Invitation to the ordinary general meeting AC Immune SA
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Category: Notifications issued to company members Sub-category: Invitation to the General Meeting Publication date: SHAB 01.06.2021 Expected expiry date: 01.06.2022 Publication number: UP04-0000003429 Publishing entity Bär & Karrer AG, Brandschenkestrasse 90, 8002 Zürich Invitation to the ordinary general meeting AC Immune SA Organisation concerned: AC Immune SA CHE-109.878.825 EPFL Innovation Park, bâtiment B 1015 Lausanne General meeting details: 25.06.2021, 11:00 Uhr, EPFL Innovation Park, Building B 1015 Lausanne, Switzerland Invitation/Agenda: Please refer to the PDF attachment (Invitation to the Annual General Meeting 2021 of AC Immune SA) with respect to the agenda items and the proposals as well as for further information. Additional legal info: Due to the extraordinary situation in connection with the Covid-19 pandemic, the Annual General Meeting will be held without personal participation of the shareholders. Based on article 27 of the Swiss Federal Council's "Ordinance 3 on Measures to Combat the Coronavirus (COVID-19)" of 19 June 2020, as subsequently amended, the Board of Directors resolved that the shareholders can exercise their rights exclusively through the independent proxy Reymond & Associés, represented by Mr. Denis Cherpillod, Attorney at Law, Avenue de la Gare 1, case postale 7255, 1002 Lausanne, Switzerland.
To the shareholders of AC Immune SA 4.2 Binding vote on Equity for Members of the
Board of Directors from 1 July 2021 to 30 June
Invitation to the Annual General 2022
Meeting 2021
Date: 25 June 2021, at 11:00 am The Board of Directors proposes the approval of
the maximum grant of equity or equity linked
Central European Summer Time instruments for the Board of Directors with
Place: AC Immune SA, EPFL maximum value of CHF 863K (equity or equity
Innovation Park, Building B, linked instruments at grant value plus pensionable
1015 Lausanne, Switzerland social security costs) from 1 July 2021 to 30 June
2022.
AGENDA ITEMS AND PROPOSALS OF THE
BOARD OF DIRECTORS 4.3 Binding vote on Total Non-Performance-
Related Compensation for Members of the
1. Annual Report 2020, Statutory Financial Executive Committee from 1 July 2021 to
Statements 2020 and IFRS Financial 30 June 2022
Statements 2020 and Compensation Report The Board of Directors proposes the approval of
2020 the total maximum amount of non-performance-
1.1 Approval of Annual Report 2020, Statutory related cash compensation for the Executive
Financial Statements 2020 and IFRS Financial Committee, of CHF 3’269K (cash-based
Statements for the Year 2020 compensation plus pensionable social security
The Board of Directors proposes to approve the costs) from 1 July 2021 to 30 June 2022.
Annual Report 2020, the Statutory Financial 4.4 Binding vote on Total Variable Compensation
Statements 2020 and the IFRS Financial for Members of the Executive Committee for
Statements 2020 and to take note of the Reports the current year 2021
of the Auditors. The Board of Directors proposes the approval of
1.2 Advisory vote on the Compensation Report the total maximum amount of variable
2020 compensation for the Executive Committee of
The Board of Directors proposes that the CHF 1’378K (cash-based compensation plus
Compensation Report 2020 be endorsed (non- pensionable social security costs) for the current
binding advisory vote). year 2021.
2. Appropriation of Loss 4.5 Binding vote on Equity for Members of the
The Board of Directors proposes the following Executive Committee from 1 July 2021 to
appropriation: 30 June 2022
The Board of Directors proposes the approval of
the maximum grant of equity or equity linked
In KCHF instruments for the Executive Committee with
maximum value of CHF 4’287K (equity or equity
Accumulated profit (loss) at Jan. 1, 2020 (62’151) linked instruments at grant value plus pensionable
social security costs) from 1 July 2021 to 30 June
Net profit (loss) for the year 2020 (57’824) 2022.
