UNITED STATES
SECURITIES AND EXCHANGE
COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE
ISSUER
PURSUANT TO SECTION 13a-16
OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of February 2024
Commission File Number: 001-39950
Evaxion Biotech A/S
(Exact Name of Registrant as Specified in Its
Charter)
Dr. Neergaards Vej
5f
DK-2970 Hoersholm
Denmark
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.
Form 20-F x Form 40-F ¨
Indicate by check mark if the registrant
is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ¨
Indicate by check mark if the registrant
is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ¨
INCORPORATION BY REFERENCE
This report on Form 6-K shall be deemed to be incorporated by
reference in Evaxion Biotech A/S’s registration statements on Form S-8 (File No. 333-255064), on Form F-3 (File No. 333-265132),
on Form F-1, as amended (File No. 333-266050) and Form F-1 (File No. No. 333-276505), including any prospectuses
forming a part of such registration statements and to be a part thereof from the date on which this report is filed, to the extent not
superseded by documents or reports subsequently filed or furnished.
Amendment to Articles of Association
As previously announced on February 6, 2024, Evaxion Biotech A/S
(the “Company”) recently closed its public offering of 3,750,000 of its American Depositary Shares (“ADSs”) (or
pre-funded warrants in lieu thereof) and warrants to purchase up to 3,750,000 ADSs at a combined public offering price of $4.00 per ADS
(or pre-funded warrant in lieu thereof) and accompanying warrant.
In
connection with the closing of its public offering, the Company registered aggregate share capital increases of nominal DKK 7,575,000
with the Danish Business Authority, with effective dates of February 1 and February 5, 2024, corresponding to an aggregate increase
in the Company’s share capital to nominal DKK 48,115,546. This reflected issuances of 7,575,000 shares in connection with the public
offering.
In addition, the Company registered an additional aggregate share capital
increase of nominal DKK 1,975,000 ordinary shares with the Danish Business Authority, with effective date of February 5, 2024, corresponding
to an aggregate increase in the Company’s share capital to nominal DKK 50,090,546, in connection with the exercise of a holder of
pre-funded warrants conferring the right to subscribe 1,975,000 ordinary shares at an exercise price of $1.4537 per ADS with the terms
set forth in detail on appendix 7 of the Articles of Association. The remaining prefunded warrants confer the right to subscribe 2,795,000
ADSs at an exercise price of $1.4537 per Warrant ADS.
The Articles of Association were also amended to set forth the terms
and conditions of the pre-funded warrants sold in the public offering..
The Articles of Association were also amended to provide for the granting
of 39,375,000 warrants, with the terms set forth in detail in appendix 8 and 9 of the Articles of Association. The Series A Warrants
set forth in Appendix 8 have a term of 5 years and an exercise price of $4.00. The Placement Agent Warrants set forth in appendix 9 have
a term of 5 years and an exercise price of $5.40.
Following the Public Offering the authorization in article 2.10 of
the Articles of Association to grant warrants, hereunder pre-funded warrants to investors, lenders, consultants and/or advisors in the
company is fully lapsed. Under the authorization in article 3.1 in the articles of association nominal DKK 20,325,000 shares are reserved
for the issuance of shares in connection with the exercise of prefunded warrants.
The Company’s Articles of Association were amended as of February 5,
2024, to reflect a capital increase for these issuances of these ordinary shares and are attached hereto as Exhibit 1.1.
Exhibits
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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Evaxion Biotech A/S |
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Date: February 7, 2024 |
By: |
/s/ Christian Kanstrup |
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Christian Kanstrup
Chief Executive Officer |
Exhibit 1.1
VEDTÆGTER / ARTICLES
OF ASSOCIATION
EVAXION
BIOTECH A/S
CVR-nr. 31762863
1. |
Selskabets navn og formål |
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1. |
Name and object |
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1.1 |
Selskabets navn er Evaxion Biotech A/S.
Selskabet driver tillige virksomhed under binavnet NovVac A/S. |
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1.1 |
The name of the Company is Evaxion Biotech A/S. The Company
also carries on business under the secondary name NovVac A/S. |
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1.2 |
Selskabets formål er at skabe avanceret
software med henblik på udvikling af nye immunterapier og vacciner. |
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1.2 |
The objective of the Company
is to create advanced software that enables the development of novel immune therapies and vaccines. |
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2. |
Kapitalforhold |
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2. |
Capital |
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2.1 |
Selskabets kapital udgør nominelt 50.090.546 kr. fordelt på
50.090.546 aktier á nominelt 1 kr. eller multipla heraf. |
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2.1 |
The share capital is nominal DKK 50,090,546 divided into 50,090,546
shares of nominal DKK 1 each or any multiples hereof. |
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2.2 |
Kapitalejers navn og adresse indføres
i selskabets ejerbog. Ejerbogen føres af Computershare A/S (CVR-nr. 27088899). |
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2.2 |
The names and addresses of the shareholders shall be entered
into the Company’s shareholders’ register. The shareholders’ register shall be kept by Computershare A/S (CVR no.
27088899). |
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2.3 |
Ingen aktie har særlige rettigheder
og ingen kapitalejer er pligtig at lade sine aktier indløse. |
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2.3 |
No share carries any special rights and no shareholder is obliged
to let his shares be redeemed. |
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2.4 |
Aktierne er ikke-omsætningspapirer. |
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2.4 |
The shares are non-negotiable instruments. |
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2.5 |
Bestyrelsen er i perioden indtil 3. januar
2026 bemyndiget til ad én eller flere gange at udstede warrants til medlemmer af selskabets bestyrelse og direktion samt nøglemedarbejdere,
rådgivere og konsulenter i selskabet eller dets datterselskaber, som giver ret til tegning af i alt op til nominelt DKK 1.000.000
uden fortegningsret for selskabets aktionærer. Udnyttelseskursen for warrants, der er udstedt i henhold til denne bemyndigelse,
skal fastsættes af bestyrelsen til markedskurs eller favørkurs. Bestyrelsen fastlægger vilkårene for udstedte
warrants og fordelingen heraf. |
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2.5. |
The board of directors is until
3 January 2026 authorized at one or more times to issue warrants to members of the company's board of directors and executive management
as well as key-employees, advisors and consultants of the company or its subsidiaries entitling the holder to subscribe for shares
for a total of up to nominal value of DKK 1,000,000 without pre-emptive subscription rights for the company's shareholders. The exercise
price for the warrants issued according to this authorization shall be determined by the board of directors at market price or at
a discount price. The board of directors shall determine the terms for the warrants issued and the distribution hereof. |
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Bestyrelsen
er samtidig bemyndiget til i perioden indtil 3. januar 2026 ad én eller flere gange at forhøje selskabets aktiekapital
med op til i alt nominelt DKK 1.000.000 uden fortegningsret for selskabets aktionærer ved kontant indbetaling med henblik på
at gennemføre de til udnyttelsen af udstedte warrants tilhørende kapitalforhøjelser. Bestyrelsen kan med hjemmel
i denne bemyndigelse minimum forhøje aktiekapitalen med DKK 1,00 og maksimalt med nominelt DKK 1.000.000. |
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At the same time, the board of
directors is authorized until 3 January 2026 at one or more times to increase the company's share capital with up to nominal value
of DKK 1,000,000 without pre-emptive rights for the company's shareholders by cash payment in order to implement the capital increase
related to exercise of warrants. In accordance with this clause the board of directors may increase share capital with a minimum
nominal value of DKK 1.00 and a maximum nominal value of DKK 1,000,000. |
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De aktier,
som måtte blive tegnet ved udnyttelse af warrants, skal være ikke-omsætningspapirer og skal lyde på navn
og noteres på navn i ejerbogen. De nye aktier skal være underlagt samme indskrænkninger i aktiernes omsættelighed,
som er gældende for selskabets øvrige aktier, og ingen aktionær skal være forpligtet til at lade sine aktier
indløse helt eller delvist. Der kan ikke ske delvis indbetaling. Aktierne skal i det hele være ligestillet med den bestående
aktiekapital og skal ikke tilhøre en særlig aktieklasse. Aktierne giver ret til udbytte og andre rettigheder i selskabet
på tidspunktet for registreringen af kapitalforhøjelsen i Erhvervsstyrelsen. |
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The shares issued based on exercise
of warrants shall be non-negotiable instruments issued in the name of the holder and registered in the name of the holder in the
company's register of shareholders. The shares shall be subject to the same restrictions on transferability as the existing shares
of the Company and no shareholder shall be obliged to have the shares redeemed fully or partly. No partial payment is allowed. The
shares shall be with the same rights as the existing share capital and shall not belong to a specific share class. The shares shall
give rights to dividends and other rights in the company from the time of registration of the capital increase with the Danish Business
Authority. |
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2.5.1 |
I henhold
til en tidligere i punkt 2.5 indeholdt bemyndigelse fra generalforsamlingen har bestyrelsen den 17. december 2020 tildelt og udstedt
581.796 stk. warrants, hver med ret til at tegne en aktie med pålydende DKK 1,00. Tildelingen af warrants sker vederlagsfrit. |
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2.5.1 |
Pursuant to a previous authorization
from the general meeting set out in clause 2.5, the board of directors has on 17 December 2020 granted and issued 581,796 warrants.
Each warrant entitles the holder to subscribe for one share in the company with a nominal value of DKK 1.00. The grant of the warrants
shall not be subject to payment from the holders. |
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De således
udstedte warrants udstedes på følgende vilkår: |
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The terms and conditions with
respect to the granted warrants are as set forth below: |
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67.464
warrants udstedes på de i vedtægternes bilag 3 angivne vilkår. |
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67,464 warrants are issued on
the terms and conditions set forth in appendix 3 to the articles of association. |
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122.328
warrants udstedes på de i vedtægternes bilag 3 angivne vilkår, men således at disse warrants anses for optjent
på tildelingstidspunktet. |
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122,328 warrants
are issued on the terms and conditions set out in Appendix 3 to the articles of association, however, these warrants shall be deemed
vested on the grant date. |
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61.560
warrants udstedes på de i vedtægternes bilag 5 angivne vilkår idet hver warrant giver ret til tegning af nominelt
kr. 1 aktie mod kontant indbetaling af kr. 1, og således at optjening af warrants i henhold til bilag 5 regnes fra 1. januar
2020. |
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61,560 warrants are issued on
the terms and conditions set forth in appendix 5 to the articles of association. Each warrant confers the right to subscribe nominal
DKK 1 share against cash payment of DKK 1 and vesting according to appendix 5 shall be calculated from 1 January 2020. |
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19.008
warrants udstedes på de i vedtægternes bilag 5 angivne vilkår idet hver warrant giver ret til tegning af nominelt
kr. 1 aktie mod kontant indbetaling af kr. 1, og således at optjening af warrants i henhold til bilag 5 regnes fra 1. maj 2020. |
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19,008 warrants are issued on
the terms and conditions set forth in appendix 5 to the articles of association. Each warrant confers the right to subscribe nominal
DKK 1 share against cash payment of DKK 1 and vesting according to appendix 5 shall be calculated from 1 May 2020. |
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150.660
warrants udstedes på de i vedtægternes bilag 5 angivne vilkår idet hver warrant giver ret til tegning af nominelt
kr. 1 aktie mod kontant indbetaling af kr. 1, og således at optjening af warrants i henhold til bilag 5 regnes fra 1. oktober
2019. |
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150,660 warrants are issued on
the terms and conditions set forth in appendix 5 to the articles of association. Each warrant confers the right to subscribe nominal
DKK 1 share against cash payment of DKK 1 and vesting according to appendix 5 shall be calculated from 1 October 2019. |
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120.024
warrants udstedes på de i vedtægternes bilag 5 angivne vilkår idet hver warrant giver ret til tegning af nominelt
kr. 1 aktie mod kontant indbetaling af kr. 1, og således at warrants anses for optjent fuldt ud på tildelingstidspunktet.
Herudover finder punkt 5 i bilag 5 ikke anvendelse. |
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120,024 warrants are issued on
the terms and conditions set forth in appendix 5 to the articles of association. Each warrant confers the right to subscribe nominal
DKK 1 share against cash payment DKK 1 and all warrants shall be deemed vested on the grant date. Additionally, clause 5 of appendix
5 shall not apply. |
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40.752
warrants udstedes på de i vedtægternes bilag 5 angivne vilkår idet hver warrant giver ret til tegning af nominelt
kr. 1 aktie mod kontant indbetaling af kr. 1, og således at warrants anses for optjent fuldt ud på tildelingstidspunktet. |
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40,752 warrants are issued on
the terms and conditions set forth in appendix 5 to the articles of association. Each warrant confers the right to subscribe nominal
DKK 1 share against cash payment of DKK and all warrants shall be deemed vested on the grant date. |
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Samtidig
har bestyrelsen truffet beslutning om den dertil hørende kapitalforhøjelse, således at selskabskapitalen kan
forhøjes med op til 581.796 aktier. Selskabets kapitalejere skal ikke have fortegningsret til aktier, som udstedes ved udnyttelse
af warrants. De nærmere vilkår for kapitalforhøjelsen fremgår ovenfor og af bilag 1-3 og 5. |
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At the same time
the board of directors has decided upon the related capital increase, such that the capital of the company can be increased by up
to 581,796 shares. The company's shareholders shall not have priority subscription rights to shares issued by the exercise of warrants.
The terms for this capital increase are also specified above and in appendices 1-3 and 5. |
2.5.2 |
I henhold
til en tidligere i punkt 2.5 indeholdt bemyndigelse fra generalforsamlingen har bestyrelsen den 17. december 2020 tildelt og udstedt
175.824 stk. warrants, hver med ret til at tegne en aktie med pålydende DKK 1,00. Tildelingen af warrants sker vederlagsfrit. |
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2.5.2 |
Pursuant to a previous authorization
from the general meeting set out in clause 2.5, the board of directors has on 17 December 2020 granted and issued 175,824 warrants.
Each warrant entitles the holder to subscribe for one share in the company with a nominal value of DKK 1.00. The grant of the warrants
shall not be subject to payment from the holders. |
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De således
udstedte warrants udstedes på de i bilag 5 angivne vilkår, dog således at 90.216 warrants optjenes fra og med 1.
januar 2021 og 6.084 warrants optjenes fra og med 1. januar 2020, 79.524 warrants anses for optjent på tildelingstidspunktet. |
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The terms and conditions with
respect to the granted warrants are as set forth in appendix 5, however, 90,216 warrants start vesting from 1 January 2021 and 6,084
warrants start vesting from 1 January 2020, 79,524 shall be deemed vested as of the grant date. |
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Samtidig
har bestyrelsen truffet beslutning om den dertil hørende kapitalforhøjelse, således at selskabskapitalen kan
forhøjes med op til 175.824 aktier. Selskabets kapitalejere skal ikke have fortegningsret til aktier, som udstedes ved udnyttelse
af warrants. De nærmere vilkår for kapitalforhøjelsen fremgår ovenfor og af bilag 1-3 og 5. |
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At the same time the board of
directors has decided upon the related capital increase, such that the capital of the company can be increased by up to 175,824 shares.
The company's shareholders shall not have priority subscription rights to shares issued by the exercise of warrants. The terms for
this capital increase are also specified above and in appendices 1-3 and 5. |
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2.5.3 |
I henhold
til bemyndigelse fra generalforsamlingen i vedtægternes punkt 2.5 og på de i bilag 5 angivne vilkår har bestyrelsen
den 17. juni 2021 tildelt og den 21. oktober 2021 formelt udstedt i alt 62.147 warrants og truffet beslutning om den til disse warrants
hørende forhøjelse af selskabets aktiekapital, dog således at optjening af warrants i henhold til bilag 5 regnes
fra den 1. april 2021. Bemyndigelsen i pkt. 2.5 er herefter nedsat til nominelt DKK 1.437.853. |
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2.5.3 |
Pursuant to the authorization
from the general meeting set out in article 2.5 of the articles of association and on the terms of appendix 5, the board of directors
has on 17 June 2021 granted, and on 21 October 2021 formally issued, 62,147 warrants and resolved to carry out the increase of the
company's share capital relating to the warrants, provided, however, that vesting according to appendix 5 shall be calculated from
1 April 2021. The authorization in article 2.5 is hereafter reduced to 1,437,853. |
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Hver
warrant giver ret til tegning af én ordinær aktie á nominelt DKK 1,00 i selskabet til en tegningspris på
DKK 1,00, dog således at regulerings-mekanismerne i punkt 6 i vedtægternes bilag 5 kan resultere i et andet antal aktier
og/eller en anden tegningskurs. |
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Each warrant confers
the right to subscribe for one ordinary share of nominal DKK 1.00 in the company at a subscription price of DKK 1.00, provided, however,
that the adjustment mechanisms in clause 6 of appendix 5 to the articles of association may result in a different number of shares
and/or a different subscription price. |
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Under henvisning
til selskabslovens regler skal følgende vilkår være gældende i forbindelse med udstedelse af ovennævnte
warrants og senere tegning af aktier ved udnyttelse af disse warrants: |
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With reference
to the Danish Companies Act, the following terms and conditions shall apply in connection with the issue of the warrants and subsequent
subscription of shares by exercise of the warrants: |
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Det
mindste og det højeste beløb, hvormed aktiekapitalen skal kunne forhøjes på baggrund af de udstedte warrants,
udgør henholdsvis nominelt DKK 1 og DKK 62.147, dog således at reguleringsmekanismerne i punkt 6 i vedtægternes
bilag 5 kan resultere i et andet beløb. |
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The minimum and the
maximum nominal amount of the capital increase(s) that can be subscribed for on the basis of the warrants is DKK 1 and DKK 62,147,
respectively, provided, however, that the adjustment mechanisms in clause 6 of appendix 5 to the articles of association. |
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Tegningskursen
for kapitalforhøjelsen er fastsat til DKK 1,00 pr. aktie á nominelt DKK 1, dog således at reguleringsmekanismerne
i punkt 6 i vedtægternes bilag 5 kan resultere i en anden kurs. |
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The subscription will be made
at a subscription price of DKK 1.00 per share of nominal DKK 1.00, provided however that the adjustment mechanisms in clause 6 of
appendix 5 to the articles of association may result in a different subscription price. |
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De anslåede
omkostninger, der skal afholdes af selskabet ved kapitalforhøjelsen, udgør DKK 10.000 (ekskl. moms). |
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The costs in connection with
the capital increase to be borne by the company are approx. DKK 10,000 (excluding VAT). |
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Øvrige
vilkår for de udstedte warrants og den senere tegning af aktier ved udnyttelse af disse warrants fremgår af vedtægternes
bilag 5. |
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Additional terms and conditions
applicable to the granted warrants and subsequent subscription of shares by exercise of the warrants are set forth in appendix 5
to the articles of association. |
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2.5.4 |
I henhold til bemyndigelse fra
generalforsamlingen i vedtægternes punkt 2.5 har bestyrelsen den 7. december 2021 tildelt og udstedt i alt 523.599 warrants
og truffet beslutning om den til disse warrants hørende forhøjelse af selskabets aktiekapital. Warrants udstedes i
øvrigt på de i bilag 5 angivne vilkår dog således 500.683 warrants optjenes med 1/36 pr. md. fra og med
1. januar 2022 og 22.916 warrants anses for fuldt optjent på udstedelsestidspunktet. Bemyndigelsen i pkt. 2.5 er herefter nedsat
til nominelt DKK 914.254. |
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2.5.4 |
Pursuant to the authorization
from the general meeting set out in article 2.5 of the articles of association the board of directors has on 7 December 2021 granted
and issued 523,599 and resolved to carry out the increase of the company's share capital relating to the warrants. The warrants are
issued on the terms and conditions set out in appendix 5 provided, however, that 500,683 warrants vest with 1/36 per month from 1
January 2022 and 22,916 warrants shall be deemed fully vested at the time of issuance. The authorization in article 2.5 is hereafter
reduced to 914,254. |
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Hver warrant giver ret til tegning
af én ordinær aktie á nominelt DKK 1,00 i selskabet til en tegningspris på USD 5,38, dog således
at regulerings-mekanismerne i punkt 6 i vedtægternes bilag 5 kan resultere i et andet antal aktier og/eller en anden tegningskurs. |
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Each warrant confers the right to subscribe for one
ordinary share of nominal DKK 1.00 in the company at a subscription price of USD 5.38, provided, however, that the adjustment mechanisms
in clause 6 of appendix 5 to the articles of association may result in a different number of shares and/or a different subscription
price. |
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Under henvisning
til selskabslovens regler skal følgende vilkår være gældende i forbindelse med udstedelse af ovennævnte
warrants og senere tegning af aktier ved udnyttelse af disse warrants: |
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With reference to the Danish Companies Act, the following terms
and conditions shall apply in connection with the issue of the warrants and subsequent subscription of shares by exercise of the
warrants: |
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Det mindste og det højeste
beløb, hvormed aktiekapitalen skal kunne forhøjes på baggrund af de udstedte warrants, udgør henholdsvis
nominelt DKK 1 og DKK 523.599, dog således at reguleringsmekanismerne i punkt 6 i vedtægternes bilag 5 kan resultere
i et andet beløb. |
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The minimum and the maximum nominal amount of the
capital increase(s) that can be subscribed for on the basis of the warrants is DKK 1 and DKK 523,599, respectively, provided, however,
that the adjustment mechanisms in clause 6 of appendix 5 to the articles of association. |
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Tegningskursen for kapitalforhøjelsen
er fastsat til USD 5,38 pr. aktie á nominelt DKK 1, dog således at reguleringsmekanismerne i punkt 6 i vedtægternes
bilag 5 kan resultere i en anden kurs. |
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The subscription will be made at a subscription price
of USD 5.38 per share of nominal DKK 1.00, provided however that the adjustment mechanisms in clause 6 of appendix 5 to the articles
of association may result in a different subscription price. |
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De anslåede omkostninger,
der skal afholdes af selskabet ved kapitalforhøjelsen, udgør DKK 10.000 (ekskl. moms). |
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The costs in connection with the capital increase
to be borne by the company are approx. DKK 10,000 (excluding VAT). |
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Øvrige
vilkår for de udstedte warrants og den senere tegning af aktier ved udnyttelse af disse warrants fremgår af vedtægternes
bilag 5. |
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Additional terms and conditions applicable to the granted warrants and
subsequent subscription of shares by exercise of the warrants are set forth in appendix 5 to the articles of association |
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2.5.5 |
I henhold
til bemyndigelse fra generalforsamlingen i vedtægternes punkt 2.5 har bestyrelsen den 11. marts 2022 tildelt og udstedt i alt
35.000 warrants og truffet beslutning om den til disse warrants hørende forhøjelse af selskabets aktiekapital. Warrants
udstedes i øvrigt på de i bilag 5 angivne vilkår dog således 35.000 warrants optjenes med 1/36 pr. md. fra
og med 1. april 2022. Bemyndigelsen i pkt. 2.5 er herefter nedsat til nominelt DKK 879.254. |
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2.5.5 |
Pursuant to the authorization from the general meeting
set out in article 2.5 of the articles of association the board of directors has on March 11, 2022 granted and issued 35.000 and
resolved to carry out the increase of the company's share capital relating to the warrants. The warrants are issued on the terms
and conditions set out in appendix 5 provided, however, that 35,000 warrants vest with 1/36 per month from April 1, 2022. The authorization
in article 2.5 is hereafter reduced to 879,254. |
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Hver warrant giver
ret til tegning af én ordinær aktie á nominelt DKK 1,00 i selskabet til en tegningspris på USD 2,96, dog
således at regulerings-mekanismerne i punkt 6 i vedtægternes bilag 5 kan resultere i et andet antal aktier og/eller en
anden tegningskurs. |
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Each warrant confers the right to subscribe
for one ordinary share of nominal DKK 1.00 in the company at a subscription price of USD 2.96, provided, however, that the adjustment
mechanisms in clause 6 of appendix 5 to the articles of association may result in a different number of shares and/or a different
subscription price. |
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Under henvisning til selskabslovens
regler skal følgende vilkår være gældende i forbindelse med udstedelse af ovennævnte warrants og senere
tegning af aktier ved udnyttelse af disse warrants: |
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With reference to the Danish Companies Act, the following
terms and conditions shall apply in connection with the issue of the warrants and subsequent subscription of shares by exercise of
the warrants: |
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Det mindste og det højeste
beløb, hvormed aktiekapitalen skal kunne forhøjes på baggrund af de udstedte warrants, udgør henholdsvis
nominelt DKK 1 og DKK 35.000, dog således at reguleringsmekanismerne i punkt 6 i vedtægternes bilag 5 kan resultere i
et andet beløb. |
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- |
The minimum and the maximum nominal amount of the
capital increase(s) that can be subscribed for on the basis of the warrants is DKK 1 and DKK 35,000, respectively, provided, however,
that the adjustment mechanisms in clause 6 of appendix 5 to the articles of association. |
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Tegningskursen for kapitalforhøjelsen er fastsat
til USD 2,96 pr. aktie á nominelt DKK 1, dog således at reguleringsmekanismerne i punkt 6 i vedtægternes bilag
5 kan resultere i en anden kurs. |
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- |
The subscription will be made at a subscription price
of USD 2.96 per share of nominal DKK 1.00, provided however that the adjustment mechanisms in clause 6 of appendix 5 to the articles
of association may result in a different subscription price. |
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De anslåede omkostninger,
der skal afholdes af selskabet ved kapitalforhøjelsen, udgør DKK 10.000 (ekskl. moms). |
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- |
The costs
in connection with the capital increase to be borne by the company are approx. DKK 10,000 (excluding VAT). |
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Øvrige vilkår for
de udstedte warrants og den senere tegning af aktier ved udnyttelse af disse warrants fremgår af vedtægternes bilag 5. |
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Additional terms and conditions applicable to the
granted warrants and subsequent subscription of shares by exercise of the warrants are set forth in appendix 5 to the articles of
association |
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2.5.6 |
I henhold til bemyndigelse fra
generalforsamlingen i vedtægternes punkt 2.5 har bestyrelsen den 14. juni 2022 tildelt og udstedt i alt 65.000 warrants og
truffet beslutning om den til disse warrants hørende forhøjelse af selskabets aktiekapital. Warrants udstedes i øvrigt
på de i bilag 5 angivne vilkår dog således at 10.000 warrants optjenes med 1/36 pr. md. fra og med 1. februar 2022,
10.000 warrants optjenes med 1/36 pr. md. fra og med 1. april 2022 og 45.000 warrants optjenes med 1/36 pr. md. fra og med 1. juni
2022. Bemyndigelsen i pkt. 2.5 er herefter nedsat til nominelt DKK 814.254. |
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2.5.6 |
Pursuant to the authorization from the general meeting
set out in article 2.5 of the articles of association the board of directors has on June 14, 2022 granted and issued 65,000 and resolved
to carry out the increase of the company's share capital relating to the warrants. The warrants are issued on the terms and conditions
set out in appendix 5 provided, however, that 10,000 warrants vest with 1/36 per month from February 1, 2022, 10,000 warrants vest
with 1/36 per month from April 1, 2022 and 45,000 warrants vest with 1/36 per month from June 1, 2022. The authorization in article
2.5 is hereafter reduced to 814,254. |
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Hver warrant giver ret til tegning af én ordinær
aktie á nominelt DKK 1,00 i selskabet til en tegningspris på USD 1,83 omregnet til DKK til den officielle vekselkurs
mellem DKK/USD som er gældende på udnyttelsesdagen, dog minimum DKK 1 pr. aktie à nominelt kr. 1, dog således
at regulerings-mekanismerne i punkt 6 i vedtægternes bilag 5 kan resultere i et andet antal aktier og/eller en anden tegningskurs. |
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Each warrant confers the right to subscribe for one
ordinary share of nominal DKK 1.00 in the company at a subscription price of USD 1.83 converted into DKK using the official exchange
rate between DKK and USD on the exercise day, however no less than DKK 1 per share of nominal DKK 1, provided, however, that the
adjustment mechanisms in clause 6 of appendix 5 to the articles of association may result in a different number of shares and/or
a different subscription price. |
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Under henvisning til selskabslovens
regler skal følgende vilkår være gældende i forbindelse med udstedelse af ovennævnte warrants og senere
tegning af aktier ved udnyttelse af disse warrants: |
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With reference to the Danish
Companies Act, the following terms and conditions shall apply in connection with the issue of the warrants and subsequent subscription
of shares by exercise of the warrants: |
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Det mindste og det højeste
beløb, hvormed aktiekapitalen skal kunne forhøjes på baggrund af de udstedte warrants, udgør henholdsvis
nominelt DKK 1 og DKK 65.000, dog således at reguleringsmekanismerne i punkt 6 i vedtægternes bilag 5 kan resultere i
et andet beløb. |
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The minimum and the maximum nominal
amount of the capital increase(s) that can be subscribed for on the basis of the warrants is DKK 1 and DKK 65,000, respectively,
provided, however, that the adjustment mechanisms in clause 6 of appendix 5 to the articles of association. |
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Tegningskursen for kapitalforhøjelsen er fastsat
til USD 1,83 pr. aktie á nominelt DKK 1 omregnet til DKK til den officielle vekselkurs mellem DKK/USD som er gældende
på udnyttelsesdagen, dog minimum DKK 1 pr. aktie à nominelt kr. 1, dog således at reguleringsmekanismerne i punkt
6 i vedtægternes bilag 5 kan resultere i en anden kurs. |
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The subscription will be made
at a subscription price of USD 1.83 per share of nominal DKK 1.00 converted into DKK using the official exchange rate between DKK
and USD on the exercise day, however no less than DKK 1 per share of nominal DKK 1, provided however that the adjustment mechanisms
in clause 6 of appendix 5 to the articles of association may result in a different subscription price. |
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De anslåede omkostninger,
der skal afholdes af selskabet ved kapitalforhøjelsen, udgør DKK 10.000 (ekskl. moms). |
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- |
The costs in connection with
the capital increase to be borne by the company are approx. DKK 10,000 (excluding VAT). |
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Øvrige vilkår
for de udstedte warrants og den senere tegning af aktier ved udnyttelse af disse warrants fremgår af vedtægternes bilag
5. |
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Additional terms
and conditions applicable to the granted warrants and subsequent subscription of shares by exercise of the warrants are set forth
in appendix 5 to the articles of association. |
2.5.7 |
I henhold til bemyndigelse fra
generalforsamlingen i vedtægternes punkt 2.5 har bestyrelsen den 15. september 2022 tildelt og udstedt i alt 11.000 warrants
og truffet beslutning om den til disse warrants hørende forhøjelse af selskabets aktiekapital. Warrants udstedes i
øvrigt på de i bilag 5 angivne vilkår dog således at 5.000 warrants optjenes med 1/36 pr. md. fra og med
1. august 2022 og 6.000 warrants optjenes med 1/36 pr. md. fra og med 8. august 2022. Bemyndigelsen i pkt. 2.5 er herefter nedsat
til nominelt DKK 803.254. |
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2.5.7 |
Pursuant to the authorization
from the general meeting set out in article 2.5 of the articles of association the board of directors has on September 15, 2022 granted
and issued 11,000 and resolved to carry out the increase of the company's share capital relating to the warrants. The warrants are
issued on the terms and conditions set out in appendix 5 provided, however, that 5,000 warrants vest with 1/36 per month from August
1, 2022 and 6,000 warrants vest with 1/36 per month from August 8, 2022. The authorization in article 2.5 is hereafter reduced to
803,254. |
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Hver warrant giver
ret til tegning af én ordinær aktie á nominelt DKK 1,00 i selskabet til en tegningspris på USD 2,42 omregnet
til DKK til den officielle vekselkurs mellem DKK/USD som er gældende på udnyttelsesdagen, dog minimum DKK 1 pr. aktie
à nominelt kr. 1, dog således at regulerings-mekanismerne i punkt 6 i vedtægternes bilag 5 kan resultere i et andet
antal aktier og/eller en anden tegningskurs. |
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Each warrant confers
the right to subscribe for one ordinary share of nominal DKK 1.00 in the company at a subscription price of USD 2.42 converted into
DKK using the official exchange rate between DKK and USD on the exercise day, provided, however, that the adjustment mechanisms in
clause 6 of appendix 5 to the articles of association may result in a different number of shares and/or a different subscription
price. |
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Under henvisning til selskabslovens
regler skal følgende vilkår være gældende i forbindelse med udstedelse af ovennævnte warrants og senere
tegning af aktier ved udnyttelse af disse warrants: |
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|
With reference to the Danish
Companies Act, the following terms and conditions shall apply in connection with the issue of the warrants and subsequent subscription
of shares by exercise of the warrants: |
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Det mindste og det højeste
beløb, hvormed aktiekapitalen skal kunne forhøjes på baggrund af de udstedte warrants, udgør henholdsvis
nominelt DKK 1 og DKK 11.000, dog således at reguleringsmekanismerne i punkt 6 i vedtægternes bilag 5 kan resultere i
et andet beløb. |
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The minimum and the maximum nominal
amount of the capital increase(s) that can be subscribed for on the basis of the warrants is DKK 1 and DKK 11,000, respectively,
provided, however, that the adjustment mechanisms in clause 6 of appendix 5 to the articles of association. |
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Tegningskursen for kapitalforhøjelsen
er fastsat til USD 2,42 pr. aktie á nominelt DKK 1 omregnet til DKK til den officielle vekselkurs mellem DKK/USD som er gældende
på udnyttelsesdagen, dog minimum DKK 1 pr. aktie à nominelt kr. 1, dog således at reguleringsmekanismerne i punkt
6 i vedtægternes bilag 5 kan resultere i en anden kurs. |
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The subscription will be made
at a subscription price of USD 2.42 per share of nominal DKK 1.00 converted into DKK using the official exchange rate between DKK
and USD on the exercise day, provided however that the adjustment mechanisms in clause 6 of appendix 5 to the articles of association
may result in a different subscription price. |
- |
De anslåede omkostninger,
der skal afholdes af selskabet ved kapitalforhøjelsen, udgør DKK 10.000 (ekskl. moms). |
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- |
The costs in connection with
the capital increase to be borne by the company are approx. DKK 10,000 (excluding VAT). |
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Øvrige vilkår
for de udstedte warrants og den senere tegning af aktier ved udnyttelse af disse warrants fremgår af vedtægternes bilag
5. |
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Additional terms
and conditions applicable to the granted warrants and subsequent subscription of shares by exercise of the warrants are set forth
in appendix 5 to the articles of association. |
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2.5.8 |
I henhold til bemyndigelse fra
generalforsamlingen i vedtægternes punkt 2.5 har bestyrelsen den 12. december 2022 tildelt og udstedt i alt 380.612 warrants
og truffet beslutning om den til disse warrants hørende forhøjelse af selskabets aktiekapital. Warrants udstedes i
øvrigt på de i bilag 5 angivne vilkår dog således at 2.500 warrants er fuldt optjent pr. 7. december 2022,
50.000 warrants optjenes med 1/36 pr. md. fra og med 7. december 2022, 299.362 warrants optjenes med 1/36 pr. md. fra og med 1. januar
2023 og 28.750 warrants optjenes med 1/12 pr. md. fra og med 1. januar 2023. Bemyndigelsen i pkt. 2.5 er herefter nedsat til nominelt
DKK 422.642. |
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2.5.8 |
Pursuant to the authorization
from the general meeting set out in article 2.5 of the articles of association the board of directors has on December 12, 2022 granted
and issued 380,612 and resolved to carry out the increase of the company's share capital relating to the warrants. The warrants are
issued on the terms and conditions set out in appendix 5 provided, however, that 2,500 warrants are vested immediately per December
7, 2022, 50,000 warrants vest with 1/36 per month from December 7, 2022, 299,362 warrants vest with 1/36 per month from January 1,
2023 and 28,750 warrants vest with 1/12 per month from January 1, 2023. The authorization in article 2.5 is hereafter reduced to
422,642. |
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Hver warrant giver ret til tegning
af én ordinær aktie á nominelt DKK 1,00 i selskabet til en tegningspris på USD 2,23 omregnet til DKK til
den officielle vekselkurs mellem DKK/USD som er gældende på udnyttelsesdagen, dog minimum DKK 1 pr. aktie à nominelt
kr. 1, dog således at regulerings-mekanismerne i punkt 6 i vedtægternes bilag 5 kan resultere i et andet antal aktier
og/eller en anden tegningskurs. |
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Each warrant confers the right
to subscribe for one ordinary share of nominal DKK 1.00 in the company at a subscription price of USD 2.23 converted into DKK using
the official exchange rate between DKK and USD on the exercise day, provided, however, that the adjustment mechanisms in clause 6
of appendix 5 to the articles of association may result in a different number of shares and/or a different subscription price. |
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Under henvisning til selskabslovens
regler skal følgende vilkår være gældende i forbindelse med udstedelse af ovennævnte warrants og senere
tegning af aktier ved udnyttelse af disse warrants: |
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|
With reference to the Danish
Companies Act, the following terms and conditions shall apply in connection with the issue of the warrants and subsequent subscription
of shares by exercise of the warrants: |
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Det mindste og det højeste
beløb, hvormed aktiekapitalen skal kunne forhøjes på baggrund af de udstedte warrants, udgør henholdsvis
nominelt DKK 1 og DKK 380.612, dog således at reguleringsmekanismerne i punkt 6 i vedtægternes bilag 5 kan resultere
i et andet beløb. |
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The minimum and the maximum nominal
amount of the capital increase(s) that can be subscribed for on the basis of the warrants is DKK 1 and DKK 380,612, respectively,
provided, however, that the adjustment mechanisms in clause 6 of appendix 5 to the articles of association. |
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Tegningskursen for
kapitalforhøjelsen er fastsat til USD 2,23 pr. aktie á nominelt DKK 1 omregnet til DKK til den officielle vekselkurs
mellem DKK/USD som er gældende på udnyttelsesdagen, dog minimum DKK 1 pr. aktie à nominelt kr. 1, dog således
at reguleringsmekanismerne i punkt 6 i vedtægternes bilag 5 kan resultere i en anden kurs. |
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The subscription
will be made at a subscription price of USD 2.23 per share of nominal DKK 1.00 converted into DKK using the official exchange rate
between DKK and USD on the exercise day, provided however that the adjustment mechanisms in clause 6 of appendix 5 to the articles
of association may result in a different subscription price. |
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De anslåede omkostninger,
der skal afholdes af selskabet ved kapitalforhøjelsen, udgør DKK 10.000 (ekskl. moms). |
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- |
The costs in connection with
the capital increase to be borne by the company are approx. DKK 10,000 (excluding VAT). |
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Øvrige vilkår for
de udstedte warrants og den senere tegning af aktier ved udnyttelse af disse warrants fremgår af vedtægternes bilag 5. |
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Additional terms and conditions
applicable to the granted warrants and subsequent subscription of shares by exercise of the warrants are set forth in appendix 5
to the articles of association. |
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2.5.9 |
I henhold til bemyndigelse fra generalforsamlingen i vedtægternes
punkt 2.5 har bestyrelsen den 15. marts 2023 tildelt og udstedt i alt 10.000 warrants og truffet beslutning om den til disse warrants
hørende forhøjelse af selskabets aktiekapital. Warrants udstedes i øvrigt på de i bilag 5 angivne vilkår
dog således at de 10.0000 warrants optjenes med 1/36 pr. md. fra og med 1. januar 2023. Bemyndigelsen i pkt. 2.5 er herefter
nedsat til nominelt DKK 412.642. |
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2.5.9 |
Pursuant to the authorization from the general meeting set out in
article 2.5 of the articles of association the board of directors has on March 15, 2023 granted and issued 10,000 and resolved to
carry out the increase of the company's share capital relating to the warrants. The warrants are issued on the terms and conditions
set out in appendix 5 provided, however, that such 10,000 warrants vest with 1/36 per month from January 1, 2023. The authorization
in article 2.5 is hereafter reduced to 412,642. |
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Hver warrant giver ret til tegning af én ordinær aktie á
nominelt DKK 1,00 i selskabet til en tegningspris på USD 1,90 omregnet til DKK til den officielle vekselkurs mellem DKK/USD
som er gældende på udnyttelsesdagen, dog minimum DKK 1 pr. aktie à nominelt kr. 1, dog således at regulerings-mekanismerne
i punkt 6 i vedtægternes bilag 5 kan resultere i et andet antal aktier og/eller en anden tegningskurs. |
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|
Each warrant confers the right to subscribe for one ordinary share of nominal
DKK 1.00 in the company at a subscription price of USD 1.90 converted into DKK using the official exchange rate between DKK and USD
on the exercise day, provided, however, that the adjustment mechanisms in clause 6 of appendix 5 to the articles of association may
result in a different number of shares and/or a different subscription price. |
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Under henvisning til selskabslovens regler skal følgende vilkår
være gældende i forbindelse med udstedelse af ovennævnte warrants og senere tegning af aktier ved udnyttelse af
disse warrants: |
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|
With reference to the Danish Companies Act, the following terms and conditions
shall apply in connection with the issue of the warrants and subsequent subscription of shares by exercise of the warrants: |
- |
Det mindste og det højeste beløb, hvormed aktiekapitalen skal
kunne forhøjes på baggrund af de udstedte warrants, udgør henholdsvis nominelt DKK 1 og DKK 10.000, dog således
at reguleringsmekanismerne i punkt 6 i vedtægternes bilag 5 kan resultere i et andet beløb. |
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The minimum and the maximum nominal amount of the capital increase(s) that can
be subscribed for on the basis of the warrants is DKK 1 and DKK 10,000, respectively, provided, however, that the adjustment mechanisms
in clause 6 of appendix 5 to the articles of association. |
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Tegningskursen for kapitalforhøjelsen er fastsat til USD 1,90 pr. aktie
á nominelt DKK 1 omregnet til DKK til den officielle vekselkurs mellem DKK/USD som er gældende på udnyttelsesdagen,
dog minimum DKK 1 pr. aktie à nominelt kr. 1, dog således at reguleringsmekanismerne i punkt 6 i vedtægternes bilag
5 kan resultere i en anden kurs. |
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The subscription will be made at a subscription price of USD 1.90 per share
of nominal DKK 1.00 converted into DKK using the official exchange rate between DKK and USD on the exercise day, provided however
that the adjustment mechanisms in clause 6 of appendix 5 to the articles of association may result in a different subscription price. |
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De anslåede omkostninger, der skal afholdes af selskabet ved kapitalforhøjelsen,
udgør DKK 10.000 (ekskl. moms). |
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- |
The costs in connection with the capital increase to be borne by the company
are approx. DKK 10,000 (excluding VAT). |
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Øvrige vilkår for de udstedte warrants og den senere
tegning af aktier ved udnyttelse af disse warrants fremgår af vedtægternes bilag 5. |
|
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Additional terms and conditions applicable to the granted warrants
and subsequent subscription of shares by exercise of the warrants are set forth in appendix 5 to the articles of association |
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2.5.10 |
I henhold til bemyndigelse
fra generalforsamlingen i vedtægternes punkt 2.5 har bestyrelsen den 1. september 2023 tildelt og udstedt i alt 100.000 warrants
og truffet beslutning om den til disse warrants hørende forhøjelse af selskabets aktiekapital. Warrants udstedes i
øvrigt på de i bilag 5 angivne vilkår dog således at de 100.000 warrants optjenes med 1/36 pr. md. fra og
med 1. september 2023. Bemyndigelsen i pkt. 2.5 er herefter nedsat til nominelt DKK 312.642. |
|
2.5.10 |
Pursuant to the authorization
from the general meeting set out in article 2.5 of the articles of association the board of directors has on September 1, 2023
granted and issued 100,000 and resolved to carry out the increase of the company's share capital relating to the warrants. The warrants
are issued on the terms and conditions set out in appendix 5 provided, however, that such 100,000 warrants vest with 1/36 per month
from September 1, 2023. The authorization in article 2.5 is hereafter reduced to 312,642. |
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Hver warrant giver ret
til tegning af én ordinær aktie á nominelt DKK 1,00 i selskabet til en tegningspris på USD 1,02 omregnet
til DKK til den officielle vekselkurs mellem DKK/USD som er gældende på udnyttelsesdagen, dog minimum DKK 1 pr. aktie
à nominelt kr. 1, dog således at regulerings-mekanismerne i punkt 6 i vedtægternes bilag 5 kan resultere i et andet
antal aktier og/eller en anden tegningskurs. |
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|
Each warrant confers the
right to subscribe for one ordinary share of nominal DKK 1.00 in the company at a subscription price of USD 1.02 converted into DKK
using the official exchange rate between DKK and USD on the exercise day, provided, however, that the adjustment mechanisms in clause
6 of appendix 5 to the articles of association may result in a different number of shares and/or a different subscription price. |
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Under henvisning til selskabslovens
regler skal følgende vilkår være gældende i forbindelse med udstedelse af ovennævnte warrants og senere
tegning af aktier ved udnyttelse af disse warrants: |
|
|
With reference to the Danish
Companies Act, the following terms and conditions shall apply in connection with the issue of the warrants and subsequent subscription
of shares by exercise of the warrants: |
- |
Det mindste
og det højeste beløb, hvormed aktiekapitalen skal kunne forhøjes på baggrund af de udstedte warrants,
udgør henholdsvis nominelt DKK 1 og DKK 100.000, dog således at reguleringsmekanismerne i punkt 6 i vedtægternes
bilag 5 kan resultere i et andet beløb. |
|
- |
The minimum
and the maximum nominal amount of the capital increase(s) that can be subscribed for on the basis of the warrants is DKK 1 and
DKK 100,000, respectively, provided, however, that the adjustment mechanisms in clause 6 of appendix 5 to the articles of association. |
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- |
Tegningskursen for kapitalforhøjelsen
er fastsat til USD 1,02 pr. aktie á nominelt DKK 1 omregnet til DKK til den officielle vekselkurs mellem DKK/USD som er gældende
på udnyttelsesdagen, dog minimum DKK 1 pr. aktie à nominelt kr. 1, dog således at reguleringsmekanismerne i punkt
6 i vedtægternes bilag 5 kan resultere i en anden kurs. |
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- |
The subscription will be
made at a subscription price of USD 1.02 per share of nominal DKK 1.00 converted into DKK using the official exchange rate between
DKK and USD on the exercise day, provided however that the adjustment mechanisms in clause 6 of appendix 5 to the articles of association
may result in a different subscription price. |
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- |
De anslåede omkostninger,
der skal afholdes af selskabet ved kapitalforhøjelsen, udgør DKK 10.000 (ekskl. moms). |
|
- |
The costs in connection
with the capital increase to be borne by the company are approx. DKK 10,000 (excluding VAT). |
|
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|
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|
|
Øvrige vilkår
for de udstedte warrants og den senere tegning af aktier ved udnyttelse af disse warrants fremgår af vedtægternes bilag
5. |
|
|
Additional terms and conditions
applicable to the granted warrants and subsequent subscription of shares by exercise of the warrants are set forth in appendix 5
to the articles of association. |
2.5.11 |
I henhold til bemyndigelse fra
generalforsamlingen i vedtægternes punkt 2.5 har bestyrelsen den 11. december 2023 tildelt og udstedt i alt 306.074 warrants og
truffet beslutning om den til disse warrants hørende forhøjelse af selskabets aktiekapital. Warrants udstedes i øvrigt
på de i bilag 5 angivne vilkår dog således at 216.074 warrants optjenes med 1/36 pr. md. fra og med 1. januar
2024 og 90.000 warrants optjenes med 1/12 pr. md. fra og med 1. januar 2024. Bemyndigelsen i pkt. 2.5 er herefter nedsat til nominelt
DKK 6.568. Ved generalforsamlingsbeslutning den 11. januar 2024 er bemyndigelsen forhøjet til nominelt DKK 1.000.000. |
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2.5.11 |
Pursuant to the authorization from the general meeting set out in article
2.5 of the articles of association the board of directors has on 11 December 2023 granted and issued 306,074 and resolved to carry out
the increase of the company's share capital relating to the warrants. The warrants are issued on the terms and conditions set out in appendix
5 provided, however, that 216,074 warrants vest with 1/36 per month from 1 January 2024 and 90,000 warrants vest with 1/12 per month from
1 January 2024. The authorization in article 2.5 is hereafter reduced to 6,568. By resolution of the general meeting on 11 January 2024
the authorization has been increased to nominal DKK 1,000,000. |
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Hver warrant giver ret til tegning af én ordinær aktie á nominelt DKK 1,00 i
selskabet til en tegningspris på USD 0,75 omregnet til DKK til den officielle vekselkurs mellem DKK/USD som er gældende
på udnyttelsesdagen, dog minimum DKK 1 pr. aktie à nominelt kr. 1, og dog således at regulerings-mekanismerne i
punkt 6 i vedtægternes bilag 5 kan resultere i et andet antal aktier og/eller en anden tegningskurs. |
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Each warrant confers the right to subscribe for one ordinary share of nominal DKK 1.00 in
the company at a subscription price of USD 0,75 converted into DKK using the official exchange rate between DKK and USD on the exercise
day, provided, however no less than DKK 1 per share of nominal DKK and provided however that the adjustment mechanisms in clause
6 of appendix 5 to the articles of association may result in a different number of shares and/or a different subscription price. |
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Under henvisning til selskabslovens regler skal følgende vilkår være gældende
i forbindelse med udstedelse af ovennævnte warrants og senere tegning af aktier ved udnyttelse af disse warrants: |
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With reference to the Danish Companies Act, the following terms and conditions shall apply in connection
with the issue of the warrants and subsequent subscription of shares by exercise of the warrants: |
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Det mindste og det højeste beløb, hvormed aktiekapitalen
skal kunne forhøjes på baggrund af de udstedte warrants, udgør henholdsvis nominelt DKK 1 og DKK 306.074, dog således
at reguleringsmekanismerne i punkt 6 i vedtægternes bilag 5 kan resultere i et andet beløb. |
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The minimum and the maximum nominal amount of the capital increase(s)
that can be subscribed for on the basis of the warrants is DKK 1 and DKK 306,074, respectively, provided, however, that the adjustment
mechanisms in clause 6 of appendix 5 to the articles of association may result in a different amount. |
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Tegningskursen for kapitalforhøjelsen er fastsat til USD 0,75 pr. aktie á nominelt
DKK 1 omregnet til DKK til den officielle vekselkurs mellem DKK/USD som er gældende på udnyttelsesdagen, dog minimum
DKK 1 pr. aktie à nominelt kr. 1, dog således at reguleringsmekanismerne i punkt 6 i vedtægternes bilag 5 kan resultere
i en anden kurs. |
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The subscription will be made at a subscription price of USD 0.75 per share of nominal DKK 1.00 converted
into DKK using the official exchange rate between DKK and USD on the exercise day, however no less than DKK 1 per share of nominal
DKK and provided however that the adjustment mechanisms in clause 6 of appendix 5 to the articles of association may result in a
different subscription price. |
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De anslåede omkostninger, der skal afholdes af selskabet ved kapitalforhøjelsen, udgør DKK 10.000 (ekskl. moms). |
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The costs in connection with the capital increase to be borne by the company are approx. DKK 10,000 (excluding VAT). |
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Øvrige vilkår for de udstedte warrants og den senere tegning af aktier ved udnyttelse af disse warrants fremgår af vedtægternes bilag 5. |
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Additional terms and conditions applicable to the granted warrants and subsequent subscription of shares by exercise of the warrants are set forth in appendix 5 to the articles of association. |
2.6 |
I overensstemmelse
med en tidligere version af bemyndigelsen i vedtægternes punkt 2.5 har selskabets bestyrelse på bestyrelsesmøde
den 19. december 2016 truffet beslutning om at udstede indtil 758.448 warrants med ret til at tegne 758.448 aktier. Udstedelsen sker,
uden fortegningsret for selskabets eksisterende kapitalejere, til medarbejdere på vilkår som nærmere fremgår
af bilag 1 som udgør en integreret del af disse vedtægter. Tegningen af de tildelte warrants skal ske skriftligt
inden den 31. december 2036. |
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2.6 |
In
accordance with a previous version of the authorization in section 2.5 of the articles of association, the board of directors has
at their board meeting December 19th 2016, decided to issue up to 758,448 warrants with subscription right to 758,448 shares to the
employees or board members of the group of companies on terms as specified in appendix 1, which constitutes an integrated
part of these articles of association The issuing of warrants is without pre-emptive rights to the existing shareholders. Subscription
shall be made in writing before December 31st 2036. |
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Samtidig har bestyrelsen truffet
beslutning om den dertil hørende kapitalforhøjelse, således at selskabskapitalen kan forhøjes med op til
758.448 aktier. Selskabets kapitalejere skal ikke have fortegningsret til aktier, som udstedes ved udnyttelse af warrants. De nærmere
vilkår for kapitalforhøjelsen fremgår ligeledes af bilag 1. |
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At the same time the board of
directors has decided upon the related capital increase, such that the capital of the company can be increased by up to 758,448 shares.
The company's shareholders shall not have priority subscription rights to shares issued by the exercise of warrants. The terms for
this capital increase are also specified in appendix 1. |
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I overensstemmelse med en tidligere
version af bemyndigelsen i vedtægternes punkt 2.5 har selskabets bestyrelse på bestyrelsesmøde den 10. september
2017 truffet beslutning om at udstede indtil 632.700 warrants med ret til at tegne 632.700 aktier. Udstedelsen sker, uden for- tegningsret
for selskabets eksisterende kapitalejere, til selskabets CEO og til medarbejdere på vilkår som nærmere fremgår
af bilag 1 (15.516 warrants til medarbejderne) og bilag 2 (617.184 warrants til CEO) til vedtægterne. |
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In accordance with a previous
version of the authorization in article 2.5 of the articles of association, the board of directors has at their board meeting on
10 September 2017, decided to issue up to 632,700 warrants with subscription right to 632,700 shares. The issue is made without pre-emption
right to the existing shareholders to the CEO and employees of the company on terms as specified in appendix 1 (15,516 warrants to
the employees) and appendix 2 (617,184 warrants to the CEO) to the articles of association. |
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Samtidig har bestyrelsen truffet
beslutning om den dertil hørende kapitalforhøjelse således at selskabskapitalen kan forhøjes med op til
632.700 aktier. Selskabets kapitalejere skal ikke have fortegningsret til aktier, som udstedes ved udnyttelse af warrants. De nærmere
vilkår for kapitalforhøjelsen fremgår ligeledes af bilag 2. |
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At the same time, the board of
directors has decided upon the related capital increase, such that the capital of the company can be increased by up to 632,700.
The company's shareholders shall not have priority subscription rights to shares issued by the exercise of warrants. The terms for
this capital increase are also specified in appendix 2. |
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2.7 |
Bestyrelsen er i perioden indtil
den 1. september 2023 bemyndiget til ad en eller flere gange at udstede warrants til selskabets nøglemedarbejdere, bestyrelse
samt konsulenter med ret til at tegne op til 141.804 aktier i selskabet. Selskabets aktionærer skal ikke have fortegningsret
ved bestyrelsens udnyttelse af denne bemyndigelse. De nærmere vilkår fastsættes af bestyrelsen. |
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2.7 |
In
the period up until 1 September 2023, the board of directors is authorized, once or in several rounds, to issue warrants to company's
key employees, board of directors and consultants to subscribe for up to 141,804 shares in the Company. The Company's shareholders
shall not have any pre-emptive rights when the Board of Directors exercises this authorization. The relevant terms and conditions
are decided by the board of directors. |
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Bestyrelsen er i perioden indtil
den 1. september 2023 endvidere bemyndiget til ad en eller flere gange at forhøje selskabets aktiekapital med op til 141.804
aktier ved kontant indbetaling i forbindelse med udnyttelse af warrantene. Selskabets aktionærer skal ikke have fortegningsret
til aktier, som udstedes ved udnyttelse af udstedte warrants. For aktier udstedt i henhold til denne bemyndigelse skal gælde: |
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Furthermore, the Board of Directors
is in the period up to 1 September 2023 authorized, once or in several rounds, to raise the Company's share capital by up to 141,804
shares through cash contribution when exercising the warrants. The Company's shareholders do not have any pre-emptive rights in respect
of shares issued in connection with the exercise of issued warrants. The following shall apply to shares issued in accordance with
this authorization: |
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aktierne skal lyde på navn, |
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The shares shall be issued in
name; |
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aktierne skal være ikke-omsætningspapirer, |
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the shares shall be non-negotiable
instruments; |
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selskabets hidtidige aktionærer
ikke skal have fortegningsret til aktierne, |
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the Company's present shareholders
do not have pre-emptive rights to subscribe for these shares; |
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der ikke kan ske
delvis indbetaling, |
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no partial payment
of the shares is allowed; |
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aktierne ikke skal have særlige
rettigheder, og |
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The shares do not carry any special
rights; and |
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der af bestyrelsen kan fastsættes
begrænsninger i aktiernes omsættelighed i form af krav om samtykke fra selskabet, forkøbsret til andre aktionærer
m.v. |
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the Board of Directors may stipulate
restrictions in the negotiability of the shares, such as required permission by the Company, pre-emptive purchase right for other
shareholders, etc. |
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Bestyrelsen bemyndiges endvidere
til at foretage de ændringer i selskabets vedtægter, som måtte være nødvendige som følge af
bestyrelsens udnyttelse af ovenstående bemyndigelse. |
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The board of directors is furthermore
authorized to adopt such changes to the company's articles of association as may be required as a result of the board of directors'
exercise of the above authorization. |
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I overensstemmelse med bemyndigelsen
i vedtægternes punkt 2.7 har selskabets bestyrelse på bestyrelsesmøde den 19. december 2017 truffet beslutning
om at udstede indtil 141.804 warrants med ret til at tegne 141.804 aktier. Udstedelsen sker, uden fortegningsret for selskabets eksisterende
kapitalejere på vilkår, som nærmere fremgår af bilag 3 til vedtægterne. |
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In accordance with the authorization
in article 2.7 of the articles of association, the board of directors has at their board meeting on 19 December 2017, decided to
issue up to 141,804 warrants with subscription right to 141,804 shares. The issue is made without pre-emption right to the existing
shareholders on terms as specified in appendix 3 to the articles of association. |
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Samtidig har bestyrelsen truffet
beslutning om den dertil hørende kapitalforhøjelse, således at selskabskapitalen kan forhøjes med op til
141.804 aktier. Selskabets kapitalejere skal ikke have fortegningsret til aktier, som udstedes ved udnyttelse af warrants. De nærmere
vilkår for kapitalforhøjelsen fremgår ligeledes af bilag 3. |
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At the same time, the board of
directors has decided upon the related capital increase, such that the capital of the company can be increased by up to 141,804 shares.
