Evaxion A/S 向 SEC 提交 6-K 表格，附件为公司章程（Articles of Association）

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EX-1.1
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exh_11.htm
EXHIBIT 1.1
Exhibit 1.1
VEDTÆGTER
/
ARTICLES OF ASSOCIATION
EVAXION A/S
CVR-nr. 31762863
1.
Selskabets navn og formål
1.
Name and object
1.1
Selskabets navn er Evaxion A/S.
Selskabet driver tillige virksomhed under binavnene Evaxion Biotech A/S og NovVac A/S.
1.1
The name of the Company is Evaxion A/S. The Company
also carries on business under the secondary names Evaxion Biotech A/S and NovVac A/S.
1.2
Selskabets formål er at skabe avanceret software
med henblik på udvikling af nye immunterapier og vacciner.
1.2
The objective of the Company is to create advanced
software that enables the development of novel immune therapies and vaccines.
2.
Kapitalforhold
2.
Capital
2.1
Selskabets kapital udgør nominelt 112.768.539
kr. fordelt på 451.074.156 aktier á nominelt 0,25 kr. eller multipla heraf.
2.1
The share capital is nominal DKK 112,768,539 divided
into 451,074,156 shares of nominal DKK 0.25 each or any multiples hereof.
2.2
Kapitalejers navn og adresse indføres i selskabets
ejerbog. Ejerbogen føres af Computershare A/S (CVR-nr. 27088899).
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).
2.3
Ingen aktie har særlige rettigheder og ingen
kapitalejer er pligtig at lade sine aktier indløse.
2.3
No share carries any special rights and no shareholder
is obliged to let his shares be redeemed.
2.4
Aktierne er ikke-omsætningspapirer.
2.4
The shares are non-negotiable instruments.
2.5
Bestyrelsen er i perioden indtil 15. april
2029 bemyndiget til ad én eller flere gange at udstede warrants til medlemmer af selskabets bestyrelse og direktion samt
nøglemedarbejdere i selskabet eller dets datterselskaber, som giver ret til tegning af i alt op til nominelt DKK 11.900.000
uden fortegningsret for
selskabets aktionærer. Udnyttelseskursen for warrants, der er udstedt i
henhold til denne bemyndigelse, skal fastsættes af bestyrelsen til markedskurs. Bestyrelsen fastlægger vilkårene
for udstedte warrants og fordelingen heraf.
2.5
The board of directors is
until 15 April 2029 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 of the company or its subsidiaries entitling the holder to subscribe for shares for a
total of up to nominal value of DKK 11,900,000 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. The
board of directors shall determine the terms for the warrants issued and the distribution hereof.
Bestyrelsen er
samtidig bemyndiget til i perioden indtil 15. april 2029 ad én eller flere gange at forhøje selskabets aktiekapital
med op til i alt nominelt DKK 11.900.000 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 0,25 og maksimalt med nominelt DKK
11.900.000
.
At the same time, the board of
directors is authorized until 15 April 2029 at one or more times to increase the company's share capital with up to nominal
value of DKK 11,900,000 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 0,25 and a maximum nominal value of DKK 11,900,000.
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.
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.
2.5.1
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.
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.
De således udstedte warrants udstedes på
følgende vilkår:
The terms and conditions with respect to the granted
warrants are as set forth below:
67.464 warrants udstedes på de i vedtægternes
bilag 3 angivne vilkår.
67,464 warrants are issued on the terms and conditions
set forth in appendix 3 to the articles of association.
122.328 warrants udstedes på de i vedtægternes
bilag 3 angivne vilkår, men således at disse warrants anses for optjent på tildelingstidspunktet.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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 62.147, 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 62,147, respectively, provided, however,
that the adjustment mechanisms in clause 6 of appendix 5 to the articles of association.
-
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.
-
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.
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).
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.
2.5.4
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.
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.
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.
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.
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 523.599, 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 523,599,
respectively, provided, however, that the adjustment mechanisms in clause 6 of appendix 5 to the articles of association.
-
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.
-
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.
-
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).
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
2.5.5
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.
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 di
rectors 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 war
rants
are issued on the terms and conditions set out in appendix 5 provided, howe
ver, 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.
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 reguleringsmekanismerne i punkt 6 i vedtægternes bilag 5 kan resultere i et andet antal aktier og/eller en anden tegningskurs.
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.
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 35.000, 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 35,000, respectively,
provided, however, that the adjustment mechanisms in clause 6 of appendix 5 to the articles of association.
-
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.
-
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.
-
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).
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
2.5.6
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.
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.
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 reguleringsmekanismerne i punkt 6 i vedtægternes bilag 5 kan resultere i et andet antal aktier og/eller
en anden tegningskurs.
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.
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 65.000, 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 65,000, respectively, provided,
however, that the adjustment mechanisms in clause 6 of appendix 5 to the articles of association.
-
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.
-
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.
-
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).
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.
2.5.7
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.
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.
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.
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.
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 11.000, 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 11,000, respectively,
provided, however, that the adjustment mechanisms in clause 6 of appendix 5 to the articles of association.
-
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.
-
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).
-
The costs in connection with the capital
increase to be borne by the company are approx. DKK 10,000 (excluding VAT).
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.
2.5.8
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.
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.
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.
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.
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 380.612, 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 380,612, respectively,
provided, however, that the adjustment mechanisms in clause 6 of appendix 5 to the articles of association.
-
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.
-
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.
-
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).
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.
2.5.9
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 10.000 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.
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 15 March 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.
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 reguleringsmekanismerne i punkt 6 i vedtægternes bilag 5 kan resultere i et andet antal aktier
og/eller en anden tegningskurs.
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.
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 10.000, 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 10,000, respectively,
provided, however, that the adjustment mechanisms in clause 6 of appendix 5 to the articles of association.
-
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.
-
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.
-
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).
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
2.5.10
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.
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.
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.
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.
-
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.
-
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.
-
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).
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 16. april 2024 er bemyndigelsen forhøjet til nominelt DKK 10.000.000.
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 16 April 2024 the authorization has been increased to nominal DKK 10,000,000.
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 reguleringsmekanismerne i punkt 6 i vedtægternes bilag 5 kan resultere i et andet antal aktier og/eller
en anden tegningskurs.
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.
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 306.074, 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 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.
-
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.
-
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.
-
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).
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.
