Atlantic Sapphire

Director's Dealing • May 23, 2023

Notification and public disclosure of transactions by Primary Insiders and their Close Associates

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Johan E. Andreassen
2	Reason for the notification
a)	Position/status	CEO
b)	Initial notification/ Amendment	Initial
3	Details of the issuer
a)	Name	Atlantic Sapphire ASA
b)	LEI	2138007BY85FI48VX666
4		Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument Identification code	ISIN: NO 001 0768500
b)	Nature of the transaction	Grant of share options
c) d)	Price(s) and volume(s) Aggregated information - Aggregated volume - Price	Price(s) (NOK) Volume(s) 10.0 7 000 000 15.0 7 000 000 Johan Andreassen has been granted a total of 14,000,000 share options, divided into two tranches: The first tranche shall consist of 7,000,000 share options (the "Tranche 1 Options"), each with a strike price of NOK 10. The conditions for vesting of the Tranche 1 Options shall be determined by the Board of Directors following this general meeting, but shall vest no later than 31 December 2024. Tranche 1 Options that have not been exercised within 31 December 2025 will lapse automatically. The second tranche shall consist of 7,000,000 share options (the "Tranche 2 Options", and together with the Tranche 1 Options, the "CEO Options"), each with a strike price of NOK 15. The Tranche 2 Options shall vest with 20% annually over five years, calculated from the date of this general meeting. Tranche 2 Options that have not been exercised within 31 December 2028 will lapse automatically.
e)	Date of the transaction	23 May 2023
f)	Place of the transaction	Outside of trading platform