Correction: Hexagon Composites ASA: Mandatory notification of trade - provisional award of PSUs

May 2, 2021

The Board of Directors of Hexagon Composites ASA ("Hexagon Composites" or the "Company") has resolved to provisionally award up to 1 734 990 Performance Share Units ("PSUs") to executives.

The PSU allocation is in accordance with the Board of Director's compensation policy for the senior executive management. This policy is described in "Declaration to the Annual General Meeting of Hexagon Composites ASA concerning determination of Salary and other remuneration to the CEO and other Management", which was presented for shareholder approval at the Annual General Meeting on 28 April 2021 (the "AGM"). The PSUs are non-transferable and will vest on 28 February 2024 subject to satisfaction of the applicable vesting conditions.

The actual number of PSUs to be allocated will depend on 2021 and 2022 financial performance and attain minimum zero and maximum 1 734 990. Each vested PSU will give the holder the right to receive one share in the Company at an exercise price corresponding to the par value of the shares being NOK 0.10.

The total number of outstanding options, RSUs and PSUs are now 1 636 368, 219 994 and 6 770 206 respectively. Of the maximum 1 734 990 provisionally awarded PSUs, maximum 334 979 PSUs have provisionally been awarded to primary insiders as listed below:

Primary InsiderTitleMax potential PSU award(1)Min. awardHolding instruments (options and PSUs)Holding shares
Jon Erik Engeset(2)President & CEO51 6750351 709263 554
David BandeleCFO34 4500155 530115 429
Seung BaikPresident Hexagon Agility51 6750233 2960
Andrew GriffithsEVP, CFO Hexagon Agility34 4500155 5300
Jack SchimentiPresident Digital Wave34 4500235 530139 639
George SiedleckiSenior Vice President Finance North America

34 4500155 530113 122
Karen RomerSVP Communications25 837078 9411 800
Heiko ChudzickEVP Operations34 4500155 53080 000
Skjalg S. StavheimPresident Hexagon Ragasco34 450

0155 530136 406

(1) equals total holding of PSU rights. (2) The shares are held by Dionysos AS, a company 100% controlled by Jon Erik Engeset

For more information:

David Bandele, CFO, Hexagon Composites ASA

Telephone: +47 920 91 483 | david.bandele@hexagongroup.com

Hiva Ghiri, VP Investor Relations, Hexagon Composites ASA

Telephone: +47 958 66 790 | hiva.ghiri@hexagongroup.com

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

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