Norcod

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Norcod AS - New long-term incentive programme and mandatory notifications

The board of directors of Norcod AS (the “Company”) has approved a new
long-term incentive programme (“LTIP”) for the Company’s executive management
(the “management”). The programme is established to align the interests of the
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management with those of the company’s shareholders.

In addition, 38,800 shares from the Company’s Treasury were approved for
transfer to primary insider Christian Riber as partial settlement of the
previous incentive agreement.

Through the new programme the management is offered to purchase up to 150,000
ordinary shares, set to NOK 12.5 per share, or a total of MNOK 1,875. The
strike price of the share options is calculated based on the volume-weighted
average share price last 30 days preceding the establishment of the programme.

The following primary insiders in the management have been granted share
options in the LTIP:

1. CPO, Arve Lervåg, has been awarded 150,000 share options.
2. CEO, Christian Riber has been awarded 150,000 share options.
3. CFO, Stian Vollan-Hansen has been awarded 150,000 share options.

The vesting period for the share options is divided into three tranches, as
follows:

Tranche 1: Up to 50,000 shares are considered vested on 31 December 2025.
Tranche 2: Up to 50,000 shares are considered vested on 31 December 2026.
Tranche 3: Up to 50,000 shares are considered vested on 31 December 2027.

The total number of share options awarded under the programme is 450,000. Each
share option awarded in the programme gives the right to subscribe for and be
allotted one share in the Company. Vested share options may be exercised by
the management at any time during the period from 1 January 2028 to 30 April
2028. The share options will lapse if not exercised by 30 April 2028.

Following the new awards, the Company will have a total of 450,000 outstanding
options.

For additional information, please contact:

Christian Riber, CEO
Tel: +47 905 37 990, E-mail: cr@norcod.no

Stian Vollan-Hansen, CFO
Tel: +47 481 78 846, E-mail: svh@norcod.no

About Us
Norcod’s core business is commercial sea farming of cod through ownership and
partnerships is involved in the entire value chain. Norcod’s existing fish
farms are located in Mid-Norway and along the Helgeland coast with ideal
conditions for cod. The company is contributing to blue ocean value creation
with minimal impact on the environment while supporting local communities.
Norcod is listed on Oslo’s Euronext Growth market.

This information has been submitted pursuant to the Securities Trading Act §
5-12 and MAR Article 17. The information was submitted for publication at
2025-10-13 11:00 CEST.

Kilde

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Norcod extends strategic sales and distribution agreement with Sirena Group

13 October 2025 Trondheim, Norway: Norcod AS has extended its strategic sales
and distribution agreement with Sirena Group as part of Norcod’s ongoing work
to optimize its value chain and securing a strong platform for future growth.
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Through this partnership, Sirena will continue to manage sales, marketing and
logistics for Norcod’s premium fresh farmed cod, Snow Cod, while Norcod
remains focused on building efficient and profitable production.

CEO in Norcod, Christian Riber said:

“Working with Sirena Group gives Norcod a decisive advantage. Their global
network and proven strength in seafood markets give us direct access to the
right customers worldwide. Equally important, Sirena’s expertise in building
the market position of premium seafood species is of direct value to Norcod,
as this is a key mission in the years ahead. Together we are ensuring that the
most optimal effort is made to build and sustain strong pricing with the best
global customer base, while Norcod remains focused on delivering efficient and
profitable production.”

Boe Spurré, CEO from Sirena Group said on the agreement:

“We are proud to continue our close cooperation with Norcod. Snow Cod has all
the attributes to become a leading premium product in the international
market, and Sirena is committed to supporting its success with our global
reach and market expertise.”

The reinforced agreement is valid until 1 October 2031 and underlines the
strength of the Norcod–Sirena partnership and reflects both companies shared
ambition: to deliver sustainable, high-quality seafood to discerning customers
worldwide while creating long-term value for the industry.

For more information, please contact:

Christian Riber
CEO, Norcod AS
Tel: +47 90 53 79 90
E-mail: cr@norcod.no

About Us
Norcod’s core business is commercial sea farming of cod through ownership and
partnerships is involved in the entire value chain. Norcod’s existing fish
farms are located in Mid-Norway and along the Helgeland coast with ideal
conditions for cod. The company is contributing to blue ocean value creation
with minimal impact on the environment while supporting local communities.
Norcod is listed on Oslo’s Euronext Growth market.

This information has been submitted pursuant to the Securities Trading Act §
5-12 and MAR Article 17. The information was submitted for publication at
2025-10-13 12:00 CEST.

Kilde