The company's shareholders shall not have priority subscription rights to shares issued by the exercise of warrants. The terms for
this capital increase are also specified in appendix 3. |
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Bemyndigelsen i punkt 2.7 er
herefter udnyttet fuldt ud. |
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Hereafter, the authorization
under article 2.7 is exercised in full. |
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2.8 |
Bestyrelsen er i
perioden indtil 23. november 2025 bemyndiget til ad én eller flere gange at udstede warrants til investorer i selskabet, som
giver ret til tegning af i alt op til nominelt DKK 1.080.000 uden fortegningsret for selskabets aktionærer. Udnyttelses-kursen
for warrants, der er udstedt i henhold til denne bemyndigelse, skal fastsættes til aktiernes nominelle værdi, pt. DKK
1. Bestyrelsen fastlægger vilkårene for udstedte warrants og fordelingen heraf. |
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2.8 |
The board of directors
is authorised during the period until 23 November 2025, on or more occasions, to issue warrants to the company's investors entitling
the holder to subscribe shares for a total of up to nominal value of DKK 1,080,000 without pre-emptive rights for the company's shareholders.
The exercise price for the warrants shall be equal to the nominal value of the company’s shares, currently DKK 1. The board
of directors shall determine the terms for the warrants issued and distribution hereof. |
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Bestyrelsen er samtidig
bemyndiget til i perioden indtil 23. november 2025 ad én eller flere gange at forhøje selskabets aktiekapital med op
til i alt nominelt DKK 1.080.000 uden fortegningsret for selskabets aktionærer ved kontant indbetaling med henblik på
at gennemføre de til udnyttelsen af udstedte warrants tilhørende kapitalforhøjelser. Bestyrelsen kan med hjemmel
i denne bemyndigelse minimum forhøje aktiekapitalen med nominelt DKK 1 og maksimalt med nominelt DKK 1.080.000. |
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At the same time,
the board of directors is authorised in the period until 23 November 2025 on one or more occasions to increase the company's share
capital by up to a total nominal value of DKK 1,080,000 without pre-emptive rights for the existing shareholders by cash payment
in order to implement the capital increase(s) related to exercise of warrants. In accordance with this clause, the board of directors
may increase the share capital with a minimum nominal value of DKK 1 and a maximum nominal value of DKK 1,080,000. |
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De aktier, som måtte blive
tegnet ved udnyttelse af warrants, skal være ikke-omsætningspapirer og skal lyde på navn og noteres på navn
i ejerbogen. Aktierne skal ikke være undergivet omsættelighedsbegrænsninger, og ingen aktionær skal være
forpligtet til at lade sine aktier indløse helt eller delvist. Aktierne skal i det hele være ligestillet med den bestående
aktiekapital og skal ikke tilhøre en særlig aktieklasse. Aktierne giver ret til udbytte og andre rettigheder i selskabet
på tidspunktet for registreringen af kapitalforhøjelsen. |
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The new shares issued based on
exercise of warrants shall be non-negotiable instruments issued in the name of the holder and registered in the name of the holder
in the company's shareholders' register. The new shares shall not have any restrictions as to their transferability and no shareholder
shall be obliged to have the shares redeemed fully or partly. The shares shall be with the same rights as the existing share capital
and shall not belong to a special share class. The new shares shall give rights to dividends and other rights in the company as from
the date of registration of the capital increase with the Danish Business Authority. |
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2.8.1 |
I henhold til den i punkt 2.8
indeholdte bemyndigelse fra generalforsamlingen har bestyrelsen den 17. december 2020 tildelt og udstedt 351.036 stk. warrants, hver
med ret til at tegne en aktie med pålydende DKK 1,00. Tildelingen af warrants sker vederlagsfrit. Bemyndigelsen i pkt. 2.5
er herefter reduceret til 728.964 stk. warrants, der hver giver ret til tegning af 1 aktie à nominelt DKK 1,00 i selskabet
mod kontantindskud og til at foretage den hertil hørende kapitalforhøjelse med op til nominelt DKK 728.964. De udstedte
warrants udstedes på de i bilag 4 angivne vilkår. |
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2.8.1 |
Pursuant to the authorization
from the general meeting set out in clause 2.8 of the articles of association, the board of directors has on 17 December 2020 granted
and issued 351,036 warrants. Each warrant entitles the holder to subscribe for one share in the company with a nominal value of DKK
1.00. The grant of the warrants shall not be subject to payment from the holders. Hereafter the authorization set out in clause 2.8
is reduced to 728,964 warrants, each of which entitles the holder to subscribe for one share of a nominal DKK 1.00 in the company
against cash payment and to make the associated capital increase by up to a nominal DKK 728,964. The warrants issued are issued on
the terms and conditions set out in appendix 4. |
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Under henvisning til selskabslovens
regler, skal følgende vilkår i øvrigt være gældende i forbindelse med udstedelse af ovennævnte
warrants og senere forhøjelse af aktiekapitalen ved tegning af de nye aktier ved udnyttelse af disse warrants: |
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With reference to the Danish
Companies Act the following terms shall be applicable in connection with the issuance of the above warrants and subsequent increases
to the share capital in connection with exercise of warrants and subscription of shares. |
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Det mindste og det højeste beløb, hvormed aktiekapitalen
skal kunne forhøjes, udgør henholdsvis nominelt DKK 1 og DKK 351.036, dog således at reguleringsmekanismerne
i vedtægternes bilag 4 kan resultere i et andet beløb. |
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The minimum and the maximum nominal amount of the capital increase(s)
that can be subscribed for on the basis of the warrants is DKK 1 and DKK 351,036, respectively, provided, however, that the adjustment
mechanisms set out in appendix 4 to the articles of association may result in a different amount. |
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De nye aktier skal tilhøre samme aktieklasse som Selskabets eksisterende
aktier. |
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The new shares shall belong to same class of shares as the existing shares in
the Company. |
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Kapitaludvidelsen sker uden fortegningsret for de hidtidige aktionærer,
idet tegningen sker på baggrund de af tildelte warrants. |
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The capital increase is carried out without pre-emption rights for the existing
shareholders as the subscription will be based on the granted warrants. |
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Det fulde beløb til tegning af det antal aktier, som ønskes tegnet
på grundlag af warrants, skal indbetales kontant senest samtidig med tegningen af de pågældende aktier. |
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The entire subscription amount payable for the subscribed shares shall be paid
in cash to the Company no later than upon the warrantholder's subscription of said shares. |
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De nye aktier udstedes i aktier a hver nominelt DKK 1,00. |
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The new shares will be divided into shares of nominal DKK 1.00 each. |
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Kapitaludvidelsen sker til DKK 1 pr. nominelt DKK 1 aktie, dog således
at reguleringsmekanismerne i vedtægternes bilag 4 kan resultere i en anden kurs. |
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The subscription will be made at a subscription rate of DKK 1 per nominal DKK
1 share, provided however that the adjustment mechanisms in appendix 4 to the articles of association may result in a different
subscription rate. |
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De nye aktier skal være ikke-omsætningspapirer. |
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The new shares will not be negotiable instruments. |
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De nye aktier skal lyde på navn og skal noteres i Selskabets ejerbog. |
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The new shares will be made out in the name of the holder and registered in
the Company's register of shareholders. |
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De anslåede omkostninger, der skal afholdes af Selskabet ved kapitalforhøjelsen,
udgør DKK 25.000 (ekskl. moms). |
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The costs in connection with the capital increase to be borne by the Company
are approx. DKK 25,000 (excluding VAT). |
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2.9 |
I henhold til bestyrelsens bemyndigelser i punkt 2.5 er 811.196 warrants
udnyttet pr. 3. januar 2024. |
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2.9 |
According to the board of directors’ authorisations in article
2.5 811,196 warrants have been exercised per 3 January 2024. |
2.10 |
Bestyrelsen er i perioden indtil 1. maj 2027 bemyndiget til ad én
eller flere gange at udstede warrants til investorer, långivere, konsulenter og/eller rådgivere i selskabet, som giver
ret til tegning af i alt op til nominelt DKK 47.000.000 uden fortegningsret for selskabets aktionærer. Udnyttelseskursen for
warrants, der er udstedt i henhold til denne bemyndigelse, skal ved udstedelsen fastsættes af bestyrelsen til mindst markedsprisen.
Bestyrelsen fastlægger vilkårene for udstedte warrants og fordelingen heraf. |
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2.10 |
The board of directors is until 1 May 2027 authorized at one or
more times to issue warrants to investors, lenders, consultants and/or advisors in the company or its subsidiaries entitling the
holder to subscribe for shares for a total of up to nominal value of DKK 47,000,000 without pre-emptive subscription rights for the
company's shareholders. The exercise price for the warrants issued according to this authorization shall at the time of issuance
be determined by the board of directors at minimum market price. The board of directors shall determine the terms for the warrants
issued and the distribution hereof. |
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Denne bemyndigelse til at udstede warrants er den 1. februar 2024 fuldt
ud udnyttet med den konsekvens, at bestyrelsen ikke kan udstede yderligere warrants i henhold til dette punkt 2.10 med virkning fra 1.
februar 2024. Alle warrants udstedt i henhold til dette punkt 2.10 skal forblive fuldt ud gyldige i overensstemmelse med de af bestyrelsen
ved tildeling fastsatte vilkår. |
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This authorisation to issue warrants is as of 1 February 2024 fully
exhausted with the consequence that the board of directors cannot issue any new warrants under article 2.10 with effect from 1 February
2024. For clarity, any warrants issued per this article 2.10 shall remain in full force and effect as per the terms determined by the
Board of Directors in connection with such grant of warrants. |
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Bestyrelsen er samtidig bemyndiget til i perioden indtil 1. maj 2027 ad én eller flere gange
at forhøje selskabets aktiekapital med op til i alt nominelt DKK 47.000.000 uden fortegningsret for selskabets aktionærer
ved kontant indbetaling med henblik på at gennemføre de til udnyttelsen af udstedte warrants tilhørende kapitalforhøjelser.
Bestyrelsen kan med hjemmel i denne bemyndigelse minimum forhøje aktiekapitalen med nominelt DKK 1,00 og maksimalt med nominelt
DKK 47,000.000. Bestyrelsen er bemyndiget til at foretage de fornødne vedtægtsændringer i tilfælde af udnyttelse
af bemyndigelsen til at forhøje aktiekapitalen og til at foranledige sådanne aktiers deponering hos en depotbank og
samtidig udstedelse af American Depositary Shares. |
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At the same time, the board of directors is authorized until 1 May 2027 at one
or more times to increase the company's share capital with up to nominal value of DKK 47,000,000 without pre-emptive rights for the
company's shareholders by cash payment in order to implement the capital increase related to exercise of warrants. In accordance
with this clause the board of directors may increase share capital with a minimum nominal value of DKK 1.00 and a maximum nominal
value of DKK 47,000,000. The board of directors is authorized to make the required amendments to the Articles of Association if the
authorization to increase the share capital is used and to cause such shares to be deposited with a depositary bank and the simultaneous
issuance of American Depositary Shares. |
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De aktier, som måtte blive tegnet ved udnyttelse af warrants, skal være ikke-omsætningspapirer
og skal lyde på navn og noteres på navn i selskabets ejerbog. Aktierne skal være underlagt samme indskrænkninger
i aktiernes omsættelighed, som er gældende for selskabets øvrige aktier, og ingen aktionær skal være
forpligtet til at lade sine aktier indløse helt eller delvist. Ingen delvis indbetaling er tilladt. Aktierne skal i det hele
være ligestillet med den bestående aktiekapital og skal ikke tilhøre en særlig aktieklasse. Aktierne giver
ret til udbytte og andre rettigheder i selskabet på tidspunktet for registreringen af kapitalforhøjelsen i Erhvervsstyrelsen. |
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The shares issued based on exercise of warrants shall be non-negotiable instruments
issued in the name of the holder and registered in the name of the holder in the company's register of shareholders. The shares shall
be subject to the same restrictions on transferability as the existing shares of the company and no shareholder shall be obliged
to have the shares redeemed fully or partly. No partial payment is allowed. The shares shall be with the same rights as the existing
share capital and shall not belong to a specific share class. The shares shall give rights to dividends and other rights in the company
from the time of registration of the capital increase with the Danish Business Authority. |
2.10.1 |
I henhold til bemyndigelse fra generalforsamlingen i vedtægternes punkt 2.10 har
bestyrelsen den 19. september 2023 tildelt og udstedt i alt 150.000 warrants og truffet beslutning om den til disse warrants hørende
forhøjelse af selskabets aktiekapital. Warrants udstedes i øvrigt på de i bilag 5 angivne vilkår dog således
at 37.500 warrants optjenes den 20. november 2023, 37.500 warrants optjenes den 20. februar 2024, 37.500 warrants optjenes den 20.
maj 2024 og 37.500 warrants optjenes den 20. august 2024. De tildelte og optjente warrants kan udnyttes til og med 19. september
2026. Bemyndigelsen i pkt. 2.10 er herefter nedsat til nominelt DKK 29.850.000. |
|
2.10.1 |
Pursuant to the authorization from the general meeting set out in article 2.10 of the
articles of association the board of directors has 19 September 2023 granted and issued 150,000 and resolved to carry out the
increase of the company's share capital relating to the warrants. The warrants are issued on the terms and conditions set out in
appendix 5 provided, however, that 37,500 warrants vest on 20 November 2023, that 37,500 warrants vest on 20 February 2024,
that 37,500 warrants vest on 20 May 2024 and 37,500 Warrants vest on 20 August 2024. The warrants granted and vested may
be exercised until and including 19 September 2026. The authorization in article 2.10 is hereafter reduced to 29,850,000. |
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Hver warrant giver ret til tegning af én ordinær aktie á nominelt DKK 1,00 i
selskabet til en tegningspris på USD 1,50 omregnet til DKK til den officielle vekselkurs mellem DKK/USD som er gældende
på udnyttelsesdagen, dog minimum DKK 1 pr. aktie à nominelt kr. 1, dog således at reguleringsmekanismerne i punkt
6 i vedtægternes bilag 5 kan resultere i et andet antal aktier og/eller en anden tegningskurs. |
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|
Each warrant confers the right to subscribe for one ordinary share of nominal DKK 1.00 in the company
at a subscription price of USD 1.50 converted into DKK using the official exchange rate between DKK and USD on the exercise day,
provided, however, that the adjustment mechanisms in clause 6 of appendix 5 to the articles of association may result in a different
number of shares and/or a different subscription price. |
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Under henvisning til selskabslovens regler skal følgende vilkår være gældende
i forbindelse med udstedelse af ovennævnte warrants og senere tegning af aktier ved udnyttelse af disse warrants: |
|
|
With reference to the Danish Companies Act, the following terms and conditions shall apply in connection
with the issue of the warrants and subsequent subscription of shares by exercise of the warrants: |
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- |
Det mindste og det højeste beløb, hvormed aktiekapitalen skal kunne forhøjes
på baggrund af de udstedte warrants, udgør henholdsvis nominelt DKK 1 og DKK 150.000, dog således at reguleringsmekanismerne
i punkt 6 i vedtægternes bilag 5 kan resultere i et andet beløb. |
|
- |
The minimum and the maximum nominal amount of the capital increase(s) that can be subscribed
for on the basis of the warrants is DKK 1 and DKK 150,000, respectively, provided, however, that the adjustment mechanisms in clause
6 of appendix 5 to the articles of association may result in a different amount. |
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- |
Tegningskursen for kapitalforhøjelsen er fastsat til USD 1,50 pr. aktie á nominelt
DKK 1 omregnet til DKK til den officielle vekselkurs mellem DKK/USD som er gældende på udnyttelsesdagen, dog minimum
DKK 1 pr. aktie à nominelt kr. 1, dog således at reguleringsmekanismerne i punkt 6 i vedtægternes bilag 5 kan resultere
i en anden kurs. |
|
- |
The subscription will be made at a subscription price of USD 1.50 per share of nominal DKK 1.00 converted
into DKK using the official exchange rate between DKK and USD on the exercise day, provided however that the adjustment mechanisms
in clause 6 of appendix 5 to the articles of association may result in a different subscription price. |
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- |
De anslåede omkostninger, der skal afholdes af selskabet ved kapitalforhøjelsen, udgør
DKK 10.000 (ekskl. moms). |
|
- |
The costs in connection with the capital increase to be borne by the company are approx. DKK 10,000
(excluding VAT). |
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Øvrige vilkår for de udstedte warrants og den senere tegning af aktier ved udnyttelse
af disse warrants fremgår af vedtægternes bilag 5. |
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|
Additional terms and conditions applicable to the granted warrants and subsequent subscription of
shares by exercise of the warrants are set forth in appendix 5 to the articles of association. |
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2.10.2 |
I henhold til bemyndigelse fra generalforsamlingen i vedtægternes
punkt 2.10 har bestyrelsen den 6. december 2023 tildelt og udstedt i alt 9.726.898 warrants og truffet beslutning om den til disse warrants
hørende forhøjelse af selskabets aktiekapital. Warrants udstedes i øvrigt på de i bilag 6 angivne vilkår.
Bemyndigelsen i pkt. 2.10 er herefter nedsat til nominelt DKK 20.123.102. Ved generalforsamlingsbeslutning den 11. januar 2024 er bemyndigelsen
forhøjet til nominelt DKK 47.000.000. |
|
2.10.2 |
Pursuant to the authorization from the
general meeting set out in article 2.10 of the articles of association the board of directors has 6 December 2023 granted and issued 9,726,898
and resolved to carry out the increase of the company's share capital relating to the warrants. The warrants are issued on the terms and
conditions set out in appendix 6. The authorization in article 2.10 is hereafter reduced to 20,123,102. By resolution of the general
meeting on 11 January 2024 the authorization has been increased to nominal DKK 47,000,000. |
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Hver warrant giver ret til tegning af én ordinær aktie á nominelt DKK 1,00 i
selskabet til en tegningspris på USD 0,707 omregnet til DKK til den officielle vekselkurs mellem DKK/USD som er gældende
på udnyttelsesdagen, dog minimum DKK 1 pr. aktie à nominelt kr. 1. |
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|
Each warrant confers the right to subscribe for one ordinary share of nominal DKK 1.00 in the company
at a subscription price of USD 0.707 converted into DKK using the official exchange rate between DKK and USD on the exercise day,
provided, however, minimum DKK 1 per share with a nominal value of DKK 1. |
|
Under henvisning til selskabslovens regler skal følgende vilkår være gældende
i forbindelse med udstedelse af ovennævnte warrants og senere tegning af aktier ved udnyttelse af disse warrants: |
|
|
With reference to the Danish Companies Act, the following terms and conditions shall apply
in connection with the issue of the warrants and subsequent subscription of shares by exercise of the warrants: |
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- |
Det mindste og det højeste beløb, hvormed aktiekapitalen skal kunne forhøjes på
baggrund af de udstedte warrants, udgør henholdsvis nominelt DKK 1 og DKK 9.726.898. |
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- |
The minimum and the maximum nominal amount of the capital increase(s) that can be subscribed for on the
basis of the warrants is DKK 1 and DKK 9,726,898, respectively. |
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- |
Tegningskursen for kapitalforhøjelsen er fastsat til USD 0,707 pr. aktie á nominelt DKK
1 omregnet til DKK til den officielle vekselkurs mellem DKK/USD som er gældende på udnyttelsesdagen, dog minimum DKK 1 pr.
aktie à nominelt kr. 1. |
|
- |
The subscription will be made at a subscription price of USD 0.707 per share of nominal DKK 1.00 converted
into DKK using the official exchange rate between DKK and USD on the exercise day, however, minimum DKK 1 per share with a nominal value
of DKK 1. |
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- |
De anslåede omkostninger, der skal afholdes af selskabet ved kapitalforhøjelsen, udgør
DKK 10.000 (ekskl. moms). |
|
- |
The costs in connection with the capital increase to be borne by the company are approx. DKK 10,000 (excluding
VAT). |
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Øvrige vilkår for de udstedte warrants og den senere tegning af aktier ved udnyttelse af
disse warrants fremgår af vedtægternes bilag 6. |
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|
Additional terms and conditions applicable to the granted warrants and subsequent subscription of shares
by exercise of the warrants are set forth in appendix 6 to the articles of association. |
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2.10.3 |
I henhold til bemyndigelse fra generalforsamlingen
i vedtægternes punkt 2.10 har bestyrelsen mod betaling den 1. februar 2024 tildelt og udstedt i alt 7.625.000 prefunded warrants,
som giver ret til at tegne op til nominelt kr. 27.950.000 aktier, og truffet beslutning om den til disse prefunded warrants hørende
forhøjelse af selskabets aktiekapital. Prefunded warrants udstedes i øvrigt på de i bilag 7 angivne vilkår.
Bemyndigelsen i pkt. 2.10 er herefter nedsat til nominelt DKK 39.375.000. |
|
2.10.3 |
Pursuant to the authorization from the general meeting set out in article
2.10 of the articles of association the board of directors has 1 February 2024 against payment granted and issued 7,625,000 prefunded
warrants which confer the right to subscribe for up to nominal DKK 27,950,000shares and resolved to carry out the increase of the company's
share capital relating to the prefunded warrants. The prefunded warrants are issued on the terms and conditions set out in appendix 7.
The authorization in article 2.10 is hereafter reduced to 39,375,000. |
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Under henvisning til selskabslovens regler skal følgende vilkår
være gældende i forbindelse med udstedelse af ovennævnte prefunded warrants og senere tegning af aktier ved udnyttelse
af disse prefunded warrants: |
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With reference to the Danish Companies Act, the following terms and
conditions shall apply in connection with the issue of the prefunded warrants and subsequent subscription of shares by exercise of the
prefunded warrants: |
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- |
Det mindste og det højeste beløb, hvormed aktiekapitalen
skal kunne forhøjes på baggrund af de udstedte prefunded warrants, udgør henholdsvis nominelt DKK 1 og DKK 7.625.000. |
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- |
The minimum and the maximum nominal amount of the capital increase(s)
that can be subscribed for on the basis of the prefunded warrants is DKK 1 and DKK 7,625,000, respectively. |
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- |
Tegningskursen for kapitalforhøjelsen er fastsat til DKK 1 pr.
aktie á nominelt DKK 1. |
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- |
The subscription will be made at a subscription price of DKK 1 per
share of nominal DKK 1.00. |
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- |
De anslåede omkostninger, der skal afholdes af selskabet ved
kapitalforhøjelsen, udgør DKK 10.000 (ekskl. moms). |
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- |
The costs in connection with the capital increase to be borne by the
company are approx. DKK 10,000 (excluding VAT). |
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Øvrige vilkår for de udstedte
prefunded warrants og den senere tegning af aktier ved udnyttelse af disse prefunded warrants fremgår af vedtægternes
bilag 7. |
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|
Additional terms and conditions applicable to the granted prefunded
warrants and subsequent subscription of shares by exercise of the prefunded warrants are set forth in appendix 7 to the articles of association |
2.10.4 |
I henhold til bemyndigelse fra generalforsamlingen
i vedtægternes punkt 2.10 har bestyrelsen den 1. februar 2024 tildelt og udstedt i alt 39.375.000 warrants og truffet beslutning
om den til disse warrants hørende forhøjelse af selskabets aktiekapital. Warrants udstedes i øvrigt på de i
bilag 8 og 9 angivne vilkår. Bemyndigelsen i pkt. 2.10 er herefter fuldt udnyttet. |
|
2.10.4 |
Pursuant to the authorization from the general meeting set out in article
2.10 of the articles of association the board of directors has 1 February 2024 granted and issued 39,375,000 warrants and resolved to
carry out the increase of the company's share capital relating to the warrants. The warrants are issued on the terms and conditions set
out in appendices 8 and 9. The authorization in article 2.10 is hereafter fully exhausted. |
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Hver warrant giver ret til tegning af én ordinær aktie
á nominelt DKK 1,00 i selskabet til en tegningspris på USD 0,40 omregnet til DKK til den officielle vekselkurs mellem DKK/USD,
som er gældende på udnyttelsesdagen, dog minimum DKK 1 pr. aktie à nominelt kr. 1. |
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|
Each warrant confers the right to subscribe for one ordinary share
of nominal DKK 1.00 in the company at a subscription price of USD 0.40 converted into DKK using the official exchange rate between DKK
and USD on the exercise day, provided, however, minimum DKK 1 per share with a nominal value of DKK 1. |
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Under henvisning til selskabslovens regler skal følgende vilkår
være gældende i forbindelse med udstedelse af ovennævnte warrants og senere tegning af aktier ved udnyttelse af disse
warrants: |
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|
With reference to the Danish Companies Act, the following terms and
conditions shall apply in connection with the issue of the warrants and subsequent subscription of shares by exercise of the warrants: |
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- |
Det mindste og det højeste beløb, hvormed aktiekapitalen
skal kunne forhøjes på baggrund af de udstedte warrants, udgør henholdsvis nominelt DKK 1 og DKK 39.375.000. |
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- |
The minimum and the maximum
nominal amount of the capital increase(s) that can be subscribed for on the basis of the warrants is DKK 1 and DKK 39,375,000, respectively. |
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- |
Tegningskursen for kapitalforhøjelsen er fastsat til USD 0,40
pr. aktie á nominelt DKK 1 omregnet til DKK til den officielle vekselkurs mellem DKK/USD som er gældende på udnyttelsesdagen,
dog minimum DKK 1 pr. aktie à nominelt kr. 1. |
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- |
The subscription will be made at a subscription price of USD 0.40 per
share of nominal DKK 1.00 converted into DKK using the official exchange rate between DKK and USD on the exercise day, however, minimum
DKK 1 per share with a nominal value of DKK 1. |
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- |
De anslåede omkostninger, der skal afholdes af selskabet ved
kapitalforhøjelsen, udgør DKK 10.000 (ekskl. moms). |
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- |
The costs in connection with the capital increase to be borne by the
company are approx. DKK 10,000 (excluding VAT). |
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Øvrige vilkår for de udstedte warrants og den senere tegning
af aktier ved udnyttelse af disse warrants fremgår af vedtægternes bilag 8 og 9. |
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|
Additional terms and conditions applicable to the granted warrants
and subsequent subscription of shares by exercise of the warrants are set forth in appendices 8 and 9 to the articles of association. |
3. |
Bemyndigelse
til bestyrelsen – aktieudstedelse |
|
3. |
Authorization
to the board of directors – issue of shares |
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3.1 |
Bestyrelsen er i perioden indtil 1. maj 2027 bemyndiget til ad én
eller flere gange at forhøje selskabets aktiekapital ved udstedelse af nye aktier med op til nominelt DKK 34.816.450uden fortegningsret
for selskabets aktionærer. Kapitalforhøjelser i henhold til denne bemyndigelse skal af bestyrelsen gennemføres ved
kontantindskud. Aktierne kan udstedes til markedskurs eller til en af bestyrelsen fastsat favørkurs i forhold til den noterede
kurs på ADS’erne. Bestyrelsen er bemyndiget til at foretage de fornødne vedtægtsændringer i tilfælde
af udnyttelse af bemyndigelsen til at forhøje aktiekapitalen og til at foranledige sådanne aktiers deponering hos en depotbank
og samtidig udstedelse af American Depositary Shares på basis af disse. Ved generalforsamlingsbeslutning den 11. januar 2024 er
bemyndigelsen forhøjet til nominelt DKK 47.000.000. |
|
3.1 |
The board of directors is until 1 May 2027 authorized at one or more
times to increase the company’s share capital by up to nominal DKK 34,816,450 without pre-emptive subscription rights for the company’s
shareholders. Capital increases according to this authorization must be carried out by the board of directors by way of cash contributions.
The shares may be issued at market price or at a discount to the listed price of the ADSs as determined by the board of directors. The
board of directors is authorized to make the required amendments to the articles of association if the authorization to increase the share
capital is used and to cause such shares to be deposited with a depositary bank and the simultaneous issuance of American Depositary Shares
representing such shares. By resolution of the general meeting on 11 January 2024 the authorization has been increased to nominal DKK
47,000,000. |
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Nominelt kr. 20.325.000 aktier er ved bestyrelsesbeslutning den 1. februar
2024 reserveret til udstedelse af aktier i forbindelse med udnyttelsen af prefunded warrants. |
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Nominal DKK 20,325,000 shares are by decision of the board of directors
on 1 February 2024 reserved for the issuance of shares in connection with the exercise of prefunded warrants. |
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For aktier som udstedes i henhold til pkt. 3.1 skal gælde, at de skal være
ikke-omsætningspapirer og skal lyde på navn og noteres på navn i selskabets ejerbog. De nye aktier skal være
underlagt samme indskrænkninger i aktiernes omsættelighed, som er gældende for selskabets øvrige aktier, og
ingen aktionær skal være forpligtet til lade sine aktier indløse helt eller delvist. Der kan ikke ske delvis indbetaling.
Aktierne skal i det hele være ligestillet med den bestående aktiekapital og skal ikke tilhøre en særlig aktieklasse.
Aktierne giver ret til udbytte og andre rettigheder i selskabet på tidspunktet for registreringen af kapitalforhøjelsen
i Erhvervsstyrelsen. |
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|
For shares issued pursuant to this section 3.1 the following shall apply: The new
shares shall be non-negotiable instruments issued in the name of the holder and registered in the name of the holder in the company's
register of shareholders. The new shares shall be subject to the same restrictions on transferability as the existing shares of the Company
and no shareholder shall be obliged to have the shares redeemed fully or partly. No partial payment is allowed. The shares shall be with
the same rights as the existing share capital and shall not belong to a specific share class. The shares shall give rights to dividends
and other rights in the company from the time of registration of the capital increase with the Danish Business Authority. |
3.2 |
Bestyrelsen er i perioden indtil 3.
januar 2026 bemyndiget til ad én eller flere gange at forhøje selskabets aktiekapital ved udstedelse af nye aktier med op
til nominelt DKK 11.000.000 med fortegningsret for selskabets aktionærer. Kapitalforhøjelser i henhold til denne bemyndigelse
skal af bestyrelsen gennemføres ved kontantindskud. Aktierne kan udstedes til markedskurs eller en favørkurs som fastsat
af bestyrelsen. Ved generalforsamlingsbeslutning den 11. januar 2024 er bemyndigelsen forhøjet til nominelt DKK 11.000.000. |
|
3.2 |
The board of directors is until 3 January 2026 authorized at one or
more times to increase the company's share capital by the issuance of new shares with up to nominal DKK 11,000,000 with pre-emptive subscription
rights for the company's shareholders. Capital increases according to this authorization shall be carried out by the board of directors
by way of cash contributions. The shares may be issued at market price or at a discount price as determined by the board of directors.
By resolution of the general meeting on 11 January 2024 the authorization has been increased to nominal DKK 11,000,000. |
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For aktier som udstedes i henhold til pkt. 3.2 skal gælde, at de skal
være ikke-omsætningspapirer og skal lyde på navn og noteres på navn i ejerbogen. De nye aktier skal være
underlagt samme indskrænkninger i aktiernes omsættelighed, som er gældende for selskabets øvrige aktier,
og ingen aktionær skal være forpligtet til lade sine aktier indløse helt eller delvist. Der kan ikke ske delvis
indbetaling. Aktierne skal i det hele være ligestillet med den bestående aktiekapital og skal ikke tilhøre en
særlig aktieklasse. Aktierne giver ret til udbytte og andre rettigheder i selskabet på tidspunktet for registreringen
af kapitalforhøjelsen i Erhvervsstyrelsen. |
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|
For shares issued pursuant to this section 3.2 the following shall apply: The
new shares shall be non-negotiable instruments issued in the name of the holder and registered in the name of the holder in the company's
register of shareholders. The shares shall be subject to the same restrictions on transferability as the existing shares of the Company
and no shareholder shall be obliged to have the shares redeemed fully or partly. No partial payment is allowed. The shares shall
be with the same rights as the existing share capital and shall not belong to a specific share class. The shares shall give rights
to dividends and other rights in the company from the time of registration of the capital increase with the Danish Business Authority |
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3.3 |
Bestyrelsen er i perioden indtil 3. januar 2026 bemyndiget til ad én
eller flere gange at optage lån mod udstedelse af konvertible gældsbreve, som giver ret til tegning af i alt op til nominelt
DKK 14.700.000 uden fortegningsret for selskabets aktionærer. Konvertering skal ske til en kurs, der mindst svarer til markedskurs
på tidspunktet for bestyrelsens beslutning om at udstede de konvertible gældsbreve. Aktier vil anses som værende
udstedt til markedskurs, såfremt aktierne tegnes til +/-10% af den noterede kurs på selskabets aktier på en relevant
fondsbørs i Europa eller USA Lånene skal indbetales kontant. I øvrigt fastsætter bestyrelsen de nærmere
vilkår for de konvertible gældsbreve, der udstedes i henhold til bemyndigelsen. |
|
3.3 |
The board of directors is until 3 January 2026 authorized at one or more times
to obtain loans against issuance of convertible loan notes which give the right to subscribe for shares for a total of up to nominal
value of DKK 14,700,000 without pre-emptive subscription rights for the company's shareholders. The conversion shall be carried out
at a price that corresponds in aggregate to at least the market price at the time of the decision of the board of directors. Shares
shall be considered issued at market price if the shares are issued at +/-10 of the listed price for the company’s shares on
a relevant stock exchange in Europe or the USA. The loans shall be paid in cash. The terms and conditions for the convertible loan
notes shall be determined by the board of directors. |
|
Til gennemførelse af den til konvertering af de konvertible
gældsbreve hørende kapitalforhøjelse bemyndiges bestyrelsen til i perioden indtil 3. januar 2026 at forhøje
selskabets aktiekapital ad én eller flere gange med op til i alt nominelt DKK 14.700.000 ved konvertering af de konvertible
gældsbreve. Selskabets aktionærer skal ikke have fortegningsret til aktier, der udstedes ved konverteringen. |
|
|
As a consequence of the conversion of the convertible loan notes,
the board of directors is authorized until 3 January 2026 to increase the share capital by a nominal value of up to DKK 14,700,000
by conversion of the convertible loan notes. The company's shareholders shall not have pre-emptive rights to subscribe for shares
issued by conversion of the convertible loan notes. |
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|
De aktier, som måtte blive tegnet ved konvertering af de konvertible gældsbreve,
skal være ikke-omsætningspapirer og skal lyde på navn og noteres på navn i ejerbogen. De nye aktier skal
være underlagt samme indskrænkninger i aktiernes omsættelighed, som er gældende for selskabets øvrige
aktier, og ingen aktionær skal være forpligtet til at lade sine aktier indløse helt eller delvist. Der kan ikke
ske delvis indbetaling. Aktierne skal i det hele være ligestillet med den bestående aktiekapital og skal ikke tilhøre
en særlig aktieklasse. Aktierne giver ret til udbytte og andre rettigheder i selskabet på tidspunktet for registreringen
af kapitalforhøjelsen i Erhvervsstyrelsen. |
|
|
The shares issued based on convertible loan notes shall be non-negotiable instruments
issued in the name of the holder and registered in the name of the holder in the company's register of shareholders. The shares shall
be subject to the same restrictions on transferability as the existing shares of the Company and no shareholder shall be obliged
to have the shares redeemed fully or partly. No partial payment is allowed. The shares shall be with the same rights as the existing
share capital and shall not belong to a specific share class. The shares shall give rights to dividends and other rights in the company
from the time of registration of the capital increase with the Danish Business Authority. |
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4. |
Generalforsamlinger |
|
4. |
General meetings |
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4.1 |
Generalforsamlingen indkaldes af bestyrelsen med mindst 2 ugers og højst
4 ugers varsel. Indkaldelsen offentliggøres på selskabets hjemmeside og sendes endvidere til alle i ejerbogen noterede
aktionærer, som har fremsat begæring herom. |
|
4.1 |
General meeting is convened by the board of directors with a notice of a minimum
2 weeks and a maximum 4 weeks. The convening notice shall be published on the company's website and sent to all shareholders recorded
in the register of shareholders who have requested such notification. |
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4.2 |
Ordinære generalforsamlinger skal afholdes hvert år i så god
tid, at den reviderede og godkendte årsrapport kan indsendes til Erhvervsstyrelsen, så den er modtaget i styrelsen inden
5 måneder efter regnskabsårets udløb. |
|
4.2 |
The Annual General Meetings must be held each year in time for the audited and
adopted annual report to be filed with the Danish Business Authority and received by the Authority within 5 months after expiry of
the financial year. |
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4.3 |
Ekstraordinær generalforsamling skal indkaldes senest 2 uger efter, at
bestyrelsen, revisor eller kapitalejere, der ejer mindst 5% af selskabskapital, har forlangt det. |
|
4.3 |
Extraordinary General Meetings shall be convened no later than two weeks after
the Board of Directors, the Company auditor or shareholders, owning at least 5% of the share capital, has demanded the holding of
an Extraordinary General Meeting. |
4.4 |
Alle generalforsamlinger afholdes på selskabets hjemstedsadresse
eller i Storkøbenhavn. |
|
4.4 |
All General Meetings shall be held at the Company's home address
or in Greater Copenhagen. |
4.5 |
Generalforsamlingen ledes af en af bestyrelsen udpeget dirigent. Over forhandlingerne
på generalforsamlingen føres en protokol, der underskrives af dirigenten. |
|
4.5 |
A chairman appointed by the board of directors shall preside over the proceedings at
the general meeting. Minutes of the proceedings shall be signed by the chairman of the meeting. |
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4.6 |
Dagsordenen for den ordinære generalforsamling skal omfatte: |
|
4.6 |
The agenda for the Annual General Meeting shall include: |
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I. |
Bestyrelsens beretning om selskabets virksomhed i det forløbne år |
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I. |
The
Board of Director's report on the Company's activities in the past year; |
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II. |
Forelæggelse
af årsrapport til godkendelse |
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II. |
Presentation of the audited annual report for adoption; |
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III. |
Beslutning om anvendelse af overskud eller dækning af tab i henhold til
den godkendte årsrapport. |
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III. |
Resolution on allocation of profit or coverage of loss, cf. the adopted annual
report; |
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IV. |
Valg af medlemmer til bestyrelsen. |
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IV. |
Election of members to the Board of Directors; |
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V. |
Valg af revisor |
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V. |
Election of auditor; |
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VI. |
Eventuelle forslag fra bestyrelsen og/eller aktionærerne. |
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VI. |
Any motion from the board of directors and/or the shareholders. |
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VII. |
Eventuelt. |
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VII. |
Miscellaneous |
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4.7 |
Forslag fra
kapitalejerne til behandling på den ordinære generalforsamling må være indgivet til selskabet senest 6 uger
før afholdelsen af den ordinære generalforsamling. |
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4.7 |
Shareholder motions to be dealt with at the Ordinary General Meeting must be filed with
the Company no later than 6 weeks prior to the Ordinary General Meeting. |
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4.8 |
Sproget på generalforsamlingen er engelsk uden simultantolkning til og fra dansk.
Dokumenter udarbejdet til generalforsamlingens brug i forbindelse med eller efter generalforsamlingen udarbejdes på engelsk. |
|
4.8 |
The language
of the general meeting shall be English and no simultaneous interpretation to and from Danish shall be offered. Documents prepared
for the use of the general meeting in relation to or after the general meeting shall be prepared in English. |
5. |
Stemmeret |
|
5. |
Voting
rights |
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5.1 |
På
generalforsamlingen giver hvert aktiebeløb på nominelt 1 kr. én stemme. Aktionærerne er berettigede til
at stemme forskelligt på deres aktier. |
|
5.1 |
Each
share of nominal DKK 1 equals one vote at the General Meeting. The shareholders are entitled to vote their shares differently. |
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5.2 |
Alle
beslutninger på generalforsamlingen afgøres ved simpelt stemmeflertal, medmindre selskabsloven eller vedtægterne
foreskriver særlige regler om repræsentation og majoritet. Står stemmerne lige, skal valg af dirigent, bestyrelse,
revisorer og lignende afgøres ved lodtrækning. |
|
5.2 |
All resolutions at the General Meeting are passed by simple majority, unless
The Companies Act or the Company's Articles of Association set out special rules regarding representation and majority. In case of
parity of votes, the election of chairman of the meeting, board of directors, auditors and the like shall be decided by ballot. |
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5.3 |
En aktionærs ret til at deltage i en generalforsamling og til at afgive
stemme fastsættes i forhold til de aktier, som aktionæren besidder på registreringsdatoen. Registreringsdatoen
er én uge før generalforsamlingen. En aktionærs besiddelse af aktier og stemmer opgøres på registreringsdatoen
på baggrund af notering af aktionærens ejerforhold i ejerbogen samt eventuelle ejerforhold, som selskabet har modtaget
med henblik på indførsel i ejerbogen. |
|
5.3 |
A shareholder's right to attend general meetings and to vote at general meetings
is determined on the basis of the shares that the shareholder owns on the record date. The record date shall be one week before the
general meeting is held. The shares which a shareholder owns are calculated on the record date on the basis of the recording of ownership
in the register of shareholders as well as notifications concerning ownership which the company has received with a view to update
the register of shareholders. |
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5.4 |
En aktionær, der er berettiget til at deltage i generalforsamlingen i
henhold til pkt. 5.3, og som ønsker at deltage i generalforsamlingen, skal senest tre hverdage før dens afholdelse
anmode selskabet om adgangskort. |
|
5.4 |
Any shareholder who is entitled to attend the general meeting pursuant to clause
5.3 og who wishes to attend the general meeting must request an admission card from the company no later than three business days
in advance of the general meeting. |
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5.5 |
En aktionær kan møde personligt eller ved fuldmagt. Fuldmægtigen
skal fremlægge skriftligt og dateret fuldmagt. |
|
5.5 |
A shareholder may attend the general meeting in person or by proxy. The proxy
shall submit a written and dated power of attorney. |
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5.6 |
En aktionær, der er berettiget til at deltage i en generalforsamling i
henhold til pkt. 5.3, kan brevstemme. Brevstemmer skal være selskabet i hænde senest hverdagen før generalforsamlingens
afholdelse. Brevstemmer kan ikke tilbagekaldes. |
|
5.6 |
Any shareholder who is entitled to attend a general meeting pursuant to clause
5.3 may vote by post. Votes by post shall be received by the company no later than one business day in advance of the general meeting.
Votes by post cannot be revoked. |
6. |
Bestyrelse |
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6. |
Board of directors |
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6.1 |
Selskabets ledes af en på generalforsamlingen valgt bestyrelse bestående
af 3-7 medlemmer. Bestyrelsens medlemmer vælges for ét år ad gangen og kan genvælges. |
|
6.1 |
The Company is managed by a 3-7-member Board of Directors elected by the General
meeting. Members of the Board of Directors are elected for a term of one year, subject to re-election. |
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6.2 |
Bestyrelsen vælger en formand og en næstformand. |
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6.2 |
The Board of Directors elects a chairman and a vice-chairman. |
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6.3 |
Bestyrelsen skal vedtage en forretningsorden om udførelsen af sit hverv. |
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6.3 |
The board of directors shall adopt rules of procedure governing the performance
of its duties. |
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6.4 |
Referater af bestyrelsesmøder skal underskrives af samtlige tilstedeværende
bestyrelsesmedlemmer. |
|
6.4 |
Minutes of board meetings shall be signed by all directors present at the meetings. |
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6.5 |
Selskabets koncernsprog er engelsk. Møder i bestyrelsen afholdes på
engelsk. |
|
6.5 |
The Company's corporate language shall be English. Board meetings be conducted
in English. |
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7. |
Direktion |
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7. |
Management board |
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7.1 |
Bestyrelsen
ansætter 1-7 direktører til at varetage den daglige ledelse af Selskabets virksomhed. |
|
7.1 |
The board of directors shall appoint 1-7 Executive Directors to be in charge
of the day-to-day operations of the Company. |
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8. |
Tegningsregel |
|
8. |
Power to bind the Company |
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8.1 |
Selskabet tegnes af den administrerende direktør og en direktør
i forening, eller den administrerende direktør og et medlem af bestyrelsen i forening, eller af den samlede bestyrelse. |
|
8.1 |
The Company is bound by the joint signatures of the Chief Executive Director
and an Executive Director, or by the joint signatures of the Chief Executive Director and a Board Member or by the joint signature
of all of the Board Members. |
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9. |
Revision og regnskabsår |
|
9. |
Audit and financial year |
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9.1 |
Selskabets årsrapporter revideres af én af generalforsamlingen
valgt statsautoriseret eller registreret revisor, der vælges for ét år ad gangen. Genvalg er muligt. |
|
9.1 |
The Company's annual reports are audited by a state-authorized public accountant
or a registered accountant, elected by the General Meeting for a term of one year, subject to re-election. |
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9.2 |
Årsrapporten opgøres i overensstemmende med god regnskabsskik og
under foretagelse af påbudte og nødvendige afskrivninger og henlæggelser. |
|
9.2 |
The annual report is compiled in accordance with sound accounting principles
and subject to obligatory and requisite depreciations and provisions. |
9.3 |
Selskabets regnskabsår er kalenderåret. Regnskabet kan
aflægges på engelsk. Det første regnskabsår løber fra stiftelsen til den 31. december
2009. |
|
9.3 |
The financial year of the Company shall be the calendar year. The
annual report may be presented in English. The first financial year runs from the incorporation date to 31 December 2009. |
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10. |
Elektronisk kommunikation |
|
10. |
Electronic communication |
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10.1 |
Al kommunikation fra selskabet til den enkelte kapitalejer skal ske elektronisk
ved e-mail, medmindre andet følger af lov. |
|
10.1 |
All communication from the Company to each individual shareholder shall take
place by electronic means by e-mail, unless otherwise provided for by law. |
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10.2 |
Det er aktionærens ansvar at sikre, at selskabet er i besiddelse
af den korrekte e-mailadresse. |
|
10.2 |
The shareholders shall be responsible for ensuring that the Company
has the correct e-mail address |
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10.3 |
Al kommunikation fra aktionærerne til selskabet skal ske elektronisk ved
e-mail til e-mailadresse, som oplyst på selskabets hjemmeside |
|
10.3 |
All communication from the shareholders to the Company shall take place by electronic
means by e-mail to the e-mail address as set out on the Company’s website. |
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11. |
Bemyndigelse til uddeling af ekstraordinært udbytte |
|
11. |
Authorization to distribute extraordinary dividend |
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11.1 |
Bestyrelsen bemyndiges til efter de i selskabsloven herom gældende regler
at træffe beslutning om uddeling af ekstraordinært udbytte frem til næste ordinære generalforsamling. |
|
11.1 |
With reference to applicable rules in the Companies Act, the board of directors
is authorized to decide on the distribution of extraordinary dividend until the next Ordinary General Meeting. |
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12. |
Uoverensstemmelse |
|
12. |
Discrepancy |
|
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12.1 |
Hvis der er uoverensstemmelser mellem den danske version og engelske version
af vedtægterne, da finder den engelske version anvendelse. |
|
12.1 |
In case of any discrepancy between the Danish and the English version of the
articles of association, the latter shall prevail. |
|
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13. |
Elektroniske generalforsamlinger |
|
13. |
Electronic general meetings |
|
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13.3 |
Bestyrelsen er bemyndiget til at beslutte, at generalforsamlinger afholdes fuldstændig
eller delvis elektronisk. |
|
13.1 |
The board of directors shall be authorised to determine that general meetings
shall be held electronically whether in whole or in part. |
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13.2 |
Bestyrelsen skal sørge for, at elektroniske generalforsamlinger afvikles
på betryggende vis, og skal sikre, at det anvendte system er indrettet, så lovgivningens krav til afholdelse af generalforsamling
opfyldes, herunder især aktionærernes adgang til at deltage i, ytre sig samt stemme på generalforsamlingen. Systemet
skal gøre det muligt at fastslå, hvilke aktionærer der deltager, hvilken selskabskapital og stemmeret de repræsenterer
samt resultatet af afstemninger. |
|
13.2 |
The board of directors shall ensure that electronic general meetings are held
in a secure manner and that the system used is so organised that legislative requirements for the holding of general meetings are
complied with, including in particular shareholders’ right to attend, speak at and vote at the general meeting. The system
shall make it possible to establish which shareholders are participating, the amount of the share capital and the voting rights they
represent as well as the voting results. |
13.3 |
Via
egen opkobling tilslutter aktionærerne sig et virtuelt forum, hvor generalforsamlingen afholdes. Bestyrelsen fastsætter
de nærmere krav til de elektroniske systemer, som anvendes ved elektronisk generalforsamling. |
|
13.3 |
Through their own links the shareholders are connected to a virtual
forum at which the general meeting is held. The board of directors shall determine the detailed requirements for the electronic systems
used at an electronic general meeting. |
|
|
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13.4 |
I indkaldelsen til den elektroniske generalforsamling angives de nærmere
krav til det elektroniske udstyr, som skal anvendes ved deltagelse i generalforsamlingen. Ligeledes angives, hvorledes tilmelding
sker, samt hvor aktionærerne kan finde oplysninger om fremgangsmåden i forbindelse med generalforsamlingen. |
|
13.4 |
The notice convening the electronic general meeting shall specify the detailed
requirements for the electronic equipment to be used in attending the general meeting. In addition, it shall specify how to register
and where the shareholders can find information about the procedure used in connection with the general meeting. |
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- 0 - |
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|
- 0 |
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|
5. februar 2024 |
|
|
5 February 2024 |
|
|
|
|
|
|
Alle talangivelser i denne vedtægt er reguleret for aktiesplit fra nominelt
kr. 2 til nominelt kr. 1 og for udstedelse af fondsaktier i forholdet 17:1 som besluttet af henholdsvis generalforsamlingen og bestyrelsen
den 4. januar 2021. |
|
|
All numbers in these articles of association have been adjusted to take into
account share split from nominal DKK 2 to nominal DKK 1 and issuance of bonus shares in the ratio of 17-for-1 as resolved by respectively
the general meeting and the board of directors on 4 January 2021. |
BILAG 1 TIL VEDTÆGTER
APPENDIX 1 TO ARTICLES OF
ASSOCIATION
WARRANTAFTALE |
|
WARRANT AGREEMENT |
|
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Mellem |
Evaxion Biotech ApS |
|
Between |
Evaxion Biotech ApS |
|
Ole Maaløes Vej 3 |
|
|
Ole Maaløes Vej 3 |
|
2200 København N |
|
|
2200 København N |
og |
[Navn] |
|
and |
[Name] |
|
[Adresse] |
|
|
[Address] |
|
[Adresse] |
|
|
[Address] |
INDHOLDSFORTEGNELSE/TABLE
OF CONTENTS
1 |
BAGGRUND OG OMFANG |
5 |
1 |
BACKGROUND AND SCOPE |
5 |
2 |
TILDELING AF WARRANTS |
5 |
2 |
GRANT OF WARRANTS |
5 |
3 |
TEGNINGSPRIS |
5 |
3 |
SUBSCRIPTION PRICE |
5 |
4 |
UDNYTTELSE AF WARRANTS |
6 |
4 |
EXERCISE OF WARRANTS |
6 |
5 |
VISSE BETINGELSER I RELATION TIL EXIT |
8 |
5 |
CERTAIN CONDITIONS RELATING TO AN EXIT |
8 |
6 |
OPSIGELSE AF ANSÆTTELSESFORHOLDET |
10 |
6 |
TERMINATION OF EMPLOYMENT |
10 |
7 |
ÆNDRING
I RETSSTILLING ELLER SELSKABSKAPITAL |
12 |
7 |
CHANGE OF LEGAL STATUS OR SHARE CAPITAL |
12 |
8 |
TEGNING AF KAPITALANDELE |
14 |
8 |
SUBSCRIPTION OF SHARES |
14 |
9 |
SKAT |
15 |
9 |
TAX |
15 |
10 |
EJERAFTALE |
16 |
10 |
SHAREHOLDERS' AGREEMENT |
16 |
11 |
OVERDRAGELSE AF WARRANTS |
16 |
11 |
ASSIGNMENT OF WARRANTS |
16 |
12 |
AFKALD |
17 |
12 |
WAIVER |
17 |
13 |
PANTSÆTNING
AF KAPITALANDELE |
17 |
13 |
PLEDGE OF SHARES |
17 |
14 |
FULDMAGT |
17 |
14 |
POWER OF ATTORNEY |
17 |
15 |
TAVSHEDSPLIGT |
18 |
15 |
CONFIDENTIALITY |
18 |
16 |
LOVVALG |
18 |
16 |
GOVERNING LAW |
18 |
17 |
TVISTER |
18 |
17 |
DISPUTES |
18 |
18 |
UNDERSKRIFT, HELE AFTALEN OG ÆNDRINGER
HERTIL |
18 |
18 |
SIGNATURES, ENTIRE AGREEMENT, AND AMENDMENTS |
18 |
BILAGSFORTEGNELSE |
INDEX OF |
EXHIBITS |
|
|
|
Bilag 1.2: Vedtægter |
Exhibit 1.2:
Articles of Association |
Der er den 31.
december 2016 indgået følgende
warrantaftale ("Aftalen") mellem: |
|
This Warrant Agreement
(the "Agreement") is entered into on December 31, 2016 between: |
|
|
|
(1) |
Evaxion Biotech ApS, CVR-nr: 31 76 28 63, Ole Maaløes Vej 3,
2200 København N ("Selskabet") |
|
(1) |
Evaxion Biotech ApS, CVR no: 3176 28 63, Ole Maaløes Vej 3, 2200
København N (the "Company") |
|
|
|
(2) |
[Navn, CPR-nr., adresse] ("Warrantindehaveren") |
|
(2) |
[Name, Civil Reg. No. (CPR), address] (the
"Warrantee") |
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- Selskabet og Warrantindehaveren samlet benævnt "Parterne"
og separat tillige en "Part" |
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|
- the Company and the Warrantee hereinafter collectively referred to as the
"Parties" and separately as a "Party" |
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EFTERSOM |
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WHEREAS |
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(A) |
Warrantindehaveren er ansat af Selskabet |
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(A) |
The Warrantee is employed by the Company |
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(B) |
Selskabet ønsker at motivere Warrantindehaveren ved at tildele
et vist antal warrants til Warrantindehaveren. |
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(B) |
The Company wishes to incentivise the Warrantee by granting certain warrants to the Warrantee. |
|
|
|
HAR PARTERNE VEDTAGET
FØLGENDE: |
|
NOW IT IS HEREBY
AGREED AS FOLLOWS: |
1 |
Baggrund og omfang |
|
1 |
Background and Scope |
|
|
|
1.1 |
Formålet
med denne Aftale er at tildele Warrantindehaveren warrants i Selskabet for at sikre, at Selskabet og Warrantindehaveren har fælles
interesser, og at begge Parter medvirker til at skabe den bedst mulige værdiudvikling
i Selskabet. |
|
The purpose
of this Agreement is to grant the Warrantee warrants in the Company in order to ensure that the Company and
the Warrantee have aligned interests and that both Parties are working to ensure that
the value of the Company develops in the best possible way. |
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1.2 |
Selskabets vedtægter
er vedlagt denne Aftale som bilag 1.2. Warrantindehaveren accepterer hermed alle fremtidige ændringer
i Selskabets vedtægter. |
|
The Company's
articles of association are attached hereto as Exhibit 1.2.
