Atlantic Sapphire

Share Issue/Capital Change • May 16, 2024

Atlantic Sapphire ASA: Grant of Share Options – Primary Insider Notification

Atlantic Sapphire ASA: Grant of Share Options – Primary Insider Notification

Miami, FL, May 16, 2024

Reference is made to existing share option program, as described in the Remuneration Policy of Atlantic Sapphire ASA (the "Company"), which is available on www.atlanticsapphire.com. The Board of Directors of the Company has now granted a total of 3,000,000 to Atlantic Sapphire USA LLC employees, as part of the existing share option program. The options have been distributed by the Board of Directors to a total of 38 key employees. This option award comes in addition to the proposed share option award to Mr. Pedro Courard, as announced on 14 May 2024.

All options awarded have a strike price of NOK 1.15 (a 6.5% premium to the last closing price of the Atlantic Sapphire shares) and an expiration date of May 16, 2029. Further, all options have a four-year vesting period (with 25% of the total options vesting each year).

Each option gives the holder the right upon exercise to purchase one new share in the Company.

The following primary insiders of the Company has been allocated share options:

- Mario Palma, Chief Operating Officer, has been granted 300,000 share options, each with a strike price of NOK 1.15;

- Svein Taklo, Chief Development & Infrastructure Officer, has been granted 300,000 share options, each with a strike price of NOK 1.15; and

- Valerie Leath, HR Director, has been granted 110,000 share options, each with a strike price of NOK 1.15.

Further information with regards to the allocation to primary insiders is included in the attached notification forms.

The Company has 1,121,084,415 shares outstanding.

For further information, please contact:

Johan E. Andreassen, CEO;

or

Karl Øystein Øyehaug, CFO

investorrelations@atlanticsapphire.com

This information is subject to the disclosure requirements pursuant to the Market Abuse Regulation art. 19 and the Norwegian Securities Trading Act section 5-12.

About Atlantic Sapphire ASA

Atlantic Sapphire is pioneering Bluehouse® (land-raised) salmon farming, locally, and transforming protein production, globally. Atlantic Sapphire operated its innovation center in Denmark from 2011 until 2021 with a strong focus on R&D and innovation to equip the Company with the technology and procedures that enable the Company to commercially scale up production in end markets close to the consumer. 

In the US, the Company holds the requisite permits and patents to construct its Bluehouse® in an ideal location in Homestead, Florida, just south of Miami. The Company's Phase 1 facility is in operation, which provides the capacity to harvest approximately 10,000 tons (HOG) of salmon annually. The Company completed its first commercial harvest in the US in September 2020. Atlantic Sapphire is currently constructing its Phase 2 expansion, which will bring total annual production capacity to 25,000 tons, and has a long-term targeted harvest volume of 220,000 tons.