Belships ASA: Settlement of share options and grant of new share options to the CEO – PDMR notice

Oslo, 13 March 2022: The CEO of Belships ASA (“the Company”), Lars Christian Skarsgård, has today exercised all his 5,000,000 options in the Company against cash settlement by the Company. The share options were granted to Skarsgård when he was appointed as the new CEO of the Company in 2019. The amount payable per share is equal to NOK 18,64 (equal to the VWAP of the share the last 10 business days prior to settlement) less the strike price of NOK 4.10.

Furthermore, the board of directors of the Company has decided to grant Skarsgård 5,000,000 new options to subscribe for up to 5,000,000 shares in the Company with an exercise price of NOK 18.64 per share. The options can be exercised in the period between 36 months and 60 months from the date of grant. The company may honour exercised options by delivery of new shares in a share issue, by the sale of existing shares, or by way cash settlement (i.e. payment of the difference between the market price of the shares less the exercise price). Options that have not been exercised will lapse if Skarsgård terminates his position as CEO or if he is terminated from his position with cause. If Skarsgård is terminated from his position without cause during the first 12 months, 2/3 of the options will lapse and if he is terminated from his position without cause during the first 24 months, 1/3 of the options will lapse. If Skarsgård is terminated without cause during the exercise period, the options will lapse unless they are exercised within three months.

Further details regarding the option exercise and the option grant are included in the attached PDMR forms.

This information is subject to the disclosure requirements pursuant to the Market Abuse Regulation article 19.