Nel ASA

Remuneration Information • Jul 18, 2023

Nel ASA: CEO share option program

Nel ASA: CEO share option program

(July 18, 2023 - Oslo, Norway) Nel ASA has today granted 500,000 options under

its long-term incentive (LTI) program for the CEO, Håkon Volldal. Reference made

to the announcement January 5, 2022, where the strike price is 13.849, a premium

of 10% over the closing share price on June 30, 2023, representing the one-year

anniversary for his commencement date. The vesting period is 3 years and the

options expired after 5 years.

Reference made to the press release dated January 5, 2022, where a total of

500,000 share options has now been granted to Håkon Volldal in accordance with

the company's LTI program for the CEO. Each option, upon vesting, entitles

Volldal to acquire one share in the Company. These options are granted without

any considerations. As per the vesting schedule, 100% of the options will vest

after three years, which corresponds to Volldal's four-year employment

anniversary. The vesting of options is contingent upon Håkon Volldal's continued

employment with the Company. Options that have not been exercised will expire

five years after the grant date.

According to the LTI program, Håkon Volldal will receive 500,000 options on each

of the first, second, and third anniversaries of his commencement date. The

total accumulated profit for all options is capped at NOK 25 million, with a

limit of NOK 30 per option.

Following the grant, Håkon Volldal holds 0 shares and 500 000 options.

ENDS

For additional information, please contact:

Kjell Christian Bjørnsen, CFO, +47 917 02?097

About Nel ASA | www.nelhydrogen.com

Nel has a history tracing back to 1927 and is today a leading pure play hydrogen

technology company with a global presence. The company specializes in

electrolyser technology for production of renewable hydrogen, and hydrogen

fueling equipment for road-going vehicles. Nel's product offerings are key

enablers for a green hydrogen economy, making it possible to decarbonize various

industries such as transportation, refining, steel, and ammonia.

This information is subject to a duty of disclosure pursuant to Section 5-12 of

the Norwegian Securities Trading Act. This information was issued as inside

information pursuant to the EU Market Abuse Regulation, and was published by

Kjell Christian Bjørnsen, CFO at NEL ASA on the date and time provided.