Reach Subsea - Exercises under share incentive program

08 Dec 2022 20:58 CET

Reach Subsea - Exercises under share incentive program

Haugesund, 08 December 2022: Reference is made to the stock exchange notice on 9
December 2021 published by Reach Subsea ASA (“the Company”), regarding the
Company’s share incentive program.

The window for exercising vested options expiring in 2022 ended on 08 December
2022 at 16:00 CET

Based on the applications received, the Board of Directors of the Company has
allocated a total of 812,500 new shares to the participants in the incentive
program. The Subscription price for the shares was NOK 2.82 per share.

The Board of Directors has, on the basis of an authorisation granted to it by
the Annual General Meeting held on 30 May 2022, resolved to increase the share
capital of the Company by NOK 812,500, through issuance of 812,500 new shares,
each with a nominal value of NOK 1.

The following Company primary insiders have purchased shares under the share
incentive program:

• Jostein Alendal, CEO: 150,000 shares. Following the purchase, he beneficially
owns 5,739,539 shares in Reach (includes 5,679,539 shares owned by his 50% owned
investment company JT Invest AS) and holds 300,000 options.
• Bård Høgheim, CCO: 150,000 shares. Following the purchase, he beneficially
owns 610,625 shares in Reach and holds 300,000 options.
• Inge Grutle, COO: 150,000 shares. Following the purchase, he beneficially owns
1,069,179 shares in Reach (includes 1,059,179 shares owned by his 50% owned
investment company Invicta Invest AS) and hold 300,000 options.
• Birgitte Johansen, CFO; 75,000 shares. Following the purchase, she
beneficially owns 224,050 shares in Reach and holds 300,000 options.

Following payment of the new shares by the employees in the incentive program
and registration of the share capital increase with the Norwegian Register of
Business Enterprises (Nw. Foretaksregisteret), the new share capital of the
Company will, subject to all new shares being duly paid for, be NOK 225,725,928
divided into 225,725,928 shares, each with a nominal value of NOK 1.
Furthermore, unvested options equivalent to 2,000,000 shares remains outstanding
under the Company’s share incentive programme.


Contact information:
Birgitte Wendelbo Johansen
Chief Financial Officer
Reach Subsea ASA
bwj@reachsubsea.no

About Reach Subsea:
Reach Subsea ASA Group offers subsea services as a 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, focusing on safety, environment, financial
solidity and profitability. www.reachsubsea.no

This information is considered to be inside information pursuant to the EU
Market Abuse Regulation and is subject to the disclosure requirements according
to section 5-12 of the Norwegian Securities Trading Act. The information was
submitted for publication by CFO Birgitte Wendelbo Johansen, on behalf of the
Company at the date and time set out above.

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