Protokoll fra den ordinære generalforsamlingen i Cloudberry Clean Energy ASA

(xxx.xx. 919 967 072)

Minutes of the annual General Meeting of

Cloudberry Clean Energy ASA

(reg. no. 919 967 072)

Den 27. april

2023

kl. 10:00 (CEST) ble det

On 27 April

2023

at 10:00 (CEST) the annual

2022

avholdt ordinær generalforsamling i Cloudberry Clean Energy ASA ("Selskapet"). Møtet ble avholdt elektronisk via Euronext Securities Portalen.

Til behandling forelå følgende saker:

General Meeting of Cloudberry Clean Energy ASA ("Company") was held. The meeting was held digitally through the Euronext Securities Portal.

The following matters were dealt with:

1. Åpning av generalforsamlingen og registrering av fremmøte aksjonærer

Xxxxxx Xxxx, utnevnt av styret, åpnet møtet og det ble ført fortegnelse over møtende aksjonærer.

Fortegnelsen er inntatt som Vedlegg 1 til protokollen.

2. Valg av møteleder og person til å medundertegne protokollen

Xxxxxx Xxxx, advokat i DLA Piper Norway ble valgt som møteleder og Xxxxxx Xxxxxxx ble valgt til å medundertegne protokollen.

3. Godkjennelse av innkalling og dagsorden

I henhold til styrets forslag fattet generalforsamlingen følgende vedtak:

"Innkalling og dagsorden godkjennes."

4. Godkjennelse av årsregnskap og årsberetningen for 2022

I henhold til styrets forslag fattet generalforsamlingen følgende vedtak:

"Selskapets regnskap for regnskapsåret 2022 og Selskapets årsrapport, inkludert

1. Opening of the general meeting and registration of attending shareholders

Xxxxxx Xxxx, appointed by the Board of Directors, opened the General Meeting and made a registration of attending shareholders.

The register is included as Appendix 1 to the minutes.

2. Election of person to chair the meeting and person to co-sign the minutes

Xxxxxx Xxxx, lawyer at DLA Piper Norway was elected to chair the meeting and Xxxxxx Xxxxxxx was elected to co-sign the minutes.

3. Approval of notice to the meeting and the agenda

In accordance with the proposal from the Board of Directors, the General Meeting made the following resolution:

"The notice and the agenda are approved."

4. Approval of the annual accounts and the annual report for 2022

In accordance with the proposal from the Board of Directors, the General Meeting made the following resolution:

"The Company's annual accounts for the financial year 2022 and the Company's

konsernregnskap og årsberetning, for regnskapsåret 2022 godkjennes. Det betales ikke utbytte for regnskapsåret 2022."

5. Fastsettelse av godtgjørelse til styrets medlemmer, revisjonskomiteen, valgkomiteen og andre styreutvalg

I henhold til valgkomiteens forslag vedtok generalforsamlingen følgende honorarer for perioden frem til den ordinære generalforsamlingen (godtgjørelse for perioden frem til den ordinære generalforsamlingen i 2023 er angitt i parentes):

a) Honorar til styrets medlemmer

Styrets leder: NOK 610 000 (NOK 575

000)

Øvrige medlemmer: NOK 305 000 (NOK

287 500)

b) Honorar til medlemmer av revisjonsutvalget

Leder: NOK 74 000 (NOK 70 000)

Øvrige medlemmer: NOK 47 000 (NOK

45 000)

c) Honorar til medlemmer av kompensasjonsutvalget

Leder: NOK 45 000 (NOK 42 500)

Øvrige medlemmer: NOK 34 000 (NOK

32 000)

d) Honorar til medlemmer av ESG-utvalget Leder: NOK 45 000 (NOK 42 500)

Øvrige medlemmer: NOK 34 000 (NOK

32 000)

annual report, including the group's annual accounts and the Board's report, for the financial year 2022 are approved. No dividend is paid for the financial year 2022."

5. Approval of remuneration to the members of the Board of Directors, Audit Committee, Nomination Committee and other board committees

In accordance with the proposal from the Nomination Committee, the General Meeting made the following resolution regarding remuneration for the period until the annual general meeting to be held in 2024 (the remuneration for the period until the annual general meeting held in 2023 is set out in parenthesis):

a) Remuneration to the members of the Board of Directors

Chairperson: NOK 610,000 (NOK 575,000)

Other members: NOK 287,500 (NOK 287,500)

b) Remuneration to the members of the Audit Committee

Chairperson: NOK 74,000 (NOK 70,000) Other members: NOK 47,000 (NOK 45,000)

c) Remuneration to the members of the Compensation Committee

Chairperson: NOK 45,000 (NOK 42,500) Other members: NOK 34,000 (NOK 32,000)

d) Remuneration to the members of the ESG Committee

Chairperson: NOK 45,000 (NOK 42,500) Other members: NOK 34,000 (NOK 32,000)

e) Honorar til medlemmer av valgkomiteen

Leder: NOK 45 000 (NOK 42 500)

Øvrige medlemmer: NOK 34 000 (NOK

32 000)

6. Godkjennelse av honorar til Selskapets revisor

I henhold til styrets forslag fattet generalforsamlingen følgende vedtak:

"Generalforsamlingen godkjenner revisors honorar for revisjon og revisjonsrelaterte tjenester for regnskapsåret 2022 etter regning, som nærmere spesifisert i note 13 til årsregnskapet."

