Common use of CONDITIONS OF THIS AGREEMENT Clause in Contracts

CONDITIONS OF THIS AGREEMENT. To reinforce the premises and objectives of the Agreements, a special Wage and Premises Committee shall be established. This Committee shall consist of representatives of SA and representatives nominated by the negotiating committees of the ASÍ affiliate organisations involved in preparing the shares premises of the Agreement. The Committee’s task is to monitor the progress of the economic factors that may affect the objectives of the Agreement, to formally assess the premises of the Agreement and, as the case may be, to negotiate a response to failure to fulfil conditions that reaffirm the premises of the Agreement and to ensure that the Agreement retains its value. A formal assessment of the premises of the Agreement shall be made in September of 2025 and September of 2026. a. The premise that 12-month inflation does not exceed 4.95% as of August of 2025. This assumption about price level is considered to have been met if inflation over a period of 6 months from March to August of 2025 remains at 4.7% or less compared to the annual inflation rate. b. The premise that the proposed legislative amendments stated in a government declaration dated 7 March, 2024 go through. The premise that 12-month inflation does not exceed 4.7% as of August, 2026. This assumption about price level is considered to have been met if inflation over a period of 6 months from March to August of 2026 remains at 4.4% or less compared to the annual inflation rate. The Wage and Premises Committee shall consider economic indicators over the period of validity of this Agreement in its decision regarding its response to deviations from the objective of the Agreement. Any response should have a positive effect on the progression of the objectives set by the Parties to the Agreement to reduce inflation and inflation expectations, to decrease interest rates, improve financial conditions for workers and the competitiveness of the Icelandic business sector. The Committee shall consider the economic situation in a comprehensive and holistic manner. Instead of responding with wage rate increases as per this Agreement, the Committee may decide to respond in a manner better suited to the circumstances at the time. In the event that no agreement is reached regarding a response to failure to meet criteria, that Party wishing to invalidate the effectiveness of the Agreement shall notify of such as follows: Re: the September 2025 review. Before 16:00 on 8 September, 2025, in which case the Agreement shall be nullified on 31 October, 2025. Re: the September 2026 review. Before 16:00 on 8 September, 2026, in which case the Agreement shall be nullified on 31 October, 2026. PROTOCOLS, DECLARATIONS, AGREEMENTS AND ATTACHMENTS ‌‌‌‌‌ Digital technology has created various opportunities and flexibility which can blur the boundaries between work and private life. Allowing workers to disconnect outside of prescribed working hours is an important factor in promoting a healthy work environment. It is essential that employers and their employees cooperate effectively in such matters and agree on the desirable criteria regarding the right to disconnect. Furthermore, the Parties to the Agreement encourage workers and workplaces to have positive, regular discussion about health and well-being for the purposes of promoting and maintaining a healthy work environment and reducing absences due to illness. Professional retail training is a project that provides employees with the opportunity to undertake studies of up to 90 credits and have their education used to determine their wages. Skills assessment measured against labour market criteria will be used so that employees can use the aforementioned skills as credit to shorten their studies. The courses take place in the premises of the Commercial College of Iceland (Verzlunarskóli Íslands) and consist of distance learning, localised classwork and workplace training. The programme provides 90 credits, 60 credits theoretical work-related courses and 30 credits in workplace training under the guidance of a workplace trainer. The studies are based on competency analyses for the position of Retail Representative, which has been placed in level 2 of the ISQF, and middle management in shops, which has been placed in level 3 of the ISQF. The employee’s application for the studies is subject to the approval of the company, and the workplace training aspect of the programme takes place in co-operation with the company with the involvement of a workplace trainer. The studies are expected to begin in January 2020, and individuals will be invited to undergo a skills assessment in October/November 2019. The parties to the agreement agree that the skills assessments of employee are to be used in the determination of wages. Either party to the agreement may request that the representatives of the agreement review the manner in which such assessment shall influence the determination of wages. The parties will jointly continue to develop ideas and arrangements for the funding of a rental housing company, with e.g. the involvement of pension funds within the negotiating sphere of the parties. The object of the company is the housing security of tenants, advantageous renting conditions and to create a good investment opportunity for pension funds. The parties to the agreement plan to implement a new payroll system as a part of the collective wage agreement. Its principal object is to ensure that wage determinations within companies are objective and flexible. The payroll system is to provide an optional arrangement for workplaces as a permitted deviation under Section 5 of the Collective Wage Agreement. The provisions of Section 5 apply in other respects as regards the adoption of new payroll systems in companies. The trade union involved, or trade unions if more than one union is party to the Agreement, shall establish whether the deviations that are agreed from regular terms, and the remuneration in return for them, are compatible, as a whole, with the provisions of law and collective agreements regarding minimum terms, cf. provisions thereto in Section 5.

