Atlantic Sapphire

Share Issue/Capital Change • May 12, 2023

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

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

Miami, FL, 12 May 2023

Reference is made to existing share option program, as described in the Remuneration Policy of Atlantic Sapphire ASA (the “Company”), which is available on www.atlanticsapphire.com. The Board of Directors of the Company has today granted a total of 2,000,000 share options to Atlantic Sapphire USA LLC employees, as part of the existing share option program. The options have been distributed by the Board of Directors to a total of 33 key employees, none of whom have received any ordinary share options since January 2020.

CEO of Atlantic Sapphire USA LLC, Johan E. Andreassen, and CFO of Atlantic Sapphire USA LLC, Karl Øystein Øyehaug, have not been considered for new options as part of this allocation as a separate share option program for them is being presented to the AGM of the Company on 23 May 2023.

An overview of the options allocated to primary insiders of the Company is attached to this notification. All options have a strike price of NOK 5 (a 7% premium to the last closing price of the share) and an expiration date of 12 May 2028. Further, all options have a four-year vesting period (with 25% of the total options vesting each year).

Each option gives the holder the right upon exercise to purchase one new share in the Company.

The following primary insiders of the Company has been allocated share options:

- Jon Birger Løvik, Chief Operations Officer, has been granted 200,000 share options with a strike price of NOK 5 per share option;

- Svein Taklo, Chief Development and Infrastructure Officer, has been granted 200,000 share options with a strike price of NOK 5 per share option; and

- Valerie Leath, Director of HR, has been granted 75,000 share options with a strike price of NOK 5 per share option.

Further information with regards to the allocations to primary insiders is included in the attached notification forms.

The Company has 272,266,409 shares outstanding.

For further information, please contact:

Johan E. Andreassen

Chairman, Atlantic Sapphire ASA, and CEO, Atlantic Sapphire USA LLC

Karl Øystein Øyehaug

Managing Director, Atlantic Sapphire ASA, and Chief Financial Officer, Atlantic Sapphire USA LLC

investorrelations@atlanticsapphire.com

This information is subject to the disclosure requirements pursuant to the Market Abuse Regulation art. 19 and the Norwegian Securities Trading Act section 5-12.

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 the 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 identified and obtained the requisite permits to construct its Bluehouse® in the ideal location in Homestead, Florida, just south of Miami. The Company has completed Phase 1 construction, which provides the capacity to harvest approximately 10,000 tons (HOG) of salmon annually. The Company completed its first commercial harvest in the US in September 2020. Atlantic Sapphire is currently constructing its Phase 2 expansion, which will bring total annual production capacity to 25,000 tons, and has a long-term targeted harvest volume of 220,000 tons.