5. Re-elections
Accumulated losses brought forward (119’975)
5.1 Re-election of Members of the Board of
Under IFRS accounting standards, the net loss for Directors
the business year 2020 amounted to KCHF 61’921. The Board of Directors proposes that each of the
following persons be re-elected as directors for a
term of office until the end of the Annual General
3. Discharge of the Board of Directors and of the Meeting 2022:
Executive Committee
The Board of Directors proposes that all members 5.1a Douglas Williams as Member of the Board
of the Board of Directors and of the Executive of Directors and Chairman
Committee be discharged from their liabilities for 5.1f Martin Velasco as Member of the Board of
their activities in the financial year 2020. Directors and Vice-Chairman
4. Compensation for the Members of the Board of And as Members of the Board of Directors:
Directors and the Executive Committee 5.1b Peter Bollmann
4.1 Binding vote on Total Non-Performance- 5.1c Alan Colowick
Related Compensation for Members of the
Board of Directors from 1 July 2021 to 30 June 5.1d Tom Graney
2022 5.1e Carl June
The Board of Directors proposes the approval of
the total maximum amount of non-performance- 5.1g Werner Lanthaler
related compensation for the Board of Directors of 5.1h Andrea Pfeifer
CHF 689K (cash-based compensation plus
pensionable security costs) covering the period 5.1i Roy Twyman
from 1 July 2021 to 30 June 2022.5.2 Re-election of Members of the Compensation, 6.2 Authorized Share Capital
Nomination & Corporate Governance The Board of Directors proposes to extend and
Committee add authorized share capital to enable the Board
The Board of Directors proposes that: of Directors to issue up to 15’500’000 new
registered common shares of CHF 0.02 nominal
5.2a Tom Graney
value each until 25 June 2023, and, accordingly,
5.2b Martin Velasco to amend article 3a (Authorized Capital Increase
of Share Capital), paragraph 1, of the Articles of
5.2c Douglas Williams
Association, as follows:
be re-elected as Members of the Compensation, The Board of Directors is Le conseil d'administration est
Nomination & Corporate Governance Committee authorized to increase the autorisé à augmenter le
for a term of office until the end of the Annual share capital, in one or several capital-actions, en une ou
General Meeting 2022. steps, until 25 June 2023, by a plusieurs étapes jusqu'au
maximum amount of 25 juin 2023, d'un montant
5.3 Re-election of the Statutory Auditors CHF 310’000 by issuing a maximum de CHF 310'000 par
The Board of Directors proposes that maximum of 15'500'000 l'émission d'un nombre
PricewaterhouseCoopers SA, in Pully, registered shares with a par maximum de 15'500'000
Switzerland, be re-elected as Statutory Auditors value of CHF 0.02 each, to be actions nominatives d'une
for a term of office of one year. fully paid up. An increase of valeur nominale de CHF 0.02
the share capital (i) by means chacune, à libérer
5.4 Re-election of the Independent Proxy of an offering underwritten by a entièrement. Une
The Board of Directors proposes that Reymond & financial institution, a syndicate augmentation de capital (i) par
Associés, Lausanne, represented by Denis or another third party or third souscription d'actions par une
Cherpillod, Attorney at Law, be re-elected as parties, followed by an offer to institution financière, un
Independent Proxy for a term of office until the end the then-existing shareholders syndicat ou un tiers ou des
of the Annual General Meeting 2022. of the Company and (ii) in tiers, suivie par une
partial amounts, shall also be souscription d'actions par les
6. Amendments of the Articles of Association permissible. actionnaires de la société alors
The Board of Directors is proposing to the existants et (ii) par montants
Shareholders to accept certain changes to the partiels, est également
Company’s Articles of Association on four topics: autorisée.
• Limit of number of Directors The remaining paragraphs of article 3a of the
• Extension and addition of Authorized Share Articles of Association remain unchanged.
Capital 6.3 Conditional Capital Increase for Employee
• Increase of the Conditional Capital for Benefit Plans
Employee benefit plans The Board of Directors proposes to increase the
conditional capital for the benefit plans of
• Remuneration framework for the Board of employees and individuals of comparable
Directors and Executive Committee positions, in the maximum amount of CHF 60’000
by allowing the issuance of 3’000’000 registered
6.1 Limit of Number of Directors
common shares of CHF 0.02 nominal value each,
The Board of Directors proposes that article 20
and, accordingly, to amend article 3c (Conditional
paragraph 1 of the Articles of Association (Number
Share Capital Increase for Employee Benefit
of Members, Term of Office) be amended as
Plans), paragraph 1, of the Articles of Association,
follows:
as follows:
The Board of Directors shall Le conseil d'administration se
consist of at least 3 and not compose d'au minimum 3 et The share capital of the Le capital social de la société
more than 9 members. This au maximum 9 membres. Ce Company shall be increased sera augmenté d'un montant
maximum number may be nombre maximum pourra être by an amount not exceeding ne dépassant pas CHF 60'000
exceeded if it is necessary to dépassé s’il est nécessaire de CHF 60’000 through the issue par l'émission d'un maximum
satisfy nationality, residency satisfaire à des conditions de of a maximum of 3'000'000 de 3'000'000 actions
and/or gender requirements nationalités, de résidences registered shares, payable in nominatives, entièrement
under Swiss or foreign laws. et/ou de genres selon le droit full, each with a nominal value libérées, chacune avec une
The chairman and the suisse ou étranger. Le prési- of CHF 0.02, in connection valeur nominale de CHF 0.02,
members of the Board of dent et les membres du con- with the exercise of option dans le cadre de l'exercice de
Directors are individually seil d'administration sont élus rights granted to any employee droits d'option accordés à tout
elected by the General Meeting individuellement par l'assem- of the Company or a employé de la Société ou
for a term of one year until the blée générale pour un mandat subsidiary, and any consultant, d'une succursale, et à tout
end of the next Ordinary d'un an jusqu'à la fin de la pro- members of the Board of consultant, aux membres du
General Meeting, provided that chaine assemblée générale Directors, or other person conseil d'administration, ou à
he/she does not resign or is ordinaire, à condition qu'il/elle providing services to the autres personnes fournissant
not replaced during his/her ne démissionne pas ou ne soit Company or a subsidiary. des services en faveur de la
term. pas remplacé(e) durant son société ou d'une filiale.
