b'STAATSOLIE MAATSCHAPPIJ SURINAME N.V.NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2021 (Continued)Executive pension planPensionsinpaymentanddeferredpensionsmaybeincreasedintheeventofageneralincreaseTheexecutivepensionplanisafinalpayscheme; inthecostofliving.Thispossibilityhasnotbeenthepensionbaseisequaltothesalary.Thepension appliedyet.Pensionsinpaymentanddeferredplanprovidesentitlementstoretirementand pensionsshall,inanycase,beadjustedannuallydisabilitypensionforthebenefitoftheparticipant basedonprofitsharingbasedonexcessinterest,andtheirwidows,widowers,andorphanspension arising from the agreement with the insurance forthebenefitoftheirspouseandchildren. company.Theretirementpensioncommencesuponreaching Thepensionentitlementsarisingfromtheplanaretheageof60andamountsto: insuredwithAssuriaLevensverzekeringenN.V.1.forExecutiveBoardmembersdesignatedby (Assuria),forwhichStaatsoliehasenteredintoanStaatsolie:atretirement70%ofthelastsalary; agreementwith,whichprovidesforprofitsharingbasedonexcessinterestonassetsofAssuria.2.forotherExecutiveBoardmembers:peryearof TheparticipantsandStaatsoliecontributetotheservice,uptoamaximumof28yearsofservice, financingofthisplan.Theparticipantscontribute2.5% of the last salary. a set percentage of their salary. Other costs of the Thepensionentitlementsareaccruedtime- planarefullybornebyStaatsolie.proportionately.Thedisabilitypensionisequal Theplanassetvalueforthisinsuredexecutivetothepotentialretirementpension.Thewidows/ pension plan consists of the insurance policy widowerspensionis70%ofthe(potential) coveringparticipants.Astheinsurancepolicyretirement pension. Upon termination ofexactly matches the amount and timing of the employment of a participant who has participated inaccruedpensionentitlementsoftheparticipants,theschemeforlessthan3years,thecontributions thefairvalueoftheinsurancepolicyhasbeenpaidbythedirectorshallberefunded.Assoonas setatthepresentvalueoftherelatedobligationsa participant who has participated in the plan forexcluding any effects of future salary increases. atleast3years,thedirectorshallbeentitledtothe pension entitlements accrued up to the date of termination of employment. It is noted that the 5-yearperiodbasedontheWetPensioenfondsenenVoorzieningsfondsenshouldbereducedtooneyear or less.(X US$ 1,000) 2021 2020Fairvalueofassets 4,170 3,544141'