. 2 (on the powers of the general meeting)

1.
2.

3.
4.
5.

6.

d’adopter et de modifier les
statuts;de nommer les membres duconseil d’administration, leprésident du conseil d’administration et les membres ducomité de rémunération;
de nommer l’organe de révision;de nommer le représentant
indépendant;d’approuver le rapport
annuel et les comptes degroupe;d’approuver les comptes
annuels et de déterminer
l’emploi du bénéfice résultant
du bilan, en particulier de fixer
le dividende et les tantièmes;

1.
2.

3.
4.
5.

6.

to adopt and amend these
Articles of Incorporation;
to elect the members of theboard of directors, the chair of
the board of directors and themembers of the compensationcommittee;
to elect the auditor;
to appoint the independent
representative;
to approve the management
report and the consolidated
financial statements;
to approve the annual financial
statements and to determine
the allocation of the profit
resulting from the balance
sheet, in particular the dividend and directors’ fees;

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7.

7.

to determine the interim
dividends and to approve theinterim financial statements
required for this purpose;8.
to decide on the repaymentof the statutory capitalreserve;
7.9. to approve the compensationof the board of directors andof the management pursuant
to Article 27;
8.10. to discharge from liability themembers of the board of directors and of the management;11.
to proceed to the delisting of
the company’s equity securities;
12.
to approve the report on
non-financial matters pursuant
to Article 964c CO;
9.13. to adopt all resolutions on mattersthat are reserved to the general
meeting of shareholders by law orby these Articles of Incorporation.
[…]

Article 12 para. 4 through 8 and para. 10 (on the invitation to the general
meeting, the agenda items and proposals requested by shareholders, as wellas the form and venue of the general meeting)Amended official version in French

Free translation in English

[…]

[…]

Un ou plusieurs Des actionnaires
représentant détenant, seuls ou ensemble, dix5 pour cent au moins ducapital-actions ou des voix peuvent
aussi requérir la convocation del’assemblée générale. Des actionnaires qui représentent des actions
totalisant une valeur nominale d’un
million de francs ou correspondantà un pour cent de la valeur nominale
totale, seuls ou ensemble, détiennent 0,5 pour cent au moins ducapital-actions ou des voix peuvent

One or more Shareholders who,
alone or together, represent hold atleast ten5 per cent of the share capital or votes may also request that ageneral meeting of shareholders beconvened. Shareholders representing shares with a total nominal valueof one million Swiss francs or one
percent of the total nominal value
who, alone or together, hold at least
0.5 per cent of the share capital orvotes may require request the inclusion of an item on the agenda. The

LEM Invitation to the Annual General Meeting of Shareholders 2023

23

requérir demander l’inscription d’unobjet à l’ordre du jour. La convocation et, ainsi que l’inscription d’unobjet à l’ordre du jour doivent êtrerequises par écrit en indiquant les
objets de discussion et les dans laconvocation à l’assemblée générale
de propositions concernant les
objets portés à l’ordre du jour. Unetelle demande doit arriver par écrit
à la société au moins 45 jours calendaires avant l’assemblée générale
avec indication du ou des objets àl’ordre du jour et de la ou des propositions.

notice convening the general meeting of shareholders and, as well as
the inclusion of a proposal relating toan agenda item must be requested
in writing, indicating the subjectsof discussion and the in the notice
convening the general meeting ofshareholders. Such request must be
received by the company in writingat least 45 calendar days prior to thegeneral meeting of shareholders,specifying the agenda items and the
proposal or proposals.

L’assemblée générale est convoquée
vingt20 jours calendaires au moins
avant la date le jour de sa réunion,
par un avis inséré dans la Feuille
Officielle Suisse du Commerce, ainsi
que dans les autres publications
désignées par le conseil d’administration. Si tous les actionnaires sontconnus, ces publications pourrontêtre remplacées par un avis recommandé adressé à chaque actionnairedans le même délai. l’assemblée. La
convocation à l’assemblée générale
a lieu par une annonce unique selonl’article 36 des présents statuts.

