125 Cloudberry Annual report 2022 Financial statements Significant estimates and judgement Share based payment The fair value of management warrant programme makes use of an estimation model, Black-Scholes for calculation the call option value at grant date and at the balance sheet day. This model makes use of management estimates for expected life of option, volatility, interest rate and expected dividend yield. Employee benefits The table below shows the employee benefits accrued in the period and the capitalized costs relate to development projects. NOK million 2022 2021 Salaries 67 22 Social security tax 9 5 Pension costs 3 1 Share based payment 26 4 Other benefits 2 - Gross personnel expenses 106 33 - Capitalized development costs (project inventory) (15) (5) Total personnel expenses 91 28 Average number of full-time equivalents (FTEs) 55 12 Number of full-time equivalents as 31.12 (FTEs) 62 14 Included in salaries are remuneration to board members, see note 27 transactions with related parties. Pension The Group has an established pension scheme that is classified as a defined contribution plan. The pension scheme is in line with the requirements of the law. Contributions to the defined contribution schemes are recognised in the consolidated statement of profit or loss in the period in which the contribution amounts are earned by the employees. The defined contribution plan does not commit the Group beyond the amounts contributed. Remuneration of Executive Group management The remuneration 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 benefits, and a long-term share-based incentive program.
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