2.5.12
I henhold til bemyndigelse fra generalforsamlingen
i vedtægternes punkt 2.5 har bestyrelsen den 1. maj 2024 tildelt og udstedt i alt 538.460 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 438.460 warrants optjenes med 1/36 pr. md. fra og med 1. maj 2024 og 100.000 warrants optjenes
med 1/12 pr. md. fra og med 1. maj 2024. Bemyndigelsen i pkt.
2.5 er herefter
nedsat til nominelt DKK 9.461.540.
2.5.12
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 1 May 2024 granted and issued
538,460 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 and provided, however, that 438,460 warrants vest with 1/36 per month from 1 May 2024
and 100,000 warrants vest with 1/12 per month from 1 May 2024. The authorization in article
2.5
is hereafter reduced to 9,461,540.
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, 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.
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 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.
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 538.460, 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 538,460, respectively,
provided, however, that the adjustment mechanisms in clause 6 of appendix 5 to the articles of association may result in a different amount.
-
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, 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 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 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.
-
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).
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.
2.5.13
I henhold til bemyndigelse fra generalforsamlingen
i vedtægternes punkt 2.5 har bestyrelsen den 6. februar 2025 tildelt og udstedt i alt 1.372.407 warrants (justeret ved bestyrelsesbeslutning
19. marts 2025) 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 1.167.199 warrants optjenes med 1/36 pr. md.
fra og med 1. januar 2025 og 205.208 warrants (justeret ved bestyrelsesbeslutning 19. marts 2025) optjenes med 1/12 pr. md. fra og med
1. januar 2025 Bemyndigelsen i pkt. 2.5 er herefter nedsat til nominelt DKK 9.118.438,25 (justeret ved bestyrelsesbeslutning 19. marts
2025).
2.5.13
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 6 February 2025 granted and
issued 1,372,407 warrants (adjusted by decision of the board of directors on 19 March 2025) 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 and
provided, however, that 1,167,199 warrants vest with 1/36 per month from 1 January 2025 and 205,208 warrants (adjusted by decision
of the board of directors on 19 March 2025) vest with 1/12 per month from 1 January 2025. The authorization in article 2.5 is
hereafter reduced to nominal DKK 9,118,435.25 (adjusted by decision of the board of directors on 19 March 2025).
Hver warrant giver ret til tegning
af én ordinær aktie á nominelt DKK 0,25 i selskabet til en tegningspris på USD 0,073 omregnet til DKK til den
officielle vekselkurs
mellem DKK/USD som er gældende på udnyttelsesdagen,
dog minimum DKK 0,25 pr. aktie à nominelt kr. 0,25, dog således at regulerings-mekanismerne i punkt 6 i vedtægternes
bilag 5 kan resultere i et andet antal aktier og/eller en anden tegningskurs.
Each warrant confers the right to
subscribe for one ordinary share of nominal DKK 0.25 in the company at a subscription price of USD 0,073 converted into DKK
using
the official exchange rate between DKK and USD on the exercise day, provided, however no less than DKK 0.25 per share of nominal DKK 0.25
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.
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 0,25 og DKK 343.101,75 (justeret ved bestyrelsesbeslutning 19. marts 2025), 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 0.25 and DKK 343,101.75 (adjusted
by decision of the board of directors on 19 March 2025), respectively, provided, however, that the adjustment mechanisms in clause
6 of appendix 5 to the articles of association may result in a different amount.
-
Tegningskursen for kapitalforhøjelsen
er fastsat til USD 0,073 pr. aktie á nominelt DKK 0,25 omregnet til DKK til den officielle vekselkurs mellem DKK/USD som er gældende
på udnyttelsesdagen, dog minimum DKK 0,25 pr. aktie à nominelt kr. 0,25, 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 0,073 per share of nominal DKK 0.25 converted into DKK using the official exchange rate between DKK and USD
on the exercise day, however no less than DKK 0.25 per share of nominal DKK 0.25 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.
-
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).
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.
2.5.14
I henhold til bemyndigelse fra generalforsamlingen i vedtægternes punkt 2.5 har bestyrelsen
den 5. februar 2026 tildelt og udstedt i alt 6.544.725 warrants og truffet beslutning om den til disse warrants hørende forhøjelse
af selskabets aktiekapital. Warrants udstedes i øvrigt på de i bilag 13 angivne vilkår dog således at 5.357.225
warrants optjenes med 1/36 pr. md. fra og med 1. januar 2026 og 687.500 warrants optjenes med 1/12 pr. md. fra og med 1. januar 2026 og
500.000 warrants anses for fuldt optjent på tildelingstidspunktet. Bemyndigelsen i pkt. 2.5 er herefter nedsat til nominelt DKK
7.482.257.
2.5.14
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 5 February 2026 granted and issued 6,544,725 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
13 and provided, however, that 5,357,225 warrants vest with 1/36 per month from 1 January 2026 and 687,500 warrants vest with 1/12 per
month from 1 January 2026 and 500,000 warrants shall be deemed fully vested at the time of grant. The authorization in article 2.5 is
hereafter reduced to nominal DKK 7,482,257.
Hver warrant giver ret til tegning af én ordinær aktie á nominelt
DKK 0,25 i selskabet til en tegningspris på USD 0,087 omregnet til DKK til den officielle vekselkurs mellem DKK/USD som er gældende
på udnyttelsesdagen, dog minimum DKK 0,25 pr. aktie à nominelt kr. 0,25, og dog således at regulerings-mekanismerne
i punkt 6 i vedtægternes bilag 13 kan resultere i et andet antal aktier og/eller en anden tegningskurs.
Each warrant confers the right to subscribe for one ordinary share of nominal DKK 0.25
in the company at a subscription price of USD 0.087 converted into DKK using the official exchange rate between DKK and USD on the exercise
day, provided, however no less than DKK 0.25 per share of nominal DKK 0.25 and provided however that the adjustment mechanisms in clause
6 of appendix 13 to the articles of association may result in a different number of shares and/or a different subscription price.
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 0,25 og DKK 1.636.181,25, dog således at reguleringsmekanismerne
i punkt 6 i vedtægternes bilag 13 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 0.25 and DKK 1,636,181.25, respectively, provided, however, that the adjustment mechanisms in
clause 6 of appendix 13 to the articles of association may result in a different amount.
-
Tegningskursen for kapitalforhøjelsen er fastsat til USD 0,087 pr. aktie á
nominelt DKK 0,25 omregnet til DKK til den officielle vekselkurs mellem DKK/USD som er gældende på udnyttelsesdagen, dog minimum
DKK 0,25 pr. aktie à nominelt kr. 0,25, dog således at reguleringsmekanismerne i punkt 6 i vedtægternes bilag 13 kan
resultere i en anden kurs.
