Nel ASA: Employee share option program




(Oslo, 19 August 2021) Nel ASA has today resolved to grant options to all employees of the company that fulfil the requirements for participation in the employee share option plan. The grant of options is based on the authorization from Nel’s annual general meeting (AGM) of 15 April 2021 to issue new shares in connection with Nel’s incentive plan for employees, and the same AGM’s adoption of the statement of the board regarding long-term incentive plans

A total number of 7,768,464 share options were granted in a groupwide program comprising all employees in Nel fulfilling certain criteria. Each option, when exercised, will give the right to acquire one share in the Company. The options are granted without consideration. Pursuant to the vesting schedule, 40% of the options will vest two years after the day of grant, and 60% of the options will vest three years after the day of grant. Vesting requires the option holder still to be an employee in the Company. The strike price of the options shall be NOK 15.125 based on the higher of the average price of the Nel ASA share the last five trading days and the closing price of the Nel ASA share on the grant date and including an 8% premium. The options that have not been exercised will lapse 4 years after the date of grant. The gain per instrument is capped at NOK 10 maximum per share option.

Primary insiders in Nel ASA have received the following grants of options, according to the terms described above:

  • Kjell Christian Bjørnsen, CFO, has been granted 155,000 share options. Following the grant, he holds 0 shares and 475,571 options.
  • Anders Søreng, Chief Technology Officer, has been granted 155,000 share options. Following the grant, he holds 331,899 shares and 773,000 options.
  • Filip Smeets, SVP Nel Hydrogen Electrolyser, has been granted 155,000 share options. Following the grant, he holds 0 shares and 475,571 options.
  • Jørn Rosenlund, Chief Strategy Officer, has been granted 155,000 share options. Following the grant, he holds 300,000 shares and 789,000 options.
  • Hans Hide, SVP Projects, has been granted 160,000 share options. Following the grant, he holds 0 shares and 776,000 options.
  • Stein Ove Erdal, VP Legal and General Counsel, has been granted 160,000 share options. Following the grant, he holds 0 shares 810,000 options.
  • Caroline Duyckaerts, Chief HR Officer, has been granted 155,000 share options. Following the grant, she holds 0 shares 155,000 options.

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