Nel ASA: Employee share option program

Nel ASA: Employee share option program

(February 27, 2025 – Oslo, Norway) Nel ASA (Nel, OSE:NEL) has today resolved to grant 3,050,000 options under its share option plan. The strike price is 2.603 a premium of 8% over the highest of the closing share price on February 27, 2025 and the volume-weighted average price over the past 5 preceding trading days. The vesting time is 3 years and the options expire after 5 years.

A total number of 3,050,000 share options were granted in the long-term incentive (LTI) program. 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, 100% 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 options that have not been exercised will lapse 5 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, Chief Financial Officer, has been granted 300,000 share options. Following the grant, he holds 20,000 shares and 775,000 options.
• Hans Hide, Chief Project Officer, has been granted 300,000 share options. Following the grant, he holds 30,000 shares and 760,000 options.
• Stein Ove Erdal, SVP Legal and General Counsel, has been granted 300,000 share options. Following the grant, he holds 0 shares 760,000 options.
• Marius Løken, Chief Technical Officer, has been granted 300,000 share options. Following the grant, he holds 0 shares and 450,000 options.
• Todd Cartwright, Chief Commercial Officer, has been granted 300,000 share options. Following the grant, he holds 0 shares and 450,000 options.
• Anne Liberg, Chief Human Relations Officer, has been granted 300,000 share options. Following the grant, she holds 0 shares and 300,000 options.
• Kai Rune Heggland, SVP Operations, Alkaline, has been granted 300,000 share options. Following the grant, he, and related parties, holds 8,766 shares and 435,000 options.
• Tushar Ghuwalewala, SVP Operations, PEM, has been granted 300,000 share options. Following the grant, he holds 0 shares and 452,500 options.

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