Targovax ASA: Grant of share options

Oslo, Norway, 4 April 2017: The Board of Directors of Targovax ASA (the “Company”) has resolved to grant 172,000 options to subscribe for shares in the Company to employees under the Company’s long term incentive program.

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 Financial Officer Erik Wiklund has been granted 150,00 share options, each with a strike price of NOK 21.16 (equal to the share price on 31 March 2017). Following the grant, he holds no shares and 150,000 options in the Company.

Investor Relation Renate Birkeli has been granted 22,00 share options, each with a strike price of NOK 8.01 (equal to the share price on 8 August 2016). Following the grant, she holds no shares and 22,000 options in the Company.


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.