CONDITIONS OF THIS AGREEMENT. To reinforce the premises and objectives of the Agreements, a special Wage and Premises Committee shall be established. This Committee shall consist of representatives of SA FA and representatives nominated by the negotiating committees of the ASÍ LÍV affiliate organisations involved in preparing the shares shared premises of the Agreement. The Committee’s task is to monitor the progress of the economic factors that may affect the objectives of the Agreement, to formally assess the premises of the Agreement and, as the case may be, to negotiate a response to failure to fulfil conditions that reaffirm the premises of the Agreement and to ensure that the Agreement retains its value. A formal assessment of the premises of the Agreement shall be made in September of 2025 and September of 2026. a. a) The premise that 12-month inflation does not exceed 4.95% as of August of 2025. This assumption about price level is considered to have been met if inflation over a period of 6 months from March to August of 2025 remains at 4.7% or less compared to the annual inflation rate. b. b) The premise that the proposed legislative amendments stated in a government declaration dated 7 March, 2024 go through. The premise that 12-month inflation does not exceed 4.7% as of August, 2026. This assumption about price level is considered to have been met if inflation over a period of 6 months from March to August of 2026 remains at 4.4% or less compared to the annual inflation rate. The Wage and Premises Committee shall consider economic indicators over the period of validity of this Agreement in its decision regarding its response to deviations from the objective of the Agreement. Any response should have a positive effect on the progression of the objectives set by the Parties to the Agreement to reduce inflation and inflation expectations, to decrease interest rates, improve financial conditions for workers and the competitiveness of the Icelandic business sector. The Committee shall consider the economic situation in a comprehensive and holistic manner. Instead of responding with wage rate increases as per this Agreement, the Committee may decide to respond in a manner better suited to the circumstances at the time. In the event that no agreement is reached regarding a response to failure to meet criteria, that Party wishing to invalidate the effectiveness of the Agreement shall notify of such as follows: Re: the September 2025 review. Before 16:00 on 8 September, 2025, in which case the Agreement shall be nullified on 31 October, 2025. Re: the September 2026 review. Before 16:00 on 8 September, 2026, in which case the Agreement shall be nullified on 31 October, 2026. PROTOCOLS, DECLARATIONS, AGREEMENTS AND ATTACHMENTS ‌‌‌‌‌ Digital technology has created various opportunities and flexibility which can blur the boundaries between work and private life. Allowing workers to disconnect outside of prescribed working hours is an important factor in promoting a healthy work environment. It is essential that employers and their employees cooperate effectively in such matters and agree on the desirable criteria regarding the right to disconnect. Furthermore, the Parties to the Agreement encourage workers and workplaces to have positive, regular discussion about health and well-being for the purposes of promoting and maintaining a healthy work environment and reducing absences due to illness. Professional retail training is a project that provides employees with the opportunity to undertake studies of up to 90 credits and have their education used to determine their wages. Skills assessment measured against labour market criteria will be used so that employees can use the aforementioned skills as credit to shorten their studies. The courses take place in the premises of the Commercial College of Iceland (Verzlunarskóli Íslands) and consist of distance learning, localised classwork and workplace training. The programme provides 90 credits, 60 credits theoretical work-related courses and 30 credits in workplace training under the guidance of a workplace trainer. The studies are based on competency analyses for the position of Retail Representative, which has been placed in level 2 of the ISQF, and middle management in shops, which has been placed in level 3 of the ISQF. The employee’s application for the studies is subject to the approval of the company, and the workplace training aspect of the programme takes place in co-operation with the company with the involvement of a workplace trainer. The studies are expected to begin in January 2020, and individuals will be invited to undergo a skills assessment in October/November 2019. The parties to the agreement agree that the skills assessments of employee are to be used in the determination of wages. Either party to the agreement may request that the representatives of the agreement review the manner in which such assessment shall influence the determination of wages. The parties will jointly continue to develop ideas and arrangements for the funding of a rental housing company, with e.g. the involvement of pension funds within the negotiating sphere of the parties. The object of the company is the housing security of tenants, advantageous renting conditions and to create a good investment opportunity for pension funds. The parties to the agreement plan to implement a new payroll system as a part of the collective wage agreement. Its principal object is to ensure that wage determinations within companies are objective and flexible. The payroll system is to provide an optional arrangement for workplaces as a permitted deviation under Section 5 of the Collective Wage Agreement. The provisions of Section 5 apply in other respects as regards the adoption of new payroll systems in companies. The trade union involved, or trade unions if more than one union is party to the Agreement, shall establish whether the deviations that are agreed from regular terms, and the remuneration in return for them, are compatible, as a whole, with the provisions of law and collective agreements regarding minimum terms, cf. provisions thereto in Section 5.

