LITGRID - Notification on material event

Decisions adopted at Extraordinary General Meeting of Litgrid Shareholders, 29 July 2016

Vilnius, Lithuania, 2016-07-29 08:39 CEST (GLOBE NEWSWIRE) -- On 29 July 2016,
during the extraordinary general meeting of AB Litgrid shareholders (legal
entity code 302564383, legal status – public company, registered address: A.
Juozapavičiaus g. 13, Vilnius city, Vilnius City Municipality, the Republic of
Lithuania, data about the company are accumulated and stored at the Vilnius
branch of the State Enterprise Centre of Registers, Division of Legal Entities)
the following decisions were made: 

1. Regarding the election of the audit company for AB Litgrid, and the
conditions of the payment for the audit services in 2016. 

Decision:

1.1. To elect an audit company UAB PriceWaterhouseCoopers for carrying out an
audit of the financial statements of AB Litgrid for 2016; 

1.2. Set a fee for the audit services no larger than EUR 19,210.00 (excl. VAT);
the fee to be paid upon the provision of the services and within 30 days of the
submission of the VAT invoice. 

2. Regarding the revocation of the AB Litgrid Board.

Decision:

Revoke the Board of AB Litgrid in corpore from the date of 29 July 2016.

3. Regarding the election of the new Board of AB Litgrid.

Decision:

3.1. Elect the Board of AB Litgrid from the date of 29 July 2016 for a term of
office of four years: 

3.1.1.   Rimvydas Štilinis;

3.1.2.   Nemunas Biknius;

3.1.3.   Daivis Virbickas;

3.1.4.   Vidmantas Grušas;

3.1.5.   Domas Sidaravičius.

Rimvydas Štilinis and Nemunas Biknius are elected as members of the Board from
the holding company UAB EPSO-G, Daivis Virbickas and Vidmantas Grušas are
elected as members of the Board from the company, and Domas Sidaravičius is
elected as an independent member of the Board of AB Litgrid. 

The Board and its members have started working upon the end of the general
meeting of shareholders of 29 July 2016. 

4. Regarding setting the conditions of the Board of AB Litgrid.

4.1. Regarding the fixing of the maximum budget of the annual fee for the
members of the Board of AB Litgrid, and the establishment of the remuneration
for each specific member of the Board. 

Decision:

4.1.1. Approve the maximum gross annual budget for the remuneration of members
of the Board of AB Litgrid for EUR 36,000.00 (thirty six thousand euro). 

4.1.2. Establish the following amounts of remuneration for the individual
members of the Board of AB Litgrid:  EUR 50.00 (fifty euro) (before taxes) as
an hourly fee for the work at the Board of Litgrid AB, without exceeding the
maximum monthly fee of EUR 1,000.00 (one thousand euro); the fee shall be paid
to members of the Board of AB Litgrid, except the members of the Board of AB
Litgrid who are at the same time employees of UAB EPSO-G holding the qualifying
interest of AB Litgrid. 

4.2. Regarding the conclusion of contracts with members of the Board regarding
their operations at AB Litgrid, and the establishment of standard terms and
conditions of such contracts. 

Decision:

Approve the standard conditions of the activities at the Board of AB Litgrid of
a member of the Board and an independent member of the Board (Attachment No
1-3). 

4.3. Regarding the appointment of a person authorised to sign contracts with
members of the Board of AB Litgrid. 

Decision:

Appoint and authorise Rolandas Zukas, General Director of UAB EPSO-G to
immediately, but no longer than within 10 (ten) days of the present decision,
to sign, on behalf of AB Litgrid contracts regarding their activity at the
Board of AB Litgrid under the standard contractual terms approved by the
present Decision of the Board of AB Litgrid. 

5. Regarding the authorisation of the CEO of AB Litgrid.

Decision:

Authorise (with a right to sub-delegate the authorisation) CEO of AB Litgrid to
notify the Register of Legal Entities of the Republic of Lithuania of the
cancelation of the members of the Board, and the election of the new members of
the Board, register the amended data in the Register of Legal Entities, and
perform all other actions related thereto. 

 Attachments:

1. The standard conditions of the activities at the Board of a member of the
Board (with remuneration); 

2. The standard conditions of the activities at the Board of a member of the
Board (with no remuneration); 

3. The standard conditions of the activities at the Board of an independent
member of the Board; 


         Erika Brazaitytė
         Communications manager
         Ph. +370 612 24034
         Email: erika.brazaityte@litgrid.eu

Liitteet:

Standard conditions of the activities at the Board of a member of the Board with remuneration_EN.pdf

Standard conditions of the activities at the Board of a member of the Board with no remuneration_EN.pdf

Standard conditions of the activities at the Board of an independent member of the Board _EN.pdf