7. Suppleringsvalg av styre

I henhold til valgkomiteens forslag vedtok generalforsamlingen følgende vedtak:

"Styret skal bestå av 7 medlemmer. Xxxxxx X. Xxxx, Xxxxxxxxx X. Xxxxxx, Xxxxxxxx Xxxxx, Xxxxxx Xxxxxxxx og Xxxxxxx Xxxxxxxxxx gjenvelges for ett år. Som nye styremedlemmer velges Xxxx Xxxx som ny styreleder og Xxxxxxxxx Xxxxxx som styremedlem for ett år. Styret består etter dette av følgende:

a) Xxxx Xxxx, styrets leder (valgt til 2024)

b) Xxxxxx X. Xxxx, styremedlem (valgt til 2024)

c) Xxxxxxxxx X. Xxxxxx, styremedlem (valgt til 2024)

d) Xxxxxxxx Xxxxx, styremedlem (valgt til 2024)

e) Remuneration to the members of the Nomination Committee

Chairperson: NOK 45,000 (NOK 42,500) Other members: NOK 34,000 (NOK 32,000)

6. Approval of the remuneration of the Company's auditor

In accordance with the proposal from the Board of Directors, the General Meeting made the following resolution:

"The General Meeting approves the auditor's remuneration in accordance with invoice for audit and audit related services for the financial year 2022 in accordance with invoice, as specified in note 13 to the financial statements."

7. Supplemental election to the Board of Directors

In accordance with the proposal from the Nomination Committee, the General Meeting adopted the following resolution:

"The Board shall consist of 7 members. Xxxxxx X. Xxxx, Xxxxxxxxx X. Xxxxxx, Xxxxxxxx Xxxxx, Xxxxxx Xxxxxxxx and Xxxxxxx Xxxxxxxxxx are re-elected for one year. As new board members Xxxx Xxxx is elected as chairperson and Xxxxxxxxx Xxxxxx is elected as board member for one year. Following this, the Board of Directors is composed by:

a) Xxxx Xxxx, chairperson (elected until 2024)

b) Xxxxxx X. Xxxx, board member (elected until 2024)

c) Xxxxxxxxx X. Xxxxxx, board member (elected until 2024)

d) Xxxxxxxx Xxxxx, board member (elected until 2024)

e) Xxxxxx Xxxxxxxx, styremedlem (valgt til 2024)

f) Xxxxxxx Xxxxxxxxxx, styremedlem (valgt til 2024)

g) Xxxxxxxxx Xxxxxx, styremedlem (valgt til 2024)"

8. Xxxx av nytt medlem til valgkomiteen

I henhold til valgkomitéens anbefaling vedtok generalforsamlingen følgende:

"Xxxxxx Xxxxxxxx gjenvelges som leder av valgkomitéen for en periode på to år.

Xxxxxx Xxxx gjenvelges som nytt medlem av valgkomiteen for en periode på to år.

Valgkomiteen består etter dette av:

Xxxxxx Xxxxxxxx, leder (valgt til 2025) Xxxxxx Xxxx (valgt til 2025)

Xxxxxx Xxxxxxx (valgt 2024)."

9. Rådgivende avstemning over rapport om godtgjørelse til ledende personer

I henhold til styrets forslag fattet generalforsamlingen følgende rådgivende vedtak:

"Generalforsamlingen godkjenner rapporten om lønn og annen godtgjørelse for ledende personer."

10. Styrets redegjørelse for eierstyring og selskapsledelse

Styrets redegjørelse for eierstyring og selskapsledelse ble fremlagt generalforsamlingen for orientering.

e) Xxxxxx Xxxxxxxx, board member (elected until 2024)

f) Xxxxxxx Xxxxxxxxxx, board member (elected until 2024)

g) Xxxxxxxxx Xxxxxx, board member (elected until 2024)”

8. Election of new member to the Nomination Committee

In accordance with the proposal from the Nomination Committee, the General Meeting adopted the following resolution:

“Xxxxxx Xxxxxxxx is re-elected as a chair of the Nomination Committee for a period of two years.

Xxxxxx Xxxx is re-elected as a new member of the Nomination Committee for a period of two years.

After this the Nomination Committee consist of:

Xxxxxx Xxxxxxxx, chair (elected until 2025)

Xxxxxx Xxxx (elected until 2025) Xxxxxx Xxxxxxx (elected until 2024)."

