Option agreement by and between FREYR and Steffen Freid, dated July 24, 2020

EX-10.16 10 fs42021ex10-16_freyrbattery.htm OPTION AGREEMENT BY AND BETWEEN FREYR AND STEFFEN FOREID, DATED JULY 24, 2020

Exhibit 10.16



Private & confidential to


Steffen Føreid (the ‘Participant’)


Stock Options


1,000,000 stock options are granted to the Participant on the terms set out in this allocation letter, in the Stock Option policy and in any resolutions decided upon by either the Board of Directors or Annual General Assembly.


The Options will be subscribed by Freyr AS (the ‘Company’) and transferred to the Participant immediately after vesting. The Options are granted without consideration from the Participant other than the relevant Exercise price.


The Participant shall pay the Exercise price for each Option that is exercised. The Exercise Price is determined by the Board of Directors of the Company according to the Stock Option Plan.


Grant schedule


    Grant date   Options granted   Exercise price    
    24.07.2020   375 000   1.50 NOK    
    Financial close 1st facility (Fast track)   375 000   1.50 NOK   options earmarked for the Optionee at the relevant Exercise price, granted after 12 months in the job.
    Financial close 2nd facility   250 000   1.50 NOK    
    TOTAL   1 000 000        
Vesting date       01.10.2023        
Exercise period       01.10.23 - 30.09.25        


Options that have not been exercised by 17:00 hours (CET) on 30.09.25 will lapse without any consideration and may not be exercised by the Participant.


Date: 24th July 2020   Date:
Place: Oslo   Place:
/s/ Tom Jensen   /s/ Steffen Føreid
Tom Jensen, CEO Freyr AS   Participant