Magnora ASA

Remuneration Information • Apr 9, 2021

Magnora ASA: Grant of share options under share incentive scheme

Magnora ASA: Grant of share options under share incentive scheme

9 April 2021: MAGNORA ASA awards share options to key personnel.

CFO, Bård Olsen, has been granted 50,000 options with a strike price of NOK 26.47, which gives him the rights to acquire 50,000 additional shares in the Company. Vesting period is 3 years, and the options expire 5 years from vesting date. Mr. Olsen holds 26,000 shares in Magnora ASA, which equals 0.05 percent of the issued shares and votes in the Company. Mr. Olsen holds 100,000 share options in Magnora ASA including the 50,000 options mentioned above.

EVP Operations, Peter Nygren, has been granted 100,000 options with a strike price of NOK 26.47, which gives him the rights to acquire 100,000 additional shares in the Company. All options will be vested in 2 years, and the options expire 5 years from vesting dates. Mr. Nygren holds 16,666 shares in Magnora ASA, which equals 0.03 percent of the issued shares and votes in the Company. Mr. Nygren holds 200,000 share options in Magnora ASA including the 100,000 options mentioned above.

EVP Projects, Haakon Alfstad, has been granted 100,000 options with a strike price of NOK 26.47, which gives him the rights to acquire 100,000 additional shares in the Company. All options will be vested in 2 years, and the options expire 5 years from vesting dates. Mr. Alfstad holds 42,755 shares in Magnora ASA, which equals 0.08 percent of the issued shares and votes in the Company. Mr. Alfstad holds 200,000 share options in Magnora ASA including the 100,000 options mentioned above.

Asset Manager, Espen Erdal, has been granted 50,000 options with a strike price of NOK 26.47, which gives him the rights to acquire 50,000 additional shares in the Company. Vesting period is 3 years, and the options expire 5 years from vesting date. Mr. Erdal holds 12,700 shares in Magnora ASA, which equals 0.02 percent of the issued shares and votes in the Company. Mr. Erdal holds 75,000 share options in Magnora ASA including the 50,000 options mentioned above.

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For further information, please contact:

Torstein Sanness, working chairman, sanness@sf-nett.no

Erik Sneve, CEO, Magnora ASA, es@magnoraasa.com

About Magnora

Magnora ASA (OSE: MGN) is a renewable energy development company looking for profitable green investment opportunities. The company is listed on the main list on Oslo Stock Exchange under the ticker MGN.

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.