The general meeting of shareholders is convened at least twenty20
calendar days before the day dateof the meeting by a notice in the
Swiss Official Gazette of Commerce,
as well as in other publications
designated by the Board of Directors. If all shareholders are known,these publications may be replaced
by a registered notice sent to eachshareholder within the same period.
Notice of the general meeting ofshareholders shall be given by wayof a single announcement pursuant
to Article 36 of these Articles ofIncorporation.

Les objets portés à l’ordre du joursont mentionnés dans la convocation, ainsi que la date, l’heure,la forme et le lieu de l’assemblée
générale, les propositions du conseild’administration et des actionnaires
qui ont demandé la convocation
de l’assemblée ou l’inscription d’unobjet à l’ordre du jour avec une motivation succincte, le nom et l’adresse
du représentant indépendant.

The agenda items shall be listed in
the notice convening the general
meeting of shareholders, together
with the date, time, form and placeof the general meeting, the proposals of the board of directors and of
the shareholders who requested thatthe meeting be convened or that an
item be placed on the agendawith abrief statement of the reasons, thename and address of the independent representative.

LEM Invitation to the Annual General Meeting of Shareholders 2023

24

Les avis de convocation de l’assemblée générale ordinaire doivent
informer les actionnaires que lerapport de gestion, le rapport derémunération et les rapports de révision sont mis à la disposition des,ainsi que le rapport sur les questions
non financières selon l’article 964c
CO sont rendus accessibles aux
actionnaires au siège de la société
ou électroniquement, au plus tard 20
jours calendaires avant l’assemblée
générale ordinaire. Chaque actionnaire peut exiger qu’un exemplaire deces documents lui soit délivré dansles meilleurs délais.

Notices of the general meeting ofshareholders shall inform shareholders that the annual report, thecompensation report and the auditor
reports are provided to, as well as
the report on non-financial matterspursuant to Article 964c CO are
made available to the shareholders
at the company’s registered officeor electronically, no later than 20
calendar days prior to the ordinary
general meeting of shareholders.
Each shareholder may demand thata copy of these documents be delivered to him as soon as possible.

Aucune décision ne peut être prise
sur les objets qui n’ont pas été
portés à l’ordre du jour, sauf surla proposition les propositions deconvoquer une assemblée générale
extraordinaire ou, d’instituer un contrôle examen spécial ou de désigner
un organe de révision.

No resolution may be adopted on
items that have not been placedon the agenda, except for the
proposal proposals to convene an
extraordinary general meeting ofshareholders or, to initiate a special
inspection investigation or to appoint
an auditor.

[…]

[…]

Les assemblées générales ont lieu
au siège social ou en tout autre lieu
désigné par le conseil d’administration. Le conseil d’administration peut
décider que l’assemblée générale setiendra simultanément en plusieurs
lieux, à condition que les interventions et votes des participants soient
retransmis en direct par des moyens
audiovisuels sur tous les sites deréunion, et que les actionnaires qui
ne sont pas présents au(x) lieu(x)de l’assemblée générale puissent
exercer leurs droits par voie électronique. Alternativement, le conseild’administration peut prévoir quel’assemblée générale se tienne sous
forme électronique et sans lieu deréunion physique.

General meeting of shareholders
shall take place at the registeredoffice or at any other place as determined by the board of directors. The
board of directors can determine thatthe general meeting of shareholders
be held simultaneously at different
locations, provided that the contributions of the participants are transmitted directly in video and audio
to all venues and that shareholders,
who are not present at the venue(s)of the general meeting of shareholders may exercise their rights byelectronic means. Alternatively, theboard of directors may also providethat the general meeting of shareholders will be held by electronicmeans without a venue.

LEM Invitation to the Annual General Meeting of Shareholders 2023

25

Article 16 para. 3, 4, and para. 6 through 8 (on the voting process,participants, minutes and vote results)

2.3.

Amended official version in French

Free translation in English

3.4.

