Organization of VOR

Article 1 - Name and Legal Domicile
1.1 VOR is a fund owned by Reykjavik Energy.

1.2 The fund's domicile is at Baejarhals 1 in Reykjavik.

Article 2 - Purpose
2.1 VOR is a science, research and innovation fund that promotes and strengthens research in the field of work of Reykjavik Energy, with an emphasis on its policy to enable a sustainable future and creative energy in society.

Article 3 - Goals
3.1 To support research related to the company's field of work, with an emphasis on the company‘s policy and bringing the company closer to enabling a sustainable future.

3.2 To support research by master's and doctoral students related to the company's field of work.

3.3 To support innovative projects and ideas in the field of energy, utilities and sustainability with funding, facilities and consultation. This way it enables collaboration with entrepreneurs and society.

Article 4 - Grant Allocations and Applications
4.1 The fund's board sets allocation rules that support the fund's objectives.

4.2 Provided are; study grants, research grants, project grants for entrepreneurial and innovation projects and collaborative projects with Reykjavík Energy.

4.3 Part of Reykjavík Energy‘s grant may also include facilities and consultation.

Article 5 - Income of the Fund
5.1 The initial contribution to the fund is one hundred million ISK - 100,000,000 ISK - paid by Reykjavik Energy. 5.2 Reykjavik Energy's contribution to the fund is decided by the Board of Directors of Reykjavik Energy each year.

5.2 The board of the fund is authorized to condition grants for projects so that a certain share in the revenue stream created as a result of the project or patents for discoveries goes to the fund.

5.3 The fund's income may include income from patents that may arise from research receiving grants by the fund, other income, and contributions generated from the fund's activities.

5.4 Other income or contributions that arise from the fund‘s operations. .

Article 6 - Operating Expenses
6.1 Operating expenses shall be paid from the fund's budget.

Article 7 - The Board, Professional Council and Organization
7.1 The board has the highest authority in the affairs of the fund. On the board sit the CEO of Reykjavík Energy, the Chief of Research and Innovation and the Head of Innovation Center and Science Communication

7.2 The CEO of Reykjavik Energy is the chairman of the board of the fund (VOR).

7.3 The board of the fund appoints a technical council.

7.4 The fund's technical council consists of the Head of Resource Innovation as the chairman of the council, and experts within Reykjavík Energy and its subsidiaries

7.5 The Head of Resource Innovation at Reykjavík Energy is the chairman of the council.

7.6 The technical council implements the application process according to the allocation rules, manages the application process, and reviews applications and makes proposals to the fund's board for allocation.

7.7 The board of the fund decides on the allocation of grants.

7.8 The organizational chart of the fund is shown in the figure below:

Reykjavik, November 22nd, 2024