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Nel ASA: CEO share option program

(July 18, 2023 - Oslo, Norway) Nel ASA has today granted 500,000 options under its long-term incentive (LTI) program for the CEO, Håkon Volldal. Reference made to the announcement January 5, 2022, where the strike price is 13.849, a premium of 10% over the closing share price on June 30, 2023, representing the one-year anniversary for his commencement date. The vesting period is 3 years and the options expired after 5 years.

Reference made to the press release dated January 5, 2022, where a total of 500,000 share options has now been granted to Håkon Volldal in accordance with the company's LTI program for the CEO. Each option, upon vesting, entitles Volldal to acquire one share in the Company. These options are granted without any considerations. As per the vesting schedule, 100% of the options will vest after three years, which corresponds to Volldal’s four-year employment anniversary. The vesting of options is contingent upon Håkon Volldal's continued employment with the Company. Options that have not been exercised will expire five years after the grant date.

According to the LTI program, Håkon Volldal will receive 500,000 options on each of the first, second, and third anniversaries of his commencement date. The total accumulated profit for all options is capped at NOK 25 million, with a limit of NOK 30 per option.

Following the grant, Håkon Volldal holds 0 shares and 500 000 options.

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