Ultimovacs ASA - Share Option Program

Oslo, 21 April 2022: On the basis of the approval by the General Meeting on 21 April 2022 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 employees in the Company.

A total of 480,000 options for shares in the Company have been distributed amongst the employees. The number of options granted corresponds to 1.40% 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, 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 exercise price for the options granted is NOK 83.46 per share.

Options that are not exercised within 7 years from the date of grant will lapse and become void. The option life of all previously granted options in 2019, 2020 and 2021 has also been extended from 5 to 7 years.

No primary insiders in Ultimovacs, being board members and the CEO, received any option grant in 2022.

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

Anne Worsøe, Head of IR & Communication

Email: anne.worsoe@ultimovacs.com

Phone: +47 906 86815