[…]

[…]

En règle générale, les votationset élections ont lieu à main levée; toutefois, le scrutin secret est
adopté lorsque le président l’ordonne ou que vingt-cinq actionnairesprésents le demandent. Le président
de l’assemblée générale détermine
si les votes et les élections ont lieu àscrutin ouvert, par écrit ou par voieélectronique. Le président peut en
tout temps ordonner qu’une décisionou élection soit répétée s’il estime
qu’il existe des doutes quant aurésultat; dans ce cas, la décision oul’élection précédente est réputée ne
pas avoir eu lieu.

As a general rule, resolutions and elections shall be conducted by a showof hands; however, a secret ballot
shall be adopted if the acting chair soorders or if twenty-five shareholders
present so request. The acting chair of
the general meeting of shareholders
shall determine whether resolutions
and elections are to be decided byopen ballot, in writing or electronically.
The acting chair may at any time orderthat a resolution or election be repeated if he or she considers the vote to
be in doubt; the resolution or election
previously held shall then be deemed
not to have taken place.

L’assemblée générale est présidée
par le président du conseild’administration ou, à son défaut,par un autre administrateur désigné
par l’assemblée. Le président
désigne le secrétaire un rédacteurdu procès-verbal et le ou lesscrutateurs, qui ne doivent
pas nécessairement être desactionnaires.

The general meeting of shareholders
shall be chaired by the chair of theboard of directors or, in his or her
absence, by another member of theboard of directors appointed by thegeneral meeting of shareholders.
The acting chair shall designate thesecretary a minute keeper and thevote counter(s), none of whom need
to be shareholders.

[…]

[…]

4.5.

6.

les décisions et le résultat desélections.;
les demandes de renseignements formulées lors del’assemblée générale et lesréponses données.;les déclarations dont lesactionnaires demandentl’inscription.;les problèmes techniques
significatifs survenus durantl’assemblée générale.

2.3.
3.4.

4.5.

6.

the resolutions and results ofthe elections.;
the requests for information
made at the general meeting of shareholders and theanswers given in reply.;
the statements requested
by shareholders forrecording.;
any significant technicalproblems that have occurred
during the general meeting ofshareholders.

Les actionnaires ont le droit deconsulter le procès-verbal. Les décisions et le résultat des élections,avec indication de la répartition
exacte des voix, doivent être rendus
accessibles par voie électroniquedans les 15 jours calendaires qui
suivent l’assemblée générale; chaque actionnaire peut exiger que leprocès-verbal soit mis à sa disposition dans les 30 jours calendaires qui
suivent l’assemblée générale.

The shareholders have the right toconsult the minutes. The resolutions
and election results, stating theexact proportion of votes, shall bemade available electronically within
15 calendar days after the general
meeting; each shareholder may
request that the minutes be madeavailable to him within 30 calendar
days after the general meeting ofshareholders.

Les extraits qui en sont délivrés sontcertifiés conformes par un administrateur.

The extracts issued shall be certified
by a member of the board of directors.

Article 27 new para. 5 (on the consultative vote on the compensation report)

II veille à la rédaction du procès-verbal. Celui-ci mentionne:

It is responsible for the drafting of
the minutes. The minutes shall list:

1.

1.

1.2.

la date, l’heure de début et defin, ainsi que la forme et le lieu
de l’assemblée générale;
le nombre, l’espèce, la valeur
nominale et la catégorie desactions représentées par lesactionnaires ainsi que par lereprésentant indépendant.;

1.2.

the date, start and end time,
form and the venue of the general meeting of shareholders;
the number, type, par value
and class of shares represented by the shareholders and by
the independent representative.;

LEM Invitation to the Annual General Meeting of Shareholders 2023

26

Amended official version in French

Free translation in English

[…]

[…]

Si des rémunérations variables sontapprouvées de manière prospective,
le conseil d’administration soumet
le rapport de rémunération au voteconsultatif de l’assemblée générale.

If variable compensation is approved
prospectively, the board of directors shall submit the compensation
report to the general meeting ofshareholders for a consultative vote.