-
The subscription will be made at a subscription price of USD 0.087 per share of nominal
DKK 0.25 converted into DKK using the official exchange rate between DKK and USD on the exercise day, however no less than DKK 0.25 per
share of nominal DKK 0.25 and provided however that the adjustment mechanisms in clause 6 of appendix 13 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).
-
The costs in connection with the capital increase to be borne by the company
are approx. DKK 10,000 (excluding VAT).
Øvrige vilkår for de udstedte warrants og den senere tegning af aktier ved
udnyttelse af disse warrants fremgår af vedtægternes bilag 13.
Additional terms and conditions applicable to the granted warrants and subsequent subscription
of shares by exercise of the warrants are set forth in appendix 13 to the articles of association.
2.5.15
I henhold til bemyndigelse fra generalforsamlingen i vedtægternes punkt 2.5 har bestyrelsen den 16.
februar 2026 tildelt og udstedt i alt 2.500.000 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 warrants
optjenes med 1/36 pr. md. fra og med 1. november 2025. Bemyndigelsen i pkt. 2.5 er herefter nedsat til nominelt DKK 6.857.257.
2.5.15
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 16 February 2026 granted and issued 2,500,000 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 and provided, however, that
the warrants vest with 1/36 per month from 1 November 2025. The authorization in article 2.5 is hereafter reduced to nominal DKK 6,857,257.
Hver warrant giver ret til tegning af én ordinær aktie á nominelt
DKK 0,25 i selskabet til en tegningspris på USD 0,115 omregnet til DKK til den officielle vekselkurs mellem DKK/USD som er gældende
på udnyttelsesdagen, dog minimum DKK 0,25 pr. aktie à nominelt kr. 0,25, 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.
Each warrant confers the right to subscribe for one ordinary share of nominal DKK 0.25
in the company at a subscription price of USD 0.115 converted into DKK using the official exchange rate between DKK and USD on the exercise
day, provided, however no less than DKK 0.25 per share of nominal DKK 0.25 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.
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 0,25 og DKK 625.000, 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 0.25 and DKK 625,000, respectively, provided, however, that the adjustment mechanisms in clause
6 of appendix 5 to the articles of association may result in a different amount.
-
Tegningskursen for kapitalforhøjelsen er fastsat til USD 0,115 pr. aktie á
nominelt DKK 0,25 omregnet til DKK til den officielle vekselkurs mellem DKK/USD som er gældende på udnyttelsesdagen, dog minimum
DKK 0,25 pr. aktie à nominelt kr. 0,25, 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 0.115 per share of nominal
DKK 0.25 converted into DKK using the official exchange rate between DKK and USD on the exercise day, however no less than DKK 0.25 per
share of nominal DKK 0.25 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.
-
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).
-
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
Ved generalforsamlingsbeslutning den 16. april 2026 er bemyndigelsen i pkt. 2.5
forhøjet fra nominelt DKK 6.857.257 til nominelt DKK 11.900.000.
By resolution of the general meeting on 16 April 2026 the authorization has
been increased from nominal DKK 6.857.257 to nominal DKK 11,900,000.
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.
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 19
th
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 31
st
2036.
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.
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.
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 fortegningsret
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.
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.
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.
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.
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.
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.
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:
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:
at
aktierne skal lyde på navn,
The shares shall be issued in name;
at
aktierne skal være ikke-omsætningspapirer,
the shares shall be non-negotiable
instruments;
at
selskabets hidtidige aktionærer
ikke skal have fortegningsret til aktierne,
the Company's present shareholders
do not have pre-emptive rights to subscribe for these shares;
at
der ikke kan ske delvis indbetaling,
no partial payment of the shares
is allowed;
at
aktierne ikke skal have særlige
rettigheder, og
The shares do not carry any special
rights; and
at
der af bestyrelsen kan fastsættes
begrænsninger i aktiernes omsættelighed i form af krav om samtykke fra selskabet, forkøbsret til andre aktionærer
m.v.
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.
Bestyrelsen bemyndiges endvidere
til at foretage de ændringer i selskabets vedtægter, som måtte være nødvendige som følge af bestyrelsens
udnyttelse af ovenstående bemyndigelse.
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.
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.
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.
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.
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.
Bemyndigelsen i punkt 2.7 er herefter
udnyttet fuldt ud.
Hereafter, the authorization under
article
2.7 is exercised in full.
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. Udnyttelseskursen 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.
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.
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.
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.
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.
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.
2.8.1
I henhold til den i punkt 2.8 indeholdte
bemyndigelse fra generalforsamlingen har bestyrelsen den 17. december 2020 tildelt og udstedt 373.127 stk. warrants (justeret ved bestyrelsesbeslutning
3. oktober 2024), hver med ret til at tegne en aktie med pålydende DKK 1,00. Tildelingen af warrants sker vederlagsfrit. Bemyndigelsen
i pkt. 2.8 er herefter reduceret til 706.873 stk. warrants (justeret ved bestyrelsesbeslutning 3. oktober 2024), 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 706.873 (justeret ved bestyrelsesbeslutning
3. oktober 2024). De udstedte warrants udstedes på de i bilag 4 angivne vilkår.
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 373,127 warrants (adjusted by decision of the board of directors on 3 October 2024). 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 706,873 warrants (adjusted by decision of the board of directors on 3
October 2024), 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 706,873 (adjusted by decision of the board of directors on 3 October
2024). The warrants issued are issued on the terms and conditions set out in appendix 4.
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:
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.
Det mindste og det højeste
beløb, hvormed aktiekapitalen skal kunne forhøjes, udgør henholdsvis nominelt DKK 1 og DKK 373,127 (justeret ved
bestyrelsesbeslutning 3. oktober 2024), dog således at reguleringsmekanismerne i vedtægternes
bilag 4
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 373,127 (adjusted by decision
of the board of directors on 3 October 2024), respectively, provided, however, that the adjustment mechanisms set out in
appendix
4
to the articles of association may result in a different amount.
De nye aktier skal tilhøre
samme aktieklasse som Selskabets eksisterende aktier.
The new shares shall belong to same
class of shares as the existing shares in the Company.
Kapitaludvidelsen sker uden fortegningsret
for de hidtidige aktionærer, idet tegningen sker på baggrund de af tildelte warrants.
