Cloudberry Clean Energy Annual report 2020

Cloudberry Annual report 2020 Financial statements 132 Renumeration of Executive Group management The renumeration of the Executive Group Management is based on a fixed salary, including personal benefits such as free telephone and health insurance, a variable group performance bonus scheme, pension bene- fits, and a share-based long term incentive program. The table below shows the renumeration in 2020 NOK 1 000 Anders Lenborg (CEO) Christian Helland (CVO) Suna Alkan (CSO) Jon Gunnar Solli (COO) Tor Arne Pedersen (CDO) Total Salary 1 864 1 448 1 306 1 490 1 330 7 437 Bonus 1 150 600 500 600 600 3 450 Pension costs 66 62 69 63 68 328 Share based payment 426 269 120 160 149 1 124 Total reportable benefits paid 2020 3 506 2 378 1 995 2 314 2 147 12 340 The table below shows the renumeration in 2019 NOK 1 000 Anders Lenborg (CEO) Christian Helland (CVO) Suna Alkan (CSO) Jon Gunnar Solli (COO) Tor Arne Pedersen (CDO) Total Salary 609 150 200 563 - 1 522 Bonus - - - - - - Pension costs 31 8 11 31 - 80 Share based payment - - - - - - Total reportable benefits paid 2019 640 158 211 594 - 1 602 The Board of Directors have set the target KPI for the group performance bonus scheme that was applicable for achievements in 2020. The bonus for the Group Management was achieved 100% for 2020. For 2021 the Group has established a compensation committee which will set the targets for 2021. Share based payments and long-term incentive program In accordance with the terms adopted by the General Meeting of the Company on 21 March 2020, the Board of Directors has established a share incentive scheme for the executive managers and key employees. The key conditions are as follows: The equity incentive plan may cover up to 5% of the issued shares in the Company from time to time. Allocations are proposed by the Board and subject to shareholder approval. The exercise price for the war- rants is determined by the Board in its reasonable discretion based on fair market value of the Shares on the date of the Board of Directors proposed allocation of warrants under the program. The determined exercise price is subject to approval by the general meeting in relation with issuance of warrants. The duration of the warrants from grant date is 5 years. The vesting period is 1 year from the grant date. The value of the warrants is at the grant date given a fair value using the Black and Scholes model. The key assumptions applied is 40% volatility and 1% interest rate.