LEM Invitation to the Annual General Meeting of Shareholders 2023

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Article 37 replaced by new Article 36 (on publications and communications)

Article 18 para. 1 and 2 (on the convening and minutes of board meetings)

Amended official version in French

Free translation in English

Amended official version in French

Free translation in English

Article 376
Les publications L’organe de publication de la société sont valablement
faites dans est la Feuille Officielle
Suisse du Commerce officielle suisse
du commerce. Le conseil d’administration peut faire publier les mêmes
communications dans désignerd’autres organes de publicité qu’ildésigne lui-même publication danscertains cas particuliers.

Article 376
The publications official means ofpublication of the company arevalidly made in shall be the Swiss
Official Gazette of Commerce.
In particular cases, the board of
directors may cause the samecommunications to be published in
specify other publicity bodies
which it itself appoints means ofpublication.

Le conseil d’administration est convoqué par le président aussi souvent
que les affaires l’exigent; chaquemembre peut exiger par écrit la convocation d’une séance du conseil
par écrit, courriel ou par un autre
moyen de communication électronique, avec indication des motifs.

The board of directors shall be
convened by the chair as often as
the business requires; each member
may request in writing the callingof a meeting of the board in writing,
via e-mail or another means ofelectronic communication, indicating
the reasons.

Les communications aux actionnaires peuvent, au choix du conseild’administration, être valablement
effectuées par publication dans la
Feuille officielle suisse du commerceou sous une forme permettant d’enétablir la preuve par texte.

Notices by the company to theshareholders may, at the electionof the board of directors, be validly
given by publication in the Swiss
Official Gazette of Commerce or in aform that allows proof by text.

Un procès-verbal, signé par leprésident et le secrétaire par lapersonne qui l’a rédigé, enregistre
les délibérations et les décisions duconseil d’administration.

Minutes, signed by the chair
and the secretary person who
drafted them, record thedeliberations and resolutions of
the board of directors.

10.2 Board of Directors, compensation of the Executive Management,
external mandates
Article 17 para. 4 (on the secretary of the Board of Directors)
Amended official version in French

Free translation in English

[…]

[…]

Sous réserve de l’élection duprésident du conseil d’administration et des membres du comité derémunération, le conseil d’administration se constitue lui-même.
II désigne son peut notamment
désigner un secrétaire, qui ne doit
pas nécessairement être membre duconseil d’administration.

Except for the election of thechair of the board of directors andthe members of the compensationcommittee, the board of directors
shall constitute itself. It shallappoint its may appoint a secretary,
who need not be a member ofthe board of directors.

[…]

[…]

LEM Invitation to the Annual General Meeting of Shareholders 2023

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Article 19 para. 1, 2 and 4 (on the quorum of presence and board resolutions)
Amended official version in French

Free translation in English

Le conseil d’administration délibère
valablement lorsqu’au moins lamoitié des membres sont présents.
Ce quorum de présence n’est pas
nécessaire pour les décisions demodification et de constatation duconseil d’administration en lien avec
les modifications du capital-actions
ou le changement de la monnaie ducapital-actions.

The board of directors shall pass
its resolutions validly when atleast half of the members is present.
No presence quorum shall be
required for resolutions of theboard of directors providing for theamendment or ascertainmentof share capital changes or achange in the currency of the sharecapital.

Les décisions du conseil d’administration peuvent être prises en laforme d’une approbation donnée parécrit ou par voie électronique à une
proposition, à condition qu’aucun
des membres ne s’oppose à cettemanière de faire.

Resolutions of the board of directors
may be adopted by way of writtenconsent or electronically, provided
that no member objects tothis approach.

[…]

[…]

Le conseil d’administration prend ses
décisions et procède aux élections à la majorité des voix émises.
En cas de partage égal des voix,
celle du président de séance est
prépondérante.

The board of directors shall adopt its
resolutions and decides its elections
by a majority of votes cast. In theevent of a tie, the acting chair shallhave the casting vote

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Article 20 para. 1 and 2 and new para. 3 (on the powers of the Board of
Directors and delegation thereof)
7.

