Ocean Sun

Remuneration Information • May 12, 2023

Ocean Sun AS – Long term incentive program

Ocean Sun AS – Long term incentive program

On the 11th of May 2023, the board of directors granted a total of 763 339 share options to employees. Each share option gives the right to subscribe for and be allotted one share in Ocean Sun AS. The strike price of the options is set to NOK 6.83 per share, which is a 10% premium over the volume weighted average share price over the five last trading days preceding 11th of May 2023. The options will lapse if not exercised by 11th of May 2028. The option grant is divided into two tranches whereby 40% vests after two years and 60% vests after three years. Further, the options are capped at four times the strike price. The terms of the options granted are in accordance with the terms presented for Ocean Sun’s general assembly meeting held on the 4th of May 2023. Following the grant, the number of outstanding options amount to 2.25% of the total amount of outstanding shares in Ocean Sun AS.

Of the total grant, the following was granted to primary insiders:

• Børge Bjørneklett, CEO, 163 403 options.

• Are Glørsen, Head of SEA, 130 758 options.

• Kristian Tørvold, Head of NEA, 116 618 options.

• Karl Lawenius, CFO, 116,277 options.

• Alexander Telje, CCO, 116,277 options.

About Ocean Sun:

By combining the Norwegian maritime expertise and knowledge within photovoltaics, Ocean Sun has developed an innovation that offers a bold solution to our global energy needs. The patented technology is based on solar modules mounted on hydro-elastic membranes and offers cost and performance benefits not seen in any other floating PV system today. With offices in Oslo, Singapore and Shanghai, Ocean Sun aims to become the world's leading technology provider of floating solar.

For further details, please contact:

Børge Bjørneklett, CEO of Ocean Sun, +47 90195778

Karl Lawenius, CFO of Ocean Sun, +47 45633881