The capital increase is carried
out without pre-emption rights for the existing shareholders as the subscription will be based
on
the granted warrants.
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.
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.
De nye aktier udstedes i aktier
a hver nominelt DKK 1,00.
The new shares will be divided into
shares of nominal DKK 1.00 each.
Kapitaludvidelsen sker
til DKK 1 pr. nominelt DKK 1 aktie, dog således at reguleringsmekanismerne i vedtægternes
bilag 4
kan resultere i en
anden kurs.
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.
De nye aktier skal være ikke-omsætningspapirer.
The new shares will not be negotiable
instruments.
De nye aktier skal lyde på
navn og skal noteres i Selskabets ejerbog.
The new shares will be made out
in the name of the holder and registered in the Company's register of shareholders.
De anslåede omkostninger,
der skal afholdes af Selskabet ved kapitalforhøjelsen, udgør DKK 25.000 (ekskl. moms).
The costs in connection with the
capital increase to be borne by the Company are approx. DKK 25,000 (excluding VAT).
2.9
I henhold til bestyrelsens bemyndigelser
i punkt 2.5 er 811.196 warrants udnyttet pr. 3. januar 2024.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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 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.
-
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.
-
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).
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.
2.10.2
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.
Hver warrant giver ret til tegning
af én ordinær aktie á nominelt DKK 1,00 i selskabet til en tegningspris på DKK 4,799 (tegningspris i vedtægterne
konverteret fra USD til DKK i henhold til bestyrelsesbeslutning af 25. oktober 2024).
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 4.799 (subscription price in the articles
of association converted from USD to DKK pursuant to board resolution dated 25 October 2024).
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 9.726.898.
-
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.
-
Tegningskursen for kapitalforhøjelsen
er fastsat til DKK 4,799 (tegningskurs i vedtægterne konverteret fra USD til DKK i henhold til bestyrelsesbeslutning af 25. oktober
2024), pr. aktie á nominelt DKK 1.
-
The subscription will be made at
a subscription price of DKK 4.799 (subscription price in the articles of association converted from USD to DKK pursuant to board resolution
dated 25 October 2024) per share of nominal DKK 1.00.
-
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).
Øvrige vilkår for de
udstedte warrants og den senere tegning af aktier ved udnyttelse af disse warrants fremgår af vedtægternes bilag 6.
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.
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 29.925.000 prefunded warrants
(justeret ved bestyrelsesbeslutning 24. oktober 2024), som giver ret til at tegne op til nominelt kr. 29.925.000 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 29,925,000 prefunded warrants which confer the right to subscribe for up to nominal DKK 29,925,000 shares (adjusted
by decision of the board of directors on 24 October 2024) 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.
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:
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:
-
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 29.925.000 (justeret ved bestyrelsesbeslutning 24. oktober 2024).
-
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 29,925,000 adjusted
by decision of the board of directors on 24 October 2024), respectively.
-
Tegningskursen for kapitalforhøjelsen
er fastsat til DKK 1 pr. aktie á nominelt DKK 1.
-
The subscription will be made at
a subscription price of DKK 1 per share of nominal DKK 1.00.
-
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).
Øvrige vilkår for de
udstedte prefunded warrants og den senere tegning af aktier ved udnyttelse af disse prefunded warrants fremgår af vedtægternes
bilag 7.
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
2.10.3.1
I henhold til bestyrelsens
tildeling og udstedelse af prefunded warrants i punkt 2.10.3 er samtlige 29.925.000 prefunded warrants udnyttet pr. 15. januar 2025.
2.10.3.1
According to the board of directors’
grant and issue of prefunded warrants in article 2.10.3 all 29,925,000 prefunded warrants have been exercised per 15 January 2025.
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.
Hver warrant udstedt
på de i bilag 8 anførte vilkår (37.500.000 warrants) giver ret til tegning af én ordinær aktie á
nominelt DKK 1,00 i selskabet til en tegningspris på DKK 2,752 (tegningspris i vedtægterne konverteret fra USD til DKK i henhold
til bestyrelsesbeslutning af 25. oktober 2024), og hver warrant udstedt på de i bilag 9 anførte vilkår (1.875.000 warrants)
giver ret til tegning af én ordinær aktie á nominelt DKK 1,00 i selskabet til en tegningspris på USD 0,54 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.
Each warrant issued
on the terms and conditions set out in appendix 8 (37,500,000 warrants) confers the right to subscribe for one ordinary share of nominal
DKK 1.00 in the company at a subscription price of DKK 2.752 (subscription price in the articles of association converted from USD to
DKK pursuant to board resolution dated 25 October 2024) and each warrant issued on the terms and conditions set out in appendix 9
confers the right to subscribe for one ordinary share of nominal DKK 1.00 in the company at a subscription price of USD 0.54 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:
-
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.
-
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.
-
Tegningskursen for kapitalforhøjelsen
er fastsat til DKK 2,752 (tegningskurs i vedtægterne konverteret fra USD til DKK i henhold til bestyrelsesbeslutning af 25. oktober
2024) pr. aktie á nominelt DKK 1 for warrants udstedt på de i bilag 8 anførte vilkår og USD 0,54 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 for warrants udstedt på de i bilag 9 anførte vilkår.
-
The subscription will be made at
a subscription price of DKK 2.752 (subscription price in the articles of association converted from USD to DKK pursuant to board resolution
dated 25 October 2024) per share of nominal DKK 1.00 for warrants issued on the terms and conditions set out in appendix 8 and USD
0.54 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 for warrants issued on the terms and conditions set out in appendix 9.
-
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).
Øvrige vilkår for de
udstedte warrants og den senere tegning af aktier ved udnyttelse af disse warrants fremgår af vedtægternes bilag 8 og 9.
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.
2.11
Bestyrelsen er i perioden indtil
15. april 2029 bemyndiget til ad én eller flere gange at udstede warrants til investorer, långivere, konsulenter og/eller
rådgivere i selskabet eller dets datterselskaber, som giver ret til tegning af i alt op til nominelt DKK 100.000.000 uden fortegningsret
for selskabets aktionærer. Udnyttelseskursen for warrants, der er udstedt i henhold til
denne
bemyndigelse, skal ved udstedelsen fastsættes af bestyrelsen til markedsprisen eller en favørkurs. Bestyrelsen fastlægger
vilkårene for udstedte warrants og fordelingen heraf.
2.11
The board of directors is until
15 April 2029 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 100,000,000 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 market price or at a discount price. The board of directors shall determine
the terms for the warrants issued and the distribution hereof.
