Resolutions of Modulight Corporation’s Annual General Meeting and Inaugural Meeting of the Board of Directors on 2 May 2022

Modulight Corporation, Company Release, 2 May 2022 AT 3.15 p.m. Finnish Time

The Annual General Meeting of Modulight Corporation was held on 2 May 2022 at Hermiankatu 22, 33720 Tampere. Shareholders and their proxy representatives could participate in the Annual General Meeting and exercise their rights only by voting in advance and by making counterproposals and presenting questions in advance. It was not possible to participate at the meeting venue in person. The Annual General Meeting was arranged in accordance with an exceptional meeting procedure based on the temporary legislation to limit the spread of Covid-19 pandemic approved by the Finnish Parliament.

The minutes of the General Meeting in Finnish will be available on Modulight Corporation’s website at https://www.modulight.com/yhtiokokous2022/ and an English translation of the minutes will be available at https://www.modulight.com/agm2022/ on 16 May 2022.

The Annual General Meeting of Modulight Corporation approved the financial statements and discharged the members of the Board of Directors and the company’s CEO from liability for the financial year 2021. The Annual General Meeting approved in an advisory vote the remuneration policy and the remuneration report for governing bodies.

Use of the profit shown on the balance sheet and the payment of dividend
The Annual General Meeting approved the Board of Directors’ proposal that the result for the year 2021 of EUR -5,061 thousand will be transferred to retained earnings and dividends will not be paid.

The Board of Directors and the Auditor
The Annual General Meeting resolved that the Board of Directors consists of six members. Seppo Orsila, Petteri Uusimaa, Kalle Palomäki, Pia Kantola and Timur Kärki were re-elected to the Board of Directors and Jyrki Liljeroos was re-elected as the chair of the Board of Directors.

It was resolved that a monthly remuneration of the members of the Board of Directors is paid as follows: The Chair of the Board of Directors is paid EUR 5,000 and members of the Board of Directors are each paid EUR 2,500.
Further, the remuneration to be paid to the members of the Board of Directors may be paid in the company’s shares and in cash and travel expenses of all Board Members will be reimbursed in accordance with the company’s travel rules against receipts.

Authorised Public Accounting firm Moore Rewinet Oy was elected as the Auditor of the company and Jari Paloniemi, Authorised Public Accountant, will act as the Responsible Auditor. It was resolved that the remuneration for the Auditor is paid according to the Auditor’s invoice.

Resolutions of the Inaugural Meeting of the Board of Directors
Appointed by the Annual General Meeting, the Board of Directors held its inaugural meeting immediately after the Annual General Meeting. At the Meeting the Board of Directors confirmed the election of its Chair and elected members of its Remuneration Committee.

Jyrki Liljeroos will continue as the Chair of the Board.

Jyrki Liljeroos (Chair), Pia Kantola and Timur Kärki were elected as members of the Remuneration Committee of the Board of Directors. Jyrki Liljeroos, Pia Kantola and Timur Kärki are independent of the company and its major shareholders. Kalle Palomäki is independent of the company’s significant shareholders, but not of the company.

MODULIGHT CORPORATION