NORBIT – Award and exercise of restricted stock units

Trondheim, 5 June 2023: The Board of Directors of NORBIT ASA (the "Company") has resolved to award a total of 116,664 restricted stock units ("RSUs") to members of its executive management based on the financial year 2022 in accordance with the terms for the RSU program described in the Company's report on remuneration to the senior executives as approved by the Company's annual general meeting on 4 May 2023. The Company's board of directors has further resolved to issue a total of 38,886 shares at par value as a result of exercise of the vested portion of such RSUs, equal to approximately one third of the total number of RSUs awarded. The remaining two thirds of the awarded RSUs will vest with the next third at the time of the Annual General Meeting in 2024 and the last third at the time of the Annual General Meeting in 2025.

Furthermore, and with reference to the stock exchange notice dated 19 May 2022, the Board of Directors has resolved to issue a total of 53,421 shares at par value as a result of the vested portion of the RSUs awarded for the financial year 2021.

Following registration of the share capital increase related to the exercise of the RSUs with the Norwegian Register of Business Enterprises, the Company's new share capital will be NOK 5,955,717.50, divided into 59,557,175 shares, each with a par value of NOK 0.10.

Certain of the members of the executive management have agreed with the Company that the Company will purchase a portion of the shares subscribed as a consequence of the exercise of the RSUs to cover tax liabilities. In aggregate, the Company will purchase 15,742 shares at a price of NOK 54.60 per share.

Following completion of the above mentioned transactions, the relevant members of the Company's executive management, together with their related parties, will hold the following number of shares and RSUs in the Company:

Per Jørgen Weisethaunet, Group Chief Executive Officer: 7,030,761 shares and 32,380 RSUs

Per Kristian Reppe, Group Chief Financial Officer: 61,954 shares and 22,945 RSUs

Peter Eriksen, Business Unit Director Oceans: 811,312 shares and 35,435 RSUs

Stein Martin Beyer, Group Chief Operating Officer and Business Unit Director PIR: 316,458 shares and 21,739 RSUs

Arild Søraunet, Group Chief Technical Officer: 739,006 shares and 18,698 RSUs

For further details on RSUs awarded to and exercised by primary insiders of the Company and the share sales to the Company, please see the attached forms.

For more information, please contact:

Per Jørgen Weisethaunet, CEO,

Per Kristian Reppe, CFO,

About NORBIT ASA

NORBIT is a global provider of tailored technology to selected applications, solving challenges and promoting sustainability through innovative solutions, in line with its mission to Explore More. The company is structured in three business segments to address its key markets: Oceans, Connectivity and Product Innovation & Realization. The Oceans segment delivers tailored technology solutions to global maritime markets. The Connectivity segment provides wireless solutions for identification, monitoring and tracking. The Product Innovation & Realization segment offers R&D services, proprietary products, and contract manufacturing to key customers. NORBIT is headquartered in Trondheim with manufacturing in Europe, has around 450 employees, and a worldwide sales and distribution platform.

For more information:

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act and Article 19 of the European Market Abuse Regulation.

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