Bestyrelsen er samtidig
bemyndiget til i perioden indtil 15. april 2029 ad én eller flere gange at forhøje selskabets aktiekapital med op til i
alt nominelt DKK 100.000.000 uden fortegningsret for selskabets aktionærer ved kontant indbetaling med henblik på at gennemføre
de til udnyttelsen af udstedte warrants tilhørende kapitalforhøjelse. Bestyrelsen kan med hjemmel i denne bemyndigelse minimum
forhøje aktiekapitalen med nominelt DKK 0,25 og maksimalt med nominelt DKK 100.000.000. 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.
At the same time, the
board of directors is authorized until 15 April 2029 at one or more times to increase the company's share capital with up to nominal
value of DKK 100,000,000 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 0.25 and a maximum nominal value of DKK 100,000,000. 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.
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.
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.
2.11.1
I henhold til bemyndigelse
fra generalforsamlingen i vedtægternes punkt 2.11 har bestyrelsen den 7. maj 2024 tildelt og udstedt i alt 50.000 warrants og truffet
beslutning om den til disse warrants hørende forhøjelse af selskabets aktiekapital. Warrants udstedes i øvrigt på
de i bilag 10 angivne vilkår. Bemyndigelsen i pkt. 2.11 er herefter nedsat til nominelt DKK 99.950.000.
2.11.1
Pursuant to the authorization
from the general meeting set out in article 2.11 of the articles of association the board of directors has on 7 May 2024 granted
and issued 50,000 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 appendix 10. The authorization in article 2.11 is hereafter reduced to 99,950,000.
Hver warrant giver ret til tegning
af én ordinær aktie á nominelt DKK 1,00 i selskabet til en tegningspris på USD 0,391 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.
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 0.391 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 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:
-
Det mindste og det højeste
beløb, hvormed aktiekapitalen skal kunne forhøjes på baggrund af de udstedte warrants, udgør henholdsvis nominelt
DKK 1 og DKK 50.000.
-
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 50,000, respectively.
-
Tegningskursen for kapitalforhøjelsen
er fastsat til USD 0,391 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 0.391 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.
-
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).
Øvrige vilkår for de udstedte warrants,
og den senere tegning af aktier ved udnyttelse af disse warrants, fremgår af vedtægternes bilag 10.
Additional terms and conditions applicable to the
granted warrants and subsequent subscription of shares by exercise of the warrants are set forth in appendix 10 to the articles of association.
2.11.2
I henhold til bemyndigelse fra generalforsamlingen
i vedtægternes punkt 2.11 har bestyrelsen den 20. august 2024 tildelt og udstedt i alt 50.000 warrants og truffet beslutning om
den til disse warrants hørende forhøjelse af selskabets aktiekapital. Warrants udstedes i øvrigt på de i bilag
10 angivne vilkår dog således at warrants anses som tildelt 5. august 2024. Bemyndigelsen i pkt. 2.11 er herefter nedsat til
nominelt DKK 99.900.000.
2.11.2
Pursuant to the authorization from
the general meeting set out in article 2.11 of the articles of association the board of directors has on 20 August 2024 granted and issued
50,000 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 appendix 10, however, that warrants are deemed granted on 5 August 2024. The authorization in article
2.11 is hereafter reduced to 99,900,000.
Hver warrant giver ret til tegning
af én ordinær aktie á nominelt DKK 1,00 i selskabet til en tegningspris på USD 0,25 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.
2.12
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 0.25 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 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:
2.13
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 50.000.
-
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 50,000, respectively.
-
Tegningskursen for kapitalforhøjelsen er fastsat
til USD 0,25 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 0.25 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.
-
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).
Øvrige vilkår for de udstedte warrants,
og den senere tegning af aktier ved udnyttelse af disse warrants, fremgår af vedtægternes bilag 10.
Additional terms and conditions applicable to the
granted warrants and subsequent subscription of shares by exercise of the warrants are set forth in appendix 10 to the articles of association.
2.11.3
I henhold til bemyndigelse
fra generalforsamlingen i vedtægternes punkt 2.11 har bestyrelsen den 20. august 2024 tildelt og udstedt i alt 1.400.000 warrants
og truffet beslutning om den til disse warrants hørende forhøjelse af selskabets aktiekapital. Warrants udstedes i øvrigt
på de i bilag 10 angivne vilkår dog således at warrants anses som tildelt 1. august 2024, optjenes med 1/6 pr. måned
og kan udnyttes i en periode på en måned efter udløbet af 6 måneders optjeningsperioden. Bemyndigelsen i pkt.
2.11 er herefter nedsat til nominelt DKK 98.500.000.
2.11.3
Pursuant to the authorization from the
general meeting set out in article 2.11 of the articles of association the board of directors has on 20 August 2024 granted and issued
1,400,000 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 appendix 10, however, that warrants are deemed granted on 1 August 2024, vest with 1/6 per month
and can be exercised for a period of one month after the expiration of the 6 months vesting period. The authorization in article 2.11
is hereafter reduced to 98,500,000.
Hver warrant giver ret til tegning af én ordinær
aktie á nominelt DKK 1,00 i selskabet til en tegningspris på DKK 1 pr. aktie à nominelt kr. 1.
2.14
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 per share of nominal 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:
2.15
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 1.400.000.
-
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 1,400,000, respectively.
-
Tegningskursen for kapitalforhøjelsen er fastsat
til DKK 1 pr. aktie á nominelt DKK 1.
-
The subscription will be made at a subscription price
of DKK 1.00 per share of nominal DKK 1.00.
-
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).
Øvrige vilkår for de udstedte warrants,
og den senere tegning af aktier ved udnyttelse af disse warrants, fremgår af vedtægternes bilag 10.
Additional terms and conditions applicable to the
granted warrants and subsequent subscription of shares by exercise of the warrants are set forth in
appendix
10 to the articles of association.
2.11.4
I henhold til bemyndigelse
fra generalforsamlingen i vedtægternes punkt 2.11 har bestyrelsen den 30. januar 2025 tildelt og udstedt i alt 99.934.000 warrants
og truffet beslutning om den til disse warrants hørende forhøjelse af selskabets aktiekapital. Warrants udstedes i øvrigt
på de i bilag 11 angivne vilkår.
2.11.4
Pursuant to the authorization from the
general meeting set out in article 2.11 of the articles of association the board of directors has on 30 January 2025 granted and issued
99,934,000 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 appendix 11.
