The board of directors (the "Board") of AKVA group ASA ("AKVA" or the "Company") has resolved to extend the incentive plan (the "Incentive Plan") for senior management of AKVA.

The overall purpose of the Incentive Plan is to ensure aligned interest between senior management employees and shareholders in the current business environment, and to reward long-term and dedicated work, which is deemed to be of value to AKVA and its shareholders.

The extended Incentive Plan will be on the same terms as the current plan, as approved by the Company's annual general meeting in 2023. The Incentive Plan provides for an annual grant of shares to the Company's senior management employees. The share grants will vest and shares will be transferred to participants annually up to and including 2027. The CEO option agreement approved in 2023 is not proposed to be changed, cf. the Company's stock exchange notice of 26 August 2022.

The annual share grants are subject to certain conditions being fulfilled, including that the employee remains employed by the Company, that the Company shows a positive EBIT for the relevant year, and that no breach of covenants has occurred and is existing under the Company's external loans or debt facilities for the relevant year and at the time the grant is vesting. The shares granted under the Incentive Plan will be subject to lock-up arrangements, customary leaver conditions, a change of control trigger clause and other terms set out in the Incentive Plan.

An additional 291,300 shares will be allocated due to the extension of the Incentive Plan, giving a total of 507,120 shares that will be allocated under the current and extended Incentive Plan, gross before deductions to cover participant income taxes on vested shares. The total net number of shares that may be transferred to participants on an after tax basis is approximately 266,000 shares based on current tax rates etc., and is expected to be covered by the Company's holding of own shares. The Company currently holds 358,716 own shares.

The extension of the Incentive Plan will only become effective upon approval of revised guidelines regarding determination of salaries and other remuneration to senior personnel of the Company by the general meeting of the Company. The Board will propose the necessary changes to the guidelines for approval at the annual general meeting of the Company in 2025.

Dated: 6 November 2024
AKVA group ASA

Web: www.akvagroup.com

CONTACTS:

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This information is subject to the disclosure requirements according to section 5-12 of the Norwegian Securities Trading Act and Euronext Oslo Rule Book II – Issuer Rules.

About AKVA group ASA

AKVA group ASA is a global technology and  service partner that deliver technology and services  that  helps  solve  biological  challenges within the aquaculture industry.  Good operational performance and fish welfare ensures sustainability and  profitability  for  the  customer.  This is  the premise for everything we deliver, from single components to services and complete installations. In-depth aquaculture knowledge, extensive experience and  a high capacity for innovation characterizes  and enables us to deliver the  best solutions for both land based and sea based fish farming.