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Variable Compensation for the Executive Management

CEO – The variable part of the income is based on that the company reaches certain predetermined results.

Other members of the executive management – All members of the executive management have a variable income not exceeding 40 per cent of the fixed yearly income. 75 per cent of the variable salary is dependent on the company achieving certain predetermined results. The remaining 25 per cent of the variable salary is base upon predetermined criteria related to personal performance.

Discretionary bonus – The Board of Directors has the possibility to resolve that an additional discretionary bonus shall be paid to the members of the executive management, including the CEO. The conditions for payment of the discretionary bonus shall be of extraordinary character.

Conditions for variable income and performance criteria – The Board of Directors may at its own discretion determine the conditions for payment of variable income.

Share based incentive - At the AGM held on June 4, 2020, the shareholders resolved to authorize the Board of Directors to implement a share based incentive program as outlined in the notice for the AGM. Allocation under the program has not yet been determined