DSV may reimburse social security duties and other similar taxes relating to the remuneration of a member of the Board of Directors, if charged by applicable public authorities. Further, the Company may take out and pay for relevant insurances, including a directors’ and officers’ liability insurance (D&O liability insurance) for members of the Board of Directors. 3 Remuneration of members of the Executive Board 3.1 Background Members of the Executive Board are employed on individual service contracts, and their overall remuneration package is composed in accordance with market practice and the specific requirements of the DSV Group. The remuneration of the Executive Board consists of a fixed base salary, pension contributions, benefits, short-term incentive remuneration and long-term share options. The overall level of remuneration offered to members of the Executive Board is determined based on market standards, taking into consideration the member’s position, as well as the size, complexity and performance of the DSV Group and the overall purpose of promoting long-term value creation for DSV’s shareholders. 3.2 Fixed base salary The annual fixed base salary of each Executive Board member is assessed and potentially adjusted by the Chairperson of the Board of Directors on a regular basis, normally once per year, based on considerations and recommendations from the Remuneration Committee. Assessments are made by evaluating the individual member’s performance in the past year and the outlook for the coming year(s). 3.3 Pension In addition to the fixed base salary, members of the Executive Board may receive pension entitlements or contributions in line with the Company’s ordinary pension schemes for employees of the Company or of such DSV Group subsidiary where the member of the Executive Board is employed. 3.4 Other benefits The Executive Board members are entitled to additional employment benefits according to individual agreements. Such benefits may include company car, car allowance, insurances, company paid telephones, internet subscription, newspapers, business magazines, business association memberships and other customary benefits. Further, the Company may take out and pay for relevant insurances, including a directors’ and officers’ liability insurance (D&O liability insurance) for Executive Board members. 3.5 Long term share option grants 3.5.1 General principles Each Executive Board member is in addition to the fixed base salary according to section 3.2 entitled to receive share options according to DSV’s at any time current general share-based incentive scheme. These schemes are generally available to selected employees of the DSV Group and to members of the Executive Board, respectively. The purpose of the incentive schemes is to attract and retain the best possible employees and members of the Executive Board, and the schemes are designed to align the interests of employees and members of the Executive Board with those of DSV’s shareholders. The share-based incentive schemes as described in this Remuneration Policy, are solely relevant for share-based incentives granted to the members of Executive Board. The Board of Directors is generally authorised at its discretion to grant share options to members of the Executive Board as an incentive in accordance with this section 3.5. 4
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