9. Advisory vote on report on the remuneration to the management

In accordance with the proposal from the Board of Directors, the General Meeting made the following advisory resolution:

"The General Meeting approves the report on remuneration to the management."

10. The Board of Director's report on corporate governance

The Company's corporate governance report was presented to the General Meeting for information purposes.

11. Endring av Selskapets vedtekter

I henhold til styrets forslag fattet generalforsamlingen følgende vedtak:

"Annet ledd av § 4 i Selskapets vedtekter fjernes.”

"Første ledd av § 7 i Selskapets vedtekter endres til følgende ordlyd:

Aksjeeiere som ønsker å delta i generalforsamlingen må melde dette til selskapet på forhånd. Slik påmelding må være mottatt av selskapet senest to virkedager før generalforsamlingen. Styret kan, før det er sendt innkalling til generalforsamlingen, fastsette en senere påmeldingsfrist.”

12. Styrefullmakt til kapitalforhøyelse – strategiske muligheter

I henhold til styrets forslag vedtok generalforsamlingen å gi styret følgende fullmakt til å forhøye Selskapets aksjekapital:

1. Styret gis fullmakt til å forhøye Selskapets aksjekapital med inntil NOK

18 206 244 ved utstedelse av inntil 72 824 976 aksjer hver pålydende NOK 0,25.

2. Fullmakten kan benyttes til å finansiere oppkjøp eller øvrige strategiske investeringer.

3. Tegningskursen og øvrige vilkår fastsettes av styret.

4. Eksisterende aksjeeieres fortrinnsrett etter allmennaksjelovens § 10-4 kan fravikes.

11. Amendments to the Company's articles of association

In accordance with the proposal from the Board of Directors, the General Meeting made the following resolution:

"Second paragraph of § 4 in the Company’s articles of association is removed.”

“First paragraph of § 7 in the Company’s articles of association is amended to:

Shareholders who wish to participate in the General Meeting must notify the company in advance. Such notice must be received by the company no later than two business days prior to the general meeting. The board may, prior to giving notice to the general meeting, set a later deadline.”

12. Authorisation to increase the share capital – strategic opportunities

In accordance with the proposal from the Board of Directors, the General Meeting resolved to grant the Board of Directors the following authorization to increase the Company's share capital:

1. The Board of Directors is authorised to increase the Company's share capital with up to NOK 18,206,244 by issuance of up to 72,824,976 new shares each with a nominal value of NOK 0.25.

2. The authorisation may be utilised to finance acquisitions or other strategic investments.

3. The subscription price and other conditions are determined by the Board of Directors.

4. The existing shareholders' preferential right pursuant to Section 10-4 of the Public Limited Liability Companies Act may be deviated from.

5. Fullmakten omfatter kapitalforhøyelse med innskudd i annet enn penger, herunder konvertering av gjeld, etter allmennaksjelovens § 10-2, men ikke fusjon etter allmennaksjelovens § 13-5.

6. Innenfor fullmaktens rammer kan styret velge å benytte den flere ganger.

7. Fullmakten gjelder frem til neste ordinære generalforsamling, men ikke lenger enn til og med 30. juni 2024.

8. Fra tidspunktet for registrering i Foretaksregisteret erstatter denne fullmakten alle tidligere styrefullmakter.

13. Styrefullmakt til kapitalforhøyelse – aksjekjøpsprogram for styrets medlemmer

I henhold til styrets forslag vedtok generalforsamlingen å gi styret følgende fullmakt til å forhøye Selskapets aksjekapital:

1. Styret gis fullmakt til å forhøye Selskapets aksjekapital med inntil NOK 100 000 ved utstedelse av inntil 400 000 aksjer hver pålydende NOK 0,25.

2. Fullmakten kan benyttes til å utstede aksjer i forbindelse med Selskapets aksjekjøpsprogram for styremedlemmer.

3. Tegningskursen og øvrige vilkår fastsettes av styret, innenfor rammen av aksjekjøpsprogrammet for styremedlemmer vedtatt av generalforsamlingen.

4. Eksisterende aksjeeieres fortrinnsrett etter allmennaksjelovens § 10-4 kan fravikes.

5. The authorization covers capital increases with contribution in kind, hereunder debt conversion, pursuant to Section 10-2 of the Public Limited Liability Companies Act, but not mergers pursuant to Section 13-5 of the Public Limited Liability Companies Act.

6. Within its limits, the authorization may be utilized several times.

7. The authorization is valid until the next annual General Meeting, but not longer than until 30 June 2024.

8. From the time of registration with the Norwegian Register of Business Enterprises, this authorisation replaces all former authorisations.

