Q-Free ASA — AGM Information 2021

Apr 29, 2021

INNKALLING TIL / NOTICE OF

ORDINÆR / ANNUAL

GENERALFORSAMLING I / GENERAL MEETING IN

Q-FREE ASA 2021

("Selskapet / the Company")

(The English wording in this document is an office translation, and in case of any discrepancy the Norwegian wording will prevail.)

VIKTIG BESKJED:	IMPORTANT NOTICE:
For å minimere risikoen for spredning av coronaviruset (covid-19) og for å sikre at generalforsamlingen kan avholdes i henhold til gjeldende lover og forskrifter har styret, i medhold av forskrifter, bestemt at det ikke er adgang til å delta fysisk på generalforsamlingen, men aksjonærene kan delta ved å:	In order to minimise the risk of spread of the coronavirus (covid-19) and to ensure that the general meeting can be held in compliance with current laws and regulations applicable, the Board has decided, in accordance with applicable regulations, that shareholders may not participate in the general meeting in person, but may instead participate by either:
A. Forhåndstemme elektronisk – se ytterligere informasjon i punkt 1 på side 4 ("rett til å forhåndsstemme"), eller	A. Voting electronically in advance of the general meeting – see further information in item 1 on page 4 ("the right to vote in advance of the general meeting"), or
B. Delta på den ordinære generalforsamling ved fullmakt gitt til møteleder, med eller uten stemmeinstruks – se ytterligere informasjon i punkt 2 på side 4 ("rett til å delta på generalforsamlingen ved fullmakt")	B. Attending the annual general meeting by proxy to the chair, with or without voting instructions – see further information in item 2 on page 4 ("the right to attend the general meeting by proxy").

	Til aksjeeierne i Q-Free ASA	To the shareholders of Q-Free ASA
	Trondheim, 29 april 2021	Trondheim, 29 April 2021
Det innkalles herved til ordinær generalforsamling i Q-Free ASA 20. mai 2021 kl. 12.00.		The Board of Directors hereby call the annual General Meeting of Q-Free ASA 20 May 2021 at 12.00 CET.
	Generalforsamlingen avholdes på selskapets lokaler i Henrik Ibsens gate 100, 0255 Oslo.	The General Meeting is held at the Company's office in Henrik Ibsens gate 100, 0255 Oslo.
	Generalforsamlingen vil bli åpnet av styrets leder Trond Valvik, som opptar fortegnelse over de aksjonærer som møter, enten selv eller ved fullmektig, jf allmennaksjeloven § 5-13.	The general meeting will be opened by the Chair of the board Trond Valvik, who will make a record of the attending shareholders, either in person or by proxy, cf the Public Limited Companies Act, Section 5-13.
	Styret foreslår følgende dagsorden:	The board proposes the following agenda:
1.	Valg av møteleder	1. Election of a Chair of the meeting
2.	Valg av én person til å undertegne protokollen sammen med møteleder	2. Election of one person to co-sign the minutes together with the Chair of the meeting
3.	Godkjennelse av innkalling og dagsorden	3. Approval of the Notice and the Agenda
4.	Godkjennelse av årsregnskapet og årsberetningen for 2020 for Q-Free ASA og konsernet, herunder disponering av årets resultat	4. Approval of the annual accounts and the directors' report for the financial year 2020 for Q-Free ASA and the group, including disposal of annual results
5.	Valg av medlemmer til styret	5. Election of members of the Board
6.	Valg av medlemmer til valgkomiteen	6. Election of members of the Nomination Committee
7.	Fastsettelse av godtgjørelse til styrets medlemmer, medlemmer av underutvalg av styret, for perioden frem til neste ordinære generalforsamling	7. Determination of remuneration to the members of the Board, members of subcommittees to the Board, for the period until the next Annual General Meeting
8.	Fastsettelse av godtgjørelse til valgkomiteens medlemmer, for perioden frem til neste ordinære generalforsamling	8. Determination of remuneration to the members of the Nomination Committee, for the period until the next Annual General
9.	Fastsettelse av revisors godtgjørelse	Meeting
	10. Godkjennelse av retningslinjer om fastsettelse av lønn og annen godtgjørelse	9. Determination of remuneration to the auditor
	til ledende personer 11. Redegjørelse for foretaksstyring etter	10. Approval of the Board of Director's guidelines for determination of salary and other remuneration to leading personnel
	regnskapsloven § 3-3 b (ikke gjenstand for avstemning)	11. Report on corporate governance in accordance with the Accounting Act, Section 3-3 b

• 12. Fullmakt til styret til forhøyelse av aksjekapitalen ved nytegning av aksjer i forbindelse med insentivprogram for ledende ansatte
• 13. Fullmakt til styret til forhøyelse av aksjekapitalen ved nytegning av aksjer

****

Saksdokumenter og forslag

Denne innkallingen, samt påmeldings- og fullmaktsskjema, er sendt til alle aksjonærer med kjent adresse. I henhold til selskapets vedtekter er innkallingen og saksdokumentene, med forslag til vedtak i de enkelte saker, samt også påmeldings- og fullmaktsskjema, tilgjengelig på selskapets internett sider; www.q-free.com. De dokumentene som skal behandles på generalforsamlingen sendes dermed ikke ut sammen med innkallingen. Aksjeeiere som ønsker å få tilsendt dokumenter som gjelder saker som skal behandles på generalforsamlingen, kan rette en henvendelse til selskapets kontoradresse:

Q-Free ASA Att: Investor Relations Pob 3974, Leangen 7443 Trondheim, Norway

eller via epost: ir@q-free.com

Aksjene i selskapet og retten til å stemme

Selskapet er et norsk allmennaksjeselskap omfattet av norsk lovgivning, herunder allmennaksjeloven og verdipapirhandelloven. Det er på tidspunktet for innkallingen utstedt i alt 111.244.416 aksjer i selskapet, hvor hver aksje gir rett til en stemme, slik at det per dato i alt foreligger 111.244.416 stemmerettigheter i selskapet.

Aksjene har også for øvrig like rettigheter. Selskapet har per datoen for innkallingen ingen egne aksjer.

Dersom aksjer er registrert i VPS på en forvalter, jf allmennaksjeloven § 4-10, og den reelle aksjeeieren ønsker å avgi stemme for sine aksjer, må den reelle aksjeeieren omregistrere aksjene på en separat VPSkonto i den reelle aksjeeierens navn forut for avholdelse av generalforsamlingen, innen registreringsdatoen, jf under.

Retten til å delta og stemme på generalforsamlingen kan i henhold til selskapets vedtekter § 6 bare utøves for aksjer som er innført i aksjeeierregisteret (VPS) den femte virkedagen før generalforsamlingen (registreringsdatoen); den 11. mai 2021.

(not up for voting)

• 12. Board authorization to increase the share capital by the subscription of new shares in connection with incentive program towards leading executives
• 13. Board authorization to increase the share capital by the subscription of new shares

****

Agenda papers and proposals

This notice, including the registration- and proxy form, is sent to all shareholders whose address is known. In accordance with the Company's Articles of Association, the notice and the agenda papers, with proposed resolutions for the respective items on the agenda, as well as the registration- and proxy form, are all available on the Company's website; www.qfree.com. The documents to be dealt with by the General Meeting are consequently not distributed together with the notice. Shareholders who wish to receive documents regarding the items on the agenda by regular mail, can address their request to the Company's business address:

Q-Free ASA Att: Investor Relations Pob 3974, Leangen 7443 Trondheim, Norway

Or by e-mail: ir@q-free.com

The Company's shares and the right to vote

The Company is a Norwegian public limited company subject to Norwegian legislation, hereunder the Public Limited Companies Act and the Securities Trading Act. At the time of this notice a total of 111,244,416 shares in the Company have been issued carrying one vote each, giving 111,244,416 voting rights as of today.