The Warrantee hereby accepts all future changes to the Company's articles of association. |
|
|
|
2 |
Tildeling
af warrants |
|
2 |
Grant of
Warrants |
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|
2.1 |
I henhold til betingelserne
i denne Aftale udsteder Selskabet hermed, og Warrantindehaveren modtager [•] warrants i
Selskabet til Warrantindehaveren ("Warrants"). |
|
Subject to
the terms and conditions set out in this Agreement, the Company hereby issues and the Warrantee
receives [•] warrants in the Company to the Warrantee
(the "Warrants"). |
2.2 |
Hver Warrant giver Warrantindehaveren
ret, men ikke pligt, til at tegne én kapitalandel à
nominelt kr. 1 i Selskabet. |
|
Each Warrant
shall provide the Warrantee with a right, but not an obligation, to subscribe for one share with a nominal value of DKK 1 in the
Company. |
|
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|
2.3 |
Warrants tildeles vederlagsfrit. |
|
The Warrants
are granted free of charge. |
|
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|
2.4 |
Warrants giver ikke Warrantindehaveren
kapitalejerrettigheder, som f.eks. fondskapitalandele, eller fortegningsret i tilfælde
af en kapitalforhøjelse i Selskabet. |
|
The Warrants
shall not entitle the Warrantee to any shareholder rights such as bonus shares or pre-emption
rights in the event of a capital increase of the Company. |
|
|
|
2.5 |
Selskabet er forpligtet
til at føre en fortegnelse over udstedte Warrants, som skal opbevares sammen med Selskabets
ejerbog. |
|
The Company
undertakes to keep and maintain a register of issued Warrants to be kept in connection with
the Company's share register. |
|
|
|
3 |
Tegningspris |
|
3 |
Subscription
Price |
|
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|
3.1 |
Hver Warrant giver Warrantindehaveren
ret til at tegne én kapitalandel à
nominelt kr. 1 i Selskabet til en pris af kr. 1 ("Tegningsprisen"). |
|
Each Warrant
gives the Warrantee the right to subscribe for one share with a nominal value of DKK 1 in the Company at a price of DKK 1 (the "Subscription
Price"). |
4 |
Udnyttelse
af Warrants |
|
4 |
Exercise
of Warrants |
4.1 |
Warrantindehaveren
kan udnytte alle eller en del af Warrants (i) i forbindelse med en Exit (se punkt 4.2) eller (ii) på et tidspunkt,
der fastsættes af Bestyrelsen (et "Vindue") |
|
The Warrantee
may exercise all or part of the Warrants (i) in connection with an Exit (see Clause 4.2) or (ii) at any time determined by the Board
(a "Window"). |
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4.2 |
"Exit" betyder
(a) en ændring i ejerforholdene i Selskabet, hvorved en uafhængig tredjemand erhverver 50 % eller mere af selskabskapitalen
i Selskabet eller kommer til at kontrollere mere end 50 % af stemmerne i Selskabet; (b) en børsnotering af Selskabets aktier;
(c) salg eller overdragelse af samtlige eller en væsentlig del af Selskabet aktiver; (d) en fusion med Selskabet som det ophørende
selskab; eller (e) en kombination af (a) - (d). |
|
An "Exit" shall
mean (a) a change of control in the Company whereby any independent third party acquires 50% or more of the share capital
in the Company or comes to control more than 50% of the votes in the Company; (b) an initial public offering of the Company's
shares ("IPO"); (c) the sale or disposition of all or a material part of the Company's assets; (d) a merger
whereby the Company is the discontinuing entity; or (e) a combination of (a) - (d) above. |
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4.3 |
I tilfælde af en
Exit skal Selskabet udstede en skriftlig meddelelse herom ("Meddelelse om Exit") til Warrantindehaveren. Meddelelsen om
Exit skal indeholde relevante oplysninger om fremgangsmåden, bilagt en formular til meddelelse om udnyttelse ("Udnyttelsesmeddelelsen")
samt eventuelt en yderligere forpligtelseserklæring, som Selskabet efter eget skøn måtteforlange (f.eks. tiltrædelsesdokument
til en aftale om køb og salg af anparter eller lignende forpligtelser til overdragelse af anparter, der er tegnet ved udnyttelse
af Warrants), og som skal underskrives af Warrantindehaveren ("Yderligere Forpligtelseserklæring"). |
|
In the event of an Exit,
the Company shall issue a written notice of Exit ("Exit Notice") to the Warrantee. The Exit Notice shall include relevant
information on the process and be accompanied by a form of exercise notice (the "Exercise Notice") together with any supplementary
undertakings as may be required by the Company at its discretion (for instance adherence documentation to a share sale and purchase
agreement or similar undertakings to transfer the shares subscribed for by exercise of the Warrants) to be
signed by the Warrantee (the "Supplementary Undertakings"). |
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4.4 |
Meddelelse om udnyttelse
af Warrants finder sted, ved at Warrantindehaveren fremsender "Udnyttelsesmeddelelsen" til Selskabet med oplysning om det
ønskede antal kapitalandele samt en eventuel Yderligere Forpligtelseserklæring. Samtidig med fremsendelsen af Udnyttelsesmeddelelsen
og eventuelt Yderligere Forpligtelseserklæring skal Warrantindehaveren betale et kontant beløb til Selskabet svarende
til det relevante tegningsbeløb. |
|
Notification of exercise
of the Warrants takes place by the Warrantee's submission to the Company of the Exercise Notice stating the number of shares requested
together with any Supplementary Undertakings. At the same time of submitting the Exercise Notice and any Supplementary Undertakings,
the Warrantee shall pay in cash to the Company an amount equal to the relevant subscription amount. |
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4.5 |
Medmindre Selskabet
bestemmer andet, vil samtlige Warrants automatisk bortfalde uden yderligere varsel og uden kompensation, hvis en Udnyttelsesmeddelelse
og en eventuel Yderligere Forpligtelseserklæring samt betaling af det relevante tegningsbeløb ikke er fremsendt senest
to uger efter datoen for Meddelelsen om Exit. |
|
Unlesss otherwise
decided by the Company, if an Exercise Notice and any Supplementary Undertakings together with payment of the relevant subscription
amount is not submitted no later than two (2) weeks from the date of the Exit Notice, all Warrants shall automatically and without
further notice or compensation lapse and become null and void. |
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4.6 |
Warrants, der ikke udnyttes
i forbindelse med en Exit, vil automatisk bortfalde uden kompensation efter gennemførelsen af den relevante begivenhed. |
|
Any Warrants that are not
exercised in connection with an Exit shall automatically become void without compensation, following the completion of the relevant
event. |
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4.7 |
Såfremt der efter
Meddelelsen om Exit ikke sker en endelig gennemførelse af Exit, beholder Warrantindehaveren sine Warrants i henhold til vilkårene
i denne Aftale. Hvis Warrantindehaveren har tegnet kapitalandele i Selskabet gennem udnyttelse af Warrants, og disse nye kapitalandele
er blevet registreret i Erhvervsstyrelsen, beholder Warrantindehaveren de tegnede kapitalandele, uanset at den bebudede Exit ikke
er endeligt gennemført, og de udnyttede Warrants skal ikke tilbageføres. Både Selskabet og Warrantindehaveren
har dog ret til efter eget skøn at forlange, at Selskabet tilbagekøber de erhvervede kapitalandele til Tegningsprisen. |
|
In the event that an Exit
is not finally completed following an Exit Notice, the Warrantee's right to the Warrants as set out in the Agreement shall be retained.
In the event that shares have been sub- scribed for in the Company by exercise of Warrants and such new shares have been registered
with the Danish Business Authority, the shares subscribed for shall be retained notwithstanding a notified Exit is not finally completed
and the exercised Warrants shall not be reversed; however, both the Company and the Warrantee may on a discretionary basis request
that the Company shall repurchase the shares acquired at the Subscription Price. |
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4.8 |
Såfremt der oprettes
et Vindue, skal punkt 4.3 - 4.5 samtidig være gældende. |
|
In case a Window is established,
Clauses 4.3 - 4.5 shall apply simultaneously. |
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|
4.9 |
Warrants, der ikke udnyttes
i forbindelse med et Vindue, bortfalder automatisk uden kompensation. |
|
Any Warrants that are not
exercised in connection with a Window shall automatically become void without compensation. |
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4.9.1 |
Såfremt et Vindue
ikke er blevet oprettet senest den 31. december 2036, bortfalder Warrants automatisk uden yderligere varsel og uden kompensation. |
|
In the event an Exit or
a Window has not occurred on or before December 31, 2036, the Warrants shall automatically and without further notice or compensation
lapse and become null and void. |
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4.10 |
I
forbindelse med en notering af ADS’er på Nasdaq, USA, har
Selskabets bestyrelse i henhold til pkt. 4.1 truffet beslutning om at fastsætte udnyttelsesvinduerne for udstedte warrants således:
Optjente warrants kan udnyttes i fire årlige udnyttelsesvinduer
på 2 uger, som hver ligger to handelsdage efter offentliggørelsen af henholdsvis Selskabets årsrapport, halvårsregnskabet
samt kvartalsmeddelelserne. Første udnyttelsesperiode indtræder dog tidligst 180 dage efter Selskabets notering af ADS’er
på Nasdaq, USA, og i de første fire udnyttelsesperioder kan warrantindehaveren maksimalt udnytte 25% af de til warrantindehaveren
tildelte warrants, forudsat altid at warrants er optjent. |
|
In
connection with a listing of ADSs on Nasdaq, USA, the board of directors
has resolved, pursuant to clause 4.1, to determine the exercise windows for issued warrants as follows:
Vested warrants may be exercise in four annual exercise windows of two
weeks each that each commence two trading days following publication of the Company’s annual report, the 6-month report and the
interim reports. The first exercise window shall, however, be at least 180 days following the listing by the Company of ADSs on Nasdaq,
USA and in the first four exercise periods the warrantholder may as a maximum exercise 25% of the warrants granted to the respective warrantholders,
provided always that the warrants have vested. |
5 |
Visse betingelser
i relation til Exit |
|
5 |
Certain
Conditions relating to an Exit |
5.1 |
Efter udnyttelse
af Warrants i forbindelse med en børsnotering skal Warrantindehaveren underskrive og tiltræde de aftaler eller forpligtelser,
herunder i relation til en lock-up periode eller andre lock-up forpligtelser, som den udstedende bank måtte anmode om i forbindelse
med en børsnotering. |
|
Following exercise
of Warrants in connection with an IPO, the Warrantee shall sign and accept such agreements or undertakings, including in respect
of a period of lock-up and other lock-up obligations, which may be proposed by the issuing bank in connection with an IPO. |
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5.2 |
Selskabet kan kræve,
og Warrantindehaveren skal i så fald acceptere, at samtlige eller en del af Warrants ombyttes ligeligt til kapitalandele, warrants,
konvertible værdipapirer eller et andet kapitalandelsbaseret instrument udstedt af en køber eller af en efterfølger
af Selskabet eller af et af disses moderselskab eller datterselskab, eller til kapitalandele, warrants, konvertible værdipapirer
eller andet kapitalandelsbaseret instrument udstedt af Selskabet efter omstrukturering, således at den pågældende
Warrantindehavers Warrants umiddelbart efter en sådan ombytning sammen med betaling af en eventuel kontant godtgørelse
til Warrantindehaveren i alt væsentlig har samme værdi som Warrants, herunder de Warrants ejet
af Warrantindehaveren umiddelbart før en sådan ombytning. Uanset ovenstående er Warrantindehaveren berettiget
til en delvis kontant udbetaling i det omfang, dette er nødvendigt, for at Warrantindehaveren er i stand til at betale eventuel
indkomst- eller kapitalgevinst skat, der umiddelbart forfalder som følge af en sådan ombytning af værdipapirer. |
|
The Company may request,
and the Warrantee shall then accept, that all or a portion of the Warrants shall be equitably exchanged for shares, warrants, convertibles
or any other equity based instrument, issued by any purchaser of or successor to the Company, or by a parent or subsidiary of either
of them, or shares, warrants, convertibles or any other equity based instrument issued by the Company as restructured, such that
such Warrantee's Warrants immediately following such exchange, when aggregated with any cash consideration paid to such Warrantee,
shall have substantially the same value as the Warrants, including any Warrants held by such Warrantee immediately prior
to such exchange. Notwithstanding any of the foregoing, the Warrantee shall be entitled to partial consideration in cash to the extent
necessary in order for the Warrantee to be able to pay any personal income or capital gains tax immediately falling due as a result
of such exchange of securities. |
5.3 |
Forud for en
Exit er Selskabet (eller en tredjemand, der er udpeget af Selskabet) berettiget til at købe Warrants fra Warrantindehaveren
til en pris, der fastsættes i overensstemmelse med punkt 5.5 nedenfor. |
|
Prior to an
Exit, the Company (or a third party appointed by the Company) shall have a right to purchase the Warrants from the Warrantee for
a price determined in accordance with Clause 5.5 below. |
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5.4 |
Hvis Selskabet ønsker
at udnytte en af sine rettigheder i henhold til denne Aftale, skal der gives skriftlig meddelelse herom per email til Warrantindehaveren.
En meddelelse betragtes som værende kommet Warrantindehaveren i hænde, og Selskabets rettighed derved udøvet,
på tidspunktet for emailens afsendelse, forudsat at meddelelsen er stilet til den emailadresse, som Warrantindehaveren til
enhver tid har oplyst Selskabet om. Udnyttelse af en rettighed i henhold til punkt 5.3 ovenfor er altid betinget af, at Exit faktisk
er blevet gennemført. |
|
If the Company wishes to
exercise any of its rights under this Agreement, a written notice to that effect shall be sent by email to the Warrantee. A notice
shall be deemed to have reached a Warrantee, and hence the right of the Company shall be deemed to have been exercised, at the time
of the dispatch of the email, provided the notice has been addressed to the email address of the Warrantee which the Warrantee has
informed the Company at any time. The exercise of rights pursuant to Clause 5.3 above is always subject to the condition that the
Exit is actually completed. |
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5.5 |
Købspris i forbindelse
med Exit |
|
Purchase Price in connection
with an Exit |
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5.5.1 |
Ved køb af Warrantindehaverens
Warrants i henhold til punkt 5.3 skal værdien af Warrants være baseret på den rimelige markedsværdi som anført
nedenfor. |
|
When the Warrantee's Warrants
are purchased in accordance with Clause 5.3, the Warrants shall be based on the fair market value as set out below. |
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5.5.2 |
Den rimelige markedsværdi
af Warrants beregnes af Selskabet på grundlag af den nettopris per kapitalandel i Selskabet, som sælgende kapitalejere
vil modtage ved en Exit med fradrag af et forholdsmæssigt beløb for vederlag til rådgivere m.v. Ved beregningen
af den rimelige markedsværdi af Warrants skal Selskabet fratrække et beløb, som Selskabet anser som passende i
betragtning af de sælgende kapitalejeres eventuelle forpligtelser i henhold til Exit. |
|
The fair market value of
the Warrants shall be calculated by the Company based on the net price per share of the Company to be received by the selling shareholders
in an Exit deducted the proportionate amount of any fees to advisors etc. When calculating the fair market value of the Warrants,
the Company shall deduct from the fair market value an amount which the Company deems appropriate when considering the selling shareholders'
potential liabilities pursuant to the Exit. |
5.5.3 |
Når Warrants købes
i forbindelse med en Exit som følge af salg eller overdragelse af samtlige eller en væsentlig del af Selskabets aktiver,
er værdien af Warrants den rimelige markedsværdi på tidspunktet efter salget. I tilfælde af en sådan
Exit skal der ved beregningen af den rimelige markedsværdi for Warrants tages højde for den købspris, Selskabet
har modtaget for de solgte aktiver, med fradrag af gæld, der ikke er overdraget sammen med aktiverne, samt en forholdsmæssig
andel af omkostninger, honorarer m.v. i forbindelse med transaktionen. |
|
When the Warrants
are purchased in connection with an Exit based on the sale or disposition of all or a material part of the Company's assets, the
value of the Warrants shall be the fair market value at the time after such sale. In case of such Exit, the fair market value of
the Warrants shall take into account the purchase price received by the Company for the assets sold, net of any debts not transferred
together with the assets as well as a proportionate part of any cost, fees etc. related to the transaction. |
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5.5.4 |
Købsprisen for Warrants
fastlagt i henhold til punkt 5.5.2 - 5.5.3 ovenfor skal betales 15 dage efter, at de sælgende kapitalejere i Selskabet har
modtaget betaling for deres kapitalandele, og i tilfælde af køb i forbindelse med et salg af aktiver, når Selskabet
har modtaget betaling for de solgte aktiver. |
|
The purchase
price for the Warrants determined in accordance with Clauses 5.5.2 - 5.5.3 above, as applicable, shall be paid 15 days after the
selling shareholders of the Company have received payment for their shares, and in case of a purchase in connection with
an asset sale, when the Company has received payment for the assets sold. |
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6 |
Opsigelse
af ansættelsesforholdet |
|
6 |
Termination
of Employment |
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|
6.1 |
Punkterne
6.2 - 6.7 finder anvendelse, hvis Warrantindehaveren er ansat i Selskabet: |
|
Clauses
6.2 - 6.7 shall apply provided the Warrantee is an employee of the Company: |
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|
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6.2 |
Hvis
Selskabet opsiger Warrantindehaverens ansættelse i Selskabet med en hvilken som helst begrundelse bortset fra Warrantindehaverens
misligholdelse, er Warrantindehaveren berettiget til at udnytte Warrants tildelt i henhold til denne Aftale i overensstemmelse med
vilkårene i Aftalen, som om Warrantindehaveren stadig var ansat i Selskabet. Dette gælder ligeledes, hvis ansættelsesforholdet
bringes til ophør, fordi Warrantindehaveren har nået den alder, der gælder for pensionering fra Selskabet, eller
fordi Warrantindehaveren kan oppebære folkepension eller alderspension fra Selskabet. |
|
In
the event the Company terminates the Warrantee's employment with the Company for any reason other than due to the Warrantee's breach
(in Danish "misligholdelse"), the Warrantee shall have the right to exercise any Warrants granted pursuant to this Agreement
in accordance with the terms and conditions of this Agreement as if the Warrantee continued to be employed
by the Company. The same applies if the employment relationship comes to an end because the Warrantee has reached the age of retirement
from the Company or is entitled to old age pension (in Danish: "folkepension") or retirement pension (in Danish: "alderspension")
from the Company. |
6.3 |
Hvis Selskabet
opsiger Warrantindehaverens ansættelse i Selskabet begrundet i Warrantindehaverens misligholdelse eller berettiget bortviser
Warrantindehaveren, bortfalder samtlige Warrants, der er tildelt i henhold til denne Aftale, men som ikke er udnyttet på tidspunktet
for udløbet af opsigelsesperioden. |
|
In the event
that the Company terminates the Warrantee's employment with the Company due to the Warrantee's breach (in Danish "misligholdelse")
or summarily dismisses the Warrantee for cause (in Danish "bortvisning"), all Warrants granted pursuant to this Agreement,
but not exercised at the time of the expiration of the notice period, becomes null and void. |
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6.4 |
Hvis Warrantindehaveren
opsiger sin ansættelse i Selskabet inden den 31. december 2019 med en hvilken som helst begrundelse, bortset fra Selskabets
grove misligholdelse, bortfalder samtlige Warrants, der er tildelt i henhold til denne Aftale, men som ikke er udnyttet på
tidspunktet for udløbet af opsigelsesperioden. |
|
In the event that the Warrantee
terminates the employment with the Company before December 31 2019 for any reason other than due the Company's material
breach (in Danish: "grov misligholdelse"), all Warrants granted pursuant to this Agreement, but not exercised at the time
of the expiration of the notice period, become null and void. |
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|
6.5 |
Hvis Warrantindehaveren
opsiger sin ansættelse i Selskabet fra og med den 31. december 2019 med en hvilken som helst begrundelse, bortset fra Selskabets
grove misligholdelse, er Warrantindehaveren berettiget til at udnytte det antal Warrants tildelt i henhold til denne Aftale, som
er anført nedenfor, i overensstemmelse med vilkårene i Aftalen, som om Warrantindehaveren stadig var ansat i Selskabet: |
|
If the Warrantee terminates
the employment with the Company on or after December 2019 for any reason other than due the Company's material breach (in Danish:
"grov misligholdelse") the Warrantee shall have the right to exercise such number of Warrants granted pursuant to this
Agreement as set out below in accordance with the terms and conditions of this Agreement as if the Warrantee continued to be employed
by the Company: |
Dato
for Warrantindehaverens opsigelse/ Date
of termination notice being served
by the Warrantee | |
%
af Warrants
% of Warrants | | |
Antal
Warrants
No. of Warrants | |
December 31 2019 | |
| 33,333 | | |
| | |
April 1 2020 | |
| 41,666 | | |
| | |
July 1 2020 | |
| 49,999 | | |
| | |
October 1 2020 | |
| 58,332 | | |
| | |
January 1 2021 | |
| 66,665 | | |
| | |
April 1 2021 | |
| 74,998 | | |
| | |
July 1 2021 | |
| 83,331 | | |
| | |
October 31 2021 | |
| 91,664 | | |
| | |
December 1 2021 | |
| 100 | | |
| | |
|
Resterende
Warrants, som ikke er udnyttet på tidspunktet for udløbet af opsigelesperioden, bortfalder. |
|
Remaining
Warrants not exercised at the time of the expiration of the notice period, become null and void. |
6.6 |
[For
nogle Warrantindehavere i henhold til individuel aftale: Uanset ovenstående, kan [antal] Warrants udnyttes i henhold til punkt
6.5 uagtet datoen for opsigelsen fra Warrantindehaverens side.] |
|
[For
some Warrantees subject to individual agreement: Notwithstanding the above, [number] Warrants shall be exercisable in accordance
with Clause 6.5 regardless of the date of termination notice being served by the Warrantee.] |
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|
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6.7 |
Hvis
Warrantindehaveren opsiger sin ansættelse i Selskabet begrundet i Selskabets grove misligholdelse, er Warrantindehaveren berettiget
til at udnytte Warrants tildelt i henhold til denne Aftale i overensstemmelse med vilkårene i Aftalen, som om Warrantindehaveren
stadig var ansat i Selskabet. |
|
In
the event that the Warrantee terminates the employment with the Company due to the Company's material breach (in Danish: "grov
misligholdelse"), the Warrantee shall have the right to exercise any Warrants granted pursuant to this Agreement in accordance
with the terms and conditions of this Agreement as if the Warrantee continued to be employed by the Company. |
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|
|
6.8 |
I
tilfælde af Warrantindehaverens død, vil Warrantindehaverens bo eller Warrantindehaverens overlevende ægtefælle
(hvis denne sidder i uskiftet bo) være berettiget til at udnytte Warrants i overensstemmelse med vilkårene i denne Af-
tale. |
|
In
the event of the death of the Warrantee, the estate of the Warrantee or the spouse of the Warrantee (if the surviving spouse retains
undivided possession of the estate) shall have the right to exercise any Warrants in accordance with the terms and conditions of
this Agreement. |
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|
|
7 |
Ændring
i retsstilling eller selskabskapital |
|
7 |
Change
of legal status or share capital |
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|
|
7.1 |
Ændring
i selskabskapital |
|
Change
of Share Capital |
|
|
|
7.1.1 |
I
tilfælde af ændringer i Selskabets selskabskapital, herunder men ikke begrænset til: |
|
In
case of changes in the Company’s share capital including but not limited to: |
|
(i)
|
forøgelse
af selskabskapitalen, |
|
(i)
|
increase of
the share capital, |
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|
(i)
|
udstedelse
af konvertible obligationer, |
|
(ii)
|
issuance of convertible
bonds, |
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|
(iii)
|
udstedelse
af nye tegningsretter, eller |
|
(iii)
|
issuance of new subscription
rights, or |
|
(iv) |
nedsættelse
af selskabskapitalen, |
|
(iv) |
decrease of the share capital, |
|
uanset om dette sker til
en kurs, der er lig med markedskursen for Selskabets kapitalandele, eller til en overkurs, eller hvis ændringerne nævnt
i 7.1.1 (i)-(iv) sker til favørkurs, sker der ingen regulering i Warrants. |
|
whether at a rate that
is equal to the market price of the shares of the Company or at premium rate ("overkurs"), or if the changes mentioned
in Clause 7.1.1 (i)-(iv) are made at a special price (“favørkurs”), no regulation of Warrants shall occur. |
|
|
|
7.1.2 |
Hvis den nominelle
værdi af Selskabets kapitalandele ændres, skal antallet af Warrants (antal af kapitalandele) og/eller Udnyttelsesprisen
tilpasses, således at værdien af Warrants ikke bliver påvirket af sådanne ændringer. |
|
If the nominal
value of the shares of the Company is amended, the number of Warrants (number of shares) and/or the Exercise Price shall be adjusted,
so that the value of the Warrants is not affected by the said amendments. |
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|
7.1.3 |
Hvis selskabskapitalen
nedsættes til dækning af tab, skal antallet af kapitalandele, som Warrantindehaveren kan tegne gennem udnyttelse af Warrants,
reduceres (nedrundet) forholdsmæssigt til den nominelle reduktion af kapitalen sammenholdt med Selskabets totale nominelle
selskabskapital før reduktionen |
|
If the share capital is
reduced in order to cover losses, the number of shares for which the Warrantee may subscribe by exercising the Warrants shall be
reduced (rounded down) proportionately to the nominal reduction of the capital compared to the total nominal share capital of the
Company before the reduction. |
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|
|
7.2 |
Andre ændringer |
|
Other Changes |
|
|
|
7.2.1 |
Hvis der træffes
beslutning om |
|
If a resolution is made
to |
|
(i) |
at likvidere eller afvikle
Selskabet, |
|
(i) |
liquidate or wind up the
Company, |
|
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|
|
|
(ii)
|
at spalte Selskabet
eller |
|
(ii)
|
demerge the
Company, or |
|
(iii) |
at gennemføre
en kapitalandelsombytning, der omfatter samtlige kapitalandele i Selskabet (oprettelse af et holdingselskab/apportindskud), |
|
(iii) |
effect an exchange
of shares which includes all shares in the Company (establishment of a holding company/non-cash contribution), |
|
er Warrantindehaveren berettiget til at udnytte Warrants på ikrafttrædelsesdatoen
for den relevante ændring, jf. dog punkt 7.2.2. Selskabets Bestyrelse skal skriftligt meddele Warrantindehaveren, hvis der
træffes en af de ovennævnte beslutninger, og Warrantindehaveren kan udnytte samtlige Warrants inden for 30 dage fra datoen
for meddelelsen. Samtlige Warrants, som Selskabets Bestyrelse ikke har modtaget en Udnyttelsesmeddelelse for inden udgangen af 30
dages fristen, bortfalder automatisk uden yderligere varsel eller kompensation, medmindre de erstattes i henhold til punkt 7.2.2. |
|
the Warrantee
shall be entitled to exercise his/her Warrants on the effective date of the relevant change, see however Clause 7.2.2. The Company’s
Board shall give written notice to the Warrantee if one of the above resolutions is made and the Warrantee may exercise all such
Warrants within 30 days from the date of such notice. If the Board has not received an Exercise Notice prior to the expiry of the
30 days' notice, the Warrants will automatically and without further no- tice be cancelled and become void without notice or compensation
unless replaced in accordance with Clause 7.2.2. |
7.2.2 |
Hvis Selskabet
indgår i en fusion, spaltning eller kapitalandelsombytning, der omfatter samtlige kapitalandele i Selskabet (oprettelse af
et holdingselskab/apportindskud), er Selskabet berettiget, men ikke forpligtet til at anmode om, at Warrants erstattes med retten
til at tegne kapitalandele i de(t) modtagende selskab(er), forudsat at de(t) fortsættende selskab(er) er enig heri. |
|
In the event
of contribution of the Company by merger, de-merger or an exchange of shares which includes all shares in the Company (establishment
of a holding company/non-cash contribution) the Company shall have the right, but not the obligation, to request that the Warrants
are replaced by the right to subscribe to shares in the receiving company(ies) subject to written approval by the continuing company(ies). |
8 |
Tegning
af kapitalandele |
|
8 |
Subscription
of Shares |
|
|
|
8.1 |
Ved udnyttelse af et hvilket
som helst antal Warrants gælder følgende for tegning af nye kapitalandele: |
|
Upon exercise
of any part of the Warrants, the following will apply for the subscription of new shares: |
|
(i)
|
De andre kapitalejere
i Selskabet har ikke fortegningsret med hensyn til Warrants eller kapitalandele udstedt gennem udnyttelse af Warrants |
|
(i) |
The other shareholders
of the Company have no preemption rights with respect to the Warrants or shares issued by exercise of the Warrants. |
|
|
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|
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(ii) |
Betaling af tegningsbeløbet
og tegning af kapitalandele skal finde sted samtidigt. Warrantindehaverens rettigheder som kapitalejer efter udnyttelse af samtlige
Warrants eller en del heraf træder i kraft, når uigenkaldelig kontant betaling til Selskabet har fundet sted. Selskabet
skal registrere Warrantindehaveren som kapitalejer i Selskabets ejerbog. |
|
(ii) |
Payment of the subscription
amount and subscription of shares shall take place simultaneously. The Warrantee's rights as a shareholder following exercise of
the Warrants or part thereof shall come into force when an irrevocable cash payment has been made to the Company. The Company shall
register the Warrantee as a shareholder in the Company's share register. |
|
(iii)
|
De nye kapitalandele
udstedes i kapitalandele à nominelt kr. 1 eller multipla heraf. |
|
(iii) |
The new shares
are issued in shares of nominally DKK 1 or multiples hereof. |
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(iv)
|
De nye kapitalandele skal
udstedes på navn, indføres i Selskabets ejerbog og er ikke-omsættelige. |
|
(iv)
|
The new shares are issued
on name, shall be registered in the Company's share register and are non-negotiable shares. |
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(v)
|
Restriktionerne på eksisterende kapitalandele vedrørende omsættelighed gælder
også for de nye kapitalandele. |
|
(v)
|
The restrictions on the
current shares as to negotiability shall also apply for the new shares. |
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(vi)
|
Fortegningsret for nye kapitalandele i forbindelse med fremtidige kapitalforhøjelser er begrænsede
for så vidt angår udstedelse af warrants eller tegning af kapitalandele gennem udnyttelse af sådanne warrants eller
ved andre begivenheder i henhold til generalforsamlingens beslutning. |
|
(vi)
|
The preemptive rights of
the new shares in connection with future capital increases shall be limited in connection with the issuance of warrants or subscription
of shares by exercising such warrants or other events as decided by the general meeting of the Company. |
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(vii)
|
De nye kapitalandele giver ret til dividende og andre rettigheder i Selskabet til enhver tid, når
den relevante kapitalforhøjelse er registreret i Erhvervsstyrelsen. |
|
(vii) |
The new shares shall carry
a right to dividend and other rights in the Company from the time when the relevant capital increase has been registered with the
Danish Business Authority. |
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(viii)
|
Selskabet betaler omkostningerne i forbindelse med udstedelse og udnyttelse af Warrants. |
|
(viii) |
The Company shall pay the
costs in connection with the issuance and exercise of Warrants |
9 |
Skat |
|
9 |
Tax |
|
|
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|
9.1 |
Punkterne 9.2 - 9.4 finder anvendelse, hvis Warrantindehaveren er ansat i Selskabet: |
|
Clauses 9.2
- 9.4 shall apply provided the Warrantee is an employee of the Company: |
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|
|
|
9.2 |
Warrants er underlagt ligningslovens § 7 P. |
|
The Warrants
shall be subject to Section 7 P of the Danish Tax Assessment Act. |
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|
|
|
9.3 |
Selskabet har vurderet værdien af de tildelte warrants til DKK 1074,72 pr. styk (før
udstedelse af fondsaktier og aktiesplit den 4. januar 2021). |
|
The Company
has assessed the value of each granted warrants at DKK 1074.72 (before issuance of bonus shares and share split on 4 January 2021). |
9.4 |
Selskabet giver ikke Warrantindehaveren nogen garanti for, at Warrants beskattes efter ligningslovens
§ 7 P med eventuelle senere ændringer, herunder om kravene til anvendelse af bestemmelsen ikke er opfyldt, eller om bestemmelsen
fremover er ændret eller ophævet. |
|
The Company
does not make any guarantees to the Warrantee that the Warrantee will be subject to the tax treatment under Section 7 P of the Danish
Tax Assessment Act, as amended from time to time, including whether the requirements for the application of the provision are not
met or if the provision is altered or repealed in the future. |
|
|
|
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9.5 |
De skattemæssige konsekvenser for Warrantindehaveren i forbindelse med denne Aftale, herunder
men ikke begrænset til erhvervelse og/eller tildeling af Warrants, og/eller skattemæssige konsekvenser i forbindelse
med udnyttelse af Warrants, er Selskabet uvedkommende. Warrantindehaveren opfordres til at søge skattemæssig rådgivning
i forbindelse med indgåelsen af denne Aftale. |
|
The tax consequences
for the Warrantee arising in connection with or out of this Agreement, including but not limited to the acquisition and/or granting
of the Warrants and/or the tax consequences in connection with the exercise of the Warrants, are of no concern to the Company. The
Warrantee is strongly encouraged to seek tax advice in connection with entering into this Agreement. |
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|
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10 |
Ejeraftale |
|
10 |
Shareholders' Agreement |
|
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10.1 |
Warrantindehaveren skal på tidspunktet for udnyttelse af Warrants tildelt i henhold til denne
Aftale tiltræde og acceptere at være bundet af enhver ejeraftale, der gælder for kapitalejere i Selskabet til enhver
tid ved at underskrive en tiltrædelseserklæring til en sådan ejeraftale. Warrantindehaveren tiltræder og
accepterer, at en sådan ejeraftale kan indeholde betingelser, der alene gælder for Warrantindehaveren og ikke for de
andre kapitalejere i Selskabet. Således har ikke alle kapitalejere i Selskabet de samme rettigheder i henhold til ejeraftalen.
En sådan tiltrædelseserklæring skal underskrives senest på tidspunktet for udnyttelse af Warrants, og udnyttelsen
af Warrants skal være betinget heraf. |
|
The Warrantee
shall at the time of exercise of the Warrants granted hereunder endorse and agree to be bound by any Shareholders' Agreement applicable
to the shareholders of the Company from time to time by signing a deed of adherence to such Shareholders' Agreement. The Warrantee
acknowledges and accepts that such Shareholders' Agreement may include terms only applicable on the Warrantee and not on the other
shareholders of the Company. Thus, not all shareholders of the Company may have the same rights under the Shareholders Agreement.
Such deed of adherence shall be signed no later than at the time of the exercise of the Warrants and the exercise of any Warrants
shall be conditional hereupon. |
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|
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|
11 |
Overdragelse af Warrants |
|
11 |
Assignment
of Warrants |
|
|
|
|
|
11.1 |
Warrants og andre rettigheder og/eller forpligtelser af Warrantindehaveren i henhold til denne Aftale
må ikke være genstand for udlæg (pant, sikkerhed eller lignende), erhverves eller på anden måde overdrages
af Warrantindehaveren. |
|
The Warrants
and any other rights and/or obligations granted to the Warrantee under this Agreement cannot be subject to any encumbrance (as pledge,
security or similar), assignment or in any other way be transferred by the Warrantee. |
11.2 |
Uanset det
anførte under punkt 11.1 kan overdragelse i tilfælde af Warrantindehaverens død finde sted til Warrantindehaverens
bo og/eller hans/hendes arvinger. |
|
Notwithstanding
Clause 11.1, assignment to the estate left by the Warrantee and/or to his/her heir/heiress in the event of death shall be allowed. |
|
|
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11.3 |
Uanset det anførte under punkt 11.1 må Warrantindehaverens kapitalandele henholdsvis
Warrants, herunder kapitalandele erhvervet gennem udnyttelse af Warrants, ikke være genstand for inkasso- procedurer, fogedforretninger
eller anden form for fuldbyrdelse og må heller ikke bruges som pant over for tredjepart. Warrantindehaveren har dog ved forudgående
skriftlig tilladelse fra Selskabets Bestyrelse ret til at bruge kapitalandele og warrants som pant i forbindelse med finansiering
af køb af sådanne kapitalandele og warrants, hvis panthaver forud for pantsætningen skriftligt bekræfter
at ville respektere denne Aftale. |
|
Notwithstanding
Clause 11.1, the Warrantee's shares and Warrants (as applicable), including shares acquired by the exercise of Warrants, are not
to be subjected to debt collection proceedings, creditor enforcement or any other type of enforcement, nor are they to be pledged
to any third party. However, subject to prior written approval from the board of the Company the Warrantee shall be entitled to pledge
shares and warrants in connection with the funding of the purchase of such shares and warrants if the pledgee prior to the pledge
accepts in writing to respect this Agreement. |
|
|
|
12 |
Afkald |
|
12 |
Waiver |
|
|
|
12.1 |
Warrantindehaveren garanterer ikke at ville påberåbe sig eller på anden måde
benytte sig af minoritetsbeskyttelsesreglen i henhold Selskabsloven, herunder § 73, ifølge hvilken en minoritetskapital-
ejer kan fordre sine kapitalandele indløst af en kapitalejer, der ejer mere end ni tiendedele af kapitalandelene (indløsningsret). |
|
The Warrantee
undertakes not to invoke or otherwise rely upon the minority protection rule available under the Danish Companies Act, including
Clause 73, stipulating the right to require a share- holder holding more than nineteenths of the shares to acquire the shares of
any minority shareholder (in Danish: "indløsningsret") |
|
|
|
13 |
Pantsætning af kapitalandele |
|
13 |
Pledge of Shares |
|
|
|
13.1 |
Warrantindehaveren forpligter sig herved at pantsætte kapitalandele i Selskabet tegnet gennem
udnyttelse af Warrants (herunder eventuelle stemmerettigheder) til de andre kapitalejere i Selskabet som sikkerhed for (i) opfyldelse
af Warrantindehaverens forpligtelser i henhold til Aftalen og (ii) opfyldelse af Warrantindehaverens forpligtelser i henhold til
ejeraftale, der er gældende for Warrantindehaverens kapitalandele i Selskabet. |
|
The Warrantee
hereby undertakes to pledge any shares in the Company subscribed for by exercise of any Warrants (including voting rights (if any))
to the other shareholders of the Company as security for (i) the fulfilment of the Warrantee's obligations under this Agreement and
(ii) the fulfilment of the Warrantee's obligations under any Shareholders' Agreement governing the shares in the Company held by
the Warrantee. |
|
|
|
14 |
Fuldmagt |
|
14 |
Power of Attorney |
|
|
|
14.1 |
Warrantindehaveren giver hermed Selskabets Bestyrelse fuldmagt til på Warrantindehaverens vegne
at iværksætte enhver foranstaltning, der måtte være nødvendig til opfyldelse af denne Aftale. |
|
The Warrantee
hereby grants the Board power of attorney to undertake any necessary actions on behalf of the Warrantee to ensure fulfilment of this
Agreement. |
15 |
Tavshedspligt |
|
15 |
Confidentiality |
|
|
|
|
|
15.1 |
Parterne forpligter sig til at behandle indholdet af denne Aftale og betingelserne for Aftalen fortroligt.
En Part er berettiget til at fremlægge betingelserne i denne Aftale på skriftlig opfordring fra en offentlig myndighed,
som har en lovlig ret til at kræve sådanne oplysninger, eller hvis en sådan fremlæggelse udspringer af lovgivningen. |
|
The Parties
undertake to treat the content of this Agreement and its terms and conditions confidential. A Party shall be entitled to disclose
the terms and conditions of this Agreement upon written re- quest from a public authority that has a legal right to require this
information or if such disclosure follows from statutory law. |
|
|
|
16 |
Lovvalg |
|
16 |
Governing law |
|
|
|
16.1 |
Denne Aftale er underlagt dansk ret. |
|
This Agreement
shall be governed by the laws of Denmark. |
|
|
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17 |
Tvister |
|
17 |
Disputes |
|
|
|
17.1 |
Enhver tvist mellem Parterne, der måtte udspringe af Aftalen, herunder dens indgåelse
eller ophør, skal først søges afgjort ved forhandling. Kan Parterne ikke nå til enighed, afgøres
tvisten ved de danske domstole i København. |
|
The Parties
shall primarily seek to amicably settle any dispute arising out of or in connection with this Agreement, including its conclusion
or termination. If the Parties cannot reach an agreement, the dispute shall be settled by the Danish courts in Copenhagen. |
|
|
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18 |
Underskrift, hele Aftalen og ændringer hertil |
|
18 |
Signatures,
entire Agreement, and amendments |
|
|
|
18.1 |
Denne Aftale er udfærdiget i to eksemplarer, hvoraf det ene underskrevne eksemplar forbliver
hos Selskabet, mens det andet underskrevne eksemplar udleveres til Warrantindehaveren. Aftalen træder i kraft på datoen
for underskrivelsen. |
|
This Agreement
is signed in two copies; one shall be held by the Company and the other by the Warrantee. The Agreement shall be in force from the
date of signing. |
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|
18.2 |
Alle meddelelser eller lignende i henhold til eller i forbindelse med Aftalen skal foretages skriftligt
fra den ene Part til den anden. |
|
All notifications,
demands or similar pursuant to or relating to this Agreement shall be made in writing to the other Party. |
- 0 – |
|
- 0 - |
|
|
|
For and on behalf of Evaxion Biotech ApS: |
|
For [the Warantee]: |
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|
Name:
Title: |
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Name:
Title: |
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|
Name:
Title: |
|
Name:
Title: |
BILAG 2 TIL VEDTÆGTER
APPENDIX 2 TO ARTICLES OF ASSOCIATION
WARRANTAFTALE
AGREEMENT |
|
WARRANT
|
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|
Mellem |
Evaxion Biotech ApS
Bredgade
34 E
1260 København K |
Between |
Evaxion Biotech ApS
Bredgade 34 E
1260 Copenhagen K |
|
|
|
|
og |
[Navn]
[Adresse] |
and |
[Name]
[Address] |
INDHOLDSFORTEGNELSE/TABLE
OF CONTENTS
1 |
BAGGRUND OG OMFANG |
4 |
1 |
BACKGROUND AND SCOPE |
4 |
2 |
TILDELING AF WARRANTS |
4 |
2 |
GRANT OF WARRANTS |
4 |
3 |
TEGNINGSPRIS |
5 |
3 |
SUBSCRIPTION PRICE |
5 |
4 |
UDNYTTELSE AF WARRANTS |
5 |
4 |
EXERCISE OF WARRANTS |
5 |
5 |
VISSE BETINGELSER I RELATION TIL EXIT |
8 |
5 |
CERTAIN CONDITIONS RELATING TO AN EXIT |
8 |
6 |
OPSIGELSE AF ANSÆTTELSESFORHOLDET |
10 |
6 |
TERMINATION OF EMPLOYMENT |
10 |
7 |
ÆNDRING I RETSSTILLING ELLER SELSKABSKAPITAL |
12 |
7 |
CHANGE OF LEGAL STATUS OR SHARE CAPITAL |
12 |
8 |
TEGNING AF KAPITALANDELE |
13 |
8 |
SUBSCRIPTION OF SHARES |
13 |
9 |
SKAT |
14 |
9 |
TAX |
14 |
10 |
EJERAFTALE |
15 |
10 |
SHAREHOLDERS' AGREEMENT |
15 |
11 |
OVERDRAGELSE AF WARRANTS |
16 |
11 |
ASSIGNMENT OF WARRANTS |
16 |
12 |
AFKALD |
16 |
12 |
WAIVER |
16 |
13 |
PANTSÆTNING AF KAPITALANDELE |
16 |
13 |
PLEDGE OF SHARES |
16 |
14 |
FULDMAGT |
17 |
14 |
POWER OF ATTORNEY |
17 |
15 |
TAVSHEDSPLIGT |
17 |
15 |
CONFIDENTIALITY |
17 |
16 |
LOVVALG |
17 |
16 |
GOVERNING LAW |
17 |
17 |
TVISTER |
17 |
17 |
DISPUTES |
17 |
18 |
UNDERSKRIFT, HELE AFTALEN OG ÆNDRINGER HERTIL |
17 |
18 |
SIGNATURES, ENTIRE AGREEMENT, AND AMENDMENTS |
17 |
BILAGSFORTEGNELSE |
INDEX
OF EXHIBITS
|
|
|
Bilag 1.2: Vedtægter |
Exhibit 1.2: Articles of Association |
Der er den 10. september 2017 indgået følgende warrantaftale
("Aftalen") mellem |
|
This Warrant Agreement (the "Agreement") is entered into
on 10 September 2017 between: |
|
|
|
(1) |
Evaxion Biotech ApS, CVR-nr. 31 76 28 63, Bredgade 34 E, 1260 København
K ("Selskabet") |
|
Evaxion Biotech ApS, CVR No. 31 76 28 63, Bredgade 34 E, 1260 Copenhagen
K (the "Company") |
|
|
|
|
(2) |
[Navn,
adresse] (the "Warrantindehaveren") |
|
[Name, address] (the "Warrantee") |
|
|
|
|
- |
Selskabet og Warrantindehaveren samlet benævnt "Parterne"
og separat tillige en "Part" |
|
- |
the Company and the Warrantee hereinafter collectively referred
to as the "Parties" and separately as a "Party" |
|
|
|
|
|
EFTERSOM |
|
WHEREAS |
|
|
|
Warrantindehaveren er ansat som CEO i selskabet med virkning fra
den 1. juli 2017 ("Ansættelsesdatoen") |
|
The Warrantee is employed by the Company as CEO effective as of
1 July 2017 (the "Employment Date") |
|
|
|
Selskabet ønsker at motivere Warrantindehaveren ved at tildele
et vist antal warrants til Warrantindehaveren. |
|
The Company wishes to incentivise the Warrantee by granting certain
warrants to the Warrantee. |
|
|
|
HAR PARTERNE VEDTAGET FØLGENDE: |
|
NOW IT IS HEREBY AGREED AS FOLLOWS: |
|
|
|
1 |
BAGGRUND OG OMFANG |
|
1 |
BACKGROUND AND SCOPE |
|
|
|
|
|
1.1 |
Formålet med denne Aftale er at tildele Warrantindehaveren warrants i
Selskabet for at sikre, at Selskabet og Warrantindehaveren har fælles interesser, og at begge Parter medvirker til at skabe
den bedst mulige værdiudvikling i Selskabet. |
|
The purpose of this Agreement is to grant the Warrantee warrants
in the Company in order to ensure that the Company and the Warrantee have aligned interests and that both Parties are working to
ensure that the value of the Company develops in the best possible way. |
|
|
|
|
1.2 |
Selskabets vedtægter er vedlagt denne Aftale som bilag 1.2. Warrantindehaveren
accepterer hermed alle fremtidige ændringer i Selskabets vedtægter. |
|
The Company's articles of association are attached hereto as Exhibit
1.2. The Warrantee hereby accepts all future changes to the Company's articles of association. |
|
|
|
|
2 |
TILDELING AF WARRANTS |
|
2 |
GRANT OF WARRANTS |
|
|
|
|
|
2.1 |
I henhold til betingelserne i denne Aftale udsteder Selskabet hermed, og Warrantindehaveren
modtager 617.184 warrants i Selskabet til Warrantindehaveren ("Warrants"). |
|
|
Subject to the terms and conditions set out in this Agreement, the Company hereby
issues and the Warrantee receives 617,184 warrants in the Company to the Warrantee (the "Warrants"). |
2.2 |
Hver Warrant giver Warrantindehaveren ret, men ikke pligt, til at tegne én
kapitalandel à nominelt kr. 1 i Selskabet. |
|
Each Warrant shall provide the Warrantee with a right, but not an
obligation, to subscribe for one share with a nominal value of DKK 1 in the Company. |
|
|
|
2.3 |
Warrants tildeles vederlagsfrit. |
|
The Warrants are granted free of charge. |
|
|
|
2.4 |
Warrants giver ikke Warrantindehaveren kapital- ejerrettigheder, som f.eks.
fondskapitalandele, eller fortegningsret i tilfælde af en kapitalforhøjelse i Selskabet. |
|
The Warrants shall not entitle the Warrantee to any shareholder
rights such as bonus shares or pre-emption rights in the event of a capital in- crease of the Company. |
|
|
|
2.5 |
Selskabet er forpligtet til at føre en fortegnelse over udstedte Warrants,
som skal opbevares sammen med Selskabets ejerbog. |
|
The Company undertakes to keep and maintain a register of issued
Warrants to be kept in connection with the Company's share register. |
|
|
|
3 |
TEGNINGSRET |
|
3 |
SUBSCRIPTION PRICE |
|
|
|
3.1 |
Hver Warrant giver Warrantindehaveren ret til at tegne én kapitalandel
à nominelt kr. 1 i Selskabet til en pris af kr. 1 ("Tegningsprisen"). |
|
Each Warrant gives the Warrantee the right to subscribe for one
share with a nominal value of DKK 1 in the Company at a price of DKK 1 (the "Subscription Price"). |
|
|
|
4 |
UDNYTTELSE AF WARRANTS |
|
4 |
EXERCISE OF WARRANTS |
|
|
|
4.1 |
Warrantindehaveren kan udnytte alle eller en del af Warrants (i) i forbindelse
med en Exit (se punkt 4.2) eller (ii) på et tidspunkt, der fastsættes af Bestyrelsen (et "Vindue") |
|
The Warrantee may exercise all or part of the Warrants (i) in connection
with an Exit (see Clause 4.2) or (ii) at any time determined by the Board (a "Window"). |
|
|
|
4.2 |
"Exit" betyder (a) en ændring i ejerforholdene i Selskabet,
hvorved en uafhængig tredjemand erhverver 50 % eller mere af selskabskapitalen i Selskabet eller kommer til at kontrollere
mere end 50 % af stemmerne i Selskabet; (b) en børsnotering af Selskabets aktier; (c) salg eller overdragelse af samtlige
eller en væsentlig del af Selskabet aktiver; (d) en fusion med Selskabet som det ophørende selskab; eller (e) en kombination
af (a) - (d). |
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An "Exit" shall mean (a) a change of control in the Company
whereby any independent third party acquires 50% or more of the share capital in the Company or comes to control more than 50% of
the votes in the Company; (b) an initial public offering of the Company's shares ("IPO"); (c) the sale or disposition of
all or a material part of the Company's assets; (d) a merger whereby the Company is the discontinuing entity; or (e) a com- bination
of (a) - (d) above. |
4.3 |
I tilfælde af en Exit skal Selskabet udstede en skriftlig meddelelse herom
("Meddelelse om Exit") til Warrantindehaveren. Meddelelsen om Exit skal indeholde relevante oplysninger om fremgangsmåden,
bilagt en formular til meddelelse om udnyttelse ("Udnyttelsesmeddelelsen") samt eventuelt en yderligere forpligtelseserklæring,
som Selskabet efter eget skøn måtte forlange (f.eks. tiltrædelsesdokument til en aftale om køb og salg
af anparter eller lignende forpligtelser til overdragelse af anparter, der er tegnet ved udnyttelse af Warrants), og som skal underskrives
af Warrantindehaveren ("Yderligere Forpligtelseserklæring"). |
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In the event of an Exit, the Company shall issue a written notice of Exit ("Exit
Notice") to the Warrantee. The Exit Notice shall include relevant information on the process and be accompanied by a form of
exercise notice (the "Exercise Notice") together with any supplementary undertakings as may be required by the Company
at its discretion (for instance adherence documentation to a share sale and purchase agreement or similar undertakings to transfer
the shares subscribed for by exercise of the Warrants) to be signed by the Warrantee (the "Supplementary Undertakings"). |
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4.4 |
Meddelelse om udnyttelse af Warrants finder sted, ved at Warrantindehaveren
fremsender "Udnyttelsesmeddelelsen" til Selskabet med oplysning om det ønskede antal kapitalandele samt en eventuel
Yderligere Forpligtelseserklæring. Samtidig med fremsendelsen af Udnyttelsesmeddelelsen og eventuelt Yderligere Forpligtelseserklæring
skal Warrantindehaveren betale et kontant beløb til Selskabet svarende til det relevante tegningsbeløb. |
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Notification of exercise of the Warrants takes place by the Warrantee's submission
to the Company of the Exercise Notice stating the number of shares requested together with any Supplementary Undertakings. At the
same time of submitting the Exercise Notice and any Supplementary Undertakings, the Warrantee shall pay in cash to the Company an
amount equal to the relevant subscription amount. |
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4.5 |
Medmindre Selskabet bestemmer andet, vil samtlige Warrants automatisk bortfalde
uden yderligere varsel og uden kompensation, hvis en Udnyttelsesmeddelelse og en eventuel Yderligere Forpligtelseserklæring
samt betaling af det relevante tegningsbeløb ikke er fremsendt senest to uger efter datoen for Meddelelsen om Exit. |
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Unless otherwise decided by the Company, if an Exercise Notice and any Supplementary
Undertakings together with payment of the relevant sub- scription amount is not submitted no later than two (2) weeks from the date
of the Exit Notice, all Warrants shall automatically and without further notice or compensation lapse and become null and void. |
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4.6 |
Warrants, der ikke udnyttes i forbindelse med en Exit, vil automatisk bortfalde
uden kompensation efter gennemførelsen af den relevante begivenhed. |
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Any Warrants that are not exercised in connection with an Exit shall automatically
become void with- out compensation, following the completion the relevant event. |
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4.7 |
Såfremt der efter Meddelelsen om Exit ikke sker en endelig
gennemførelse af Exit, beholder Warrantindehaveren sine Warrants i henhold til vilkårene i denne Aftale. Hvis Warrantindehaveren
har tegnet kapitalandele i Selskabet gennem udnyttelse af Warrants, og disse nye kapitalandele er blevet registreret i Erhvervsstyrelsen,
beholder Warrantindehaveren de tegnede kapitalandele, uanset at den bebudede Exit ikke er endeligt gennemført, og de udnyttede
Warrants skal ikke tilbageføres. Både Selskabet og Warrantindehaveren har dog ret til efter eget skøn at forlange,
at Selskabet tilbagekøber de erhvervede kapitalandele til Tegningsprisen. |
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In the event that an Exit is not finally completed following an
Exit Notice, the Warrantee's right to the Warrants as set out in the Agreement shall be retained. In the event that shares have been
sub- scribed for in the Company by exercise of War- rants and such new shares have been registered with the Danish Business Authority,
the shares subscribed for shall be retained notwithstanding a notified Exit is not finally completed and the exercised Warrants shall
not be reversed, however, both the Company and the Warrantee may on a discretionary basis request that the Company shall repurchase
the shares acquired at the Subscription Price. |
4.8 |
Såfremt der oprettes et Vindue, skal punkt 4.3 - 4.5 samtidig være
gældende. |
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In case a Window is established Clauses 4.3-4.5 shall apply simultaneously. |
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4.9 |
Warrants, der ikke udnyttes i forbindelse med et Vindue, bortfalder automatisk
uden kompensation. |
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Any Warrants that are not exercised in connection with a Window shall automatically
become void without compensation. |
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4.10 |
Såfremt et Vindue ikke er blevet oprettet senest den 31. december
2036, bortfalder Warrants automatisk uden yderligere varsel og uden kompensation. |
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In the event an Exit or a Window has not occurred on or before 31
December 2036, the Warrants shall automatically and without further notice or compensation lapse and become null and void. |
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4.11 |
I forbindelse med en notering
af ADS’er på Nasdaq, USA, har Selskabets bestyrelse i henhold til pkt. 4.1 truffet beslutning om at fastsætte udnyttelsesvinduerne
for udstedte warrants således: |
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In connection with a listing of ADSs on Nasdaq, USA, the board of directors
has resolved, pursuant to clause 4.1, to determine the exercise windows for issued warrants as follows: |
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Optjente warrants kan udnyttes
i fire årlige udnyttelsesvinduer på 2 uger, som hver ligger to handelsdage efter offentliggørelsen af henholdsvis
Selskabets årsrapport, halvårsregnskabet samt kvartalsmeddelelserne. Første udnyttelsesperiode indtræder
dog tidligst 180 dage efter Selskabets notering af ADS’er på Nasdaq, USA, og i de første fire udnyttelsesperioder
kan warrantindehaveren maksimalt udnytte 25% af de til warrantindehaveren tildelte warrants forudsat altid at warrants er optjent. |
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Vested warrants may be exercise in four annual exercise windows of two weeks
each that each commence two trading days following publication of the Company’s annual report, the 6-month report and the interim
reports. The first exercise window shall, however, be at least 180 days following the listing by the Company of ADSs on Nasdaq, USA
and in the first four exercise periods the warrant-holder may as a maximum exercise 25% of the warrants granted to the respective
warrantholders, provided always that the warrants have vested. |
5 |
VISSE BETINGELSER I RELATION TIL EXIT |
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5 |
CERTAIN CONDITIONS RELATING TO AN EXIT |
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5.1 |
Efter udnyttelse af Warrants i forbindelse med en børsnotering skal Warrantindehaveren
under- skrive og tiltræde de aftaler eller forpligtelser, herunder i relation til en lock-up periode eller andre lock-up forpligtelser,
som den udstedende bank måtte anmode om i forbindelse med en børsnotering. |
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Following exercise of Warrants in connection with an IPO, the Warrantee
shall sign and accept such agreements or undertakings including in respect of period of lock-up and other lock-up obligations which
may be proposed by the issuing bank in connection with an IPO. |
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5.2 |
Selskabet kan kræve, og Warrantindehaveren skal i så fald acceptere,
at samtlige eller en del af Warrants ombyttes ligeligt til kapitalandele, warrants, konvertible værdipapirer eller et andet
kapitalandelsbaseret instrument udstedt af en køber eller af en efterfølger af Selskabet eller af et af disses moderselskab
eller datterselskab, eller til kapitalandele, warrants, konvertible værdipapirer eller andet kapitalandelsbaseret instrument
udstedt af Selskabet efter omstrukturering, således at den pågældende Warrantindehavers Warrants umiddelbart efter
en sådan ombytning sammen med betaling af en eventuel kontant godtgørelse til Warrantindehaveren - i alt væsentlig
har samme værdi som Warrants, herunder de Warrants ejet af Warrantindehaveren umiddelbart før en sådan ombytning.
Uanset ovenstående er Warrantindehaveren berettiget til en delvis kontant udbetaling i det omfang, dette er nødvendigt,
for at Warrantindehaveren er i stand til at betale eventuel indkomst- eller kapitalgevinstskat, der umiddelbart forfalder som følge
af en sådan ombytning af værdipapirer. |
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The Company may request, and the Warrantee shall then accept, that
all or a portion of the War- rants shall be equitably exchanged for shares, warrants, convertibles or any other equity based instrument,
issued by any purchaser of or successor to the Company, or by a parent or subsidiary of either of them, or shares, warrants, convertibles
or any other equity based instrument issued by the Company as restructured, such that such Warrantee's Warrants immediately following
such exchange, when aggregated with any cash consideration paid to such Warrantee, shall have substantially the same value as the
Warrants, including any Warrants held by such Warrantee immediately prior to such exchange. Notwithstanding any of the foregoing,
the Warrantee shall be entitled to partial consideration in cash to the extent necessary in order for the Warrantee to be able to
pay any personal income or capital gains tax immediately falling due as a result of such exchange of securities. |
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5.3 |
Forud for en Exit er Selskabet (eller en tredje- mand, der er udpeget af Selskabet)
berettiget til at købe Warrants fra Warrantindehaveren til en pris, der fastsættes i overensstemmelse med punkt 5.5
nedenfor. |
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Prior to an Exit, the Company (or a third party ap- pointed by the
Company) shall have a right to purchase the Warrants from the Warrantee for a price determined in accordance with Clause 5.5 below. |
5.4 |
Hvis Selskabet ønsker at udnytte en af sine rettigheder i
henhold til denne Aftale, skal der gives skriftlig meddelelse herom per email til Warrantindehaveren. En meddelelse betragtes som
værende kommet Warrantindehaveren i hænde, og Selskabets rettighed derved udøvet, på tidspunktet for emailens
afsendelse, forudsat at meddelelsen er stilet til den emailadresse, som Warrantindehaveren til enhver tid har oplyst Selskabet om.
