Inin Group AS — Board/Management Information 2021

Feb 19, 2021

ELOP AS – NEW GROUP CEO AND GRANT OF OPTIONS TO PRIMARY INSIDER

ELOP AS – NEW GROUP CEO AND GRANT OF OPTIONS TO PRIMARY INSIDER

After completion of the Simplifai transaction, as further described in the Elop’s stock exchange announcements on 21 December 2020 and 18 January 2021, the Board of Directors of Elop has implemented a strategy for the establishment of a leading management team responsible for leading and managing the Group's main businesses Elop and Simplifai, with the purpose of creating synergies between Elop and Simplifai and long term shareholder values. On this basis, the Company has today entered into an employment agreement with Chairman Øivind Horpestad, under which he shall act as Executive Chairman and Group CEO, effective today. Kjersti Kanne will continue her position as VP for Elop and Bård Myrstad will continue his position as VP for Simplifai.

Øivind Horpestad has been Chairman of Elop since July 2019. He is also chairman of Oslo-listed Endúr ASA. Horpestad was one of the original founders and former CEO of NRC Group, listed on Oslo Stock Exchange. He has broad industrial experience through former positions in Team Bane (now part of NRC Group), VRS Rail AS and Coast Capital.

Further, Øivind Horpestad has been granted 2,300,000 options in the Company, fully vested and with a strike price of NOK 7.50. The options may be exercised within three years from the grant date (i.e. 19 February 2024), subject to Horpestad being employed by the Company on the exercise date.

For further information, please contact:

CFO Torbjørn Blom-Hagen, Elop AS, mobile +47 926 48 847