Targovax ASA issues options to employees

On the basis of the approval by the Annual General Meeting on 11 April 2018 to authorize the Board of Targovax ASA to issue new shares to employees under the Company long-term incentive program, the Board has resolved to issue new options to employees of the Company. A total of 600,000 options for shares of the Company were distributed amongst the members of the executive management and a total of 349,000 options for shares of the Company were distributed amongst other employees. Each option, when exercised, will give the right to acquire one share in the Company. The options are granted without consideration. Pursuant to the vesting schedule, 25% of the options will vest 12 months after the day of grant (as long as the option holder is still employed). Thereafter, 1/36 of the remaining options will vest each month as long as the option holder is still employed, with the first 1/36 vesting 13 months after the day of grant. The exercise price of the options is NOK 7.74. The exercise price is equal to the volume weighted average trading price of the shares of the Company on Oslo Børs on the date of the grant (2 January 2018). Options that have not been exercised will lapse 7 years after the date of grant.

Primary insiders in Targovax ASA have received the following options grants, according to the terms
described above:

Chief Executive Officer Øystein Soug has been granted 150,000 share options. Following the grant, he holds 115,000 shares and 1,160,000 options in the Company.

Chief Medical Officer Magnus Jäderberg has been granted 80,000 share options. Following the grant, he holds 20,000 shares and 840,000 options in the Company.

VP Clinical Development Anne-Kirsti Aksnes has been granted 70,000 share options. Following the grant, she holds 12,000 shares and 423,000 options in the Company.

Chief Business Officer Erik Digman Wiklund has been granted 130,000 share options. Following the grant, he holds no shares and 430,000 options in the Company.

Chief Financial Officer Torbjørn Furuseth has been granted 100,000 share options. Following the grant, he holds no shares and 300,000 options in the Company.

VP CMC Berit Iversen has been granted 70,000 share options. Following the grant, she holds 20,087 shares and 265,000 options in the Company.

Investor Relation Renate Birkeli has been granted 20,000 share options. Following the grant, she holds no shares and 75,500 options in the Company.

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For further information please contact:
Øystein Soug, CEO
Phone: +47 906 56 525
Email: oystein.soug@targovax.com