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SEC Filings

AURIS MEDICAL HOLDING AG filed this Form 424B3 on 04/26/2017
Entire Document


Board of Directors


Our articles of association provide that the board of directors shall consist of at least three and not more than nine members.


The members of the board of directors and the chairman are elected annually by the general meeting of shareholders for a period until the completion of the subsequent ordinary general meeting of shareholders and are eligible for re-election. Each member of the board of directors must be elected individually. Unless an exception is granted by the general meeting of shareholders, only persons who have not completed their seventy-fifth year of age on the election date are eligible for election.




The board of directors has the following non-delegable and inalienable powers and duties:


·the ultimate direction of the business of the Company and issuing of the relevant directives;


·laying down the organization of the Company;


·formulating accounting procedures, financial controls and financial planning, to the extent required for the governance of the Company;


·nominating and removing persons entrusted with the management and representation of the Company and regulating the power to sign for the Company;


·the ultimate supervision of those persons entrusted with management of the Company, with particular regard to adherence to law, our articles of association, and regulations and directives of the Company;


·issuing the annual report and the compensation report, and preparing for the general meeting of shareholders and carrying out its resolutions; and


·informing the court in case of over-indebtedness.


The board of directors may, while retaining such non-delegable and inalienable powers and duties, delegate some of its powers, in particular direct management, to a single or to several of its members, managing directors, committees or to third parties who need be neither members of the board of directors nor shareholders. Pursuant to Swiss law and Article 13 of our articles of association, details of the delegation and other procedural rules such as quorum requirements must be set in the organizational rules issued by the board of directors.


Indemnification of Executive Management and Directors


Subject to Swiss law, Article 17 of our articles of association provides for indemnification of the existing and former members of the board of directors, executive management and their heirs, executors and administrators, against liabilities arising in connection with the performance of their duties in such capacity, and permits us to advance the expenses of defending any act, suit or proceeding to our directors and executive management.


In addition, under general principles of Swiss employment law, an employer may be required to indemnify an employee against losses and expenses incurred by such employee in the proper execution of their duties under the employment agreement with the employer. See “Comparison of Swiss Law and Delaware Law—Indemnification of directors and executive management and limitation of liability.”


We have entered into indemnification agreements with each of the members of our board of directors and executive management. The indemnification agreements and our articles of association require us to indemnify our directors and executive officers to the fullest extent permitted by law.


Conflict of Interest, Management Transactions


Swiss law does not provide for a general provision regarding conflicts of interest. However, the CO contains a provision that requires our directors and executive management to safeguard the Company’s interests and imposes a