Ultimovacs ASA announces revised terms of the employee share option program

24 Jun 2024 21:00 CEST

Oslo, June 24, 2024: Ultimovacs ASA ("Ultimovacs") (OSE ULTI), a clinical-stage
biotechnology company developing immunotherapeutic cancer vaccines, announces
revised terms of the employee share option program.

Ultimovacs has during the second quarter of this year implemented a cash
preservation program that includes downsizing of the organization. As a measure
to stimulate retention of non-redundant team members, the board of directors of
Ultimovacs ASA has decided to revise the terms of parts of the share option
program.

The terms of the already issued share options to the employees who are not made
redundant during the downsizing process, i.e. employees that were not served
notice of termination during April 2024, will be adjusted as follows:

* The strike price will be adjusted for the following subset of the currently
non-exercised options; 100% of the options issued in 2023 (i.e., 98,500
options with a previous strike price of NOK 128.61 per share), 100% of the
options issued in 2022 (i.e., 303,500 options with a previous strike price
of NOK 83.46 per share), and 50% of the options issued in 2021 (i.e.,
185,825 options with a previous strike price of NOK 61.99 per share).
* For these options, the new strike price will be NOK 8.18 per share, which is
equal to the volume weighted average share price the last five trading days
prior to the date of this decision, June 24th, 2024.

Ultimovacs currently has 2,289,285 outstanding options, of which a total of
587,825 options will be subject to this revised strike price.

Implications for primary insiders
Carlos De Sousa, CEO and primary insider, holds a total of 425,535 options, out
of which a total of 36,425 options will be subject to the revised terms as
specified above.

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

Jónas Einarsson, Chairman of the Board of Directors of Ultimovacs ASA
Email: je@radforsk.no
Phone: +47 480 96355

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

This information is considered to be inside information pursuant to the EU
Market Abuse Regulation and is subject to the disclosure requirements pursuant
to Section 5-12 in the Norwegian Securities Trading Act. This stock exchange
announcement was published by Hans Vassgård Eid, Chief Financial Officer at
Ultimovacs ASA, on June 24th, 2024, at 21:00 CET.

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