The shares also hold equal rights in other aspects. The Company holds no own shares.

If shares are registered by a nominee in the VPSregister, cf section 4-10 of the Public Limited Companies Act, and the beneficial shareholder wishes to vote for his / her shares, then the beneficial shareholder must re-register the shares in a separate VPS account in his/her own (the beneficial shareholders') name prior to the general meeting, within the registration date, cf below.

Pursuant to Article 6 in the Company's Articles of Association, the right to attend to, and vote in the General Meeting may only be exercised for shares which are registered in the shareholders' register (VPS) at the latest the fifth workday before the date

	of the General Meeting (the registration date); 11 May 2021.
Aksjeeiernes rettigheter Aksjeeierne som deltar på generalforsamlingen har følgende rettigheter under de gjeldende omstendigheter:	The Shareholders' rights Shareholders who attend the general meeting shave the following rights under the current circumstances: 1. The right to vote in advance of the general meeting
1. Rett til å stemme i forkant av generalforsamlingen
A. Forhåndsstemmer må være registrert innen fristen for påmelding den 18. mai 2021, kl 12.00 (CET). B. Forhåndsstemmer må sendes inn elektronisk via VPS Investortjenester eller www.q-free.com (bruk referansenr. og pin	A. Advance votes must be registered within the deadline for registration of attendance on 18 May 2021 at 12.00 (CET) B. Advance votes must be submitted electronically through VPS Investor
kode på påmeldingsskjemaet) 2. Rett til å delta på generalforsamlingen ved	Services or www.q-free.com (uses the reference no. and pin code provided with the registration form.
fullmakt til møteleder (i) Fullmakt må være registrert innen fristen for påmelding den 18. mai 2021, kl 12.00 (CET)	2. The right to attend the general meeting by proxy to the chair of the meeting (i) Proxies must be registered within the deadline for registration of attendance
(ii) Aksjonærer med tilgang til VPS Investortjenester kan registrere fullmakten elektronisk via VPS Investortjenester	on 18 May 2021 at 12.00 (CET) (ii) Shareholders with access to VPS Investor Services may register a proxy electronically via VPS Investor Services
(iii) Aksjonærer uten tilgang til VPS Investortjenester kan registrere fullmakten elektronisk via www.q free.com og bruke referansenummeret og pin-koden som er angitt på påmeldingsskjemaet	(iii) Shareholders without access to VPS Investor Services may register the proxy electronically via www.q free.com and use the reference number and pin code as stated in the attendance registration form
(iv) For registrering av fullmakten via e-post eller vanlig post, skal det relevante fullmaktsskjemaet utfylles og oversendes Nordea Bank Abp på den adressen som er angitt i fullmaktsskjemaet	(iv) For registration of the proxy via e-mail or mail, the relevant proxy form shall be completed and submitted to Nordea Bank Abp with the address set out in the proxy form
(v) En fullmakt kan inkludere stemmeinstrukser for alle eller noen av sakene på dagsordenen – vennligst benytt stemmeskjemaet	(v) A proxy may include voting instructions for all or some of the matters on the agenda – please use the voting form
3. Rett til å be om informasjon fra styrets leder, styremedlemmer og adm. direktør, i henhold til allmennaksjeloven § 5-15	3. The right to request information from the chair of the board of directors and the CEO pursuant to section 5-15 of the Public Limited Liability
4. Retten til å fremme alternative forslag i de saker som skal vedtas på generalforsamlingen	Companies Act 4. The right to present alternative proposals within the matters to be resolved by the general meeting
	Side 4 av 6

Påmelding I henhold til vedtektene § 6 har styret bestemt at de aksjeeiere som ønsker å delta på generalforsamlingen, må delta via forhåndsstemmer eller via fullmakt til møtets leder, og må meddele dette senest innen den 18. mai 2021 kl. 12.00.	Notice of attendance Pursuant to Article 6 of the Articles of Association, second paragraph, the Board has decided that the shareholders who wish to attend the General Meeting, must register advance votes or proxy to the chair of the meeting, at the latest within 18 May 2021 at 12.00 hrs CET.
Vedlagte påmeldingsskjema bes benyttet, som innen påmeldingsfristen over, sendes til:	Please use the attached registration form, which, within the time limit for the notice of attendance as set out above, is sent to:
E-post: nis@nordea.com. Postadresse: Nordea Bank Abp,, filial i Norge, Client Relations NO-Issuer Services, P.O.BOX 1166 Sentrum, N-0107 Oslo, Norway	E-mail: nis@nordea.com. Post-address: Nordea Bank Abp,, filial i Norge, Client Relations NO-Issuer Services, P.O.BOX 1166 Sentrum, N-0107 Oslo, Norway
Påmelding kan også foretas elektronisk via selskapets hjemmeside www.q-free.com eller via Investortjenester. For å få tilgang til elektronisk påmelding via selskapets hjemmeside, må pinkode og referansenummer som følger av møteseddel/påmeldingsskjema oppgis.	The notice of attendance may be send electronically through the Company's website www.q-free.com or through VPS Investor Services. To access the electronic system for notification of attendance and advance voting through the Company's website, the reference number and PIN code mentioned in the notice of attendance must be stated.
Aksjeeiere kan avgi stemme for hver enkelt sak på dagsorden på forhånd. Slike forhåndsstemmer må avgis ved å fylle ut og sende inn vedlagte skjema for forhåndsstemmer til Nordea Bank Abp, filial i Norge, Client Relations NO-Issuer Services, P.O.BOX 1166 Sentrum, N-0107 Oslo, Norway, via e-post nis@nordea.com eller elektronisk via VPS' investortjenester for aksjeeiere som har tilgang til dette. Se vedlagte skjemaer for nærmere instruks. Frist for å avgi forhåndsstemmer er 18. mai 2021 kl. 12.00. Frem til denne fristen kan stemmer som allerede er avgitt endres eller trekkes tilbake. Stemmer som er avgitt før generalforsamlingen er avholdt vil bli ansett som trukket tilbake dersom aksjeeieren deltar personlig på generalforsamlingen eller ved fullmakt.	Shareholders may cast votes for each matter on the agenda in advance. Such early voting must be made by completing and submitting the attached early voting form to Nordea Bank Abp, filial i Norge, Client Relations NO-Issuer Services, P.O.BOX 1166 Sentrum, N-0107 Oslo, Norway, by e-mail nis@nordea.com, or online through the VPS' investor services for shareholders having access to such. Please see the attached form for further instructions. The deadline for submitting early voting is 18 May 2021 at 12:00 (CET). Until the deadline, votes already cast may be changed or withdrawn. Votes already cast prior to the general meeting will be considered withdrawn if the shareholder attends the general meeting in person or by proxy.
Fullmakt Aksjeeiere som ønsker å stemme i generalforsamlingen ved fullmakt til møtets leder, bes sende inn vedlagte fullmaktseddel, datert og signert, og meddele dette senest innen den 18. mai 2021 kl. 12.00, til Nordea Bank Abp., filial i Norge, med følgende adresse:	Proxy Shareholders who wish to attend the General Meeting and vote by proxy to the Chair of the meeting at, are requested to send the attached proxy form, dated and signed, at the latest within 18 May 2021 at 12.00 hrs CET, to Nordea Bank Abp, filial i Norge, with the following address:
E-post: nis@nordea.com. Postadresse: Nordea Bank Abp, filial i Norge, Client Relations NO-Issuer Services, P.O.BOX 1166 Sentrum, N-0107 Oslo, Norway	E-mail: nis@nordea.com. Post-address: Nordea Bank Abp, filial i Norge, Client Relations NO-Issuer Services, P.O.BOX 1166 Sentrum, N-0107 Oslo, Norway
Alternativt kan det foretas elektronisk innsendelse av fullmakt via selskapets hjemmeside www.q-free.com eller via Investortjenester. For å få tilgang til elektronisk påmelding via selskapets hjemmeside, må pinkode og referansenummer som følger av møteseddel/påmeldingsskjema oppgis.	The proxy form may alternatively be sent electronically through the Company's website www.q-free.com or through VPS Investor Services. To access the electronic system for notification of attendance through the Company's website, the reference number and PIN code mentioned in the proxy form must be stated.

