Zelluna ASA – Grant of Share Options under Long-Term Incentive Program

Oslo, 3 July 2025: On the basis of the approval by the General Meeting on 29 April 2025 to authorize the Board of Directors of Zelluna ASA (the ‘Company’, OSE ticker “ZLNA”) to grant new shares to employees and board members under a long-term incentive program, the Board of Directors has resolved to issue share options to all employees in the Company.

A total of 1,634,000 options for shares in the Company have been distributed amongst the employees and two board members. The number of options granted corresponds to 8.0% of the outstanding number of shares in the Company. The combined number of options granted under both the previous and current share option programs corresponds to 8.7% of the outstanding shares.

Each option gives the right to acquire one share in the Company. The options are granted without consideration. Pursuant to the vesting schedule for employees, 33% of the options will vest one year after the day of grant, 33% of the options will vest two years after the day of grant and the remaining 33% will vest three years after the day of grant (vesting is dependent on the option holder still being employed in the Company). For the board members, all options vest after 1 year.

The exercise price has been set at NOK 13.34 per share, which corresponds to the volume-weighted average price over the past 30 calendar days. Options that are not exercised within 7 years from the date of grant will lapse and become void.

Primary insiders in Zelluna ASA have received the following option grants, on the terms described above:

Chief Executive Officer, Namir Hassan, has been granted 550,000 share options.

Chief Financial Officer, Hans Vassgård Eid, has been granted 175,000 share options. All 23,398 options under the previous program have been terminated.

Chief Operating Officer, Anders Holm, has been granted 145,000 share options.

Head of Research, Luise Weigand, has been granted 145,000 share options.

Head of CMC, Emilie Gauthy, has been granted 80,000 share options.

Head of Clinical Operations, Øivind Foss, has been granted 70,000 share options. All 11,398 options under the previous program have been terminated.

Head of Project Management, Julia Ino, has been granted 80,000 share options.

Board Member, Bent Jakobsen, has been granted 96,000 share options.

Board Member, Eva-Lotta Allan, has been granted 6,000 share options.

For further information, please see www.zelluna.com or contact:

Namir Hassan, CEO, Zelluna ASA
Email: namir.hassan@zelluna.com
Phone: +44 7720 687608

Hans Vassgård Eid, CFO, Zelluna ASA
Email: hans.eid@zelluna.com
Phone: +47 482 48632