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 1.15. 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 Erik Digman Wiklund has been granted 600,000 share options. Following the grant, he holds 100,000 shares and 1,800,000 options in the Company.

Chief Financial Officer Lubor Gaal has been granted 400,000 share options. Following the grant, he holds 0 shares and 700,000 options in the Company

Chief Development Officer Lone Ottesen has been granted 400,000 share options. Following the grant, she holds 47,000 shares and 890,000 options in the Company.

VP and Head of Regulatory Affairs Ingunn Munch Lindvig has been granted 400,000 share options. Following the grant, she holds 10,000 shares and 792,000 options in the Company.

VP and Head of Manufacturing Ola Melin has been granted 400,000 share options. Following the grant, he holds 50,000 shares and 725,000 options in the Company.

Chief Scientific Officer Victor Levitsky has been granted 100,000 share options. Following the grant, he holds 10,000 shares and 645,000 options in the Company.

PDMR notifications 20.12.22.pdf (https://mb.cision.com/Public/17093/3688092/ac8620144788b97a.pdf)