CORRAL PETROLEUM HOLDINGS AB (PUBL) - Preem

was incorporated on March 22, 2007, and has not paid any compensation to its directors or officers to date. Preem paidto its directors and executive officers aggregate compensation of SEK 20.5 million, including bonuses of SEK 1.8million, in 2010; SEK 19.4 million, including bonuses of SEK 1 million, in 2009, and SEK 19.6 million, includingbonuses of SEK 2 million, in 2008. Bonuses were determined by the board of directors of Preem pursuant to provisionsof employment agreements between Preem and the individual executive officers.Employment AgreementsMessrs. Löw, Viefhaus, Olsson and Heimburg and Mss. Smedman and Bodin are each party to an employmentagreement with Preem. Each of these agreements provides compensation for employment services including a fixedannual salary as specified in the agreement, an annual bonus, certain insurance and pension benefits.Under the terms of the agreements for Messrs. Löw and Olsson, Preem may terminate employment on 24-months’ notice. Upon termination of employment by Preem, each of Messrs. Löw and Olsson would be entitled to apayment of his full salary during such 24-month notice period. Messrs. Heimburg and Viefhaus and Mss. Smedman andBodin each have a notice period of 12 months. In addition to the payment of their salary during the 12-month noticeperiod, each of Messrs. Heimburg and Viefhaus and Mss. Smedman and Bodin is entitled to a severance allowance equalto 12 months’ salary irrespective of new employment prospects. However, if termination is based on gross negligence orserious breach of contract on the part of the respective employee, no termination payment is due.In addition, the employment agreements of Messrs. Löw, Olsson, Heimburg and Ms. Bodin provide that anyother compensation that each of them may receive while they are entitled to the termination payment would reduce theirrespective entitlement to the termination payment by the amount of the compensation received. Messrs. Löw and Olssonhave additional terms in their employment contracts, including the ability to retire at 60 years of age and to have theirbonuses converted into retirement payments paid fully by Preem.Loans to ManagementAs of the date of this Annual Report, none of Corral Petroleum Holdings or Preem had any loans outstandingwith its management.Management’s InterestsNone of the directors or executive officers of Corral Petroleum Holdings or Preem (other than Mr. Al-Amoudi,who is a director and Chairman of Corral Petroleum Holdings and Preem and indirectly holds the shares in bothcompanies) hold any shares in any of these companies, and none of these companies have granted any option rights toany of their respective directors, executive officers or employees.49