Exercise of Employee Share Options & Share Capital Increase

Source: www.gulfoilandgas.com 2/3/2021, Location: Europe

The board of directors of Scatec ASA ("Scatec") has resolved to issue 528,351 shares to key employees following exercise of employee share options, pursuant to the company's share option program established in 2016 and prolonged in 2019.

Through the share option exercise, Scatec is increasing the number of shares by 0.334% to 158,864,018.

As part of exercising the share options, all primary insiders are realising the relevant shares after subscription, as is customary when exercising share options.

Exercise of options by primary insiders:
- Raymond Carlsen, Chief Executive Officer, has exercised options for 58,951 shares.
- Mikkel Torud, Chief Financial Officer, has exercised options for 43,309 shares.
- Terje Pilskog, EVP Project Development & Project Finance, has exercised options for 38,165 shares.
- Torstein Berntsen, EVP Power Production & Asset Management, has exercised options for 35,751 shares.
- Roar Haugland, EVP Sustainable Business & HSSE, has exercised options for 33,710 shares.
- Snorre Valdimarsson, EVP General Counsel, has exercised options for 34,395 shares.
- Pal Helsing, EVP Solutions, has exercised options for 20,625 shares.
- Toril Haaland, EVP People & Organisation, has exercised options for 17,516 shares.
- Ingrid Aarsnes, VP Communications & IR, has exercised options for 3,524 shares.

The primary insiders mentioned above have transferred their rights to receive shares resulting from the exercise of options to a third party. The sales amount will be finally determined on the basis of the price subsequently obtained by the third party in the market. The results of the sales process will be announced in a separate stock exchange notice when known.

An overview of shares and options held by these primary insiders after the share subscription, but before the sale of the shares, is attached hereto, together with an overview of the strike prices for the shares subscribed by the primary insiders.

All options granted to primary insiders as mentioned above are granted in accordance with the company's share option program established in 2016 and prolonged in 2019, as described in the company's annual financial statements for 2019. Please also refer to the announcements made by the company on 3 January 2018, 3 January 2019, 2 January 2020 and 4 January 2021 for additional details regarding options held by primary insiders.

Share capital after the option exercise:
Scatec's share capital will be increased with NOK 13,208.775 by issuing 164,907 new shares at a subscription price of NOK 46.70, 165,321 new shares at a subscription price of NOK 71.08 and 198,123 new shares at a subscription price of NOK 113.88.

Following completion of the share capital increase, the company's share capital will be NOK 3,971,600.45 divided on 158,864,018 shares, each with a nominal value of NOK 0.025.

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