Payton Planar Magnetics : Annual General Meeting Results
July 17, 2017 at 11:42 am EDT
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Payton Planar Magnetics Ltd.
Reporting its Annual General Meeting Results
PRESS RELEASE July 17, 2017
This notice is to announce that an annual general meeting of the Company's shareholders was held on July 17th, 2017 at 03:00 PM, in the Company's registered office at 3 Ha'avoda st. Ness-Ziona, Israel.
All the following proposed resolutions on the agenda were approved:
Discussion and Acceptance of the Company's 2016 yearly financial statements.
Approval of dividend distribution at the amount of $ 0.175 per share (an aggregate amount of $3,092 thousands) declared by the Company's Board of Directors on June 5th, 2017, which will be distributed on July 19th, 2017 as final dividend for the year 2016.
Re-nomination of KPMG Somekh-Chaikin, a member of the KPMG International, as the Company's independent auditors and authorizing the Company's Board of Directors to define their fees.
Re-Nomination of Mrs. Rachel Komemi as an external director for an additional period of 3 years, as of November 1st 2017, and reconfirming her remuneration given by the Company at the same rate given to the other external director of The Company, according to the Company's rank, as defined in the Israeli Companies Regulations (Rules in regard to remuneration and expenses to an external director) 2000 and to the Company's Remuneration Policy.
Re-nomination of Mr. David Yativ1 as an Executive Chairman of the Board of Directors and the re-nomination of Mr. Doron Yativ2 as the Company's C.E.O, for a period of 3 years, as of November 1st, 2017, according to rule number 121C of The Israeli Companies Law, 1999.
Extension of the Management Services Agreement, between the Company and "Wichita Ltd."3, for an additional period of 3 years, as of November 1st, 2017, according to rule number 275 of the Israeli Companies Law, through which Mr. David Yativ will continue to render his services as the Company's active chairman of the board.
Approval of the Management Services Agreement (replacing the current employment agreement of Mr. Doron Yativ) between the Company and Yaarh - Looking To The Future Ltd., a private company fully owned by Mr. Doron Yativ, through which Mr. Doron Yativ will continue to render his services as the Company's C.E.O, for a period of 3 years, as of November 1st, 2017, according to rule 275 of the Israeli Company's Law.
1 Mr. David Yativ, current active chairman, the founder and controlling shareholder of the parent company, Payton Industries Ltd.
2 Mr. Doron Yativ, the son of David Yativ, current C.E.O and a Director.
3 A private company, previously named: "David Yativ, Technologies and managements Ltd.", fully owned by Mr. David Yativ.
Extension of the Employment Agreements of Mrs. Sharon Ozan4, Mr. Dror Ozan5 and Mr. Amir Yativ6 for additional periods of 3 years, as of November 1st, 2017, according to rule number 275 of The Israeli Companies Law.
On behalf of the Company, Michal Lichtenstein
V.P. Finance & C.F.O
4 Mrs. Sharon Ozan is a Director and Mr. David Yativ's daughter, serves during the past 16 years as Payton's Quality Assurance Manager.
5 Mr. Dror Ozan is Mr. David Yativ's son-in-law, serves during the past 15 years as Purchasing Manager .
6 Mr. Amir Yativ, David Yativ's son holds a M.Sc. in applied physics and a B.Sc. in Physics, serves as of April 2012 as a developing engineer and as of April 2016 as the R&D and Engineering Manager.
Payton Planar Magnetics Ltd. published this content on 17 July 2017 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 17 July 2017 15:42:11 UTC.
Original documenthttp://www.paytongroup.com/webfiles/files/AGM_resultst_17.7.17_Press_Release.pdf
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Payton Planar Magnetics Ltd., an Israeli-based high-tech company, specializes in the design, manufacturing and marketing of a customized line of planar transformers and inductors (Planetics brand name) to original equipment manufacturers and their suppliers of power electronics. The group's planar magnetic components are used in end products in various industries, including telecommunications, cellular infrastructure, welding machines, military/avionics, portable equipment and consumer goods.
Planar Magnetics is a revolutionary design technology that is superior to conventional transformers and inductors, and has already been accepted by electronics design engineers as the state-of-the-art in high frequency power electronics design.
Net sales are distributed geographically as follows: Israel (4%), Asia (55.1%), Europe (21.3%) and America (19.6%).
PAYTON PLANAR MAGNETICS LTD. 
