Argeo: Grant of share options

Asker, 23.1.2024: On 3 November 2023, an extraordinary general meeting of Argeo AS (the "Company") authorized the board of directors of the Company (the "Board") to issue up to 9,631,991 share options as a part of a new long-term incentive plan. A total number of 7,750,000 share options have been granted under the new incentive plan, and such options will vest 1/3 each year over a total vesting period of 3 years. Each option will, when exercised, give the right to receive one share in the Company at a fixed strike price of NOK 3.20. Options granted under the share option program will expire five years after grant date. The following number of share options were granted to primary insiders in Argeo AS, which is also each person's total holdings of share options following this option grant: - Trond Crantz – CEO: 1,500,000 - Odd Erik Rudshaug – CFO: 750,000 - Thorbjørn Rekdal – CTO: 750,000 - Kenneth Gundersen – Group Financial Controller: 80,000 - Elisabeth Andenæs – Marketing Manager: 80,000 - Jan Grimnes - Chairman of the Board: 125,000 - Geir Kaasen - Board member: 125,000 - Jim Dåtland - Board member: 125,000 - Heidi Gryteland Holm - Board member: 125,000 - Kistefos AS – represented on the Board: 125,000 - Shearwater Geoservices Holding AS – represented on the Board: 125,000 This grant replaces the 555,000 outstanding share options from the grant in December 2021. Following such option grant, a total of 7,890,000 share options are now outstanding, equal to 4.1% of the total shares issued in the Company. Out of these, 140,000 options have vested. This option grant furthermore replaces 36,000 of the “Tranche 1” warrants, and 2,581,063 of the “Tranche 2” warrants. Outstanding “Tranche 1” warrants are now 50,000, exercisable at NOK 0.83 per share. Remaining “Tranche 2” warrants are 1,168,937, exercisable at NOK 0.10 given a share market price above NOK 24.60 within April 2025. Please see the attached notifications of trade for further details regarding the above primary insider transactions. For more information, please contact: Trond Figenschou Crantz, CEO Email: trond.crantz@argeo.no Phone: +47 976 37 273 About Argeo Argeo is an Offshore Service company with a mission to transform the ocean surveying and inspection industry by utilizing autonomous surface and underwater robotics solutions. Equipped with unique sensors and advanced digital imaging technology, the Autonomous Underwater Vehicles (AUV’s) will significantly increase efficiency and imaging quality in addition to contributing to significant reduction in CO2 emissions from operations for the global industry in which the Company operates. The Company’s highly accurate digital models and digital twin solutions are based on geophysical, hydrographic, and geological methods from shallow waters to the deepest oceans for the market segments Oil & Gas, Renewables, Marine Minerals and Offshore Installations. Argeo was established in 2017 and has offices in Asker (Oslo), Tromsø, Stockholm, Edinburgh, Houston, Rio de Janeiro, and Singapore. Since its incorporation, Argeo has carried out complex projects for some of Norway’s largest companies in the field. The company is listed on The Euronext Growth in Oslo under the ticker: ARGEO. Please visit www.argeo.no for more information.