13. Authorisation to increase the share capital – share purchase program for the member of the Board

In accordance with the proposal from the Board of Directors, the General Meeting resolved to grant the Board of Directors the following authorization to increase the Company's share capital:

1. The Board of Directors is authorised to increase the Company's share capital with up to NOK 100,000 by issuance of up to 400,000 new shares each with a nominal value of NOK 0.25.

2. The authorisation may be utilised to issue shares in relation to the Company’s share purchase program for Board Members.

3. The subscription price and other conditions are determined by the Board of Directors, within the frame of the share purchase program for members of the Board resolved by the general meeting.

4. The existing shareholders' preferential right pursuant to Section 10-4 of the Public Limited Liability Companies Act

may be deviated from.

5. Fullmakten omfatter kapitalforhøyelse med innskudd i annet enn penger, herunder konvertering av gjeld, etter allmennaksjeloven § 10-2, men ikke fusjon etter allmennaksjelovens § 13-5.

6. Innenfor fullmaktens rammer kan styret velge å benytte den flere ganger.

7. Fullmakten gjelder frem til neste ordinære generalforsamling, men ikke lenger enn til og med 30. juni 2024.

8. Fullmakten kommer i tillegg til øvrige styrefullmakter.

14. Utstedelse av frittstående tegningsretter i tilknytning til Selskapets opsjonsprogram

I henhold til styrets forslag vedtok generalforsamlingen følgende vedtak om utstedelse av frittstående tegningsretter:

1. Generalforsamlingen godkjenner selskapets nye opsjonsprogram, inntatt som vedlegg til generalforsamlingsprotokollen.

2. Selskapet skal utstede inntil 12 700 000 nye frittstående tegningsretter.

3. Tegningsrettene tegnes uten særskilt vederlag.

4. Tegningsrettene skal kunne tegnes av Xxxxxx Xxxxxxx, Xxxxxxxxx Xxxxxxx, Xxx Xxxxxx Xxxxx, Xxxxxx Xxxxxxx, Xxxxxxxxx Xxxxxxxxx, Xxxx X. Xxxxx, Xxxxx Xxxxxx Xxxxxxx, Xxx-Xxxxxxxxx Xxxxxxx, Xxxxxxxxx Xxxxxx, Xxxxx Xxxxxxxx, Xxxxxxx X. Xxxxxxx, Xxxxxxxxx Xxxxxxxxx, Xxxxxxxxx Xxxxx og Xxxxxx Xxxxx. Aksjonærenes fortrinnsrett etter allmennaksjeloven § 11- 13 (1) jf. § 10-4 fravikes.

5. The authorisation covers capital increases with contribution in kind, hereunder debt conversion, pursuant to Section 10-2 of the Public Limited Liability Companies Act, but not mergers pursuant to Section 13-5 of the Public Limited Liability Companies Act.

6. Within its limits, the authorisation may be utilised several times.

7. The authorisation is valid until the next annual General Meeting, but not longer than until 30 June 2024.

8. The authorisation comes in addition to other Board authorisations.

14. Issuance of warrants in accordance with the Company's equity incentive scheme

In accordance with the proposal from the Board of Directors, the General Meeting adopted the following resolution regarding issuance of warrants:

1. The general meeting approves the company's new equity incentive program, attached as appendix to the minutes from the general meeting.

2. The Company shall issue up to 12,700,000 new warrants.

3. The warrants are subscribed for without any consideration.

4. The warrants may be subscribed by Xxxxxx Xxxxxxx, Xxxxxxxxx Xxxxxxx, Xxx Xxxxxx Xxxxx, Xxxxxx Xxxxxxx, Xxxxxxxxx Xxxxxxxxx, Xxxx X. Xxxxx, Xxxxx Xxxxxx Xxxxxxx, Xxx-Xxxxxxxxx Xxxxxxx, Xxxxxxxxx Xxxxxx, Xxxxx Xxxxxxxx, Xxxxxxx X. Xxxxxxx, Xxxxxxxxx Xxxxxxxxx, Xxxxxxxxx Xxxxx and Xxxxxx Xxxxx. The existing shareholders' pre-emptive right pursuant to section 11-13 (1), cf. section 10- 4 in the Norwegian Public Limited Liability

Companies Act is deviated from.

5. Tegningsrettene tegnes på en særskilt tegningsblankett innen 30. juni 2023.

6. Hver tegningsrett gir en rett til å tegne én aksje i selskapet, hver pålydende NOK 0,25, til en tegningskurs på NOK 12,60 per aksje.

7. Utøvelse av tegningsrettene skal skje ved skriftlig melding til selskapet. Meldingen må spesifisere antall tegningsretter som ønskes innløst herunder antall aksjer som skal tegnes. Det kan ikke utøves færre enn 5 000 tegningsretter av gangen, dog slik at eieren av tegningsretter skal kunne utøve sin samlede beholdning av opptjente tegningsretter dersom den er lavere enn 5 000.