mandat.
The remaining paragraphs of article 3c of the
Paragraph 2 of article 20 of the Articles of Articles of Association remain unchanged.
Association remains unchanged. 6.4 Remuneration Amendments to the Articles of
Association
The Board of Directors proposes the amendment
of certain articles in the Articles of Association
covering the remuneration of the members of theBoard of Directors and of the Executive • The Board of Directors proposes the
Committee in the following articles. modifications of article 41 (Option and Share
Plans), paragraph 1 and lit. a), lit. d), lit. e) and
• The Board of Directors proposes to amend
lit. f) of the Articles of Association:
article 8 (Powers), paragraph 1 lit. e), of the
Articles of Association: Under the Company's Long En vertu du plan d’intéres-
Term Incentive Plan, the sement à long terme de la
e) to approve the aggregate e) approuver les montants Board of Directors, upon société, le conseil d'admin-
amounts of compensation of globaux des rémunérations proposal of the istration, sur proposition du
the Board of Directors and du conseil d'administration Compensation Committee, comité de rémunération,
the Executive Committee in et du comité exécutif allocates the participating attribue aux membres
accordance with Article 18 conformément à l'article 18 members of the Executive participants du comité exécutif
of the Articles of des statuts; Committee and the Board of et du conseil d'administration
Association; Directors a fixed number of un nombre fixe d'options ou
options or shares with a d'actions avec une période de
vesting or blocking period vesting ou de blocage (la
The remaining clauses in article 8 of the Articles (the vesting period). At the "Période de Vesting"). À la fin
of Association remain unchanged. end of the vesting period, de la Période de Vesting, les
participants in the Long Term participants au plan d’intéres-
• The Board of Directors proposes to amend
Incentive Plan are entitled to sement à long terme sont
article 18 (Votes on Compensation), amending exercise the options granted habilités à exercer les options
paragraph 1 and to add a new paragraph 4, of against payment of the strike attribuées contre paiement du
the Articles of Association price. These options to prix d'exercice. Ces options
acquire shares in the d'achat d'actions de la société
Paragraph 1:
Company or the shares ou d'actions attribuées sont
allocated are subject to the soumises aux principes de
The General Meeting shall L'assemblée générale basic principles set out in the base suivants:
approve annually and approuve annuellement et following:
separately the proposals of the séparément les propositions a) il relève de la libre apprécia-
Board of Directors in relation to du conseil d’administration a) it is the sole discretion of tion du conseil d'administra-
the maximum aggregate relatives au montant global the Board of Directors to tion de décider si des op-
amount of: maximal de: decide whether to allocate tions ou actions sont attri-
options or shares and to buées et à qui et de détermi-
a) compensation of the Board a) la rémunération du conseil whom and to determine ner l'évaluation de chaque
of Directors for the period d'administration pour la pé- the valuation of each com- élément de rémunération sur
until the next Ordinary riode allant jusqu'à pensation element on the la base des principes qui
General Meeting; l'assemblée générale ordi- basis of the principles that s'appliquent à l'établisse-
naire suivante; apply to the establishment ment du rapport de rémuné-
b) compensation of the
Executive Committee for the b) la rémunération du comité of the compensation re- ration;
following financial year. exécutif pour l’exercice an- port;
d) dans le cas d'un change-
nuel suivant. d) in the case of a change of ment de contrôle (tel que
Paragraph 4: control (as defined in the défini dans le plan d’intéres-
Long-Term Incentive Plan) sement à long terme) ou la
or delisting of the Compa- radiation des actions de la
The Board of Directors shall Le conseil d'administration ny's shares, the vesting société, la Période de Ves-
submit the compensation soumet le rapport de period shall end (acceler- ting prend fin (vesting accé-
