127 Cloudberry Annual report 2021 Financial statements In 2021 the renumeration to the Board of Directors was paid amounting to a total of NOK 1.7m. The nomination committee will propose the renumeration for the board members for 2022 at the Company general meeting in April 2022. Chairman of the board, Frank J Berg had a consultant agreement for the first three months in 2021. This agreement was terminated in April 2021. Please see note 27 transactions with related parties. 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 of the Group. 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 warrants 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 1-3 years from the grant date. The value of the warrants in the accounts are calculated at the grant date given a fair value using the Black and Scholes model. The key assumptions applied is 40% volatility (based on listed peer with 3 years historical data), 1.6% interest rate and approx. 1% dividend yield. Other inputs to the model are current stock price, exercise price and expected life of option (full duration). The table shows the outstanding warrants as of 1 January and 31 December and movements in the year: FY 2021 Outstanding warrants 01.01.2021 2 200 000 Granted in 2021 5 500 000 Exercised in 2021 - Expired in 2021 - Outstanding warrants 31.12.2021 7 700 000 Exircisable 31.12.2021 2 200 000 Charged to profit and loss statement 2021 (tNOK) 5 261 Charged to equity 2021 (tNOK) 4 388 FY 2020 Outstanding warrants 01.01.2020 - Granted in 2020 2 200 000 Exercised in 2020 - Expired in 2020 - Outstanding warrants 31.12.2020 2 200 000 Exircisable 31.12.2020 - Charged to profit and loss statement 2020 (tNOK) 1 460 Charged to equity 2020 (tNOK) 1 251
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