8. Tegningsrettene må utøves senest fem

(5) år fra og med dato for generalforsamlingens vedtak om utstedelse. Opsjonsprogrammet inneholder nærmere regler og vilkår for utøvelse av tegningsrettighetene.

9. Antallet tegningsretter og / eller tegningskursen for tegning av aksjer under tegningsrettene skal justeres i henhold til punkt 3 i del B av Opsjonsprogrammet.

10. Rettighetshaver skal ikke ha rettigheter som aksjeeier i forbindelse med kapitalforhøyelser, utstedelse av konvertible lån, oppløsning av selskapet, fusjon, fisjon eller annen omdanning av selskapet.

11. De nye aksjene som utstedes med bakgrunn i tegningsrettene gir fulle aksjonærrettigheter, herunder rett til utbytte, fra tidspunktet kapitalforhøyelsen er registrert i Foretaksregisteret.

Det reviderte opsjonsprogrammet er inntatt som

5. Subscription of the warrants shall take place on a separate subscription form by 30 June 2023.

6. Each of the warrants gives the right to subscribe for one share in the Company, each with a nominal value of NOK 0.25, to an exercise price of NOK 12.60 per share.

7. Exercise of the warrants shall take place by a written notification to the Company. The notification must specify the number of warrants being exercised, including the number of shares to be subscribed. No less than 5,000 warrants may be exercised at a time. However, the owner of warrants shall be able to exercise his / hers total holding of earned warrants if this is less than 5,000.

8. The warrants may be exercised for subscription of new shares until five (5) years from the date of this General Meeting. The Equity Incentive Scheme provides more details of the terms and conditions for exercise of the warrants.

9. The number of warrants and / or the exercise price for subscription of the shares shall be adjusted in accordance with point 3 in section B of the Equity Incentive Scheme.

10. The rights holder shall not have rights as a shareholder in connection with capital increases, issuance of convertible loans, dissolution of the Company, merger, demerger or any other transformation of the Company.

11. The new shares issued on the basis of the warrants give full shareholder rights, including right to dividends, from the time the capital increase is registered in the Norwegian Register of Business Enterprises.

The revised option scheme is attached as appendix 2.

vedlegg 2.

***

Stemmeresultatene for hver sak følger av vedlegg 3.

Det forelå ikke mer til behandling og møtet ble hevet.

***

The voting results for each matter is set out in appendix 3.

No further matters were to be resolved, and the meeting was adjourned.

Xxxxxx Xxxx Xxxxxxxxx / Chair

_ _ Xxxxxx Xxxxxxx

________________

______________

Medundertegner / Co-signee

VEDLEGG 1 / APPENDIX 1

DocuSign Envelope ID: 9EE1F1BB-19F7-4AFA-A366-BC57792BBBD8

VEDLEGG 2 / APPENDIX 2

CLOUDBERRY CLEAN ENERGY ASA EQUITY INCENTIVE PLAN & WARRANT TERMS

The following revised equity incentive plan (the "Equity Incentive Plan") and warrant terms (the "Warrant Terms") were approved by the board of directors (the "Board") of Cloudberry Clean Energy ASA (the "Company") on 3 April 2023 and by the general meeting of the Company on 27 April 2023. This Equity Incentive Plan shall apply for any warrants approved by the general meeting of the Company from and including this date. Clause 4.6 of Part A shall also apply for earlier tranches.

PART A EQUITY INCENTIVE PLAN

1. Purpose

The main purpose of the Equity Incentive Plan is to promote the interests of the Company and its subsidiaries (the "Cloudberry Group") and its shareholders by giving employees an added incentive to work toward the continued growth and success of the Cloudberry Group and to attract and retain the best available personnel for positions of responsibility and to promote th interest.

2. Persons comprised by the Equity Incentive Plan

The Equity Incentive Plan comprises of managers and key employees of the Cloudberry Group who are invited to participate in the Equity Incentive Plan by the Board (each such a "Participant").

3. Number of shares/warrants comprised by the Equity Incentive Plan

The Equity Incentive Plan comprise a certain number of warrants (the "Warrants") which may be allocated to and subscribed by the Participants. It is the Board who proposes the number of Warrants to be granted to each Participant. The issuance of the Warrants must be resolved by the General Meeting. Each Warrant will entitle the Participant to subscribe or purchase one share in the Company as further set out in the Warrant Terms and in the Allocation Letter.

The Equity Incentive Plan may cover up to 10% of the Company s issued shares from time to time. The Board's intention is to present one new tranche for the General Meeting each year. The number of Warrants under each tranche will depend on inter alia the number of new employees attracted by the Cloudberry Group and the total remuneration package of the Participants.

4. Allotment of Warrants

Warrants are allotted by the Board.

Warrants shall be allotted subject to the Warrant Terms included in Part B and the allocation letter included in Schedule 1 (the "Allocation Letter") which together constitutes the Warrants agreement between the Company and the Participant (the "Warrant Agreement").