report to an advisory vote of rémunération à un vote ated vesting) and the par- léré) et le participant est en
the General Meeting. consultatif de l'assemblée ticipant shall be entitled to droit d'exercer les options
générale. exercise the options on a sur une base pro rata, le
pro rata basis on the day jour de la transaction qui a
Paragraphs 2 and 3 of article 18 of the Articles the transaction that led to conduit à un changement de
of Association remain unchanged. the change of control or contrôle ou le jour où la ra-
delisting was executed. It diation a été exécutée. Il re-
• The Board of Directors proposes that is at the sole discretion of lève de la libre appréciation
paragraphs 3 and 4 (Compensation the Board of Directors to du conseil d'administration
Committee), be added to article 28 of the decide upon proposal of de décider, sur proposition
Articles of Association: the Compensation Com- du comité de rémunération,
mittee whether the finan- si les objectifs financiers ont
Paragraph 3: cial objectives have been été atteints;
met;
e) les membres individuels du
If there are vacancies on the S'il y a des postes vacants
e) the individual members of comité exécutif ou du con-
Compensation Committee, the au sein du comité de
the Executive Committee seil d'administration qui par-
Board of Directors may appoint rémunération, le conseil
or the Board of Directors ticipent au plan d’intéresse-
substitutes from amongst its d'administration peut
participating in the Long- ment à long terme sont res-
members for the remaining désigner des substituts parmi
Term Incentive Plan are ponsables du paiement de
term of office. ses membres pour la durée
responsible for paying any tous les impôts ou cotisa-
restante du terme de
taxes or social security tions de sécurité sociale et
fonction.
contributions and for de- de déclarer correctement le
claring income correctly to revenu aux autorités;
Paragraph 4: the authorities;
f) il relève de la libre apprécia-
The Board of Directors shall Le conseil d'administration f) it is at the sole discretion of tion du conseil d'administra-
elect a chairman of the élit un président du comité de the Board of Directors to tion de compléter le plan
Compensation Committee. rémunération. decide whether to supple- d’intéressement à long
ment the Long-Term In- terme dans les limites des
centive Plan within the principes énoncés ci-dessus
Paragraphs 1 and 2 of article 28 of the Articles bounds of the principles ou de l'interrompre.
of Association remain unchanged.set out above or to discon- The Annual Statutory Financial Statements and
tinue it. the IFRS Financial Statements, the Compensation
Report as well as the Reports of the Auditors for
2020 may be downloaded from the Company’s
Paragraph 1 lit. b) and lit. c) and paragraph 2 website at https://ir.acimmune.com/events/agm or
of article 41 of the Articles of Association re- you may order a printed copy via email at
main unchanged. agm@acimmune.com indicating your mailing
address. Please note that the Annual Report is
• The Board of Directors proposes the addition only available in English.
of new section XI. “Transitional Provisions” in
the Articles of Association: Exercise of voting rights and representation
XI. TRANSITIONAL PROVI- XI. DISPOSITIONS TRANSI- Due to Coronavirus restrictions, Shareholders are
SIONS TOIRES not permitted to attend the AGM in person. Based
on article 27 of the Swiss Federal Council's
Art. 47 Transitional Provi- Art. 47 Dispositions "Ordinance 3 on Measures to Combat the
sions concerning the Com- transitoires concernant la
Coronavirus (COVID-19)" of 19 June 2020, as
pensation of the Executive rémunération du comité
Committee exécutif subsequently amended, the Board of Directors
resolved that the Shareholders can exercise their
In the event that no vote was Dans l’hypothèse où aucun rights at the Annual General Meeting 2021 (AGM)
taken prior to the Ordinary vote n’a eu lieu avant exclusively through the Independent Proxy:
General Meeting 2022 with l'assemblée générale
Reymond & Associés, represented by Mr. Denis
respect to (i) and (ii) below, the ordinaire 2022 sur les objets
Shareholders shall vote, at the (i) et (ii) ci-dessous, les Cherpillod, of Lausanne, Switzerland.
