Reference is made to the annual general meeting of Targovax ASA (the "Company")
on 17 March 2021 (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 515 000 to the chairperson of the board and
NOK 300,000 to the other board members, divided by the market price of the
Company's shares calculated as the volume weighted average share price for the
10 trading days prior to the AGM being NOK 8.80 per share.

Robert Burns has resolved to receive his full board remuneration, as determined
by the Company's annual general meeting in 2021, in the form of RSUs and the
board of directors has resolved to issue 34,083 RSUs to Robert Burns. Robert
Burns holds 122,434 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 2021, in the form of RSUs
and the board of directors has resolved to issue 11,361 RSUs to Eva-Lotta Allan.
Eva-Lotta Allan holds 40,811 RSUs, no options and 51,368 shares in the Company.

Diane Mellett has resolved to receive 2/3 of the board remuneration, as
determined by the Company's annual general meeting in 2021, in the form of RSUs
and the board of directors has resolved to issue 22,722 RSUs to Diane Mellett.
Diane Mellett holds 58,221 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 2021, in the form of RSUs
and the board of directors has resolved to issue 19,503 RSUs to Damian Marron.
Damian Marron holds 43,988 RSUs, no options and no shares in the Company.

Sonia Quaratino has resolved to receive 2/3 of the board remuneration, as
determined by the Company's annual general meeting in 2021, in the form of RSUs
and the board of directors has resolved to issue 22,722 RSUs to Sonia Quaratino.
Sonia Quaratino holds 22,722 RSUs, no options and no shares in the Company.

Bente-Lill Romøren has resolved to receive 1/3 of the board remuneration, as
determined by the Company's annual general meeting in 2021, in the form of RSUs
and the board of directors has resolved to issue 11,361 RSUs to Bente-Lill
Romøren. Bente-Lill Romøren holds 26,611 RSUs, no options and 20,327 shares in
the Company.

###

For further information, please contact:
Øystein Soug, CEO
Phone: +47 906 56 525
Email: oystein.soug@targovax.com

Renate Birkeli, Investor Relations
Phone: +47 922 61 624
Email: renate.birkeli@targovax.com



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

IR enquires:
Kim Sutton Golodetz - LHA Investor Relations (US)
Email: kgolodetz@lhai.com
Phone: +1 212-838-3777

About Targovax

Activating the patient's immune system to fight cancer
Targovax (OSE:TRVX) is a clinical stage immuno-oncology company developing
immune activators to target hard-to-treat solid tumors. Targovax aims to unlock
greater clinical benefits in cancer patients by deploying multifunctional
platforms to target key immune regulators and oncogenic drivers. Targovax's
focus is to "activate the patient's immune system to fight cancer", thus
extending and transforming the lives of cancer patients with targeted
therapeutic cancer immunotherapies. Targovax's pipeline aims at different cancer
indications, including melanoma, mesothelioma and colorectal cancer. The
products are designed to harness the patient's own immune system to fight the
cancer, whilst also delivering a favorable safety and tolerability profile.

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. On the back of very
encouraging data in several indications, in monotherapy and in multiple
combination, the next development steps for ONCOS-102 will involve a clinical
trial with registration intent in checkpoint inhibitor refractory melanoma.