BV3 Bavarian Nordic AS

Report of transactions of shares and related securities of Bavarian Nordic by persons holding managerial responsibilities and/or persons/companies closely associated with such

COPENHAGEN, Denmark, March 6, 2024 – Bavarian Nordic A/S (OMX: BAVA) has today received information about the following transactions of the Company’s shares/related securities by persons holding managerial responsibilities and/or persons/companies closely associated with such, which are hereby reported in accordance with Article 19 of Regulation No. 596/2014 on Market Abuse and Implementing Regulation 2016/523.

The transactions concern the award of restricted stock units (RSUs) including matching shares to members of the Company’s Executive Management in accordance with a decision today by the Board of Directors to defer 50% of the annual cash bonus related to Executive Management’s performance in 2023 by conversion into RSUs. The RSUs and matching shares will vest in three years from the date of grant, provided that all vesting conditions have been met.

1.	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Paul Chaplin
2.	Reason for the notification
a)	Position/status	President and Chief Executive Officer of Bavarian Nordic A/S
b)	Initial notification/Amendment	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Bavarian Nordic A/S
b)	LEI	2138006JCDVYIN6INP51
4.	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument Identification code	Restricted Stock Units DK0015998017
b)	Nature of the transaction	Grant
c)	Price(s) and volume(s)	Price(s)	Volume(s)
		DKK 108.88	26,736
d)	Aggregated information Aggregated volume Price	26,736 DKK 2,911,142.00
e)	Date of the transaction	2024-03-06
f)	Place of the transaction	Outside a trading venue

1.	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Henrik Juuel
2.	Reason for the notification
a)	Position/status	Executive Vice President and Chief Financial Officer of Bavarian Nordic A/S
b)	Initial notification/Amendment	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Bavarian Nordic A/S
b)	LEI	2138006JCDVYIN6INP51
4.	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument Identification code	Restricted Stock Units DK0015998017
b)	Nature of the transaction	Grant
c)	Price(s) and volume(s)	Price(s)	Volume(s)
		DKK 108.89	15,073
d)	Aggregated information Aggregated volume Price	15,073 DKK 1,641,225.00
e)	Date of the transaction	2024-03-06
f)	Place of the transaction	Outside a trading venue

1.	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Jean-Christophe May
2.	Reason for the notification
a)	Position/status	Executive Vice President and Chief Commercial Officer of Bavarian Nordic A/S
b)	Initial notification/Amendment	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Bavarian Nordic A/S
b)	LEI	2138006JCDVYIN6INP51
4.	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument Identification code	Restricted Stock Units DK0015998017
b)	Nature of the transaction	Grant
c)	Price(s) and volume(s)	Price(s)	Volume(s)
		DKK 108.89	12,538
d)	Aggregated information Aggregated volume Price	12,538 DKK 1,365,321.00
e)	Date of the transaction	2024-03-06
f)	Place of the transaction	Outside a trading venue

1.	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Laurence De Moerlooze
2.	Reason for the notification
a)	Position/status	Executive Vice President and Chief Medical Officer of Bavarian Nordic A/S
b)	Initial notification/Amendment	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Bavarian Nordic A/S
b)	LEI	2138006JCDVYIN6INP51
4.	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument Identification code	Restricted Stock Units DK0015998017
b)	Nature of the transaction	Grant
c)	Price(s) and volume(s)	Price(s)	Volume(s)
		DKK 108.89	12,052
d)	Aggregated information Aggregated volume Price	12,052 DKK 1,312,334.00
e)	Date of the transaction	2024-03-06
f)	Place of the transaction	Outside a trading venue

1.	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Anu Helena Kerns
2.	Reason for the notification
a)	Position/status	Executive Vice President and Chief People Officer of Bavarian Nordic A/S
b)	Initial notification/Amendment	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Bavarian Nordic A/S
b)	LEI	2138006JCDVYIN6INP51
4.	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument Identification code	Restricted Stock Units DK0015998017
b)	Nature of the transaction	Grant
c)	Price(s) and volume(s)	Price(s)	Volume(s)
		DKK 108.89	8,893
d)	Aggregated information Aggregated volume Price	8,893 DKK 968,397.00
e)	Date of the transaction	2024-03-06
f)	Place of the transaction	Outside a trading venue

1.	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Russell Thirsk
2.	Reason for the notification
a)	Position/status	Executive Vice President and Chief Operating Officer of Bavarian Nordic A/S
b)	Initial notification/Amendment	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Bavarian Nordic A/S
b)	LEI	2138006JCDVYIN6INP51
4.	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument Identification code	Restricted Stock Units DK0015998017
b)	Nature of the transaction	Grant
c)	Price(s) and volume(s)	Price(s)	Volume(s)
		DKK 108.88	11,757
d)	Aggregated information Aggregated volume Price	11,757 DKK 1,280,125.00
e)	Date of the transaction	2024-03-06
f)	Place of the transaction	Outside a trading venue

About Bavarian NordicBavarian Nordic is a fully integrated vaccine company with a mission to protect and save lives through innovative vaccines. We are a global leader in smallpox and mpox vaccines, supplied to governments to enhance public health preparedness and have a strong portfolio of vaccines for travelers and endemic diseases. For more information visit www.bavarian-nordic.com.

ContactsEurope: Rolf Sass Sørensen, Vice President Investor Relations, Tel: +45 61 77 47 43US: Graham Morrell, Paddock Circle Advisors, graham@paddockcircle.com, Tel: +1 781 686 9600

Company Announcement no. 4 / 2024

Attachment

• 2024-04-en