# EDGAR Filing Document

**Accession Number:** 0001665221
**File Stem:** 0001665221-25-000008
**Filing Date:** 2025-8
**Character Count:** 4603
**Document Hash:** 1d6966817afc014bee629d261ede5669
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001665221-25-000008.hdr.sgml**: 20250827

**ACCESSION NUMBER**: 0001665221-25-000008

**CONFORMED SUBMISSION TYPE**: N-PX

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250827

**EFFECTIVENESS DATE**: 20250827

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Incentive AS
- **CENTRAL INDEX KEY:** 0001665221

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-PX
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-23550
- **FILM NUMBER:** 251260267

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** KRISTIAN AUGUSTS GATE 15C
- **STREET 2:** P.O. BOX 462 SENTRUM
- **CITY:** OSLO
- **PROVINCE COUNTRY:** Q8
- **ZIP:** 0105
- **BUSINESS PHONE:** 004723012900

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** KRISTIAN AUGUSTS GATE 15C
- **STREET 2:** P.O. BOX 462 SENTRUM
- **CITY:** OSLO
- **PROVINCE COUNTRY:** Q8
- **ZIP:** 0105

## FORM N-PX
### ANNUAL REPORT OF PROXY VOTING RECORD

## N-PX: Filer Information

**Filer CIK:** 0001665221

**Date of Report:** 06/30/2025

**Are you a Registered Management Investment Company or an Institutional Manager?:** Institutional Manager

**Is this a LIVE or TEST Filing?:** LIVE

**Is this an electronic copy of an official filing submitted in paper format?:** [ ]

### Submission Contact Information
_Not provided in this filing._

### Notification Information
**Notify via Filing Website only?:** [ ]

## N-PX: Cover Page

**Name of reporting person:** Incentive AS

**Address:** KRISTIAN AUGUSTS GATE 15C, OSLO, Q8 0105

**Telephone number:** 0047 23 01 29 00

**Name of agent for service:** —

**Agent Address:** —, —, — —

**Reporting Period:** Report for the year ended 06/30/2025

**SEC File Number:** 028-23550

**CRD Number (if any):** —

**Other SEC File Number (if any):** —

**LEI (if any):** —

**Report Type (check only one):**

Institutional Manager.

- [x] Institutional Manager Voting Report

- [ ] Institutional Manager Notice Report

- [ ] Institutional Manager Combination Report

Registered Management Investment Company.

- [ ] Fund Voting Report

- [ ] Fund Notice Report

**Do you wish to provide explanatory information pursuant to Special Instruction B.4?:**

- [x] No

- [ ] Yes

**Additional information:** —

## N-PX: Summary - Included Managers

**Number of Included Institutional Managers:** 0

**Included Institutional Managers:** —

## FORM N-PX PROXY VOTING RECORD

| NAME OF ISSUER       | CUSIP     | MEETING DATE   | VOTE DESCRIPTION                                                                                                                               | VOTE CATEGORY                |   SHARES VOTED |   SHARES ON LOAN | HOW VOTED   |   SHARES VOTED FOR OR AGAINST MANAGEMENT | FOR OR AGAINST MANAGEMENT   | OTHER INFO   |
|:---|:---|:---|:---|:---|---:|---:|:---|---:|:---|:---|
| SMURFIT WESTROCK PLC | G8267P108 | 05/02/2025     | Approve, in a non-binding, advisory vote, the compensation of the Company's named executive officers.                                          | COMPENSATION                 |         389621 |                0 | FOR         |                                   389621 | FOR                         |  |
| SMURFIT WESTROCK PLC | G8267P108 | 05/02/2025     | Approve, in a non-binding, advisory vote, the frequency of future non-binding, advisory votes to approve named executive officer compensation. | SECTION 14A SAY-ON-PAY VOTES |         389621 |                0 | FOR         |                                   389621 | FOR                         |  |
| NOBLE CORP PLC       | G65431127 | 05/08/2025     | Approval by Advisory Vote of the Company's Executive Compensation.                                                                             | COMPENSATION                 |        2480259 |                0 | FOR         |                                  2480259 | FOR                         |  |
| NOBLE CORP PLC       | G65431127 | 05/08/2025     | Approval by Advisory Vote of the Directors' Remuneration Report.                                                                               | COMPENSATION                 |        2480259 |                0 | FOR         |                                  2480259 | FOR                         |  |

## N-PX: Signature Block

**Reporting Person:** Incentive AS

**By (Signature):** Gudrid Eide

**By (Printed Signature):** Gudrid Eide

**By (Title):** Chief Compliance Officer

**Date:** 08/27/2025