Udnyttelse af en rettighed i henhold til punkt 5.3 ovenfor er altid betinget af, at Exit faktisk er blevet gennemført. |
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If the Company wishes to exercise any of its rights under this Agreement,
a written notice to that effect shall be sent by email to the Warrantee. A notice shall be deemed to have reached a Warrantee, and
hence the right of the Company shall be deemed to have been exercised, at the time of the dispatch of the email, provided the notice
has been addressed to the email address of the Warrantee which the Warrantee has informed the Company at any time. The exercise of
rights pursuant to Clause 5.3 above is always subject to the condition that the Exit is actually completed. |
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5.5 |
Købspris i forbindelse med Exit |
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Purchase Price in connection with an Exit |
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5.5.1 |
Ved køb af Warrantindehaverens Warrants i hen- hold til punkt 5.3 skal
værdien af Warrants være baseret på den rimelige markedsværdi som anført nedenfor. |
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When the Warrantee's Warrants are purchased in accordance with Clause 5.3, the
Warrants shall be based on the fair market value as set out below. |
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5.5.2 |
Den rimelige markedsværdi af Warrants beregnes af Selskabet på grundlag
af den nettopris per kapitalandel i Selskabet, som sælgende kapital- ejere vil modtage ved en Exit med fradrag af et forholdsmæssigt
beløb for vederlag til rådgivere m.v. Ved beregningen af den rimelige markedsværdi af Warrants skal Selskabet
fratrække et beløb, som Selskabet anser som passende i betragtning af de sælgende kapitalejeres eventuelle forpligtelser
i henhold til Exit. |
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The fair market value of the Warrants shall be calculated by the Company based
on the net price per share of the Company to be received by the selling shareholders in an Exit deducted the proportionate amount
of any fees to advisors etc. When calculating the fair market value of the Warrants, the Company shall deduct from the fair market
value an amount which the Company deems appropriate when considering the selling shareholders' potential liabilities pursuant to
the Exit. |
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5.5.3 |
Når Warrants købes i forbindelse med en Exit som
følge af salg eller overdragelse af samtlige eller en væsentlig del af Selskabets aktiver, er værdien af Warrants
den rimelige markedsværdi på tidspunktet efter salget. I tilfælde af en sådan Exit skal der ved beregningen
af den rimelige markedsværdi for Warrants tages højde for den købspris, Selskabet har modtaget for de solgte
aktiver, med fradrag af gæld, der ikke er overdraget sammen med aktiverne, samt en forholdsmæssig andel af omkostninger,
honorarer m.v. i forbindelse med transaktionen. |
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When the Warrants are purchased in connection with an Exit based on the sale
or disposition of all or a material part of the Company's assets, the value of the Warrants shall be the fair market value at the
time after such sale. In case of such Exit, the fair market value of the Warrants shall take into account the purchase price received
by the Company for the assets sold, net of any debts not transferred together with the assets as well as a proportionate part of
any cost, fees etc. related to the transaction. |
5.5.4 |
Købsprisen for Warrants fastlagt i henhold til punkt 5.5.2 - 5.5.3 ovenfor
skal betales 15 dage efter, at de sælgende kapitalejere i Selskabet har modtaget betaling for deres kapitalandele, og i tilfælde
af køb i forbindelse med et salg af aktiver, når Selskabet har modtaget betaling for de solgte aktiver. |
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The purchase price for the Warrants determined in accordance with
Clauses 5.5.2 - 5.5.3 above, as applicable, shall be paid 15 days after the selling shareholders of the Company have received payment
for their shares, and in case of a purchase in connection with an asset sale, when the Company has received payment for the assets
sold. |
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6 |
OPSIGELSE AF ANSÆTTELSESFORHOLDET |
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6 |
TERMINATION OF EMPLOYMENT |
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6.1 |
Hvis Selskabet opsiger Warrantindehaverens ansættelse i Selskabet med
en hvilken som helst begrundelse bortset fra Warrantindehaverens misligholdelse, er Warrantindehaveren berettiget til at udnytte
Warrants tildelt i henhold til denne Aftale i overensstemmelse med vilkårene i Aftalen, som om Warrantindehaveren stadig var
ansat i Selskabet. Dette gælder ligeledes, hvis ansættelsesforholdet bringes til ophør, fordi Warrantindehaveren
har nået den alder, der gælder for pensionering fra Selskabet, eller fordi Warrantindehaveren kan oppebære folkepension
eller alderspension fra Selskabet. |
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In the event the Company terminates the Warrantee's employment with
the Company for any rea- son other than due to the Warrantee's breach (in Danish "misligholdelse"), the Warrantee shall
have the right to exercise any Warrants granted pursuant to this Agreement in accordance with the terms and conditions of this Agreement
as if the Warrantee continued to be employed by the Company. The same applies if the employment relationship comes to an end because
the Warrantee has reached the age of retirement from the Company or is entitled to old age pension (in Danish: "folkepension")
or retirement pension (in Danish: "alderspension") from the Company. |
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6.2 |
Hvis Selskabet opsiger Warrantindehaverens ansættelse i Selskabet begrundet
i Warrantindehaverens misligholdelse eller berettiget bortviser Warrantindehaveren, bortfalder samtlige Warrants, der er tildelt
i henhold til denne Aftale, men som ikke er udnyttet på tidspunktet for udløbet af opsigelsesperioden. |
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In the event that the Company terminates the Warrantee's employment
with the Company due to the Warrantee's breach (in Danish "misligholdelse") or summarily dismisses the Warrantee for cause
(in Danish "bortvisning"), all Warrants granted pursuant to this Agreement, but not exercised at the time of the expiration
of the notice period, become null and void. |
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6.3 |
Hvis Warrantindehaveren opsiger sin ansættelse i Selskabet med en hvilken
som helst begrundelse, bortset fra Selskabets grove misligholdelse, er Warrantindehaveren berettiget til at udnytte en procentdel
af Warrants, der er tildelt i henhold til denne Aftale, som anført nedenfor, i overensstemmelse med vilkårene i Aftalen,
som om Warrantindehaveren stadig var ansat i Selskabet. |
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If the Warrantee terminates the employment with the Company for
any reason other than due the Company's material breach (in Danish: "grov misligholdelse") the Warrantee shall have the
right to exercise such percentage of the Warrants granted pursuant to this Agreement as set out below in accordance with the terms
and conditions of this Agreement as if the Warrantee continued to be employed by the Company: |
6.3.1 |
Hvis Warrantindehaveren opsiger sin ansættelse inden udløbet
af 1 år efter Ansættelsesdatoen: ingen Warrants. |
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If the Warrantee serves notice of termination before the first anniversary
of the Employment Date: no Warrants; |
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6.3.2 |
Hvis Warrantindehaveren opsiger sin ansættelse inden udløbet af
2 år efter Ansættelsesdatoen: 20% af tildelte Warrants. |
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If the Warrantee serves notice of termination on the first anniversary and up
to the day prior to the second anniversary of the Employment Date: twenty per cent (20
%) of the Warrants; |
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6.3.3 |
Hvis Warrantindehaveren opsiger sin ansættelse inden udløbet af
3 år efter Ansættelsesdatoen: 40% af tildelte Warrants. |
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If the Warrantee serves notice of termination on the second anniversary and
up to the day prior to the third anniversary of the Employment Date: forty per cent (40
%) of the Warrants; |
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6.3.4 |
Hvis Warrantindehaveren opsiger sin ansættelse inden udløbet af
3 år efter Ansættelsesdatoen: 60% af tildelte Warrants. |
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If the Warrantee serves notice of termination on the third anniversary and up
to the day prior to the fourth anniversary of the Employment Date: sixty per cent (60
%) of the Warrants; |
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6.3.5 |
Hvis Warrantindehaveren opsiger sin ansættelse inden udløbet af
4 år efter Ansættelsesdatoen: 80% af tildelte Warrants. |
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If the Warrantee serves notice of termination on the fourth anniversary and
up to the day prior to the fifth anniversary of the Employment Date: eighty per cent
(80 %) of the Warrants; and |
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6.3.6 |
Hvis Warrantindehaveren opsiger sin ansættelse inden udløbet af
5 år efter Ansættelsesdatoen: 100% af tildelte Warrants. |
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If the Warrantee serves notice of termination on or after the fifth anniversary
of the Employment Date: one hundred per cent (100 %) of the Warrants. |
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Resterende Warrants, der ikke er udnyttet ved udløbet af opsigelsesperioden,
bortfalder. |
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Remaining Warrants not exercised at the time of the expiration of the notice
period, become null and void. |
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6.4 |
Hvis Warrantindehaveren opsiger sin ansættelse i Selskabet begrundet i
Selskabets grove misligholdelse, er Warrantindehaveren berettiget til at udnytte Warrants tildelt i henhold til denne Aftale i overensstemmelse
med vilkårene i Aftalen, som om Warrantindehaveren stadig var ansat i Selskabet. |
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In the event that the Warrantee terminates the employment with the Company due
to the Company's material breach (in Danish: "grov misligholdelse"), the Warrantee shall have the right to exercise any
Warrants granted pursuant to this Agreement in accordance with the terms and conditions of this Agreement as if the Warrantee continued
to be employed by the Company. |
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6.5 |
I tilfælde af Warrantindehaverens
død, vil Warrantindehaverens bo eller Warrantindehaverens overlevende ægtefælle (hvis denne sidder i uskiftet
bo) være berettiget til at udnytte Warrants i overensstemmelse med vilkårene i denne Aftale. |
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In the event of the death
of the Warrantee, the estate of the Warrantee or the spouse of the Warrantee (if the surviving spouse retains undivided possession
of the estate) shall have the right to exercise any Warrants in accordance with the terms and conditions of this Agreement. |
7 |
ÆNDRING I RETSSTILLING ELLER SELSKABSKAPITAL |
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7 |
CHANGE OF LEGAL STATUS OR SHARECAPITAL |
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7.1 |
Ændring i selskabskapital |
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Change of Share Capital |
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7.1.1 |
I tilfælde af ændringer i Selskabets selskabskapital,
herunder men ikke begrænset til: |
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In case of changes in the Company's share capital including but
not limited to |
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(i) |
forøgelse af selskabskapitalen, |
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(i) |
increase of the share capital, |
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(ii) |
udstedelse af konvertible obligationer, |
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(ii) |
issuance of convertible bonds, |
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(iii) |
udstedelse af nye tegningsretter, eller |
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(iii) |
issuance of new subscription rights, or |
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(iv) |
nedsættelse af selskabskapitalen, |
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(iv) |
decrease of the share capital, |
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uanset om dette sker til en kurs, der er lig med markedskursen for
Selskabets kapitalandele, eller til en overkurs, eller hvis ændringerne nævnt i 7.1.1 (i) - (iv) sker til favørkurs,
sker der ingen regulering i Warrants. |
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whether at a rate that is equal to the market price of the shares
of the Company or at premium rate ("overkurs"), or if the changes mentioned in Clause 7.1.1 (i) - (iv) are made at a special
price ("favørkurs") no regulation of Warrants shall occur. |
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7.1.2 |
Hvis den nominelle værdi af Selskabets kapitalandele ændres,
skal antallet af Warrants (antal af kapitalandele) og/eller Udnyttelsesprisen tilpasses, således at værdien af Warrants
ikke bliver påvirket af sådanne ændringer. |
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If the nominal value of the shares of the Company is amended, the
number of Warrants (number of shares) and/or the Exercise Price shall be adjusted, so that the value of the Warrants is not affected
by the said amendments. |
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7.1.3 |
Hvis selskabskapitalen nedsættes til dækning af tab,
skal antallet af kapitalandele, som Warrantindehaveren kan tegne gennem udnyttelse af Warrants, reduceres (nedrundet) forholdsmæssigt
til den nominelle reduktion af kapitalen sammenholdt med Selskabets totale nominelle selskabskapital før reduktionen. |
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If the share capital is reduced in order to cover losses, the number
of shares for which the Warrantee may subscribe by exercising the Warrants shall be reduced (rounded down) proportionately to the
nominal reduction of the capital compared to the total nominal share capital of the Company before the reduction. |
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7.2 |
Andre ændringer |
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Other Changes |
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7.2.1 |
Hvis der træffes beslutning om |
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If a resolution is made to |
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(i) |
at likvidere eller afvikle Selskabet, |
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(i) |
liquidate or wind up the Company, |
(ii) |
at spalte Selskabet eller |
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(ii) |
demerge the Company, or |
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(iii) |
at gennemføre en kapitalandelsombytning, der omfatter samtlige kapitalandele
i Selskabet (oprettelse af et holdingselskab/apportindskud), |
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(iii) |
effect an exchange of shares which includes all shares in the Company (establishment
of a holding company/non-cash contribution), |
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er Warrantindehaveren berettiget til at udnytte Warrants på
ikrafttrædelsesdatoen for den relevante ændring, jf. dog punkt 7.2.2. Selskabets Bestyrelse skal skriftligt meddele Warrantindehaveren,
hvis der træffes en af de ovennævnte beslutninger, og Warrantindehaveren kan udnytte samtlige Warrants inden for 30 dage
fra datoen for meddelelsen. Samtlige Warrants, som Selskabets Bestyrelse ikke har modtaget en Udnyttelsesmeddelelse for inden udgangen
af 30 dages fristen, bortfalder automatisk uden yderligere varsel eller kompensation, medmindre de erstattes i henhold til punkt
7.2.2. |
|
the Warrantee shall be entitled to exercise their Warrants on the
effective date of the relevant change, see however Clause 7.2.2. The Company's Board shall give written notice to the Warrantee if
one of the above resolutions is made and the Warrantee may exercise all such Warrants within 30 days from the date of such notice.
If the Board has not received an Exercise Notice prior to the expiry of the 30 days' notice the Warrants will automatically and without
further notice be cancelled and become void without notice or compensation unless replaced in accordance with Clause 7.2.2. |
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7.2.2 |
Hvis Selskabet indgår i en fusion, spaltning eller kapitalandelsombytning,
der omfatter samtlige kapitalandele i Selskabet (oprettelse af et holdingselskab/apportindskud), er Selskabet berettiget, men ikke
forpligtet til at anmode om, at Warrants erstattes med retten til at tegne kapitalandele i de(t) modtagende selskab(er), forudsat
at de(t) fortsættende selskab(er) er enig heri. |
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In the event of contribution of the Company by merger, de-merger
or an exchange of shares which includes all shares in the Company (establishment of a holding company/non-cash contribution) the
Company shall have the right, but not the obligation, to request that the Warrants are replaced by the right to subscribe to shares
in the receiving company(ies) subject to written approval by the continuing company(ies). |
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8 |
TEGNING AF KAPITALANDELE |
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8 |
SUBSCRIPTION OF SHARES |
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Ved udnyttelse af et hvilket som helst antal Warrants gælder
følgende for tegning af nye kapitalandele: |
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Upon exercise of any part of the Warrants, the following will apply
for the subscription of new shares: |
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(i) |
De andre kapitalejere i Selskabet har ikke fortegningsret med hensyn til Warrants
eller kapitalandele udstedt gennem udnyttelse af Warrants |
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(i) |
The other shareholders of the Company have no preemption rights with respect
to the Warrants or shares issued by exercise of the Warrants. |
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(ii) |
Betaling af tegningsbeløbet og tegning af kapitalandele skal finde sted
samtidigt. Warrantindehaverens rettigheder som kapitalejer efter udnyttelse af samtlige Warrants eller en del heraf træder
i kraft, når uigenkaldelig kontant betaling til Selskabet har fundet sted. Selskabet skal registrere Warrantindehaveren som
kapitalejer i Selskabets ejerbog. |
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(ii) |
Payment of the subscription amount and subscription of shares shall take place
simultaneously. The Warrantee's rights as a shareholder following exercise of the Warrants or part thereof shall come into force
when an irrevocable cash payment has been made to the Company. The Company shall register the Warrantee as a shareholder in the Company's
share register. |
(iii) |
De nye kapitalandele udstedes i kapitalandele à nominelt
kr. 1 eller multipla heraf. |
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(iii)
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The new shares are issued in shares of nominally DKK 1 or multiples
hereof. |
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(iv) |
De nye kapitalandele skal udstedes på navn, indføres i Selskabets
ejerbog og er ikke-omsættelige. |
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(iv)
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The new shares are issued on name, shall be registered in the Company's share
register and are non-negotiable shares. |
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(v) |
Restriktionerne på eksisterende kapitalandele vedrørende omsættelighed
gælder også for de nye kapitalandele. |
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(v)
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The restrictions on the current shares as to negotiability shall also apply
for the new shares. |
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(vi) |
Fortegningsret for nye kapitalandele i forbindelse med fremtidige kapitalforhøjelser
er begrænsede for så vidt angår udstedelse af warrants eller tegning af kapitalandele gennem udnyttelse af sådanne
warrants eller ved andre begivenheder i henhold til generalforsamlingens beslutning. |
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(vi)
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The pre-emptive rights of the new shares in connection with future capital increases
shall be limited in connection with the issuance of warrants or subscription of shares by exercising such warrants or other events
as decided by the general meeting of the Company. |
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(vii) |
De nye kapitalandele giver ret til dividende og andre rettigheder i Selskabet
til enhver tid, når den relevante kapitalforhøjelse er registreret i Erhvervsstyrelsen. |
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(vii)
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The new shares shall carry a right to dividend and other rights in the Company
from the time when the relevant capital increase has been registered with the Danish Business Authority. |
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(viii) |
Selskabet betaler omkostningerne i forbindelse med udstedelse og udnyttelse
af Warrants. |
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(viii) |
The Company shall pay the costs in connection with the issuance and exercise
of Warrants. |
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9 |
SKAT |
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9 |
TAX |
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9.1 |
Punkterne 9.2 - 9.4 finder anvendelse, hvis Warrantindehaveren er ansat i Selskabet: |
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Clauses 9.2 - 9.4 shall apply provided the Warrantee is an employee
of the Company: |
9.2 |
Warrants er underlagt ligningslovens § 7 P. |
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The Warrants shall to the extent possible be subject to Section
7 P of the Danish Tax Assessment Act. |
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9.3 |
Selskabet har vurderet værdien af de tildelte warrants til DKK 1.074,72
pr. styk baseret (før justering for fondsaktieudstedelse og aktiesplit af 4. januar 2021). |
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The Company has assessed the value of each granted warrant as DKK
1,074.72 (before adjustment for bonus shares and share split adopted on 4 January 2021). |
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9.4 |
Selskabet giver ikke Warrantindehaveren nogen garanti for, at Warrants beskattes
efter ligningslovens § 7 P med eventuelle senere ændringer, herunder om kravene til anvendelse af bestemmelsen ikke er
opfyldt, eller om bestemmelsen fremover er ændret eller ophævet. |
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The Company does not make any guarantees to the Warrantee that the
Warrantee will be subject to the tax treatment under Section 7 P of the Danish Tax Assessment Act, as amended from time to time,
including whether the requirements for the application of the provision are not met or if the provision is altered or repealed in
the future. |
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9.5 |
De skattemæssige konsekvenser for Warrantindehaveren i forbindelse med
denne Aftale, herunder men ikke begrænset til erhvervelse og/eller tildeling af Warrants, og/eller skattemæssige konsekvenser
i forbindelse med udnyttelse af Warrants, er Selskabet uvedkommende. Warrantindehaveren opfordres til at søge skattemæssig
rådgivning i forbindelse med indgåelsen af denne Aftale. |
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The tax consequences for the Warrantee arising in connection with
or out of this Agreement, including but not limited to the acquisition and/or granting of the Warrants and/or the tax consequences
in connection with the exercise of the Warrants, are of no concern to the Company. The Warrantee is strongly encouraged to seek tax
advice in connection with entering into this Agreement. |
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10 |
EJERAFTALE |
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10 |
SHAREHOLDERS’ AGREEMENT |
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10.1 |
Warrantindehaveren skal på tidspunktet for udnyttelse af Warrants tildelt
i henhold til denne Af- tale tiltræde og acceptere at være bundet af enhver ejeraftale, der gælder for kapitalejere
i Selskabet til enhver tid ved at underskrive en tiltrædelseserklæring til en sådan ejeraftale. Warrantindehaveren
tiltræder og accepterer, at en sådan ejeraftale kan indeholde betingelser, der alene gælder for Warrantindehaveren
og ikke for de andre kapitalejere i Selskabet. Således har ikke alle kapitalejere i Selskabet de samme rettigheder i henhold
til ejeraftalen. En sådan tiltrædelseserklæring skal underskrives senest på tidspunktet for udnyttelse af
Warrants, og udnyttelsen af Warrants skal være betinget heraf. |
|
The Warrantee shall at the time of exercise of the Warrants granted
hereunder endorse and agree to be bound by any Shareholders' Agreement applicable to the shareholders of the Company from time to
time by signing a deed of adherence to such Shareholders' Agreement. The Warrantee acknowledges and accepts that such Shareholders
Agreement may include terms only applicable on the Warrantee and not on the other shareholders of the Company. Thus, not all shareholders
of the Company may have the same rights under the Shareholders Agreement. Such deed of adherence shall be signed no later than at
the time of the exercise of the Warrants and the exercise of any Warrants shall be conditional hereupon. |
11 |
OVERDRAGELSE AF WARRANTS |
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11 |
ASSIGNMENT OF WARRANTS |
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11.1 |
Warrants og andre rettigheder og/eller forpligtelser af Warrantindehaveren i
henhold til denne Af- tale må ikke være genstand for udlæg (pant, sikkerhed eller lignende), erhverves eller på
anden måde overdrages af Warrantindehaveren. |
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The Warrants and any other rights and/or obligations granted to
the Warrantee under this Agreement cannot be subject to any encumbrance (as pledge, security or similar), assignment or in any other
way be transferred by the Warrantee. |
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11.2 |
Uanset det anførte under punkt 11.1 kan overdragelse i tilfælde
af Warrantindehaverens død finde sted til Warrantindehaverens bo og/eller hans/hendes arvinger. |
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Notwithstanding Clause 11.1, assignment to the estate left by the
Warrantee and/or to his/her heir/heiress in the event of death shall be allowed. |
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11.3 |
Uanset det anførte under punkt 11.1 må Warrantindehaverens kapitalandele
henholdsvis Warrants, herunder kapitalandele erhvervet gennem udnyttelse af Warrants, ikke være genstand for inkassoprocedurer,
fogedforretninger eller anden form for fuldbyrdelse og må heller ikke bruges som pant over for tredjepart. Warrantindehaveren
har dog ved forudgående skriftlig tilladelse fra Selskabets Bestyrelse ret til at bruge kapitalandele og warrants som pant
i forbindelse med finansiering af køb af sådanne kapitalandele og warrants, hvis panthaver forud for pantsætningen
skriftligt bekræfter at ville respektere denne Aftale. |
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Notwithstanding Clause 11.1, the Warrantee's shares and Warrants
(as applicable), including shares acquired by the exercise of Warrants, are not to be subjected to debt collection proceedings, creditor
enforcement or any other type of enforcement, nor are they to be pledged to any third party. However, subject to prior written approval
from the board of the Company the Warrantee shall be entitled to pledge shares and warrants in connection with the funding of the
purchase of such shares and warrants if the pledgee prior to the pledge accepts in writing to respect this Agreement. |
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12 |
AFKALD |
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12 |
WAIVER |
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12.1 |
Warrantindehaveren garanterer ikke at ville påberåbe sig eller på
anden måde benytte sig af minoritetsbeskyttelsesreglen i henhold Selskabsloven, herunder § 73, ifølge hvilken en
minoritetskapitalejer kan fordre sine kapitalandele indløst af en kapitalejer, der ejer mere end ni tiendedele af kapitalandelene
(indløsningsret). |
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The Warrantee undertakes not to invoke or other- wise rely upon
the minority protection rule available under the Danish Companies Act, including Clause 73, stipulating the right to require a share-
holder holding more than nine-tenths of the shares to acquire the shares of any minority shareholder (in Danish: "indløsningsret"). |
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13 |
PANTSÆTNING AF KAPITALANDELE |
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13 |
PLEDGE OF SHARES |
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13.1 |
Warrantindehaveren forpligter sig herved at pantsætte kapitalandele i
Selskabet tegnet gennem udnyttelse af Warrants (herunder eventuelle stemmerettigheder) til de andre kapitalejere i Selskabet som
sikkerhed for (i) opfyldelse af Warrantindehaverens forpligtelser i henhold til Aftalen og (ii) opfyldelse af Warrantindehaverens
forpligtelser i henhold til ejeraftale, der er gældende for Warrantindehaverens kapitalandele i Selskabet. |
|
The Warrantee hereby undertakes to pledge any shares in the Company subscribed for by
exercise of any Warrants (including voting rights (if any)) to the other shareholders of the Company as security for (i) the fulfilment
of the Warrantee's obligations under this Agreement and (ii) the fulfilment of the Warrantee's obligations under any Shareholders'
Agreement governing the shares in the Company held by the Warrantee. |
14 |
FULDMAGT |
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14 |
POWER OF ATTORNEY |
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14.1 |
Warrantindehaveren giver hermed Selskabets Bestyrelse fuldmagt til på
Warrantindehaverens vegne at iværksætte enhver foranstaltning, der måtte være nødvendig til opfyldelse
af denne Aftale. |
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The Warrantee hereby grants the Board power of attorney to undertake
any necessary actions on behalf of the Warrantee to ensure fulfilment of this Agreement. |
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15 |
TAVSHEDSPLIGT |
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15 |
CONFIDENTIALITY |
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15.1 |
Parterne forpligter sig til at behandle indholdet af denne Aftale og betingelserne
for Aftalen fortroligt. En Part er berettiget til at fremlægge betingelserne i denne Aftale på skriftlig opfordring fra
en offentlig myndighed, som har en lovlig ret til at kræve sådanne oplysninger, eller hvis en sådan fremlæggelse
udspringer af lovgivningen. |
|
The Parties undertake to treat the content of this Agreement and
its terms and conditions confidential. A Party shall be entitled to disclose the terms and conditions of this Agreement upon written
re- quest from a public authority that has a legal right to require this information or if such disclosure follows from statutory
law. |
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16 |
LOVVALG |
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16 |
GOVERNING LAW |
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16.1 |
Denne Aftale er underlagt dansk ret. |
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This Agreement shall be governed by the laws of Denmark. |
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17 |
TVISTER |
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17 |
DISPUTES |
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17.1 |
Enhver tvist mellem Parterne, der måtte udspringe af Aftalen, herunder
dens indgåelse eller ophør, skal først søges afgjort ved forhandling. Kan Parterne ikke nå til enighed,
afgøres tvisten ved de danske domstole i København. |
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The Parties shall primarily seek to amicably settle any dispute
arising out of or in connection with this Agreement, including its conclusion or termination. If the Parties cannot reach an agreement,
the dispute shall be settled by the Danish courts in Copenhagen. |
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18 |
UNDERSKRIFT, HELE AFTALEN OG ÆNDRINGER HERTIL |
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18 |
SIGNATURES, ENTIRE AGREEMENT, AND AMENDMENTS |
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18.1 |
Denne Aftale er udfærdiget i to eksemplarer, hvoraf det ene underskrevne
eksemplar forbliver hos Selskabet, mens det andet underskrevne eksemplar udleveres til Warrantindehaveren. Aftalen træder i
kraft på datoen for underskrivelsen. |
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This Agreement is signed in two copies; one shall be held by the
Company and the other by the Warrantee. The Agreement shall be in force from the date of signing. |
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18.2 |
Alle meddelelser eller lignende i henhold til eller i forbindelse med Aftalen
skal foretages skriftligt fra den ene Part til den anden. |
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All notifications, demands or similar pursuant to or relating to
this Agreement shall be made in writing to the other Party. |
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- 0 – |
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- 0 - |
For and on
behalf of Evaxion Biotech ApS: | |
For the Warantee: |
| |
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| |
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Name: | |
Name: |
Title: | |
Title: |
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Name: | |
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Title: | |
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BILAG 3 TIL VEDTÆGTER
APPENDIX 3 TO ARTICLES OF ASSOCIATION
STRICTLY CONFIDENTIAL - LEGAL PRIVILEGE
WARRANTAFTALE | |
WARRANT AGREEMENT |
Mellem |
Evaxion Biotech
ApS |
|
Between |
Evaxion Biotech
ApS |
|
Bredgade 34 E |
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|
Bredgade 34 E |
|
1260 København K |
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1260 Copenhagen K |
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|
og |
[Navn] |
|
and |
[Name] |
|
[Adresse] |
|
|
[Address] |
INDHOLDSFORTEGNELSE/TABLE OF CONTENTS
1 |
BAGGRUND OG OMFANG |
4 |
1 |
BACKGROUND AND SCOPE |
4 |
2 |
TILDELING AF WARRANTS |
4 |
2 |
GRANT OF WARRANTS |
4 |
3 |
TEGNINGSPRIS |
5 |
3 |
SUBSCRIPTION PRICE |
5 |
4 |
UDNYTTELSE AF WARRANTS |
5 |
4 |
EXERCISE OF WARRANTS |
5 |
5 |
VISSE BETINGELSER I RELATION TIL EXIT |
8 |
5 |
CERTAIN CONDITIONS RELATING TO AN EXIT |
8 |
6 |
OPSIGELSE AF ANSÆTTELSESFORHOLDET |
10 |
6 |
TERMINATION OF EMPLOYMENTS |
10 |
7 |
ÆNDRING I RETSSTILLING ELLER SELSKABSKAPITAL |
13 |
7 |
CHANGE OF LEGAL STATUS OR SHARE CAPITAL |
13 |
8 |
TEGNING AF KAPITALANDELE |
15 |
8 |
SUBACRIPTION OF SHARES |
15 |
9 |
SKAT |
16 |
9 |
TAX |
16 |
10 |
EJERAFTALE |
17 |
10 |
SHAREHOLDERS’ AGREEMENT |
17 |
11 |
OVERDRAGELSE AF WARRANTS |
17 |
11 |
ASSIGNMENT OF WARRANTS |
17 |
12 |
AFKALD |
18 |
12 |
WAIVER |
18 |
13 |
PANTSÆTNING AF KAPITALANDELE |
18 |
13 |
PLEDGE OF SHARES |
18 |
14 |
FULDMAGT |
18 |
14 |
POWER OF ATTORNEY |
18 |
15 |
TAVSHEDSPLIGT |
19 |
15 |
CONFIDENTIALITY |
19 |
16 |
LOVVALG |
19 |
16 |
GOVERNING LAW |
19 |
17 |
TVISTER |
19 |
17 |
DISPUTES |
19 |
18 |
UNDERSKRIFT, HELE AFTALEN OG ÆNDRINGER HERTIL |
19 |
18 |
SIGNATURES, ENTIRE AGREEMENT AND AMENDMENTS |
19 |
BILAGSFORTEGNELSE |
INDEX OF EXHIBITS |
|
|
Bilag 1.2: Vedtægter |
Exhibit 1.2: Company's articles of association |
Der er den 31. december 2017 indgået følgende warrantaftale ("Aftalen")
mellem: |
|
This Warrant Agreement (the "Agreement") is entered into
on December 31, 2017 between: |
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|
|
(1) |
Evaxion Biotech ApS, CVR-nr. 31 76 28 63, Bredgade 34 E, 1260 København
K, Danmark ("Selskabet") |
|
|
Evaxion Biotech ApS, CVR no: 31 76 28 63, Bredgade 34E, 1260 Copenhagen,
Denmark (the "Company") |
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(2) |
[Navn,
CPR-nr., adresse] ("Warrantindehaveren") |
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[Name, Civil Reg. No. (CPR), address] (the "Warrantee") |
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- |
Selskabet og Warrantindehaveren er herefter samlet benævnt "Parterne"
og hver for sig "Part" |
|
- |
the Company and the Warrantee hereinafter collectively referred
to as the "Parties" and separately as a "Party" |
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EFTERSOM |
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WHEREAS |
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(A) |
Warrantindehaveren er ansat i selskabet. |
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(A) |
The Warrantee is employed by the Company. |
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(B) |
Selskabet ønsker at motivere Warrantindehaveren ved at tildele et vist
antal warrants til Warrantindehaveren. |
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(B) |
The Company wishes to incentivise the Warrantee by granting certain warrants
to the Warrantee. |
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HAR PARTERNE VEDTAGET FØLGENDE: |
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NOW IT IS HEREBY AGREED AS FOLLOWS: |
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1 |
BAGGRUND OG OMFANG |
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1. |
BACKGROUND AND SCOPE |
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|
1.1 |
Formålet med denne Aftale er at tildele Warrantindehaveren warrants i
Selskabet for at sikre, at Selskabet og Warrantindehaveren har fælles interesser, og at begge Parter medvirker til at skabe
den bedst mulige værdiudvikling i Selskabet. |
|
1.1 |
The purpose of this Agreement is to grant the Warrantee warrants
in the Company in order to ensure that the Company and the Warrantee have aligned interests and that both Parties are working to
ensure that the value of the Company develops in the best possible way. |
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1.2 |
Selskabets vedtægter er vedlagt denne Aftale som bilag 1.2. Warrantindehaveren
accepterer hermed alle fremtidige ændringer i Selskabets vedtægter. |
|
1.2 |
The Company's articles of association are attached hereto as Exhibit
1.2. The Warrantee hereby accepts all future changes to the Company's articles of association. |
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2 |
TILDELING AF WARRANTS |
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2. |
GRANT OF WARRANTS |
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2.1 |
I henhold til betingelserne i denne Aftale udsteder Selskabet hermed, og Warrantindehaveren
modtager [●] warrants i Selskabet ("Warrants"). |
|
2.1 |
Subject to the terms and conditions set out in this Agreement, the
Company hereby issues and the Warrantee receives [●] warrants in the Company to the Warrantee (the "Warrants"). |
2.2 |
Hver Warrant giver Warrantindehaveren ret, men ikke pligt, til at
tegne én kapitalandel à nominelt kr. 1 i Selskabet. |
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2.2
|
Each Warrant shall provide the Warrantee with a right, but not an
obligation, to subscribe for one share with a nominal value of DKK 1 in the Company. |
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2.3 |
Warrants tildeles vederlagsfrit. |
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2.3
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The Warrants are granted free of charge. |
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2.4 |
Warrants giver ikke Warrantindehaveren kapitalejerrettigheder, som f.eks. fondskapitalandele,
eller fortegningsret i tilfælde af en kapitalforhøjelse i Selskabet. |
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2.4
|
The Warrants shall not entitle the Warrantee to any shareholder rights such
as bonus shares or pre-emption rights in the event of a capital increase of the Company. |
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2.5 |
Selskabet er forpligtet til at føre en fortegnelse over udstedte Warrants,
som skal opbevares sammen med Selskabets ejerbog. |
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2.5
|
The Company undertakes to keep and maintain a register of issued Warrants to
be kept in connection with the Company's share register. |
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3 |
TEGNINGSRET |
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3.
|
SUBSCRIPTION PRICE |
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|
|
|
|
3.1 |
Hver Warrant giver Warrantindehaveren ret til at tegne én kapitalandel
à nominelt kr. 1 i Selskabet til en pris af kr. 1 ("Tegningsprisen"). |
|
3.1
|
Each Warrant gives the Warrantee the right to subscribe for one share with a
nominal value of DKK 1 in the Company at a price of DKK 1 (the "Subscription Price"). |
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4 |
UDNYTTELSE AF WARRANTS |
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4.
|
EXERCISE OF WARRANTS |
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|
4.1 |
Warrantindehaveren kan udnytte alle eller en del af Warrants (i) i forbindelse
med en Exit (se punkt 4.2) eller (ii) på et tidspunkt, der fastsættes af Bestyrelsen (et "Vindue") |
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4.1
|
The Warrantee may exercise all or part of the Warrants (i) in connection with
an Exit (see Clause 4.2) or (ii) at any time determined by the Board (a "Window"). |
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4.2 |
"Exit" betyder (a) en ændring i ejerforholdene i Selskabet,
hvorved en uafhængig tredjemand erhverver 50 % eller mere af selskabskapitalen i Selskabet eller kommer til at kontrollere
mere end 50 % af stemmerne i Selskabet; (b) en børsnotering af Selskabets aktier; (c) salg eller overdragelse af samtlige
eller en væsentlig del af Selskabet aktiver; (d) en fusion med Selskabet som det ophørende selskab; eller (e) en kombination
af (a) - (d). |
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4.2
|
An "Exit" shall mean (a) a change of control in the Company whereby
any independent third party acquires 50% or more of the share capital in the Company or comes to control more than 50% of the votes
in the Company; (b) an initial public offering of the Company's shares ("IPO"); (c) the sale or disposition of all or a
material part of the Company's assets; (d) a merger whereby the Company is the discontinuing entity; or (e) a combination of (a)
- (d) above. |
4.3 |
I tilfælde af en Exit skal Selskabet udstede en skriftlig
meddelelse herom ("Meddelelse om Exit") til Warrantindehaveren. Meddelelsen om Exit skal indeholde relevante oplysninger
om fremgangsmåden, bilagt en formular til meddelelse om udnyttelse ("Udnyttelsesmeddelelsen") samt eventuelt en yderligere
forpligtelseserklæring, som Selskabet efter eget skøn måtte forlange (f.eks. tiltrædelsesdokument til en
aftale om køb og salg af anparter eller lignende forpligtelser til overdragelse af anparter, der er tegnet ved udnyttelse
af Warrants), og som skal underskrives af Warrantindehaveren ("Yderligere Forpligtelseserklæring"). |
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4.3
|
In the event of an Exit, the Company shall issue a written notice
of Exit ("Exit Notice") to the Warrantee. The Exit Notice shall include relevant information on the process and be accompanied
by a form of exercise notice (the "Exercise Notice") together with any supplementary undertakings as may be required by
the Company at its discretion (for instance adherence documentation to a share sale and purchase agreement or similar undertakings
to transfer the shares subscribed for by exercise of the Warrants) to be signed by the Warrantee (the "Supplementary Undertakings"). |
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4.4 |
Meddelelse om udnyttelse af Warrants finder sted, ved at Warrantindehaveren
fremsender "Udnyttelsesmeddelelsen" til Selskabet med oplysning om det ønskede antal kapitalandele samt en eventuel
Yderligere Forpligtelseserklæring. Samtidig med fremsendelsen af Udnyttelsesmeddelelsen og eventuelt Yderligere Forpligtelseserklæring
skal Warrantindehaveren betale et kontant beløb til Selskabet svarende til det relevante tegningsbeløb. |
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4.4
|
Notification of exercise of the Warrants takes place by the Warrantee's submission
to the Company of the Exercise Notice stating the number of shares requested together with any Supplementary Undertakings. At the
same time of submitting the Exercise Notice and any Supplementary Undertakings, the Warrantee shall pay in cash to the Company an
amount equal to the relevant subscription amount. |
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4.5 |
Medmindre Selskabet bestemmer andet, vil samtlige Warrants automatisk bortfalde
uden yderligere varsel og uden kompensation, hvis en Udnyttelsesmeddelelse og en eventuel Yderligere Forpligtelseserklæring
samt betaling af det relevante tegningsbeløb ikke er fremsendt senest to (2) uger efter datoen for Meddelelsen om Exit. |
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4.5
|
Unless otherwise decided by the Company, if an Exercise Notice and any Supplementary
Undertakings together with payment of the relevant subscription amount is not submitted no later than two (2) weeks from the date
of the Exit Notice, all Warrants shall automatically and without further notice or compensation lapse and become null and void. |
4.6 |
Warrants, der ikke udnyttes i forbindelse med en Exit, vil automatisk
bortfalde uden kompensation efter gennemførelsen af den relevante begivenhed. |
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4.6
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Any Warrants that are not exercised in connection with an Exit shall
automatically become void without compensation, following the completion of the relevant event. |
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4.7 |
Såfremt der efter Meddelelsen om Exit ikke sker en endelig gennemførelse
af Exit, beholder Warrantindehaveren sine Warrants i henhold til vilkårene i denne Aftale. Hvis Warrantindehaveren har tegnet
kapitalandele i Selskabet gennem udnyttelse af Warrants, og disse nye kapitalandele er blevet registreret i Erhvervsstyrelsen, beholder
Warrantindehaveren de tegnede kapitalandele, uanset at den bebudede Exit ikke er endeligt gennemført, og de udnyttede Warrants
skal ikke tilbageføres. Både Selskabet og Warrantindehaveren har dog ret til efter eget skøn at forlange, at
Selskabet tilbagekøber de erhvervede kapitalandele til Tegningsprisen. |
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4.7
|
In the event that an Exit is not finally completed following an Exit Notice,
the Warrantee's right to the Warrants as set out in the Agreement shall be retained. In the event that shares have been subscribed
for in the Company by exercise of Warrants and such new shares have been registered with the Danish Business Authority, the shares
subscribed for shall be retained notwithstanding a notified Exit is not finally completed and the exercised Warrants shall not be
reversed, however, both the Company and the Warrantee may on a discretionary basis request that the Company shall repurchase the
shares acquired at the Subscription Price. |
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4.8 |
Såfremt der oprettes et Vindue, skal punkt 4.3 - 4.5 samtidig være
gældende. |
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4.8
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In case a Window is established Clauses 4.3- 4.5 shall apply simultaneously. |
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4.9 |
Warrants, der ikke udnyttes i forbindelse med et Vindue, bortfalder automatisk
uden kompensation. |
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4.9
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Any Warrants that are not exercised in connection with a Window shall automatically
become void without compensation. |
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4.10 |
Såfremt et Vindue ikke er blevet oprettet senest den 31. december 2036,
bortfalder Warrants automatisk uden yderligere varsel og uden kompensation. |
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4.10
|
In the event an Exit or a Window has not occurred on or before December 31,
2036, the Warrants shall automatically and without further notice or compensation lapse and become null and void. |
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4.11 |
I forbindelse med en notering af ADS’er på Nasdaq, USA, har Selskabets
bestyrelse i henhold til pkt. 4.1 truffet beslutning om at fastsætte udnyttelsesvinduerne for udstedte warrants således: |
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4.11 |
In
connection with a listing of ADSs on Nasdaq, USA, the board of directors has resolved, pursuant to clause 4.1, to determine the exercise
windows for issued warrants as follows: |
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Optjente warrants kan udnyttes i fire årlige udnyttelsesvinduer på
2 uger, som hver ligger to handelsdage efter offentliggørelsen af henholdsvis Selskabets årsrapport, halvårsregnskabet
samt kvartalsmeddelelserne. Første udnyttelsesperiode indtræder dog tidligst 180 dage efter Selskabets notering af ADS’er
på Nasdaq, USA, og i de første fire udnyttelsesperioder kan warrantindehaveren maksimalt udnytte 25% af de til warrantindehaveren
tildelte warrants forudsat altid at warrants er optjent. |
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|
Vested warrants may be exercise in four annual exercise windows of two weeks
each that each commence two trading days following publication of the Company’s annual report, the 6-month report and the interim
reports. The first exercise window shall, however, be at least 180 days following the listing by the Company of ADSs on Nasdaq, USA
and in the first four exercise periods the warratholder may as a maximum exercise 25% of the warrants granted to the respective warrantholders,
provided always that the warrants have vested. |
5 |
VISSE BETINGELSER I RELATION TIL EXIT |
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5.
|
CERTAIN CONDITIONS RELATING TO AN EXIT |
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5.1 |
Efter udnyttelse af Warrants i forbindelse med en børsnotering skal Warrantindehaveren
underskrive og tiltræde de aftaler eller forpligtelser, herunder i relation til en lock-up periode eller andre lock-up forpligtelser,
som den udstedende bank måtte anmode om i forbindelse med en børsnotering. |
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5.1 |
Following
exercise of Warrants in connection with an IPO, the Warrantee shall sign and accept such agreements or undertakings, including in
respect of a period of lock-up and other lock-up obligations, which may be proposed by the issuing bank in connection with an IPO. |
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5.2 |
Selskabet kan kræve, og Warrantindehaveren skal i så fald acceptere,
at samtlige eller en del af Warrants ombyttes ligeligt til kapitalandele, warrants, konvertible værdipapirer eller et andet
kapitalandelsbaseret instrument udstedt af en køber eller af en efterfølger af Selskabet eller af et af disses moderselskaber
eller datterselskaber, eller til kapitalandele, warrants, konvertible værdipapirer eller andet kapitalandelsbaseret instrument
udstedt af Selskabet efter omstrukturering, således at den pågældende Warrantindehavers Warrants umiddelbart efter
en sådan ombytning - sammen med betaling af en eventuel kontant godtgørelse til Warrantindehaveren - i alt væsentlig
har samme værdi som de pågældende Warrants, herunder de Warrants ejet af Warrantindehaveren umiddelbart før
en sådan ombytning. Uanset ovenstående er Warrantindehaveren berettiget til en delvis kontant udbetaling i det omfang,
dette er nødvendigt, for at Warrantindehaveren er i stand til at betale eventuel indkomst- eller kapitalgevinstskat, der umiddelbart
forfalder som følge af en sådan ombytning af værdipapirer. |
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5.2 |
The
Company may request, and the Warrantee shall then accept, that all or a portion of the Warrants shall be equitably exchanged for
shares, warrants, convertibles or any other equity based instrument, issued by any purchaser of or successor to the Company, or by
a parent or subsidiary of either of them, or shares, warrants, convertibles or any other equity based instrument issued by the Company
as restructured, such that such Warrantee's Warrants immediately following such exchange, when aggregated with any cash consideration
paid to such Warrantee, shall have substantially the same value as the Warrants, including any Warrants held by such Warrantee immediately
prior to such exchange. Notwithstanding any of the foregoing, the Warrantee shall be entitled to partial consideration in cash to
the extent necessary in order for the Warrantee to be able to pay any personal income or capital gains tax immediately falling due
as a result of such exchange of securities. |
5.3 |
Forud for en Exit er Selskabet (eller en tredjemand, der er udpeget
af Selskabet) berettiget til at købe Warrants fra Warrantindehaveren til en pris, der fastsættes i overensstemmelse
med punkt 5.5 nedenfor. |
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5.3
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Prior to an Exit, the Company (or a third party appointed by the
Company) shall have a right to purchase the Warrants from the Warrantee for a price determined in accordance with Clause 5.5 below. |
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5.4
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Hvis Selskabet ønsker at udnytte en af sine rettigheder i henhold til
denne Aftale, skal der gives skriftlig meddelelse herom per e-mail til Warrantindehaveren. En meddelelse betragtes som værende
kommet Warrantindehaveren i hænde, og Selskabets rettighed derved udøvet, på tidspunktet for e-mailens afsendelse,
forudsat at meddelelsen er stilet til den e-mailadresse, som Warrantindehaveren til enhver tid har oplyst Selskabet om. Udnyttelse
af en rettighed i henhold til punkt 5.3 ovenfor er altid betinget af, at Exit faktisk er blevet gennemført. |
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5.4
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If the Company wishes to exercise any of its rights under this Agreement, a
written notice to that effect shall be sent by email to the Warrantee. A notice shall be deemed to have reached a Warrantee, and
hence the right of the Company shall be deemed to have been exercised, at the time of the dispatch of the email, provided the notice
has been addressed to the email address of the Warrantee which the Warrantee has informed the Company at any time. The exercise of
rights pursuant to Clause 5.3 above is always subject to the condition that the Exit is actually completed. |
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5.5 |
Købspris i forbindelse med Exit |
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5.5
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Purchase Price in connection with an Exit |
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5.5.1 |
Ved køb af Warrantindehaverens Warrants i henhold til punkt 5.3 skal
værdien af Warrants være baseret på den rimelige markedsværdi, som anført nedenfor. |
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5.5.1
|
When the Warrantee's Warrants are purchased in accordance with Clause 5.3, the
Warrants shall be based on the fair market value as set out below. |
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5.5.2 |
Den rimelige markedsværdi af Warrants beregnes af Selskabet på grundlag
af den nettopris per kapitalandel i Selskabet, som sælgende kapitalejere vil modtage ved en Exit med fradrag af et forholdsmæssigt
beløb for vederlag til rådgivere m.v. Ved beregningen af den rimelige markedsværdi af Warrants skal Selskabet
fratrække et beløb, som Selskabet anser som passende i betragtning af de sælgende kapitalejeres eventuelle forpligtelser
i henhold til Exit. |
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5.5.2
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The fair market value of the Warrants shall be calculated by the Company based
on the net price per share of the Company to be received by the selling shareholders in an Exit deducted the proportionate amount
of any fees to advisors etc. When calculating the fair market value of the Warrants, the Company shall deduct from the fair market
value an amount which the Company deems appropriate when considering the selling shareholders' potential liabilities pursuant to
the Exit. |
5.5.3 |
Når Warrants købes i forbindelse med en Exit som følge
af salg eller overdragelse af samtlige eller en væsentlig del af Selskabets aktiver, er værdien af Warrants den rimelige
markedsværdi på tidspunktet efter salget. I tilfælde af en sådan Exit skal der ved beregningen af den rimelige
markedsværdi for Warrants tages højde for den købspris, Selskabet har modtaget for de solgte aktiver, med fradrag
af gæld, der ikke er overdraget sammen med aktiverne, samt en forholdsmæssig andel af omkostninger, honorarer m.v. i
forbindelse med transaktionen. |
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5.5.3
|
When the Warrants are purchased in connection with an Exit based
on the sale or disposition of all or a material part of the Company's assets, the value of the Warrants shall be the fair market
value at the time after such sale. In case of such Exit, the fair market value of the Warrants shall take into account the purchase
price received by the Company for the assets sold, net of any debts not transferred together with the assets as well as a proportionate
part of any cost, fees etc. related to the transaction. |
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5.5.4 |
Købsprisen for Warrants fastlagt i henhold til punkt 5.5.2
- 5.5.3 ovenfor skal betales 15 dage efter, at de sælgende kapitalejere i Selskabet har modtaget betaling for deres kapitalandele,
og i tilfælde af køb i forbindelse med et salg af aktiver, når Selskabet har modtaget betaling for de solgte aktiver. |
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5.5.4
|
The purchase price for the Warrants determined in accordance with Clauses 5.5.2
- 5.5.3 above, as applicable, shall be paid 15 days after the selling shareholders of the Company have received payment for their
shares, and in case of a purchase in connection with an asset sale, when the Company has received payment for the assets sold. |
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6 |
OPSIGELSE AF ANSÆTTELSES-FORHOLDET |
|
6. |
TERMINATION
OF EMPLOYMENT |
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6.1 |
Punkterne 6.2 -6.6 finder anvendelse, hvis Warrantindehaveren er ansat i Selskabet |
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6.1
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Clauses 6.2 - 6.6 shall apply provided the Warrantee is an employee of the Company: |
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6.2 |
Hvis Selskabet opsiger Warrantindehaverens ansættelse i Selskabet med en hvilken som helst
begrundelse bortset fra Warrantindehaverens misligholdelse, er Warrantindehaveren berettiget til at udnytte Warrants tildelt i henhold
til denne Aftale i overensstemmelse med vilkårene i Aftalen, som om Warrantindehaveren stadig var ansat i Selskabet. Dette
gælder ligeledes, hvis ansættelsesforholdet bringes til ophør, fordi Warrantindehaveren har nået den alder,
der gælder for pensionering fra Selskabet, eller fordi Warrantindehaveren kan oppebære folkepension eller alderspension
fra Selskabet. |
|
6.2
|
In the event the Company terminates the Warrantee's employment with the Company
for any reason other than due to the Warrantee's breach (in Danish "misligholdelse"), the Warrantee shall have the right
to exercise any Warrants granted pursuant to this Agreement in accordance with the terms and conditions of this Agreement as if the
Warrantee continued to be employed by the Company. The same applies if the employment relationship comes to an end because the Warrantee
has reached the age of retirement from the Company or is entitled to old age pension (in Danish: "folkepension") or retirement
pension (in Danish: "alderspension") from the Company. |
6.3 |
Hvis Selskabet opsiger Warrantindehaverens ansættelse i Selskabet begrundet i Warrantindehaverens
misligholdelse eller berettiget bortviser Warrantindehaveren, bortfalder samtlige Warrants, der er tildelt i henhold til denne Aftale,
men som ikke er udnyttet på tidspunktet for udløbet af opsigelsesperioden. |
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6.3
|
In the event that the Company terminates the Warrantee's employment
with the Company due to the Warrantee's breach (in Danish "misligholdelse") or summarily dismisses the Warrantee for cause
(in Danish "bortvisning"), all Warrants granted pursuant to this Agreement, but not exercised at the time of the expiration
of the notice period, becomes null and void. |
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6.4 |
Hvis Warrantindehaveren opsiger sin ansættelse i Selskabet inden den 31. december 2020 med
en hvilken som helst begrundelse, bortset fra Selskabets grove misligholdelse, bortfalder samtlige Warrants, der er tildelt i henhold
til denne Aftale, men som ikke er udnyttet på tidspunktet for udløbet af opsigelsesperioden. |
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6.4
|
In the event that the Warrantee terminates the employment with the Company before
December 31 2020 for any reason other than due the Company's material breach (in Danish: "grov misligholdelse"), all Warrants
granted pursuant to this Agreement, but not exercised at the time of the expiration of the notice period, become null and void. |
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6.5 |
Hvis Warrantindehaveren opsiger sin ansættelse i Selskabet fra og med den 31. december 2020
med en hvilken som helst begrundelse, bortset fra Selskabets grove misligholdelse, er Warrantindehaveren berettiget til at udnytte
det antal Warrants tildelt i henhold til denne Aftale, som er anført nedenfor, i overensstemmelse med vilkårene i Aftalen,
som om Warrantindehaveren stadig var ansat i Selskabet. |
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6.5
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If the Warrantee terminates the employment with the Company on or after December
31 2020 for any reason other than due to the Company's material breach (in Danish: "grov misligholdelse") the Warrantee
shall have the right to exercise such number of Warrants granted pursuant to this Agreement as set out below in accordance with the
terms and conditions of this Agreement as if the Warrantee continued to be employed by the Company: |
Dato
for Warrantindehaverens opsigelse |
%
of Warrants |
|
Date
of termination notice being served by the Warrantee |
%
of Warrants |
31.
december 2020 |
33.333 |
|
December
31 2020 |
33.333 |
1.
april 2021 |
41.666 |
|
April
1 2021 |
41.666 |
1.
juli 2021 |
49.999 |
|
July
1 2021 |
49.999 |
1.
oktober 2021 |
58.332 |
|
October
1 2021 |
58.332 |
1.
januar 2022 |
66.665 |
|
January
1 2022 |
66.665 |
1.
april 2022 |
74.998 |
|
April
1 2022 |
74.998 |
1.
juli 2022 |
83.331 |
|
July
1 2022 |
83.331 |
1.
oktober 2022 |
91.664 |
|
October
1 2022 |
91.664 |
30.
december 2022 |
100 |
|
December
30 2022 |
100 |
|
Resterende Warrants, som ikke er udnyttet på tidspunktet for udløbet af
opsigelsesperioden, bortfalder. |
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Remaining Warrants not exercised at the time of the expiration of
the notice period, become null and void. |
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6.6 |
Hvis Warrantindehaveren opsiger sin ansættelse i Selskabet begrundet i Selskabets grove misligholdelse,
er Warrantindehaveren berettiget til at udnytte Warrants tildelt i henhold til denne Aftale i overensstemmelse med vilkårene
i Aftalen, som om Warrantindehaveren stadig var ansat i Selskabet. |
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6.6
|
In the event that the Warrantee terminates the employment with the Company due
to the Company's material breach (in Danish: "grov misligholdelse"), the Warrantee shall have the right to exercise any
Warrants granted pursuant to this Agreement in accordance with the terms and conditions of this Agreement as if the Warrantee continued
to be employed by the Company. |
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6.7 |
I tilfælde af Warrantindehaverens død, vil Warrantindehaverens bo eller Warrantindehaverens
overlevende ægtefælle (hvis denne sidder i uskiftet bo) være berettiget til at udnytte Warrants i overensstemmelse
med vilkårene i denne Aftale. |
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6.7
|
In the event of the death of the Warrantee, the estate of the Warrantee or the
spouse of the Warrantee (if the surviving spouse retains undivided possession of the estate) shall have the right to exercise any
Warrants in accordance with the terms and conditions of this Agreement. |
7 |
ÆNDRING I RETSSTILLING ELLER SELSKABSKAPITAL |
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7.
|
CHANGE OF LEGAL STATUS OR SHARE CAPITAL |
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7.1 |
Ændring i selskabskapital |
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7.1
|
Change of Share Capital |
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7.1.1 |
I tilfælde af ændringer i Selskabets selskabskapital,
herunder men ikke begrænset til: |
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7.1.1
|
In case of changes in the Company’s share capital including
but not limited to |
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(i)
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forøgelse af selskabskapitalen, |
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(i)
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increase of the share capital, |
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(ii)
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udstedelse af konvertible obligationer, |
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(ii)
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issuance of convertible bonds, |
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(iii)
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udstedelse af nye tegningsretter, eller |
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(iii)
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issuance of new subscription rights, or |
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(iv)
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nedsættelse af selskabskapitalen, |
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(iv) |
decrease
of the share capital, |
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uanset om dette sker til en kurs, der er lig med markedskursen for
Selskabets kapitalandele, eller til en overkurs, eller hvis ændringerne nævnt i 7.1.1 (i) - (iv) sker til favørkurs,
sker der ingen regulering i Warrants. |
|
|
whether at a rate that is equal to the market price of the shares
of the Company or at premium rate ("overkurs"), or if the changes mentioned in Clause 7.1.1 (i) - (iv) are made at a special
price (“favørkurs”) no regulation of Warrants shall occur. |
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7.1.2 |
Hvis den nominelle værdi af Selskabets kapitalandele ændres,
skal antallet af Warrants (antal af kapitalandele) og/eller Udnyttelsesprisen tilpasses, således at værdien af Warrants
ikke bliver påvirket af sådanne ændringer. |
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7.1.2
|
If the nominal value of the shares of the Company is amended, the
number of Warrants (number of shares) and/or the Exercise Price shall be adjusted, so that the value of the Warrants is not affected
by the said amendments. |
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7.1.3 |
Hvis selskabskapitalen nedsættes til dækning af tab,
skal antallet af kapitalandele, som Warrantindehaveren kan tegne gennem udnyttelse af Warrants, reduceres (nedrundet) forholdsmæssigt
til den nominelle reduktion af kapitalen sammenholdt med Selskabets totale nominelle selskabskapital før reduktionen. |
|
7.1.3 |
If
the share capital is reduced in order to cover losses, the number of shares for which the Warrantee may subscribe by exercising the
Warrants shall be reduced (rounded down) proportionately to the nominal reduction of the capital compared to the total nominal share
capital of the Company before the reduction. |
7.2 |
Andre ændringer |
|
7.2
Other Changes |
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7.2.1 |
Hvis der træffes beslutning om |
|
7.2.1 |
If a resolution is made to |
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(i)
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at likvidere eller afvikle Selskabet, |
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(i)
|
liquidate or wind up the Company, |
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(ii)
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at spalte Selskabet eller |
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(ii)
|
demerge the Company, or |
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(iii) |
at
gennemføre en kapitalandelsombytning, der omfatter samtlige kapitalandele i Selskabet (oprettelse af et holdingselskab/apportindskud), |
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(iii) |
effect an exchange of shares which includes all shares in the Company (establishment
of a holding company/non-cash contribution), |
|
er Warrantindehaveren
berettiget til at udnytte Warrants på ikrafttrædelsesdatoen for den relevante ændring, jf. dog punkt 7.2.2. Selskabets
Bestyrelse skal skriftligt meddele Warrantindehaveren, hvis der træffes en af de ovennævnte beslutninger, og Warrantindehaveren
kan udnytte samtlige Warrants inden for 30 dage fra datoen for meddelelsen. Samtlige Warrants, som Selskabets Bestyrelse ikke har
modtaget en Udnyttelsesmeddelelse for inden udgangen af 30-dages fristen, bortfalder automatisk uden yderligere varsel eller kompensation,
medmindre de erstattes i henhold til punkt 7.2.2. |
|
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the Warrantee
shall be entitled to exercise their Warrants on the effective date of the relevant change, see however Clause 7.2.2. The Company’s
Board shall give written notice to the Warrantee if one of the above resolutions is made and the Warrantee may exercise all such
Warrants within 30 days from the date of such notice. If the Board has not received an Exercise Notice prior to the expiry of the
30 days' notice the Warrants will automatically and without further notice be cancelled and become void without notice or compensation
unless replaced in accordance with Clause 7.2.2. |
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7.2.2 |
Hvis Selskabet indgår
i en fusion, spaltning eller kapitalandelsombytning, der omfatter samtlige kapitalandele i Selskabet (oprettelse af et holdingselskab/apportindskud),
er Selskabet berettiget, men ikke forpligtet til at anmode om, at Warrants erstattes med retten til at tegne kapitalandele i de(t)
modtagende selskab(er), forudsat at de(t) fortsættende selskab(er) er enig heri. |
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7.2.2
|
In the event of contribution
of the Company by merger, de-merger or an ex-change of shares which includes all shares in the Company (establishment of a holding
company/non-cash contribution) the Company shall have the right, but not the obligation, to request that the Warrants are replaced
by the right to subscribe to shares in the receiving company(ies) subject to written approval by the continuing company(ies). |
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8 |
TEGNING AF KAPITALANDELE |
|
8. |
SUBSCRIPTION OF SHARES |
8.1 |
Ved udnyttelse
af et hvilket som helst antal Warrants gælder følgende for tegning af nye kapitalandele: |
|
8.1 |
Upon exercise
of any part of the Warrants, the following will apply for the subscription of new shares: |
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|
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(i)
|
De andre kapitalejere i Selskabet har ikke fortegningsret med hensyn til Warrants
eller kapitalandele udstedt gennem udnyttelse af Warrants |
|
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(i)
|
The other shareholders of the Company have no pre-emption rights with respect
to the Warrants or shares issued by exercise of the Warrants. |
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(ii)
|
Betaling af tegningsbeløbet og tegning af kapitalandele skal finde sted
samtidigt. Warrantindehaverens rettigheder som kapitalejer efter udnyttelse af samtlige Warrants eller en del heraf træder
i kraft, når uigenkaldelig kontant betaling til Selskabet har fundet sted. Selskabet skal registrere Warrantindehaveren som
kapitalejer i Selskabets ejerbog. |
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(ii) |
Payment
of the subscription amount and subscription of shares shall take place simultaneously. The Warrantee's rights as a shareholder following
exercise of the Warrants or part thereof shall come into force when an irrevocable cash payment has been made to the Company. The
Company shall register the Warrantee as a shareholder in the Company's share register. |
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(iii)
|
De nye kapitalandele udstedes i kapitalandele à nominelt kr. 1 eller
multipla heraf. |
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(iii)
|
The new shares are issued in shares of nominally DKK 1 or multiples hereof. |
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(iv) |
De
nye kapitalandele skal udstedes på navn, indføres i Selskabets ejerbog og er ikke-omsættelige. |
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(iv)
|
The new shares are issued on name, shall be registered in the Company's share
register and are non-negotiable shares. |
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(v)
|
Restriktionerne på eksisterende kapitalandele vedrørende omsættelighed
gælder også for de nye kapitalandele. |
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(v)
|
The restrictions on the current shares as to negotiability shall also apply
for the new shares. |
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(vi)
|
Fortegningsret for nye kapitalandele i forbindelse med fremtidige
kapitalforhøjelser er begrænsede for så vidt angår udstedelse af warrants eller tegning af kapitalandele
gennem udnyttelse af sådanne warrants eller ved andre begivenheder i henhold til generalforsamlingens beslutning |
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(vi)
|
The pre-emptive rights of the new shares in connection with future
capital increases shall be limited in connection with the issuance of warrants or subscription of shares by exercising such warrants
or other events as decided by the general meeting of the Company. |
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(vii)
|
De nye kapitalandele giver ret til dividende
og andre rettigheder i Selskabet til enhver tid, når den relevante kapitalforhøjelse er registreret i Erhvervsstyrelsen. |
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(vii)
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The new shares shall carry a right to dividend
and other rights in the Company from the time when the relevant capital increase has been registered with the Danish Business Authority. |
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(viii) |
Selskabet betaler omkostningerne i forbindelse med udstedelse
og udnyttelse af Warrants. |
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(viii) |
The Company shall pay the costs in connection with the
issuance and exercise of Warrants. |
9 |
SKAT |
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9.