Legitimasjon for fullmektig og for fullmaktsgiver, og eventuelt firmaattest dersom aksjeeieren er en juridisk person, må vedlegges fullmakten.	Both the ID of the proxy and the shareholder, and possibly also a certificate of registration if the shareholder is a legal person, must be attached to the proxy.
Fullmakten kan inneholde instruks om hvordan fullmektigen skal stemme i den enkelte sak.	The proxy authorization may include instructions as to how the proxy shall vote in each matter.
Fullmaktsskjema er vedlagt, med nærmere instruksjon for bruken av fullmaktsskjemaet.	A proxy form is attached to this notice, with a detailed description of the use of the proxy form.

På vegne av styret i / on behalf of the Board of directors of Q-Free ASA 29. april 2021/ 29 April 2021

Trond Valvik (sign.) Styrets leder / Chair of the Board

_________________________________

Vedlegg til innkallingen:

Appendices to the Notice:

1. Påmeldingsskjema / Fullmaktsskjema

2. Registration form / Proxy

Saksunderlag er tilgjengelig på selskapets internettside www.q-free.com.

Agenda papers and proposals are available at the Company's website www.q-free.com.

Due to restrictions caused by COVID-19, the shareholders must exercise their shareholder rights only through advance voting or by providing a proxy to the Chair of the meeting.

«Firma-/Etternavn, Fornavn» «c/o» «Adresse 1» «Adresse 2» «Postnummer, Poststed» «Land»

Ref. no.: «Refnr» Pincode: «Pin»

Notice of Annual General Meeting

Ordinary General meeting of Q-Free ASA will be held on 20 May 2021 at 12:00 CET at Q-Free, Henrik Ibsens gate 100, 0255 Oslo, Norway

Statutory registration date (record date): 11 May 2021 Statutory registration deadline: 18 May 2021 at 12.00 CET

Due to restrictions caused by COVID-19, shareholders may exercise their shareholder rights only through advance votes or by proxy.

1 – Advance votes

The company accepts advance votes. Advance votes must be submitted electronically via VPS Investor Services or on the Company's website http://www.q-free.com (use reference number and pin code above). Select Events and General Meeting in VPS Investor Services.

Last registration date for voting in advance: 18 May 2021 at 12:00

2 – Proxy without voting instructions Ref. no.: «Refnr» Pincode: «Pin»

This form is to be used for a proxy without voting instructions. Please use the form below if you want to give voting instructions.

Authorization is given electronically via the company's website http://www.q-free.com or via VPS Investor Services. For authorization via the company's website, the above-mentioned PIN code and reference number must be used.

In VPS Investor Services, select Events and General Meeting.

If you do not have the opportunity to register the power of attorney electronically, you can send a signed form by email to nis@nordea.com, or by post to Nordea Bank, filial i Norge, Client relations NO-Issuer Services, POBOX 1166 Sentrum, N0107 Oslo, Norway.

Power of attorney must be received no later than 18 May 2021 at 12:00 CET.

The form must be dated and signed to be considered valid.

The authorization is considered to be given to the chair of the meeting.

The undersigned: "Firma-/Etternavn, Fornavn "

hereby authorizes the Chair of the meeting to attend and vote at the annual general meeting on 20 May 2021 in Q-Free ASA for my / our shares.

_

Place Date Shareholder's signature (Signed only by proxy)

Regarding the right to attend and vote, reference is made to the Public Limited Liability Companies Act, in particular Chapter 5 of the Act. If the shareholder is a company, a company certificate must be attached to the authorization.

_______________________________________________________________________________________________________________________

3 – Proxy with voting instructions Ref. no.: «Refnr» Pincode: «Pin»

This form is to be used for a proxy with voting instructions for the chair of the meeting. It is also possible to cast advance votes electronically, see point 1 above.

Proxies with voting instructions cannot be registered electronically and must be sent to nis@nordea.com (scanned form), or by post to Nordea Bank, filial i Norge, Client relations NO-Issuer Services, P.O.BOX 1166 Sentrum, N0107 Oslo, Norway.

The form must be dated and signed to be considered valid.

The undersigned: "Firma-/Etternavn, Fornavn "

hereby authorizes the chairman of the meeting to attend and cast votes at the annual general meeting on 20 May 2021 in Q-Free ASA for my / our shares.

Voting shall be exercised in accordance with the instructions below. Please note that if any items below are not voted on (not ticked off); this will be deemed to be an instruction to vote "for" the proposals in the notice. If a proposal is submitted in addition to, or as a replacement for the proposal in the notice, the proxy decides the voting. In that case, the proxy will use a reasonable understanding for the proxy. The same applies if there is doubt about the understanding of the instruction. If such an interpretation is not possible, the proxy will be entitled to vote at his own discretion or possibly abstain from voting.

Agenda Ordinary General Meeting 20 May 2021	For	Against	Abstention
1. Election of a Chair of the meeting			
2. Election of one person to co-sign the minutes together with the Chair of the meeting			
3. Approval of the Notice and the Agenda			
4. Approval of the annual accounts and the director's report for the financial year 2020 for Q-Free ASA and the group, including disposal of annual results			
5. Election of members of the Board			
5.1 The Nomination Committee's candidate as Chair of the Board: Trond Valvik			
5.2 The Nomination Committee's candidate as member of the Board: Lene Diesen			
5.3 The Nomination Committee's candidate as member of the Board: Karin Sandsjö			
6. Election of members of the Nomination Committee			
6.1 The Nomination Committee's candidate as Chair of the Nomination Committee: Fredrik Thoresen			
6.2 The Nomination Committee's candidate as member of the Nomination Committee: Øystein Elgan			
6.3 The Nomination Committee's candidate as member of the Nomination Committee: Jon Øyvind Eriksen			
7. Determination of remuneration to the members of the Board, members of subcommittees to the Board, for the period until the next Annual General Meeting			
8. Determination of remuneration to the members of the Nomination Committee, for the period until the next Annual General Meeting			
9. Determination of remuneration to the auditor			
10. Approval of the Board of Director's guidelines for determination of salary and other remuneration to leading personnel			
11. Report on corporate governance in accordance with the Accounting Act, Section 3-3 b		Not up for voting
12. Board authorization to increase the share capital by the subscription of new shares in connection with incentive program towards leading executives			
13. Board authorization to increase the share capital by the subscription of new shares			

_

Place Date Shareholder's signature (Signed only by proxy)

Regarding the right to attend and vote, reference is made to the Public Limited Liability Companies Act, in particular Chapter 5 of the Act. If the shareholder is a company, a company certificate must be attached to the authorization. .

