Belships

Belships ASA: Settlement of share options and grant of new share options to the CEO - PDMR notice

Oslo, 13 March 2022: The CEO of Belships ASA ("the Company"), Lars Christian

Skarsgård, has today exercised all his 5,000,000 options in the Company against

cash settlement by the Company. The share options were granted to Skarsgård when

he was appointed as the new CEO of the Company in 2019. The amount payable per

share is equal to NOK 18,64 (equal to the VWAP of the share the last 10 business

days prior to settlement) less the strike price of NOK 4.10.

Furthermore, the board of directors of the Company has decided to grant

Skarsgård 5,000,000 new options to subscribe for up to 5,000,000 shares in the

Company with an exercise price of NOK 18.64 per share. The options can be

exercised in the period between 36 months and 60 months from the date of grant.

The company may honour exercised options by delivery of new shares in a share

issue, by the sale of existing shares, or by way cash settlement (i.e. payment

of the difference between the market price of the shares less the exercise

price). Options that have not been exercised will lapse if Skarsgård terminates

his position as CEO or if he is terminated from his position with cause. If

Skarsgård is terminated from his position without cause during the first

12 months, 2/3 of the options will lapse and if he is terminated from his

position without cause during the first 24 months, 1/3 of the options will

lapse. If Skarsgård is terminated without cause during the exercise period, the

options will lapse unless they are exercised within three months.

Further details regarding the option exercise and the option grant are included

in the attached PDMR forms.

This information is subject to the disclosure requirements pursuant to the

Market Abuse Regulation article 19.

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