Targovax ASA: Issuance of restricted stock units (RSUs) to the board members

Reference is made to the annual general meeting of Targovax ASA (the "Company") on 29 April 2020 (the "AGM") where election of members to the board of directors was according to the nomination committee’s proposal. At the same AGM of the Company the board of directors was authorized to extend the Company’s restricted stock unit ("RSU") program and to issue RSUs to the board members. 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.

If the board members choose to receive the board remuneration in RSUs they must elect to either (i) receive 100% of the compensation in RSUs, (ii) receive 1/3 of the compensation in cash and 2/3 in RSUs, or (iii) receive 2/3 of the compensation in cash and 1/3 in RSUs. The number of RSUs is calculated on the basis of a board remuneration of NOK 500 000 to the chairperson of the board and NOK 290,000 to the other board members, divided by the market price of the Company's shares calculated as the average share price for the 10 trading days prior to the AGM being NOK 6.81 per share.

Robert Burns has resolved to receive his full board remuneration, as determined by the Company's annual general meeting in 2020, in the form of RSUs and the board of directors has resolved to issue 42,604 RSUs to Robert Burns. Robert Burns holds 88,351 RSUs, 21,235 options and 86,020 shares in the Company.

Eva-Lotta Allan has resolved to receive 1/3 of the board remuneration, as determined by the Company's annual general meeting in 2020, in the form of RSUs and the board of directors has resolved to issue 14,201 RSUs to Eva-Lotta Allan. Eva-Lotta Allan holds 29,450 RSUs, no options and 51,368 shares in the Company.

Diane Mellett has resolved to receive 1/3 of the board remuneration, as determined by the Company's annual general meeting in 2020, in the form of RSUs and the board of directors has resolved to issue 14,201 RSUs to Diane Mellett. Diane Mellett holds 35,499 RSUs, no options and 44,149 shares in the Company.

Damian Marron has resolved to receive 1/3 of the board remuneration, as determined by the Company's annual general meeting in 2020, in the form of RSUs and the board of directors has resolved to issue 24,485 RSUs to Damian Marron. Damian Marron holds 24,485 RSUs, no options and no shares in the Company.

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For further information, please contact:
Renate Birkeli, Investor Relations
Phone: +47 922 61 624
Email: renate.birkeli@targovax.com

Media and IR enquires:
Andreas Tinglum - Corporate Communications (Norway)
Phone: +47 9300 1773
Email: andreas.tinglum@corpcom.no

About Targovax

Activating the patient's immune system to fight cancer

Targovax (OSE:TRVX) is a clinical stage immuno-oncology company developing oncolytic viruses to target hard-to-treat solid tumors. Targovax’s lead product candidate, ONCOS-102, is a genetically modified oncolytic adenovirus, which has been engineered to selectively infect cancer cells and activate the immune system to fight the cancer.

ONCOS-102 is currently being tested in mesothelioma, melanoma and peritoneal malignancies and has already shown promising clinical results both as monotherapy and in combination with chemotherapy, and a checkpoint inhibitor.