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TAX |
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9.1 |
Punkterne 9.2 - 9.4 finder anvendelse, hvis Warrantindehaveren er
ansat i Selskabet: |
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9.1
|
Clauses 9.2 - 9.4 shall apply provided the Warrantee is an employee
of the Company: |
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9.2 |
Warrants er underlagt ligningslovens § 7 P. |
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9.2
|
The Warrants shall be subject to Section 7 P of the Danish Tax Assessment Act. |
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9.3 |
Selskabet har vurderet værdien af de tildelte warrants til DKK 1.901 pr.
stk. (før justering for fondsaktieudstedelse og aktiesplit af 4. januar 2021). |
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9.3
|
The Company has assessed the value of each granted warrants as DKK 1901 (before
adjustment for bonus shares and share split of 4 January 2021). |
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9.4 |
Selskabet giver ikke Warrantindehaveren nogen garanti for, at Warrants beskattes
efter ligningslovens § 7 P med eventuelle senere ændringer, herunder om kravene til anvendelse af bestemmelsen ikke er
opfyldt, eller om bestemmelsen fremover er ændret eller ophævet. |
|
9.4
|
The Company does not make any guarantees to the Warrantee that the Warrantee
will be subject to the tax treatment under Section 7 P of the Danish Tax Assessment Act, as amended from time to time, including
whether the requirements for the application of the provision are not met or if the provision is altered or repealed in the future. |
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9.5 |
De skattemæssige konsekvenser for Warrantindehaveren i forbindelse med
denne Aftale, herunder men ikke begrænset til erhvervelse og/eller tildeling af Warrants, og/eller skattemæssige konsekvenser
i forbindelse med udnyttelse af Warrants, er Selskabet uvedkommende. Warrantindehaveren opfordres til at søge skattemæssig
rådgivning i forbindelse med indgåelsen af denne Aftale. |
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9.5
|
The tax consequences for the Warrantee arising in connection with or out of
this Agreement, including but not limited to the acquisition and/or granting of the Warrants and/or the tax consequences in connection
with the exercise of the Warrants, are of no concern to the Company. The Warrantee is strongly encouraged to seek tax advice in connection
with entering into this Agreement. |
10 |
EJERAFTALE |
|
10.
|
SHAREHOLDERS’ AGREEMENT |
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10.1 |
Warrantindehaveren skal på tidspunktet for udnyttelse af Warrants tildelt
i henhold til denne Af- tale tiltræde og acceptere at være bundet af enhver ejeraftale, der gælder for kapitalejere
i Selskabet til enhver tid ved at underskrive en tiltrædelseserklæring til en sådan ejeraftale. Warrantindehaveren
tiltræder og accepterer, at en sådan ejeraftale kan indeholde betingelser, der alene gælder for Warrantindehaveren
og ikke for de andre kapitalejere i Selskabet. Således har ikke alle kapitalejere i Selskabet de samme rettigheder i henhold
til ejeraftalen. En sådan tiltrædelseserklæring skal underskrives senest på tidspunktet for udnyttelse af
Warrants, og udnyttelsen af Warrants skal være betinget heraf. |
|
10.1
|
The Warrantee shall at the time of exercise of the Warrants granted hereunder
endorse and agree to be bound by any Shareholders' Agreement applicable to the shareholders of the Company from time to time by signing
a deed of adherence to such Shareholders' Agreement. The Warrantee acknowledges and accepts that such Shareholders Agreement may
include terms only applicable on the Warrantee and not on the other shareholders of the Company. Thus, not all shareholders of the
Company may have the same rights under the Shareholders Agreement. Such deed of adherence shall be signed no later than at the time
of the exercise of the Warrants and the exercise of any Warrants shall be conditional hereupon. |
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11 |
OVERDRAGELSE AF WARRANTS |
|
11.
|
ASSIGNMENT OF WARRANTS |
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11.1 |
Warrants og andre rettigheder og/eller forpligtelser af Warrantindehaveren i
henhold til denne Aftale må ikke være genstand for udlæg (pant, sikkerhed eller lignende), erhverves eller på
anden måde overdrages af Warrantindehaveren. |
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11.1
|
The Warrants and any other rights and/or obligations granted to the Warrantee
under this Agreement cannot be subject to any encumbrance (as pledge, security or similar), assignment or in any other way be transferred
by the Warrantee. |
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11.2 |
Uanset det anførte under punkt 11.1 kan overdragelse i tilfælde
af Warrantindehaverens død finde sted til Warrantindehaverens bo og/eller hans/hendes arvinger. |
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11.2
|
Notwithstanding Clause 11.1, assignment to the estate left by the Warrantee
and/or to his/her heir/heiress in the event of death shall be allowed. |
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11.3 |
Uanset det anførte under punkt 11.1 må Warrantindehaverens
kapitalandele henholdsvis Warrants, herunder kapitalandele erhvervet gennem udnyttelse af Warrants, ikke være genstand for
inkassoprocedurer, fogedforretninger eller anden form for fuldbyrdelse og må heller ikke bruges som pant over for tredjepart.
Warrantindehaveren har dog ved forudgående skriftlig tilladelse fra Selskabets Bestyrelse ret til at bruge kapitalandele og
warrants som pant i forbindelse med finansiering af køb af sådanne kapitalandele og warrants, hvis panthaver forud for
pantsætningen skriftligt bekræfter at ville respektere denne Aftale. |
|
11.3
|
Notwithstanding Clause 11.1, the Warrantee's shares and Warrants
(as applicable), including shares acquired by the exercise of Warrants, are not to be subjected to debt collection proceedings, creditor
enforcement or any other type of enforcement, nor are they to be pledged to any third party. However, subject to prior written approval
from the board of the Company the Warrantee shall be entitled to pledge shares and warrants in connection with the funding of the
purchase of such shares and warrants if the pledgee prior to the pledge accepts in writing to respect this Agreement. |
12 |
AFKALD |
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12.
|
WAIVER |
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|
12.1 |
Warrantindehaveren garanterer ikke at ville påberåbe sig eller på
anden måde benytte sig af minoritetsbeskyttelsesreglen i henhold Selskabsloven, herunder § 73, ifølge hvilken en
minoritetskapitalejer kan fordre sine kapitalandele indløst af en kapitalejer, der ejer mere end ni tiendedele af kapitalandelene
(indløsningsret). |
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12.1
|
The Warrantee undertakes not to invoke or otherwise rely upon the minority protection
rule available under the Danish Companies Act, including Clause 73, stipulating the right to require a shareholder holding more than
nine-tenths of the shares to acquire the shares of any minority shareholder (in Danish: "indløsningsret"). |
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13 |
PANTSÆTNING AF KAPITALANDELE |
|
13. |
PLEDGE
OF SHARES |
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|
13.1 |
Warrantindehaveren forpligter sig herved at pantsætte kapitalandele i
Selskabet tegnet gennem udnyttelse af Warrants (herunder eventuelle stemmerettigheder) til de andre kapitalejere i Selskabet som
sikkerhed for (i) opfyldelse af Warrantindehaverens forpligtelser i henhold til Aftalen og (ii) opfyldelse af Warrantindehaverens
forpligtelser i henhold til ejeraftale, der er gældende for Warrantindehaverens kapitalandele i Selskabet. |
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13.1
|
The Warrantee hereby undertakes to pledge any shares in the Company sub-scribed
for by exercise of any Warrants (including voting rights (if any)) to the other shareholders of the Company as security for (i) the
fulfilment of the Warrantee's obligations under this Agreement and (ii) the fulfilment of the Warrantee's obligations under any Shareholders'
Agreement governing the shares in the Company held by the Warrantee. |
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14 |
FULDMAGT |
|
14.
|
POWER OF ATTORNEY |
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14.1 |
Warrantindehaveren giver hermed Selskabets Bestyrelse fuldmagt til
på Warrantindehaverens vegne at iværksætte enhver foranstaltning, der måtte være nødvendig til
opfyldelse af denne Aftale. |
|
14.1
|
The Warrantee hereby grants the Board power of attorney to undertake
any necessary actions on behalf of the Warrantee to ensure fulfilment of this Agreement. |
15 |
TAVSHEDSPLIGT |
|
15.
|
CONFIDENTIALITY |
15.1 |
Parterne forpligter sig til at behandle indholdet af denne
Aftale og betingelserne for Aftalen fortroligt. En Part er berettiget til at fremlægge betingelserne i denne Aftale på
skriftlig opfordring fra en offentlig myndighed, som har en lovlig ret til at kræve sådanne oplysninger, eller hvis en
sådan fremlæggelse udspringer af lovgivningen. |
|
15.1
|
The Parties undertake to treat the content of this Agreement
and its terms and conditions confidential. A Party shall be entitled to disclose the terms and conditions of this Agreement upon
written request from a public authority that has a legal right to require this information or if such disclosure follows from statutory
law. |
16 |
LOVVALG |
|
16.
|
GOVERNING LAW |
16.1 |
Denne Aftale er underlagt dansk ret. |
|
16.1
|
This Agreement shall be governed by the laws of Denmark. |
17 |
VISTER |
|
17.
|
DISPUTES |
17.1 |
Enhver tvist mellem Parterne, der måtte udspringe
af Aftalen, herunder dens indgåelse eller ophør, skal først søges afgjort ved forhandling. Kan Parterne
ikke nå til enighed, afgøres tvisten ved de danske domstole i København. |
|
17.1
|
The Parties shall primarily seek to amicably settle any
dispute arising out of or in connection with this Agreement, including its conclusion or termination. If the Parties cannot reach
an agreement, the dispute shall be settled by the Danish courts in Copenhagen. |
18 |
UNDERSKRIFT, HELE AFTALEN OG ÆNDRINGER HERTIL |
|
18.
|
SIGNATURES, ENTIRE AGREEMENT, AND AMENDMENTS |
18.1 |
Denne Aftale er udfærdiget i to eksemplarer, hvoraf
det ene underskrevne eksemplar forbliver hos Selskabet, mens det andet underskrevne eksemplar udleveres til Warrantindehaveren. Aftalen
træder i kraft på datoen for underskrivelsen. |
|
18.1 |
This
Agreement is signed in two copies; one shall be held by the Company and the other by the Warrantee. The Agreement shall be in force
from the date of signing. |
18.2 |
Alle meddelelser eller lignende i henhold til eller i
forbindelse med Aftalen skal foretages skriftligt fra den ene Part til den anden. |
|
18.2
|
All notifications, demands or similar pursuant to or relating
to this Agreement shall be made in writing to the other Party. |
- 0 - |
|
- 0 - |
For og på
vegne af Evaxion Biotech ApS: |
|
For and on
behalf of Evaxion Biotech ApS: |
|
|
|
Navn: Lars Staal Wegner
Titel: CEO |
|
Name: Lars Staal Wegner
Title: CEO |
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|
|
For [the Warantee]: |
|
For [the Warantee]: |
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|
Navn:
Titel: |
|
Name:
Title: |
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Schedule
4 |
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|
|
Evaxion
Biotech A/S |
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|
|
Warrant
Terms |
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|
1. |
RESOLUTION |
|
|
1.1 |
The
Board of Directors has on 17 December 2020, pursuant to the authorisation set out in article 2.8 of Evaxion Biotech A/S’s (the
“Company”) articles of association, determined that the following terms and conditions (the “Warrant Terms”)
shall apply to warrants (the “Warrants”) issued to the European Investment Bank (the “Warrant Holder”) according
to the authorisation. |
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|
2. |
ISSUE
OF WARRANTS AND WARRANT CONSIDERATION |
|
|
2.1 |
The
Warrants are issued to the Warrant Holder in connection with the disbursement of loans according to the loan facility entered into
between the Warrant Holder and the Company. In connection with each issuance of Warrants the Warrant Holder shall sign a warrant
certificate (the “Warrant Certificate”). Warrants are issued free of charge, without payment of any kind from the Warrant
Holder. |
|
|
2.2 |
The Warrants
and any shares subscribed for upon the exercise of the Warrants shall be issued without pre-emptive subscription rights for the Company's
shareholders in accordance with the resolution referred to in paragraph 1.1 above |
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|
2.3 |
The
Company will, along with the Company’s register of shareholders, keep a list of the issued Warrants. |
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|
3. |
EXERCISE
OF WARRANTS |
|
|
3.1 |
Each
Warrant may be exercised against payment of a subscription price in cash to the Company of DKK 1 per share of a nominal value of
DKK 1 (the "Exercise Price"), subject, however, to the adjustment mechanisms set forth in clause 5. |
|
|
3.2 |
As
an alternative to receiving shares in the Company, the Warrant Holder has the right to require that the Company satisfy the exercise
of the Warrants by way of net settlement. |
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|
3.3 |
The
Warrant Holder is entitled to exercise the Warrants in full or in part at any time. Unexercised Warrants shall remain in the Warrant
Holder's possession and shall not expire and lapse. |
|
|
3.4 |
The Warrant Holder agrees and accepts to be bound by a customary lock-up agreement
in the event of an IPO according to which Warrants may not be exercised/or settled for cash within 180 days from the date of completion
of an initial public offering and official listing of shares of the Company (or the shares in any company or vehicle created by the
Company's shareholders for such purpose) on a stock exchange or regulated market, including but not limited to a listing of American
Depositary Shares (ADS') in the United States (here and elsewhere in this document referred to as an “IPO”). Following
an IPO clause 7.1 (f) shall cease to be of effective and shall become null and void. Additionally, the Warrant Holder agrees not
to exercise the Warrants and/or claim settlement for a period of one (1) month following the first public filing of the prospectus
relating to an IPO. In no event shall the aggregate lock-up period exceed 180 days from the date of completion of the IPO. |
|
|
3.5 |
The Parties agree that the lock-up agreement as set out in clause 3.4 shall
cease to be effective and shall become null and void in the event that there is a materially adverse event relating to the Company
and thereby affecting the Company in a materially adverse manner during the lock-up period described in clause 3.4, including but
not limited to if the Company or its management is subject to a criminal investigation or is involved in any kind of fraudulent activities,
money laundering activities, terror financing tax evasion and tax havens. The definition of a materially adverse event shall be determined
according to ordinary principles of Danish law taking into account specifically the Company. |
|
|
4. |
PROCEDURE
FOR EXERCISE OF WARRANTS |
|
|
4.1 |
To
exercise a Warrant, the Warrant Holder must give the Company written notice thereof (the "Exercise Notice"). Exercise Notice
may be given by a Warrant Holder more than once, reference is made to section 3.3. |
|
|
4.2 |
The
Warrant Holder must within 10 business days from the date of the Exercise Notice pay in cash the Exercise Price for Warrants exercised
into the bank account designated by the Company in the subscription list, failing which the Exercise Notice shall be deemed cancelled. |
|
|
4.3 |
Upon
the timely receipt by the Company of an Exercise Notice and the Exercise Price from the Warrant Holder, the Company shall carry out
the increase of the Company's share capital reflecting the exercise of Warrants and shall ensure and procure that the resolution
is duly registered with the Danish Business Authority in accordance with applicable law. The Company's register of shareholders shall
be updated to reflect the Warrant Holder's shareholding. |
|
|
5. |
CHANGES
IN THE COMPANY'S CAPITAL STRUCTURE |
|
|
5.1 |
Changes
in the Company’s capital structure which are not carried out at market price and thereby cause a change of the potential possibility
of gain attached to a Warrant shall require an adjustment of the Warrants in accordance with this clause 5. |
|
|
5.2 |
Adjustments
shall be made so that the potential possibility of gain attached to a Warrant, in so far as possible, shall remain the same before
and after the occurrence of the incident causing the adjustment. The adjustment shall be carried out by the Company’s auditor
according to recognized principles. The adjustment may be carried out either by an increase or decrease of the number of shares that
can be issued following an exercise of a Warrant and/or an increase or decrease of the Exercise Price. The exercise price cannot,
however, at any time be below nominal value of the shares. |
5.3 |
Warrants
shall not be adjusted as a result of the Company’s issuance of additional employee shares, share options and/or warrants as
part of employee share option schemes (including options to board members, advisors and consultants) as well as future exercise of
such options and/or warrants. Warrants shall, furthermore, not be adjusted as a result of capital increases following the Warrant
Holders’ and others’ exercise of warrants in the Company. In addition the Warrant Holder shall, irrespective of this
clause 5, not be entitled to adjustments in the event of capital increases in directed issues following an IPO (including a listing
of ADSs in the USA) with customary discounts to market price of up to 10% on the listed price. |
|
|
5.4 |
In
the event of a merger where the Company is not the surviving company, unexercised Warrants shall be exchanged for new warrants in
the surviving company, which shall entitle the Warrant Holder to subscribe for shares in the surviving company. The number of shares
in the surviving company that can be subscribed for on the basis of the new warrants, and/or the Exercise Price, shall be adjusted
to the extent that the terms of the exchange set out in the merger plan for the Company (compared to the value of the shares in the
surviving company) provide a basis therefore. If funds are distributed to the shareholders of the Company in connection with the
merger, the Exercise Price shall be reduced on the basis thereof. |
|
|
5.5 |
In
the event of a demerger of the Company, the Warrant Holder shall receive warrants in the receiving company (or companies) to an extent
and on terms that entail that the terms for the Warrant Holder to the widest possible extent remain the same after the demerger.
If funds are distributed to the shareholders of the Company in connection with the demerger, the Exercise Price shall be reduced
on the basis thereof. The number of Warrants shall entitle the Warrant Holder to the same potential shareholding which an exercise
of all Warrants prior to the demerger would have resulted in. Moreover, the terms applying to the warrants issued by the receiving
company (or companies) shall be the same as the terms stipulated herein. |
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|
6. |
LIQUIDATION |
|
|
6.1 |
In
the event of a solvent liquidation of the Company, the Warrant Holder may in whole or in part exercise all of its unexercised Warrants. |
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|
6.2 |
The
Company must notify the Warrant Holder in writing of any resolution to enter into a solvent liquidation immediately after the adopting
of such resolution. The Warrant Holder must within 3 months following the date of receipt of such notification deliver an Exercise
Notice to the chairman of the Company's board of directors (on behalf of the Company) in accordance with clause 4 above, which
shall apply mutatis mutandis, if the Warrant Holder elects to exercise its Warrants. Any Warrants not exercised upon such
3 months period ending will lapse automatically, without notice and without any compensation. |
7. |
PUT
OPTION |
|
|
7.1 |
Subject
to mandatory applicable law, the Company irrevocably grants the Warrant Holder the right (but not the obligation) to require the
Company to cancel or purchase any Warrant granted to the Warrant Holder in consideration of the payment by the Company
to the Warrant Holder of the Fair Market Value of the Warrants (as defined in clause 8) (the "Put Option"). The Warrant
Holder may exercise the Put Option in relation to any Warrant on and at any time after the occurrence of any of the following events
("Put Event"): |
|
|
(a) |
at any point in time on
or after the occurrence of the sixth anniversary after the Warrant Holder has been granted the first Warrant; |
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|
(b) |
any mandatory or voluntary
prepayment in whole or in part of the Company’s debt to the Warrant Holder; |
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|
an initial public offering
and admission to trading and official listing of shares of the Company (or the shares in any company or vehicle created by the Company's
shareholders for such purpose) on a stock exchange or regulated market, including but not limited to listing of American Depositary
Shares (ADS') in the United States; |
|
|
(c) |
a sale, assignment, transfer
or other disposal of all (or substantially all) of the issued share capital in the Company; |
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(d) |
a sale, assignment, transfer
or other disposal of all (or substantially all) of the assets and undertakings of the Company; |
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|
(e) |
any person or group of
persons acting in concert gains Control of the Company or of any entity directly or ultimately Controlling the Company; or |
|
|
(f) |
Andreas Holm Mattsson and
Niels Iversen Møller (individually or together) cease to own and Control directly or indirectly more than 25% (twenty five
per cent) of the voting rights or economic interest of the Company or be the beneficial owners directly or indirectly through wholly
owned subsidiaries of more than 25% (twenty five per cent) of the issued share capital of the Company. |
|
|
7.1.1 |
For
the purpose of clause 7.1, "Control" shall mean the power (directly or indirectly) to (i) cast, or to control the
casting of, more than 50% (fifty per cent.) of the maximum number of votes that might be cast at a general meeting of an entity,
(ii) appoint or remove all, or the majority, of the directors of an entity; and/or (iii) give directions with respect to the operating
and financial policies of an entity with which the directors of that entity are obliged to comply. |
7.2 |
The
Put Option shall be exercised by the Warrant Holder serving upon the Company an irrevocable notification ("Put Option Notice").
The Put Option Notice shall specify the Fair Market Value of the relevant Warrants, taking into account any adjustment under clause
5. |
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|
7.3 |
If
within 20 business days from the Company's receipt of the Put Option Notice, the Company has not delivered a notice in writing to
the Warrant Holder disputing the Fair Market Value ("Objection Notice"), the Company shall be deemed to have agreed the
Fair Market Value specified in the Put Option Notice, and the Put Option Notice shall automatically become final and binding on the
Parties. |
|
|
7.3.1 |
If
the Company has delivered an Objective Notice, the Warrant Holder shall refer the matter to an independent, international and leading
investment bank or a leading global firm of accountants (the "Expert") for determination in accordance with clause 8. |
|
|
7.3.2 |
The
Expert must within one month of the matter being referred to it, give written notice of its determination of Fair Market Value to
the Company and the Warrant Holder, together with a written explanation setting out in reasonable detail the basis and methods used
for the purposes of the calculations performed. The Expert's decision on Fair Market Value is binding upon the Company and the Warrant
Holder, and the Fair Market Value set out in the Put Option Notice shall be deemed adjusted in accordance with the Expert's
decision on Fair Market Value. |
|
|
7.4 |
Within
20 business days of the Fair Market Value becoming final and binding, the Company must pay the aggregate Fair Market Value in respect
of the relevant Warrants in cash by electronic transfer of funds for same day value to such bank account as the Warrant Holder has
specified in the Put Option Notice, whereupon the relevant Warrants will be cancelled and of no further force and effect. |
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|
8. |
FAIR
MARKET VALUE |
|
|
8.1 |
The
valuation of the Fair Market Value prior to an IPO shall be determined: |
|
|
(a) |
on a fully diluted basis
assuming exercise of all warrants outstanding; |
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|
(b) |
by applying techniques
that are appropriate in light of the nature, facts, and circumstances of the financial instrument; |
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|
(c) |
using reasonable current
market data and inputs combined with market participant assumptions; and |
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(d)
|
based on the price that
would be received for an asset or paid to transfer a liability in an Orderly Transaction (as defined below), given market conditions
at the measurement date, between market participants that are (i) independent of each other, (ii) knowledgeable of the market, (iii)
able to transact and willing to transact, that is, they are motivated but not forced or otherwise compelled to do so. |
8.2
|
The
valuation shall be by guided by the International Private Equity and Venture Capital Valuation Guidelines as such are amended from
time to time. |
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|
8.3
|
Following
an IPO the Fair Market Value shall mean the average VWAP of the Company’s shares calculated for a period of six (6) months
following the date of notification that the Put Option is being exercised. In the first six (6) months after an IPO, the Fair Market
Value shall mean the average VWAP of the Company’s shares calculated for the entire period from the IPO until the date of notification
that the Put Option is being exercised. |
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|
8.4
|
For
the purposes of this clause 8, “Orderly Transaction” means a transaction that assumes exposure to the market for a period
prior to the measurement date to allow for marketing activities that are usual and customary for transactions involving the respective
assets or liabilities. |
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9.
|
TERMS
OF THE ISSUE OF SHARES |
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|
9.1
|
The
following shall apply for the new shares issued in connection with the exercise of Warrants in accordance with these Warrant Terms: |
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(a)
|
the maximum nominal value
of the capital increase resulting from an exercise of Warrants will be DKK 351,036, and the minimum nominal value will be DKK 1; |
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|
(b)
|
the new shares subscribed
for on the basis of exercise of the Warrants are issued/subscribed for without pre-emption rights for the Company's existing shareholders; |
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|
(c)
|
the new shares issued on
the basis of exercise of Warrants shall be subscribed for in cash and paid in full; |
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(d)
|
the new shares issued on
the basis of exercise of Warrants shall be non-negotiable instruments; |
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|
(e)
|
the new shares shall be
registered in the name of the shareholders and be registered in the shareholders’ register; |
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(f)
|
the new shares issued on
the basis of Warrants will not be subject to any restrictions in the pre-emption rights in connection with future capital increases; |
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(g)
|
the new shares are entitled
to dividends, and other rights in the Company according to the provisions in the Company’s articles of association, from the
date the registration of the capital increase with the Danish Business Authority; and |
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(h)
|
the new shares shall carry
the same rights as the existing shares in the Company. |
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|
10. |
TRANSFERABILITY |
|
|
10.1 |
The
transferability of the Warrants shall not be subject to any restrictions, provided that any sale or transfer of Warrants must comply
with all applicable laws. |
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|
11. |
NOTICES |
|
|
11.1 |
Any
communication by the Warrant Holder to the Company regarding all matters in these Warrant Terms shall be conducted via e-mail to
the chairman of the Company’s board of directors (to the e-mail address most recently notified to the Warrant Holder). |
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|
12. |
COSTS |
|
|
12.1 |
The
Company shall be liable for all taxes, duties, fees and other impositions of whatsoever nature, including stamp duty and registration
fees, arising out of the creation, preparation, execution, implementation, perfection, registration, enforcement, amendment (including
supplements and waivers) or termination resulting from the Warrant Terms, including but not limited to all costs in connection with
issuing of the Warrants and the potential exercise hereof, except for any capital gain or income tax payable by, or imposed on, the
Warrant Holder. |
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|
13. |
GOVERNING
LAW AND JURISDICTION |
|
|
13.1 |
The
Warrant Terms are governed by and will be interpreted in accordance with Danish law. However, the conflict of laws rules must be
disregarded to the extent that such rules are non-mandatory. |
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|
13.2 |
Any
dispute arising out of the Warrant Terms, including any dispute concerning the existence or validity of the Warrant Terms, will be
brought before the Danish courts. |
---oOo---
The English part of this parallel document in
Danish and English is an unofficial translation of the original Danish text. In the event of disputes or misunderstandings arising from
the interpretation of the translation, the Danish language shall prevail.
|
bilag
5 til selskabets vedtægter
eVAXION
BIOTECH A/S
("Selskabet") |
|
appendix
5 to articles of association
eVAXION
BIOTECH A/S
(the "Company") |
|
|
|
|
|
INTRODUKTION |
|
INTRODUCTION |
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|
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|
|
Bestyrelsen
har den 17. december 2020 bestemt, at følgende vilkår og betingelser skal være gældende for visse warrants,
der udstedes til bestyrelse, direktion, øvrige medarbejdere samt rådgivere/konsulenter i henhold til bemyndigelsen i
vedtægternes pkt. 2.5: |
|
The board
of directors has on 17 December 2020 resolved that the following terms and conditions shall apply to certain warrants which are granted
to board members, management, other employees and advisors/consultants according to the authorization in article 2.5 of the articles
of association: |
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|
1. |
GENERELT |
|
GENERAL |
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|
1.1.
|
Selskabet
har besluttet at indføre et incitamentsprogram for bestyrelse, direktion, øvrige medarbejdere samt rådgivere/konsulenter
(herefter samlet benævnt ”Warrantindehavere”) i/for Selskabet og dets eventuelle datterselskaber (herefter benævnt
”Selskabet”). Programmet er baseret på vederlagsfri tildeling af warrants. |
|
The Company
has decided to introduce an incentive program for board members, management, other employees and advisors/consultants (hereinafter
collectively referred to as “Warrant-holders”) in/on behalf of the Company and its subsidiaries (collectively the “Company”).
The program is based on grant of warrants without payment. |
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|
1.2.
|
En warrant er en ret, men
ikke en pligt, til i nærmere fastlagte perioder (udnyttelsesperioder) at tegne nye aktier i Selskabet til en kurs, der er fastsat
på forhånd (udnyttelsesprisen). Udnyttelsesprisen fastsættes af bestyrelsen i forbindelse med hver udstedelse/tildeling
af warrants. Én warrant giver ret til at tegne én ordinær aktie i Selskabet á nominelt DKK 1,00. |
|
A warrant is a right, but
not an obligation, during fixed periods (exercise periods) to subscribe for new ordinary shares in the Company at a fixed price (the
exercise price) in advance. The exercise price shall be determined by the board of directors. Each warrant carries the right to subscribe
for nominal DKK 1.00 per ordinary share in the Company. |
1.3. |
Warrants tildeles
efter bestyrelsens diskretionære skøn. |
|
Warrants are
offered at the discretion of the board of directors. |
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|
2. |
TILDELING AF WARRANTS |
|
GRANT OF WARRANTS |
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|
2.1. |
Det skal fremgå af
den enkelte Warrantindehavers warrantaftale, hvor mange warrants Warrantindehaveren får tildelt, samt til hvilken kurs warrants
kan udnyttes. |
|
The individual Warrantholder’s
warrant agreement shall describe how many warrants have been granted to the Warrantholder and the exercise price for the warrants. |
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|
2.2. |
Warrantindehaverne skal
ikke betale noget vederlag for at få tildelt warrants. |
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The grant of warrants shall
not be subject to payment from the Warrantholders. |
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2.3. |
Selskabet eller den til
hvem kompetencen er delegeret fører en fortegnelse over tildelte warrants, der ajourføres løbende. |
|
The Company or the Company’s
proxy shall keep records of granted warrants and update the records at regular intervals. |
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|
3. |
OPTJENING |
|
VESTING |
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|
3.1. |
Warrantindehaveren optjener
som udgangspunkt ret til at udnytte warrants med 1/36 pr. måned regnet fra tildelingstidspunktet. Bestyrelsen skal dog være
berettiget til at fravige nævnte udgangspunkt og bestemme, at tildelte warrants anses for optjent pr. tildelingstidspunktet,
eller at der skal gælde særlige regler for optjeningen. Sådanne eventuelle fravigelser skal specificeres i vedtægterne
i forbindelse med udstedelsen. |
|
The warrants granted shall,
as a general rule, vest for exercise with 1/36 per month from the date of grant. The board of directors shall, however, be entitled
to deviate from the general rule and determine that warrants shall vest as of the grant date, or that special rules shall apply in
relation to vesting. Such deviations, if any, shall be specified in the articles of association in connection with the issuance. |
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|
3.2. |
En Warrantindehaver optjener
kun warrants, så længe vedkommende er bestyrelsesmedlem eller ansat i Selskabet eller dets eventuelle datterselskaber. |
|
Warrants shall only vest
to the extent that the Warrantholder is currently a board member or employed by the Company or its subsidiaries, if any. |
4. |
UDNYTTELSE |
|
EXERCISE |
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|
|
|
4.1.
|
Optjente warrants kan udnyttes
i to udnyttelsesperioder årligt på 21 dage. Hvis ikke andet fastsættes af bestyrelsen løber udnyttelsesperioderne
i 21 dage fra og med henholdsvis den 1. maj og 1. oktober hvert år i perioden 2021-2031. I hvert af de første 4 udnyttelsesvinduer
efter en børsnotering eller ADS listing i USA vil en Warrantindehaver imidlertid maksimalt kunne udnytte 25% af sine samlede
warrants (optjente og ikke optjente), forudsat yderligere at disse er optjent, jf. her særligt punkt 4.6 nedenfor. Har Warrantindehaveren
færre end 100 optjente warrants, kan disse Warrants altid udnyttes i et enkelt vindue. Herefter vil alle optjente warrants
kunne udnyttes i de mulige udnyttelsesvinduer. |
|
Vested warrants may be exercised in two annual exercise periods that run for 21 days. Unless the
board of directors determines otherwise the exercise periods will run for 21 days from and including respectively 1 May and 1 October
each year during the period 2021-2031. In each of the first 4 exercise windows following a listing of the Company’s shares
or an ADS listing a Warrantholder shall, however, only be entitled to exercise 25% of his/her warrants (vested and unvested), provided
further that these are vested, see also clause 4.6 below. If the Warrantholder holds less than 100 vested warrants the warrants can
always exercised in one separate window. After these 4 first exercise windows all vested warrants can be exercised in a window. |
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|
4.2.
|
Hvis den sidste dag i en
udnyttelsesperiode er en lørdag eller en søndag, omfatter udnyttelsesperioden også den herefter førstkommende
hverdag. |
|
If the last day of an exercise
period is a Saturday or Sunday, the exercise period shall also include the first weekday immediately following the stipulated period. |
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|
4.3.
|
Warrantindehaveren kan
frit vælge, i hvilken udnyttelsesperiode optjente warrants skal udnyttes, jf. dog punkt 4.5 nedenfor vedrørende væsentlig
misligholdelse. Det er dog en betingelse for udnyttelsen, at Warrantindehaveren i en given udnyttelsesperiode udnytter optjente warrants,
der giver ret til tegning af minimum nominelt DKK 100 aktier i Selskabet (eller det mindre antal, som Warrantindehaveren er blevet
tildelt, eller som Warrantindehaveren fortsat ejer). |
|
The Warrantholder shall
be free to choose in which exercise vested warrants shall be exercised, cf. however, clause 4.5 below regarding material breach.
It is, however, a condition for exercise that the Warrantholder in a given exercise period exercises vested warrants, which provides
for subscription of minimum nominal DKK 100 shares in the Company (or such lower amount as the Warrantholder has been granted or
still holds). |
4.4. |
De warrants,
som Warrantindehaveren ikke udnytter i den sidste udnyttelsesperiode, bortfalder uden yderligere varsel og uden kompensation eller
vederlag af nogen art til Warrantindehaveren. |
|
Warrants not
exercised by the Warrantholder during the last exercise period shall become null and void without further notice and without compensation
or payment of any kind to the Warrantholder. |
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|
4.5. |
Warrantindehaverens udnyttelse
af warrants forudsætter som udgangspunkt, at Warrantindehaveren er ansat i Selskabet eller et koncernforbundet selskab på
det tidspunkt, hvor warrants udnyttes. I tilfælde af ansættelsesforholdets ophør gælder de i punkt 5 nedenfor
indeholdte bestemmelser. |
|
The Warrantholder’s
exercise of warrants shall generally require that the Warrantholder is employed by the Company or any affiliated group company at
the time of exercise. In the event of termination of the employment the terms and conditions included in clause 5 below shall apply. |
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|
4.6. |
Selskabets bestyrelse er
i tilfælde af at Selskabet børsnoteres eller der noteres ADS’er i USA berettiget til énsidigt at ændre
udnyttelsesperioderne, således at udnyttelsesperioderne tilpasses de til enhver tid gældende regler for insiderhandel,
hvilket medmindre bestyrelsen beslutter andet vil sige at der vil være fire udnyttelsesperioder på to uger hver, som
ligger umiddelbart efter selskabets aflæggelse af årsrapporten, kvartalsrapporterne og halvårsrapporten. |
|
In the event of a listing
of the Company’s shares, or an ADS listing on a stock exchange, the Company’s board of directors, at its discretion,
is entitled to change the exercise periods in order to adapt to applicable rules on insider trading, which unless the board of directors
determine otherwise will mean that there will be four exercise periods of two weeks each following respectively the reporting of
an annual report, quarterly reports and the interim 6-months’ report. |
4.7. |
I forbindelse med en notering
af ADS’er på Nasdaq, USA, har Selskabets bestyrelse i henhold til pkt. 4.1 truffet beslutning om at fastsætte udnyttelsesvinduerne
for udstedte warrants således: |
|
In connection with a listing
of ADSs on Nasdaq, USA, the board of directors has resolved, pursuant to clause 4.1, to determine the exercise windows for issued
warrants as follows: |
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|
|
|
|
Optjente warrants
kan udnyttes i fire årlige udnyttelsesvinduer på 2 uger, som hver ligger to handelsdage efter offentliggørelsen
af henholdsvis Selskabets årsrapport, halvårsregnskabet samt kvartalsmeddelelserne. Første udnyttelsesperiode
indtræder dog tidligst 180 dage efter Selskabets notering af ADS’er på Nasdaq, USA, og i de første fire
udnyttelsesperioder kan warrantindehaveren maksimalt udnytte 25% af de til warrantindehaveren tildelte warrants forudsat altid at
warrants er optjent. |
|
Vested warrants
may be exercise in four annual exercise windows of two weeks each that each commence two trading days following publication of the
Company’s annual report, the 6-month report and the interim reports. The first exercise window shall, however, be at least
180 days following the listing by the Company of ADSs on Nasdaq, USA and in the first four exercise periods the warrantholder may
as a maximum exercise 25% of the warrants granted to the respective warrantholders, provided always that the warrants have vested. |
5. |
FRATRÆDEN |
|
RESIGNATION |
|
|
|
|
5.1.
|
Warrantindehaverens udnyttelse af optjente warrants er reguleret ovenfor i punkt 4. |
|
The Warrantholder’s exercise of vested warrants is regulated above in section 4. |
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|
I tilfælde af bestyrelseshvervets eller ansættelsesforholdets ophør bevarer Warrantindehaveren
retten til at udnytte warrants, som allerede er optjente på tidspunktet for bestyrelseshvervet eller ansættelsesforholdets
ophør, dvs. fra og med den første dag, hvor Warrantindehaveren ikke længere har krav på at modtage honorar
eller løn fra Selskabet, uanset om Warrantindehaveren faktisk ophører med at fungere på et tidligere tidspunkt,
samt retten til at udnytte eventuelle warrants, som senere måtte blive optjent i henhold til punkt 3 ovenfor. |
|
In the event of termination of the board position or employment, the Warrantholder keeps his/her
right to exercise warrants already vested at the time the board position or employment is terminated, meaning from the first day
when the Warrantholder is no longer entitled to a salary or fees from the Company, notwithstanding that the Warrantholder has actually
ceased to perform his/her duties at an earlier date, as well as his/her right to exercise any warrants that may vest later pursuant
to section 3 above. |
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|
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|
5.2.
|
Uanset det ovenfor anførte gælder, at såfremt bestyrelseshvervet eller ansættelsesforholdet
med Warrantindehaveren bringes til ophør af Selskabet som en følge af Warrantindehaverens misligholdelse, bortfalder
alle warrants (optjente og ikke-optjente) dog uden yderligere varsel og uden kompensation eller vederlag af nogen art til Warrantindehaveren. |
|
Irrespective of the above, if the Company terminates the board membership or employment contract
due to the Warrantholder’s breach of contract, all warrants (vested and unvested) shall become null and void without further
notice and without compensation or payment of any kind to the Warrantholder. |
6. |
JUSTERING
AF WARRANTS |
|
ADJUSTMENT
OF WARRANTS |
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|
|
|
6.1.
|
Hvis der sker ændringer
i Selskabets kapitalforhold, der medfører en ændring af den potentielle gevinstmulighed, der er knyttet til en warrant,
skal warrants justeres i henhold til nærværende punkt 6. |
|
Changes in the Company’s
capital structure causing a change of the potential possibility of gain attached to a warrant shall require an adjustment of the
warrants in accordance with this clause 6. |
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|
|
|
6.2.
|
En justering skal ske,
således at den potentielle gevinstmulighed, der er knyttet til en warrant, så vidt muligt er den samme som før
og efter indtræden af den hændelse, der begrunder justeringen. Justeringen gennemføres med bistand fra Selskabets
eksterne rådgiver. Justeringen kan ske enten ved en forøgelse eller en formindskelse af det antal aktier, der kan udstedes
i henhold til en warrant, og/eller en forøgelse eller formindskelse af udnyttelseskursen. |
|
Adjustments shall be made
so that the potential possibility of gain attached to a warrant, in so far as possible, shall remain the same before and after the
occurrence of the incident causing the adjustment. The adjustment shall be carried out with the assistance of the Company’s
external advisor. The adjustment may be effected either by an increase or decrease of the number of shares that can be issued following
an exercise of a warrant and/or an increase or decrease of the exercise price. |
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|
6.3.
|
Selskabets
udstedelse af medarbejderaktier, aktieoptioner og/eller yderligere warrants som led i medarbejderaktieordninger (herunder til bestyrelsesmedlemmer)
såvel som senere udnyttelse af sådanne optioner og/eller warrants, medfører ikke krav på justering af warrants.
Den kapitalforhøjelse, der finder sted som følge af Warrantindehavernes udnyttelse af warrants i Selskabet, medfører
heller ikke justering af warrants. Herudover skal warrantindehaveren, uanset punkt 6.5, ikke være berettiget til justering,
såfremt der sker aktieudstedelser til under markedskurs, som en følge af eksempelvis udvandingsbestemmelser i den for
Selskabets aktionærers gældende ejeraftale som medfører en udvanding af Selskabets ordinære aktier eller
ved konvertering af konvertible obligationer, som blev udstedt til markedskurs, uanset, at selve konverteringen sker til favørkurs
på konverteringstidspunktet. |
|
Warrants shall
not be adjusted as a result of the Company’s issue of additional employee shares, share options and/or warrants as part of
employee share option program (including options to board members) as well as future exercise of such options and/or warrants. Warrants
shall, furthermore, not be adjusted as a result of capital increases following the Warrantholders’ and others’ exercise
of warrants in the Company. In addition the Warrantholder shall, irrespective of clause 6.5, not be entitled to adjustments in the
event of capital increases below market price if e.g. anti-dilution provisions in the shareholders´ agreement for the Company´s
shareholders results in a dilution of the Company´s ordinary shares or in connection with convertible bonds, issued at market
price, irrespective of whether the conversion itself takes place at a discount upon conversion. |
|
Enhver regulering
af udnyttelseskursen og/eller det antal aktier som kan tegnes ved udnyttelse af warrants i henhold til dette pkt. 6 skal alene gælde
for warrants, som endnu ikke er udnyttet på det tidspunkt, der medfører en regulering. Allerede udnyttede warrants påvirkes
ikke af reguleringer. |
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Any adjustments
of the exercise price and/or and/or the number of shares that can be subscribed for by exercising the warrants pursuant to this clause
6 shall only apply to warrants not exercised by the Warrantholder at the time of the event triggering the adjustment. No adjustment
shall affect already exercised warrants. |
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6.4.
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Fondsaktier: |
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Bonus Shares |
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Hvis det besluttes at udstede
fondsaktier i Selskabet, skal warrants justeres således: |
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If it is decided to issue
bonus shares in the Company, warrants shall be adjusted as follows: |
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Udnyttelsesprisen på
enhver endnu ikke udnyttet warrant ganges med faktoren: |
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The exercise price for
each warrant not yet exercised shall be multiplied by the factor: |
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a
= A
(A+B)
og antallet af endnu ikke udnyttede warrants
ganges med faktoren:
1
a
hvor:
A = den nominelle aktiekapital før
udstedelsen af fondsaktier, og
B = den samlede nominelle værdi på
fondsaktierne. |
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a
= A
(A+B)
and the number of warrants not yet exercised
shall be multiplied by the factor:
1
a
where:
A = the nominal share capital before issue
of bonus shares, and
B = the total nominal value of bonus shares. |
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Hvis det justerede
antal aktier ikke er et helt tal, skal der afrundes nedad til det nærmeste hele tal. |
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If the adjusted
number of shares does not amount to a whole number, the number shall be rounded down to the nearest whole number. |
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6.5.
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Kapitalændringer
til en anden kurs end markedskursen: |
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Changes of capital at
a price different from the market price: |
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Hvis det besluttes at forhøje
eller nedsætte aktiekapitalen i Selskabet til en kurs under markedskursen (vedrørende kapitalnedsættelser også
til over markedskursen), skal warrants justeres således: |
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If it is decided to increase
or decrease the share capital in the Company at a price below the market price (in relation to capital decreases also above the market
price), warrants shall be adjusted as follows: |
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Udnyttelsesprisen på
enhver endnu ikke udnyttet warrant ganges med faktoren: |
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The exercise price for
each non-exercised warrants shall be multiplied by the factor: |
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a
=
(A_x K) + (B x T)
(A+B) x K
og antallet af endnu ikke udnyttede warrants
ganges med faktoren
1
a
hvor:
A = den nominelle aktiekapital før
ændringen i kapitalen
B = den nominelle ændring i aktiekapitalen
K = aktiens markedskurs / lukkekurs dagen
forinden annoncering af ændringen i aktiekapitalen, og
T = tegningskurs/nedsættelseskurs ved
ændringen i aktiekapitalen |
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a
= (A_x K)
+ (B x T)
(A+B) x K
and the number of non-exercised warrants
shall be multiplied by the factor:
1
a
where:
A = nominal share capital before the change
in capital
B = nominal change in the share capital
K = market price / closing price of the share
on the day prior to the announcement of the change in the share capital, and
T = subscription price/reduction price in
relation to the change in the share capital |
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Hvis det det
justerede antal aktier ikke er et helt tal, skal der afrundes nedad til det nærmeste hele tal. |
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If the adjusted
number of shares does not amount to whole numbers, each number shall be rounded down to the nearest whole number. |
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Såfremt Selskabet
er børsnoteret skal der ikke ske regulering i tilfælde af fravigelser fra den noterede kurs på 10% eller mindre. |
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In the event the Company
is listed no adjustments shall take place in the event that the deviation from the listed price is 10% or less. |
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6.6.
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Ændringer i den
enkelte aktie pålydende værdi: |
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Changes in the nominal
value of each individual share: |
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Hvis det besluttes at ændre
aktiernes pålydende værdi, skal warrants justeres således: |
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If it is decided to change
the nominal value of the shares, warrants shall be adjusted as follows: |
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Udnyttelsesprisen på enhver endnu ikke
udnyttet warrant ganges med faktoren:
a
= A
B
og antallet af endnu ikke udnyttede warrants
ganges med faktoren:
1
a
hvor:
A = den enkelte aktie nominelle værdi
efter ændringen, og
B = den enkelte aktie nominelle værdi
før ændringen.
Hvis det justerede antal aktier ikke er et
helt tal, skal der afrundes nedad til det nærmeste hele tal. |
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The exercise price for each non-exercised
warrant shall be multiplied by the factor:
a
= A
B
and the number of non-exercised warrants
shall be multiplied by the factor:
1
a
where:
A = nominal value of each share after the
change, and
B = nominal value of each share before the
change.
If the adjusted number of shares does not
amount to a whole number, the number shall be rounded down to the nearest whole number. |
6.7.
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Udbetaling
af udbytte: |
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Payment
of dividend: |
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Hvis det besluttes at udbetale
udbytte, skal den del af udbyttet, der overstiger 10 % af egenkapitalen, medføre en justering af udnyttelsesprisen efter denne
formel: |
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If it is decided to pay
dividends, the part of the dividends exceeding 10 per cent of the equity capital shall lead to adjustment of the exercise price according
to the following formula: |
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E2 = E1 - U – Umax
A
hvor:
E2 = den justerede udnyttelsespris
E1 = den oprindelige udnyttelsespris
U = det udbetalte udbytte
Umax = 10 % af egenkapitalen, og
A = det samlede antal aktier i Selskabet. |
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E2 = E1 - U – Umax
A
where:
E2 = the adjusted exercise price
E1 = the original exercise price
U = dividends paid out
Umax = 10 per cent of the equity capital,
and
A = total number of shares in the Company. |
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Den egenkapital, der skal
lægges til grund ved ovenstående justering, er egenkapitalen anført i den årsrapport som godkendes af generalforsamlingen
hvor udbytte besluttes, men justeret til markedsværdi. Hvis Selskabet er børsnoteret, fastsættes markedsværdien
til aktiernes noterede pris på tidspunktet for beslutningen om at udbetale udbytte. Hvis Selskabet er unoteret, fastsættes
markedsværdien fra seneste kapitalrunde i Selskabet hvor en eller flere investorer har tegnet aktier. |
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The equity capital which
shall form the basis of the abovementioned adjustment is the equity capital stipulated in the Annual Report to be adopted at the
General Meeting where dividends shall be approved before allocation, but adjusted to market price. If the Company is listed then
the market price shall be the listed price of the shares at the time of the decision to pay dividends. If the Company is unlisted
then the market price shall be determined by the latest investment round in the Company, in which one or more investors have subscribed
shares. |
6.8. |
Andre ændringer
i Selskabets kapitalforhold: |
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Other changes in the Company’s capital position: |
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Hvis der sker andre ændringer
i Selskabets kapitalforhold, der medfører en ændring i warrants økonomiske værdi, skal (medmindre andet
er angivet ovenfor) warrants justeres, således at ændringen ikke påvirker warrants økonomiske værdi. |
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In the event of other changes
in the Company’s capital position causing changes to the financial value of warrants, warrants shall (unless otherwise indicated
above) be adjusted in order to ensure that the changes do not influence the financial value of the warrants. |
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Den beregningsmetode, der
skal anvendes ved justeringen, fastsættes af en af bestyrelsen valgt ekstern rådgiver. |
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The calculation method
to be applied to the adjustment shall be decided by an external advisor appointed by the board of directors. |
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Det præciseres, at
forhøjelse eller nedsættelse af Selskabets aktiekapital til markedskurs ikke medfører, at der skal finde regulering
sted af tegningskursen eller antallet af aktier, der kan tegnes. |
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It is emphasized that increase
or decrease of the Company’s share capital at market price does not lead to an adjustment of the subscription price or the
number of shares to be subscribed. |
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6.9. |
Likvidation: |
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Liquidation: |
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Hvis Selskabet bliver likvideret,
fremskyndes et evt. optjeningstidspunkt for alle uudnyttede warrants, således at Warrantindehaveren kan udnytte warrants i
en ekstraordinær udnyttelsesperiode umiddelbart før den pågældende transaktion finder sted. |
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Should the Company be liquidated,
the vesting time, if any, for all non-exercised warrants shall be changed so that the Warrantholder may exercise his/her warrants
in an extraordinary exercise period immediately preceding the relevant transaction. |
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6.10. |
Fusion og spaltning: |
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Merger and split: |
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Hvis Selskabet indgår
i en fusion som det fortsættende selskab, bliver warrants ikke påvirket, medmindre der i forbindelse med fusionen sker
en kapitalforhøjelse til en anden kurs end markedskursen, idet warrants i så fald justeres i henhold til punkt 6.5. |
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If the Company merges as
the continuing company, warrants shall remain unaffected unless, in connection with the merger, the capital is increased at a price
other than the market price and in that case warrants shall be adjusted in accordance with clause 6.5. |
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Hvis Selskabet
fusionerer som det ophørende selskab eller bliver spaltet, kan det fortsættende selskabs bestyrelse vælge én
af disse muligheder: |
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If the Company
merges as the terminating company or is split, the continuing company's board of directors may elect one of the following possibilities: |
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a) |
Warrantindehaveren kan umiddelbart inden fusionen/spaltningen udnytte
alle ikke udnyttede warrants, der ikke er bortfaldet (inklusive warrants der endnu ikke er optjent), eller |
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a) |
The Warrantholder may exercise all non-exercised warrants that are not
declared null and void (inclusive of warrants not yet vested) immediately before the merger/split, or |
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b) |
warrants erstattes af nye aktie/aktieinstrumenter i de(t) fortsættende
selskab(er) af tilsvarende økonomisk værdi før skat. Ved spaltning kan de fortsættende selskaber selv bestemme,
i hvilke(t) selskab(er) Warrantindehaverne skal modtage de nye aktie/aktieinstrumenter. |
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b) |
new share instruments in the continuing company/companies of a corresponding
financial pre-tax value shall replace the warrants. On split the continuing companies may decide in which company/companies the Warrantholders
shall receive the new share instruments. |
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6.11. |
Salg og aktieombytning: |
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Sale and exchange
of shares: |
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Hvis mere end 50%
af aktiekapitalen i Selskabet bliver solgt (ikke tegnet eller udstedt) eller indgår i en aktieombytning, kan bestyrelsen vælge
én af disse muligheder: |
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If more than 50
per cent of the share capital in the Company is sold (not subscribed or issued) or is part of a share swap, the board of directors may
elect one of the following possibilities: |
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a) |
Warrantindehaveren kan umiddelbart
inden salget/aktieombytningen udnytte alle ikke-udnyttede warrants, der ikke er bortfaldet (inklusive warrants der endnu ikke er optjent).