_______________________________________________________________________________________________________________________

ORDINÆR GENERALFORSAMLING I / ANNUAL GENERAL MEETING IN

Q-FREE ASA

20 MAY 2021

SAKSUNDERLAG / AGENDA PAPERS

OG FORSLAG TIL VEDTAK / AND PROPOSALS

(The English wording in this document is an office translation, and in case of any discrepancy the Norwegian wording will prevail.)

1. Valg av møteleder Styret foreslår at generalforsamlingen treffer følgende vedtak: «Styrets leder, Trond Valvik, velges som møteleder.» 2. Valg av én person til å undertegne protokollen sammen med møteleder 3. Godkjennelse av innkalling og dagsorden Styret foreslår at generalforsamlingen treffer følgende vedtak: «Innkallingen og dagsorden godkjennes.» 1. Election of a Chair of the meeting The Board proposes that the General Meeting passes the following resolution: "The Chair of the Board, Trond Valvik, is elected as Chair of the meeting." 2. Election of one person to co-sign the minutes together with the Chair of the meeting 3. Approval of the Notice and the Agenda The Board proposes that the General Meeting passes the following resolution: "The notice and agenda are approved."

4. Godkjennelse av årsregnskapet og årsberetningen for 2020 for Q-Free ASA og konsernet, herunder disponering av årets resultat

Styret foreslår at generalforsamlingen treffer følgende vedtak:

«Styrets forslag til årsregnskap for 2020 for Q-Free ASA og for konsernet, herunder forslag til resultatregnskap og balanse med noter, samt forslag til årsberetning for Q-Free ASA og for konsernet, samt styrets forslag om disponering av årets resultat godkjennes.»

5. Valg av medlemmer til styret

Forslag om valg av medlemmer til styret fremgår av valgkomiteens innstilling, som er offentliggjort sammen med innkallingen.

6. Valg av medlemmer til valgkomiteen

Forslag om valg av medlemmer til valgkomiteen fremgår av valgkomiteens innstilling, som er offentliggjort sammen med innkallingen.

7. Fastsettelse av godtgjørelse til styrets medlemmer, medlemmer av underutvalg av styret, for perioden frem til neste ordinære generalforsamling

Forslag til fastsettelse av godtgjørelse til medlemmer av styret og styrets

4. Approval of the annual accounts and the directors' report for the financial year 2020 for Q-Free ASA and the group, including disposal of annual results

The Board proposes that the General Meeting passes the following resolution:

"The Board of Directors' proposed annual accounts and annual report for 2020 of Q-Free ASA and the group, hereunder proposed income statement and balance sheet, annual report of Q-Free ASA and the group, as well as the Board's proposal of disposal of the annual results, are approved."

5. Election of members of the Board The proposal to the election of members of the Board appears from the report from the Nomination Committee, which is published together with the notice.

6. Election of a members of the Nomination Committee

The proposal to the election of members of the Nomination Committee appears from the report from the Nomination Committee, which is published together with the notice.

7. Determination of remuneration to the members of the Board, members of subcommittees to the Board, for the period until the next Annual General Meeting

The proposal to the determination of the remuneration of the members of the

underutvalg for perioden frem til neste ordinære generalforsamling fremgår av valgkomiteens innstilling, som er offentliggjort sammen med innkallingen

8. Fastsettelse av godtgjørelse til valgkomiteens medlemmer, for perioden frem til neste ordinære generalforsamling

Styret foreslår at generalforsamlingen treffer følgende vedtak mht godtgjørelse til valgkomiteen, for perioden fra ordinær generalforsamling i 2021 til ordinær generalforsamling i 2022:

«Valgkomiteens leder: NOK 45.000

Øvrige medlemmer av valgkomiteen: NOK 30.000

9. Fastsettelse av revisors godtgjørelse

Revisors godtgjørelse faktureres etter regning og fremgår av note 8 til årsregnskapet for 2020.

Styret foreslår at generalforsamlingen treffer følgende vedtak:

«Generalforsamlingen godkjenner revisors godtgjørelse for 2020.»

Board and sub-committees to the Board for the period until the next Annual General Meeting appears from the report from the Nomination Committee, which is published together with the notice.

8. Determination of remuneration to the members of the Nomination Committee, for the period until the next Annual General Meeting

The Board of Directors proposes that the General Meeting passes the following resolution with regards to the remuneration to the members of the Nomination Committee for the period from the 2021 Annual General Meeting to the 2022 Annual General Meeting:

"The Chairman of the Nomination Committee: NOK 45,000.

The remaining members of the Nominations Committee: NOK 30,000

9. Determination of remuneration to the auditor

The auditor's remuneration is invoiced by expense as shown in note 8 to the Annual Accounts for 2020.

The Board proposes that the General Meeting passes the following resolution:

"The auditor's fee for 2020 is approved by the General Meeting."

10. Godkjennelse av retningslinjer om fastsettelse av lønn og annen godtgjørelse til ledende personer

I tråd med allmennaksjeloven § 6-16a (2) og forskrift om retningslinjer og rapport om godtgjørelse for ledende personer, har styret utarbeidet retningslinjer om fastsettelse av lønn og annen godtgjørelse til ledende personer i Selskapet.

I henhold til allmennaksjeloven § 6-16a (5) skal retningslinjene behandles og godkjennes på generalforsamlingen. Styret anbefaler at generalforsamlingen godkjenner retningslinjene. Styret foreslår at generalforsamlingen treffer følgende vedtak:

«Generalforsamlingen godkjente retningslinjer om fastsettelse av lønn og annen godtgjørelse til ledende personer i Q-Free ASA, som foreslått av styret.»

11. Redegjørelse for foretaksstyring etter regnskapsloven § 3-3 b

Styret viser til kravet i allmennaksjeloven § 5-6 femte ledd at generalforsamlingen skal behandle

10. Approval of the Board of Director's guidelines for determination of salaries and other remuneration to leading personnel

In accordance with Section 6-16a (2) of the Norwegian Public Limited Liability Companies Act and the regulation on guidelines and reports on remuneration of leading personnel, the board of directors has prepared guidelines for determination of salary and other remuneration to the Company's leading personnel.

In accordance with Section 6-16a (5) of the Norwegian Public Limited Liability Companies Act, the guidelines are subject to consideration and approval by the general meeting. The Board of Directors recommends that the general meeting approves the guidelines.

The Board of directors proposes that the general meeting resolves as follows:

"The general meeting approved the guidelines for determination of salary and other remuneration of leading personnel in Q-Free ASA, as proposed by the Board of directors."