Amended official version in French

Free translation in English

Le conseil d’administration a lespouvoirs les plus étendus pour lagestion de la société. II exerce tous
les droits qui ne sont pas réservés àl’assemblée générale et aux autresorganes peut prendre des décisions
sur toutes les affaires qui ne sont
pas attribuées à un autre organe dela société par la loi, les présents
statuts ou un règlement.

The board of directors has thewidest powers for the managementof the company. It shall exercise allrights not reserved to the general
meeting of shareholders and othercorporate bodiesmay pass resolutions with respect to all matterswhich are not delegated to anothercorporate body of the company bylaw, by these articles of incorporation or by regulations.

II édicte son propre règlementd’organisation. Il a les attributions
intransmissibles et inaliénables
suivantes:

It adopts its own organizational regulations. It shall have the following
non-transferable and inalienable
duties:

1.

1.

8.

9.

2.
3.

4.

5.

6.

exercer la haute direction de lasociété et établir les instructions nécessaires;
fixer l’organisation de lasociété;fixer les principes de lacomptabilité et du contrôle
financier ainsi que le plan
financier;nommer et révoquer lespersonnes chargées dela gestion et de lareprésentation de la société
et réglementer le droit designature;
exercer la haute surveillance
sur les personnes chargéesde la gestion pour s’assurer
notamment qu’elles observent
la loi, les présents statuts, lesrèglements et les instructions
données;établir le rapport de gestion,
le rapport de rémunération,
ainsi que le rapport sur lesquestions non financières
selon l’article 964c CO et, le

2.
3.

4.

5.

6.

the ultimate management of
the company and the issuanceof necessary instructions;the determination of the company’s organization;
the structuring of the accounting system, of the financial
controls and of the financial
planning systems;
the appointment and dismissalof the persons entrusted withmanagement and representation of the company, and issuance of rules on the signatureauthority;
the ultimate supervision of
the persons entrusted withmanagement, in particular inview of compliance withthe law, these articles ofincorporation, regulations anddirectives;
the preparation of the annual
report, the compensation
report and the report on
non-financial matters pursuant
to Article 964c CO, and other

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30

10.

11.

cas échéant, d’autres rapports
exigés par la loi;
préparer l’assemblée
générale et exécuter ses
décisions;prendre les décisions relatives
aux modifications du capital-actions ou au changement
de la monnaie du capital-actions, dans la mesure où ellessont de la compétence duconseil d’administration, ainsi
que les décisions relatives à laconstatation des modifications
de capital, à l’établissement
du rapport d’augmentation
du capital-actions, et aux modifications des statuts qui enrésultent (radiation comprise);les attributions et compétences intransmissibles
et inaliénables du conseild’administration selon la loi surles fusions;déposer la demande de sursis
concordataire et aviser letribunal en cas de surendettement;
d’autres attributions et compétences réservées au conseild’administration par la loi ou
les présents statuts.

En outre, le conseil d’administration
peut déléguer en tout ou en partie lagestion ainsi que la représentationde la société, dans le cadre desprésents statuts et de la loi, à unou plusieurs de ses membres ou àdes tiers par le biais d’un règlementd’organisation ou d’une décision.

7.

8.

reports as required by law,
if any;the preparation of the general
meeting of shareholders and theimplementation of its resolutions;the adoption of resolutions on
the change of the share capitalor the currency of the sharecapital, to the extent thatsuch power is vested in theboard of directors, andthe ascertainment of capitalchanges, the preparationof the report on thecapital increase, and therespective amendments of
the articles of incorporation(including deletions);9.

the non-transferable and inalienable duties and powers of
the board of directors pursuant
to the Swiss Merger Act;10.

the submission of a petition
for debt-restructuring moratorium and the notification of thecourt in case of over-indebtedness;other powers and duties
reserved to the board of directors by law or these articles ofincorporation.

11.

