Elliptic Labs — Granting of Share Options to Employees

Oslo, Norway — Elliptic Labs (EuroNext Growth: ELABS.OL), a global AI software company and the world leader in Virtual Smart Sensors, is announcing that the Company's board of directors has resolved to grant a total of 1 164 493 share options under the Company's long-term share option program (equivalent to approx. 1.1% of the total share capital), distributed amongst a total of 48 employees. Each option, when exercised, carries the right to acquire one share in the Company, giving employees the right to acquire up to 1 164 493 shares in aggregate.

The strike price for the options is NOK 22. The strike price is based on the weighted average price (VWAP) volume VWAP 30 days calculated from 20th of January 2022 to 18th of February 2022. The options have a 3-year vesting period and vest in equal parts yearly and have an expiry date 2 years after the last vesting period. First One-third (1/3) of the shares represented by this option plan shall become vested 31st of December 2022 and yearly thereafter.

The total number of options outstanding in the Company is now giving employees the right to acquire up to 4 523 399 shares in aggregate.

Due to the current closed period, the resolution to grant options to members of the Company's management, on the terms set out above, will be made after the publication of the Company's Q4 2021 report, expected 10th of March 2022.

For further information:
Lars Holmøy, CFO
Tel +47 40284028
[email protected]

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.