Exercise Of Employee Share Options And Restricted Stock Units In Targovax

Published: Aug 25, 2017

Reference is made to the stock exchange notice of 18 August 2017 regarding increase of the share capital in Targovax ASA (the "Company") relating to exercise of employee options and settlement of restricted stock units. As per 25 August 2017,

- 4,502 shares each with a par value of NOK 0.10 were subscribed for by employees holding vested options; and

- 40,984 shares each with a par value of NOK 0.10 were subscribed for by the primary insider and board member, Robert Burns (the "Primary Insider"), holding vested restricted stock units.

The Primary Insider's price per share was NOK 0.10. The Primary Insider has transferred his right to the shares to a third party to sell the corresponding amount of shares in the market in order to cover the Primary Insider's tax cash impact from the RSU settlement. Further information regarding the shares sold by the third party to cover the tax impact of the Primary Insider and the Primary Insiders total holding of shares following the settlement will be published in a separate stock exchange notice as soon as the details are final.

The new share capital in the Company will accordingly be NOK 5,260,986.70. The share capital increase will be registered in the Register of Business Enterprises (Nw.: Foretaksregisteret) as soon as practically possible.

For further information, please contact:

Erik Digman Wiklund, CFO
Phone: + 47 413 33 536
Email: erik.wiklund@targovax.com

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