On the basis of the approval by the Annual General Meeting on 29 April 2020 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 1,350,000 options for shares of the Company were distributed amongst the members of the executive management and a total of 595,000 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 10.19. 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. 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 300,000 share options. Following the grant, Øystein Soug and his close associates holds 200,000 shares[1] and 1,310,000[2] options in the Company.

Chief Medical Officer Magnus Jäderberg has been granted 150,000 share options. Following the grant, he holds 20,000 shares and 1,080,000 options in the Company.

Chief Business Officer Erik Digman Wiklund has been granted 190,000 share options. Following the grant, he holds no shares and 750,000 options in the Company.

Chief Financial Officer Torbjørn Furuseth has been granted 190,000 share options. Following the grant, he holds 15,000 shares and 620,000 options in the Company.

Chief Scientific Officer Victor Levitsky has been granted 250,000 share options. Following the grant, he holds 10,000 shares and 500,000 options in the Company.

VP Regulatory Affairs Ingunn Munch Lindvig has been granted 150,000 share options. Following the grant, she holds 10,000 shares and 267,000 options in the Company.

Interim Head of CMC Kirsi Hellström has been granted 120,000 share options. Following the grant, she holds no shares and 221,000 options in the Company.

###

[1]

The shares are held through Abakus Invest AS

[2] 300,000 of Øystein Soug’s options expired in November 2020. The exercise price for these options was NOK 25