Herudover indtræder der en pligt, hvorefter Warrantindehaverne skal sælge de tegnede aktier på samme vilkår som
de øvrige aktionærer (ved salg). |
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a) |
The Warrantholder may exercise all non-exercised warrants that are not declared null and void (inclusive
of warrants not yet vested) immediately before the sale/swap of shares. Furthermore, the Warrantholder shall undertake an obligation
to sell the subscribed shares on the same conditions as the other shareholders (when selling) |
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b) |
Tildelte warrants
erstattes af aktieinstrumenter i det erhvervende selskab af tilsvarende økonomisk værdi før skat. |
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b) |
Share instruments
in the acquiring company of a corresponding pre-tax value shall replace the granted warrants. |
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c) |
Tildelte warrants fortsætter
uændret. |
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a) |
Granted warrants continue unchanged. |
6.12. |
Fælles
bestemmelser vedrørende 6.9–6.11: |
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Common provisions
regarding 6.9-6.11: |
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Selskabet er forpligtet
til at give Warrantindehaveren skriftlig meddelelse, hvis en af de ovenfor nævnte transaktioner finder sted. Når Warrantindehaveren
har modtaget den skriftlige meddelelse, har Warrantindehaveren – i de tilfælde, hvor Warrantindehaveren ekstraordinært
kan udnytte warrants, jf. 6.9-6.11 – 2 uger til skriftligt at informere Selskabet om, hvorvidt han/hun vil gøre brug
af tilbuddet. Hvis Warrantindehaveren ikke har givet Selskabet skriftligt svar inden 2-uger eller undlader at betale inden for den
betalingsfrist, der er fastsat, bortfalder warrants uden yderligere varsel og uden kompensation. Udnyttelseskursen kan ikke komme
under aktiernes nominelle værdi. |
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If one of the transactions
mentioned above is made, the Company shall inform the Warrantholder hereof by written notice. Upon receipt of the written notice,
the Warrantholder shall – in cases where the Warrantholder may extraordinarily exercise warrants, see 6.9-6.11 – inform
the Company in writing whether he/she will make use of the offer. If the Warrantholder has not answered the Company in writing within
2 weeks or fails to pay within the fixed time, warrants shall become null and void without further notice or compensation. The exercise
price cannot go below the nominal value of the shares. |
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Warrantindehaverens rettigheder
i anledning af en beslutning truffet af et kompetent organ i selskabet, jf. 6.9-6.11, er betinget af, at den relevante beslutning
efterfølgende registreres i Erhvervsstyrelsen, hvis registrering er en gyldighedsbetingelse. |
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The Warrantholder’s
rights in connection with decisions made by any competent company body, see clause 6.9-6.11, shall be contingent on subsequent registration
of the relevant decision with the Danish Business Authority provided that registration is a condition of its validity. |
7. |
Overdragelse,
pantsætning og kreditorforfølgning |
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Transfer,
pledge and enforcement |
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7.1.
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Tildelte warrants kan ikke
gøres til genstand for udlæg, overdrages eller på anden måde overføres, ej heller i forbindelse med
bodeling, og hverken til eje eller til sikkerhed, uden bestyrelsens samtykke. Warrantindehaverens warrants kan dog overgå til
Warrantindehaverens ægtefælle/samlever og/eller livsarvinger i tilfælde af Warrantindehaverens død. Det
er en betingelse herfor, at modtageren underskriver den gældende warrantaftale samt, såfremt dette kræves af bestyrelsen,
en ejeraftale. |
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Warrants shall not be subject
to charging orders, transfer of any kind, including in connection with division of property on divorce or legal separation, for ownership
or as security without the consent of the board of directors. The Warrantholder’s warrants may, however, be transferred to
the Warrantholder’s spouse/cohabitant and/or issue in the event of the Warrantholder’s death. It is a condition precedent
that the recipient signs the applicable warrant agreement and, to the extent required by the board of directors, a shareholders’
agreement. |
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8. |
Tegning
af nye aktier ved udnyttelse af warrants |
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Subscription
for new shares by exercise of warrants |
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8.1.
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Tegning af nye aktier ved
udnyttelse af tildelte warrants finder sted ved, at Warrantindehaveren afleverer en af Selskabet udarbejdet udnyttelsesmeddelelse
til Selskabet senest kl. 16:00 CET den sidste dag i den relevante udnyttelsesperiode. Udnyttelsesmeddelelsen skal være udfyldt
med alle informationer. Udnyttelsesprisen for de nye aktier, der skal betales ved et kontant indskud, skal være modtaget af
Selskabet senest på den sidste dag i den relevante udnyttelsesperiode. |
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Subscription for new shares
by exercise of granted warrants must be made through submission by the Warrantholder no later than the last day of the relevant exercise
period at 16:00 CET to the Company of an exercise notice drafted by the Company. The exercise notice shall be filled in with all
information. The Company must have received the exercise price for the new shares, payable as a cash contribution, by the last day
of the relevant exercise period. |
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8.2.
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Hvis den i punkt. 8.1 angivne
frist overskrides, enten således at udnyttelsesmeddelelsen i udfyldt stand eller betalingen ikke er Selskabet i hænde
inden kl. 16 på den sidste dag i udnyttelsesperioden, anses tegningen for ugyldig, og Warrantindehaveren kan i denne situation
ikke anses for herved at have udnyttet sine warrants for en eventuel efterfølgende udnyttelsesperiode. |
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If the limitation period
set forth in clause 8.1 expires as a result of the Company not having received the filled-in exercise notice or the payment by 16:00
of the last day of the exercise period, the subscription shall be deemed invalid, and in this situation the Warrantholder shall not
be considered as having exercised his/her warrants for a possible subsequent exercise period. |
8.3.
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De warrants,
som Warrantindehaveren ikke har udnyttet i den sidste udnyttelsesperiode, bortfalder uden yderligere varsel og uden kompensation.
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Warrants not
exercised by the Warrantholder during the last exercise period shall become null and void without further notice and without compensation. |
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8.4.
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Når den kapitalforhøjelse,
som udnyttelsen af warrants har medført, er registreret i Erhvervsstyrelsen, modtager Warrantindehaveren fra Selskabet dokumentation
for sit ejerskab til aktier i Selskabet. |
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When the capital increase
caused by exercise of warrants has been registered with the Danish Business Authority, the Warrantholder shall receive, from the
Company, proof of his shareholding in the Company. |
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8.5.
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Forud for udnyttelse skal Warrantindehaveren tiltræde Selskabets til enhver tid gældende
ejeraftale eller en særskilt ejeraftale omfattende de af Selskabets aktionærer, som har tegnet aktier ved udnyttelse
af warrants. Det samme gælder Warrantindehaverens arvinger /dødsbo. |
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Prior to exercise of warrants, the Warrantholder shall adhere to the Company’s shareholders’
agreement or a separate shareholders’ agreement comprising those shareholders of the Company that have subscribed for shares
by exercise of warrants. The same applies to the heirs/estate of the Warrantholder. |
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Warrantindehaveren er bekendt
med og accepterer, at ovennævnte ejeraftaler kan indeholde i) forpligtelser til at sælge aktierne ved Warrantindehaverens
fratræden, uanset årsag, til en pris der kan afvige fra markedsværdien, ii) konkurrence- og kundeklausuler, iii)
salgsbegrænsninger og iv) andre restriktioner på Warrantindehaveren, som kan være byrdefulde for Warrantindehaveren. |
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The Warrantholder accepts
and acknowledges that the above-mentioned shareholders’ agreement may contain i) obligations to sell shares upon termination
of the Warrantholder’s employment, irrespective of the cause, at a price which may deviate from the market value; ii) non-competition
and non-solicitation clauses; iii) sales restrictions and iv) other restrictions which may be burdensome for the Warrantholder. |
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9. |
De
nye ordinære aktiers rettigheder |
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The
rights of new ordinary shares |
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9.1.
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Udover de ovenfor anførte
vilkår for den til de udstedte warrants hørende kapitalforhøjelse gælder følgende vilkår: |
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In addition to the terms
and conditions set forth above, the increase of the share capital relating to the warrants granted shall be subject to the following
terms and conditions: |
|
- |
De nye aktier
udstedes i aktier à DKK 1,00 eller multipla heraf, |
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- |
The new shares
will be divided into shares of nominal DKK 1.00 or multiples hereof; |
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- |
De nye aktier skal give ret til udbytte i selskabet for det løbende regnskabsår,
hvori aktierne tegnes, på lige fod med de eksisterende aktier og andre rettigheder i selskabet fra og med datoen for tegningen
af aktierne, |
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- |
The new shares will carry dividend rights for the financial year in which subscription
takes place on equal terms with the existing shares as well as other rights in the company as from the day of subscription of the
shares; |
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- |
De nye aktier skal tilhøre samme aktieklasse, som de eksisterende aktier i selskabet, |
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- |
The new shares shall belong to the same share class as the existing shares in the company; |
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- |
Kapitalforhøjelsen sker uden fortegningsret for de hidtidige aktionærer, idet tegningen
sker på baggrund af warrants tildelt til Selskabets eller dets datterselskabers direktionsmedlemmer og øvrige medarbejdere, |
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- |
The capital increase shall be made without any pre-emption rights for the existing shareholders,
given that the subscription is based on warrants granted to the Company’s or its subsidiaries’ members of the management
or other employees; |
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- |
Der skal ikke gælde indskrænkninger i den til de nye aktier knyttede fortegningsret ved
fremtidige kapitalforhøjelser, |
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- |
The pre-emption rights attached to the new shares shall not be subject to any restrictions in the
event of future capital increases; |
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- |
Fristen for tegning af de nye aktier beregnes på baggrund af bestemmelserne ovenfor, |
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- |
The deadline for subscription of the new shares shall be calculated pursuant to the provisions set
forth above; |
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- |
Det fulde beløb til tegning af det antal aktier, som de omfattede medarbejdere mv. ønsker
at tegne, skal indbetales kontant og senest samtidig med tegningen af de pågældende aktier, og |
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- |
The full subscription amount for the number of shares which the employees etc. wish to subscribe
for, shall be paid in cash no later than on the day of subscription of the shares in question; and |
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- |
De nye aktier skal lyde på navn, noteres i selskabets ejerbog og være ikke-omsætningspapirer. |
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- |
The new shares shall be made out in the name of the holder, be recorded in the company’s
register of shareholders and be non-negotiable instruments. |
9.2.
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Selskabet afholder
omkostninger i forbindelse med udstedelsen af warrants og senere udnyttelse heraf. Selskabets omkostninger forbundet med udstedelsen
af warrants og den hertil hørende kapitalforhøjelse anslås til DKK 25.000. |
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The Company
shall pay all costs connected with granting of warrants and later exercise thereof. The Company’s costs in connection with
issue of warrants and the related capital increase are estimated to DKK 25,000. |
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10. |
ANDRE BESTEMMELSER |
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OTHER PROVISIONS |
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10.1. |
Tildeling af warrants har
ingen umiddelbare økonomiske konsekvenser for Warrantindehaveren. Værdien af warrants indgår ikke i beregningen
af feriepenge, pensionsbidrag eller øvrige vederlagsafhængige ydelser fra Selskabet eller et evt. datterselskab. |
|
Grant of warrants has no
immediate economic consequences for Warrantholder. The value of warrants will not form part of the calculation of holiday allowances,
pension contributions or other contributions or payments, which are based on your remuneration from the Company or a subsidiary,
if any. |
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10.2. |
Det forhold, at Selskabet
tilbyder Warrantindehavere warrants, forpligter ikke på nogen måde Selskabet til at opretholde ansættelsesforholdet. |
|
The fact that the Company
offers warrants to Warrantholders shall not in any way obligate the Company to maintain the employment. |
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11. |
SKATTEMÆSSIGE
KONSEKVENSER |
|
TAX CONSEQUENCES |
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11.1. |
De personlige skattemæssige
konsekvenser forbundet med Warrantindehaverens tegning eller udnyttelse af warrants er Selskabet uvedkommende. |
|
The personal tax implications
connected to the Warrantholder’s subscription for or exercise of warrants shall be of no concern to the Company. |
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12. |
LOVVALG OG VÆRNETING
|
|
LAW AND VENUE |
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12.1. |
Tegningen
af warrants, vilkårene herfor og udnyttelsen, og vilkårene for senere tegning af aktier i Selskabet skal reguleres af
dansk ret. |
|
Acceptance
of warrants, the terms and conditions thereto and the exercise, and terms and conditions for future subscription for shares in the
Company shall be governed by Danish law. |
12.2. |
Hvis
der måtte opstå en tvist mellem Warrantindehaveren og Selskabet i relation til forståelsen eller gennemførelsen
af warrantprogrammet, skal denne søges bilagt i mindelighed ved en forhandling mellem parterne. |
|
Any
disagreement between the Warrantholder and the Company in relation to the understanding or implementation of the warrant scheme shall
be settled amicably by negotiation between the parties. |
|
|
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12.3. |
Hvis
parterne ikke kan opnå enighed, skal eventuelle tvister afgøres ved de almindelige danske domstole. |
|
If
the parties fail to reach consensus, any disputes shall be settled by the ordinary Danish courts. |
---oOo---
|
Bilag
6 / appendix
6
til
selskabets VEDTæGTER / to the articles of
association
|
|
The English part
of this parallel document in Danish and English is an unofficial translation of the original Danish text. In the event of disputes or
misunderstandings arising from the interpretation of the translation, the Danish language shall prevail.
|
bilag
6 til selskabets vedtægter
Evaxion
biotech A/S
(CVR-nr.
31762863)
("Selskabet") |
|
appendix
6 to articles of association
Evaxion
biotech A/S
(Company
reg. no. (CBR) 31762863)
(the "Company") |
|
|
|
|
|
INTRODUKTION |
|
INTRODUCTION |
|
I henhold til bemyndigelse i vedtægternes punkt 2.10
har bestyrelsen bestemt, at følgende vilkår og betingelser skal være gældende
for op til 9.726.898 warrants ("Warrants"),
der er udstedt til investorer (”Warrantindehavere”) i forbindelse med tegning
af aktier og warrants (”Udbudte Værdipapirer”) i forbindelse med den rettede
emission gennemført 21. december 2023. |
|
Pursuant to the authorisation in article
2.10 of the articles of association, the Board of Directors has resolved that the following terms and conditions shall apply to
up to 9,726,898 warrants (the “Warrants”) which have been granted to
investors (“Warrantholders”) in connection with the subscription of ordinary shares and warrants (together, the “Offer
Securities”) in the private placement directed issue carried out 21 december
2023. |
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1. |
GENERELT |
|
GENERAL |
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|
En warrant er en ret, men
ikke en pligt, til i en nærmere fastlagt periode (udnyttelsesperiode) at tegne nye aktier i Selskabet til USD 0,707
(”Udnyttelsesprisen”), omregnet til DKK til den officielle vekselkurs mellem DKK/USD som er gældende
på udnyttelsesdagen, dog minimum DKK 1 pr. aktie à nominelt kr. 1. Én warrant giver ret til at tegne én
ordinær aktie i Selskabet á nominelt DKK 1. |
|
A warrant is a right, but
not an obligation, during a fixed period (exercise period) to subscribe for new ordinary shares in the Company at USD 0.707 (the
“Exercise Price”), converted into DKK using the official exchange rate between DKK and USD on the exercise day,
however no less than DKK 1 per share of nominal DKK 1. Each warrant carries the right to subscribe for nominal DKK 1
ordinary share in the Company. |
2. |
TILDELING
AF WARRANTS |
|
GRANT OF
WARRANTS |
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|
Warrants er tildelt i forbindelse
med tegning af Udbudte Værdipapirer. |
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The Warrantholder is granted
warrants in connection with subscription of Offer Securities. |
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3. |
OPTJENING |
|
VESTING |
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Alle Warrants anses for
optjent og kan udnyttes straks på tildelingstidspunktet. |
|
All Warrants shall be deemed
vested and immediately exercisable as per the grant date. |
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4. |
UDNYTTELSE |
|
EXERCISE |
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Warrants kan udnyttes i
perioden begyndende 15. december 2023 og indtil 15. december 2026: |
|
Warrants may be exercised
in the period commencing 15 December 2023 until 15 December 2026: |
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("Udnyttelsesperioden"). |
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(the “Warrant
Exercise Period”). |
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Warrantindehaveren kan
i Udnyttelsesperioden frit udnytte alle eller en del af sine Warrants på alle dage, hvor The Nasdaq Capital Market eller anden
US handelsplads, hvor selskabets værdipapirer er noterede er åben for handel (”Handelsdag”) med virkning
fra den dag, hvor en Warrant Udnyttelsesmeddelelse leveres til Selskabet ("Udnyttelsesdagen") under Warrant Udnyttelsesperioden. |
|
The Warrantholder may exercise
all or part of its Warrants on any day The Nasdaq Capital Market or any other U.S. trading market on which the securities of the
Company are listed is open for business (“Trading Day”) of its choice effective at the date of its delivery of
a Warrant Exercise Notice (the "Warrant Exercise Date") during the Warrant Exercise Period. |
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På hver valgt Udnyttelsesdag
kan Warrantindehaveren udnytte alle eller en del af sine Warrants ved at give meddelelse til Udstederen ("Warrant Udnyttelsesmeddelelsen")
og kontant betale den modsvarende Udnyttelsespris, herunder ved bankoverførsel. |
|
On each chosen Warrant
Exercise Date, the Warrantholder shall exercise all or part of its Warrants by giving notice to the Company (the “Warrant
Exercise Notice”) and pay the corresponding Exercise Price in cash (including by wire transfer). |
|
Hvis den sidste
dag i en Udnyttelsesperiode er en lørdag eller en søndag, omfatter Udnyttelsesperioden også den herefter førstkommende
hverdag. |
|
If the last
day of the Warrant Exercise Period is a Saturday or Sunday, the Warrant Exercise Period shall also include the first Trading Day
immediately following the stipulated period. |
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|
De Warrants, som Warrantindehaveren
ikke udnytter i Udnyttelsesperioden, bortfalder uden yderligere varsel og uden kompensation eller vederlag af nogen art til Warrantindehaveren. |
|
Warrants not exercised
by the Warrant-holder during the Warrant Exercise Period shall become null and void without further notice and without compensation
or payment of any kind to the Warrantholder. |
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Selskabet skal indenfor
fem (5) Handelsdage fra udløbet af Udnyttelsesperioden, iværksætte registrering enhver relateret og påkrævet
registrering hos Erhvervsstyrelsen. |
|
The Company shall, within
five (5) Trading Days from the expiration of the Warrant Exercise Period, initiate any related required filing with the Danish
Business Authority. |
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5. |
JUSTERING AF WARRANTS |
|
ADJUSTMENT OF WARRANTS |
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Hvis der sker ændringer
i Selskabets kapitalforhold (herunder men ikke begrænset til aktiesplit, omvendt aktiesplit, sammenlægning eller anden
lignende begivenhed, som giver anledning til sådan ændring), der medfører en ændring af værdien af
en warrant, skal Warrants justeres i henhold til nærværende punkt 5. |
|
Changes in the Company’s
capital structure (including, but not limited to a stock splits, reverse stock split, consolidation or other similar event giving
rise to such change) causing a change of the value of a Warrant shall require an adjustment of the Warrants in accordance with this
clause 5. |
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En justering skal ske,
således at den potentielle gevinstmulighed, der er knyttet til en warrant, for så vidt angår de underliggende aktier,
så vidt muligt er den samme som før og efter indtræden af den hændelse, der begrunder justeringen. Justeringen
gennemføres med bistand fra en ekstern uafhængig rådgiver, som vælges af Selskabets bestyrelse. Justeringen
kan ske enten ved en forøgelse eller en formindskelse af det antal aktier, der kan udstedes i henhold til en warrant, og/eller
en forøgelse eller formindskelse af udnyttelseskursen. |
|
Adjustments shall be made
so that the change of the value of a Warrant with respect to the underlying ordinary shares of the Company shall remain the same
before and after the occurrence of the event causing the adjustment. The adjustment shall be carried out with the assistance of an
external independent advisor appointed by the Company’s board of directors. The adjustment may be completed either by an increase
or decrease of the number of shares that can be issued following an exercise of a warrant and/or an increase or decrease of the Exercise
Price. |
|
Selskabets
udstedelse af medarbejderaktier, aktieoptioner og/eller warrants som led i medarbejderaktieordninger (herunder til bestyrelsesmedlemmer,
rådgivere og konsulenter) såvel som senere udnyttelse af sådanne optioner og/eller warrants, medfører ikke
krav på justering af warrants. Den kapitalforhøjelse, der finder sted i) som følge af Warrantindehaverne udnyttelse
af warrants i Selskabet eller ii) Warrantindehaverens udnyttelse af konvertible obligationer, medfører heller ikke justering
af warrants. |
|
Warrants shall
not be adjusted solely as a result of the Company’s issue of employee shares, share options and/or warrants as part of employee
share option schemes (including options to Directors, advisors and consultants) as well as future exercise of such options and/or
warrants. Warrants shall, furthermore, not be adjusted solely as a result of i) capital increases following the Warrantholders’
exercise of Warrants in the Company or ii) the Warrantholder’s conversion of convertible notes issued by the Company. |
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Enhver regulering af Udnyttelseskursen
og/eller det antal aktier som kan tegnes ved udnyttelse af Warrants i henhold til dette pkt. 5 skal alene gælde for Warrants,
som endnu ikke er udnyttet på det tidspunkt, der medfører en regulering. Allerede udnyttede Warrants påvirkes
ikke af reguleringer. |
|
Any adjustments of the
Exercise Price and/or the number of shares that can be subscribed for by exercising the Warrants pursuant to this clause 5 shall
only apply to Warrants not exercised by the Warrantholder at the time of the event triggering the adjustment. No adjustment shall
affect already exercised Warrants. |
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5.3 |
Fondsaktier: |
|
Treasury Shares |
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Hvis det besluttes at udstede
fondsaktier i Selskabet, skal Warrants justeres således: |
|
If it is decided to issue
treasury shares in the Company, Warrants shall be adjusted as follows: |
|
Udnyttelsesprisen
på enhver endnu ikke udnyttet Warrant ganges med faktoren: |
|
The Exercise
Price for each Warrant not yet exercised shall be multiplied by the factor: |
|
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|
|
α
= ___A___
(A+B) |
|
α
= ___A___
(A+B) |
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og antallet af endnu ikke
udnyttede Warrants ganges med faktoren: |
|
and the number of Warrants
not yet exercised shall be multiplied by the factor: |
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|
1
α |
|
1
α |
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hvor: |
|
where: |
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|
A = den
nominelle aktiekapital før udstedelsen af fondsaktier, og |
|
A = the
nominal share capital be- fore issue of treasury shares, and |
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B = den
samlede nominelle værdi på fondsaktierne. |
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B = the
total nominal value of treasury shares. |
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Hvis det justerede antal
aktier ikke er et helt tal, skal der afrundes nedad til det nærmeste hele tal. |
|
If the adjusted number
of shares does not amount to a whole number, the number shall be rounded down to the nearest whole number. |
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5.4 |
Kapitalændringer
til en anden kurs end markedskursen: |
|
Changes of capital at
a price different from the market price: |
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|
Hvis det besluttes at forhøje
eller nedsætte aktiekapitalen i Selskabet til en kurs under markedskursen (vedrørende kapitalnedsættelser også
til over markedskursen), eller nye warrants med en udnyttelsespris under markedskursen for Selskabets aktier (undtagen medarbejderincitaments
programmer) skal Warrants justeres således: |
|
If it is decided to increase
or decrease the share capital in the Company at a price below the market price (in relation to capital decreases also above the market
price), or if new warrants with an exercise price below market price of the Company’s shares are issued to third parties (not
including warrant incentive programs) Warrants shall be adjusted as follows: |
|
Udnyttelsesprisen
på enhver endnu ikke udnyttet warrant ganges med faktoren: |
|
The Exercise
Price for each non-exercised Warrant shall be multiplied by the factor: |
|
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|
α
= (A_x K) + (B x T)
(A+B)
x |
|
α
= (A_x K) + (B x T)
(A+B)
x K |
|
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|
|
og antallet af endnu ikke
udnyttede Warrants ganges med faktoren: |
|
and the number of non-exercised
Warrants shall be multiplied by the factor: |
|
1
α |
|
1
α |
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|
hvor: |
|
where: |
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|
A = den
nominelle aktiekapital før ændringen i kapitalen |
|
A = nominal
share capital before the change in capital |
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B = den
nominelle ændring i aktie- kapitalen |
|
B = nominal
change in the share capital |
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K = aktiens
markedskurs / lukkekurs dagen forinden annoncering af ændringen i aktiekapitalen, og |
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K = market
price / closing price of the share on the day prior to the announcement of the change in the share capital, and |
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T = tegningskurs/nedsættelseskurs ved
ændringen i aktiekapitalen |
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T = subscription
price/reduction price in relation to the change in the share capital |
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Hvis det det justerede
antal aktier ikke er et helt tal, skal der afrundes nedad til det nærmeste hele tal. Der skal uanset ovenstående ikke
ske regulering af Warrants, såfremt Selskabet gennemfører rettede emissioner på markedsvilkår uanset at
der i den forbindelse sker tegning til under den noterede kurs. |
|
If the adjusted number
of shares does not amount to whole numbers, each number shall be rounded down to the nearest whole number. Irrespective of the above
no regulation shall take place to the extent that the Company carries out directed issuances of securities on market terms irrespective
of whether shares in connection therewith are subscribed below the listed price. |
5.5 |
Ændringer
i den enkelte akties pålydende værdi: |
|
Changes
in the nominal value of each individual share: |
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Hvis det besluttes at ændre
aktiernes pålydende værdi, skal Warrants justeres således: |
|
If it is decided to change
the nominal value of the shares, Warrants shall be adjusted as follows: |
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Udnyttelsesprisen på
enhver endnu ikke udnyttet Warrant ganges med faktoren: |
|
The Exercise Price for
each non-exercised Warrant shall be multiplied by the factor: |
|
|
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|
|
α
= __A___
B |
|
α
= __A___
B |
|
|
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|
|
og antallet af endnu ikke
udnyttede warrants ganges med faktoren: |
|
and the number of non-exercised
Warrants shall be multiplied by the factor: |
|
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|
1
α |
|
1
α |
|
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|
hvor: |
|
where: |
|
A
= den enkelte akties nominelle værdi efter ændringen, og
|
|
A =
nominal value of each share after the change, and
|
|
B = den
enkelte akties nominelle værdi før ændringen. |
|
B = nominal
value of each share before the change. |
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Hvis det justerede antal
aktier ikke er et helt tal, skal der afrundes nedad til det nærmeste hele tal. |
|
If the adjusted number
of shares does not amount to a whole number, the number shall be rounded down to the nearest whole number. |
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5.6 |
Udbetaling af udbytte: |
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Payment of dividend: |
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Hvis det besluttes at udbetale
udbytte, skal den del af udbyttet, der overstiger 10 % af egenkapitalen, medføre en justering af udnyttelsesprisen efter denne
formel: |
|
If it is decided to pay
dividends, the part of the dividends exceeding 10 per cent of the equity capital shall lead to adjustment of the Exercise Price according
to the following formula: |
|
E2
= E1 - U – Umax
A |
|
E2
= E1 - U – Umax
A |
|
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|
hvor: |
|
where: |
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|
E2 = den
justerede Udnyttelsespris |
|
E2 = the
adjusted Exercise Price |
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E1 = den
oprindelige Udnyttelsespris |
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E1 = the
original Exercise Price |
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U = det
udbetalte udbytte |
|
U = dividends
paid out |
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Umax = 10
% af egenkapitalen, og |
|
Umax= 10
per cent of the equity capi- tal, and |
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|
A = det
samlede antal aktier i Sel- skabet. |
|
A = total
number of shares in the Company. |
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Den egenkapital, der skal
lægges til grund ved ovenstående justering, er egenkapitalen anført i den årsrapport som godkendes af generalforsamlingen
hvor udbytte besluttes, men justeret til markedsværdi. Hvis Selskabet er børsnoteret, fastsættes markedsværdien
til aktiernes noterede pris på tidspunktet for beslutningen om at udbetale udbytte. Hvis Selskabet er unoteret fastsættes
markedsværdien fra seneste kapitalrunde i Selskabet hvor en eller flere investorer har tegnet aktier. |
|
The equity capital which
shall form the basis of the abovementioned adjustment, is the equity capital stipulated in the Annual Report to be adopted at the
General Meeting where dividends shall be approved before allocation, but adjusted to market price. If the Company is listed then
the market price shall be the listed price of the shares at the time of the decision to pay dividends. If the Company is unlisted
then the market price shall be determined by the latest investment round in the Company, in which one or more investors have subscribed
shares. |
5.7 |
Andre ændringer
i Selskabets kapitalforhold: |
|
Other changes
in the Company’s capital position: |
|
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|
|
|
Hvis der sker andre ændringer
i Selskabets kapitalforhold, der medfører en ændring i Warrants værdi, skal (medmindre andet er angivet ovenfor)
Warrants justeres, således at ændringen ikke påvirker Warrants økonomiske værdi. |
|
In the event of other changes
in the Company’s capital position causing changes to the value of Warrants, Warrants shall (unless otherwise indicated above)
be adjusted in order to ensure that the changes do not influence the financial value of the Warrants. |
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|
Den beregningsmetode, der
skal anvendes ved justeringen, fastsættes af en af bestyrelsen valgt ekstern uafhængig rådgiver. |
|
The calculation method
to be applied to the adjustment shall be decided by an external independent advisor appointed by the Board of Directors. |
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5.8 |
Likvidation: |
|
Liquidation or Winding-up: |
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|
|
Hvis Selskabet bliver likvideret,
kan Warrantindehaveren udnytte Warrants i en ekstraordinær udnyttelsesperiode umiddelbart før den pågældende
transaktion finder sted. |
|
Should the Company be liquidated
the Warrantholder may exercise his/her Warrants in an extraordinary exercise period immediately preceding the relevant transaction. |
|
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|
5.9 |
Fusion og spaltning: |
|
Merger and demerger: |
|
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|
|
Hvis Selskabet indgår
i en fusion som det fortsættende selskab, bliver Warrants ikke påvirket, medmindre der i forbindelse med fusionen sker
en kapitalforhøjelse til en anden kurs end markedskursen, idet Warrants i så fald justeres i henhold til ovenstående. |
|
If the Company merges as
the continuing company, Warrants shall remain unaffected unless, in connection with the merger, the capital is increased at a price
other than the market price and in that case Warrants shall be adjusted in accordance with the above. |
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|
Hvis Selskabet fusionerer
som det ophørende selskab eller bliver spaltet, kan det fortsættende selskab vælge én af disse muligheder: |
|
If the Company merges as
the terminating company or is demerged, the continuing company may choose one of the following possibilities: |
|
- |
(a) Warrantindehaveren
kan umiddelbart inden fusionen/spaltningen udnytte alle ikke udnyttede Warrants, der ikke er bortfaldet (inklusive Warrants der endnu
ikke er optjent), eller (b) Warrants bliver erstattet af nye aktie/aktieinstrumenter i de(t) fortsættende selskab(er)
af tilsvarende økonomisk værdi før skat. Ved spaltning kan de fortsættende selskaber selv bestemme, i hvilke(t) selskab(er)
Warrantindehaverne skal modtage de nye aktier/aktieinstrumenter. |
|
- |
(a) The
Warrantholder may exercise all non-exercised Warrants that are not declared null and void (inclusive of Warrants not yet vested)
immediately before the merger/demerger, or (b) new share instruments in the continuing company/companies of a corresponding
financial pre-tax value shall replace the Warrants. Upon demerger, the continuing companies may decide in which company/companies
the Warrantholders shall receive the new shares or share instruments. |
|
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|
5.10 |
Salg og
aktieombytning: |
|
Sale and
exchange of shares: |
|
|
|
|
|
Hvis mere end
50% af aktiekapitalen i Selskabet bliver solgt (ikke tegnet eller udstedt) eller indgår i en aktieombytning, |
|
If more than
50 per cent of the share capital in the Company is sold (not subscribed or issued) or is part of a share swap, |
|
|
|
|
|
- |
kan Warrantindehaveren
umiddelbart inden salget/aktieombytningen udnytte alle ikke-udnyttede Warrants, der ikke er bortfaldet. Såfremt det erhvervende
selskab tilbyder aktieinstrumenter i det erhvervende selskab af tilsvarende økonomisk værdi før skat kan Warrantindehaveren
vælge i stedet at modtage sådanne aktieinstrumenter. |
|
- |
the Warrantholder may exercise
all non-exercised Warrants that are not declared null and void immediately before the sale/swap of shares. In the event that the
acquiring company offers share instruments of a corresponding pre-tax value the Warrantholder may elect instead to replace the issued
Warrants with such share instrument. |
|
|
|
|
5.11 |
Fælles
bestemmelser vedrørende 5.8-5.10: |
|
Common provisions
regarding 5.8-5.10: |
|
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|
|
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Selskabet er
forpligtet til at give Warrantindehaveren skriftlig meddelelse, hvis en af de ovenfor nævnte transaktioner finder sted. Når
Warrantindehaveren har modtaget den skriftlige meddelelse, har Warrantindehaveren – i de tilfælde, hvor Warrantindehaveren
ekstraordinært kan udnytte Warrants, jf. 5.8-5.10 – 2 uger til skriftligt at informere Selskabet om, hvorvidt Warrantindehaveren
vil gøre brug af tilbuddet. Hvis Warrantindehaveren ikke har givet Selskabet skriftligt svar inden 2-uger eller undlader at
betale inden for den betalingsfrist, der er fastsat, bortfalder Warrants uden yderligere varsel og uden kompensation. Udnyttelsesprisen
kan ikke komme under aktiernes nominelle værdi. |
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If one of the
transactions mentioned above is made, the Company shall inform the Warrantholder hereof by written notice. Upon receipt of the written
notice, the Warrantholder shall – in cases where the Warrantholder may extraordinarily exercise Warrants, see 5.8-5.10 –inform
the Company in writing whether the Warrantholder will make use of the offer. If the Warrant-holder has not answered the Company in
writing within 2 weeks or fails to pay within the fixed time, Warrants shall become null and void without further notice or compensation.
The Exercise Price cannot go below the nominal value of the shares. |
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Warrantindehaverens
rettigheder i anledning af en beslutning truffet af et kompetent organ i selskabet, jf. 5.10-5.12, er betinget af, at den relevante
beslutning efterfølgende registreres i Erhvervsstyrelsen, hvis registrering er en gyldighedsbetingelse. |
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The Warrantholder’s
rights in connection with decisions made by any competent company body, see clause 5.10-5.12, shall be contingent on subsequent registration
of the relevant decision with the Danish Business Authority provided that registration is a condition of its validity. |
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6. |
Tegning
af nye aktier ved udnyttelse af warrants |
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Subscription
for new shares by exercise of warrants |
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Tegning af
nye aktier ved udnyttelse af tildelte Warrants finder sted ved, at Warrantindehaveren senest kl. 16:00 CET den sidste dag i Udnyttelsesperioden
den 15. december 2026, |
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Subscription
for new shares by exercise of issued Warrants must be made by the Warrantholder’s at the latest at 16:00 CET on 15 December 2026, |
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(i) |
giver meddelelse
til Selskabet eller Selskabets kontoførende institut herom ved indgivelse af Warrant Udnyttelsesmeddelelse udarbejdet af Selskabet
eller Selskabets kontoførende institut indeholdende angivelse af hvor mange aktier, der ønskes tegnet, og |
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(i) |
submission
to the Company or the Company’s custodian bank of a Warrant Exercise Notice made available by the Company or the Company’s
custodian bank including information about the number of shares to be subscribed, and |
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(ii) |
foretager betaling
til en af Selskabet eller Selskabets kontoførende institut angivet konto. |
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(ii) |
payment of
the Exercise Price by the Warrantholder to the Company or the Company’s custodian bank. |
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Warrant Udnyttelsesmeddelelsen
skal afgives og betaling skal ske i overensstemmelse hermed. |
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The submission
of the Warrant Exercise Notice and the payment of the Exercise Price must be made in accordance herewith. |
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Hvis den i
punkt. 6.1 angivne frist overskrides, enten således at Udnyttelsesmeddelelsen i udfyldt stand eller betalingen ikke er Selskabet
i hænde inden kl. 16 på den sidste dag i Udnyttelsesperioden, anses tegningen for ugyldig, og Warrantindehaveren kan
i denne situation ikke anses for herved at have udnyttet sine warrants for en eventuel efterfølgende Udnyttelsesperiode. |
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If the limitation
period set forth in clause 6.1 expires as a result of the Company not having received the filled -in Warrant Exercise Notice or the
payment by 16:00 of the last day of the Warrant Exercise Period, the subscription shall be deemed invalid, and in this situation
the Warrantholder shall not be considered as having exercised his/her/its Warrants for a possible subsequent Warrant Exercise Period. |
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De warrants,
som Warrantindehaveren ikke har udnyttet i den sidste dag i Udnyttelsesperioden, bortfalder uden yderligere varsel og uden kompensation.
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Warrants not
exercised by the Warrantholder prior to the last day in the Warrant Exercise Period shall become null and void without further notice
and without compensation. |
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7. |
De
nye ordinære aktiers rettigheder |
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The
rights of new ordinary shares |
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Udover de ovenfor
anførte vilkår for den til de udstedte Warrants hørende kapitalforhøjelse gælder følgende
vilkår: |
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In addition
to the terms and conditions set forth above, the increase of the share capital relating to the Warrants granted shall be subject
to the following terms and conditions: |
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De nye aktier udstedes
i aktier à DKK 1 eller multipla heraf, |
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The new shares will be
divided into shares of nominally DKK 1 or multiples hereof; |
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De nye aktier
skal give ret til udbytte i selskabet for det løbende regnskabsår, hvori aktierne tegnes, på lige fod med de eksisterende
aktier og andre rettigheder i selskabet fra og med datoen for tegningen af aktierne, |
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The new shares
will carry dividend rights for the financial year in which subscription takes place on equal terms with the existing shares as well
as other rights in the company as from the day of subscription of the shares; |
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De nye aktier skal tilhøre
samme aktieklasse, som de eksisterende aktier i selskabet, |
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The new shares shall belong
to the same share class as the existing shares in the company; |
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Kapitalforhøjelsen
sker uden fortegningsret for de eksisterende aktionærer, idet tegningen sker på baggrund af Warrants udstedt til Warrantindehaveren, |
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The capital increase shall
be made without any pre-emption rights for the existing shareholders, given that the subscription is based on Warrants issued to
the Warrantholder; |
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Der skal ikke gælde
indskrænkninger i den til de nye aktiers knyttede fortegningsret ved fremtidige kapitalforhøjelser, |
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The pre-emption rights
attached to the new shares shall not be subject to any restrictions in the event of future capital increases; |
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Fristen for tegning af
de nye aktier beregnes på baggrund af bestemmelserne ovenfor, |
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The deadline for subscription
of the new shares shall be calculated pursuant to the provisions set forth above; |
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Det fulde beløb
til tegning af det antal aktier, som ønskes tegnet, skal indbetales kontant og senest samtidig med tegningen af de pågældende
aktier, og |
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The full subscription amount
for the number of shares which are to be subscribed, shall be paid in cash no later than on the day of subscription of the shares
in question; and |
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De nye aktier skal lyde
på navn, noteres i selskabets ejerbog og være omsætningspapirer. |
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The new shares shall be
made out in the name of the holder, be recorded in the company’s register of shareholders and be negotiable instruments. |
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Selskabet afholder
omkostninger i forbindelse med udstedelsen af Warrants og senere udnyttelse heraf. Selskabets omkostninger forbundet med udstedelsen
af Warrants og den hertil hørende kapitalforhøjelse anslås til DKK 10.000. |
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The Company
shall pay all costs connected with granting of Warrants and later exercise thereof. The Company’s costs in connection with
issue of Warrants and the related capital increase are estimated to DKK 10,000. |
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8. |
SKATTEMÆSSIGE
KONUSDVENSER |
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TAX CONSEQUENCES |
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De skattemæssige
konsekvenser forbundet med Warrantindehaverens tegning eller udnyttelse af Warrants er Selskabet uvedkommende. |
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The tax implications connected
to the Warrantholder’s subscription for or exercise of Warrants shall be of no concern to the Company. |
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9. |
LOVVALG OG VÆRNETING
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LAW AND VENUE |
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Tegningen af Warrants,
vilkårene herfor og udnyttelsen, og vilkårene for senere tegning af aktier i Selskabet skal reguleres af dansk ret. |
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Acceptance of Warrants,
the terms and conditions thereto and the exercise, and terms and conditions for future subscription for shares in the Company shall
be governed by Danish law. |
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Hvis der måtte opstå
en tvist mellem Warrantindehaveren og Selskabet i relation til forståelsen eller gennemførelsen af warrantprogrammet,
skal denne søges bilagt i mindelighed ved en forhandling mellem parterne. |
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Any disagreement between
the Warrant-holder and the Company in relation to the understanding or implementation of the warrant scheme shall be settled amicably
by negotiation between the parties. |
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Hvis parterne ikke kan
opnå enighed, skal eventuelle tvister afgøres ved de almindelige danske domstole. |
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If the parties fail to
reach consensus, any disputes shall be settled by the ordinary Danish courts. |
Form of
Warrant Exercise Notice
Evaxion Biotech
A/S
E-mail: ms@msoegaard.dk
cka@evaxion-biotech.com
llj@mazanti.dk
Date:
The
undersigned warrantholder hereby gives notice to Evaxion Biotech A/S that the undersigned wishes to exercise [insert number]
warrants, issued on terms and conditions set out in Appendix 6 (“Appendix 6”) in Evaxion Biotech A/S’s articles of
association, a copy of which was filed by Evaxion Biotech A/S with the U.S. Securities and Exchange Commission on
December 2023, against cash payment of an exercise price of [insert amount corresponding to number of warrants multiplied by
the exercise price] to an account designated in writing (no later than one Trading Day (as such term is defined in Appendix 6) after
the date hereof) by Evaxion Biotech A/S.
Sincerely yours,
[insert name of
warrantholder]
Appendix 7
PREFUNDED
WARRANT TO SUBSCRIBE FOR ORDINARY SHARES
REPRESENTED BY AMERICAN DEPOSITARY SHARES
EVAXION
BIOTECH A/S
Warrant ADSs: 2,992,500 |
Initial Exercise Date: February 5, 2024 |
THIS
PREFUNDED WARRANT TO SUBSCRIBE FOR ORDINARY SHARES REPRESENTED BY AMERICAN DEPOSITARY SHARES (the “Warrant”)
certifies that, for value received, ______ or its assigns (the “Holder”) is entitled, upon the terms and subject to
the limitations on exercise and the conditions hereinafter set forth, at any time on or after the date hereof (the “Initial Exercise
Date”) until this Warrant is exercised in full (the “Termination Date”) but not thereafter, to subscribe
for and purchase from Evaxion Biotech A/S, a public limited liability company incorporated under the laws of the Kingdom of Denmark (the
“Company”), up to 29,925,000 Ordinary Shares (the “Warrant Shares”) represented by 2,992,500 ADSs
(the “Warrant ADSs”), as subject to adjustment hereunder. The subscription price of one Warrant ADS under this Warrant
shall be equal to the Exercise Price, as defined in Section 2(b).
Section 1. Definitions.
In addition to the terms defined elsewhere in this Warrant, the following terms have the meanings indicated in this Section 1:
“ADS(s)”
means American Depositary Shares issued pursuant to the Deposit Agreement, each representing ten (10) Ordinary Shares.
“Affiliate”
means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common control
with a Person, as such terms are used in and construed under Rule 405 under the Securities Act.
“Board
of Directors” means the board of directors of the Company.
“Business
Day” means any day except any Saturday, any Sunday, any day which is a federal legal or national holiday in the United States
or Denmark or any day on which banking institutions in the State of New York or Denmark are authorized or required by law to remain closed;
provided, however, for clarification, commercial banks shall not be deemed to be authorized or required by law to remain closed due to
“stay at home”, “shelter-in-place”, “non-essential employee” or any other similar orders or
restrictions or the closure of any physical branch locations at the direction of any governmental authority so long as the electronic
funds transfer systems (including for wire transfers) of commercial banks in The City of New York and Copenhagen, Denmark are generally
open for use by customers on such day or other governmental action to close.
“Commission”
means the United States Securities and Exchange Commission.
“Company
Danish Counsel” means Mazanti-Andersen, Amaliegade 10 1256 Copenhagen K, Denmark, or any successor Danish counsel to the Company.
“Deposit
Agreement” means the Deposit Agreement, dated as of February 4, 2021, among the Company, The Bank of New York Mellon as
Depositary and the owners and holders of ADSs from time to time, as such agreement may be amended or supplemented.
“Depositary”
means The Bank of New York Mellon and any successor depositary of the Company.
“Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.
“Liens”
means a lien, charge, pledge, security interest, encumbrance, right of first refusal, preemptive right or other restriction.
“Ordinary
Share(s)” means the ordinary shares of the Company, DKK 1 nominal value per share, and any other class of securities into which
such securities may hereafter be reclassified or changed.
“Person”
means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability company,
joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.
“Proceeding”
means an action, claim, suit, investigation or proceeding (including, without limitation, an informal investigation or partial proceeding,
such as a deposition), whether commenced or threatened.
“Purchase
Agreement” means the securities purchase agreement, dated as of February 1, 2024, by and between the Company and each of
the purchasers signatory thereto.
“Registration
Statement” means the Company’s registration statement on Form F-1 (File No. 333-276505).
“Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.
“Subsidiary”
means any subsidiary of the Company and shall, where applicable, also include any direct or indirect subsidiary of the Company formed
or acquired after the date hereof.
“Trading
Day” means a day on which the principal Trading Market is open for trading.
“Trading
Market” means any of the following markets or exchanges on which the Ordinary Shares and/or ADSs are listed or quoted for trading
on the date in question: the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, or the
New York Stock Exchange (or any successors to any of the foregoing).
“Transfer
Agent” means Computershare A/S, the current transfer agent of the Company, with a mailing address of Lottenborgvej 26 D, 1.,
DK-2800 Kgs. Lyngby, Denmark and company registration number (CVR) no. 27088899, and any successor transfer agent of the Company.
“VWAP”
means, for any date, the price determined by the first of the following clauses that applies: (a) if the ADSs are then listed or
quoted on a Trading Market, the daily volume weighted average price of the ADSs for such date (or the nearest preceding date) on the Trading
Market on which the ADSs are then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New York
City time) to 4:02 p.m. (New York City time)), (b) if OTCQB Venture Market (“OTCQB”) or OTCQX Best Market
(“OTCQX”) is not a Trading Market, the volume weighted average price of the ADSs for such date (or the nearest preceding
date) on OTCQB or OTCQX as applicable, (c) if the ADSs are not then listed or quoted for trading on OTCQB or OTCQX and if prices
for the ADSs are then reported in the “Pink” Open Market (“Pink Market”) operated by OTC Markets, Inc.
(or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per ADS so reported,
or (d) in all other cases, the fair market value of an ADS as determined by an independent appraiser selected in good faith by the
Holders of a majority in interest of the Warrants then outstanding and reasonably acceptable to the Company, the fees and expenses of
which shall be paid by the Company.
Section 2. Exercise.
a) Exercise
of Warrant. This Warrant may be exercised, in whole or in part, at any time or times on or after the Initial Exercise Date and on
or before the Termination Date by delivery to the Company of a duly executed PDF copy submitted by e-mail (or e-mail attachment) of the
Notice of Exercise in the form annexed hereto (the “Notice of Exercise”). On the Trading Day (based on New York City
time) on which the delivery of the Notice of Exercise occurs, the Holder shall deliver to the Company Danish Counsel the aggregate Exercise
Price for the Warrant ADSs specified in the applicable Notice of Exercise by wire transfer to the Company Danish Counsel pursuant to
the bank wire transfer instructions set forth on the Notice of Exercise attached hereto. No ink-original Notice of Exercise shall be
required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of Exercise be required. Notwithstanding
anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company until the Holder
has subscribed for all of the Warrant ADSs available hereunder and the Warrant has been exercised in full, in which case, the Holder
shall surrender this Warrant to the Company for cancellation as soon as reasonably practicable following the date on which the final
Notice of Exercise is delivered to the Company. Partial exercises of this Warrant resulting in the subscription of a portion of the total
number of Warrant ADSs available hereunder shall have the effect of reducing the outstanding number of Warrant ADSs purchasable hereunder
in an amount equal to the applicable number of Warrant ADSs subscribed. The Company shall record the number of Warrants issued to the
Holder and the number of Warrant ADSs subscribed through exercise and the date of such subscription of the Warrant ADSs. The Company
shall deliver any objection to any Notice of Exercise within one (1) Trading Day of receipt of such notice. The Holder and any assignee,
by acceptance of this Warrant, acknowledge and agree that, by reason of the provisions of this paragraph, following the subscription
for a portion of the Warrant ADSs hereunder, the number of Warrant ADSs available for subscription hereunder at any given time may be
less than the amount stated on the face hereof.
b) Exercise
Price. The aggregate exercise price of this Warrant, except for a nominal exercise price of $1.4537 per Warrant ADS, was pre-funded
to the Company on or prior to the Initial Exercise Date and, consequently, no additional consideration (other than the nominal exercise
price of $1.4537 per Warrant ADS) shall be required to be paid by the Holder to any Person to effect any exercise of this Warrant. The
Holder shall not be entitled to the return or refund of all, or any portion, of such pre-paid aggregate exercise price under any circumstance
or for any reason whatsoever. The remaining unpaid exercise price per Warrant ADS under this Warrant shall be $1.4537, subject to adjustment
hereunder (the “Exercise Price”), provided, however, that in no event shall the Exercise Price paid
by the Holder be less than the amount in US dollars (rounded to four decimal places) equal to 10 Danish Krone, at the exchange rate published
by the Danish National Bank, on the date of the Holder’s delivery of the Notice of Exercise.
c) Unavailability
of Registration Statement. Notwithstanding anything to the contrary contained herein, if there is no effective registration statement
registering, or the prospectus contained therein is not available for, the sale of all of Warrant ADSs, representing the underlying Warrant
Shares, issuable under this Warrant at any time following the Initial Exercise Date and ending on the Termination Date, the Holder shall
be permitted to exercise this Warrant by delivery of a Notice of Exercise to the Company, and, within one (1) Trading Day (based
on New York City time) following the delivery of such Notice of Exercise, deliver to the Company Danish Counsel the aggregate Exercise
Price with respect to such exercise of this Warrant. Upon delivery by the Holder of a Notice of Exercise during a Registration Failure
Period (as defined below) and the timely payment by the Holder of the aggregate Exercise Price, the Company shall be required to (1) pay
in cash to the Holder on each Trading Day during the Registration Failure Period an amount equal to 1.0% of the product of (A) the
number of Warrant ADSs subject to the exercise by the Holder pursuant to the immediately preceding sentence and (B) the VWAP of the
ADSs on the date of delivery of the Notice of Exercise to the Company, and (2) on the Trading Day immediately following the date
on which the Registration Failure Period ends, deliver all of the Warrant ADSs required to be delivered pursuant to such Notice of Exercise
by crediting the account of the Holder’s prime broker with The Depository Trust Company through DWAC (as defined below). The
Company shall pay any cash amounts owed pursuant to clause (1) of the immediately preceding sentence on each corresponding Trading
Day during the Registration Failure Period. As used herein, “Registration Failure Period” means the period (x) beginning
on the date of delivery of a Notice of Exercise at a time when there is no registration statement registering, or the prospectus contained
therein is not available for, the sale of all of the Warrant ADSs, representing the underlying Warrant Shares, issuable under this Warrant,
and (y) ending on the later of (A) the date that there is an effective registration statement registering, and the prospectus
contained therein is available for, the sale of all of the Warrant ADSs, representing the underlying Warrant Shares, issuable hereunder
and (B) the date of delivery of all of the Warrant ADSs required to be delivered pursuant to the Notice of Exercise by crediting
the account of the Holder’s prime broker with The Depository Trust Company through DWAC.
i. Delivery
of Warrant ADSs Upon Exercise. Upon the exercise of this Warrant, the Company shall enter the Warrant Shares in the name of the Holder
in the Company’s share register, deposit the Warrant Shares in connection with such exercise with the Depositary for the ADSs,
and instruct the Depositary to transmit the Warrant ADSs purchased hereunder to the Holder by crediting the account of the Holder’s
or its designee’s balance account with The Depository Trust Company through its Deposit/Withdrawal At Custodian system (“DWAC”)
if the Depositary is then a participant in such system and there is an effective registration statement permitting the issuance of the
Warrant ADSs, representing the underlying Warrant Shares, to the Holder, by the date that is the earlier of (i) two (2) Trading
Days after the delivery to the Company of the Notice of Exercise and (ii) the number of Trading Days comprising the Standard Settlement
Period after the delivery to the Company of the Notice of Exercise (such date, the “Warrant ADS Delivery Date”), provided
that the Company shall not be obligated to deliver the Warrant ADSs hereunder unless the Company Danish Counsel has received the aggregate
Exercise Price on or before the Trading Day (based on New York City time) immediately prior to the Warrant ADS Delivery Date. Upon delivery
of the Notice of Exercise, the Holder shall be deemed for all corporate purposes to have become the holder of record of the Warrant ADSs
with respect to which this Warrant has been exercised, irrespective of the date of delivery of the Warrant ADSs, provided that payment
of the aggregate Exercise Price is received by the Warrant ADS Delivery Date. If the Company fails for any reason to cause the Depositary
to deliver to the Holder the Warrant ADSs subject to a Notice of Exercise by the Warrant ADS Delivery Date, the Company shall pay to
the Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant ADSs subject to such exercise (based on the
VWAP of the ADSs on the date of the applicable Notice of Exercise), $10 per Trading Day (increasing to $20 per Trading Day on the third
Trading Day after the Warrant ADS Delivery Date) for each Trading Day after such Warrant ADS Delivery Date until such Warrant ADSs are
delivered or the Holder rescinds such exercise. The Company agrees to maintain a depositary and a transfer agent that each are a participant
in the FAST program so long as this Warrant remains outstanding and exercisable. As used herein, “Standard Settlement Period”
means the standard settlement period, expressed in a number of Trading Days, on the Company’s primary Trading Market with respect
to the ADSs as in effect on the date of delivery of the Notice of Exercise. Notwithstanding the foregoing, with respect to any Notice(s) of
Exercise delivered on or prior to 12:00 p.m. (New York City time) on the Trading Day prior to the Initial Exercise Date, which may
be delivered at any time after the time of execution of the Purchase Agreement, the Company agrees to deliver the Warrant ADSs subject
to such notice(s) by 4:00 p.m. (New York City time) on the Initial Exercise Date and the Initial Exercise Date shall be the
Warrant ADS Delivery Date for purposes hereunder, provided that payment of the aggregate Exercise Price is delivered to Company Danish
Counsel by 12:00 p.m. (New York City time) on the Trading Day prior to the Initial Exercise Date.
ii. Delivery
of New Warrants Upon Exercise. If this Warrant shall have been exercised in part, the Company shall, at the request of a Holder and
upon surrender of this Warrant certificate, at the time of delivery of the Warrant ADSs, deliver to the Holder a new Warrant certificate
evidencing the rights of the Holder to subscribe for the unsubscribed Warrant ADSs called for by this Warrant, which new Warrant shall
in all other respects be identical with this Warrant.
iii. Rescission
Rights. If the Company fails to cause the Depositary to transmit to the Holder the Warrant ADSs pursuant to Section 2(d)(i) by
the Warrant ADS Delivery Date, then the Holder will have the right to rescind such exercise prior to the delivery of such Warrant ADSs
hereunder (with the effect that the Holder’s right to acquire such Warrant ADSs pursuant to this Warrant shall be restored) and
the Company shall return to the Holder the aggregate Exercise Price paid to the Company Danish Counsel for such Warrant ADSs.
iv. Compensation
for Buy-In on Failure to Timely Deliver Warrant ADSs Upon Exercise. In addition to any other rights available to the Holder, if the
Company fails to cause the Depositary to deliver to the Holder the Warrant ADSs in accordance with the provisions of Section 2(d)(i) above
pursuant to an exercise on or before the Warrant ADS Delivery Date, and if after such date the Holder is required by its broker to purchase
(in an open market transaction or otherwise) or the Holder’s brokerage firm otherwise purchases, ADSs to deliver in satisfaction
of a sale by the Holder of the Warrant ADSs which the Holder anticipated receiving upon such exercise (a “Buy-In”),
then the Company shall (A) pay in cash to the Holder the amount, if any, by which (x) the Holder’s total purchase price
(including brokerage commissions, if any) for the ADSs so purchased exceeds (y) the amount obtained by multiplying (1) the number
of Warrant ADSs that the Company failed to deliver to the Holder in connection with the exercise at issue by (2) the price at which
the sell order giving rise to such purchase obligation was executed, and (B) at the option of the Holder, either reinstate the portion
of the Warrant in respect of the equivalent number of Warrant ADSs for which such exercise was not honored and return any amount received
by the Company Danish Counsel in respect of the Exercise Price for those Warrant ADSs (in which case such exercise shall be deemed rescinded)
or deliver to the Holder the number of Warrant ADSs that would have been issued had the Company timely complied with its exercise and
delivery obligations hereunder. For example, if the Holder purchases ADSs having a total purchase price of $11,000 to cover a Buy-In with
respect to an attempted exercise of Warrants for ADSs with an aggregate sale price giving rise to such purchase obligation of $10,000,
under clause (A) of the immediately preceding sentence the Company shall be required to pay the Holder $1,000. The Holder shall provide
the Company written notice indicating the amounts payable to the Holder in respect of the Buy-In and, upon request of the Company, evidence
of the amount of such loss. Nothing herein shall limit a Holder’s right to pursue any other remedies available to it hereunder,
at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief with respect to the Company’s
failure to timely deliver Warrant ADSs upon exercise of the Warrant as required pursuant to the terms hereof.
v. No
Fractional Ordinary Shares or Warrant ADSs. No fractional Warrant Shares or Warrant ADSs shall be issued upon the exercise of this
Warrant. As to any fraction of a Warrant ADS which the Holder would otherwise be entitled to subscribe upon such exercise, the Company
shall, at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction multiplied
by the Exercise Price or round up to the next whole ADS, provided that the fraction of an ADS shall not be rounded up to the next whole
ADS if such rounding would result in the issue price being lower than the nominal value of the Ordinary Shares.
vi. Charges,
Taxes and Expenses. Issuance of Warrant ADSs shall be made without charge to the Holder for any issue or transfer tax or other incidental
expense in respect of the issuance of such Warrant ADSs, all of which taxes and expenses shall be paid by the Company, and such Warrant
ADSs shall be issued in the name of the Holder or in such name or names as may be directed by the Holder; provided, however,
that, in the event that Warrant ADSs are to be issued in a name other than the name of the Holder, this Warrant when surrendered for exercise
shall be accompanied by the Assignment Form attached hereto duly executed by the Holder and the Company may require, as a condition
thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental thereto. The Company shall pay all Depositary
and Transfer Agent fees required for same-day processing of any Notice of Exercise and all fees to the Depository Trust Company (or another
established clearing corporation performing similar functions) required for same-day electronic issuance and delivery of the Warrant ADSs.
