GAITHERSBURG, Md., Sept. 8, 2023 ~ Novavax, Inc. (Nasdaq: NVAX), a global company advancing protein-based vaccines with its novel Matrix-M™ adjuvant, has granted non-qualified stock options and restricted stock units to Ian Watkins, Executive Vice President and Chief Human Resources Officer. This award was approved by the Compensation Committee of the Board of Directors of Novavax and was granted in accordance with Nasdaq Listing Rule 5635(c)(4) and pursuant to the Novavax, Inc. 2023 Inducement Plan.

The non-qualified stock options are an option to purchase 64,200 shares of Novavax's common stock with a per share exercise price of $9.05, the closing price of Novavax's common stock on the Nasdaq Global Select Market on the grant date. The non-qualified stock options have a ten-year term and will vest as to one-quarter of the underlying shares on the first anniversary of the grant date, and as to the remaining shares in equal monthly installments for 36 months thereafter, subject to Watkins' continued employment with Novavax through the applicable vesting date. The restricted stock units are with respect to 55,600 shares of Novavax's common stock and will vest as to one-third of the restricted stock units on each of the first three anniversaries of the grant date, subject to Watkins' continued employment with Novavax through the applicable vesting date. These awards are subject to terms and conditions outlined in Novavax's 2023 Inducement Plan.

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