Nel ASA

Remuneration Information • Jul 5, 2019

Nel ASA: Employee share option program

Nel ASA: Employee share option program

(Oslo, 5 July 2019) Nel ASA (the "Company") today resolved to grant options to

all employees of the Company. The grant of options is based on the authorization

granted by the general meeting on 28 March 2019 to issue new shares in

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

guidelines for remuneration approved by the annual general meeting on 15 May

A total of 11.1 million 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 year 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 7.80 based on the average price of the Nel ASA share the five trading days

before grant date (NOK 7.22) and including an 8% premium. The options expire

four years after grant. Any outstanding options at expiry will automatically be

exercised given that the share price is higher than the strike price. Gains per

instrument is capped at NOK 5.00 maximum per share option.

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

according to the terms described above:

Bent Skisaker, CFO of Nel, has been granted 300,000 share options. Following the

grant, he holds 551,899 shares and 700,000 options in the Company.

David Bow, SVP Business Development of Nel, has been granted 308,000 share

options. Following the grant, he holds 1,374,341 options in the Company.

Hans Hide, SVP Projects of Nel, has been granted 300,000 share options.

Following the grant, he holds 300,000 options in the Company.

Bjørn Simonsen, VP Investor Relations & Corporate Communication of Nel, has been

granted 290,000 share options. Following the grant, he holds 1,979,403 shares

and 690,000 options in the Company.

Raluca Leordeanu, VP Business Development in Nel, has been granted 322,000 share

options. Following the grant, she holds 722,000 options in the Company.

Stein Ove Erdal, VP Legal and General Counsel in Nel, has been granted 300,000

share options. Following the grant, he holds 300,000 options in the Company. S

Anders Søreng, CTO of Nel and SVP Nel Hydrogen Electrolyser, has been granted

308,000 share options. Following the grant, he holds 551,899 shares and 708,000

options in the Company.

Jørn Rosenlund, SVP Nel Hydrogen Fueling, has been granted 314,000 share

options. Following the grant, he holds 611,855 shares and 714,000 options in the

Company.

Marcus Halland, Group Controller of Nel, has been granted 125,000 share options.

Following the grant, he holds 192,007 shares 275,000 options in the Company.

ENDS

For additional information, please contact:

Bent Skisaker, CFO, +47 468 21 693

About Nel ASA | www.nelhydrogen.com

Nel Hydrogen 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.

Since its origins in 1927, Nel has a proud history of development and continual

improvement of hydrogen plants. Our hydrogen solutions cover the entire value

chain from hydrogen production technologies to manufacturing of hydrogen fueling

stations, providing all fuel cell electric vehicles with the same fast fueling

and long range as conventional vehicles today.

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