Oslo, 16 April 2021: On the basis of the approval by the General Meeting on 15
April 2021 to authorize the Board of Directors of Ultimovacs ASA (the 'Company',
OSE ticker "ULTI") to issue new shares to employees under a long-term incentive
program, the Board of Directors has resolved to issue share options to all
employees in the Company.

A total of 600,000 options for shares in the Company have been distributed
amongst the employees. The number of options granted corresponds to 1.87% of the
outstanding number of shares in the Company. Each option gives the right to
acquire one share in the Company. The options are granted without consideration.


Pursuant to the vesting schedule with the exception of the CEO grant, 25% of the
options will vest one year after the day of grant, 25% of the options will vest
two years after the day of grant and the remaining 50% will vest three years
after the day of grant (vesting is dependent on the option holder still being
employed in the Company). 

The options granted to the CEO will vest with 33,33% one year following the
grant date, 33,33% after two years, and the remainder 33,34% on the third
anniversary following the grant date (vesting is dependent on the option holder
still being employed in the Company).

The exercise price for all options granted is NOK 61.99 per share.

Options that are not exercised within 5 years from the date of grant will lapse
and become void.

Primary insiders in Ultimovacs ASA have received the following options grants,
on the terms described above:

Chief Executive Officer, Carlos de Sousa has been granted 53,850 share options.
Following the grant, Carlos de Sousa and closely related parties hold 10,906
shares and 416,035 options in the company. 

Chief Business Officer, Antonius Berkien has been granted 59,000 share options.
Following the grant, he holds 0 shares and 59,000 options in the Company.

Chief Financial Officer, Hans Vassgård Eid has been granted 59,000 share
options. Following the grant, he holds 53,200 shares (through Snøtind AS) and
177,500 options in the Company.

Chief Technology Officer, Audun Tornes has been granted 35,000 share options.
Following the grant, he holds 87,500 shares (through Aeolus AS) and 107,500
options in the Company. 

Chief Medical Officer, Jens Egil Torbjørn Bjørheim has been granted 59,000 share
options. Following the grant, he holds 0 shares and 168,000 options in the
Company. 	

Director Regulatory Affairs and QA, Gudrun Trøite has been granted 35,000 share
options. Following the grant, she holds 0 shares and 107,500 options in the
Company. 

Head of Research, Ingunn Hagen Westgaard has been granted 35,000 share options.
Following the grant, she holds 0 shares and 107,500 options in the Company. 

Head of Clinical Operations, Øivind Foss has been granted 35,000 share options.
Following the grant, he holds 0 shares and 107,500 options in the Company. 


For further information, please see www.ultimovacs.com or contact:

Jónas Einarsson, Chair of the Board of Directors of Ultimovacs ASA
Email: je@radforsk.no
Phone: +47 480 96 355

Carlos de Sousa, CEO 
Email: carlos.desousa@ultimovacs.com
Phone: +47 908 92507 
	
Hans Vassgård Eid, CFO 
Email: hans.eid@ultimovacs.com
Phone: +47 482 48632