Hver warrant giver ret til tegning
af én ordinær aktie á nominelt DKK 0,25 i selskabet til en tegningspris på USD 0,0542 omregnet til DKK til den
officielle vekselkurs mellem DKK/USD, som er gældende på udnyttelsesdagen, dog minimum DKK 0,25 pr. aktie à nominelt
kr. 0,25.
Each warrant confers the right to
subscribe for one ordinary share of nominal DKK 0.25 in the company at a subscription price of USD 0,0542 converted into DKK using the
official exchange rate between DKK and USD on the exercise day, provided, however, minimum DKK 0.25 per share with a nominal value of
DKK 0.25.
Tegningsprisen for 48.883.500 warrants er i vedtægterne
ved bestyrelsesbeslutning af 9. april 2025 konverteret fra USD til DKK således at:
The subscription price for 48,883,500 warrants in
the articles of association is pursuant to board resolution dated 9 April 2025 converted from USD to DKK such that:
-
tegningsprisen konverteres fra USD 0,0542
til DKK 0,38 (afrundet) pr. nominelt DKK 0,25 aktie for 38.883.500 warrants,
-
the subscription price is converted from
USD 0.0542 to DKK 0.38 (rounded) per nominal DKK 0.25 share for 38,883,500 warrants;
-
tegningsprisen konverteres fra USD 0,0542 til DKK
0,39 (afrundet) pr. nominelt DKK 0,25 aktie for 7.500.000 warrants, og
-
the subscription price is converted from USD 0.0542
to DKK 0.39 (rounded) per nominal DKK 0.25 share for 7,500,000 warrants; and
-
tegningsprisen konverteres fra USD 0,0542 til DKK
0,37 (afrundet) pr. nominelt DKK 0,25 aktie for 2.500.000 warrants.
-
the subscription price is converted from USD 0.0542
to DKK 0.37 (rounded) per nominal DKK 0.25 share for 2,500,000 warrants.
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 0,25 og DKK
24.983.500.
-
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 0.25 and DKK 24,983,500, respectively.
-
Tegningskursen for kapitalforhøjelsen er fastsat
til USD 0,0542 pr. aktie á nominelt DKK 0,25 omregnet til DKK til den officielle vekselkurs mellem DKK/USD som er gældende
på udnyttelsesdagen, dog minimum DKK 0,25 pr. aktie à nominelt kr. 0,25.
-
The subscription will be made at a subscription price
of USD 0.0542 per share of nominal DKK 0.25 converted into DKK using the official exchange rate between DKK and USD on the exercise day,
however, minimum DKK 0.25 per share with a nominal value of DKK 0.25.
-
Tegningskursen for 48.883.500 warrants er i vedtægterne
ved bestyrelsesbeslutning af 9. april 2025 konverteret fra USD til DKK således at:
-
The subscription price for 48,883,500
warrants in the articles of association is pursuant to board resolution dated 9 April 2025 converted from USD to DKK such
that:
-
tegningskursen konverteres fra USD 0,0542
til DKK 0,38 (afrundet) pr. nominelt DKK 0,25 aktie for 38.883.500 warrants,
-
the subscription price is converted from
USD 0.0542 to DKK 0.38 (rounded) per nominal DKK 0.25 share for 38,883,500 warrants;:
-
tegningskursen konverteres fra USD 0,0542 til DKK
0,39 (afrundet) pr. nominelt DKK 0,25 aktie for 7.500.000 warrants, og
-
the subscription price is converted from USD 0.0542
to DKK 0.39 (rounded) per nominal DKK 0.25 share for 7,500,000 warrants, and
-
tegningskursen konverteres fra USD 0,0542 til DKK
0,37 (afrundet) pr. nominelt DKK 0,25 aktie for 2.500.000 warrants.
-
the subscription price is converted from USD 0.0542
to DKK 0.37 (rounded) per nominal DKK 0.25 share for 2,500,000 warrants.
-
De anslåede omkostninger,
der skal afholdes af selskabet ved kapitalforhøjelsen, udgør DKK 100.000 (ekskl. moms).
-
The costs in connection with the capital increase
to be borne by the company are approx. DKK 100,000 (excluding VAT).
Øvrige vilkår for de udstedte warrants
og den senere tegning af aktier ved udnyttelse af disse warrants fremgår af vedtægternes bilag 11.
Additional terms and conditions applicable to the
granted warrants and subsequent subscription of shares by exercise of the warrants are set forth in appendix 11 to the articles of association.
Bemyndigelsen i pkt. 2.11 er herefter nedsat til
nominelt DKK 59.921.500.
The authorization in article 2.11 is hereafter reduced
to 59,921,500.
Ved generalforsamlingsbeslutning
den 30. april 2025 er bemyndigelsen i pkt. 2.11 forhøjet fra nominelt DKK 59.921.500 til nominelt DKK 100.000.000.
By resolution of the general meeting on 30 April
2025 the authorization has been increased from nominal DKK 59,921,500 to nominal DKK 100,000,000.
2.11.4.1
I henhold til bestyrelsens tildeling og udstedelse
af warrants i punkt 2.11.4 er 52.782.150 warrants udnyttet pr. 4. november 2025.
2.11.4.1
According to the board of directors’ grant
and issue of warrants in article 2.11.4 52,782,150 warrants have been exercised per 4 November 2025.
2.11.5
I henhold til bemyndigelse
fra generalforsamlingen i vedtægternes punkt 2.11 har bestyrelsen den 11. juli 2025 tildelt og udstedt i alt 38.450.000 warrants
og truffet beslutning om den til disse warrants hørende forhøjelse af selskabets aktiekapital. Warrants udstedes i øvrigt
på de i bilag 12 angivne vilkår.
2.11.5
Pursuant to the authorization
from the general meeting set out in article 2.11 of the articles of association, the board of directors has on 11 July 2025 granted and
issued 38,450,000 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 appendix 12.
Hver warrant giver ret til tegning af én ordinær
aktie á nominelt DKK 0,25 i selskabet til en tegningspris på DKK 0,25 pr. aktie à nominelt DKK 0,25.
Each warrant confers the right to
subscribe for one ordinary share of nominal DKK 0.25 in the Company by payment of an exercise price of DKK 0.25 per share with a nominal
value of DKK 0.25.
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 0,25 og DKK 9.612.500. Størstebeløbet på nominelt DKK 9.612.500 kan reguleres i overensstemmelse med warrantvilkårene.
