Proximar Seafood AS - Option allocation to primary insiders and employees

28 May 2024 10:09 CEST

Reference is made to the resolution by the general meeting of Proximar Seafood
AS (the “Company”) of 17 April 2024 (the “OGM”) where it was approved to update
the share option scheme as per the proposal of the Board but with the adjustment
that; new options going forward shall be issued at market price + 25% at the
time of grant, but the first grant of options following the recent OGM may be
set at a strike as determined by the Board but in no event below market price of
the time of grant. New options issued to be subject to 3 years vesting, 1/3 of
the options vesting annually.

The Company has awarded 4,870,000 new share options (the New Options”). In
conjunction with the New Options, 976,254 unvested share options granted under
previous programs (the “Existing Unvested Options”) will lapse.

The strike price of the New Options was set at NOK 3.59 (the "Strike Price"),
corresponding to the average closing price over the 5 trading days prior to the
board resolution to update the option program.

The New Options vest with one third each year and first vesting on 15 May 2025.

The following primary insiders have been granted New Options as follows (number
of cancelled options in parentheses):

Joachim Nielsen (CEO): 2,400,000 (529,588)
Ole Chr. Willumsen (CFO): 940,000 (not applicable)
Dharma Rajeswaran (COO): 525,000 (166,667)
Lars Stigaard (CTO): 525,000 (166,667)
Vivian Lunde (Director ESG and Business Operations): 170,000 (33,333)
Marius F. Birkenes (Director Strategy): 170,000 (33,333).

The primary insider notification form pursuant to the requirements of the Market
Abuse Regulation are attached.

The remaining New Options are granted to other key employees of the Proximar
group.

For more information, please contact:
Joachim Nielsen, CEO, +81 70 2811 9898, jn@proximar.com
Ole Chr. Willumsen, CFO, +47 48213429, ocw@proximar.com

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

About Proximar Seafood
Proximar Seafood is a Norwegian land-based salmon farming company with its first
production facility and production at the foot of Mount Fuji in Japan. The
company inserted its first batch of eggs in October 2022 and plans its first
harvest in September 2024. Through land-based salmon farming, using high-quality
groundwater secured close to Mount Fuji, the company will produce fresh Atlantic
Salmon, harvested the same day. Proximar's location, near one of the world's
most important fish markets, implies significant advantages, both in terms of
reduced cost and carbon footprint.

More information:
Access the news on Oslo Bors NewsWeb site

619871_Primary insider notifications_option recipients 20240528.pdf