2. Bonus – The executive management participates in an annual bonus scheme linked to achievements of both financial, strategic and operational targets. The financial targets are linked to EBITDA Adj. and cash flow from operations. 3. Other – Benefits and insurances – The benefits are determined considering market standards and job level and include elements such as mobile phone, laptop and car allowance / company car. The executive management is covered by insurance arrangements applicable to Fiven employees in their respective countries of residence. 4. Pension – The executive management participate in the relevant local pension schemes in their countries of residence in line with established market practices. Loan and guarantees - There are no loans or guarantees to the executive management or board members. Termination of employment - The employment agreements for the executive management have a 3 to 6-month period of notice from last day of the month in which the written notice is given, and an equivalent period severance pay if employment is terminated by Fiven. Board members and group management personnel, including their close family members or controlled entities, do not own any shares directly in Fiven ASA. Indirect shareholdings are discussed under Management investment scheme details below. The table below details compensations paid to group management in the year: For the period 1 January to 31 December 2021: Amounts in EUR thousand Company Position Salary Bonus Other Pension cost Total Falk Ast Chairman 279 75 75 8 437 Stein Erik Ommundsen Chief Financial Officer 205 58 18 7 287 Fernando Miquel Peraire Chief Operating Officer 173 27 34 7 240 Betty Lunøe Åsheim Chief Commercial Officer 169 30 14 10 223 Pål Einar Runde Chief Research Officer 169 58 11 10 247 Total 994 247 151 42 1 434 For the period 1 January to 31 December 2020: Amounts in EUR thousand Company Position Salary Bonus Other Pension cost Total Falk Ast Chairman 262 65 103 8 438 Stein Erik Ommundsen Chief Financial Officer 175 10 16 7 207 Fernando Miquel Peraire Chief Operating Officer (from 1.5.2020) 99 - 22 2 122 Betty Lunøe Åsheim Chief Commercial Officer 130 19 22 10 180 Pål Einar Runde Chief Research Officer 135 14 29 10 188 Total 802 107 192 35 1 136 Remuneration of the board The remuneration to the board of directors is determined by the shareholders at the annual general meeting. Executive board members are not compensated for their board position. The non-executive board member, Helén Borchgrevink, received a director’s fee of NOK 120 000 for her position as a board member in 2021 (2020: nil). The board of directors did not receive any other fees, other than those for executive directors in the previous table for their role in group management. Management investment scheme The Management Investment Scheme is a management share purchase plan, whereby the senior management members of Fiven, including the 5 group management members above, in September 2021 were invited to invest in Tosca Intermediate Holdings SARL (“Tosca”), the holding company of Fiven ASA, for shares representing 0.9% of total share capital. The group-settled equity-settled share purchase plan allowed management to purchase shares at a price equal to the grantdate fair value, i.e. no discount, and there is no obligation for Fiven to settle the transaction with Tosca. The fair value was determined using an EBITDA multiple valuation technique of the Fiven business, adjusted for Net Financial Debt. As the purchase was at fair value there is no share-based payment compensation expense associated with the Management investment scheme. Shares purchased under the program is subject to a three-year lock-up period during which the acquired shares may not be sold or otherwise disposed of. Fiven Annual Report 2021 50 Financial statements
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