5. Vesting of Warrants and transfer of ownership

The Warrants must be subscribed by the Participants on a separate subscription form, which will be provided by the Company together with the Allocation Letter.

The Board shall, in its sole discretion, determine the vesting schedule for each individual tranche of allotted Warrants. However, the main rule is that Warrants are subject to a vesting period of three (3) years, where 1/3 is vested each year. Accelerated vesting of Warrants may be granted to individual key employees based on their specific circumstances of employment and as documented in the employee's employment agreement and the Allocation Letter.

Special vesting events in case of ownership changes in the Company are regulated in the Warrant Terms.

6. Exercise Price

If Warrants are exercised, the Participant shall pay to the Company the exercise price (the "Exercise Price") for each Warrant being exercised. The Exercise Price represents the subscription price for the share issued under said Warrant.

The Exercise Price shall be determined by the Board in its reasonable discretion based on the principles set out below and is subject to approval by the General Meeting in relation to issuance of the Warrants.

The Exercise Price is determined by the Board individually for each tranche of Warrants that are granted and shall represent the fair market value of the Company shares on the date the Board propose allocation of Warrants under the program and determines the Exercise Price. If the Company shares are traded on a securities exchange at such time, the fair market value shall under normal circumstances be the closing price on the date of the determination. Under other circumstances, shares shall be determined by the Board, using any reasonable application of a reasonable valuation methodology, taking into account all available information material to the value of the Company.

The Board shall inform the Participants of the Exercise Price in the Allocation Letter.

7. Expiry Date

Warrants shall normally have a term of five (5) years from the date the Warrants were resolved by the General Meeting. Warrants which have not been exercised within such period will automatically lapse without any compensation.

* * *

PART B - WARRANT TERMS

1. Conditions for exercise of Warrants

The following conditions must be fulfilled in order for the Participant to exercise Warrants:

(i) the Warrants must be vested (cf. clause 3 of the Allocation Letter); and

(ii) the Warrants must not have been cancelled, expired, or otherwise have lapsed.

The Warrants may be exercised upon vesting within the Exercise Period (as defined below). Warrants shall expire without further notice at the earlier of:

(a) the Expiry Date as set out in clause 4 of the Allocation Letter; and

(b) upon the events described below in clause 4 (Expiry of Warrants due to resignation, dismissal, death etc.).

2. Exercise of Warrants

2.1 Exercise Notice

Exercise of Warrants is subject to the Participant submitting a written notice of exercise by way of an exercise form (which will be provided by the Company in advance of an Exercise Period) to the Company (the "Exercise Notice").

The Exercise Notice must be received by the Company before 23:59 hours (Norwegian time) the last day in an Exercise Period. The Exercise Notice shall specify how many Warrants that are exercised. In addition, the Participant is obligated to sign and execute any other document necessary in connection with the subscription or purchase of shares as may be required by the Company and/or the Board.

The Participant is required to exercise no less than 5,000 Warrants on each occasion it exercises Warrants, except that a Participant may always exercise its entire holding of Warrants that are vested and exercisable. Any exercise of the Warrants in an amount which is less than this figure may be disregarded by the Company.

2.2 Exercise Periods

There are four (4) exercise periods in each calendar year (subject always to the Warrants being exercisable, cf. inter alia clause 1 above). Each Exercise Period commences on the first day after the publication o or half-yearly results and ends on the 14th day after such publication (each such period an "Exercise Period"). If an Exercise Period ends on a Saturday, Sunday or public holiday in Norway, the Exercise Period is extended to include the first business day in Norway thereafter.

If the Company does not issue quarterly results, the Board shall determine the exercise periods for the two quarters for which interim results are not published.

The Company may at its sole discretion and with two weeks written notice to each Participant decide to change the Exercise Periods. However, the Company must provide at least one (1) Exercise Period each quarter.

If the Participant tries to exercise Warrants outside of an Exercise Period, it shall be deemed as if no exercise has been made or received by the Company. Such exercise will thus only be effective by a new Exercise Notice being submitted in a later Exercise Period.

2.3 Fixing of the Exercise Price

The Exercise Price is determined by the Board in accordance with clause 6 of the Equity Incentive Plan.

2.4 Settlement of Exercise Price

The Participant has to pay the Exercise Price for the new shares on the due date as instructed by the Company and in accordance with ordinary settlement rules for securities trade and/or the Companies Act.

Within reasona the Exercise Price and the expiry of the applicable Exercise Period, the relevant number of shares will be transferred to the Participant and registered in the Company's shareholder register or in the Norwegian Registry of Securities (Nw.: Verdipapirsentralen) (if applicable). The Company will handle the practical facilitation of the exercise of Warrants. Potential sale of shares by the Participant to finance the exercise of the Warrants, either partially or in full, is the responsibility of the Participant.

