Nel ASA

Remuneration Information • Aug 6, 2020

Nel ASA: Employee Share Option Program

Nel ASA: Employee Share Option Program

(Oslo, 6 August 2020) Nel ASA (the Company) today has resolved to grant options

to additional employees of the Company that fulfill 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 of 13 May 2020 to issue

new shares in connection with Nel's incentive plan for employees, and the same

annual general meeting's adoption of the statement of the board regarding long

term incentive plans.

A total of 262,000 share options were granted on terms and conditions equivalent

to the options issued on July 8. 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 on July

8, 2022, and 60% of the options will vest on July 8, 2023. Vesting requires the

option holder still to be an employee in the Company. The strike price of the

options shall be NOK 21,72 based on the average price of the Nel ASA share the

five trading days before July 8,2020 (NOK 20,11) and including an 8% premium.

The options that have not been exercised will lapse 4 years on July 8, 2024.

Gains per instrument is capped at NOK 5,00 maximum per share option.

ENDS

For further information, please contact:

Kjell Christian Bjørnsen, CFO, +47 917 02 097

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.