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 Adjusted EBITDA 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 minimum 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 2022 Amounts in EUR thousand Company Position Salary Bonus Other Pension cost Total Falk Ast Chairman 307 86 82 8 482 Stein Erik Ommundsen Chief Financial Officer 226 61 18 9 313 Fernando Miquel Peraire Chief Operating Officer (until 31.5.2022) 92 45 7 3 146 Terrance Blanchard Chief Operating Officer (from 1.7.2022) 78 - 9 5 92 Betty Lunøe Åsheim Chief Commercial Officer 212 47 17 14 291 Pål Einar Runde Chief Research Officer (until 31.5.2022) 124 33 5 8 171 Trygve Eidet Chief Research Officer (from 1.10.2022) 45 - 4 3 51 Total 1 084 272 142 50 1 547 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 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 2022 (2021: NOK 120 000). 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 3 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 grant-date 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 multiple valuation technique of the Fiven business, operating profit (loss) before depreciation and amortization 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. There was no change to the scheme in 2022. Fiven Annual Report 2022 50 Financial statements
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