In all other respects, the board of
directors may delegate in whole or inpart the management and the representation of the company within theframework set forth by these articles
of incorporation and the law to one
or several of its members or to third
parties by establishing organizational
regulations or by adopting a resolution.

LEM Invitation to the Annual General Meeting of Shareholders 202331

10.3 Technical amendments

Article 30 para. 3 (on non-compete agreements)
Amended official version in French

Free translation in English

La société, ou toute autre société
qu’elle contrôle, peut conclure
des accords de non-concurrence
pour une durée maximale d’un an àcompter de la fin des rapports detravail. L’indemnisation versée enrelation avec un accord de non-concurrence ne peut doit pas excéderla rémunération annuelle fixe versée
au membre ·concerné avant son
départ moyenne des trois derniers
exercices.

The company, or any other company controlled by it, may conclude
non-competition agreements for a
maximum period of one year fromthe end of the employment relationship. The consideration paid forsuch non-compete agreement shallcannot exceed the average annual
fixed compensation paid to suchmember prior to leaving of the last
three financial years.

Article 31 para. 4 (on the definition of external mandates)
Amended official version in French

Free translation in English

Le terme mandat désigne tout
mandat d’administration au sein del’organe de gouvernance suprême
d’une entité juridique qui a l’obligation de s’inscrire dans le registre ducommerce ou dans un registre similaire à l’étranger. Jusqu’à 20 mandats
dans des fonctions similaires auprèsd’autres entreprises poursuivant un
but économique. Sont considéréscomme étant un (1) seul mandat,les mandats dans différentes entités
légales juridiques sous contrôlecommun (de droit ou de fait) sontconsidérés comme étant un seul
mandat.

Mandates shall mean any administrative mandate in the highest
governance body of a legal entitythat is required to be registered in
the commercial register or a similarregister abroad. in comparable
functions at other enterprises withan economic purpose. Are deemed
one (1) mandate, the mandates indifferent legal entities that are underjoint control or same beneficial
ownership are deemed one mandate.

Article 8 (on opting out)
Amended official version in French

Free translation in English

Un actionnaire inscrit de la société
n’est pas tenu de présenter, en casde dépassement du seuil de 33 1/3 %des droits de vote – qu’il soit habilité
à en faire usage ou non -, une offre
publique d’acquisition conformément
à l’article 32135 de la Loi fédérale surles bourses et le commerce des infrastructures des marchés financierset le comportement sur le marché
en matière de négociation de valeurs
mobilières et de dérivés (Loi sur lesbourses, LBVM l’infrastructure desmarchés financiers, LIMF) portant
sur toutes les actions cotées de lasociété.

A shareholder recorded in the shareregister is not obliged to submit apublic takeover bid in accordancewith Article 32135 of the Federal Act
on Stock Exchanges and Securities
Trading (Stock Exchange Act, SESTA)
Financial Market Infrastructures andMarket Conduct in Securities andDerivatives Trading (Financial Market
Infrastructure Act, FinMIA) for all
listed shares of the company if thethreshold of 33 1/3 % of the voting
rights is exceeded – whether or not
such shareholder is entitled to use it.

Article 27 para. 1 (on compensation)
Amended official version in French

Free translation in English

L’assemblée générale approuve les
propositions du conseil d’administration relatives au:

The general meeting of shareholders
approves the proposals of the boardof directors relating to the:

1.

1.

2.

3.

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32

montant total maximal de larémunération du conseil d’administration pour la durée defonction à venir;
montant total maximal de larémunération fixe de la direction pour la période allant du 1
octobre au 30 septembre del’année suivante;montant total des éléments derémunération variable à court
terme de la direction pourl’exercice social écoulé;

2.

3.

maximum aggregate amountof compensation of the boardof directors for the upcoming
term of office;maximum aggregate amount of
the fixed compensation of the
management for the period
from October 1 to September
30 of the following year;
aggregate amount of theshort-term variable compensation elements of the management for the past financial
year;

LEM Invitation to the Annual General Meeting of Shareholders 2023

33

4.

le montant total maximal deséléments de rémunération
variable à long terme de la
direction pour l’exercice social
en cours.

