EAM Solar AS: Positive decision by Italian Supreme Court regarding the 1st Arbitration Decision

05 Jun 2026 13:08 CEST

EAM and its legal counsel received today the decision by the Supreme Court.

The Italian Supreme Court of Cassation has found in EAM’s favor and decided to
annul the 2021 decision of the Appeal Court of Milan.

On 2 April 2019, EAM received the judgement in the First Arbitration. EAM was
awarded damages capped at 10% and the 2014 share purchase agreement was not
overturned.

On 4 July 2019, EAM filed an appeal to the Court of Appeal of Milan requesting
the annulment of the first arbitration decision of 2019. In 2021, the Court of
Appeal of Milan dismissed the request for an annulment of the arbitration
decision.

Following the dismissal by the Appeal Court of Milan, EAM filed an appeal to the
Supreme Court of Italy for an annulment of the dismissal decision by the Appeal
Court of Milan.

The Court of Cassation (Supreme Court) accepted all 4 of EAM’s grounds of appeal
and has sent the matter back to the Court of Appeal of Milan for
reconsideration.

The Supreme Court stated that the Appeal Court of Milan:

(i) had misapplied procedural principles when it upheld the Arbitral Tribunal’s
decision not to take into account the conduct of Marco Giorgi and Igor Akhmerov
in deciding the arbitration proceedings due to the (at the time) pending
criminal proceedings that were investigating the same conduct; in so doing, the
Court of Appeal wrongly dismissed the application for the annulment of the
Award; and

(ii) provided insufficient reasoning in dismissing as inadmissible the claim by
EAM that the limitation of liability clause contained in the SPA violated the
principle of Italian public policy.
Consequently, new proceedings will be brought before the Court of Appeal of
Milan, sitting in a different composition, which will have to reconsider EAM’s
appeal on the basis of the decision handed down by the Court of Cassation.

At this point the Company is unable to provide further detail as to timelines
for the next stages.

For further information, please contact

Erik Brandon Reisenfeld, CEO, phone +47 905 53 658, erik@eam.no
Viktor E. Jakobsen, Chair, phone +47 916 11 009, viktor@eam.no

This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.

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