Allocation of options
Reference is made to the extraordinary general meeting held on 8 November 2018 regarding approval of the option program for Norwegian Energy Company ASA («Noreco» or «the Company»), and as later amended. Further to the general meeting's resolution, the Board of Directors of the Company has allocated 300,000 options with a strike price of NOK 160 to David B. Cook, Chief Executive Officer of Noreco, effective upon commencement of his employment on 1 July 2020. The options must be exercised within five years after award. Options vest over three years, with one-third per year. Following the