Targovax ASA issues options to employees

On the basis of the approval by the Annual General Meeting on 5 April 2017 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 690,000 options for shares of the Company were distributed amongst the members of the executive management and a total of 310,000 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 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 220,000 share options. Following the grant, he holds 109,598 shares and 1,010,000 options in the Company.

Chief Financial Officer Erik Digman Wiklund has been granted 150,000 share options. Following the grant, he holds no shares and 300,000 options in the Company.

Chief Medical Officer Magnus Jäderberg has been granted 100,000 share options. Following the grant, he holds 20,000 shares and 760,000 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 353,000 options in the Company.

VP CMC Berit Iversen has been granted 60,000 share options. Following the grant, she holds 20,087 shares and 195,000 options in the Company.

VP Quality Assurance Tina Madsen has been granted 60,000 share options. Following the grant, she holds 6,300 shares (including 1,500 shares held by her close associates) and 163,000 options in the Company.

Chief Business Development Michael Bogenstätter has been granted 30,000 share options. Following the grant, he holds no shares and 230,000 options in the Company.

Investor Relation Renate Birkeli has been granted 13,500 share options. Following the grant, she holds no shares and 55,500 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

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