8/22/2013 9:51:10 AM
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KVISTGAARD, Denmark, August 22, 2013 - Bavarian Nordic A/S (OMX: BAVA) announced
today that the Board of Directors in Bavarian Nordic A/S has decided to award
warrants to management, certain employees in the Company and its subsidiaries,
and the Board of Directors. The Board decision is made in accordance with the
shareholder authorization for the Board of Directors adopted as Article 5b of
the Articles of Association and the Company's guidelines regarding incentive
programs. The award is made by the Board of Directors and exercise is limited by
and governed by the Danish Act on Options for Employees (the Stock Option
Act/aktieoptionsloven) regarding termination of employment prior to exercise of
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