11. Report on corporate governance in accordance with the Accounting Act, Section 3-3 b

The Board refers to the provision in the Public Limited Companies Act, Section 5-6 fifth paragraph, regarding the

redegjørelse for foretaksstyring som er avgitt i henhold til kravet i regnskapsloven § 3-3b, hvorav følger at det i årsberetningen eller i dokument det er henvist til i årsberetningen skal redegjøres for prinsipper og praksis vedrørende foretaksstyring.

Q-Free følger den norske anbefalingen for eierstyring og selskapsledelse av 17.10.2018, utgitt av Norsk utvalg for eierstyring og selskapsledelse (NUES, offentliggjort på www.nues.no)./) Styret har i årsberetningen for 2020 redegjort for selskapets prinsipper og praksis vedrørende foretaksstyring, og styret viser derfor til redegjørelsen i årsberetningen, som er offentliggjort sammen med innkallingen og de øvrige saksdokumentene til den ordinære generalforsamlingen. Styret viser videre til at det ikke er forutsatt at generalforsamlingen særskilt skal godkjenne denne redegjørelsen, slik at redegjørelsen tas til orientering.

12. Fullmakt til styret til forhøyelse av aksjekapitalen ved nytegning av aksjer i forbindelse med insentivprogram for ledende ansatte samt administrerende direktør

Generalforsamlingen av 24. mai 2017, godkjente etablering av et fem-årig aksjeopsjonsprogram for ledende ansatte.

Transje 1 og 2 utav 3 i dette programmet kan utøves fra og med treårsdagen for inngåelse av opsjonsavtalene, og må senest utøves innen tre år deretter.

General Meeting's discussion of the report on corporate governance, submitted in accordance with the Accounting Act, Section 3-3b.

Q-Free ASA adapt to the Norwegian recommendation on corporate governance of 17 October 2018, issued by Norsk utvalg for eierstyring og selskapsledelse (NUES, published on www.nues.no)./) The Board has in the annual report of 2020 given an account of the Company's principles and practice regarding corporate governance, and the Board therefore refers to the statement in the annual report, which is published together with the notice and the other agenda papers to the annual General Meeting. Further, The Board refers to the fact that the report is not provided to any special approval from the General Meeting, thus meant for the General Meeting's information.

12. Board authorization to increase the share capital by the subscription of new shares in connection with incentive program towards leading executives and the CEO

Establishment of a five-year stock option program for leading executives was approved by the General meeting on 24 May 2017.

Tranche 1 and 2 out of 3 of this program can be exercised as of the three-year anniversary of the signing of the option agreements and must be exercised no later than within three years thereafter.

Generalforsamlingen av 29. mai 2018, godkjente etablering av et fem-årig aksjeopsjonsprogram for administrerende direktør.

Transje 1 utav 3 i dette programmet kan utøves fra og med treårsdagen for inngåelse av opsjonsavtalene, og må senest utøves innen tre år deretter.

Under henvisning til ovennevnte foreslår styret at generalforsamlingen treffer følgende vedtak:

«Som ledd i gjennomføring av det etablerte incentivprogram for ledende ansatte, gjennom mulighet for erverv av aksjer i selskapet, gir generalforsamlingen styret en fullmakt til å utvide aksjekapitalen med inntil NOK 369.206,86 som tilsvarer 971.597 aksjer (0,87%), hver pålydende NOK 0,38, ved en eller flere rettede emisjoner mot kontant innbetaling mot ledende ansatte i Q-Free ASA. Aksjonærenes fortrinnsrett til tegning i henhold til allmennaksjelovens §§ 10-4 og 10-5 kan fravikes. Fullmakten skal gjelde til neste ordinære generalforsamling, dog ikke lenger enn til den 30. juni 2022.

Ved eventuelle endringer i selskapets aksjekapital eller antall aksjer som følge av fondsemisjon, aksjesplitt, aksjespleis mv, skal fullmakten justeres tilsvarende, i samsvar med alminnelige og anerkjent prinsipper for slike justeringer.»

Establishment of a five-year stock option program for the CEO was approved by the General meeting on 29 May 2018.

Tranche 1 out of 3 of this program can be exercised as of the three-year anniversary of the signing of the option agreements and must be exercised no later than within three years thereafter.

With reference to the above, the Board proposes that the General Meeting passes the following resolution:

"As part of the carrying out of the established incentive program towards leading executives, through the possibility to subscribe shares in the company, the Board of Directors is authorized to increase the share capital with as much as NOK 369.206.96 which corresponds with 971,597 shares (0.87%), each with a par value of NOK 0.38, through one or more private placements with cash deposits towards leading executives and key personnel in Q-Free ASA. The existing shareholders preferential rights according to the Public Limited Companies Act sections 10-4 and 10-5 can be deviated from. The authorization is valid until the next ordinary General Meeting, but no longer than 30 June 2022.

In connection with possible changes in the Company's share capital according to bonus issue, share split, share consolidation, the authorization shall be adjusted correspondingly, in accordance with general accepted principles for such adjustments.

13. Fullmakt til styret til forhøyelse av aksjekapitalen ved nytegning av aksjer

For ved behov å kunne understøtte videre vekst av selskapet, organisk eller uorganisk, foreslår styret overfor generalforsamlingen at styret blir gitt en fullmakt til å foreta kapitalforhøyelse ved nytegning av aksjer, med varighet av ett år.

Under henvisning til ovennevnte foreslår styret at generalforsamlingen fatter følgende vedtak:

«For ved behov å kunne understøtte videre vekst av selskapet, organisk eller uorganisk, gis styret fullmakt til å utvide aksjekapitalen, i en eller flere omganger, med inntil NOK 3.858.080,70, ved utstedelse av inntil 10.152.844 aksjer tilsvarende ca. 9,13 % av utestående aksjer, hver pålydende NOK 0,38, med rett til å fravike aksjonærenes fortrinnsrett til tegning i henhold til allmennaksjelovens §§ 10-4 og 10-5.

Styret får fullmakt til å bestemme tegningsvilkår ved kapitalutvidelser samt til å endre vedtektene i henhold til den til enhver tid gjeldende kapitalutvidelse. Fullmakten skal gjelde til neste ordinære generalforsamling, dog ikke lenger enn til den 30. juni 2022.»

13. Board authorization to increase the share capital by the subscription of new shares

In order to be able to support further growth of the Company, organically or inorganically the Board proposes to the General meeting that the Board is given an authorisation to increase the capital by issue of new shares, for a period of one year.

With reference to the above, the Board proposes that the General Meeting passes the following resolution:

"In order to be able to support further growth of the Company, organically or inorganically, the Board of Directors is given an authorisation to increase the share capital, in one or several occations, with as much as NOK 3,858,080.70 by the issue of as much as 10,152,844 shares, equivalent to approximately 9.13 % of the issued shares, each with a par value of NOK 0.38, with a right to disregard the existing shareholders preferential rights according to the Public Limited Companies Act sections 10-4 and 10-5

The Board of Directors is authorised to determine the terms and conditions for the subscription of shares, and to amend the company's Articles of Association in compliance with the increase of the share capital at all times. The authorisation shall be valid until the next Annual General Meeting, but nevertheless no longer than 30 June 2022."

