Nel ASA

Share Issue/Capital Change • Aug 19, 2021

Nel ASA: Employee share option program

Nel ASA: Employee share option program

(Oslo, 19 August 2021) Nel ASA has today resolved to grant options to all

employees of the company that fulfil the requirements for participation in the

employee share option plan. The grant of options is based on the authorization

from Nel's annual general meeting (AGM) of 15 April 2021 to issue new shares in

connection with Nel's incentive plan for employees, and the same AGM's adoption

of the statement of the board regarding long-term incentive plans

A total number of 7,768,464 share options were granted in a groupwide program

comprising all employees in Nel fulfilling certain criteria. Each option, when

exercised, will give the right to acquire one share in the Company. The options

are granted without consideration. Pursuant to the vesting schedule, 40% of the

options will vest two years after the day of grant, and 60% of the options will

vest three years after the day of grant. Vesting requires the option holder

still to be an employee in the Company. The strike price of the options shall be

NOK 15.125 based on the higher of the average price of the Nel ASA share the

last five trading days and the closing price of the Nel ASA share on the grant

date and including an 8% premium. The options that have not been exercised will

lapse 4 years after the date of grant. The gain per instrument is capped at NOK

10 maximum per share option.

Primary insiders in Nel ASA have received the following grants of options,

according to the terms described above:

· Kjell Christian Bjørnsen, CFO, has been granted 155,000 share options.

Following the grant, he holds 0 shares and 475,571 options.

· Anders Søreng, Chief Technology Officer, has been granted 155,000 share

options. Following the grant, he holds 331,899 shares and 773,000 options.

· Filip Smeets, SVP Nel Hydrogen Electrolyser, has been granted 155,000 share

options. Following the grant, he holds 0 shares and 475,571 options.

· Jørn Rosenlund, Chief Strategy Officer, has been granted 155,000 share

options. Following the grant, he holds 300,000 shares and 789,000 options.

· Hans Hide, SVP Projects, has been granted 160,000 share options. Following

the grant, he holds 0 shares and 776,000 options.

· Stein Ove Erdal, VP Legal and General Counsel, has been granted 160,000

share options. Following the grant, he holds 0 shares 810,000 options.

· Caroline Duyckaerts, Chief HR Officer, has been granted 155,000 share

options. Following the grant, she holds 0 shares 155,000 options.

·

ENDS

For further information, please contact:

Kjell Christian Bjørnsen, CFO, +47 917 02?097

Ida Marie Fjellheim, Investor Relations, +47 905 09 291

About Nel ASA | www.nelhydrogen.com

Nel is a global, dedicated hydrogen company, delivering optimal solutions to

produce, store, and distribute hydrogen from renewable energy. We serve

industries, energy, and gas companies with leading hydrogen technology. Our

roots date back to 1927, and since then, we have had a proud history of

development and continuous improvement of hydrogen technologies. Today, our

solutions cover the entire value chain: from hydrogen production technologies to

hydrogen fueling stations, enabling industries to transition to green hydrogen,

and providing fuel cell electric vehicles with the same fast fueling and long

range as fossil-fueled vehicles - without the emissions.