-
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 0.25 and DKK 9,612,500, respectively.
The maximum amount of nominally DKK 9,612,500 may be regulated in accordance with the warrant terms.
-
Tegningskursen for kapitalforhøjelsen er fastsat
til DKK 0,25 pr. aktie á nominelt DKK 0,25. Der kan ikke ske delvis indbetaling.
-
The subscription price for the capital increase is
DKK 0.25 per share of nominal DKK 0.25. Partial payment of the share capital shall not be possible.
-
De anslåede omkostninger,
der skal afholdes af selskabet ved kapitalforhøjelsen, udgør DKK 100.000 (ekskl. moms).
-
The costs in connection with the capital increase
to be borne by the company are approx. DKK 100,000 (excluding VAT).
Øvrige vilkår for de udstedte warrants
og tegning af aktier samt ved udnyttelse af disse warrants fremgår af vedtægternes bilag 12.
Additional terms and conditions
applicable to the granted warrants and subscription of shares as well as the exercise of the warrants are set forth in appendix 12 to
the articles of association.
Bemyndigelsen i pkt. 2.11 er herefter
nedsat til nominelt DKK 90.387.500.
The authorization in article 2.11 is
hereafter reduced to nominal DKK 90,387,500.
3.
Bemyndigelse til bestyrelsen – aktieudstedelse
3.
Authorization to the board of directors –
issue of shares
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 100.000.000 uden 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.
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 100,000,000 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.
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.
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.
Ved generalforsamlingsbeslutning den 30. april 2025
er bemyndigelsen forhøjet fra nominelt DKK 18.017.977,50 til nominelt DKK 100.000.000.
By resolution of the general meeting on 30 April
2025 the authorization has been increased from nominal DKK 18,017,977.50 to nominal DKK 100,000,000.
3.1.1
Den 26. september 2025 traf bestyrelsen beslutning om at
udnytte den i punkt 3.1 indeholdte bemyndigelse til at forhøje aktiekapitalen med i alt nominelt kr. 12.725.000 ved udstedelse
af 50.900.000 aktier a nominelt kr. 0.25.
3.1.1
On 26 September 2025 the board of directors resolved to
exercise the authorization under article 3.1 hereof to increase the share capital with nominal DKK 12,725,000 by issuing 50,900,000 shares
of nominal DKK 0.25 each.
Bemyndigelsen i punkt 3.1 er herefter nedsat til nominelt DKK 87.275.000.
The authorization in article 3.1 is hereafter reduced to nominal DKK 87,275,000.
3.1.2
Den 20. august 2026 traf bestyrelsen beslutning om at udnytte den i punkt 3.1 indeholdte bemyndigelse
til at forhøje aktiekapitalen med i alt nominelt kr. 6.312.562,50 ved udstedelse af 25.250.250 aktier a nominelt kr. 0.25.
3.1.2
On 20 August 2026 the board of directors resolved to exercise the authorization under article
3.1 hereof to increase the share capital with nominal DKK 6,312,562.50 by issuing 25,250,250 shares of nominal DKK 0.25 each.
Bemyndigelsen i punkt 3.1 er herefter nedsat til nominelt DKK 80.962.437,50.
The authorization in article 3.1 is hereafter reduced to nominal DKK 80,962,437.50.
3.1.3
Den 21. august 2026 traf bestyrelsen beslutning om at udnytte den i punkt 3.1 indeholdte bemyndigelse
til at forhøje aktiekapitalen med i alt nominelt kr. 368.050 ved udstedelse af 1.472.200 aktier a nominelt kr. 0.25.
3.1.3
On 21 August 2026 the board of directors resolved to exercise the authorization under article
3.1 hereof to increase the share capital with nominal DKK 368,050 by issuing 1,472,200 shares of nominal DKK 0.25 each.
Bemyndigelsen i punkt 3.1 er herefter nedsat til nominelt DKK 80.594.387,50.
The authorization in article 3.1 is hereafter reduced to nominal DKK 80,594,387.50.
3.1.4
Den 24. august 2026 traf bestyrelsen beslutning om at udnytte den i punkt 3.1 indeholdte bemyndigelse
til at forhøje aktiekapitalen med i alt nominelt kr. 1.835.237,50 ved udstedelse af 7.340.950 aktier a nominelt kr. 0.25.
3.1.4
On 24 August 2026 the board of directors resolved to exercise the authorization under article
3.1 hereof to increase the share capital with nominal DKK 1,835,237.50 by issuing 7,340,950 shares of nominal DKK 0.25 each.
Bemyndigelsen i punkt 3.1 er herefter nedsat til nominelt DKK 78.759.150.
The authorization in article 3.1 is hereafter reduced to nominal DKK 78,759,150.
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.
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.
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
3.3
Bestyrelsen er i perioden
indtil 15. april 2031 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 73.500.000 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 15 April 2031 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 73,500,000 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 15. april 2031 at forhøje selskabets aktiekapital ad én eller flere gange med op til
i alt nominelt DKK 73.500.000 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 15 April 2031 to increase the share capital
by a nominal value of up to DKK 73,500,000 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.
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.
4.
Generalforsamlinger
4.
General meetings
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.
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.
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.
4.6
Dagsordenen for den ordinære generalforsamling
skal omfatte:
4.6
The agenda for the Annual General Meeting shall include:
I.
Bestyrelsens beretning om selskabets
virksomhed i det forløbne år
I.
The Board of Director's report on the
Company's activities in the past year;
II.
Forelæggelse af årsrapport til godkendelse
II.
Presentation of the audited annual report for adoption;
III.
Beslutning om anvendelse af overskud eller dækning
af tab i henhold til den godkendte årsrapport.
III.
Resolution on allocation of profit or coverage of
loss, cf. the adopted annual report;
IV.
Valg af medlemmer
til bestyrelsen.
IV.
Election of members
to the Board of
Directors;
V.
Valg af revisor
V.
Election of auditor;
VI.
Eventuelle forslag fra bestyrelsen
og/eller
aktionærerne.
VI.
Any motion from the board
of direc
tors and/or the shareholders.
VII.
Eventuelt.
VII.
Miscellaneous
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.
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.
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
5.1
På generalforsamlingen giver hvert aktiebeløb
på nominelt 0,25 kr. én stemme. Aktionærerne er berettigede til at stemme forskelligt på deres aktier.
5.1
Each share of nominal DKK 0.25 equals one vote at
the General Meeting. The shareholders are entitled to vote their shares differently.
