Nel ASA

Remuneration Information • Feb 29, 2024

OSE-FILING February 29, 2024 – Oslo, Norway

Nel ASA: Employee share option program

(February 29, 2024 - Oslo, Norway) Nel ASA (Nel, OSE:NEL) has today resolved to grant 1 650 000 options under its share option plan. The strike price is NOK 5.318, a premium of 8% over the highest of the closing share price on February 29, 2024 and the volume-weighted average price over the past 5 preceding trading days. The vesting time is 3 years and the options expire after 5 years.

A total number of 1 650 000 share options were granted in the long-term incentive (LTI) program. Each option, when exercised, will give the right to acquire one share in the Company. The options are granted without consideration. Pursuant to the vesting schedule, 100% of the options will vest three years after the day of grant. Vesting requires the option holder still to be an employee in the Company. The options that have not been exercised will lapse 5 years after the date of grant. The gain per instrument is capped at NOK 10 maximum per share option.

Primary insiders in Nel ASA have received the following grants of options, according to the terms described above:

• Kjell Christian Bjørnsen, Chief Financial Officer, has been granted 150,000 share options. Following the grant, he holds 20,000 shares and 775,571 options.
• Hans Hide, Chief Project Officer, has been granted 150,000 share options. Following the grant, he holds 30,000 shares and 776,000 options.
• Stein Ove Erdal, SVP Legal and General Counsel, has been granted 150,000 share options. Following the grant, he holds 0 shares 810,000 options.
• Caroline Duyckaerts, Chief HR Officer, has been granted 150,000 share options. Following the grant, she holds 0 shares 455,000 options.
• Robert Borin, Senior Vice President Nel Fueling Division, has been granted 150,000 share options. Following the grant, he holds 0 shares and 300,000 options.
• Esa Laukkanen, Chief Operating Officer, has been granted 150,000 share options. Following the grant, he holds 0 shares and 300,000 options.
• Marius Løken, Chief Technical Officer, has been granted 150,000 share options. Following the grant, he holds 0 shares and 150,000 options.
• Todd Cartwright, Chief Commercial Officer, has been granted 150,000 share options. Following the grant, he holds 0 shares and 150,000 options.

ENDS

For additional information, please contact:

Kjell Christian Bjørnsen, CFO, +47 917 02 097 Wilhelm Flinder, Head of Investor Relations, +47 936 11 350

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 roadgoing 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.