Targovax ASA: Issuance of restricted stock unites (RSUs) to the chairman of the board of directors

Reference is made to the extraordinary general meeting of Targovax ASA (the "Company") on 30 November 2017, where Patrick Vink was elected as chairman of the Company's board of directors and the Company was authorized to issue restricted stock units ("RSUs") to Patrick Vink. The RSUs are non-transferable and each RSU gives the right and obligation to acquire one share in the Company at a price of NOK 0.10 per share (corresponding to the nominal value of the shares) subject to satisfaction of the applicable vesting conditions.

Patrick Vink has resolved to receive his full board remuneration, as determined by the Company's extraordinary general meeting in November 2017, in the form of RSUs and the Company has resolved to issue 11,131 RSUs to Patrick Vink. Following the issuance, Patrick Vink holds 11,131 RSUs and no shares in the Company.

The number of RSUs issued is calculated on the basis of his relative board remuneration of NOK 162,740 divided by the market price of the Company's shares calculated as the average share price for the 10 trading days prior to the extraordinary general meeting, being NOK 14.62 per share.

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For further information please contact:
Erik Digman Wiklund, CFO
Phone: +47 413 33 536
Email: erik.wiklund@targovax.com

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.