KVISTGAARD, Denmark, December 13, 2013 - Bavarian Nordic A/S (OMX: BAVA) announced today that the Company, in accordance with a board decision of today, introduces a three year incentive program in January 2014 for all employees in the Bavarian Nordic Group. The program is a cash bonus program based on so- called phantom shares (bonus program based on the Company’s share price). This means that each employee in the program will be entitled to exercise a number of phantom shares when the program expires in 2017 and, thus, receive a cash bonus calculated from the increase in the Company’s share price. The incentive program will not have a dilutive effect on the shareholders.
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