Reach Subsea — Remuneration Information 2021

Dec 9, 2021

Reach Subsea ASA: Adoption of employee shares incentive program

Reach Subsea ASA: Adoption of employee shares incentive program

Haugesund, 8 December 2021: The board of directors (the “Board”) of Reach Subsea ASA (“Reach”) has today approved a share incentive program for employees of the Company and its subsidiaries. The program comprises 3.4 million shares which, if fully utilised, equals approximately 2.37% of the shares currently issued.

The program aims to encourage the employees' participation and involvement in the Company by linking part of their compensation to the Company's long-term value growth. The share incentive program is composed of two parts.

The first part of the program comprises an offer to all employees to purchase shares with a value of NOK 30,000 for NOK 22,500, i.e. with a discount of NOK 7,500. The offer comes with a financing option of a 12-month loan from the Company under the employee loan scheme, and with a total limit of 0.4 million shares. The subscription price offered to all employees will be NOK 2.25 per share, which approximately equals the volume-weighted average share price in the past 10 trading days, adjusted for a 25% discount. Employees subscribing for the maximum of 10,000 shares will thus receive a discount corresponding to NOK 7,500 per employee.

The second part of the program comprises a regular share option program for certain employees on the basis of a recommendation from the Company’s CEO and with the approval of the Board. 1/3 of the options can be exercised each year for the following 3 years, whereby 50% of the shares acquired have a lock-up period of one year and 50% can be sold after being exercised. The offer comes with a financing option of a 12-month loan from the Company under the employee loan scheme, for a loan of up to 1G (approx. NOK 100,000). The second part of the program is limited to 3 million shares. The strike price for the options offered to senior executives is set at NOK 3.00, which approximately equals the volume-weighted average share price in the past 10 trading days.

The following Reach primary insiders have been granted share options:

• Jostein Alendal, CEO: 600,000 options. Following the grant, he beneficially owns 5,579,539 shares in Reach (includes 5,529,539 shares owned by his 50% owned investment company JT Invest AS) and holds 600,000 options.

• Bård Høgheim, CCO: 600,000 options. Following the grant, he beneficially owns 450,625 shares in Reach and holds 600,000 options.

• Inge Grutle, COO: 600,000 options. Following the grant, he beneficially owns 909,179 shares in Reach (includes 909,179 shares owned by his 50% owned investment company Invicta Invest AS) and hold 600,000 options.

• Birgitte Johansen, CFO; 600,000 options. Following the grant, she beneficially owns 139,050 shares in Reach and holds 600,000 options.

This information is subject to the disclosure requirements in Regulation EU 596/2014 (Market Abuse Regulation) article 19 and the Norwegian Securities Trading Act Section 5-12.

For further information, please contact:

Jostein Alendal, CEO, jal@reachsubsea.no

Birgitte Wendelbo Johansen, CFO, bwj@reachsubsea.no

About Reach Subsea:

The Reach Subsea ASA Group’s business concept is to offer subsea services as subcontractor and/or directly to end clients, based out of our head office in Haugesund. The core business of the Group is based on modern, high spec Work ROVs operated by highly-qualified offshore personnel, and supported by onshore engineering resources. The Group’s objective is to be a preferred subsea partner and full-service provider of subsea operations for clients, among others by having focus on safety, environment, financial solidity and profitability.

www.reachsubsea.no