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  <h1>Changes to the President and CEO's conditions of employment</h1> 
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    <div class="date-module"> <span class="date_module-icon fa fa-calendar"></span> <span>July 23, 2004, 15:30 CEST</span> 
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     <p>Hydro's Board of Directors has decided to make some changes to the conditions of employment for the President and CEO, in line with good corporate governance practice.</p> 
     <p>The Board wanted to discontinue a previous arrangement whereby the President and CEO was entitled to continue in the company from the age of 55 for seven years in a different capacity with a certain reduction in salary. The Board wanted in addition to ensure a stronger bond between the President and CEO and the company's shareholders through the former having a significant shareholding in Hydro.</p> 
     <p>This change to the employment agreement implies that the economic return for President and CEO, Eivind Reiten, will be lower than the previous arrangement allowed for.</p> 
     <p>To compensate for this, the Board has decided to change the retirement age from 62 to 60 for the President and CEO and to make a one-time payment of NOK 4 million (approximately NOK 1.8 million after tax) to Reiten toward the purchase of Hydro shares. Reiten is bound to long-term ownership of these shares.</p> 
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