Zelluna ASA - Remuneration Information 2019

Ultimovacs ASA - Share Option Program

Oslo, 3 June 2019: On the basis of the approval by the General Meeting on 2 May 2019 to authorize the Board of Directors of Ultimovacs ASA (the ‘Company’, OSE ticker “ULTIMO”) 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 557,500 options for shares in the Company have been distributed amongst the employees. The number of options granted corresponds to 2.0% 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 is NOK 31.25 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, Øyvind Kongstun Arnesen has been granted 72,000 share options. Following the grant, he holds 163,200 shares (through Vitmed AS) and 72,000 options in the Company.

Chief Financial Officer, Hans Vassgård Eid has been granted 62,500 share options. Following the grant, he holds 53,200 shares (through Snøtind AS) and 62,500 options in the Company.

Chief Operating Officer, Audun Tornes has been granted 38,000 share options. Following the grant, he holds 87,500 shares (through Aeolus AS) and 38,000 options in the Company.

Chief Medical Officer, Jens Egil Torbjørn Bjørheim has been granted 53,000 share options. Following the grant, he holds 0 shares and 53,000 options in the Company.

Director Regulatory Affairs and QA, Gudrun Trøite has been granted 38,000 share options. Following the grant, she holds 0 shares and 38,000 options in the Company.

Head of Research, Ingunn Hagen Westgaard has been granted 38,000 share options. Following the grant, she holds 0 shares and 38,000 options in the Company.

Head of Clinical Operations, Øivind Foss has been granted 38,000 share options. Following the grant, he holds 0 shares and 38,000 options in the Company.

Finance Manager, Joachim Midttun has been granted 24,000 share options. Following the grant, he holds 3,200 shares and 24,000 options in the Company.

Managing Director Ultimovacs AB, Gunilla Ekström has been granted 23,000 share options. Following the grant, she holds 1,600 shares and 23,000 options in the Company.

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

Øyvind Kongstun Arnesen, CEO

[email protected], +47 469 33810

Hans Vassgård Eid, CFO

[email protected], +47 469 19822