Kvistgård, Denmark, December 16, 2010 - The Board of Directors in Bavarian
Nordic A/S has today decided to award warrants to certain, especially newly
employed, employees in the Company and its subsidiaries. The Board decision is
made in accordance with the shareholder authorisation for the Board of Directors
adopted as Article 5b of the Articles of Association and the Company's
guidelines regarding incentive programs. The award is made by the Board of
Directors and exercise is limited by and governed by the Danish Act on Options
for Employees (the Stock Option Act/aktieoptionsloven) regarding termination of
employment prior to exercise of warrants.
A total of 45,000 warrants are awarded for subscription of up to 45,000 shares
of a nominal value of DKK 10 at an exercise price of DKK 261 per share. The
exercise price is established as the average share price ("closing price") for
the Company's share in a period of 15 business days prior to this day added a
15 % premium. However, the exercise price must at least be equal to the
Company's average exchange-listed price today. In the event that the average
exchange-listed price on the Company's shares today exceeds DKK 261 the exercise
price shall be increased accordingly and the Company will make a separate
announcement hereof.
The warrants can be exercised wholly or partly in a period of 14 days commencing
from the day of publication of the Company's Annual Report for 2013, from the
day of publication of the Company's Half Year Report for 2014, from the day of
publication of the Company's Annual Report for 2014 and/or in a period of 14
days commencing from the day of publication of the Company's Half Year Report
for 2015.
The value of each warrant equals DKK 78 and is calculated on the Black-Scholes
model with a risk-free interest rate of 1.63 per cent and on the historical
volatility of the shares. The calculation is based on a market value of the
share of DKK 238 per share.
The award of warrants will incur consequential amendments to the Articles of
Association.
Asger Aamund
Chairman of the Board
Contact
Anders Hedegaard, President & CEO. Phone +45 23 20 30 64
About Bavarian Nordic
Bavarian Nordic is a leading industrial biotechnology company developing and
producing novel vaccines for the treatment and prevention of life-threatening
diseases with a large unmet medical need. The company's clinical pipeline
targets cancer and infectious diseases, and includes seven development
programmes. Two programmes under preparation for Phase III: PROSTVAC(®), a
therapeutic vaccine for advanced prostate cancer is being developed under a
collaboration agreement with the National Cancer Institute, and IMVAMUNE(®), a
third-generation smallpox vaccine is being developed under a contract with the
US government.
Bavarian Nordic is listed on NASDAQ OMX Copenhagen under the symbol BAVA.
For more information please visit www.bavarian-nordic.com
Forward-looking statements
This announcement includes "forward-looking statements" that involve risks,
uncertainties and other factors, many of which are outside of our control that
could cause actual results to differ materially from the results discussed in
the forward-looking statements. Forward-looking statements include statements
concerning our plans, objectives, goals, future events, performance and/or other
information that is not historical information. We undertake no obligation to
publicly update or revise forward-looking statements to reflect subsequent
events or circumstances after the date made, except as required by law.
[HUG#1473106]
