Nel ASA: CEO share option program

(July 16, 2025 - Oslo, Norway) Nel ASA has today granted 500,000 options underits long-term incentive (LTI) program for its CEO, Håkon Volldal. The strikeprice for the granted options is NOK 2.765, a premium of 10% over the closingshare price on June 30, 2025, representing the three-year anniversary of hiscommencement date. The vesting period is three years and the options expiredafter five years.

Reference made to the press release dated January 5, 2022, where today a totalof 500,000 share options has been granted to Håkon Volldal in accordance withthe company's LTI program for the CEO. Each option, upon vesting, entitlesVolldal to acquire one share in the Company. These options are granted withoutany considerations. As per the vesting schedule, 100% of these options willvestafter three years. The vesting of options is contingent upon Håkon Volldal'scontinued employment with the Company. Options that have not been exercisedwillexpire five years after the grant date.

According to the LTI program, Håkon Volldal will receive 500,000 options oneachof the first, second, and third anniversaries of his commencement date. Thetotal accumulated profit for all options is capped at NOK 25 million, with alimit of NOK 30 per option.

Following the grant, Håkon Volldal holds 0 shares and 1 500 000 options.

ENDS

For additional information, please contact:Kjell Christian Bjørnsen, CFO, +47 917 02?097Wilhelm Flinder, Head of IR, Communications and Marketing, +47 936 11 350

About Nel ASA | www.nelhydrogen.comNel has a history tracing back to 1927 and is today a leading pure playhydrogentechnology company with a global presence. The company specializes in Alkalineand PEM electrolyser technology for production of renewable hydrogen. Nel'sproduct offerings are key enablers for a green hydrogen economy, making itpossible to decarbonize various industries such as transportation, refining,steel, and ammonia.

This information is subject to a duty of disclosure pursuant to Section 5-12ofthe Norwegian Securities Trading Act. This information was issued pursuant tothe EU Market Abuse Regulation, and was published by Wilhelm Finder, Head ofInvestor Relations, at NEL ASA on the date and time provided.

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