CONDITIONS OF THIS AGREEMENT. To reinforce the premises and objectives of the Agreements, a special Wage and Premises Committee shall be established. This Committee shall consist of representatives of SA and representatives nominated by the negotiating committees of the ASÍ affiliate organisations involved in preparing the shares premises of the Agreement. The Committee’s task is to monitor the progress of the economic factors that may affect the objectives of the Agreement, to formally assess the premises of the Agreement and, as the case may be, to negotiate a response to failure to fulfil conditions that reaffirm the premises of the Agreement and to ensure that the Agreement retains its value. A formal assessment of the premises of the Agreement shall be made in September of 2025 and September of 2026. a. a) The premise that 12-month inflation does not exceed 4.95% as of August of 2025. This assumption about price level is considered to have been met if inflation over a period of 6 months from March to August of 2025 remains at 4.7% or less compared to the annual inflation rate. b. b) The premise that the proposed legislative amendments stated in a government declaration dated 7 March, 2024 go through. The premise that 12-month inflation does not exceed 4.7% as of August, 2026. This assumption about price level is considered to have been met if inflation over a period of 6 months from March to August of 2026 remains at 4.4% or less compared to the annual inflation rate. The Wage and Premises Committee shall consider economic indicators over the period of validity of this Agreement in its decision regarding its response to deviations from the objective of the Agreement. Any response should have a positive effect on the progression of the objectives set by the Parties to the Agreement to reduce inflation and inflation expectations, to decrease interest rates, improve financial conditions for workers and the competitiveness of the Icelandic business sector. The Committee shall consider the economic situation in a comprehensive and holistic manner. Instead of responding with wage rate increases as per this Agreement, the Committee may decide to respond in a manner better suited to the circumstances at the time. In the event that no agreement is reached regarding a response to failure to meet criteria, that Party wishing to invalidate the effectiveness of the Agreement shall notify of such as follows: Re: the September 2025 review. Before 16:00 on 8 September, 2025, in which case the Agreement shall be nullified on 31 October, 2025. Re: the September 2026 review. Before 16:00 on 8 September, 2026, in which case the Agreement shall be nullified on 31 October, 2026. PROTOCOLS, DECLARATIONS, AGREEMENTS AND ATTACHMENTS ‌‌‌‌‌ Digital technology has created various opportunities and flexibility which can blur the boundaries between work and private life. Allowing workers to disconnect outside of prescribed working hours is an important factor in promoting a healthy work environment. It is essential that employers and their employees cooperate effectively in such matters and agree on the desirable criteria regarding the right to disconnect. Furthermore, the Parties to the Agreement encourage workers and workplaces to have positive, regular discussion about health and well-being for the purposes of promoting and maintaining a healthy work environment and reducing absences due to illness. Professional retail training is a project that provides employees with the opportunity to undertake studies of up to 90 credits and have their education used to determine their wages. Skills assessment measured against labour market criteria will be used so that employees can use the aforementioned skills as credit to shorten their studies. The courses take place in the premises of the Commercial College of Iceland (Verzlunarskóli Íslands) and consist of distance learning, localised classwork and workplace training. The programme provides 90 credits, 60 credits theoretical work-related courses and 30 credits in workplace training under the guidance of a workplace trainer. The studies are based on competency analyses for the position of Retail Representative, which has been placed in level 2 of the ISQF, and middle management in shops, which has been placed in level 3 of the ISQF. The employee’s application for the studies is subject to the approval of the company, and the workplace training aspect of the programme takes place in co-operation with the company with the involvement of a workplace trainer. The studies are expected to begin in January 2020, and individuals will be invited to undergo a skills assessment in October/November 2019. The parties to the agreement agree that the skills assessments of employee are to be used in the determination of wages. Either party to the agreement may request that the representatives of the agreement review the manner in which such assessment shall influence the determination of wages. The parties will jointly continue to develop ideas and arrangements for the funding of a rental housing company, with e.g. the involvement of pension funds within the negotiating sphere of the parties. The object of the company is the housing security of tenants, advantageous renting conditions and to create a good investment opportunity for pension funds. The parties to the agreement plan to implement a new payroll system as a part of the collective wage agreement. Its principal object is to ensure that wage determinations within companies are objective and flexible. The payroll system is to provide an optional arrangement for workplaces as a permitted deviation under Section 5 of the Collective Wage Agreement. The provisions of Section 5 apply in other respects as regards the adoption of new payroll systems in companies. The trade union involved, or trade unions if more than one union is party to the Agreement, shall establish whether the deviations that are agreed from regular terms, and the remuneration in return for them, are compatible, as a whole, with the provisions of law and collective agreements regarding minimum terms, cf. provisions thereto in Section 5.