PROPOSAL FROM THE NOMINATION COMMITTEE TO THE ANNUAL GENERAL MEETING 2021 - Q-FREE ASA

(The English wording in this document is an office translation, and in case of any discrepancy the Norwegian wording will prevail)

1. The work of the nomination committee

The Company's Articles of Association state that the Company shall have a Nomination Committee with three members. The Nomination Committee's tasks are to submit to the Annual General Meeting (AGM) a recommendation regarding the election of members of the Board of Directors elected by the shareholders, and to propose the Board of Directors' remuneration. The Nomination Committee further submit to the AGM its recommendation regarding the election of members of the Nomination Committee, including the Chair of the Nomination Committee.

Since the annual general meeting in 2020, the Nomination Committee has consisted of the following members:

• Heidi Finskas, chair of the committee (KLP)
• Øystein Elgan (Rieber & Søn)
• Fredrik Thoresen (Storebrand)

In accordance with The Norwegian Code of Practice for Corporate Governance, as well as the company's own instructions for the Nomination Committee, the Committee has in preparation for the AGM, considered the need for changes in the composition of the Board of Directors and of the Nomination Committee. The Committee started its work for the AGM in early 2021. The committee has reviewed the board's self-evaluation report, it has had individual meetings with all board members (both shareholder elected members and employee representatives), as well as with the company's CEO.

The company has published information on its website regarding the Nomination Committee's composition, contact information and request for input from shareholders.

2. About the Board composition

The company's Articles of Association state that the Board of Directors shall have three to eight members. The Board members elected by the shareholders are elected for two years.

The Nomination Committee's overall impression is that the Board is well-functioning and competent. The Directors have relevant competence profiles, and act as a collegium with the company's best interest at heart. Since the AGM in 2020, the Board has consisted of seven members, of which the following five are elected by the shareholders:

• Trond Valvik, Chair
• Snorre Kjesbu, Vice Chair
• Ingeborg Molden Hegstad
• Trine Strømsnes
• Geir Bjørlo

In its assessment of the board composition and the recommendation to the general meeting 2021, the Nomination Committee has in particular focused on the following matters:

• The Board of Directors shall have the relevant competence required for operating a listed company of the size and character of Q-Free ASA, hereunder the members of the Board of Directors must have the necessary competence regarding the current regulations for companies listed on the Oslo Stock Exchange.
• The composition of the Board of Directors should ensure a reasonable degree of continuity, whilst at the same time ensuring the need for renewal and independence.
• The Board of Directors should in addition to complying with the provisions according to Norwegian company law - also comply with the recommendations in the Norwegian Code of Practice for Corporate Governance, regarding the composition, competence and independence of the Board of Directors.
• The Board of Directors should, in a relevant way, reflect the shareholders' structure.
• The Board of Directors should have a composition, which in the best possible way ensures the company's interests. The Nomination Committee has in this respect been concerned with ensuring that the composition of the Board, and the framework for the work of the Board, is suitable to ensure that others cannot misuse sensitive information, and thus jeopardizing the company's competitive situation.
• The members of the Board of Directors must have commitment to the assignment and sufficient capacity to perform their tasks.

Q-Free ASA, as a listed company, is obliged to have an audit committee elected by and amongst the Board of Directors. The Nomination Committee has assessed that one or more of the Directors has the necessary competence, in light of the company's organization and activity, to fulfil the responsibilities of the audit committee, is independent from the company, and has qualifications within accounting and/or auditing.

The Nomination Committee has assessed the Board's competence needs in the light of the company's strategy and the main tasks ahead. The conclusion is that the Nomination Committee wishes to add more operational experience from technology companies, especially experience with sales and business models built on software as a service. In the recruitment process, the Nomination Committee has also emphasized top management experience in tech companies.

3. Proposal from the Nomination Committee

Trond Valvik is proposed for be re-elected for another term of office of two years. The Nomination Committee appreciates the fact that the chair is representing the main shareholder, and it is confident that the Board of Directors will protect the best interest of the company and the shareholder community as a whole.

The current Director Snorre Kjesbu and Geir Bjørlo were last year elected for a two-year period until the 2022 AGM. Kjesbu has extensive experience from a long career in international technology companies, and good knowledge about Q-Free after five years as a Director. Bjørlo's competence is within financial communication, both investor relations and transactions, in the Norwegian and international capital markets.

Trine Strømsnes and Ingeborg Molden Hegstad will leave the Board at the upcoming AGM. Strømsnes' election period is ending, while Molden Hegstad is in the midst of her second election period. The Nomination Committee would like to express our gratitude for their contribution as Directors. The Nomination Committee is proposing a change because of the identified competence needs as described above. The Nomination Committee has decided not to increase the number of Directors but is of the opinion that five Directors elected by shareholders is appropriate.

Lene Diesen and Karin Sandsjö are proposed as new Directors, with a term of office of two years, until the AGM in 2023. Both have extensive experience from the technology sector and top management positions. Lene Diesen is the CEO of Semine, a Norwegian scale-up, and has previously had several roles in technology companies such as Microsoft Norway and Software Innovation. She will contribute with key competence especially within sales and business models based on software as a service. Karin Sandsjö has until recently been Group CFO of Bisnode. She has a long career in the technology sector, among other roles several CFO positions in companies such as Parallels, NetOnNet and Microsoft. Transformation and software as a service are key competence areas. Both Sandsjö and Diesen have experience with both public and private customers.

All candidates have confirmed their candidacy for Board position in Q-Free ASA.

It is recommended that the AGM is invited to vote separately for the respective candidates for the positions in the company's bodies.

If the Nomination Committee's proposal for the composition of the Board is approved by the AGM, the Board will thereafter be comprised of the following shareholder-elected members:

• Trond Valvik (Chair)
• Snorre Kjesbu
• Geir Bjørlo
• Lene Diesen
• Karin Sandsjö

4. Biographies

Trond Valvik (1980)

Trond Valvik is Investment Director and responsible for the business area of Direct Investments in Rieber & Søn. Rieber & Søn is the investment company of the Rieber family in Bergen, Norway, and is Q-Free's largest shareholder. Valvik has previously been Partner in the Private Equity company Borea Opportunity. Working with investments and exercising active ownership for several years, Valvik possess significant Board experience from different industries. Valvik also has operational experience as interim leader in various companies in connection to restructuring and change processes, e.g. in the field of IT and software, where he acted as Group CEO of Software Innovation for a period. Valvik also has experience from transaction support and audit in EY. Valvik holds a MSc Business degree from the Norwegian School of Economics (NHH). Valvik is a Norwegian citizen. Elected to the board in Q-Free in 2017 and has been the Chair of the Board since January 2020.

Current board positions: Trond Valvik currently serves as member of the Board in Borea Asset Management AS, Fonn Group AS and Metzum AS.

Shareholding in Q-Free: 250 000 shares indirectly through Battelhavet AS and employed by Rieber & Søn that owns 45,27 percent of the company (April 2021).

Snorre Kjesbu (1969)

Snorre Kjesbu is Vice President & General Manager of Webex Devices at Cisco. Prior to his return to Cisco, Snorre was Executive VP of Design, Creation and Fulfillment at Bang & Olufsen in Copenhagen. His résumé also includes SVP at Tandberg and being responsible for R&D on wireless communication at ABB. He and his team at ABB were awarded the Wall Street Journal Innovation award for their work on wireless sensors in 2002. Snorre holds a Master of Science from the University of Bristol and has been a guest lecturer at the Stanford Network Research Center in Stanford University. He has obtained more than 20 patents in the areas of communications and video conferencing. Kjesbu is a Norwegian citizen. Elected to the board in Q-Free in 2016.

