Targovax ASA: Issuance of options to primary insider

Oslo, 25 September 2018: Reference is made to the announcement made by Targovax ASA ("Targovax" or the "Company") on 13 September 2018 regarding the appointment of Torbjørn Furuseth as the new CFO of the Company.

The Board of Directors has resolved to grant 200,000 share options in the Company under the Company's long term incentive program, each with a strike price of NOK 10.26, to Torbjørn Furuseth.

Following the grant Torbjørn Furuseth holds nil shares and 200,000 options 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 employed, with the first 1/36 vesting 13 months after the day of grant. The strike 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.

For further information, please contact:

Øystein Soug, CEO
Phone: +47 90 6565 25 
Email: oystein.soug@targovax.com