Ensurge Micropower ASA - Grant of Incentive Subscription Rights

The Board of Directors of Ensurge Micropower ASA (the "Company") resolved on 18 November  2023 to issue a total of 86.320.000 incentive subscription rights to its US employees in the Ensurge group and the CEO/CFO Lars Eikeland. The grant was made under the Company's 2023 incentive subscription rights plan, as resolved at the Annual General Meeting on 24 May 2023, and amended on the Extraordinary General Meeting held on 10 November 2023. The exercise price of the subscription rights is calculated to NOK 0.10 per share.  For 80.700.000 subscription rights to an extended leadership group 1/3 will vest as of 31. December 2023, while the remaining 2/3 of these subscription rights will vest 31 December 2024 and 31 December 2025 respectively.  The remaining 5.620.000 out of the total of the subscription rights will all vest as on 31 December 2024.

Two primary insiders have been granted subscription rights out of the total of 80.700.000. CEO/CFO Lars Eikeland has been granted 30.000.000, while EVP Technology Arvind Kamath has been granted 24.000.000, all at the same terms as described above.

The subscription rights expire on 24 May 2028. The subscription rights otherwise follow the terms and conditions of the 2023 subscription rights incentive plan.

Following the grant there are 196,010,701 incentive subscription rights issued and outstanding in the Company.

Contact

Terje Rogne, Chairman
Phone: +47 472 02 200

This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.