Core Viewpoint - Bavarian Nordic A/S has established a long-term incentive program for Executive Management and selected employees, which includes performance restricted stock units (Performance RSUs) and a warrant program as part of its Remuneration Policy [1][8]. Group 1: Performance Restricted Stock Units (Performance RSUs) - A total of 104,009 Performance RSUs are granted to members of Executive Management, with the value equating to up to 100% of their fixed annual base wage at the date of grant [2]. - Each Performance RSU is valued at DKK 188.26, based on the average market price of the company's shares on Nasdaq Copenhagen over a 15-business-day period prior to the grant [3]. - The Performance RSUs will vest in three years, contingent upon meeting specific Key Performance Indicators (KPIs) set by the Board of Directors [2]. Group 2: Warrant Program - A total of 1,270,820 warrants are granted to selected employees, allowing them to subscribe for up to 1,270,820 shares at a nominal value of DKK 10 each [4]. - The subscription price for the warrants is set at DKK 216.50 per share, which is the average market price plus a 15% premium over a 15-business-day period prior to the grant [4]. - The value of each warrant is calculated at DKK 69.52 using the Black-Scholes model, based on a share price of DKK 188.00 and a risk-free interest rate of 2.0% [5].