Rule 10b5-1 Trading Plan

Definition:

A company program for trading securities established so as to avoid liability under Rule 10b5-1 that includes restrictions on purchases and sales, a policy regarding prearranged, nondiscretionary trades, and windows permitting trading. In general, any person who executes a transaction pursuant to such a plan before s/he was aware of any Material Non-Public Information may rely on the plan as an affirmative defense to liability for Insider Trading under Rule 10b5-1. Foreign Private Issuers are required to disclose such policies and procedures as part of their Form 20-F starting from the first filing that covers the first full fiscal period that begins on or after 1 April 2023.

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