Kahoot! ASA – Settlement and cancellation of options and restricted share units held by primary insiders

Oslo, 10 November 2023 Reference is made to the stock exchange announcement on 9 October 2023 regarding the settlement of the recommended voluntary offer (the "Offer") by Kangaroo BidCo AS (the "Offeror") to acquire all outstanding shares in Kahoot! ASA ("Kahoot!") for a cash consideration of NOK 35.00 per share (the "Offer Price"). In accordance with the terms of the Share Options (as defined below) and the Transaction Agreement (as further described in the stock exchange announcement on 14 July 2023), all share options (the “Options”) and restricted stock units (the “RSUs” and together with the Options, the “Share Options”) that have vested prior to, or are scheduled to vest in the first 365 calendar days following the completion of the Offer, except the Options with a strike price equal to or above the Offer Price (the "Relevant Share Options"), shall be settled by Kahoot! in connection the completion of the Offer. All other Share Options will be cancelled. The Relevant Share Options shall be settled in cash at a price equal to, in the case of the Options, the difference between the Offer Price and the strike price under the relevant Option, and in the case of RSUs, the difference between the Offer Price and the nominal value of the Kahoot! shares. Settlement to holders of Relevant Share Options with a bank account in Norway will be provided today, and settlement to holders of Relevant Share Options with a bank account outside of Norway will be provided as soon as practicable possible. In connection with the settlement of the Relevant Share Options, the following Relevant Share Options held by primary insiders will be settled: • Eilert Hanoa(CEO): 712,499 Options for a total of NOK 10,562,237 and 187,499 RSUs for a total of NOK 6,543,715 • Åsmund Grytting Furuseth (CPO): 93,749 Options for a total of NOK 1,218,737, and 93,749 RSUs for a total of NOK 3,271,840 • Jostein Nydahl Håvaldsrud (CTO): 177,082 Options for a total of NOK 2,385,399 and 93,749 RSUs for a total of NOK 3,271,840. • Lars Erik Grønntun (COO): 749,999 Options for a total of NOK 11,281,237 and 93,749 RSUs for a total of NOK 3,271,840. • Ken Østreng (CFO): 618,749 Options for a total of NOK 11,193,737 and 93,749 RSUs for a total of NOK 3,271,840. • Elizabeth Kleive (CXO): 78,750 Options for a total of NOK 1,327,500 and 33,750 RSUs for a total of NOK 1,177,875. • Julie Wessel (VP Corporate development): 176,250 Options for a total of NOK 3,730,950, and 56,250 RSUs for a total of NOK 1,963,125. • Ranjit Mahida (General Counsel): 56,250 Options for a total of NOK 785,500 and 56,250 RSUs for a total of NOK 1,963,125. • Jonas Forslund (Director Investor Relations): 22,499 Options for a total of NOK 292,487 and 22,499 RSUs for a total of NOK 785,215 • Andreas Hansson (chairman): 84,244 RSUs for a total of NOK 2,940,116. • Christer Stefan Blom (board member): 300,000 Options for a total of NOK 2,100,000 and 84,244 RSUs for a total of NOK 2,940,116. • Joanne Kuhn Bradford (board member): 84,244 RSUs for a total of NOK 2,940,116. • Lori Varner Wright (board member): 84,244 RSUs for a total of NOK 2,940,116. • Charlotte Kristiansen (employee representative of the board of directors): 12,106 Options for a total of NOK 163,003 and 5,625 RSUs for a total of NOK 196,313. • Alexander Remen (employee representative of the board of directors): 176,250 Options for a total of NOK 4,730,850 and 56,250 RSUs for a total of NOK 1,963,125. • Iryna Zelenetska (deputy employee representative of the board of directors): 12,106 Options for a total of NOK 163,003 and 5,625 RSUs for a total of NOK 196,313. • Marius Midttun (deputy employee representative of the board of directors): 17,749 Options for a total of NOK 449,105 and 3,749 RSUs for a total of NOK 130,840. Following the cash settlement of the Relevant Share Options and cancellation of all other Share Options, the above primary insiders no longer hold any Options or RSUs in Kahoot!. Required notifications are attached to this stock exchange announcement. For further information please contact: Ken Østreng, CFO Phone: +47 911 51 686 Email: keno@kahoot.com Jonas Forslund, Director Investor Relations Phone: +358 40 595 0968 Email: jonasf@kahoot.com This information is subject to the disclosure requirements in Regulation EU 596/2014 (MAR) article 19 number 3 and section 5-12 of the Norwegian Securities Trading Act.