Vow Green Metals AS

Remuneration Information • Dec 18, 2023

Vow Green Metals AS: Grant of options to employees

Vow Green Metals AS: Grant of options to employees

On 18 December 2023, the Board of Directors of Vow Green Metals AS (the “Company”) approved an option-based incentive program for leading employees. The total number of options granted under the program will be 4,320,000.

The Board of Directors has today granted the 4,320,000 share options to employees, under the program. Each option gives the right to subscribe for one share in the Company. The strike price for the options is NOK 2.4050 (22.4 percent premium compared to closing share price as of 15 December 2023), equal to the one year volume weighted average price of the Company prior to the award date.

The options will vest over 3 years, with 1/3 at every anniversary. Of the 4,320,000 awarded share options, the following share options were granted to primary insiders:

Cecilie Jonassen (CEO): 720,000 options

Jan Halvard Aas Møller (CFO): 480,000 options

Trond Forseth (CTO): 480,000 options

Håkon Nøstvik (VP Commercial and Strategy): 480,000 options

Gudmund Jenssen (Managing Director Operations Norway): 480,000 options

Peder Poulsson (Director, Project Finance): 480,000 options

Cathrine Adolfsen (Project Director): 480,000 options

Mathias Nilsen Reierth (Director of Corporate Affairs and Commercial): 240,000 options

Please see attached primary insider notifications forms.

ENDS

For further information, please contact:

Mathias Nilsen Reierth, Director of Corporate Affairs and Commercial, Vow Green Metals AS

Tel: + 47 988 05 724

Email: mathias.reierth@vowgreenmetals.com

About Vow Green Metals

Vow Green Metals’ strategy is to be a leading producer of biocarbon and other carbon neutral products that enables the green transition in hard-to-abate industries. We are on a mission to accelerate the world’s transition to renewable materials by offering green alternatives to replace fossil reduction agents in the metallurgical industry. The core of our business is to build, own and operate biocarbon production plants using state-of-the-art pyrolysis technology to turn biomass and biomass waste-streams into our core product, biocarbon. Our biocarbon production process also creates other valuable products like bio-oil and bioenergy. With our standardized solutions, unique access to proprietary technology, and a growing global pipeline of projects, we are upholding our first mover position in a growing market where speed and scale will be determining factors. Vow Green Metals is building a new biocarbon industry on the shoulders of its main owner and technology partner, Vow ASA, which provides access to competence and capabilities acquired through decades of industrial innovation.

This information is subject of the disclosure requirements pursuant to the Market Abuse Regulation (MAR) article 19 and section 5-12 of the Norwegian Securities Trading Act.