Correction: Elliptic Labs Granting of Share Options to Board of Directors, Mandatory Notifications of Trade

31 May 2024 16:42 CEST

Changed Type of transaction to Acceptance of stock option and Description of
the financial instrument, type of instrument to Financial Instrument linked to
a share or a debt instrument in the attachment Elliptic Labs - notification of
transaction by primary insider

Oslo, Norway -- Elliptic Labs (ELABS.OL), a global AI software company and
leader in Virtual Smart Sensors, has issued an update regarding the granting
of share options to the Board of Directors.

In accordance with the resolution made at the Annual General Meeting (AGM)
held on May 22, 2024. The board of directors has resolved to grant a total of
158,000 share options to certain members of the Board.

Each option, when exercised, carries the right to acquire one share in the
Company. The strike price for these options is NOK 15.78, which is the 10-day
average volume-weighted share price prior to calling the 2024 AGM. The price
of the Options to the Board is based on the Black & Scholes model.

With this new grant, the total number of options outstanding in the Company
now permits employees, management and Board of directors to potentially
acquire up to 6,565,476 shares in aggregate, which is approximately 5.9% of
the total diluted share capital.

Grant Details:

* Svenn Tore Larsen (Chair) has been granted 56,000 share options. Following
the grant, Larsen holds 56,000 share options in the Company.
* Ingrid Leisner (Member) has been granted 34,000 share options. Following the
grant, Leitner holds 34,000 share options in the Company.
* Berit Svendsen (Member) has been granted 34,000 share options. Following the
grant, Svendsen 34,000 share options and 18,000 shares at the Company
* Svein Egil Nielsen (Member) has been granted 34,000 share options. Following
the grant, Nielsen holds 34,000 share options in the Company.

Edvin Austbø (Member) has chosen not to receive options. He will receive the
standard remuneration of 300,000 NOK in accordance with the resolution made at
the Annual General Meeting.

Structure:
The Options will have a vesting period until the date that is 12 months after
the date of the 2024 AGM ("Vesting Date") and can only be exercised between
the Vesting Date and the date that is 24 months after the date of the 2024 AGM
("Expiry Date"). In the event a member of the Board resigns or is not
re-elected prior to the Vesting Date, the Options will be forfeited except a
number of Options representing the period served since the 2024 AGM until the
date of resignation pro rata in relation to the period from the 2024 AGM until
the Vesting Date.

Contacts
Investor Relations:
Lars Holmøy
Lars.Holmoy@ellipticlabs.com

PR Contact:
Patrick Tsui
pr@ellipticlabs.com

About Elliptic Labs
Elliptic Labs is a global enterprise targeting the smartphone, laptop, IoT,
and automotive markets. Founded in 2006 as a research spin-off from Norway's
Oslo University, the company's patented software uses AI, ultrasound, and
sensor-fusion to create AI Virtual Smart Sensors that deliver intuitive 3D
gesture-, proximity-, presence-, breathing-, and heartbeat -detection
experiences. Its scalable AI Virtual Smart Sensor PlatformTM creates
software-only sensors that are sustainable, human-friendly, and already
deployed in hundreds of millions of devices around the world. Elliptic Labs is
the only software company that has delivered detection capabilities using AI
software, ultrasound, and sensor-fusion deployed at scale. The company is
listed on the Oslo Børs.

Elliptic Labs is headquartered in Norway with presence in the USA, China,
South -Korea, Taiwan, and Japan. Its technology and IP are developed in Norway
and are solely owned by the company.

This information has been submitted pursuant to the Securities Trading Act §
5-12 and MAR Article 19 no. 3. The information was submitted for publication
at 2024-05-31 16:42 CEST.

More information:
Access the news on Oslo Bors NewsWeb site

620415_Elliptic Labs Notification Of Transaction By Primary Insider.pdf
620415_Elliptic Labs Granting of Share Options to Board of Directors, Mandatory Notifications of Trade.pdf