Current board positions: Strømme Stiftelsen.

Shareholding in Q-Free: 84 505 shares (April 2021).

Geir Bjørlo (1976)

Geir Bjørlo is co-founder and partner at Corporate Communications AS, a specialised consulting firm offering services within corporate and financial communication. Bjørlo has two decades of experience from the capital markets and works primarily with investor relations and transactions for listed companies and private equity firms. He is member of the Norwegian Society of Financial Analysts' committee for financial information, has a MSc in Economics and Business Administration from the Norwegian School of Economics, NHH, and has completed studies at the University of Prague, VSE. Bjørlo is a Norwegian citizen. Elected to the board in Q-Free in 2020.

Current board positions: Corporate Communications

Shareholding in Q-Free ASA: 117 146 shares (April 2021).

Lene Diesen (1978)

Lene Diesen is the CEO of Semine, a Norwegian scale-up. Diesen has broad experience from the IT industry from a technologically operational perspective to strategic top management, and the entire value chain. She has seen how technology can create both opportunities and challenges in the public and private sector. She has been involved in taking large IT companies through important strategic change.

Before joining Semine, Lene was the COO and CMO of Microsoft Norway, involved in leading the company through the largest restructuring process in the company's history, from a software company to a modern service provider of innovative cloud solutions. In her time in Software Innovation and Tieto Lene was in charge of Software Innovations Nordic Consulting Unit. Lene Diesen has a bachelor's degree in information technology from Bond University, Australia. Diesen is a Norwegian citizen. She is proposed to be elected to the board by the AGM in 2021.

Current board positions: -

Shareholding in Q-Free ASA: 0 shares (April 2021).

Karin Sandsjö (1965)

Karin Sandsjö has had several CFO positions in global companies in several countries, where the common denominator has been transformation and a clear focus on companies' growth and profitability. The latest positions were Group CFO in Bisnode and Group CFO in Parallels, based in Sweden and the US respectively. Previously, Karin Sandsjö was CEO and CFO for NetOnNet, and has had several finance positions with Microsoft, including CFO Microsoft Norway and CFO Microsoft Russia. Sandsjö has also experience from auditing in the company which today is PWC. Karin Sandsjö has a business degree from Karlstad University. She is a Swedish citizen. Karin Sandsjö is proposed to be elected to the board by the AGM in 2021.

Current board positions: Pagero and Länsförsäkringar Gotland.

Shareholding in Q-Free ASA: 0 shares (April 2021).

5. Remuneration to the Board of Directors

The Nomination Committee proposes a slight increase in the remuneration. The proposal is the following remuneration to the Board from the 2021 AGM to the 2022 AGM:

The Chairman of the Board	NOK 460 000
Vice Chairman of the Board	NOK 310 000
Shareholder elected Board members	NOK 260 000
Employee elected Board members	NOK 95 000

The Nomination Committee proposes the following remuneration for subcommittees of the Board of Directors:

Chairman of the subcommittee	NOK 11 500 per meeting
Members of the subcommittee	NOK 9 000 per meeting

This remuneration structure will apply to all subcommittees.

The committee encourages the Board of Directors to invest in shares in the company.

The proposal for remuneration to the Board reflects the Board's responsibility, competence, hours spent and the complexity of the business. The reason for the higher remuneration to the Chair of the Board, compared to the other members of the Board, is the higher workload connected to this position. The same applies to the Vice Chair of the Board.

6. Election of members to the Nomination Committee

All members of the Nomination Committee were re-elected last year with a term of office of one year. Øystein Elgan (Director in Rieber & Søn) was first elected in 2017 and Fredrik Thoresen (portfolio manager in Storebrand) in 2018. Both are available for re-election. Heidi Finskas (KLP) was first elected in 2017 and has been the chair of the committee. She will resign at the 2020 AGM.

The Nomination Committee has taken into account the interest of all shareholders in the company. The majority of the members of the Nomination Committee are independent of the Board and executives of the company and none of the members are member of the Board. The CEO and members of the executive management are not members of the Nomination Committee.

The Nomination Committee is proposing Elgan and Thoresen to be re-elected. Thoresen is proposed as chair for the committee. Thoresen will resign from his position in Storebrand during the term of office, but will continue to represent Storebrand in the committee. The Nomination Committee proposes Jon Øyvind Eriksen as a new member of the committee. Eriksen represents Sonstad AS, the fourth largest shareholder in Q-Free. Eriksen is a technology investor and entrepreneur. He has previous experience from boards and nomination committees. All members are elected for a term of office for two years.

If the proposal from the Nomination Committee regarding the composition of the Nomination Committee is approved by the AGM in Q-Free ASA, the Nomination Committee will thereafter consist of the following members:

• Fredrik Thoresen (Chair)
• Øystein Elgan
• Jon Øyvind Eriksen (Sonstad AS)

Oslo, 23.4.2021

The Nomination Committee of Q-Free ASA

Heidi Finskas Øystein Elgan Fredrik Thoresen

GUIDELINES FOR SALARY AND OTHER REMUNERATION TO LEADING PERSONNEL IN Q-FREE ASA GROUP

Introduction

These guidelines govern the determination of remuneration to leading personnel in the Q-Free ASA Group. The guidelines were determined by the Board of Directors at the board meeting 28 April 2021 and approved at the Company's general meeting 20 May 2021.

Remuneration to members of the company's management is vital for harmonizing the Company's interests with the interests of the leading personnel. The main purpose of these guidelines is to allow shareholders to influence the parameters of the salary and other kinds of remuneration, creating a culture for remuneration that promotes the Group's long-term interests, business strategy while ensuring shareholders influence and the Company's financial sustainability.

The guidelines have been prepared in accordance with the provisions of Section 6-16 a, of the Public Limited Companies Act, supplemented by the Regulations 2015 and reports on remuneration for leading personnel.

The Guidelines are of a guiding nature for the Board of Directors. If the Board of Directors deviates from the Guidelines in an agreement, a justification shall be given in the relevant board meeting minutes. It is a prerequisite for this that the Guidelines set out the procedural conditions for deviating from the Guidelines and which parts of the Guidelines it is permissible for the board to deviate from.

In some cases, it may be appropriate for persons in the group management to be hired on shorter or longer contracts rather than being formally employed by the group, and consequently that they are then remunerated through invoiced fees from another company rather than ordinary salary. In such cases, the agreed fee shall be based on the same principles as the salary of ordinary employees, converted into fees after taking into account public taxes, pensions, etc.

Business strategy, long-term interests and financial sustainability

Q-Free is a leading international Company within its area of business. To maintain and to strengthen its market position, and to reach the objectives the Board has set for the Company, Q-Free is dependent on recruiting and keeping highly competent employees, leaders included. The Company must therefore grant competitive wages to its leading employees.

The Company's leading personnel

The company defines senior personnel as employees in the Group management team. An overview of the members of the Group management and last year's remuneration to them is included in the notes to the annual report for the group.

Salary and terms of employment

When assessing the salary level and terms of employment for the company's management, it is i.e. based on salaries and terms of employment for the company's other employees, but with what is considered market deviations to reflect the additional responsibility and complexity of the relevant management roles. The salary level for management is further subject to evaluation on the basis of the general salary level in the labor market, the remuneration level for comparable positions and the individual person's individual qualifications, characteristics and development.

