Note 6 Share option programs The Bank has share option programmes for employees related to fixed and variable remuneration. Share options for variable remuneration are granted annually after the Annual Report has been approved by the Annual General Meeting (AGM), in line with the Bank’s guidelines for variable remuneration. Allocation of share options related to variable remuneration that was earned in 2022 will be allotted after AGM in April 2023. The exact number of share options granted related to bonus will depend on the share’s market value at that time and other factors described in the Bank’s option plan. Share options for variable remuneration are released (vested) annually over a period of 3 years, the first time one year after grant date. The Bank’s share option programis assessed to satisfy the requirements for variable remuneration plans. The Bank’s variable remuneration related to share options releases in accordance with Chapter 15 of the Act on financial institutions and financial groups, with regulations and other applicable regulations for bank remuneration plans. OVERVIEW OF CHANGES IN OPTIONS 2022 2021 Quantity WASP 1 Quantity WASP 1 Outstanding options as at 1 January 3,941,227 1.0 3,768,701 1.0 + granted 401,849 1.0 715,693 1.0 - exercised -457,294 1.0 -523,455 1.0 - terminated -41,188 1.0 -19,712 1.0 - expired - - - - Outstanding options as at 31 December 3,844,594 1.0 3,941,227 1.0 Vested options as at 31 December 2,670,821 1.0 2,443,571 1.0 WASP 1 Outstanding options Exercisable options Quantity Remaining earning period Quantity OPTIONS AS AT 31 DECEMBER 2022 1.0 3,844,594 2.3 years 2,670,821 Total 3,844,594 2,670,821 OPTIONS AS AT 31 DECEMBER 2021 1.0 3,941,227 3.0 years 2,443,571 Total 3,941,227 2,443,571 1 Weighted average strike price (WASP) Fixed exercise price are NOK 1.0 for all outstanding options. Options granted in 2015 and later also includes a variable price element equal to social security tax at the exercise date, as this is covered by the employee. The Board is eligible to extend the exercise period for previously granted options. Komplett Bank / Annual Report 2022 61
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