[…]

4.

the maximum aggregate
amount of the long-term variable compensation elementsof the management for thecurrent financial year.

Title VIII (on publications and dissolution)
Amended official version in French

Free translation in English

TITRE VIII: PUBLICATIONS –DISSOLUTIONCOMMUNICATIONSTITRE VIII: PUBLICATIONS –DISSOLUTIONCOMMUNICATIONS

Deletion of Article 36 (on capital loss)[…]

Article 28 (on additional compensation)
Amended official version in French

Free translation in English

La société, ou toute autre société
qu’elle contrôle, est autorisée àverser à toute personne accédant à
une fonction de direction au coursd’une période de rémunération
pour laquelle la rémunération de la
direction a déjà été approuvée parl’assemblée générale une rémunération supplémentaire durant la ou
les périodes de rémunération déjà
approuvées lorsque la rémunération
déjà approuvée ne suffit pas pourcouvrir sa rémunération. La rémunération supplémentaire ne peut
excéder, par période de rémunération et par membre, trente-cinq pourcent des montants totaux de rémunération de la direction approuvés
en dernier lieu.

The company, or any other company controlled by it, shall beentitled to pay any person taking
up a management function during acompensation period for which thecompensation of the management
has already been approved by thegeneral meeting of shareholders,an additional compensation during
the compensation period(s) alreadyapproved, where the compensation
already approved is not sufficient tocover his or her compensation. The
additional compensation may not exceed, per compensation period andper member, thirty-five per cent of
the total amounts of compensationof the management last approved.

Amended official version in French

Free translation in English

S’il ressort du dernier bilan annuelque la moitié du capital-actions
et des réserves légales n’est plus
couverte, le conseil d’administration
convoque immédiatement une assemblée générale et lui propose desmesures d’assainissement.

If the last annual balance sheet
shows that half of the share capitaland legal reserves are no longer
covered, the board of directors
shall immediately convene a general
meeting of shareholders and propose remedial measures.

Deletion of Article 38 (on dissolution and allocation of liquidation proceeds)
Amended official version in French

Free translation in English

Article 38
En cas de dissolution, l’actif disponible, après l’extinction du passif,
est réparti entre les actionnaires
proportionnellement à la valeur
nominale des actions appartenant àchacun d’eux.

Article 38
In the event of dissolution, the available assets, after the extinction of
liabilities, shall be distributed among
the shareholders in proportion to thenominal value of the shares held by
each of them.

Deletion of Article 39 (on jurisdiction) replaced by new Article 37

Article 35 (on dividends)
Amended official version in French

Free translation in English

Le paiement du dividende a lieu àl’époque fixée par le conseil d’administration. Tout dividende qui n’apas été réclamé dans les cinq ans
dès son exigibilité est prescrit deplein droit au profit et sera alloué à laréserve légale issue du bénéfice dela société.

Payment of the dividend takes placeat the time determined by the boardof directors. Any dividend which has
not been claimed within five years of
its due date is prescribed ipso jurefor the benefit and will be allocatedto the statutory profit reserve of thecompany.

LEM Invitation to the Annual General Meeting of Shareholders 2023

34

Amended official version in French

Free translation in English

Article 397
Toutes les contestations qui pourronts’élever pendant la durée de lasociété ou sa liquidation, soit entre
les actionnaires et la société ou
ses administrateurs et l’organe derévision, soit entre les actionnaires
eux-mêmes en raison des affaires dela société, seront soumises exclusivement aux tribunaux du Canton de
Fribourg Genève.

Article 397
All disputes that may arise during
the duration of the company or
its liquidation, either between theshareholders and the company or
the members of its board of directors
and the auditor, or between theshareholders themselves becauseof the business of the company,
shall be submitted exclusively tothe courts of the Canton of Fribourg
Geneva.

LEM Invitation to the Annual General Meeting of Shareholders 2023

35

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Geneva, Switzerland
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