The Company shall pay all applicable fees and expenses of the Depositary and Transfer Agent in connection with the issuance of the Warrants
ADSs hereunder.
vii. Closing
of Books. The Company will not close its shareholder books or records in any manner which prevents the timely exercise of this Warrant,
pursuant to the terms hereof.
e) Holder’s
Exercise Limitations. The Company shall not effect any exercise of this Warrant, and a Holder shall not have the right to exercise
any portion of this Warrant, pursuant to Section 2 or otherwise, to the extent that after giving effect to such issuance after exercise
as set forth on the applicable Notice of Exercise, the Holder (together with the Holder’s Affiliates, and any other Persons acting
as a group together with the Holder or any of the Holder’s Affiliates (such Persons, “Attribution Parties”)),
would beneficially own in excess of the Beneficial Ownership Limitation (as defined below). For purposes of the foregoing sentence,
the number of Ordinary Shares beneficially owned by the Holder and its Affiliates and Attribution Parties shall include the number of
Ordinary Shares underlying such Warrant ADSs issuable upon exercise of this Warrant with respect to which such determination is being
made, but shall exclude the number of Ordinary Shares underlying Warrant ADSs which would be issuable upon (i) exercise of the remaining,
nonexercised portion of this Warrant beneficially owned by the Holder or any of its Affiliates or Attribution Parties and (ii) exercise
or conversion of the unexercised or nonconverted portion of any other securities of the Company (including, without limitation, any other
Ordinary Share Equivalents) subject to a limitation on conversion or exercise analogous to the limitation contained herein beneficially
owned by the Holder or any of its Affiliates or Attribution Parties. Except as set forth in the preceding sentence, for purposes
of this Section 2(e), beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act and
the rules and regulations promulgated thereunder, it being acknowledged by the Holder that the Company is not representing to the
Holder that such calculation is in compliance with Section 13(d) of the Exchange Act and the Holder is solely responsible for
any schedules required to be filed in accordance therewith. To the extent that the limitation contained in this Section 2(e) applies,
the determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates
and Attribution Parties) and of which portion of this Warrant is exercisable shall be in the sole discretion of the Holder, and the submission
of a Notice of Exercise shall be deemed to be the Holder’s determination of whether this Warrant is exercisable (in relation to
other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable,
in each case subject to the Beneficial Ownership Limitation, and the Company shall have no obligation to verify or confirm the accuracy
of such determination. In addition, a determination as to any group status as contemplated above shall be determined in accordance with
Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. For purposes of this Section 2(e),
in determining the number of outstanding Ordinary Shares, a Holder may rely on the number of outstanding Ordinary Shares as reflected
in (A) the Company’s most recent annual report on Form 20-F, Report on Form 6-K or other public filings filed with
the Commission, as the case may be, (B) a more recent public announcement by the Company or (C) a more recent written notice
by the Company or the Depositary or the Transfer Agent setting forth the number of Ordinary Shares outstanding. Upon the written
or oral request of a Holder, the Company shall within one (1) Trading Day confirm orally and in writing to the Holder the number
of Ordinary Shares then outstanding. In any case, the number of outstanding Ordinary Shares shall be determined after giving effect
to the conversion or exercise of securities of the Company, including this Warrant, by the Holder or its Affiliates or Attribution Parties
since the date as of which such number of outstanding Ordinary Shares was reported. The “Beneficial Ownership Limitation”
shall be 9.99% of the number of Ordinary Shares outstanding immediately after giving effect to the issuance of the Ordinary Shares issuable
upon exercise of this Warrant. The Holder, upon notice to the Company, may increase or decrease the Beneficial Ownership Limitation provisions
of this Section 2(e), provided that the Beneficial Ownership Limitation in no event exceeds 9.99% of the number of Ordinary Shares
outstanding immediately after giving effect to the issuance of Ordinary Shares upon exercise of this Warrant held by the Holder and the
provisions of this Section 2(e) shall continue to apply. Any increase in the Beneficial Ownership Limitation will not be effective
until the 61st day after such notice is delivered to the Company. The provisions of this paragraph shall be construed and implemented
in a manner otherwise than in strict conformity with the terms of this Section 2(e) to correct this paragraph (or any portion
hereof) which may be defective or inconsistent with the intended Beneficial Ownership Limitation herein contained or to make changes or
supplements necessary or desirable to properly give effect to such limitation. The limitations contained in this paragraph shall apply
to a successor holder of this Warrant.
Section 3. Certain
Adjustments.
a) Share
Dividends and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a share dividend or otherwise makes
a distribution or distributions on its ADSs or Ordinary Shares or any other equity or equity equivalent securities payable in ADSs or
Ordinary Shares (which, for avoidance of doubt, shall not include any Warrant Shares or Warrant ADSs issued by the Company upon exercise
of this Warrant), (ii) subdivides outstanding Ordinary Shares or ADSs into a larger number of Ordinary Shares or ADSs, as applicable,
(iii) combines (including by way of reverse share split) outstanding ADSs or Ordinary Shares into a smaller number of Ordinary Shares
or ADSs, as applicable, or (iv) issues by reclassification of ADSs, Ordinary Shares or any shares of capital stock of the Company,
then in each case the Exercise Price shall be multiplied by a fraction of which the numerator shall be the number of Ordinary Shares or
ADSs as applicable (excluding treasury Ordinary Shares, if any) outstanding immediately before such event and of which the denominator
shall be the number of Ordinary Shares or ADSs, as applicable, outstanding immediately after such event, and the number of ADSs issuable
upon exercise of this Warrant shall be proportionately adjusted such that the aggregate Exercise Price of this Warrant shall remain unchanged,
provided that any reduction in the nominal value of the Ordinary Shares without any dividend or distribution shall not lead to any such
adjustment and provided, further, that the Exercise Price cannot be adjusted to a price that is less than the nominal value of the Ordinary
Shares. Any adjustment made pursuant to this Section 3(a) shall become effective immediately after the record date for the determination
of shareholders entitled to receive such dividend or distribution and shall become effective immediately after the effective date in the
case of a subdivision, combination or re-classification.
b) Fundamental
Transaction. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or more related
transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company or any Subsidiary,
directly or indirectly, effects any sale, lease, exclusive license, assignment, transfer, conveyance or other disposition of all or substantially
all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange
offer (whether by the Company or another Person) is completed pursuant to which holders of Ordinary Shares (including Ordinary Shares
underlying the ADSs) are permitted to sell, tender or exchange their shares for other securities, cash or property and has been accepted
by the holders of 50% or more of the outstanding Ordinary Shares (including Ordinary Shares underlying the ADSs) or 50% or more of the
voting power of the common equity of the Company, (iv) the Company, directly or indirectly, in one or more related transactions effects
any reclassification, reorganization or recapitalization of the Ordinary Shares or any compulsory share exchange pursuant to which the
Ordinary Shares effectively converted into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly,
in one or more related transactions consummates a share purchase agreement or other business combination (including, without limitation,
a reorganization, recapitalization, spin-off, merger or scheme of arrangement) with another Person or group of Persons whereby such other
Person or group acquires 50% or more of the outstanding Ordinary Shares (including Ordinary Shares underlying the ADSs) or 50% or more
of the voting power of the common equity of the Company (each a “Fundamental Transaction”), then, upon any subsequent
exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share represented by the Warrant ADSs that would
have been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the Holder
(without regard to any limitation in Section 2(e) on the exercise of this Warrant), the number of shares of capital stock of
the successor or acquiring corporation or of the Company, if the Company is the surviving corporation, and any additional consideration
(the “Alternate Consideration”) receivable as a result of such Fundamental Transaction by a holder of the number of
Warrant Shares represented by the Warrant ADSs for which this Warrant is exercisable immediately prior to such Fundamental Transaction
(without regard to any limitation in Section 2(e) on the exercise of this Warrant). For purposes of any such exercise, the determination
of the Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration
issuable in respect of one Ordinary Share (including any Warrant Shares underlying the ADSs), in such Fundamental Transaction, and the
Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable manner reflecting the relative value of any
different components of the Alternate Consideration. If holders of Ordinary Shares are given any choice as to the securities, cash or
property to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration
it receives upon any exercise of this Warrant following such Fundamental Transaction. The Company shall cause any successor entity in
a Fundamental Transaction in which the Company is not the survivor (the “Successor Entity”) to assume in writing all
of the obligations of the Company under this Warrant in accordance with the provisions of this Section 3(b) pursuant to written
agreements in form and substance reasonably satisfactory to the Holder and approved by the Holder (without unreasonable delay) prior to
such Fundamental Transaction and shall, at the option of the Holder, deliver to the Holder in exchange for this Warrant, a security of
the Successor Entity evidenced by a written instrument substantially similar in form and substance to this Warrant which is exercisable
for a corresponding number of shares of capital stock of such Successor Entity (or its parent entity) equivalent to the Warrant Shares
underlying the Warrant ADSs acquirable and receivable upon exercise of this Warrant (without regard to any limitations on the exercise
of this Warrant) prior to such Fundamental Transaction, and with an exercise price which applies the exercise price hereunder to such
shares of capital stock (but taking into account the relative value of the Ordinary Shares underlying the Warrant ADSs pursuant to such
Fundamental Transaction and the value of such shares of capital stock, such number of shares of capital stock and such exercise price
being for the purpose of protecting the economic value of this Warrant immediately prior to the consummation of such Fundamental Transaction),
and which is reasonably satisfactory in form and substance to the Holder. Upon the occurrence of any such Fundamental Transaction, the
Successor Entity shall be added to the term “Company” under this Warrant (so that from and after the occurrence or consummation
of such Fundamental Transaction, each and every provision of this Warrant referring to the “Company” shall refer instead to
each of the Company and the Successor Entity or Successor Entities, jointly and severally), and the Successor Entity or Successor Entities,
jointly and severally with the Company, may exercise every right and power of the Company prior thereto and the Successor Entity or Successor
Entities shall assume all of the obligations of the Company prior thereto under this Warrant with the same effect as if the Company and
such Successor Entity or Successor Entities, jointly and severally, had been named as the Company herein. For the avoidance of doubt,
the Holder shall be entitled to the benefits of the provisions of this Section 3(b) regardless of (i) whether the Company
has sufficient authorized Ordinary Shares for the issuance of Warrant Shares represented by Warrant ADSs and/or (ii) whether a Fundamental
Transaction occurs prior to the Initial Exercise Date.
c) Calculations.
All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of an ADS, as the case may be. For
purposes of this Section 3, the number of Ordinary Shares deemed to be issued and outstanding as of a given date shall be the sum
of the number of Ordinary Shares (including Ordinary Shares underlying ADSs, but excluding treasury shares, if any) issued and outstanding.
d) Notice
to Holder.
i. Adjustment
to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3, the Company shall promptly
deliver to the Holder by email a notice setting forth the Exercise Price after such adjustment and any resulting adjustment to the number
of Warrant ADSs and setting forth a brief statement of the facts requiring such adjustment.
ii. Notice
to Allow Exercise by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever form) on the
Ordinary Shares or ADSs, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Ordinary Shares
or ADSs, (C) the Company shall authorize the granting to all holders of the Ordinary Shares or ADSs rights or warrants to subscribe
for or purchase any shares of capital stock of any class or of any rights, (D) the approval of any shareholders of the Company shall
be required in connection with any reclassification of the Ordinary Shares or ADSs, any consolidation or merger to which the Company is
a party, any sale or transfer of all or substantially all of the assets of the Company, or any compulsory share exchange whereby the Ordinary
Shares are converted into other securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution,
liquidation or winding up of the affairs of the Company, then, in each case, the Company shall cause to be delivered by email to the Holder
at its last email address as it shall appear upon the Warrant Register of the Company, at least 20 calendar days prior to the applicable
record or effective date hereinafter specified, a notice stating (x) the date on which a record is to be taken for the purpose of
such dividend, distribution, redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of the
Ordinary Shares or ADSs of record to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined
or (y) the date on which such reclassification, consolidation, merger, sale, transfer, share exchange or action is expected to become
effective or close, and the date as of which it is expected that holders of the Ordinary Shares (including Warrant Shares underlying Warrant
ADSs) of record shall be entitled to exchange their Ordinary Shares for securities, cash or other property deliverable upon such reclassification,
consolidation, merger, sale, transfer, share exchange or action; provided that the failure to deliver such notice or any defect therein
or in the delivery thereof shall not affect the validity of the corporate action required to be specified in such notice. To the extent
that any notice provided in this Warrant constitutes, or contains, material, non-public information regarding the Company or any of the
Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a Report on Form 6-K. The Holder
shall remain entitled to exercise this Warrant during the period commencing on the date of such notice to the effective date of the event
triggering such notice except as may otherwise be expressly set forth herein.
| e) | The Company shall take no action that would result in the Exercise Price per ADS being adjusted hereunder
to less than ten (10) Danish Krone, the nominal amount per share of the Ordinary Shares for ten (10) Ordinary Shares, as expressed
in United States dollars at the applicable exchange rate published by the Danish National Bank. |
Section 4. Transfer
of Warrant.
a) Transferability.
This Warrant and all rights hereunder are transferable, in whole or in part, upon surrender of this Warrant at the principal office of
the Company or its designated agent, together with a written assignment of this Warrant substantially in the form attached hereto duly
executed by the Holder or its agent or attorney and funds sufficient to pay any transfer taxes payable upon the making of such transfer.
Upon such surrender and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the
assignee or assignees, as applicable, and in the denomination or denominations specified in such instrument of assignment, and shall
issue to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled.
Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company
unless the Holder has assigned this Warrant in full, in which case, the Holder shall surrender this Warrant to the Company within three
(3) Trading Days of the date on which the Holder delivers an assignment form to the Company assigning this Warrant in full. The
Warrant, if properly assigned in accordance herewith, may be exercised by a new holder for the subscription for Warrant ADSs without
having a new Warrant issued.
b) New
Warrants. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of the Company,
together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by the Holder or
its agent or attorney. Subject to compliance with Section 4(a), as to any transfer which may be involved in such division or combination,
the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided or combined in accordance
with such notice. All Warrants issued on transfers or exchanges shall be dated the Initial Exercise Date and shall be identical with this
Warrant except as to the number of Warrant ADSs issuable pursuant thereto.
c) Warrant
Register. The Company shall register this Warrant, upon records to be maintained by the Company for that purpose (the “Warrant
Register”), in the name of the record Holder hereof from time to time. The Company may deem and treat the registered Holder
of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder, and for all other
purposes, absent actual notice to the contrary.
Section 5. Miscellaneous.
a) No
Rights as Shareholder Until Exercise; No Settlement in Cash. This Warrant does not entitle the Holder to any voting rights, dividends
or other rights as a shareholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i), except as expressly
set forth in Section 3. Without limiting any rights of a Holder to receive cash payments pursuant to Section 2(d)(i) and
Section 2(d)(iv) herein, in no event shall the Company be required to net cash settle an exercise of this Warrant.
b) Loss,
Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence reasonably satisfactory
to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant ADSs, and in case
of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case of the Warrant, shall not include
the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate, if mutilated, the Company will make
and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation, in lieu of such Warrant or stock certificate.
c) Saturdays,
Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right required or
granted herein shall not be a Business Day, then such action may be taken or such right may be exercised on the next succeeding Business
Day.
d) Authorized
Shares.
The Company covenants
that, during the period that the Warrant is outstanding, it shall allot a sufficient number of shares to provide for the issuance of the
Warrant ADSs and the underlying Ordinary Shares upon the exercise of any subscription rights under this Warrant. The Company further covenants
that its issuance of this Warrant shall constitute full authority to its officers who are charged with the duty of issuing the requisite
Warrant Shares for the Depositary to issue the necessary Warrant ADSs upon the exercise of the subscription rights under this Warrant.
The Company will take all such reasonable action as may be necessary to assure that such Warrant Shares and Warrant ADSs may be issued
as provided herein without violation of any applicable law or regulation, or of any requirements of the Trading Market upon which the
ADSs and/or Ordinary Shares may be listed. The Company covenants that all Warrant Shares represented by Warrant ADSs which may be issued
upon the exercise of the subscription rights represented by this Warrant will, upon exercise of the subscription rights represented by
this Warrant and payment for such Warrant ADSs in accordance herewith, be duly authorized, validly issued, fully paid and nonassessable
and free from all taxes, liens and charges created by the Company in respect of the issue thereof (other than any taxes in respect of
any transfer occurring contemporaneously with such issue).
Except and to the
extent as waived or consented to by the Holder, the Company shall not by any action, including, without limitation, amending its articles
of association or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any
other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but will at all times
in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary or appropriate to
protect the rights of Holder as set forth in this Warrant against impairment. Without limiting the generality of the foregoing, the Company
will (i) not increase the nominal value of any Warrant Shares represented by Warrant ADSs above the amount payable therefor upon
such exercise immediately prior to such increase in nominal value, (ii) take all such action as may be necessary or appropriate in
order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares represented by Warrant ADSs upon the
exercise of this Warrant and (iii) use commercially reasonable efforts to obtain all such authorizations, exemptions or consents
from any public regulatory body having jurisdiction thereof, as may be, necessary to enable the Company to perform its obligations under
this Warrant.
Before taking any
action which would result in an adjustment in the number of Warrant ADSs for which this Warrant is exercisable or in the Exercise Price,
the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary from any public regulatory
body or bodies having jurisdiction thereof.
e) Governing
Law. All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be governed by and
construed and enforced in accordance with the internal laws of the Kingdom of Denmark, without regard to the principles of conflict of
laws thereof. Each party agrees that all legal proceedings concerning the interpretation, enforcement and defense of this Warrant shall
be commenced in the state and federal courts sitting in the City of New York, Borough of Manhattan (the “New York Courts”).
Each party hereto hereby irrevocably submits to the exclusive jurisdiction of the New York Courts for the adjudication of any dispute
hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and
agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of such New York
Courts, or such New York Courts are improper or inconvenient venue for such proceeding. Each party hereto hereby irrevocably waives, to
the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating
to this Warrant. Each party hereby irrevocably waives personal service of process and consents to process being served in any such suit,
action or proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such
party at the address in effect for notices to it under this Warrant and agrees that such service shall constitute good and sufficient
service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any
other manner permitted by law. If any party shall commence an action or proceeding to enforce any provisions of this Warrant, then the
prevailing party in such action or proceeding shall be reimbursed by the other party for its attorneys’ fees and other costs and
expenses incurred in the investigation, preparation and prosecution of such action or proceeding.
f) Restrictions.
The Holder acknowledges that the Warrant Shares represented by Warrant ADSs acquired upon the exercise of this Warrant, if not registered,
will have restrictions upon resale imposed by state and federal securities laws.
g) Nonwaiver
and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall operate as
a waiver of such right or otherwise prejudice the Holder’s rights, powers or remedies. Without limiting any other provision of this
Warrant, if the Company willfully and knowingly fails to comply with any provision of this Warrant, which results in any material damages
to the Holder, the Company shall pay to the Holder such amounts as shall be sufficient to cover any costs and expenses including, but
not limited to, reasonable attorneys’ fees, including those of appellate proceedings, incurred by the Holder in collecting any amounts
due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies hereunder.
h) Notices.
Any and all notices or other communications or deliveries to be provided by the Holders hereunder including, without limitation, any Notice
of Exercise, shall be in writing and delivered personally, by email, or sent by a nationally recognized overnight courier service, addressed
to the Company, at Dr. Neergaards Vej 5f, DK-2970 Hoersholm, Denmark, Attention: Anne-Sofie Wiemann and Susanne Bech,
email addresses awi@evaxion-biotech.com and sbe@evaxion-biotech.com and investor@evaxion-biotech.com or such other
email address or address as the Company may specify for such purposes by notice to the Holders. Any and all notices or other communications
or deliveries to be provided by the Company hereunder shall be in writing and delivered personally, by email, or sent by a nationally
recognized overnight courier service addressed to each Holder at the email number or address of such Holder appearing on the books of
the Company, or if no such email number or address appears on the books of the Company, then to the most recent email, number or address
such Holder has provided to Company. Any notice or other communication or deliveries hereunder shall be deemed given and effective on
the earliest of (i) the time of transmission, if such notice or communication is delivered via email at the email address set forth
in this Section prior to 5:30 p.m. (New York City time) on any date, (ii) the next Trading Day after the time of transmission,
if such notice or communication is delivered via email at the email address set forth in this Section on a day that is not a Trading
Day or later than 5:30 p.m. (New York City time) on any Trading Day, (iii) the second Trading Day following the date of mailing,
if sent by U.S. nationally recognized overnight courier service, or (iv) upon actual receipt by the party to whom such notice is
required to be given.
i) Limitation
of Liability. No provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant to subscribe for
Warrant ADSs, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of the Holder for
the subscription price of any Warrant Shares or Warrant ADSs or as a shareholder of the Company, whether such liability is asserted by
the Company or by creditors of the Company.
j) Remedies.
The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages, will be entitled to specific
performance of its rights under this Warrant. The Company agrees that monetary damages would not be adequate compensation for any loss
incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to waive and not to assert the defense in any
action for specific performance that a remedy at law would be adequate.
k) Successors
and Assigns. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby shall inure to the
benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted assigns of Holder.
The provisions of this Warrant are intended to be for the benefit of any Holder from time to time of this Warrant and shall be enforceable
by the Holder or holder of Warrant ADSs.
l) Company
Acknowledgement; Notice of Successor Danish Counsel; Payment of Aggregate Exercise Price. The Company acknowledges and agrees that
the Holder’s payment of the aggregate Exercise Price to Company Danish Counsel in connection with any exercise hereunder shall be
deemed to be the delivery by the Holder of the aggregate Exercise Price to the Company and shall satisfy the Holder’s obligations
under this Warrant for the payment of the aggregate Exercise Price in connection with any exercise hereunder and shall require the Company
to deliver the Warrant ADSs upon such exercise to the Holder pursuant to the terms hereunder. If the Company changes its Company Danish
Counsel after the Initial Exercise Date, the Company shall promptly deliver notice of the successor Company Danish Counsel (including
the bank wire transfer instructions of such successor Company Danish Counsel) to the Holder (including, without limitation, any successor
holder of this Warrant) on Company letterhead and executed by the Chief Executive Officer or Chief Financial Officer of the Company, with
instructions in writing to pay the aggregate Exercise Price of this Warrant to such successor Company Danish Counsel. The Company acknowledges
that, if the Company Danish Counsel has received from the Holder the aggregate Exercise Price of the Warrant ADSs issuable upon exercise
of this Warrant pursuant to Section 2.2(b)(ii) of the Purchase Agreement, the Company Danish Counsel shall convert such aggregate
Exercise Price of this Warrant into Danish Krone on the Initial Exercise Date and shall hold such amount in trust for the Holder and shall
release the applicable portion of such amount to the Company to apply it in connection with exercises of this Warrant pursuant to Section 2
herein by the Holder or any subsequent assignee of this Warrant.
m) Reimbursement.
The Company shall reimburse the Holder for any fees charged to the Holder by the Depositary in connection with the issuance or holding
or sale of the Warrant ADSs.
n) Amendment.
This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company and the Holder.
o) Severability.
Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective and valid under applicable law,
but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the
extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions of this Warrant.
p) Headings.
The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a part of this Warrant.
********************
(Signature Page Follows)
IN WITNESS WHEREOF, the Company
has caused this Warrant to be executed by its officer thereunto duly authorized as of the date first above indicated.
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NOTICE OF EXERCISE
To: EVAXION
BIOTECH A/S
(1) The
undersigned hereby elects to subscribe for ________ Warrant ADSs of the Company pursuant to the terms of the attached Warrant (only if
exercised in full), and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes, if any.
(2) Payment
shall take the form of lawful money of the United States to be delivered to Company Danish Counsel (as defined in the Warrant) pursuant
to the following bank wire transfer instructions:
Bank
Name: Danske Bank
Bank
Address: Holmens Kanal 2, 1092 Copenhagen K, Denmark
Bank
Account Name: Mazanti-Andersen main client account
Bank
Account Number: 4777175572
IBAN:
DK7130004777175572
SWIFT-BIC:
DABADKKK
Reference:
Evaxion Biotech A/S
Contact
Person and Telephone Number: Lars Lüthjohan. Ph. no.: +4540283536 E-mail: LLJ@mazanti.dk
(3) Please
issue said Warrant ADSs in the name of the undersigned or in such other name as is specified below:
DTC Participant name and number: ________________________
Contact of DTC Participant: _______________________
Telephone Number of DTC Participant
Contact: _____________________
[SIGNATURE
OF HOLDER]
Name of Investing Entity: |
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Signature of Authorized Signatory of Investing Entity: |
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Name of Authorized Signatory: |
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Title of Authorized Signatory: |
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Date: |
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EXHIBIT B
ASSIGNMENT FORM
(To assign the foregoing Warrant, execute this
form and supply required information. Do not use this form to subscribe for Warrant ADSs.)
FOR VALUE RECEIVED, the foregoing Warrant and all rights evidenced
thereby are hereby assigned to
Name: |
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(Please
Print) |
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Address: |
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(Please Print)
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Phone Number: |
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Email Address: |
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Dated:
_______________ __, ______ |
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Holder’s
Signature: ________________________________________ |
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Holder’s
Address: _________________________________________ |
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Appendix 8
SERIES
A WARRANT TO SUBSCRIBE FOR ORDINARY SHARES
REPRESENTED BY AMERICAN DEPOSITARY SHARES
EVAXION
BIOTECH A/S
Warrant ADSs: 3,750,000 |
Initial Exercise Date: February 5, 2024 |
THIS
SERIES A WARRANT TO SUBSCRIBE FOR ORDINARY SHARES REPRESENTED BY AMERICAN DEPOSITARY SHARES (the “Warrant”)
certifies that, for value received, _____ or its assigns (the “Holder”) is entitled, upon the terms and subject to
the limitations on exercise and the conditions hereinafter set forth, at any time on or after the date hereof (the “Initial Exercise
Date”) and on or prior to 5:00 p.m. (New York City time) on February 5, 2029 (the “Termination Date”)
but not thereafter, to subscribe for and purchase from Evaxion Biotech A/S, a public limited liability company incorporated under the
laws of the Kingdom of Denmark (the “Company”), up to 37,500,000 Ordinary Shares (the “Warrant Shares”)
represented by 3,750,000 ADSs (the “Warrant ADSs”), as subject to adjustment hereunder. The subscription price of one
Warrant ADS under this Warrant shall be equal to the Exercise Price, as defined in Section 2(b).
Section 1. Definitions.
In addition to the terms defined elsewhere in this Warrant, the following terms have the meanings indicated in this Section 1:
“ADS(s)”
means American Depositary Shares issued pursuant to the Deposit Agreement, each representing ten (10) Ordinary Shares.
“Affiliate”
means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common control
with a Person, as such terms are used in and construed under Rule 405 under the Securities Act.
“Board
of Directors” means the board of directors of the Company.
“Business
Day” means any day except any Saturday, any Sunday, any day which is a federal legal or national holiday in the United States
or Denmark or any day on which banking institutions in the State of New York or Denmark are authorized or required by law to remain closed;
provided, however, for clarification, commercial banks shall not be deemed to be authorized or required by law to remain closed due to
“stay at home”, “shelter-in-place”, “non-essential employee” or any other similar orders or
restrictions or the closure of any physical branch locations at the direction of any governmental authority so long as the electronic
funds transfer systems (including for wire transfers) of commercial banks in The City of New York and Copenhagen, Denmark are generally
open for use by customers on such day or other governmental action to close.
“Commission”
means the United States Securities and Exchange Commission.
“Company
Danish Counsel” means Mazanti-Andersen, Amaliegade 10 1256 Copenhagen K, Denmark, or any successor Danish counsel to the Company.
“Deposit
Agreement” means the Deposit Agreement, dated as of February 4, 2021, among the Company, The Bank of New York Mellon as
Depositary and the owners and holders of ADSs from time to time, as such agreement may be amended or supplemented.
“Depositary”
means The Bank of New York Mellon and any successor depositary of the Company.
“Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.
“Liens”
means a lien, charge, pledge, security interest, encumbrance, right of first refusal, preemptive right or other restriction.
“Ordinary
Share(s)” means the ordinary shares of the Company, DKK 1 nominal value per share, and any other class of securities into which
such securities may hereafter be reclassified or changed.
“Person”
means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability company,
joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.
“Proceeding”
means an action, claim, suit, investigation or proceeding (including, without limitation, an informal investigation or partial proceeding,
such as a deposition), whether commenced or threatened.
“Purchase
Agreement” means the securities purchase agreement, dated as of February 1, 2024, by and between the Company and each of
the purchasers signatory thereto.
“Registration
Statement” means the Company’s registration statement on Form F-1 (File No. 333-276505).
“Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.
“Subsidiary”
means any subsidiary of the Company and shall, where applicable, also include any direct or indirect subsidiary of the Company formed
or acquired after the date hereof.
“Trading
Day” means a day on which the principal Trading Market is open for trading.
“Trading
Market” means any of the following markets or exchanges on which the Ordinary Shares and/or ADSs are listed or quoted for trading
on the date in question: the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, or the
New York Stock Exchange (or any successors to any of the foregoing).
“Transfer
Agent” means Computershare A/S, the current transfer agent of the Company, with a mailing address of Lottenborgvej 26 D, 1.,
DK-2800 Kgs. Lyngby, Denmark and company registration number (CVR) no. 27088899, and any successor transfer agent of the Company.
“VWAP”
means, for any date, the price determined by the first of the following clauses that applies: (a) if the ADSs are then listed or
quoted on a Trading Market, the daily volume weighted average price of the ADSs for such date (or the nearest preceding date) on the Trading
Market on which the ADSs are then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New York
City time) to 4:02 p.m. (New York City time)), (b) if OTCQB Venture Market (“OTCQB”) or OTCQX Best Market
(“OTCQX”) is not a Trading Market, the volume weighted average price of the ADSs for such date (or the nearest preceding
date) on OTCQB or OTCQX as applicable, (c) if the ADSs are not then listed or quoted for trading on OTCQB or OTCQX and if prices
for the ADSs are then reported in the “Pink” Open Market (“Pink Market”) operated by OTC Markets, Inc.
(or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per ADS so reported,
or (d) in all other cases, the fair market value of an ADS as determined by an independent appraiser selected in good faith by the
Holders of a majority in interest of the Warrants then outstanding and reasonably acceptable to the Company, the fees and expenses of
which shall be paid by the Company.
Section 2. Exercise.
a) Exercise
of Warrant. This Warrant may be exercised, in whole or in part, at any time or times on or after the Initial Exercise Date and on
or before the Termination Date by delivery to the Company of a duly executed PDF copy submitted by e-mail (or e-mail attachment) of the
Notice of Exercise in the form annexed hereto (the “Notice of Exercise”). On the Trading Day (based on New York City
time) on which the delivery of the Notice of Exercise occurs, the Holder shall deliver to the Company Danish Counsel the aggregate Exercise
Price for the Warrant ADSs specified in the applicable Notice of Exercise by wire transfer to the Company Danish Counsel pursuant to the
bank wire transfer instructions set forth on the Notice of Exercise attached hereto. No ink-original Notice of Exercise shall be required,
nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of Exercise be required. Notwithstanding
anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company until the Holder
has subscribed for all of the Warrant ADSs available hereunder and the Warrant has been exercised in full, in which case, the Holder shall
surrender this Warrant to the Company for cancellation as soon as reasonably practicable following the date on which the final Notice
of Exercise is delivered to the Company. Partial exercises of this Warrant resulting in the subscription of a portion of the total number
of Warrant ADSs available hereunder shall have the effect of reducing the outstanding number of Warrant ADSs purchasable hereunder in
an amount equal to the applicable number of Warrant ADSs subscribed. The Company shall record the number of Warrants issued to the Holder
and the number of Warrant ADSs subscribed through exercise and the date of such subscription of the Warrant ADSs. The Company shall deliver
any objection to any Notice of Exercise within one (1) Trading Day of receipt of such notice. The Holder and any assignee, by acceptance
of this Warrant, acknowledge and agree that, by reason of the provisions of this paragraph, following the subscription for a portion of
the Warrant ADSs hereunder, the number of Warrant ADSs available for subscription hereunder at any given time may be less than the amount
stated on the face hereof.
b) Exercise
Price. The exercise price per ADS under this Warrant shall be $4.00, subject to adjustment hereunder (the “Exercise
Price”).
c) Unavailability
of Registration Statement. Notwithstanding anything to the contrary contained herein, if there is no effective registration statement
registering, or the prospectus contained therein is not available for, the sale of all of Warrant ADSs, representing the underlying Warrant
Shares, issuable under this Warrant at any time following the Initial Exercise Date and ending on the Termination Date, the Holder shall
be permitted to exercise this Warrant by delivery of a Notice of Exercise to the Company, and, within one (1) Trading Day (based
on New York City time) following the delivery of such Notice of Exercise, deliver to the Company Danish Counsel the aggregate Exercise
Price with respect to such exercise of this Warrant. Upon delivery by the Holder of a Notice of Exercise during a Registration Failure
Period (as defined below) and the timely payment by the Holder of the aggregate Exercise Price, the Company shall be required to (1) pay
in cash to the Holder on each Trading Day during the Registration Failure Period an amount equal to 1.0% of the product of (A) the
number of Warrant ADSs subject to the exercise by the Holder pursuant to the immediately preceding sentence and (B) the VWAP of the
ADSs on the date of delivery of the Notice of Exercise to the Company, and (2) on the Trading Day immediately following the date
on which the Registration Failure Period ends, deliver all of the Warrant ADSs required to be delivered pursuant to such Notice of Exercise
by crediting the account of the Holder’s prime broker with The Depository Trust Company through DWAC (as defined below). The
Company shall pay any cash amounts owed pursuant to clause (1) of the immediately preceding sentence on each corresponding Trading
Day during the Registration Failure Period. As used herein, “Registration Failure Period” means the period (x) beginning
on the date of delivery of a Notice of Exercise at a time when there is no registration statement registering, or the prospectus contained
therein is not available for, the sale of all of the Warrant ADSs, representing the underlying Warrant Shares, issuable under this Warrant,
and (y) ending on the later of (A) the date that there is an effective registration statement registering, and the prospectus
contained therein is available for, the sale of all of the Warrant ADSs, representing the underlying Warrant Shares, issuable hereunder
and (B) the date of delivery of all of the Warrant ADSs required to be delivered pursuant to the Notice of Exercise by crediting
the account of the Holder’s prime broker with The Depository Trust Company through DWAC.
i. Delivery
of Warrant ADSs Upon Exercise. Upon the exercise of this Warrant, the Company shall enter the Warrant Shares in the name of the Holder
in the Company’s share register, deposit the Warrant Shares in connection with such exercise with the Depositary for the ADSs, and
instruct the Depositary to transmit the Warrant ADSs purchased hereunder to the Holder by crediting the account of the Holder’s
or its designee’s balance account with The Depository Trust Company through its Deposit/Withdrawal At Custodian system (“DWAC”)
if the Depositary is then a participant in such system and there is an effective registration statement permitting the issuance of the
Warrant ADSs, representing the underlying Warrant Shares, to the Holder, by the date that is the earlier of (i) two (2) Trading
Days after the delivery to the Company of the Notice of Exercise and (ii) the number of Trading Days comprising the Standard Settlement
Period after the delivery to the Company of the Notice of Exercise (such date, the “Warrant ADS Delivery Date”), provided
that the Company shall not be obligated to deliver the Warrant ADSs hereunder unless the Company Danish Counsel has received the aggregate
Exercise Price on or before the Trading Day (based on New York City time) immediately prior to the Warrant ADS Delivery Date. Upon delivery
of the Notice of Exercise, the Holder shall be deemed for all corporate purposes to have become the holder of record of the Warrant ADSs
with respect to which this Warrant has been exercised, irrespective of the date of delivery of the Warrant ADSs, provided that payment
of the aggregate Exercise Price is received by the Warrant ADS Delivery Date. If the Company fails for any reason to cause the Depositary
to deliver to the Holder the Warrant ADSs subject to a Notice of Exercise by the Warrant ADS Delivery Date, the Company shall pay to the
Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant ADSs subject to such exercise (based on the VWAP
of the ADSs on the date of the applicable Notice of Exercise), $10 per Trading Day (increasing to $20 per Trading Day on the third Trading
Day after the Warrant ADS Delivery Date) for each Trading Day after such Warrant ADS Delivery Date until such Warrant ADSs are delivered
or the Holder rescinds such exercise. The Company agrees to maintain a depositary and a transfer agent that each are a participant in
the FAST program so long as this Warrant remains outstanding and exercisable. As used herein, “Standard Settlement Period”
means the standard settlement period, expressed in a number of Trading Days, on the Company’s primary Trading Market with respect
to the ADSs as in effect on the date of delivery of the Notice of Exercise. Notwithstanding the foregoing, with respect to any Notice(s) of
Exercise delivered on or prior to 12:00 p.m. (New York City time) on the Trading Day prior to the Initial Exercise Date, which may
be delivered at any time after the time of execution of the Purchase Agreement, the Company agrees to deliver the Warrant ADSs subject
to such notice(s) by 4:00 p.m. (New York City time) on the Initial Exercise Date and the Initial Exercise Date shall be the
Warrant ADS Delivery Date for purposes hereunder, provided that payment of the aggregate Exercise Price is delivered to Company Danish
Counsel by 12:00 p.m. (New York City time) on the Trading Day prior to the Initial Exercise Date.
ii. Delivery
of New Warrants Upon Exercise. If this Warrant shall have been exercised in part, the Company shall, at the request of a Holder and
upon surrender of this Warrant certificate, at the time of delivery of the Warrant ADSs, deliver to the Holder a new Warrant certificate
evidencing the rights of the Holder to subscribe for the unsubscribed Warrant ADSs called for by this Warrant, which new Warrant shall
in all other respects be identical with this Warrant.
iii. Rescission
Rights. If the Company fails to cause the Depositary to transmit to the Holder the Warrant ADSs pursuant to Section 2(d)(i) by
the Warrant ADS Delivery Date, then the Holder will have the right to rescind such exercise prior to the delivery of such Warrant ADSs
hereunder (with the effect that the Holder’s right to acquire such Warrant ADSs pursuant to this Warrant shall be restored) and
the Company shall return to the Holder the aggregate Exercise Price paid to the Company Danish Counsel for such Warrant ADSs.
iv. Compensation
for Buy-In on Failure to Timely Deliver Warrant ADSs Upon Exercise. In addition to any other rights available to the Holder, if the
Company fails to cause the Depositary to deliver to the Holder the Warrant ADSs in accordance with the provisions of Section 2(d)(i) above
pursuant to an exercise on or before the Warrant ADS Delivery Date, and if after such date the Holder is required by its broker to purchase
(in an open market transaction or otherwise) or the Holder’s brokerage firm otherwise purchases, ADSs to deliver in satisfaction
of a sale by the Holder of the Warrant ADSs which the Holder anticipated receiving upon such exercise (a “Buy-In”),
then the Company shall (A) pay in cash to the Holder the amount, if any, by which (x) the Holder’s total purchase price
(including brokerage commissions, if any) for the ADSs so purchased exceeds (y) the amount obtained by multiplying (1) the number
of Warrant ADSs that the Company failed to deliver to the Holder in connection with the exercise at issue by (2) the price at which
the sell order giving rise to such purchase obligation was executed, and (B) at the option of the Holder, either reinstate the portion
of the Warrant in respect of the equivalent number of Warrant ADSs for which such exercise was not honored and return any amount received
by the Company Danish Counsel in respect of the Exercise Price for those Warrant ADSs (in which case such exercise shall be deemed rescinded)
or deliver to the Holder the number of Warrant ADSs that would have been issued had the Company timely complied with its exercise and
delivery obligations hereunder. For example, if the Holder purchases ADSs having a total purchase price of $11,000 to cover a Buy-In with
respect to an attempted exercise of Warrants for ADSs with an aggregate sale price giving rise to such purchase obligation of $10,000,
under clause (A) of the immediately preceding sentence the Company shall be required to pay the Holder $1,000. The Holder shall provide
the Company written notice indicating the amounts payable to the Holder in respect of the Buy-In and, upon request of the Company, evidence
of the amount of such loss. Nothing herein shall limit a Holder’s right to pursue any other remedies available to it hereunder,
at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief with respect to the Company’s
failure to timely deliver Warrant ADSs upon exercise of the Warrant as required pursuant to the terms hereof.
v. No
Fractional Ordinary Shares or Warrant ADSs. No fractional Warrant Shares or Warrant ADSs shall be issued upon the exercise of this
Warrant. As to any fraction of a Warrant ADS which the Holder would otherwise be entitled to subscribe upon such exercise, the Company
shall, at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction multiplied
by the Exercise Price or round up to the next whole ADS, provided that the fraction of an ADS shall not be rounded up to the next whole
ADS if such rounding would result in the issue price being lower than the nominal value of the Ordinary Shares.
vi. Charges,
Taxes and Expenses. Issuance of Warrant ADSs shall be made without charge to the Holder for any issue or transfer tax or other incidental
expense in respect of the issuance of such Warrant ADSs, all of which taxes and expenses shall be paid by the Company, and such Warrant
ADSs shall be issued in the name of the Holder or in such name or names as may be directed by the Holder; provided, however,
that, in the event that Warrant ADSs are to be issued in a name other than the name of the Holder, this Warrant when surrendered for exercise
shall be accompanied by the Assignment Form attached hereto duly executed by the Holder and the Company may require, as a condition
thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental thereto. The Company shall pay all Depositary
and Transfer Agent fees required for same-day processing of any Notice of Exercise and all fees to the Depository Trust Company (or another
established clearing corporation performing similar functions) required for same-day electronic issuance and delivery of the Warrant ADSs.
The Company shall pay all applicable fees and expenses of the Depositary and Transfer Agent in connection with the issuance of the Warrants
ADSs hereunder.
vii. Closing
of Books. The Company will not close its shareholder books or records in any manner which prevents the timely exercise of this Warrant,
pursuant to the terms hereof.
e) Holder’s
Exercise Limitations. The Company shall not effect any exercise of this Warrant, and a Holder shall not have the right to exercise
any portion of this Warrant, pursuant to Section 2 or otherwise, to the extent that after giving effect to such issuance after exercise
as set forth on the applicable Notice of Exercise, the Holder (together with the Holder’s Affiliates, and any other Persons acting
as a group together with the Holder or any of the Holder’s Affiliates (such Persons, “Attribution Parties”)),
would beneficially own in excess of the Beneficial Ownership Limitation (as defined below). For purposes of the foregoing sentence,
the number of Ordinary Shares beneficially owned by the Holder and its Affiliates and Attribution Parties shall include the number of
Ordinary Shares underlying such Warrant ADSs issuable upon exercise of this Warrant with respect to which such determination is being
made, but shall exclude the number of Ordinary Shares underlying Warrant ADSs which would be issuable upon (i) exercise of the remaining,
nonexercised portion of this Warrant beneficially owned by the Holder or any of its Affiliates or Attribution Parties and (ii) exercise
or conversion of the unexercised or nonconverted portion of any other securities of the Company (including, without limitation, any other
Ordinary Share Equivalents) subject to a limitation on conversion or exercise analogous to the limitation contained herein beneficially
owned by the Holder or any of its Affiliates or Attribution Parties. Except as set forth in the preceding sentence, for purposes
of this Section 2(e), beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act and
the rules and regulations promulgated thereunder, it being acknowledged by the Holder that the Company is not representing to the
Holder that such calculation is in compliance with Section 13(d) of the Exchange Act and the Holder is solely responsible for
any schedules required to be filed in accordance therewith. To the extent that the limitation contained in this Section 2(e) applies,
the determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates
and Attribution Parties) and of which portion of this Warrant is exercisable shall be in the sole discretion of the Holder, and the submission
of a Notice of Exercise shall be deemed to be the Holder’s determination of whether this Warrant is exercisable (in relation to
other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable,
in each case subject to the Beneficial Ownership Limitation, and the Company shall have no obligation to verify or confirm the accuracy
of such determination. In addition, a determination as to any group status as contemplated above shall be determined in accordance with
Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. For purposes of this Section 2(e),
in determining the number of outstanding Ordinary Shares, a Holder may rely on the number of outstanding Ordinary Shares as reflected
in (A) the Company’s most recent annual report on Form 20-F, Report on Form 6-K or other public filings filed with
the Commission, as the case may be, (B) a more recent public announcement by the Company or (C) a more recent written notice
by the Company or the Depositary or the Transfer Agent setting forth the number of Ordinary Shares outstanding. Upon the written
or oral request of a Holder, the Company shall within one (1) Trading Day confirm orally and in writing to the Holder the number
of Ordinary Shares then outstanding. In any case, the number of outstanding Ordinary Shares shall be determined after giving effect
to the conversion or exercise of securities of the Company, including this Warrant, by the Holder or its Affiliates or Attribution Parties
since the date as of which such number of outstanding Ordinary Shares was reported. The “Beneficial Ownership Limitation”
shall be 4.99% of the number of Ordinary Shares outstanding immediately after giving effect to the issuance of the Ordinary Shares issuable
upon exercise of this Warrant. The Holder, upon notice to the Company, may increase or decrease the Beneficial Ownership Limitation provisions
of this Section 2(e), provided that the Beneficial Ownership Limitation in no event exceeds 9.99% of the number of Ordinary Shares
outstanding immediately after giving effect to the issuance of Ordinary Shares upon exercise of this Warrant held by the Holder and the
provisions of this Section 2(e) shall continue to apply. Any increase in the Beneficial Ownership Limitation will not be effective
until the 61st day after such notice is delivered to the Company. The provisions of this paragraph shall be construed and implemented
in a manner otherwise than in strict conformity with the terms of this Section 2(e) to correct this paragraph (or any portion
hereof) which may be defective or inconsistent with the intended Beneficial Ownership Limitation herein contained or to make changes or
supplements necessary or desirable to properly give effect to such limitation. The limitations contained in this paragraph shall apply
to a successor holder of this Warrant.
Section 3. Certain
Adjustments.
a) Share
Dividends and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a share dividend or otherwise makes
a distribution or distributions on its ADSs or Ordinary Shares or any other equity or equity equivalent securities payable in ADSs or
Ordinary Shares (which, for avoidance of doubt, shall not include any Warrant Shares or Warrant ADSs issued by the Company upon exercise
of this Warrant), (ii) subdivides outstanding Ordinary Shares or ADSs into a larger number of Ordinary Shares or ADSs, as applicable,
(iii) combines (including by way of reverse share split) outstanding ADSs or Ordinary Shares into a smaller number of Ordinary Shares
or ADSs, as applicable, or (iv) issues by reclassification of ADSs, Ordinary Shares or any shares of capital stock of the Company,
then in each case the Exercise Price shall be multiplied by a fraction of which the numerator shall be the number of Ordinary Shares or
ADSs as applicable (excluding treasury Ordinary Shares, if any) outstanding immediately before such event and of which the denominator
shall be the number of Ordinary Shares or ADSs, as applicable, outstanding immediately after such event, and the number of ADSs issuable
upon exercise of this Warrant shall be proportionately adjusted such that the aggregate Exercise Price of this Warrant shall remain unchanged,
provided that any reduction in the nominal value of the Ordinary Shares without any dividend or distribution shall not lead to any such
adjustment and provided, further, that the Exercise Price cannot be adjusted to a price that is less than the nominal value of the Ordinary
Shares. Any adjustment made pursuant to this Section 3(a) shall become effective immediately after the record date for the determination
of shareholders entitled to receive such dividend or distribution and shall become effective immediately after the effective date in the
case of a subdivision, combination or re-classification.
b) Fundamental
Transaction. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or more related
transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company or any Subsidiary,
directly or indirectly, effects any sale, lease, exclusive license, assignment, transfer, conveyance or other disposition of all or substantially
all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange
offer (whether by the Company or another Person) is completed pursuant to which holders of Ordinary Shares (including Ordinary Shares
underlying the ADSs) are permitted to sell, tender or exchange their shares for other securities, cash or property and has been accepted
by the holders of 50% or more of the outstanding Ordinary Shares (including Ordinary Shares underlying the ADSs) or 50% or more of the
voting power of the common equity of the Company, (iv) the Company, directly or indirectly, in one or more related transactions effects
any reclassification, reorganization or recapitalization of the Ordinary Shares or any compulsory share exchange pursuant to which the
Ordinary Shares effectively converted into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly,
in one or more related transactions consummates a share purchase agreement or other business combination (including, without limitation,
a reorganization, recapitalization, spin-off, merger or scheme of arrangement) with another Person or group of Persons whereby such other
Person or group acquires 50% or more of the outstanding Ordinary Shares (including Ordinary Shares underlying the ADSs) or 50% or more
of the voting power of the common equity of the Company (each a “Fundamental Transaction”), then, upon any subsequent
exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share represented by the Warrant ADSs that would
have been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the Holder
(without regard to any limitation in Section 2(e) on the exercise of this Warrant), the number of shares of capital stock of
the successor or acquiring corporation or of the Company, if the Company is the surviving corporation, and any additional consideration
(the “Alternate Consideration”) receivable as a result of such Fundamental Transaction by a holder of the number of
Warrant Shares represented by the Warrant ADSs for which this Warrant is exercisable immediately prior to such Fundamental Transaction
(without regard to any limitation in Section 2(e) on the exercise of this Warrant). For purposes of any such exercise, the determination
of the Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration
issuable in respect of one Ordinary Share (including any Warrant Shares underlying the ADSs), in such Fundamental Transaction, and the
Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable manner reflecting the relative value of any
different components of the Alternate Consideration. If holders of Ordinary Shares are given any choice as to the securities, cash or
property to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration
it receives upon any exercise of this Warrant following such Fundamental Transaction. Notwithstanding anything to the contrary, in the
event of a Fundamental Transaction, the Company or any Successor Entity (as defined below) shall, at the Holder’s option, exercisable
at any time concurrently with, or within 30 days after, the consummation of the Fundamental Transaction (or, if later, the date of the
public announcement of the applicable Fundamental Transaction), purchase this Warrant from the Holder by paying to the Holder an amount
of cash equal to the Black Scholes Value (as defined below) of the remaining unexercised portion of this Warrant on the date of the consummation
of such Fundamental Transaction; provided, however, that, if the Fundamental Transaction is not within the Company's control,
including not approved by the Company's Board of Directors, the Holder shall only be entitled to receive from the Company or any Successor
Entity the same type or form of consideration (and in the same proportion), at the Black Scholes Value of the unexercised portion of this
Warrant, that is being offered and paid to the holders of Ordinary Shares (including Ordinary Shares underlying ADSs) of the Company in
connection with the Fundamental Transaction, whether that consideration be in the form of cash, shares or any combination thereof, or
whether the holders of Ordinary Shares (including Ordinary Shares underlying ADSs) are given the choice to receive from among alternative
forms of consideration in connection with the Fundamental Transaction; provided, further, that, if holders of Ordinary Shares
(including any Ordinary Shares underlying ADSs) of the Company are not offered or paid any consideration in such Fundamental Transaction,
such holders of Ordinary Shares (including any Ordinary Shares underlying ADSs) will be deemed to have received common equity of the Successor
Entity (which Successor Entity may be the Company following such Fundamental Transaction) in such Fundamental Transaction. “Black
Scholes Value” means the value of this Warrant based on the Black-Scholes Option Pricing Model obtained from the “OV”
function on Bloomberg determined as of the day of consummation of the applicable Fundamental Transaction for pricing purposes and reflecting
(A) a risk-free interest rate corresponding to the U.S. Treasury rate for a period equal to the time between the date of the public
announcement of the applicable contemplated Fundamental Transaction and the Termination Date, (B) an expected volatility equal to
the greater of 100% and the 100 day volatility obtained from the HVT function on Bloomberg (determined utilizing a 365 day annualization
factor) as of the Trading Day immediately following the public announcement of the applicable contemplated Fundamental Transaction, (C) the
underlying price per share used in such calculation shall be the greater of (i) the sum of the price per Ordinary Share being offered
in cash, if any, plus the value of any non-cash consideration, if any, being offered in such Fundamental Transaction and (ii) the
highest VWAP during the period beginning on the Trading Day immediately preceding the public announcement of the applicable contemplated
Fundamental Transaction (or the consummation of the applicable Fundamental Transaction, if earlier) and ending on the Trading Day of the
Holder’s request pursuant to this Section 3(b), (D) a remaining option time equal to the time between the date of the
public announcement of the applicable contemplated Fundamental Transaction and the Termination Date and (E) a zero cost of borrow.
The payment of the Black Scholes Value will be made by wire transfer of immediately available funds (or such other consideration) within
the later of (i) five Business Days of the Holder’s election and (ii) the date of consummation of the Fundamental Transaction.
The Company shall cause any successor entity in a Fundamental Transaction in which the Company is not the survivor (the “Successor
Entity”) to assume in writing all of the obligations of the Company under this Warrant in accordance with the provisions of
this Section 3(b) pursuant to written agreements in form and substance reasonably satisfactory to the Holder and approved by
the Holder (without unreasonable delay) prior to such Fundamental Transaction and shall, at the option of the Holder, deliver to the Holder
in exchange for this Warrant, a security of the Successor Entity evidenced by a written instrument substantially similar in form and substance
to this Warrant which is exercisable for a corresponding number of shares of capital stock of such Successor Entity (or its parent entity)
equivalent to the Warrant Shares underlying the Warrant ADSs acquirable and receivable upon exercise of this Warrant (without regard to
any limitations on the exercise of this Warrant) prior to such Fundamental Transaction, and with an exercise price which applies the exercise
price hereunder to such shares of capital stock (but taking into account the relative value of the Ordinary Shares underlying the Warrant
ADSs pursuant to such Fundamental Transaction and the value of such shares of capital stock, such number of shares of capital stock and
such exercise price being for the purpose of protecting the economic value of this Warrant immediately prior to the consummation of such
Fundamental Transaction), and which is reasonably satisfactory in form and substance to the Holder. Upon the occurrence of any such Fundamental
Transaction, the Successor Entity shall be added to the term “Company” under this Warrant (so that from and after the occurrence
or consummation of such Fundamental Transaction, each and every provision of this Warrant referring to the “Company” shall
refer instead to each of the Company and the Successor Entity or Successor Entities, jointly and severally), and the Successor Entity
or Successor Entities, jointly and severally with the Company, may exercise every right and power of the Company prior thereto and the
Successor Entity or Successor Entities shall assume all of the obligations of the Company prior thereto under this Warrant with the same
effect as if the Company and such Successor Entity or Successor Entities, jointly and severally, had been named as the Company herein.
For the avoidance of doubt, the Holder shall be entitled to the benefits of the provisions of this Section 3(b) regardless of
(i) whether the Company has sufficient authorized Ordinary Shares for the issuance of Warrant Shares represented by Warrant ADSs
and/or (ii) whether a Fundamental Transaction occurs prior to the Initial Exercise Date.
c) Calculations.
