Atlantic Sapphire

Share Issue/Capital Change • Jan 20, 2021

Atlantic Sapphire ASA: Grant of Share Options – Primary Insider Notification

Atlantic Sapphire ASA: Grant of Share Options – Primary Insider Notification

Miami, FL, January 20, 2021

The Board of Directors of Atlantic Sapphire ASA (the “Company”) has today granted a total of 349,570 share options to new Atlantic Sapphire employees, as part of the existing share option program for new employees, and related to the hiring of an experienced in-house sales team in September 2020.

The options have been allocated as follows:

Damien Claire, Chief Sales and Marketing Officer and primary insider, has been granted 108,644 options with a strike price of NOK 100 and an expiration date of September 5, 2025. 35,000 of such options have a four-year vesting period (with 25% of the total options vesting each year) and 73,644 of such options have a three-year vesting period (with 25% of the total options vesting on the date of grant and 25% of the total options vesting each year thereafter). Following the grant, Mr. Claire owns 175,870 shares and 108,644 options in the Company.

A new employee has been granted 34,686 options, with a strike price of NOK 101 and an expiration date of September 9, 2025. 15,000 of such options have a four-year vesting period (with 25% of the total options vesting each year) and 19,686 of such options have a three-year vesting period (with 25% of the total options vesting on the date of grant and 25% of the total options vesting each year thereafter).

Three new employees of the Company have been granted a total of 206,240 options, with a strike price of NOK 107 and expiration date of September 16, 2025. 60,000 of such options have a four-year vesting period (with 25% of the total options vesting each year) and 146,240 of such options have a three-year vesting period (with 25% of the total options vesting on the date of grant and 25% of the total options vesting each year thereafter).

Each option gives the holder upon exercise the right purchase one new share. The strike price and expiry date of the options is based on each employee’s first day of employment, with the strike price being "at the money" on such dates.

The Company has 80,663,551 shares outstanding.

For further information, please contact:

Johan E. Andreassen

Chairman, Atlantic Sapphire ASA;

Karl Øystein Øyehaug

Managing Director & Interim CFO, Atlantic Sapphire ASA

investorrelations@atlanticsapphire.com

About Atlantic Sapphire ASA

Atlantic Sapphire is pioneering Bluehouse® (land-raised) salmon farming, locally, and transforming protein production, globally. Atlantic Sapphire has been operating its innovation center in Denmark since 2011 with a strong focus on R&D and innovation to equip the company with technology and procedures that enable the company to commercially scale up production in end markets close to the consumer.

In the US, the company has since 2010 worked to identify and permit the ideal location for Bluehouse® farming in Miami, Florida. The company has completed its phase 1 build out which is projected to harvest approximately 10,000 tons of salmon annually and performed its first commercial harvest in the US in September 2020. The company has secured the key US water permits to produce up to 90,000 tons onsite, and has a targeted harvest volume in 2031 of 220,000 tons.