Ordinary General Meeting actionnaires voteront lors de Only Shareholders holding shares as of 17 May
2022, among other things, l'assemblée générale 2021, are eligible to vote their shares. New shares
separately on the approval of ordinaire 2022, entre autres,
acquired between 18 May and 25 June 2021 do
the proposals of the Board of séparément sur l'approbation
Directors in relation to (i) the des propositions du conseil not qualify.
maximum aggregate amount of d'administration concernant Invitation
compensation of the Executive (i) le montant global maximum
Committee for the following de la rémunération du comité Shareholders who are registered with
financial year 2023 in exécutif pour l'exercice Computershare Trust Company N.A.
accordance with the amended suivant 2023 conformément (“Computershare”) will receive their AGM
articles 8 paragraph 1 lit. e) and aux articles 8, al. 1 let. e) et 18 invitation and a personalized Proxy Card from
18 of the Articles of Association des statuts approuvés par
Computershare.
approved by the Ordinary l'assemblée générale
General Meeting held on 25 ordinaire du 25 juin 2021 et Shareholders who hold their shares through their
June 2021 and the articles 33 les articles 33 and 35 des broker or bank (“Beneficial Owners”), should
and 35 of the Articles of statuts, et (ii) le montant total receive these materials through their broker or
Association, and (ii) the total maximum de la rémunération
bank and should be able to vote on the
maximum amount of du comité exécutif pour
compensation of the Executive broker/bank portal.
Committee for: a) la rémunération non liée à
la performance du comité Voting: electronic voting or use of Proxy Card
a) the non-performance-related exécutif pour la période de The Company recommends that registered
compensation of the Execu- 6 mois du 1er juillet 2022
Shareholders vote electronically through the
tive Committee for the 6- au 31 décembre 2022;
month period starting on 1 Computershare portal with the individual
July 2022 to 31 December b) la rémunération variable Shareholder number or, for “Beneficial Owners”,
2022; pour le comité exécutif using the portal of their bank or broker.
pour la période de 12 mois
b) the variable compensation du 1er janvier 2022 au 31 Electronic voting instructions must be given no
for the Executive Committee décembre 2022; later than 23 June 2021 at 11:59 PM, US Eastern
for the 12-month period Standard Time.
starting on 1 January 2022 c) l'octroi de participations
to 31 December 2022; and dans la société au comité Shareholders who do not wish to vote
exécutif pour la période de electronically may give their written instructions to
c) the grant of equity in the 6 mois du 1er juillet 2022
the Independent Proxy by sending him their filled
Company to the Executive au 31 décembre 2022,
Committee for the 6-month and signed Proxy Card at the email address
period starting on 1 July conformément à l'article 18 al. independentproxy@acimmune.com or at the
2022 to 31 December 2022, 2 et 3, ainsi que 33 et 35 des postal address: Reymond & Associés,
statuts. represented by Mr. Denis Cherpillod, Avenue de
in accordance with articles 18
la Gare 1, PO 7255, 1002 Lausanne, Switzerland,
paragraph 2 and 3, 33 as well
as 35 of the Articles of for delivery no later than 25 June 2021 at 05:00
Association. AM, US Eastern Standard Time. Please allow
appropriate time for delivery given the strain on
public resources.
Shareholders who are “Beneficial Owners” on
ORGANIZATIONAL NOTES (INCLUDING ON 17 May 2021 will be requested to attach to their
signed Proxy Card (i) a declaration of honor,
MEASURES DUE TO COVID-19)
confirming that they have not voted via the
Availability of Annual Report and Compensation Independent Proxy electronically, and (ii) a most
Report for 2020 recent bank statement establishing the number of
shares in their nominal ownership.If for any reason Shareholders have not received an Invitation or their Proxy Card, they may download a model Proxy Card from the Company’s website at https://ir.acimmune.com/events/agm Once received by the Independent Proxy, voting instructions may not be changed by Shareholders. Should the Independent Proxy receive voting instructions from Shareholders both electronically and in writing, only the electronic instructions will be taken into account. LEGAL NOTICE Shareholder motions Motions from Shareholders with regard to agenda items are only permissible if they are submitted before the Annual General Meeting by the respective Shareholders or by an individual proxy acting on their behalf. The Independent Proxy will not act as an individual proxy for this purpose. Publication of the Invitation Per AC Immune's Articles of Association, the official Invitation to the Annual General Meeting 2021 will be published in the Swiss Official Gazette of Commerce (“SOGC”) on or before 4 June 2021. Concurrently with the publication in the SOGC, AC Immune's website “Investors/Annual General Meeting 2021” on https://ir.acimmune.com/events/agm will display a copy of the publication and provide a link to the publication as soon as it is released in the SOGC. Ecublens, AC Immune SA On behalf of the Board of Directors Dr. Douglas Williams, Chairman of the Board of Directors
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