Share option program and mandatory notification of trade

The Board of Directors of Nordic Halibut AS (“Nordic Halibut” or the “Company”) has resolved to implement a share option program for management and certain key employees of the Company.

The share option program is implemented to increase the Company’s ability to retain, reward and attract talent to help realise the Company’s ambitious growth plan. It is considered beneficial for all Company stakeholders to implement an incentive for key employees to have ownership in the Company.

The program comprises 600.000 share options in total. Each option will give the option holder the right to subscribe or purchase one share in the Company at the exercise price, which is set to NOK 22.50, equal to the subscription price in the private placement of shares immediately prior to the listing of the Company’s shares on 26 April 2021.

The share options will vest for a period of two years starting at the later of 24 September 2024 and the date when the Company has reached certain performance targets.

Share options that are not exercised within the exercise period will lapse and be of no value to the option holder. The options are non-tradable and conditional upon i.a. the option holder being employed with the Company and not having resigned or being terminated for cause prior to the vesting date.

The Company has the right, in its sole discretion, to settle any vested share options by transfer of existing shares, new shares or a mix of the two. Further, the Company has the right to settle any the economic interest in any vested share option in cash.

Issuing of new shares in the future for the purpose of the options program will depend on required corporate authorizations being in place at the time of exercise of the options.

375.000 of the share options have been granted to the following primary insiders of the Company:

Edvard Henden, CEO, has been granted 150.000 share options. Following this grant, he holds 10.000 shares in the Company and 150.000 share options.

Kenneth Meyer, CFO, has been granted 75.000 share options. Following this grant, he holds 2.000 shares in the Company and 75.000 share options.

Ann Kristin Fladset, COO, has been granted 75.000 share options. Following this grant, she holds 30 shares in the Company and 75.000 share options.

Atle Jacobsen, CCO, has been granted 75.000 share options. Following this grant, he holds 0 shares in the Company and 75.000 share options.

In addition, certain key employees have been granted a total of 125.000 share options and 100.000 share options are yet to be granted.