NEL ASA: Nel ASA: Employee long-term incentive program

(April 10, 2026 - Oslo, Norway) Reference is made to the Annual General Meeting of Nel ASA (Nel, OSE:NEL) held today where the updated guidelines regarding determination of salary and other compensation to executive personnel, and the one-time LTI vesting deviation related to a new LTI plan was approved, effectively initiating a new Performance Share Unit (PSU) program, while simultaneously discontinue the previous share option program.

The Company is replacing its previous long-term share option plan, which had no performance requirements, with a Performance Share Unit (PSU) program that includes performance criteria, long-term vesting and strict limits on awards, aligning executive remuneration closely with shareholder interests and prevailing market practice. As part of the transition to the new LTI structure, a one-time technical deviation from the three-year vesting requirement has been approved, whereby participating executives cancel all existing vested and unvested option awards and instead receive two compensating PSU tranches vesting after one and two years, respectively. For the new LTI program, annual PSU allocations are capped at a value of up to 50% of base salary for the CEO and up to 30% for other executives, and may be reduced based on individual annual performance, ensuring responsible, performance-based long-term incentives.

A total of 14,933,025 PSUs have today been granted under the new program. Each vested PSU entitles the holder to receive one share in the Company. The number of PSUs will be reduced based on pre-set performance criteria at the end of the performance period. Remaining PSUs after adjustment will, pursuant to the vesting schedule, vest in full three years after the grant date, except for PSUs granted under the one-time technical bridging program. Vesting is subject to the PSU holder's continued employment with the Company at the time of vesting.

Primary insiders in Nel ASA have received the following grants of PSUs, in accordance with the terms described above:

• Håkon Volldal, CEO, has been granted 1,159,173 PSUs vesting in one year, 1,159,173 PSUs vesting in two years, and 1,159,173 PSUs vesting in three years. Mr. Volldal has voluntarily forfeited all his 1,500,000 options as part of the agreement. Following the grant, Mr. Volldal holds 0 shares and 3,477,519 PSUs.
• Kjell Christian Bjørnsen, CFO, has been granted 476,900 PSUs vesting in one year, 476,900 PSUs vesting in two years, and 476,900 PSUs vesting in three years. Mr. Bjørnsen has voluntarily forfeited all his 600,000 options as part of the agreement. Following the grant, Mr. Bjørnsen holds 20,000 shares and 1,430,700 PSUs.
• Birgitte Nordvik, Chief Project Officer, has been granted 357,143 PSUs vesting in one year, 357,143 PSUs vesting in two years, and 357,143 PSUs vesting in three years. Ms. Nordvik has voluntarily forfeited all her 190,000 options as part of the agreement. Following the grant, Ms. Nordvik holds 0 shares and 1,071,429 PSUs.
• Marius Løken, Chief Technology Officer, has been granted 447,165 PSUs vesting in one year, 447,165 PSUs vesting in two years, and 447,165 PSUs vesting in three years. Mr. Løken has voluntarily forfeited all his 450,000 options as part of the agreement. Following the grant, Mr. Løken holds 0 shares and 1,341,495 PSUs.
• Anne Liberg, Chief Human Resources Officer, has been granted 328,743 PSUs vesting in one year, 328,743 PSUs vesting in two years, and 328,743 PSUs vesting in three years. Ms. Liberg has voluntarily forfeited all her 300,000 options as part of the agreement. Following the grant, Ms. Liberg holds 0 shares and 986,229 PSUs.
• Stein Ove Erdal, Chief Legal Officer, has been granted 390,581 PSUs vesting in one year, 390,581 PSUs vesting in two years, and 390,581 PSUs vesting in three years. Mr. Erdal has voluntarily forfeited all his 600,000 options as part of the agreement. Following the grant, Mr. Erdal holds 0 shares and 1,171,743 PSUs.
• Todd Cartwright, Chief Commercial Officer, has been granted 408,987 PSUs vesting in one year, 408,987 PSUs vesting in two years, and 408,987 PSUs vesting in three years. Mr. Cartwright has voluntarily forfeited all his 450,000 options as part of the agreement. Following the grant, Mr. Cartwright holds 0 shares and 1,226,961 PSUs.
• Tushar Ghuwalewala, SVP Operations, PEM, has been granted 378,288 PSUs vesting in one year, 378,288 PSUs vesting in two years, and 378,288 PSUs vesting in three years. Mr. Ghuwalewala has voluntarily forfeited all his 390,000 options as part of the agreement. Following the grant, Mr. Ghuwalewala holds 0 shares and 1,134,864 PSUs.
• Mats Bohman, VP Operations, Alkaline, has been granted 321,429 PSUs vesting in one year, 321,429 PSUs vesting in two years, and 321,429 PSUs vesting in three years. Mr. Bohman was not in possession of any options. Following the grant, Mr. Bohman holds 0 shares and 964,287 PSUs.

ENDS
 

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

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

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