CELLCOM ISRAEL : ANNOUNCES OPTIONS GRANT (Form 6-K)

CELLCOM ISRAEL ANNOUNCES

OPTIONS GRANT

Netanya, Israel - July 6, 2021 - Cellcom Israel Ltd. (TASE: CEL) (hereinafter: the 'Company') announced today that the Company's board of directors resolved to grant approximately 0.5 million options under the Company's 2015 Share Incentive Plan, to a certain non-director office holder (preceded by the Company's compensation committee's resolution to that end), to be vested in three equal installments on each of the first, second and third anniversary of the grant at an exercise price of NIS 14.82 for the first installment, NIS 16.00 for the second installment and NIS 17.33 for the third installment. The options of the first installment may be exercised within 18 months from their vesting, and the options of the second and third installments may be exercised with 12 month from their vesting. Such grant is subject to the approval of the Israeli TASE, or TASE, for the registration of such options for trade. The execution of such options is subject to the TASE regulations and the sale of the shares resulting from such execution will be subject to block periods set by the Israeli applicable Law and the TASE regulations.

For additional details see the Company's most recent annual report for the year ended December 31, 2020 on Form 20-F, filed on April 28, 2021, under Item 6. Directors, senior management and employees -E. Share Ownership - Share Incentive Plan'.

Cellcom Israel Ltd., established in 1994, is a leading Israeli communications group, providing a wide range of communications services. Cellcom Israel is the largest Israeli cellular provider, providing its cellular subscribers with a broad range of services including cellular telephony, roaming services, text and multimedia messaging, advanced cellular and data services and other value-added services in the areas of mobile office, data protection etc., based on Cellcom Israel's technologically advanced infrastructure. The Company operates advanced networks enabling high-speed broadband and advanced multimedia services. Cellcom Israel offers nationwide customer service including telephone customer service, retail stores, and service and sale centers. Cellcom Israel further provides OTT TV services, internet infrastructure and connectivity services and international calling services, as well as landline telephone services in Israel.

CELLCOM