Grant of Options subject to shareholder approval – Mandatory notification of options and shareholding

The Board of Directors of Otello Corporation ASA (the "Company") has today granted a total of 3,450,000 options in the Company, representing approximately 2.5% of the current total number of shares issued (the "Options"). The Options are granted subject to subsequent shareholder approval at the next general meeting and at the latest at the ordinary general meeting to be held in 2021. Upon grant of the Options, all previously granted and outstanding options of the grantees as set out below have terminated and have become null and void. If the required shareholder approval is not given, all Options will terminate and become null and void and all previously existing options granted will be reinstated with original vesting and exercise periods unamended, except that old options which would otherwise lapse during the period from the date of the grant of the Options to the date of the relevant general meeting shall be exercisable within 3 months from the date of such general meeting.

The Options are granted with the following, main terms:

• Strike price will be equal to the volume weighed averaged trading price of the Company's shares 5 trading days after the date of grant. The determined strike price will be announced once known.
• Strike price will be (i) adjusted for any dividends paid, and (ii) increased by 5% on the day after each anniversary after the grant of unvested Options, based on the then applicable strike price.
• Options vest and become exercisable 1/4 at 1 March 2021, 1/4 at 1 March 2022, 1/4 at 1 March 2023, and 1/4 at 1 March 2024.
• Market standard change of control and employment leaver provisions apply.

The Options have been granted as follows:

2,250,000 Options have been granted to CEO Lars Boilesen who after the grant and termination of all previously granted options hold 259,980 shares in the Company and 2,250,000 options and rights to shares, each entitling him to one share in the Company.

400,000 Options have been granted to CFO Petter Lade, who after the grant and termination of all previously granted options hold 66,255 shares in the Company and 400,000 options and rights to shares, each entitling him to one share in the Company.

400,000 Options have been granted to General Counsel Jason A. Hoida, who after the grant and termination of all previously granted options hold 11,599 shares in the Company and 400,000 options and rights to shares, each entitling him to one share in the Company.

400,000 Options have been granted to CAO Roar Olbergsveen, who after the grant and termination of all previously granted options hold 248 shares in the Company and 400,000 options and rights to shares, each entitling him to one share in the Company.
 

Petter Lade, CFO

Phone: +47 91143878

E-mail: petterl@otellocorp.com

About Otello:

Otello holds shares in several different businesses, including (i) AdColony which helps publishers monetize their content through advertising and advertisers reach the audiences that build value for their businesses, capitalizing on a global consumer audience reach that exceeds 2 billion; (ii) Bemobi, a Mobile Media and Entertainment company which integrate people and mobile content through technology and offers a leading subscription-based discovery service for mobile apps in Latin America and beyond; (iii) Skyfire which offers cloud-based network solutions for mobile operators and (iv) Vewd which offers OTT services in the Connected TV space.