June 24, 2025
Hamilton, Bermuda 

The Board of Directors of Flex LNG Ltd ("Flex LNG" or the "Company") has approved a long-term incentive plan (the "LTIP") and hereby announces that up to 187,142 synthetic options have today been granted to management and employees of the Company. The synthetic options will have a five-year term expiring June 24, 2030, and will vest over a three-year vesting period as follows:

* 1/3 of the synthetic options will vest on June 24, 2026

* 1/3 of the synthetic options will vest on June 24, 2027

* 1/3 of the synthetic options will vest on June 24, 2028

The exercise price of the synthetic options is USD 23.75. The exercise price will further be adjusted for any distribution of dividends made before the relevant synthetic options are exercised.

The synthetic options granted to the CEO and the CFO are subject to a cap on maximum annual gain equal to two times the annual base salary at the time of exercise of the synthetic options. The synthetic options will be settled in cash based on the difference between the market price of the Company's shares and the exercise price on the date of exercise. The synthetic options have been granted according to the rules of the Company's synthetic option scheme approved by the Board of Directors of the Company.

Please see the attached forms of notification of transactions by primary insiders for the granting of the synthetic options.

This information is subject to the disclosure requirements pursuant to article 19 of Regulation EU 596/2014 (MAR) and section 5-12 of the Norwegian Securities Trading Act.

The Board of Directors
Flex LNG Ltd