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Director Remuneration Notice - Simigon

News Details

Director Remuneration Notice

Mr. Eitan Cohen was appointed a non-executive director of SimiGon Ltd ("the Company") by the Board of Directors of the Company on June 3, 2008. Mr. Cohen will hold office until the next annual general meeting ("AGM") of shareholders of the Company.

On October 30, 2008 the Audit Committee and Board of Directors of the Company set Mr. Cohen's remuneration at $1,600 per month in 2008 and $2,200 per month in 2009. In accordance with Israeli Company Law, the approval of this remuneration was not brought for shareholder approval since it is lower than the compensation paid to the previous non-executive director for similar services and a similar level of experience and expertise and it is less than the maximum compensation the Company is permitted to pay to its external (independent) directors under Israeli law.

This announcement is being made to bring Mr. Cohen's remuneration to shareholders' attention. Should more than 1% of shareholders object in writing to Mr. Cohen's remuneration within the next fourteen calendar days, the Company will introduce the matter for shareholder approval at the AGM.