Argeo AS

Remuneration Information • Dec 16, 2021

Argeo: Option program update

Argeo: Option program update

Asker, 16.12.2021: Following the commitment to allocate options to the Board of Directors and CFO as described in the information document published in connection with the listing on Euronext Growth Oslo in April, and approval of the share option program at the Extraordinary General Meeting on the 10th December 2021, the following remuneration has been granted the Board of Directors and employees.

A total number of 995,000 share options were granted.

Primary insiders in Argeo AS have received the following grants of options:

Jan Grimnes, Chairman of the Board: 70,000 new options. Following the allocation Grimnes owns 1.469.512 shares and 153,689 warrants via Redback AS and 70,000 options.

Geir Kaasen, board member: 70,000 new options. Following the allocation Kaasen owns 109,662 shares and 67,415 warrants via Eurovest AS and 120,000 options.

Ann-Christin Andersen, board member: 70.000 new options. Following the allocation Andersen owns 70,000 options.

Jim Dåtland, board member: 70,000 new options. Following the allocation Dåtland owns 70,000 options.

Arne Kjørsvik, board member: 70,000 new options. Following the allocation Kjørsvik owns 70,000 options.

Odd Erik Rudshaug, CFO: 100,000 new options. Following the allocation Rudshaug owns 100,000 options.

Ronny Bøhn, COO: 70,000 new options. Following the allocation Bøhn owns 70,000 options.

Elisabeth Andenæs, Marketing Manager: 20,000 new options. Following the allocation Andenæs owns 9.600 shares and 20,000 options.

The following conditions apply to the allocated options:

1. Vesting scheme, calculated from the time of commitment/ allocation:

- 25% of the options vest after 1 year

- A further 25% of the options vest after 2 years

- The remainder of the options vest after 3 years

2. Strike price: NOK 8.20

3. Maturity

The options mature 5 years after committed/allocated, which was 26th of April 2021 for the options to the Board members and CFO and 16th of December 2021 for all others.

For more information, please contact:

Trond Figenschou Crantz, CEO

Email: trond.crantz@argeo.no

Phone: +47 976 37 273

About Argeo

Argeo is a company with a mission to transform the ocean surveying and inspection industry by utilizing autonomous surface and underwater robotics solutions. Equipped with unique sensors and advanced digital imaging technology, the Autonomous Underwater Vehicles (“AUVs”) will significantly increase efficiency and imaging quality in addition to contribute to significant reduction in CO2 emissions from operations for the global industry in which the Company operates.

The Company’s highly accurate digital models and digital twin solutions are based on geophysical, hydrographic and geological methods from shallow waters to the deepest oceans for the market segments Infrastructure, Offshore Wind, Oil & Gas and Deep-Sea Minerals. Argeo was established in 2017 and has offices in Asker and Tromsø, Norway. Since its incorporation, Argeo has carried out complex projects for some of Norway’s largest companies in the field.

www.argeo.no