Elliptic Laboratories ASA — Director's Dealing 2026

Jun 5, 2026

Elliptic Labs: Grant of 2026 Share Options, Replacement Options and Mandatory Notifications of Trade

Elliptic Labs: Grant of 2026 Share Options, Replacement Options and Mandatory Notifications of Trade

Oslo, Norway --- Elliptic Labs (OSE: ELABS) announces that the Company's Board

of Directors has resolved to grant share options under the Company's 2026

annual option grant and to make a voluntary replacement option offer to

eligible option holders.

The 2026 annual option grant comprises a total of 2,595,025 share options,

distributed among 64 employees, including certain persons discharging

managerial responsibilities in the Company.

Each option, when exercised, carries the right to acquire one share in the

Company. The strike price for the options granted under the 2026 annual option

grant is NOK 3.20 per share, based on the 30-day volume-weighted average price

in accordance with the price mechanism set out in the Company's remuneration

policy.

The options granted under the 2026 annual option grant will vest annually over

a period of three years, with an additional two years before expiry.

The following persons discharging managerial responsibilities have been

granted options under the 2026 annual option grant:

* Ola Tviberg Sandstad (CEO) has been granted 400,000 share options.

* Brian Daly (CCO) has been granted 200,000 share options.

* Mathias Norderud (CFO) has been granted 390,000 share options.

* Øystein Grimstad (CPO) has been granted 325,000 share options.

* Tobias Borén Svendsen (CTO) has been granted 260,000 share options.

The Board of Directors has also resolved to make a voluntary replacement

option offer to eligible holders of previously granted options. The

replacement offer is intended to restore the incentive effect of the Company's

option program, as existing employee share options have exercise prices

significantly above the current market price of the Company's shares. The

Board considers the replacement offer to be proportionate, limited in scope

and important to support of the Company's long-term interests, including the

attraction, motivation and retention of key employees. As the aggregate grants

exceed the annual grant threshold set out in the Company's remuneration

guidelines, the Board has concluded that the circumstances justify a temporary

deviation in this specific case.

Under the replacement offer, eligible option holders may elect to relinquish

existing options in exchange for new options at a ratio of two existing

options for one new option.

The replacement offer covers a maximum of 1,566,286 new options, assuming full

acceptance by all eligible participants. The replacement offer is voluntary,

and the final number of replacement options will depend on the level of

acceptance by eligible participants.

By accepting the replacement offer, the relevant participant will forfeit all

rights under the participant's previously granted share options, whether

vested or unvested, and such previously granted options will become null and

void from the date the new award agreement is signed. The participant will not

receive any compensation or consideration for the relinquishment of the

previously granted options, other than the grant of replacement options on the

terms of the replacement offer.

The replacement options will be granted free of charge. Each replacement

option, when exercised, will carry the right to acquire one share in the

Company. The strike price for the replacement options will be NOK 3.20 per

share, determined in accordance with the price mechanism set out in the

Company's remuneration policy.

The replacement options will vest annually over a period of three years, with

an additional two years before expiry, in line with the Company's remuneration

policy.

Following the 2026 annual option grant and assuming full acceptance of the

replacement offer, the aggregate number of outstanding options granted to the

board of directors, executive management and employees in the company will be

5,331,310, corresponding to approximately 4.22% of the Company's total

outstanding share capital.

Assuming acceptance of the replacement offer, the maximum number of options

held by the persons discharging managerial responsibilities listed below

following completion of the replacement offer and the 2026 annual option grant

will be as follows:

* Ola Tviberg Sandstad currently holds 255,000 share options. Assuming

acceptance of the replacement offer, Sandstad will receive 127,500 replacement

options and has been granted 400,000 share options under the 2026 annual

option grant. Following completion of the replacement offer and the 2026

annual option grant, Sandstad will hold 527,500 share options in the Company.

* Brian Daly currently holds 885,000 share options. Assuming acceptance of the

replacement offer, Daly will receive 442,500 replacement options and has been

granted 200,000 share options under the 2026 annual option grant. Following

completion of the replacement offer and the 2026 annual option grant, Daly

will hold 642,500 share options in the Company.

* Mathias Norderud currently holds 74,359 share options. Assuming acceptance

of the replacement offer, Norderud will receive 37,180 replacement options and

has been granted 390,000 share options under the 2026 annual option grant.

Following completion of the replacement offer and the 2026 annual option

grant, Norderud will hold 427,180 share options in the Company.

* Øystein Grimstad currently holds 193,334 share options. Assuming acceptance

of the replacement offer, Grimstad will receive 96,667 replacement options and

has been granted 325,000 share options under the 2026 annual option grant.

Following completion of the replacement offer and the 2026 annual option

grant, Grimstad will hold 421,667 share options in the Company.

* Tobias Borén Svendsen currently holds 340,000 share options. Assuming

acceptance of the replacement offer, Svendsen will receive 170,000 replacement

options and has been granted 260,000 share options under the 2026 annual

option grant. Following completion of the replacement offer and the 2026

annual option grant, Svendsen will hold 430,000 share options in the Company.

Please see the attached forms for mandatory notifications of trade by persons

discharging managerial responsibilities in connection with the 2026 annual

option grant.

For more information, please contact:

CEO Ola Tviberg Sandstad, ola.sandstad@ellipticlabs.com

CFO Mathias Norderud, mathias.norderud@ellipticlabs.com

About Elliptic Labs

Elliptic Labs is a global Edge AI company delivering trusted, low-power

on-device sensing at scale. Our AI Virtual Smart Sensor PlatformTM enables

intelligent, always-on contextual awareness directly on devices --- without

the need for additional hardware or continuous cloud processing.

Deployed in over 500 million devices worldwide, our platform powers

software-defined sensing across a broad range of consumer and enterprise

products. By executing compact neural networks directly on-device, our

technology delivers adaptive, real-time sensing that preserves user privacy

while minimizing power consumption.

For more than a decade, Elliptic Labs has specialized in efficient neural

network execution using proprietary runtimes and custom-built sensing models

optimized for real-world environments. Built on balanced, self-collected

datasets and engineered to operate across diverse hardware architectures, our

AI Virtual Smart Sensors enable seamless integration across product

generations and device categories.

Our solutions enhance security, personalization, productivity, and user

experience --- forming a scalable foundation for the next generation of

AI-enabled devices.

Headquartered in Norway, with a presence in the USA, China, South Korea,

Taiwan, and Japan, Elliptic Labs is listed on the Oslo Stock Exchange. All

technology and intellectual property are developed in Norway and are solely

owned by the company, ensuring independence and long-term innovation.

This information has been submitted pursuant to the Securities Trading Act §

5-12 and MAR. The information was submitted for publication, through the

agency of the contact persons set out above, at 2026-06-05 14:25 CEST.