Ocean Sun AS – Long term incentive program

08 Nov 2024 21:07 CET

On 7 November 2024, the board of directors granted a total of 473 383 new share
options to employees. In addition, 546 357 share options were reissued, meaning
that employes with outstanding options are offered a chance to reduce the strike
price of their options on the condition that the vesting period is reset.

Each share option in Ocean Sun gives the right to subscribe for and be allotted
one share in Ocean Sun AS. The strike price of the newly granted and reissued
options is set to NOK 2.19 per share, which is a 10% premium over the volume
weighted average share price over the five last trading days preceding 7
November 2024. The options will lapse if not exercised by 7 November 2029. The
option grant is divided into two tranches whereby 40% vests after two years and
60% vests after three years. Following the grant, the number of outstanding
options amount to 2.27% of the total amount of outstanding shares in Ocean Sun
AS.

Of the total outstanding options, the following is granted to primary insiders:
Kristian Tørvold, CEO – 116 617 reissued options + 83 383 new options
Karl Lawenius, CFO – 116 276 reissued options
Are Glørsen, Head of SEA, 130 758 reissued options
Carl Petter Lehne, COO – 115 000 new options
David Mikael Knutsen, CPO – 115 000 new options


About Ocean Sun: 

By combining 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 is embarking on its vision to be the world's leading technology
provider of floating solar.

For further details, please contact: 
Kristian Tørvold, CEO of Ocean Sun, +47 97088847
Karl Lawenius, CFO of Ocean Sun, +47 45633881

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