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| Date | 14 Feb 2023 |
| Time | 09:06:45 |
| Category | Miscellaneous |
| ID | 8711P |
Transaction with Affiliate Company
The Board of Directors of Samsung Electronics Co., Ltd. (KS005930, KS005935, SMSN, SMSD)("SEC"), on February 14, 2023, authorized the following related-party transaction with an affiliated company.
Purchase of a product liability insurance policy from Samsung Fire & Marine Insurance Co., Ltd.
- Purchase of a product liability insurance policy to cover SEC from liabilities in connection with property damage or bodily injuries, caused by defect in SEC's products, to a third party
□ Major transaction terms
|
Insurer |
Samsung Fire & Marine Insurance Co., Ltd. |
|
Application date |
April 1, 2023 |
|
Type of insurance |
Product Liability |
|
Insurance premium |
KRW 9,500 million |
|
Insurance benefit |
- |
|
Insurance period |
April 1, 2023-March 31, 2024 (1 year) |
|
Total insurance premium |
KRW 9,500 million |
|
Insurance coverage |
Liability for property damage or bodily injuries to a third party caused by defect in SEC's products |
|
Method of insurance payment |
Lump sum |
|
Interest rate (%) |
- |
Other information:
ž The total amount for insurance premium is subject to changes in currency exchange rates
ž Number of Independent Directors present at the Board of Directors Meeting: 6 (100%)
ž Attendance of Audit Committee: Y
※ This disclosure is in accordance with the Korean Fair Trade Act, which mandates that a company must disclose financial and real estate transactions in the event the value of such a transaction is greater than or equal to KRW 5 billion and the counterparty is a financial affiliate of the party required to make the disclosure.