2.5 Listing requirements and insider trading

The Board has the right to amend the Exercise Periods in order to comply with laws, regulations and listing requirements applicable to the Company.

The Participant is at all times responsible for complying with any and all regulation regarding insider trading and similar regulation.

3. Adjustments of the Exercise Price and/or the number of Warrants

3.1 No rights as a shareholder

The Participants shall not have rights as a shareholder of the Company in connection with increases of the Company's share capital, issuance of convertible loans, liquidation of the Company, merger, demerger or other reorganization of the Company.

3.2 Adjustment of the Exercise Price and/or the number of Warrants due to share splits etc.

If the Company makes any distributions to the shareholders by means of share dividend, share capital reduction or otherwise, except for distributions which have been taken into account when determining the Exercise Price, the Exercise Price shall be reduced with an amount equal to the total distribution to the shareholders divided by the number of shares in the Company on a fully diluted basis, including but not limited to all shares that would have been issued if all Warrants and options issued by the Company had been exercised.

If the Company's shares are subject to a split or a reverse split, the shares that may be issued under the Warrants and the Exercise Price shall be adjusted accordingly.

3.3 Adjustments due to de-merger, merger or other business combination

In case the Company is de-merged or merged, or the Company or its shareholders enter into a business combination agreement with similar effect as a merger, the Board has the right to require that

(i) the Participant exercise any vested and unvested Warrants within a reasonable period determined by the Board. At the end of such period, Warrants which have not been exercised will lapse without any compensation;

(ii) the Warrants are converted to Warrants in the de-merged and/or merged company or companies in which the Participant will continue his or her employment; or

(iii) a combination of (i) and (ii).

4. Expiry of Warrants due to resignation, dismissal, death etc.

4.1

All Warrants (regardless of whether the Warrants have vested or not) which have not been exercised lapse automatically without any form of compensation upon the Participant giving notice of resignation, provided that vested Warrants will remain exercisable for ninety (90) days following the effective date of any voluntary resignation. The notice for resignation shall be deemed presented upon its re Cloudberry

Group.

4.2 Dismissal with immediate effect due to material breach on the part of the Participant

If the Participant is validly dismissed with immediate effect due to material breach of his or her employment agreement (circumstances giving rise to termination pursuant to the Norwegian Employment Act of 2005 Section 15-14) (Nw.: "Avskjed") or the Participant otherwise has committed a serious breach of his or her employment agreement or duty of loyalty toward the Cloudberry Group, all Warrants (regardless of whether the Warrants have vested or not) which have not been exercised lapse automatically without any form of compensation.

The same shall apply in case the Participant is in breach of any confidentiality obligations or non-compete obligations which the Participant is bound by, even if this breach occurs after the Participants has left the Cloudberry Group.

4.3 Dismissal for other reasons

If the Participant receives a valid dismissal notice from his or her employer within the Cloudberry Group due to circumstances within the entity (such as downsizing, reorganisation etc.), the Participant shall have the right to retain any vested Warrants. All Warrants which have not vested shall lapse automatically without any form of compensation. However, if the Participant has at least 3 years of service with the Cloudberry Group, the unvested Warrants shall vest immediately and be exercisable for a period of ninety (90) days from the last day of employment. The Board may further, in its sole discretion, decide that unvested Warrants may continue to vest on terms and conditions determined by the Board.

If the Participant receives a valid notice of dismissal based upon circumstances on the part of the Participant other than contemplated by clause 4.2, Warrants not vested at the time the notice of dismissal was received, will automatically lapse without any form of compensation.

4.4 Disability, age or death

If the Pa relationship to the Cloudberry Group ends due to disability, occupational rehabilitation or death, the Warrants vest immediately. The Participant, the bereaved o ate has the right to exercise the Warrants during one (1) of the first four (4) Exercise Periods following the end of the employment relationship. All Warrants which have not been exercised by the end of such period shall lapse automatically without any form of compensation.

If the Parts employment relationship to the Cloudberry Group ends because the Participant has reached the applicable voluntary retirement age which entitles the Participant, pursuant to the prevailing applicable pension scheme applicable for the Participant, to receive

retirement pension, the termination of the employment relationship shall have no consequence

eement. The Participant shall have the right to retain any vested Warrants and any unvested Warrants shall continue to vest as if the Participant continued to be an employee of the Cloudberry Group. This provision is subject to the Participant having (i) reached an age of at least 65 years and (ii) at least 5 years of service with the Cloudberry Group prior to such retirement. If these conditions are not met, the Participant shall have the right to retain any vested Warrants and all Warrants which have not vested shall lapse automatically without any form of compensation.

4.5 Leave of absence etc.

Leave of absence pursuant to legislative or tariff-based reasons has no consequence for the

The Board may however determine that vesting shall be suspended under periods of leave of absence.

