Reference is made to the annual general meeting of Targovax ASA (the “Company”) on 11 April 2018 (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 475 000 to the chairperson of the board and NOK 260,000 to the other board members, divided by the market price of the Company’s shares calculated as the average share price for the 10 trading days prior to the AGM being NOK 14.33 per share.
Robert Burns has resolved to receive his full board remuneration, as determined by the Company’s annual general meeting in 2018, in the form of RSUs and the board of directors has resolved to issue 18,148 RSUs to Robert Burns. Robert Burns holds 28,199 RSUs, 21,235 options and 64,928 shares in the Company.
Eva-Lotta Allan has resolved to receive her full board remuneration, as determined by the Company’s annual general meeting in 2018, in the form of RSUs and the board of directors has resolved to issue 18,148 RSUs to Eva-Lotta Allan. Eva-Lotta Allan holds 51,368 RSUs, no options and no shares in the Company.
Diane Mellett has resolved to receive 1/3 of the board remuneration, as determined by the Company’s annual general meeting in 2018, in the form of RSUs and the board of directors has resolved to issue 6,049 RSUs to Diane Mellett. Diane Mellett holds 50,198 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 2018, in the form of RSUs and the board of directors has resolved to issue 6,049 RSUs to Bente-Lill Romøren. Bente-Lill Romøren holds 20,328 RSUs, no options and no shares in the Company.
Patrick Vink has resolved to receive his full board remuneration, as determined by the Company’s annual general meeting in 2018, in the form of RSUs and the board of directors has resolved to issue 33,155 RSUs to Patrick Vink. Patrick Vink holds 44,286 RSUs, no options and no shares in the Company.
Catherine Wheeler has resolved to receive 1/3 of the board remuneration, as determined by the Company’s annual general meeting in 2018, in the form of RSUs and the board of directors has resolved to issue 6,049 RSUs to Catherine Wheeler. Catherine Wheeler holds 6,049 RSUs, no options and no shares in the Company.
###
For further information please contact:
Erik Digman Wiklund, CFO
Phone: +47 413 33 536
Email: erik.wiklund@targovax.com
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.