Fixed remuneration

The Company's fixed remuneration

The Board states that the fixed monthly salary for the respective leaders shall represent competitive wages, and that this shall reflect the respective leaders' personal responsibilities and competence.

The board has not established upper or lower limits for the fixed salary that can be paid to senior personnel in the company. The fixed salaries for the CEO and other members of the group management are subject to annual evaluation and are determined based on, among other things, the general salary level in the labor market, the current remuneration level for comparable positions and the individual's individual qualifications, characteristics and development.

In order to implement the Company's business strategy, long-term interests and financial sustainability, leading employees in the Company will be able to receive the following fixed remuneration from the Company:

• In addition to the fixed monthly salary, it can be agreed with the individual manager that the person in question will be remunerated with various minor benefits in kind. In individual cases, it can also be agreed that the manager in question shall dispose a of the company car or receive a fixed car allowance, life insurance, newspaper subscription, mobile phone and coverage of costs for broadband communication at home in accordance with the arrangements in force at any given time.

• The CEO's fixed remuneration is assessed by the Compensation Committee and approved by the Board annually. Corresponding assessments are performed by the CEO of other members of the Group management.

Pension schemes and other benefits

Members of the Group management with employment in a Norwegian company are included in the company's defined contribution pension plan with a contribution of 7% for earnings up to 12 G (basic amount on the Norwegian National Insurance Scheme) and a supplementary contribution of 8% between 7.1 G and 12 G. Group management with employment in Norwegian companies, like other employees, are covered by the company's ordinary insurance schemes. The Group management is also covered by a special group of life insurance with payments limited to 30 G. Members of the group management who have their employment in companies outside Norway will have a pension and insurance scheme adapted to local conditions.

The pension and benefits in kind that can be granted or received by leading personnel are assumed to amount to proportionally less than 10% of the total remuneration granted to leading personnel.

The group's option program is discussed in more detail under "Variable remuneration" below.

The board may further grant the right to continuing education with salary rights for leading personnel, after a defined employment period and based on a specific assessment of the value added that will accrue to the company.

Variable remuneration

The company's variable remuneration

Short-term incentive programs

The company has short-term incentive plans for managers and other employees to ensure that financial, commercial and operational goals are given sufficient priority.

General bonus scheme

In addition to the fixed monthly salary, a bonus can be given, which will vary based on the company's and the individual's results. The board therefore determines a bonus scheme for the company's employees, including leading personnel. This bonus will generally be linked to Q-Free's fulfillment of defined goals for the period; performance targets and / or other set targets for the company. These objectives shall be set annually by the company's board and may be related to financial results, results within research and development, quality objectives and / or specified individual objectives for the individual manager. For persons in the Group management, the bonus shall be a combination of the Group's overall objectives and the business areas for which the individual is responsible. The bonus scheme can consist of both financial and qualitative goals, however, so that a minimum of 50% of the individual bonus limit must be linked to financial goal achievement. Payment under the general bonus scheme shall for the CEO amount to a maximum of 75% of the fixed annual salary, of which at least 25% of the net bonus payment shall be used to acquire shares in Q-Free ASA. For the other members of the company's management team, payment under the general bonus scheme may not exceed 40% of the fixed annual salary.

Discretionary bonus agreements

In addition to the general bonus scheme mentioned above, discretionary bonus agreements can be entered into with managers related to special strategic projects. This bonus can amount to a maximum of 50% of the fixed annual salary of the CEO and 25% of the fixed annual salary of other managers covered by the agreement.

Determination of goal achievement related to bonus agreements

The CEO's performance and achievements related to annual bonus schemes are assessed by the Compensation Committee, and when needed, also with the Chairman of the Board, and approved by the Board. Corresponding assessments are made by the CEO of other members of the group management. The bonuses are distributed as a direct cash payment.

Long-term incentive programs

The purpose of the company's long-term incentive program is to ensure a continued strong focus on the development of shareholder value, which in turn is considered to contribute to achieving the goals related to business strategy, long-term interests and financial sustainability.

The group has established an incentive program for leading personnel with share options, approved by the general meeting on 24 May 2017, in a five-year program distributed upon three tranches (which are earned over three years), and with a total frame of 2,500,000 options, where each tranche may be exercised two years after it has been vested. No consideration will be paid for the options. As of date, 1,199,943 share options have been granted in this program.

The strike price for the first tranche is based on the volume-weighted average share price for the Q-Free ASA share in the month prior to the allotment. The strike price for the second tranche will have a mark-up equivalent to 40%, and the third tranche of 70%.

Furthermore, an incentive program for the CEO with share options has been established, approved by the general meeting on 29 May 2018, in a five-year program divided into three tranches (which are earned over three years), with a total limit of 869,970 options, where each tranche may be exercised two years after it has been vested.

The strike price is based on the same principles as for the incentive program described above.

Duration and process

Duration of agreements that provide leading personnel remuneration from the Company

The Board specifies that there normally shall be a mutual period of notice of up to six (6) months for agreements entered into with leading personnel. Any severance pay period for leading personnel may not exceed six (six) months, and shall be submitted to the Chairman of the board for consideration. For the CEO, the severance pay period shall not exceed twelve (12) months' salary calculated from the date of resignation. It is emphasized that the company does not enter into employment agreements with leading personnel regarding severance pay in the event of its own, voluntary termination. One limited exception is the CEO, who under certain conditions has such a right upon acquisition / merger. The company shall not enter into employment agreements that pre-regulate severance pay in the event of termination beyond relevant legislation.

In the event that an employee resigns or is terminated from his position before the turn of the year, or gives or is notified of his resignation / retirement before the end of the year, he will not be entitled to receive a bonus payment for bonuses earned in that calendar year the termination is notified or notice of retirement / retirement takes place.

This also includes rights from future bonus programs.

Employee bonus rights are directly subject to his / her existing position in the company. The bonus rights under agreements may lead to changes in the event that the employee is changed to another position in the company.

Decision making process

The first determination of the guidelines has been made by the general meeting based on proposals from the board. In connection with the annual adjustment of the CEO's salary conditions, the Compensation Committee shall also assess the need for any revision of the guidelines. The assessment is made based on the Group's specific situation and needs, as well as the general market development for executive salaries in comparable companies. Other board members may also request that the board reconsider the guidelines and, if necessary, submit proposals for changes at the annual general meeting if the change is significant. The guidelines shall be considered and approved by the general meeting in the event of any significant change, and at least every four years.

Changes to and deviation from the Guidelines

Deviating from the Guidelines

The board may deviate from the guidelines in the decision on salaries and other remuneration to senior personnel if special or unforeseen circumstances arise. Any deviations from the guidelines shall in that case be considered by the board in a board meeting and a justification for deviations shall be included in the minutes of the board meeting. Deviations from the guidelines shall be reported to the general meeting in accordance with the Public Limited Liability Companies Act § 6-16 a.

Decision of the guidelines and subsequent changes

Any proposed changes to the guidelines shall be assessed by the Compensation Committee, followed by the Compensation Committee's recommendation to the Board for a decision. Significant changes in guidelines established by the board shall be presented to the subsequent ordinary general meeting in accordance with § 6-16 a of the Public Limited Liability Companies Act. The guidelines shall at least be submitted for resolution at the annual general meeting every 4 years.

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