4.6 Mutual termination

If the Company and the Participant enter into a mutual termination agreement, all Warrants which have not vested shall lapse automatically without any form of compensation on the last day of employment. They Board may however, in its sole discretion, approve that all or parts of the unvested Warrants shall continue to vest on terms and conditions determined by the Board.

5. Special vesting events

5.1 One shareholder owning more than 50% of the Company

All unvested Warrants (100%) will vest immediately in case one shareholder becomes the owner of more than 50% of the shares in the Company (the "Purchaser") other than through a merger, business combination or reorganisation. In the event of such actual or proposed transaction, the Board may require that:

(i) each Participant are exercising their Warrants in a period which is not less than 14 days from the Board's written notice; and that

(ii) any Warrants not being exercised within said period will lapse immediately without any compensation; and that

(iii) all Participants are selling the shares that are or will be received under the Warrants to the Purchaser on the same terms and conditions as the other shareholders of the Company in the transaction that gives or will give the Purchaser control of more than 90 % of the shares in the Company; provided always that

(iv) the Board shall make any and all vesting, exercise and transfer of shares according to the above conditioned upon the Purchaser actually obtaining control of more than 90 % of the shares in the Company.

The Company shall make its best efforts to procure that the Participants are given the right to sell their shares received under the Warrants to the Purchaser on the terms set out above.

6. Taxes

The Participant is responsible for all taxes and other charges levied on the Participant resulting from the grant, ownership and exercise of Warrants. The employer of the Participant is responsible for payroll tax (Nw.: arbeidsgiveravgift) on the taxable profit resulting from exercise of Warrants.

The Participant recognizes and acknowledges that under statutory law, the formal responsibility to make advance tax deductions lies with the Particip ployer. As security for the payment of such taxes, the employer of the Participant and the Company shall have the right to make deductions in the salary and other benefits of the Participant. Further, the employer of the participant and the Company shall have the right to require that the Participant provide additional security or cash payments to the employer for the payment of such taxes.

7. No basis for calculation of salary-based benefits

The financial benefit that may be incurred by the Participant as a result of the Warrants does not give basis for pension benefits or other salary-based benefits.

8. No obligation of uniformity

No Participant shall have any claim to be granted any Warrant and there is no obligation for uniformity of treatment of Participants and the terms and conditions of Warrants need not be the same with respect to each recipient.

9. Miscellaneous

The Company may in its sole discretion decide that Warrants issued by the Company shall be registered in the Norwegian Registry of Securities (Nw.: Verdipapirsentralen). The Participant undertakes to sign any document or to take any action that the Company reasonable may require in connection with such registration.

The Warrants and the rights and obligations of the Participant under the Warrants Agreement are personal and may not be sold, transferred, pledged, or agreed or assigned in any way.

* * *

SCHEDULE 1- ALLOCATION LETTER

[NAME OF PARTICIPANT] (the "Participant") is hereby granted warrants to subscribe shares in Cloudberry Clean Energy ASA (the "Company"), on the terms and conditions set out in this allocation letter (the "Allocation Letter") and in the Warrants Terms (as defined below).

This Allocation Letter and the warrants terms attached hereto (the "Warrant Terms") together constitute the warrants agreement between the Company and the Participant (the "Warrant Agreement").

1. Allocation of Warrants

The Participant is hereby allocated [NUMBER OF WARRANTS] warrants (the "Warrants") on the terms and conditions of the Warrant Agreement [and subject to approval by the Company's General Meeting]. The Warrants shall be subscribed by the Participant in a separate subscription form.

The Warrants are granted without consideration from the Participant.

2. Exercise Price under the Warrants

The Participant shall pay an exercise price of NOK [ ]1 (the "Exercise Price") for each Warrant that is exercised. The Exercise Price represents the subscription price for the share issued under said Warrant.

The Exercise Price has been determined by the Board of Directors of the Company according to the Warrant Terms.

3. Vesting Schedule

The Warrants will vest with the Participant according to the following schedule:

Vesting Date Number of

Warrants vested

Total

4. Expiry Date

Warrants which have not been exercised by the Participant within [date falling 5 years after the date of the General Meeting] at 23:59 hours (Norwegian time) (the "Expiry Date") will lapse without any consideration and may not be exercised by the Participant.

5. Governing law and legal venue

The Warrants Agreement shall be governed by Norwegian law. The legal venue for disputes arising out of this Agreement shall be Oslo District Court.

* * *

1 NOK 12.60 for the 2023 tranche.

Date:	Date:
Place:	Place:
CLOUDBERRY CLEAN ENERGY ASA	PARTICIPANT
By:	By:
Name:	Name:

VEDLEGG 3 / APPENDIX 3

STEMMERESULTAT / VOTING RESULT

DocuSign Envelope ID: 9EE1F1BB-19F7-4AFA-A366-BC57792BBBD8

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Protokoll fra den ordinære generalforsamlingen i Cloudberry Clean Energy ASA

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