Bavarian Nordic Establishes Long-term Incentive Program for Members of Executive Management and Selected Employees

COPENHAGEN, Denmark, December 18, 2025 – Bavarian Nordic A/S (OMX: BAVA) announced today that the Board of Directors has decided to establish a long-term incentive program for Executive Management as part of the annual remuneration as laid out in the Remuneration Policy, adopted at the annual general meeting. Members of the Executive Management are granted performance restricted stock units (Performance RSUs), subject to the successful achievement of relevant Key Performance Indicators (KPI’s), measured over a three-year performance period from grant. Furthermore, and also in accordance with the Remuneration Policy, a warrant program has been established for selected other employees in the Bavarian Nordic Group, entitling the warrant holders to subscribe for new shares in the Company, subject to certain terms, including a three-year vesting period.