Ocean Sun AS – Long term incentive program

11 Nov 2022 10:41 CET

On the 9th of November 2022, the board of directors granted a total of 201,505
share options to employees. Each share option gives the right to subscribe for
and be allotted one share in Ocean Sun AS. The strike price of the options is
set to NOK 10.43 per share, which is a 10% premium over the volume weighted
average share price over the five last trading days preceding 9th of November
2022. The options will lapse if not exercised by 9th of November 2027. The
option grant is divided into two tranches whereby 40% vests after two years and
60% vests after three years. Further, the options are capped at three times the
strike price. The terms of the options granted are in accordance with the terms
presented for Ocean Sun’s extraordinary general meeting held on the 11th of
October 2021. Following the grant, the number of outstanding options amount to
0.5% of the total amount of outstanding shares in Ocean Sun AS.

Of the total grant, the following was granted to primary insiders:
• Ivar Blekastad, COO, 115,061 options.

About Ocean Sun:
By combining the Norwegian maritime expertise and knowledge within
photovoltaics, Ocean Sun has developed an innovation that offers a bold solution
to our global energy needs. The patented technology is based on solar modules
mounted on hydro-elastic membranes and offers cost and performance benefits not
seen in any other floating PV system today. With offices in Oslo, Singapore and
Shanghai, Ocean Sun aims to become the world's leading technology provider of
floating solar.

For further details, please contact:
Børge Bjørneklett, CEO of Ocean Sun, +47 90195778
Karl Lawenius, CFO of Ocean Sun, +47 45633881

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