Cool Company Ltd.

Granting Of Share Options And Restricted Stock Units To Primary Insiders and Mandatory Notification of Trades

Long-Term Incentive Plan – 2022 – first tranche vesting

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In accordance with its Long-Term Incentive Program (the “LTIP”) for employees, management, and board members of Cool Company Ltd. (the “Company” or “CoolCo”) and its affiliate, the first tranche of the restricted stock units (“RSUs”) awarded in 2022 vest on November 30, 2023. The Company anticipates that the shares underlying the vested RSUs will be issued to grantees on or after December 7, 2023. At such time, the number of issued shares in the Company will increase by 14,381 shares to a total number of issued shares of 53,702,843, with each share having a nominal value of USD 1.00.

As part of the LTIP, RSUs for the following primary insiders of the Company (the “Primary Insiders”) will vest on November 30, 2023, resulting in the following share issuances:

1. Richard Tyrrell: 1,898 shares
2. Johannes Boots: 979 shares

Full details of the LTIP are available in the Press Release issued on November 25, 2022, or in the Company’s 2022 Annual Report on Form 20-F as filed with the SEC.

LTIP - 2023

Additionally, the Company’s board of directors (the “Board”) has resolved, in accordance with the LTIP, to authorize options (“Options”) and RSUs for 2023, as further detailed below.

Pursuant to the LTIP, the Board has resolved to grant a total number of 74,246 Options and 102,107 RSUs to employees, management and board members of the Company (equivalent to approximately 0.14% and 0.19% of the Company's share capital, respectively).

Each Option, when exercised, carries the right to acquire one share in CoolCo, giving the right to acquire up to an aggregate 74,246 shares. The exercise price for the Options is USD 12.47 per share. The Options will vest over a period of 3 years, in equal annual installments, on each of November 29, 2024, November 30, 2025, and November 30, 2026, and will lapse 3 years from the date of their grant if not exercised.

Pursuant to the LTIP, RSUs vest into shares of the Company. The RSUs will vest equally in four installments on each of November 29, 2024, November 30, 2025, November 30, 2026 and November 30, 2027.

Share Purchase

Richard Tyrrell, CEO and Director of the Company, has on December 1, 2023 acquired 2,030 shares in the Company at a price of USD 12.49 per share.

Primary Insiders

The following Primary Insiders have been granted Options and RSUs, and purchased shares as per the below:

• Sami Iskander (Director) has been granted 37,123 Options. Following the grant, Sami Iskander holds 37,123 Options in CoolCo.
• Joanna Huipei Zhou (Director) has been granted 37,123 Options. Following the grant, Joanna Huipei Zhou holds 510 shares and 37,123 Options in CoolCo.
• Richard Tyrrell (CEO and Director) has been granted 6,062 RSUs. Following the vesting of abovementioned RSUs on November 30, 2023, the new RSU grant and the share purchase, Richard Tyrrell holds 6,313 shares, 11,755 RSUs, and 371,227 Options in CoolCo.
• Johannes Boots (CFO) has been granted 3,278 RSUs. Following the vesting of abovementioned RSUs on November 30, 2023 and the new RSU grant, Johannes Boots holds 589 shares, 6,215 RSUs, and 123,742 Options in CoolCo.

Please see the enclosed forms for further details about the transactions.