Elmera Group ASA

Related Party Transaction • Feb 18, 2020

Fjordkraft Holding ASA: Exercise of employee share options

Fjordkraft Holding ASA: Exercise of employee share options

Exercise of employee share options in Fjordkraft ASA ("the Company").

1. Employees in the Company have on 17 February 2020 exercised 76 000 options. The options had an average strike price of NOK 30.80. Each share option corresponds to one share. Pursuant to authorization granted by the Company’s Annual General Meeting the Company’s share capital will be increased by NOKt 22.8 by issuing 76 000 new shares, of par value NOK 0.30. Following the increase, the Company’s share capital is NOKt 31 372 divided into 104 572 216 shares.

2. Options exercised by primary insiders 17 February 2020:

Alf Kåre Hjartnes has exercised 10 000 options in the Company, corresponding to

10 000 shares at the strike price of NOK 30.80.

3. Transfer of rights

On 17 February 2020, the primary insider mentioned above transferred the rights to receive shares resulting from the exercise of options to a third party. The sales amount will be finally determined on the basis of the price subsequently obtained by the third party when selling the shares in the market. Still, primary insiders cannot be held liable for losses incurred by the third party if the shares are later sold below the strike price. Final compensation for the transferred rights will be reported to Oslo Børs when known.

4. New holding

After exercising options, Alf Kåre Hjartnes holds 70 000 unexercised options in the Company, corresponding to 70 000 shares. 50 000 options have a strike price of NOK 30.80 and 20 000 options have a strike price of NOK 68.00 After completion of the abovementioned transactions, the primary insider holds 8,833 shares in the Company.