All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of an ADS, as the case may be. For
purposes of this Section 3, the number of Ordinary Shares deemed to be issued and outstanding as of a given date shall be the sum
of the number of Ordinary Shares (including Ordinary Shares underlying ADSs, but excluding treasury shares, if any) issued and outstanding.
d) Notice
to Holder.
i. Adjustment
to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3, the Company shall promptly
deliver to the Holder by email a notice setting forth the Exercise Price after such adjustment and any resulting adjustment to the number
of Warrant ADSs and setting forth a brief statement of the facts requiring such adjustment.
ii. Notice
to Allow Exercise by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever form) on the
Ordinary Shares or ADSs, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Ordinary Shares
or ADSs, (C) the Company shall authorize the granting to all holders of the Ordinary Shares or ADSs rights or warrants to subscribe
for or purchase any shares of capital stock of any class or of any rights, (D) the approval of any shareholders of the Company shall
be required in connection with any reclassification of the Ordinary Shares or ADSs, any consolidation or merger to which the Company is
a party, any sale or transfer of all or substantially all of the assets of the Company, or any compulsory share exchange whereby the Ordinary
Shares are converted into other securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution,
liquidation or winding up of the affairs of the Company, then, in each case, the Company shall cause to be delivered by email to the Holder
at its last email address as it shall appear upon the Warrant Register of the Company, at least 20 calendar days prior to the applicable
record or effective date hereinafter specified, a notice stating (x) the date on which a record is to be taken for the purpose of
such dividend, distribution, redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of the
Ordinary Shares or ADSs of record to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined
or (y) the date on which such reclassification, consolidation, merger, sale, transfer, share exchange or action is expected to become
effective or close, and the date as of which it is expected that holders of the Ordinary Shares (including Warrant Shares underlying Warrant
ADSs) of record shall be entitled to exchange their Ordinary Shares for securities, cash or other property deliverable upon such reclassification,
consolidation, merger, sale, transfer, share exchange or action; provided that the failure to deliver such notice or any defect therein
or in the delivery thereof shall not affect the validity of the corporate action required to be specified in such notice. To the extent
that any notice provided in this Warrant constitutes, or contains, material, non-public information regarding the Company or any of the
Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a Report on Form 6-K. The Holder
shall remain entitled to exercise this Warrant during the period commencing on the date of such notice to the effective date of the event
triggering such notice except as may otherwise be expressly set forth herein.
| e) | Voluntary Adjustment By Company. Subject to the rules and regulations of the Trading Market,
the Company may at any time during the term of this Warrant reduce the then current Exercise Price to any amount and for any period of
time deemed appropriate by the board of directors of the Company. |
| f) | The Company shall take no action that would result in the Exercise Price per ADS being adjusted hereunder
to less than ten (10) Danish Krone, the nominal amount per share of the Ordinary Shares for ten (10) Ordinary Shares, as expressed
in United States dollars at the applicable exchange rate published by the Danish National Bank. |
Section 4. Transfer
of Warrant.
a) Transferability.
This Warrant and all rights hereunder are transferable, in whole or in part, upon surrender of this Warrant at the principal office of
the Company or its designated agent, together with a written assignment of this Warrant substantially in the form attached hereto duly
executed by the Holder or its agent or attorney and funds sufficient to pay any transfer taxes payable upon the making of such transfer.
Upon such surrender and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the
assignee or assignees, as applicable, and in the denomination or denominations specified in such instrument of assignment, and shall
issue to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled.
Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company
unless the Holder has assigned this Warrant in full, in which case, the Holder shall surrender this Warrant to the Company within three
(3) Trading Days of the date on which the Holder delivers an assignment form to the Company assigning this Warrant in full. The
Warrant, if properly assigned in accordance herewith, may be exercised by a new holder for the subscription for Warrant ADSs without
having a new Warrant issued.
b) New
Warrants. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of the Company,
together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by the Holder or
its agent or attorney. Subject to compliance with Section 4(a), as to any transfer which may be involved in such division or combination,
the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided or combined in accordance
with such notice. All Warrants issued on transfers or exchanges shall be dated the Initial Exercise Date and shall be identical with this
Warrant except as to the number of Warrant ADSs issuable pursuant thereto.
c) Warrant
Register. The Company shall register this Warrant, upon records to be maintained by the Company for that purpose (the “Warrant
Register”), in the name of the record Holder hereof from time to time. The Company may deem and treat the registered Holder
of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder, and for all other
purposes, absent actual notice to the contrary.
Section 5. Miscellaneous.
a) No
Rights as Shareholder Until Exercise; No Settlement in Cash. This Warrant does not entitle the Holder to any voting rights, dividends
or other rights as a shareholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i), except as expressly
set forth in Section 3. Without limiting any rights of a Holder to receive cash payments pursuant to Section 2(d)(i) and
Section 2(d)(iv) herein, in no event shall the Company be required to net cash settle an exercise of this Warrant.
b) Loss,
Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence reasonably satisfactory
to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant ADSs, and in case
of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case of the Warrant, shall not include
the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate, if mutilated, the Company will make
and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation, in lieu of such Warrant or stock certificate.
c) Saturdays,
Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right required or
granted herein shall not be a Business Day, then such action may be taken or such right may be exercised on the next succeeding Business
Day.
d) Authorized
Shares.
The Company covenants
that, during the period that the Warrant is outstanding, it shall allot a sufficient number of shares to provide for the issuance of the
Warrant ADSs and the underlying Ordinary Shares upon the exercise of any subscription rights under this Warrant. The Company further covenants
that its issuance of this Warrant shall constitute full authority to its officers who are charged with the duty of issuing the requisite
Warrant Shares for the Depositary to issue the necessary Warrant ADSs upon the exercise of the subscription rights under this Warrant.
The Company will take all such reasonable action as may be necessary to assure that such Warrant Shares and Warrant ADSs may be issued
as provided herein without violation of any applicable law or regulation, or of any requirements of the Trading Market upon which the
ADSs and/or Ordinary Shares may be listed. The Company covenants that all Warrant Shares represented by Warrant ADSs which may be issued
upon the exercise of the subscription rights represented by this Warrant will, upon exercise of the subscription rights represented by
this Warrant and payment for such Warrant ADSs in accordance herewith, be duly authorized, validly issued, fully paid and nonassessable
and free from all taxes, liens and charges created by the Company in respect of the issue thereof (other than any taxes in respect of
any transfer occurring contemporaneously with such issue).
Except and to the
extent as waived or consented to by the Holder, the Company shall not by any action, including, without limitation, amending its articles
of association or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any
other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but will at all times
in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary or appropriate to
protect the rights of Holder as set forth in this Warrant against impairment. Without limiting the generality of the foregoing, the Company
will (i) not increase the nominal value of any Warrant Shares represented by Warrant ADSs above the amount payable therefor upon
such exercise immediately prior to such increase in nominal value, (ii) take all such action as may be necessary or appropriate in
order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares represented by Warrant ADSs upon the
exercise of this Warrant and (iii) use commercially reasonable efforts to obtain all such authorizations, exemptions or consents
from any public regulatory body having jurisdiction thereof, as may be, necessary to enable the Company to perform its obligations under
this Warrant.
Before taking any
action which would result in an adjustment in the number of Warrant ADSs for which this Warrant is exercisable or in the Exercise Price,
the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary from any public regulatory
body or bodies having jurisdiction thereof.
e) Governing
Law. All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be governed by and
construed and enforced in accordance with the internal laws of the Kingdom of Denmark, without regard to the principles of conflict of
laws thereof. Each party agrees that all legal proceedings concerning the interpretation, enforcement and defense of this Warrant shall
be commenced in the state and federal courts sitting in the City of New York, Borough of Manhattan (the “New York Courts”).
Each party hereto hereby irrevocably submits to the exclusive jurisdiction of the New York Courts for the adjudication of any dispute
hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and
agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of such New York
Courts, or such New York Courts are improper or inconvenient venue for such proceeding. Each party hereto hereby irrevocably waives, to
the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating
to this Warrant. Each party hereby irrevocably waives personal service of process and consents to process being served in any such suit,
action or proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such
party at the address in effect for notices to it under this Warrant and agrees that such service shall constitute good and sufficient
service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any
other manner permitted by law. If any party shall commence an action or proceeding to enforce any provisions of this Warrant, then the
prevailing party in such action or proceeding shall be reimbursed by the other party for its attorneys’ fees and other costs and
expenses incurred in the investigation, preparation and prosecution of such action or proceeding.
f) Restrictions.
The Holder acknowledges that the Warrant Shares represented by Warrant ADSs acquired upon the exercise of this Warrant, if not registered,
will have restrictions upon resale imposed by state and federal securities laws.
g) Nonwaiver
and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall operate as
a waiver of such right or otherwise prejudice the Holder’s rights, powers or remedies. Without limiting any other provision of this
Warrant, if the Company willfully and knowingly fails to comply with any provision of this Warrant, which results in any material damages
to the Holder, the Company shall pay to the Holder such amounts as shall be sufficient to cover any costs and expenses including, but
not limited to, reasonable attorneys’ fees, including those of appellate proceedings, incurred by the Holder in collecting any amounts
due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies hereunder.
h) Notices.
Any and all notices or other communications or deliveries to be provided by the Holders hereunder including, without limitation, any Notice
of Exercise, shall be in writing and delivered personally, by email, or sent by a nationally recognized overnight courier service, addressed
to the Company, at Dr. Neergaards Vej 5f, DK-2970 Hoersholm, Denmark, Attention: Anne-Sofie Wiemann and Susanne Bech,
email addresses awi@evaxion-biotech.com and sbe@evaxion-biotech.com and investor@evaxion-biotech.com or such other
email address or address as the Company may specify for such purposes by notice to the Holders. Any and all notices or other communications
or deliveries to be provided by the Company hereunder shall be in writing and delivered personally, by email, or sent by a nationally
recognized overnight courier service addressed to each Holder at the email, number or address of such Holder appearing on the books of
the Company, or if no such email, number or address appears on the books of the Company, then to the most recent email, number or address
such Holder has provided to Company. Any notice or other communication or deliveries hereunder shall be deemed given and effective on
the earliest of (i) the time of transmission, if such notice or communication is delivered via email at the email address set forth
in this Section prior to 5:30 p.m. (New York City time) on any date, (ii) the next Trading Day after the time of transmission,
if such notice or communication is delivered via email at the email address set forth in this Section on a day that is not a Trading
Day or later than 5:30 p.m. (New York City time) on any Trading Day, (iii) the second Trading Day following the date of mailing,
if sent by U.S. nationally recognized overnight courier service, or (iv) upon actual receipt by the party to whom such notice is
required to be given.
i) Limitation
of Liability. No provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant to subscribe for
Warrant ADSs, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of the Holder for
the subscription price of any Warrant Shares or Warrant ADSs or as a shareholder of the Company, whether such liability is asserted by
the Company or by creditors of the Company.
j) Remedies.
The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages, will be entitled to specific
performance of its rights under this Warrant. The Company agrees that monetary damages would not be adequate compensation for any loss
incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to waive and not to assert the defense in any
action for specific performance that a remedy at law would be adequate.
k) Successors
and Assigns. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby shall inure to the
benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted assigns of Holder.
The provisions of this Warrant are intended to be for the benefit of any Holder from time to time of this Warrant and shall be enforceable
by the Holder or holder of Warrant ADSs.
l) Company
Acknowledgement; Notice of Successor Danish Counsel. The Company acknowledges and agrees that the Holder’s payment of the aggregate
Exercise Price to Company Danish Counsel in connection with any exercise hereunder shall be deemed to be the delivery by the Holder of
the aggregate Exercise Price to the Company and shall satisfy the Holder’s obligations under this Warrant for the payment of the
aggregate Exercise Price in connection with any exercise hereunder and shall require the Company to deliver the Warrant ADSs upon such
exercise to the Holder pursuant to the terms hereunder. If the Company changes its Company Danish Counsel after the Initial Exercise Date,
the Company shall promptly deliver notice of the successor Company Danish Counsel ((including the bank wire transfer instructions of such
successor Company Danish Counsel) to the Holder (including, without limitation, any successor holder of this Warrant) on Company letterhead
and executed by the Chief Executive Officer or Chief Financial Officer of the Company, with instructions in writing to pay the aggregate
Exercise Price of this Warrant to such successor Company Danish Counsel.
m) Reimbursement.
The Company shall reimburse the Holder for any fees charged to the Holder by the Depositary in connection with the issuance or holding
or sale of the Warrant ADSs.
n) Amendment.
This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company and the Holder.
o) Severability.
Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective and valid under applicable law,
but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the
extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions of this Warrant.
p) Headings.
The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a part of this Warrant.
********************
(Signature Page Follows)
IN WITNESS WHEREOF, the Company
has caused this Warrant to be executed by its officer thereunto duly authorized as of the date first above indicated.
|
EVAXION
BIOTECH A/S |
|
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By: |
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|
Name: |
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Title: |
NOTICE OF EXERCISE
To: EVAXION
BIOTECH A/S
(1) The
undersigned hereby elects to subscribe for ________ Warrant ADSs of the Company pursuant to the terms of the attached Warrant (only if
exercised in full), and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes, if any.
(2) Payment
shall take the form of lawful money of the United States to be delivered to Company Danish Counsel (as defined in the Warrant) pursuant
to the following bank wire transfer instructions:
Bank
Name: Danske Bank
Bank
Address: Holmens Kanal 2, 1092 Copenhagen K, Denmark
Bank
Account Name: Mazanti-Andersen main client account
Bank
Account Number: 4777175572
IBAN:
DK7130004777175572
SWIFT-BIC:
DABADKKK
Reference:
Evaxion Biotech A/S
Contact
Person and Telephone Number: Lars Lüthjohan. Ph. no.: +4540283536 E-mail: LLJ@mazanti.dk
(3) Please
issue said Warrant ADSs in the name of the undersigned or in such other name as is specified below:
DTC Participant name and number: ________________________
Contact of DTC Participant: _______________________
Telephone Number of DTC Participant
Contact: _____________________
[SIGNATURE
OF HOLDER]
Name of Investing Entity: |
|
Signature of Authorized Signatory of Investing Entity: |
|
Name of Authorized Signatory: |
|
Title of Authorized Signatory: |
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Date: |
|
EXHIBIT B
ASSIGNMENT FORM
(To assign the foregoing Warrant, execute this
form and supply required information. Do not use this form to subscribe for Warrant ADSs.)
FOR VALUE RECEIVED, the foregoing Warrant and all rights evidenced
thereby are hereby assigned to
Name: |
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(Please
Print) |
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Address: |
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(Please Print)
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Phone Number: |
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Email Address: |
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Dated:
_______________ __, ______ |
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Holder’s
Signature: ________________________________________ |
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Holder’s
Address: _________________________________________ |
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Appendix 9
PLACEMENT
AGENT WARRANT TO SUBSCRIBE FOR ORDINARY SHARES
REPRESENTED BY AMERICAN DEPOSITARY SHARES
EVAXION
BIOTECH A/S
Warrant ADSs: ______ |
Initial Exercise Date: February 5, 2024 |
THIS
PLACEMENT AGENT WARRANT TO SUBSCRIBE FOR ORDINARY SHARES REPRESENTED BY AMERICAN DEPOSITARY SHARES (the “Warrant”)
certifies that, for value received, ______ or its assigns (the “Holder”) is entitled, upon the terms and subject to
the limitations on exercise and the conditions hereinafter set forth, at any time on or after the date hereof (the “Initial Exercise
Date”) and on or prior to 5:00 p.m. (New York City time) on February 1, 2029 (the “Termination Date”)
but not thereafter, to subscribe for and purchase from Evaxion Biotech A/S, a public limited liability company incorporated under the
laws of the Kingdom of Denmark (the “Company”), up to ______ Ordinary Shares (the “Warrant Shares”)
represented by _______ ADSs (the “Warrant ADSs”), as subject to adjustment hereunder. The subscription price of one
Warrant ADS under this Warrant shall be equal to the Exercise Price, as defined in Section 2(b). This Warant is being issued pursuant
to that certain Engagement Agreement, dated as of September 27, 2023, as amended, by and between the Company and ______.
Section 1. Definitions.
In addition to the terms defined elsewhere in this Warrant, the following terms have the meanings indicated in this Section 1:
“ADS(s)”
means American Depositary Shares issued pursuant to the Deposit Agreement, each representing ten (10) Ordinary Shares.
“Affiliate”
means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common control
with a Person, as such terms are used in and construed under Rule 405 under the Securities Act.
“Board
of Directors” means the board of directors of the Company.
“Business
Day” means any day except any Saturday, any Sunday, any day which is a federal legal or national holiday in the United States
or Denmark or any day on which banking institutions in the State of New York or Denmark are authorized or required by law to remain closed;
provided, however, for clarification, commercial banks shall not be deemed to be authorized or required by law to remain closed due to
“stay at home”, “shelter-in-place”, “non-essential employee” or any other similar orders or
restrictions or the closure of any physical branch locations at the direction of any governmental authority so long as the electronic
funds transfer systems (including for wire transfers) of commercial banks in The City of New York and Copenhagen, Denmark are generally
open for use by customers on such day or other governmental action to close.
“Commission”
means the United States Securities and Exchange Commission.
“Company
Danish Counsel” means Mazanti-Andersen, Amaliegade 10 1256 Copenhagen K, Denmark, or any successor Danish counsel to the Company.
“Deposit
Agreement” means the Deposit Agreement, dated as of February 4, 2021, among the Company, The Bank of New York Mellon as
Depositary and the owners and holders of ADSs from time to time, as such agreement may be amended or supplemented.
“Depositary”
means The Bank of New York Mellon and any successor depositary of the Company.
“Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.
“Liens”
means a lien, charge, pledge, security interest, encumbrance, right of first refusal, preemptive right or other restriction.
“Ordinary
Share(s)” means the ordinary shares of the Company, DKK 1 nominal value per share, and any other class of securities into which
such securities may hereafter be reclassified or changed.
“Person”
means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability company,
joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.
“Proceeding”
means an action, claim, suit, investigation or proceeding (including, without limitation, an informal investigation or partial proceeding,
such as a deposition), whether commenced or threatened.
“Purchase
Agreement” means the securities purchase agreement, dated as of February 1, 2024, by and between the Company and each of
the purchasers signatory thereto.
“Registration
Statement” means the Company’s registration statement on Form F-1 (File No. 333-276505).
“Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.
“Subsidiary”
means any subsidiary of the Company and shall, where applicable, also include any direct or indirect subsidiary of the Company formed
or acquired after the date hereof.
“Trading
Day” means a day on which the principal Trading Market is open for trading.
“Trading
Market” means any of the following markets or exchanges on which the Ordinary Shares and/or ADSs are listed or quoted for trading
on the date in question: the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, or the
New York Stock Exchange (or any successors to any of the foregoing).
“Transfer
Agent” means Computershare A/S, the current transfer agent of the Company, with a mailing address of Lottenborgvej 26 D, 1.,
DK-2800 Kgs. Lyngby, Denmark and company registration number (CVR) no. 27088899, and any successor transfer agent of the Company.
“VWAP”
means, for any date, the price determined by the first of the following clauses that applies: (a) if the ADSs are then listed or
quoted on a Trading Market, the daily volume weighted average price of the ADSs for such date (or the nearest preceding date) on the Trading
Market on which the ADSs are then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New York
City time) to 4:02 p.m. (New York City time)), (b) if OTCQB Venture Market (“OTCQB”) or OTCQX Best Market
(“OTCQX”) is not a Trading Market, the volume weighted average price of the ADSs for such date (or the nearest preceding
date) on OTCQB or OTCQX as applicable, (c) if the ADSs are not then listed or quoted for trading on OTCQB or OTCQX and if prices
for the ADSs are then reported in the “Pink” Open Market (“Pink Market”) operated by OTC Markets, Inc.
(or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per ADS so reported,
or (d) in all other cases, the fair market value of an ADS as determined by an independent appraiser selected in good faith by the
Holders of a majority in interest of the Warrants then outstanding and reasonably acceptable to the Company, the fees and expenses of
which shall be paid by the Company.
Section 2. Exercise.
a) Exercise
of Warrant. This Warrant may be exercised, in whole or in part, at any time or times on or after the Initial Exercise Date and on
or before the Termination Date by delivery to the Company of a duly executed PDF copy submitted by e-mail (or e-mail attachment) of the
Notice of Exercise in the form annexed hereto (the “Notice of Exercise”). On the Trading Day (based on New York City
time) on which the delivery of the Notice of Exercise occurs, the Holder shall deliver to the Company Danish Counsel the aggregate Exercise
Price for the Warrant ADSs specified in the applicable Notice of Exercise by wire transfer to the Company Danish Counsel pursuant to the
bank wire transfer instructions set forth on the Notice of Exercise attached hereto. No ink-original Notice of Exercise shall be required,
nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of Exercise be required. Notwithstanding
anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company until the Holder
has subscribed for all of the Warrant ADSs available hereunder and the Warrant has been exercised in full, in which case, the Holder shall
surrender this Warrant to the Company for cancellation as soon as reasonably practicable following the date on which the final Notice
of Exercise is delivered to the Company. Partial exercises of this Warrant resulting in the subscription of a portion of the total number
of Warrant ADSs available hereunder shall have the effect of reducing the outstanding number of Warrant ADSs purchasable hereunder in
an amount equal to the applicable number of Warrant ADSs subscribed. The Company shall record the number of Warrants issued to the Holder
and the number of Warrant ADSs subscribed through exercise and the date of such subscription of the Warrant ADSs. The Company shall deliver
any objection to any Notice of Exercise within one (1) Trading Day of receipt of such notice. The Holder and any assignee, by acceptance
of this Warrant, acknowledge and agree that, by reason of the provisions of this paragraph, following the subscription for a portion of
the Warrant ADSs hereunder, the number of Warrant ADSs available for subscription hereunder at any given time may be less than the amount
stated on the face hereof.
b) Exercise
Price. The exercise price per ADS under this Warrant shall be $5.40, subject to adjustment hereunder (the “Exercise
Price”).
c) Unavailability
of Registration Statement. Notwithstanding anything to the contrary contained herein, if there is no effective registration statement
registering, or the prospectus contained therein is not available for, the sale of all of Warrant ADSs, representing the underlying Warrant
Shares, issuable under this Warrant at any time following the Initial Exercise Date and ending on the Termination Date, the Holder shall
be permitted to exercise this Warrant by delivery of a Notice of Exercise to the Company, and, within one (1) Trading Day (based
on New York City time) following the delivery of such Notice of Exercise, deliver to the Company Danish Counsel the aggregate Exercise
Price with respect to such exercise of this Warrant. Upon delivery by the Holder of a Notice of Exercise during a Registration Failure
Period (as defined below) and the timely payment by the Holder of the aggregate Exercise Price, the Company shall be required to (1) pay
in cash to the Holder on each Trading Day during the Registration Failure Period an amount equal to 1.0% of the product of (A) the
number of Warrant ADSs subject to the exercise by the Holder pursuant to the immediately preceding sentence and (B) the VWAP of the
ADSs on the date of delivery of the Notice of Exercise to the Company, and (2) on the Trading Day immediately following the date
on which the Registration Failure Period ends, deliver all of the Warrant ADSs required to be delivered pursuant to such Notice of Exercise
by crediting the account of the Holder’s prime broker with The Depository Trust Company through DWAC (as defined below). The
Company shall pay any cash amounts owed pursuant to clause (1) of the immediately preceding sentence on each corresponding Trading
Day during the Registration Failure Period. As used herein, “Registration Failure Period” means the period (x) beginning
on the date of delivery of a Notice of Exercise at a time when there is no registration statement registering, or the prospectus contained
therein is not available for, the sale of all of the Warrant ADSs, representing the underlying Warrant Shares, issuable under this Warrant,
and (y) ending on the later of (A) the date that there is an effective registration statement registering, and the prospectus
contained therein is available for, the sale of all of the Warrant ADSs, representing the underlying Warrant Shares, issuable hereunder
and (B) the date of delivery of all of the Warrant ADSs required to be delivered pursuant to the Notice of Exercise by crediting
the account of the Holder’s prime broker with The Depository Trust Company through DWAC.
| i. | Delivery of Warrant ADSs Upon Exercise.
Upon the exercise of this Warrant, the Company shall enter the Warrant Shares in the name of the Holder in the Company’s share register,
deposit the Warrant Shares in connection with such exercise with the Depositary for the ADSs, and instruct the Depositary to transmit
the Warrant ADSs purchased hereunder to the Holder by crediting the account of the Holder’s or its designee’s balance account
with The Depository Trust Company through its Deposit/Withdrawal At Custodian system (“DWAC”) if the Depositary is
then a participant in such system and there is an effective registration statement permitting the issuance of the Warrant ADSs, representing
the underlying Warrant Shares, to the Holder, by the date that is the earlier of (i) two (2) Trading Days after the delivery
to the Company of the Notice of Exercise and (ii) the number of Trading Days comprising the Standard Settlement Period after the
delivery to the Company of the Notice of Exercise (such date, the “Warrant ADS Delivery Date”), provided that the Company
shall not be obligated to deliver the Warrant ADSs hereunder unless the Company Danish Counsel has received the aggregate Exercise Price
on or before the Trading Day (based on New York City time) immediately prior to the Warrant ADS Delivery Date. Upon delivery of the Notice
of Exercise, the Holder shall be deemed for all corporate purposes to have become the holder of record of the Warrant ADSs with respect
to which this Warrant has been exercised, irrespective of the date of delivery of the Warrant ADSs, provided that payment of the aggregate
Exercise Price is received by the Warrant ADS Delivery Date. If the Company fails for any reason to cause the Depositary to deliver to
the Holder the Warrant ADSs subject to a Notice of Exercise by the Warrant ADS Delivery Date, the Company shall pay to the Holder, in
cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant ADSs subject to such exercise (based on the VWAP of the ADSs
on the date of the applicable Notice of Exercise), $10 per Trading Day (increasing to $20 per Trading Day on the third Trading Day after
the Warrant ADS Delivery Date) for each Trading Day after such Warrant ADS Delivery Date until such Warrant ADSs are delivered or the
Holder rescinds such exercise. The Company agrees to maintain a depositary and a transfer agent that each are a participant in the FAST
program so long as this Warrant remains outstanding and exercisable. As used herein, “Standard Settlement Period” means
the standard settlement period, expressed in a number of Trading Days, on the Company’s primary Trading Market with respect to the
ADSs as in effect on the date of delivery of the Notice of Exercise. Notwithstanding the foregoing, with respect to any Notice(s) of
Exercise delivered on or prior to 12:00 p.m. (New York City time) on the Trading Day prior to the Initial Exercise Date, which may
be delivered at any time after the time of execution of the Purchase Agreement, the Company agrees to deliver the Warrant ADSs subject
to such notice(s) by 4:00 p.m. (New York City time) on the Initial Exercise Date and the Initial Exercise Date shall be the
Warrant ADS Delivery Date for purposes hereunder, provided that payment of the aggregate Exercise Price is delivered to Company Danish
Counsel by 12:00 p.m. (New York City time) on the Trading Day prior to the Initial Exercise Date. |
| ii. | Delivery of New Warrants Upon Exercise. If this Warrant shall have been exercised in part, the
Company shall, at the request of a Holder and upon surrender of this Warrant certificate, at the time of delivery of the Warrant ADSs,
deliver to the Holder a new Warrant certificate evidencing the rights of the Holder to subscribe for the unsubscribed Warrant ADSs called
for by this Warrant, which new Warrant shall in all other respects be identical with this Warrant. |
| iii. | Rescission Rights. If the Company fails to cause the Depositary to transmit to the Holder the Warrant
ADSs pursuant to Section 2(d)(i) by the Warrant ADS Delivery Date, then the Holder will have the right to rescind such
exercise prior to the delivery of such Warrant ADSs hereunder (with the effect that the Holder’s right to acquire such Warrant ADSs
pursuant to this Warrant shall be restored) and the Company shall return to the Holder the aggregate Exercise Price paid to the Company
Danish Counsel for such Warrant ADSs. |
| iv. | Compensation for Buy-In on Failure to Timely Deliver Warrant ADSs Upon Exercise. In addition to
any other rights available to the Holder, if the Company fails to cause the Depositary to deliver to the Holder the Warrant ADSs in accordance
with the provisions of Section 2(d)(i) above pursuant to an exercise on or before the Warrant ADS Delivery Date, and if after
such date the Holder is required by its broker to purchase (in an open market transaction or otherwise) or the Holder’s brokerage
firm otherwise purchases, ADSs to deliver in satisfaction of a sale by the Holder of the Warrant ADSs which the Holder anticipated receiving
upon such exercise (a “Buy-In”), then the Company shall (A) pay in cash to the Holder the amount, if any, by which
(x) the Holder’s total purchase price (including brokerage commissions, if any) for the ADSs so purchased exceeds (y) the
amount obtained by multiplying (1) the number of Warrant ADSs that the Company failed to deliver to the Holder in connection with
the exercise at issue by (2) the price at which the sell order giving rise to such purchase obligation was executed, and (B) at
the option of the Holder, either reinstate the portion of the Warrant in respect of the equivalent number of Warrant ADSs for which such
exercise was not honored and return any amount received by the Company Danish Counsel in respect of the Exercise Price for those Warrant
ADSs (in which case such exercise shall be deemed rescinded) or deliver to the Holder the number of Warrant ADSs that would have been
issued had the Company timely complied with its exercise and delivery obligations hereunder. For example, if the Holder purchases ADSs
having a total purchase price of $11,000 to cover a Buy-In with respect to an attempted exercise of Warrants for ADSs with an aggregate
sale price giving rise to such purchase obligation of $10,000, under clause (A) of the immediately preceding sentence the Company
shall be required to pay the Holder $1,000. The Holder shall provide the Company written notice indicating the amounts payable to the
Holder in respect of the Buy-In and, upon request of the Company, evidence of the amount of such loss. Nothing herein shall limit a Holder’s
right to pursue any other remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific
performance and/or injunctive relief with respect to the Company’s failure to timely deliver Warrant ADSs upon exercise of the Warrant
as required pursuant to the terms hereof. |
| v. | No Fractional Ordinary Shares or Warrant ADSs. No fractional Warrant Shares or Warrant ADSs shall
be issued upon the exercise of this Warrant. As to any fraction of a Warrant ADS which the Holder would otherwise be entitled to subscribe
upon such exercise, the Company shall, at its election, either pay a cash adjustment in respect of such final fraction in an amount equal
to such fraction multiplied by the Exercise Price or round up to the next whole ADS, provided that the fraction of an ADS shall not be
rounded up to the next whole ADS if such rounding would result in the issue price being lower than the nominal value of the Ordinary Shares. |
| vi. | Charges, Taxes and Expenses. Issuance of Warrant ADSs shall be made without charge to the Holder
for any issue or transfer tax or other incidental expense in respect of the issuance of such Warrant ADSs, all of which taxes and expenses
shall be paid by the Company, and such Warrant ADSs shall be issued in the name of the Holder or in such name or names as may be directed
by the Holder; provided, however, that, in the event that Warrant ADSs are to be issued in a name other than the name of
the Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto duly executed
by the Holder and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer tax
incidental thereto. The Company shall pay all Depositary and Transfer Agent fees required for same-day processing of any Notice of Exercise
and all fees to the Depository Trust Company (or another established clearing corporation performing similar functions) required for same-day
electronic issuance and delivery of the Warrant ADSs. The Company shall pay all applicable fees and expenses of the Depositary and Transfer
Agent in connection with the issuance of the Warrants ADSs hereunder. |
| vii. | Closing of Books. The Company will not close its shareholder books or records in any manner
which prevents the timely exercise of this Warrant, pursuant to the terms hereof. |
e) Holder’s
Exercise Limitations. The Company shall not effect any exercise of this Warrant, and a Holder shall not have the right to exercise
any portion of this Warrant, pursuant to Section 2 or otherwise, to the extent that after giving effect to such issuance after exercise
as set forth on the applicable Notice of Exercise, the Holder (together with the Holder’s Affiliates, and any other Persons acting
as a group together with the Holder or any of the Holder’s Affiliates (such Persons, “Attribution Parties”)),
would beneficially own in excess of the Beneficial Ownership Limitation (as defined below). For purposes of the foregoing sentence,
the number of Ordinary Shares beneficially owned by the Holder and its Affiliates and Attribution Parties shall include the number of
Ordinary Shares underlying such Warrant ADSs issuable upon exercise of this Warrant with respect to which such determination is being
made, but shall exclude the number of Ordinary Shares underlying Warrant ADSs which would be issuable upon (i) exercise of the remaining,
nonexercised portion of this Warrant beneficially owned by the Holder or any of its Affiliates or Attribution Parties and (ii) exercise
or conversion of the unexercised or nonconverted portion of any other securities of the Company (including, without limitation, any other
Ordinary Share Equivalents) subject to a limitation on conversion or exercise analogous to the limitation contained herein beneficially
owned by the Holder or any of its Affiliates or Attribution Parties. Except as set forth in the preceding sentence, for purposes
of this Section 2(e), beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act and
the rules and regulations promulgated thereunder, it being acknowledged by the Holder that the Company is not representing to the
Holder that such calculation is in compliance with Section 13(d) of the Exchange Act and the Holder is solely responsible for
any schedules required to be filed in accordance therewith. To the extent that the limitation contained in this Section 2(e) applies,
the determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates
and Attribution Parties) and of which portion of this Warrant is exercisable shall be in the sole discretion of the Holder, and the submission
of a Notice of Exercise shall be deemed to be the Holder’s determination of whether this Warrant is exercisable (in relation to
other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable,
in each case subject to the Beneficial Ownership Limitation, and the Company shall have no obligation to verify or confirm the accuracy
of such determination. In addition, a determination as to any group status as contemplated above shall be determined in accordance with
Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. For purposes of this Section 2(e),
in determining the number of outstanding Ordinary Shares, a Holder may rely on the number of outstanding Ordinary Shares as reflected
in (A) the Company’s most recent annual report on Form 20-F, Report on Form 6-K or other public filings filed with
the Commission, as the case may be, (B) a more recent public announcement by the Company or (C) a more recent written notice
by the Company or the Depositary or the Transfer Agent setting forth the number of Ordinary Shares outstanding. Upon the written
or oral request of a Holder, the Company shall within one (1) Trading Day confirm orally and in writing to the Holder the number
of Ordinary Shares then outstanding. In any case, the number of outstanding Ordinary Shares shall be determined after giving effect
to the conversion or exercise of securities of the Company, including this Warrant, by the Holder or its Affiliates or Attribution Parties
since the date as of which such number of outstanding Ordinary Shares was reported. The “Beneficial Ownership Limitation”
shall be 4.99% (or, upon election by a Holder prior to the issuance of any Warrants, 9.99%) of the number of Ordinary Shares outstanding
immediately after giving effect to the issuance of the Ordinary Shares issuable upon exercise of this Warrant. The Holder, upon notice
to the Company, may increase or decrease the Beneficial Ownership Limitation provisions of this Section 2(e), provided that the Beneficial
Ownership Limitation in no event exceeds 9.99% of the number of Ordinary Shares outstanding immediately after giving effect to the issuance
of Ordinary Shares upon exercise of this Warrant held by the Holder and the provisions of this Section 2(e) shall continue to
apply. Any increase in the Beneficial Ownership Limitation will not be effective until the 61st day after such notice is delivered
to the Company. The provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with
the terms of this Section 2(e) to correct this paragraph (or any portion hereof) which may be defective or inconsistent with
the intended Beneficial Ownership Limitation herein contained or to make changes or supplements necessary or desirable to properly give
effect to such limitation. The limitations contained in this paragraph shall apply to a successor holder of this Warrant.
Section 3. Certain
Adjustments.
a) Share
Dividends and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a share dividend or otherwise makes
a distribution or distributions on its ADSs or Ordinary Shares or any other equity or equity equivalent securities payable in ADSs or
Ordinary Shares (which, for avoidance of doubt, shall not include any Warrant Shares or Warrant ADSs issued by the Company upon exercise
of this Warrant), (ii) subdivides outstanding Ordinary Shares or ADSs into a larger number of Ordinary Shares or ADSs, as applicable,
(iii) combines (including by way of reverse share split) outstanding ADSs or Ordinary Shares into a smaller number of Ordinary Shares
or ADSs, as applicable, or (iv) issues by reclassification of ADSs, Ordinary Shares or any shares of capital stock of the Company,
then in each case the Exercise Price shall be multiplied by a fraction of which the numerator shall be the number of Ordinary Shares or
ADSs as applicable (excluding treasury Ordinary Shares, if any) outstanding immediately before such event and of which the denominator
shall be the number of Ordinary Shares or ADSs, as applicable, outstanding immediately after such event, and the number of ADSs issuable
upon exercise of this Warrant shall be proportionately adjusted such that the aggregate Exercise Price of this Warrant shall remain unchanged,
provided that any reduction in the nominal value of the Ordinary Shares without any dividend or distribution shall not lead to any such
adjustment and provided, further, that the Exercise Price cannot be adjusted to a price that is less than the nominal value of the Ordinary
Shares. Any adjustment made pursuant to this Section 3(a) shall become effective immediately after the record date for the determination
of shareholders entitled to receive such dividend or distribution and shall become effective immediately after the effective date in the
case of a subdivision, combination or re-classification.
b) Fundamental
Transaction. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or more related
transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company or any Subsidiary,
directly or indirectly, effects any sale, lease, exclusive license, assignment, transfer, conveyance or other disposition of all or substantially
all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange
offer (whether by the Company or another Person) is completed pursuant to which holders of Ordinary Shares (including Ordinary Shares
underlying the ADSs) are permitted to sell, tender or exchange their shares for other securities, cash or property and has been accepted
by the holders of 50% or more of the outstanding Ordinary Shares (including Ordinary Shares underlying the ADSs) or 50% or more of the
voting power of the common equity of the Company, (iv) the Company, directly or indirectly, in one or more related transactions effects
any reclassification, reorganization or recapitalization of the Ordinary Shares or any compulsory share exchange pursuant to which the
Ordinary Shares effectively converted into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly,
in one or more related transactions consummates a share purchase agreement or other business combination (including, without limitation,
a reorganization, recapitalization, spin-off, merger or scheme of arrangement) with another Person or group of Persons whereby such other
Person or group acquires 50% or more of the outstanding Ordinary Shares (including Ordinary Shares underlying the ADSs) or 50% or more
of the voting power of the common equity of the Company (each a “Fundamental Transaction”), then, upon any subsequent
exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share represented by the Warrant ADSs that would
have been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the Holder
(without regard to any limitation in Section 2(e) on the exercise of this Warrant), the number of shares of capital stock of
the successor or acquiring corporation or of the Company, if the Company is the surviving corporation, and any additional consideration
(the “Alternate Consideration”) receivable as a result of such Fundamental Transaction by a holder of the number of
Warrant Shares represented by the Warrant ADSs for which this Warrant is exercisable immediately prior to such Fundamental Transaction
(without regard to any limitation in Section 2(e) on the exercise of this Warrant). For purposes of any such exercise, the determination
of the Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration
issuable in respect of one Ordinary Share (including any Warrant Shares underlying the ADSs), in such Fundamental Transaction, and the
Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable manner reflecting the relative value of any
different components of the Alternate Consideration. If holders of Ordinary Shares are given any choice as to the securities, cash or
property to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration
it receives upon any exercise of this Warrant following such Fundamental Transaction. Notwithstanding anything to the contrary, in the
event of a Fundamental Transaction, the Company or any Successor Entity (as defined below) shall, at the Holder’s option, exercisable
at any time concurrently with, or within 30 days after, the consummation of the Fundamental Transaction (or, if later, the date of the
public announcement of the applicable Fundamental Transaction), purchase this Warrant from the Holder by paying to the Holder an amount
of cash equal to the Black Scholes Value (as defined below) of the remaining unexercised portion of this Warrant on the date of the consummation
of such Fundamental Transaction; provided, however, that, if the Fundamental Transaction is not within the Company's control,
including not approved by the Company's Board of Directors, the Holder shall only be entitled to receive from the Company or any Successor
Entity the same type or form of consideration (and in the same proportion), at the Black Scholes Value of the unexercised portion of this
Warrant, that is being offered and paid to the holders of Ordinary Shares (including Ordinary Shares underlying ADSs) of the Company in
connection with the Fundamental Transaction, whether that consideration be in the form of cash, shares or any combination thereof, or
whether the holders of Ordinary Shares (including Ordinary Shares underlying ADSs) are given the choice to receive from among alternative
forms of consideration in connection with the Fundamental Transaction; provided, further, that, if holders of Ordinary Shares
(including any Ordinary Shares underlying ADSs) of the Company are not offered or paid any consideration in such Fundamental Transaction,
such holders of Ordinary Shares (including any Ordinary Shares underlying ADSs) will be deemed to have received common equity of the Successor
Entity (which Successor Entity may be the Company following such Fundamental Transaction) in such Fundamental Transaction. “Black
Scholes Value” means the value of this Warrant based on the Black-Scholes Option Pricing Model obtained from the “OV”
function on Bloomberg determined as of the day of consummation of the applicable Fundamental Transaction for pricing purposes and reflecting
(A) a risk-free interest rate corresponding to the U.S. Treasury rate for a period equal to the time between the date of the public
announcement of the applicable contemplated Fundamental Transaction and the Termination Date, (B) an expected volatility equal to
the greater of 100% and the 100 day volatility obtained from the HVT function on Bloomberg (determined utilizing a 365 day annualization
factor) as of the Trading Day immediately following the public announcement of the applicable contemplated Fundamental Transaction, (C) the
underlying price per share used in such calculation shall be the greater of (i) the sum of the price per Ordinary Share being offered
in cash, if any, plus the value of any non-cash consideration, if any, being offered in such Fundamental Transaction and (ii) the
highest VWAP during the period beginning on the Trading Day immediately preceding the public announcement of the applicable contemplated
Fundamental Transaction (or the consummation of the applicable Fundamental Transaction, if earlier) and ending on the Trading Day of the
Holder’s request pursuant to this Section 3(b), (D) a remaining option time equal to the time between the date of the
public announcement of the applicable contemplated Fundamental Transaction and the Termination Date and (E) a zero cost of borrow.
The payment of the Black Scholes Value will be made by wire transfer of immediately available funds (or such other consideration) within
the later of (i) five Business Days of the Holder’s election and (ii) the date of consummation of the Fundamental Transaction.
The Company shall cause any successor entity in a Fundamental Transaction in which the Company is not the survivor (the “Successor
Entity”) to assume in writing all of the obligations of the Company under this Warrant in accordance with the provisions of
this Section 3(b) pursuant to written agreements in form and substance reasonably satisfactory to the Holder and approved by
the Holder (without unreasonable delay) prior to such Fundamental Transaction and shall, at the option of the Holder, deliver to the Holder
in exchange for this Warrant, a security of the Successor Entity evidenced by a written instrument substantially similar in form and substance
to this Warrant which is exercisable for a corresponding number of shares of capital stock of such Successor Entity (or its parent entity)
equivalent to the Warrant Shares underlying the Warrant ADSs acquirable and receivable upon exercise of this Warrant (without regard to
any limitations on the exercise of this Warrant) prior to such Fundamental Transaction, and with an exercise price which applies the exercise
price hereunder to such shares of capital stock (but taking into account the relative value of the Ordinary Shares underlying the Warrant
ADSs pursuant to such Fundamental Transaction and the value of such shares of capital stock, such number of shares of capital stock and
such exercise price being for the purpose of protecting the economic value of this Warrant immediately prior to the consummation of such
Fundamental Transaction), and which is reasonably satisfactory in form and substance to the Holder. Upon the occurrence of any such Fundamental
Transaction, the Successor Entity shall be added to the term “Company” under this Warrant (so that from and after the occurrence
or consummation of such Fundamental Transaction, each and every provision of this Warrant referring to the “Company” shall
refer instead to each of the Company and the Successor Entity or Successor Entities, jointly and severally), and the Successor Entity
or Successor Entities, jointly and severally with the Company, may exercise every right and power of the Company prior thereto and the
Successor Entity or Successor Entities shall assume all of the obligations of the Company prior thereto under this Warrant with the same
effect as if the Company and such Successor Entity or Successor Entities, jointly and severally, had been named as the Company herein.
For the avoidance of doubt, the Holder shall be entitled to the benefits of the provisions of this Section 3(b) regardless of
(i) whether the Company has sufficient authorized Ordinary Shares for the issuance of Warrant Shares represented by Warrant ADSs
and/or (ii) whether a Fundamental Transaction occurs prior to the Initial Exercise Date.
c) Calculations.
All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of an ADS, as the case may be. For
purposes of this Section 3, the number of Ordinary Shares deemed to be issued and outstanding as of a given date shall be the sum
of the number of Ordinary Shares (including Ordinary Shares underlying ADSs, but excluding treasury shares, if any) issued and outstanding.
d) Notice
to Holder.
i. Adjustment
to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3, the Company shall promptly
deliver to the Holder by email a notice setting forth the Exercise Price after such adjustment and any resulting adjustment to the number
of Warrant ADSs and setting forth a brief statement of the facts requiring such adjustment.
ii. Notice
to Allow Exercise by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever form) on the
Ordinary Shares or ADSs, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Ordinary Shares
or ADSs, (C) the Company shall authorize the granting to all holders of the Ordinary Shares or ADSs rights or warrants to subscribe
for or purchase any shares of capital stock of any class or of any rights, (D) the approval of any shareholders of the Company shall
be required in connection with any reclassification of the Ordinary Shares or ADSs, any consolidation or merger to which the Company is
a party, any sale or transfer of all or substantially all of the assets of the Company, or any compulsory share exchange whereby the Ordinary
Shares are converted into other securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution,
liquidation or winding up of the affairs of the Company, then, in each case, the Company shall cause to be delivered by email to the Holder
at its last email address as it shall appear upon the Warrant Register of the Company, at least 20 calendar days prior to the applicable
record or effective date hereinafter specified, a notice stating (x) the date on which a record is to be taken for the purpose of
such dividend, distribution, redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of the
Ordinary Shares or ADSs of record to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined
or (y) the date on which such reclassification, consolidation, merger, sale, transfer, share exchange or action is expected to become
effective or close, and the date as of which it is expected that holders of the Ordinary Shares (including Warrant Shares underlying Warrant
ADSs) of record shall be entitled to exchange their Ordinary Shares for securities, cash or other property deliverable upon such reclassification,
consolidation, merger, sale, transfer, share exchange or action; provided that the failure to deliver such notice or any defect therein
or in the delivery thereof shall not affect the validity of the corporate action required to be specified in such notice. To the extent
that any notice provided in this Warrant constitutes, or contains, material, non-public information regarding the Company or any of the
Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a Report on Form 6-K. The Holder
shall remain entitled to exercise this Warrant during the period commencing on the date of such notice to the effective date of the event
triggering such notice except as may otherwise be expressly set forth herein.
| e) | Voluntary Adjustment By Company. Subject to the rules and regulations of the Trading Market,
the Company may at any time during the term of this Warrant reduce the then current Exercise Price to any amount and for any period of
time deemed appropriate by the board of directors of the Company. |
| f) | The Company shall take no action that would result in the Exercise Price per ADS being adjusted hereunder
to less than ten (10) Danish Krone, the nominal amount per share of the Ordinary Shares for ten (10) Ordinary Shares, as expressed
in United States dollars at the applicable exchange rate published by the Danish National Bank. |
Section 4. Transfer
of Warrant.
a) Transferability.
This Warrant and all rights hereunder are transferable, in whole or in part, upon surrender of this Warrant at the principal office of
the Company or its designated agent, together with a written assignment of this Warrant substantially in the form attached hereto duly
executed by the Holder or its agent or attorney and funds sufficient to pay any transfer taxes payable upon the making of such transfer.
Upon such surrender and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the
assignee or assignees, as applicable, and in the denomination or denominations specified in such instrument of assignment, and shall issue
to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled. Notwithstanding
anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company unless the Holder
has assigned this Warrant in full, in which case, the Holder shall surrender this Warrant to the Company within three (3) Trading
Days of the date on which the Holder delivers an assignment form to the Company assigning this Warrant in full. The Warrant, if
properly assigned in accordance herewith, may be exercised by a new holder for the subscription for Warrant ADSs without having a new
Warrant issued.
b) New
Warrants. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of the Company,
together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by the Holder or
its agent or attorney. Subject to compliance with Section 4(a), as to any transfer which may be involved in such division or combination,
the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided or combined in accordance
with such notice. All Warrants issued on transfers or exchanges shall be dated the Initial Exercise Date and shall be identical with this
Warrant except as to the number of Warrant ADSs issuable pursuant thereto.
c) Warrant
Register. The Company shall register this Warrant, upon records to be maintained by the Company for that purpose (the “Warrant
Register”), in the name of the record Holder hereof from time to time. The Company may deem and treat the registered Holder
of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder, and for all other
purposes, absent actual notice to the contrary.
Section 5. Miscellaneous.
a) No
Rights as Shareholder Until Exercise; No Settlement in Cash. This Warrant does not entitle the Holder to any voting rights, dividends
or other rights as a shareholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i), except as expressly
set forth in Section 3. Without limiting any rights of a Holder to receive cash payments pursuant to Section 2(d)(i) and
Section 2(d)(iv) herein, in no event shall the Company be required to net cash settle an exercise of this Warrant.
b) Loss,
Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence reasonably satisfactory
to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant ADSs, and in case
of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case of the Warrant, shall not include
the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate, if mutilated, the Company will make
and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation, in lieu of such Warrant or stock certificate.
c) Saturdays,
Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right required or
granted herein shall not be a Business Day, then such action may be taken or such right may be exercised on the next succeeding Business
Day.
d) Authorized
Shares.
The Company covenants
that, during the period that the Warrant is outstanding, it shall allot a sufficient number of shares to provide for the issuance of the
Warrant ADSs and the underlying Ordinary Shares upon the exercise of any subscription rights under this Warrant. The Company further covenants
that its issuance of this Warrant shall constitute full authority to its officers who are charged with the duty of issuing the requisite
Warrant Shares for the Depositary to issue the necessary Warrant ADSs upon the exercise of the subscription rights under this Warrant.
The Company will take all such reasonable action as may be necessary to assure that such Warrant Shares and Warrant ADSs may be issued
as provided herein without violation of any applicable law or regulation, or of any requirements of the Trading Market upon which the
ADSs and/or Ordinary Shares may be listed. The Company covenants that all Warrant Shares represented by Warrant ADSs which may be issued
upon the exercise of the subscription rights represented by this Warrant will, upon exercise of the subscription rights represented by
this Warrant and payment for such Warrant ADSs in accordance herewith, be duly authorized, validly issued, fully paid and nonassessable
and free from all taxes, liens and charges created by the Company in respect of the issue thereof (other than any taxes in respect of
any transfer occurring contemporaneously with such issue).
Except and to the
extent as waived or consented to by the Holder, the Company shall not by any action, including, without limitation, amending its articles
of association or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any
other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but will at all times
in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary or appropriate to
protect the rights of Holder as set forth in this Warrant against impairment. Without limiting the generality of the foregoing, the Company
will (i) not increase the nominal value of any Warrant Shares represented by Warrant ADSs above the amount payable therefor upon
such exercise immediately prior to such increase in nominal value, (ii) take all such action as may be necessary or appropriate in
order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares represented by Warrant ADSs upon the
exercise of this Warrant and (iii) use commercially reasonable efforts to obtain all such authorizations, exemptions or consents
from any public regulatory body having jurisdiction thereof, as may be, necessary to enable the Company to perform its obligations under
this Warrant.
Before taking any
action which would result in an adjustment in the number of Warrant ADSs for which this Warrant is exercisable or in the Exercise Price,
the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary from any public regulatory
body or bodies having jurisdiction thereof.
e) Governing
Law. All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be governed by and
construed and enforced in accordance with the internal laws of the Kingdom of Denmark, without regard to the principles of conflict of
laws thereof. Each party agrees that all legal proceedings concerning the interpretation, enforcement and defense of this Warrant shall
be commenced in the state and federal courts sitting in the City of New York, Borough of Manhattan (the “New York Courts”).
Each party hereto hereby irrevocably submits to the exclusive jurisdiction of the New York Courts for the adjudication of any dispute
hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and
agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of such New York
Courts, or such New York Courts are improper or inconvenient venue for such proceeding. Each party hereto hereby irrevocably waives, to
the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating
to this Warrant. Each party hereby irrevocably waives personal service of process and consents to process being served in any such suit,
action or proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such
party at the address in effect for notices to it under this Warrant and agrees that such service shall constitute good and sufficient
service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any
other manner permitted by law. If any party shall commence an action or proceeding to enforce any provisions of this Warrant, then the
prevailing party in such action or proceeding shall be reimbursed by the other party for its attorneys’ fees and other costs and
expenses incurred in the investigation, preparation and prosecution of such action or proceeding.
f) Restrictions.
The Holder acknowledges that the Warrant Shares represented by Warrant ADSs acquired upon the exercise of this Warrant, if not registered,
will have restrictions upon resale imposed by state and federal securities laws.
g) Nonwaiver
and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall operate as
a waiver of such right or otherwise prejudice the Holder’s rights, powers or remedies. Without limiting any other provision of this
Warrant, if the Company willfully and knowingly fails to comply with any provision of this Warrant, which results in any material damages
to the Holder, the Company shall pay to the Holder such amounts as shall be sufficient to cover any costs and expenses including, but
not limited to, reasonable attorneys’ fees, including those of appellate proceedings, incurred by the Holder in collecting any amounts
due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies hereunder.
h) Notices.
Any and all notices or other communications or deliveries to be provided by the Holders hereunder including, without limitation, any Notice
of Exercise, shall be in writing and delivered personally, by email, or sent by a nationally recognized overnight courier service, addressed
to the Company, at Dr. Neergaards Vej 5f, DK-2970 Hoersholm, Denmark, Attention: Anne-Sofie Wiemann and Susanne Bech,
email addresses awi@evaxion-biotech.com and sbe@evaxion-biotech.com and investor@evaxion-biotech.com or such other
email address or address as the Company may specify for such purposes by notice to the Holders. Any and all notices or other communications
or deliveries to be provided by the Company hereunder shall be in writing and delivered personally, by email, or sent by a nationally
recognized overnight courier service addressed to each Holder at the email, number or address of such Holder appearing on the books of
the Company, or if no such email, number or address appears on the books of the Company, then to the most recent email, number or address
such Holder has provided to Company. Any notice or other communication or deliveries hereunder shall be deemed given and effective on
the earliest of (i) the time of transmission, if such notice or communication is delivered via email at the email address set forth
in this Section prior to 5:30 p.m. (New York City time) on any date, (ii) the next Trading Day after the time of transmission,
if such notice or communication is delivered via email at the email address set forth in this Section on a day that is not a Trading
Day or later than 5:30 p.m. (New York City time) on any Trading Day, (iii) the second Trading Day following the date of mailing,
if sent by U.S. nationally recognized overnight courier service, or (iv) upon actual receipt by the party to whom such notice is
required to be given.
i) Limitation
of Liability. No provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant to subscribe for
Warrant ADSs, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of the Holder for
the subscription price of any Warrant Shares or Warrant ADSs or as a shareholder of the Company, whether such liability is asserted by
the Company or by creditors of the Company.
j) Remedies.
The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages, will be entitled to specific
performance of its rights under this Warrant. The Company agrees that monetary damages would not be adequate compensation for any loss
incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to waive and not to assert the defense in any
action for specific performance that a remedy at law would be adequate.
k) Successors
and Assigns. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby shall inure to the
benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted assigns of Holder.
The provisions of this Warrant are intended to be for the benefit of any Holder from time to time of this Warrant and shall be enforceable
by the Holder or holder of Warrant ADSs.
l) Company
Acknowledgement; Notice of Successor Danish Counsel. The Company acknowledges and agrees that the Holder’s payment of the aggregate
Exercise Price to Company Danish Counsel in connection with any exercise hereunder shall be deemed to be the delivery by the Holder of
the aggregate Exercise Price to the Company and shall satisfy the Holder’s obligations under this Warrant for the payment of the
aggregate Exercise Price in connection with any exercise hereunder and shall require the Company to deliver the Warrant ADSs upon such
exercise to the Holder pursuant to the terms hereunder. If the Company changes its Company Danish Counsel after the Initial Exercise Date,
the Company shall promptly deliver notice of the successor Company Danish Counsel ((including the bank wire transfer instructions of such
successor Company Danish Counsel) to the Holder (including, without limitation, any successor holder of this Warrant) on Company letterhead
and executed by the Chief Executive Officer or Chief Financial Officer of the Company, with instructions in writing to pay the aggregate
Exercise Price of this Warrant to such successor Company Danish Counsel.
m) Reimbursement.
The Company shall reimburse the Holder for any fees charged to the Holder by the Depositary in connection with the issuance or holding
or sale of the Warrant ADSs.
n) Amendment.
This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company and the Holder.
o) Severability.
Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective and valid under applicable law,
but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the
extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions of this Warrant.
p) Headings.
The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a part of this Warrant.
********************
(Signature Page Follows)
IN WITNESS WHEREOF, the Company
has caused this Warrant to be executed by its officer thereunto duly authorized as of the date first above indicated.
|
EVAXION
BIOTECH A/S |
|
|
By: |
|
|
|
Name: |
|
|
Title: |
NOTICE OF EXERCISE
To: EVAXION
BIOTECH A/S
(1) The
undersigned hereby elects to subscribe for ________ Warrant ADSs of the Company pursuant to the terms of the attached Warrant (only if
exercised in full), and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes, if any.
(2) Payment
shall take the form of lawful money of the United States to be delivered to Company Danish Counsel (as defined in the Warrant) pursuant
to the following bank wire transfer instructions:
Bank
Name: Danske Bank
Bank
Address: Holmens Kanal 2, 1092 Copenhagen K, Denmark
Bank
Account Name: Mazanti-Andersen main client account
Bank
Account Number: 4777175572
IBAN:
DK7130004777175572
SWIFT-BIC:
DABADKKK
Reference:
Evaxion Biotech A/S
Contact
Person and Telephone Number: Lars Lüthjohan. Ph. no.: +4540283536 E-mail: LLJ@mazanti.dk
(3) Please
issue said Warrant ADSs in the name of the undersigned or in such other name as is specified below:
DTC Participant name and number: ________________________
Contact of DTC Participant: _______________________
Telephone Number of DTC Participant
Contact: _____________________
[SIGNATURE
OF HOLDER]
Name of Investing Entity: |
|
Signature of Authorized Signatory of Investing Entity: |
|
Name of Authorized Signatory: |
|
Title of Authorized Signatory: |
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Date: |
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EXHIBIT B
ASSIGNMENT FORM
(To assign the foregoing Warrant, execute this
form and supply required information. Do not use this form to subscribe for Warrant ADSs.)
FOR VALUE RECEIVED, the foregoing Warrant and all rights evidenced
thereby are hereby assigned to
Name: |
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(Please
Print) |
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Address: |
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(Please Print)
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Phone Number: |
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Email Address: |
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Dated:
_______________ __, ______ |
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Holder’s
Signature: ________________________________________ |
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Holder’s
Address: _________________________________________ |
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