Oslo, 25 May 2020: On the basis of the approval by the General Meeting on 23
April 2020 to authorize the Board of Directors of Ultimovacs ASA (the ‘Company’,
OSE ticker “ULTIMO”) to issue new shares to employees under a long-term
incentive program, the Board of Directors has resolved to issue share options to
all employees in the Company.

A total of 846,885 options for shares in the Company have been distributed
amongst the employees. The number of options granted corresponds to 3.04% of the
outstanding number of shares in the Company. Each option gives the right to
acquire one share in the Company. The options are granted without consideration.
Following the issue of these share options, a total of 1,368,385 options are
currently granted, corresponding to 4.91% of the outstanding number of shares in
the Company. 

Pursuant to the vesting schedule, with the exception of the options granted to
the new CEO, 25% of the options will vest one year after the day of grant, 25%
of the options will vest two years after the day of grant and the remaining 50%
will vest three years after the day of grant (vesting is dependent on the option
holder still being employed in the Company). 

The options granted to the new CEO, Carlos de Sousa, will vest with 33.33% one
year following the grant date, 33.33% after two years, and the remaining 33.34%
on the third anniversary following the grant date (vesting is dependent on the
option holder still being employed in the Company).

The exercise price for all options granted today is NOK 39.15 per share.

Options that are not exercised within 5 years from the date of grant will lapse
and become void.

Primary insiders in Ultimovacs ASA have received the following options grants,
on the terms described above:

Chief Executive Officer from 1 June 2020, Carlos de Sousa has been granted
362,185 share options. Following the grant, he and closely related parties hold
8,401 shares and 362,185 options in the company. 

Chief Financial Officer, Hans Vassgård Eid has been granted 56,000 share
options. Following the grant, he holds 53,200 shares (through Snøtind AS) and
118,500 options in the Company. 

Chief Medical Officer, Jens Egil Torbjørn Bjørheim has been granted 56,000 share
options. Following the grant, he holds 0 shares and 109,000 options in the
Company. 

Chief Operating Officer, Audun Tornes has been granted 34,500 share options.
Following the grant, he holds 87,500 shares (through Aeolus AS) and 72,500
options in the Company. 

Director Regulatory Affairs and QA, Gudrun Trøite has been granted 34,500 share
options. Following the grant, she holds 0 shares and 72,500 options in the
Company. 

Head of Research, Ingunn Hagen Westgaard has been granted 34,500 share options.
Following the grant, she holds 0 shares and 72,500 options in the Company. 

Head of Clinical Operations, Øivind Foss has been granted 34,500 share options.
Following the grant, he holds 0 shares and 72,500 options in the Company. 

Finance Manager, Joachim Midttun has been granted 21,600 share options.
Following the grant, he holds 3,200 shares and 45,600 options in the Company. 

Managing Director Ultimovacs AB, Gunilla Ekström has been granted 20,700 share
options. Following the grant, she holds 6,650 shares (through Haracon AB) and
43,700 options in the Company. 



For further information, please see www.ultimovacs.com or contact:


Øyvind Kongstun Arnesen, CEO
oeyvind.arnesen@ultimovacs.com, +47 469 33810

Hans Vassgård Eid, CFO
hans.eid@ultimovacs.com, +47 482 48632