1. Settlement of RSUs

The board members Diane Mellett, Robert Burns, Damian Marron and Eva-Lotta Allan have settled 20,870, 23,307, 55,588 and 4,024 RSUs, respectively. Hence in total, 103,789 RSUs were settled, giving the RSUs holders the right to subscribe for 103,789 new shares in total, each with a par value of NOK 0.10, at a subscription price of NOK 0.10 per share.

The RSU holders have previously elected to receive the RSUs as part of their board remuneration instead of cash payment pursuant to resolutions by the annual general meeting (the "AGM") of the Company. The number of RSUs granted was calculated as the NOK amount of the RSU selected portion of the total remuneration to the respective board member, divided by the market price for the shares, calculated as the volume weighted average share price for the 10 trading days prior to the relevant AGM, being NOK 6.34 per share in 2019, NOK 6.81 per share in 2020, NOK 8.80 per share in 2021 and NOK 1.79 per share in 2022.

2. Resolution to increase the share capital in Targovax ASA

The board of directors of the Company has today, on 2 March 2023, in accordance with the authorisation granted by the general meeting on 20 April 2022, resolved to increase the share capital of the Company with NOK 10,378.90  by issuance of 103,789 new shares, each with a par value of NOK 0.10, in order to facilitate the settlement of RSUs, as further described above.

The new share capital of the Company will be NOK 18,857,757.20, divided into 188,577,572 shares, each with a par value of NOK 0.10. The share capital increase will be registered with the Norwegian Register of Business Enterprises (Nw. Foretaksregisteret) as soon as practically possible.