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.
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.
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 and 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.
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.
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
6.
Board of directors
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.
6.2
Bestyrelsen vælger en formand og en næstformand.
6.2
The Board of Directors elects a chairman and a vice-chairman.
6.3
Bestyrelsen skal vedtage en forretningsorden om udførelsen
af sit hverv.
6.3
The board of directors shall adopt rules of procedure
governing the performance of its duties.
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.
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.
7.
Direktion
7.
Management board
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.
8.
Tegningsregel
8.
Power to bind the Company
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.
9.
Revision og regnskabsår
9.
Audit and financial year
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.
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.
10.
Elektronisk kommunikation
10.
Electronic communication
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.
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
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.
11.
Bemyndigelse til uddeling af ekstraordinært
udbytte
11.
Authorization to distribute extraordinary dividend
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.
12.
Uoverensstemmelse
12.
Discrepancy
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.
13.
Elektroniske generalforsamlinger
13.
Electronic general meetings
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.
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.
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.
- 0 -
- 0
24. august 2026
24 August 2026
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
Mellem
Evaxion Biotech ApS
Between
Evaxion Biotech ApS
Ole Maaløes Vej 3 2200
Ole Maaløes Vej 3
København N
2200 København N
og
[Navn]
and
[Name]
[Adresse]
[Address]
[Adresse]
[Address]
INDHOLDSFORTEGNELSE/TABLE OF CONTENTS
1
BAGGRUND OG OMFANG
6
1
BACKGROUND AND SCOPE
6
2
TILDELING AF WARRANTS
6
2
GRANT OF WARRANTS
6
3
TEGNINGSPRIS
6
3
SUBSCRIPTION PRICE
6
4
UDNYTTELSE AF WARRANTS
7
4
EXERCISE OF WARRANTS
7
5
VISSE BETINGELSER I RELATION TIL EXIT
9
5
CERTAIN CONDITIONS RELATING TO AN EXIT
9
6
OPSIGELSE AF ANSÆTTELSESFORHOLDET
11
6
TERMINATION OF EMPLOYMENT
11
7
ÆNDRING I RETSSTILLING ELLER SELSKABSKAPITAL
13
7
CHANGE OF LEGAL STATUS OR SHARE CAPITAL
13
8
TEGNING AF KAPITALANDELE
15
8
SUBSCRIPTION 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
19
13
PLEDGE OF SHARES
19
14
FULDMAGT
19
14
POWER OF ATTORNEY
19
15
TAVSHEDSPLIGT
19
15
CONFIDENTIALITY
19
16
LOVVALG
19
16
GOVERNING LAW
19
17
TVISTER
20
17
DISPUTES
20
18
UNDERSKRIFT, HELE AFTALEN OG ÆNDRINGER
HERTIL
20
18
SIGNATURES, ENTIRE AGREEMENT, AND AMENDMENTS
20
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")
- 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
(A)
Warrantindehaveren
er ansat af Selskabet
(A)
The Warrantee
is employed by the Company
(B)
Selskabet
ønsker at motivere Warrantindehaveren ved at tildele et vist antal warrants til Warrantindehaveren.
(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.
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 [
·
]
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.
2.3
Warrants tildeles
vederlagsfrit.
The
Warrants are granted free of charge.
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
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).
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 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").
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.
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.
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.
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.
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.
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.
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.
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:
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:
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
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.
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.
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.
5.5
Købspris
i forbindelse med Exit
Purchase
Price in connection with an Exit
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.
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.
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.
6
Opsigelse
af ansættelsesforholdet
6
Termination
of Employment
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:
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.
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.
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 opsigelsesperioden,
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.]
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.
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 Aftale.
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
7
Change of legal status or share capital
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,
(ii)
udstedelse
af konvertible obligationer,
(ii)
issuance of convertible bonds,
(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.
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.
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,
(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 notice
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.
(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.
(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.
(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.
(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.
(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.
(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
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:
9.2
Warrants
er underlagt ligningslovens § 7 P.
The Warrants shall be subject to Section 7 P of the Danish Tax Assessment
Act.
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.
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.
10
Ejeraftale
10
Shareholders' Agreement
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.
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.
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 shareholder 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.
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.
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.
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]:
Name:
Name:
Title:
Title:
Name:
Name:
Title:
Title:
BILAG 2 TIL VEDTÆGTER
APPENDIX 2 TO ARTICLES OF ASSOCIATION
WARRANTAFTALE
WARRANT
AGREEMENT
Mellem
Evaxion Biotech
ApS
Between
Evaxion Biotech
ApS
Bredgade 34
E
Bredgade 34
E
1260 K
ø
benhavn
K
1260 Copenhagen
K
og
[Navn]
and
[Name]
[Adresse]
[Address]
INDHOLDSFORTEGNELSE/TABLE
OF CONTENTS
1
BAGGRUND OG OMFANG
4
1
BACKGROUND AND SCOPE
4
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
9
5
CERTAIN CONDITIONS RELATING TO AN
EXIT
9
6
OPSIGELSE AF ANSÆTTELSESFORHOLDET
12
6
TERMINATION OF EMPLOYMENT
12
7
ÆNDRING I RETSSTILLING ELLER
SELSKABSKAPITAL
15
7
CHANGE OF LEGAL STATUS OR SHARE
CAPITAL
15
8
TEGNING
AF KAPITALANDELE
17
8
SUBSCRIPTION OF SHARES
17
9
SKAT
18
9
TAX
18
10
EJERAFTALE
19
10
SHAREHOLDERS' AGREEMENT
19
11
OVERDRAGELSE
AF WARRANTS
20
11
ASSIGNMENT OF WARRANTS
20
12
AFKALD
21
12
WAIVER
21
13
PANTSÆTNING
AF KAPITALANDELE
21
13
PLEDGE OF SHARES
21
14
FULDMAGT
21
14
POWER OF ATTORNEY
21
15
TAVSHEDSPLIGT
22
15
CONFIDENTIALITY
22
16
LOVVALG
22
16
GOVERNING
LAW
22
17
TVISTER
22
17
DISPUTES
22
18
UNDERSKRIFT, HELE AFTALEN OG ÆNDRINGER
HERTIL
22
18
SIGNATURES, ENTIRE AGREEMENT, AND
AMENDMENTS
22
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 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
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).
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").
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").
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.
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.
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.
Any Warrants that are not exercised in connection with an Exit shall
automatically become void without compensation, following the completion the relevant event.
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 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.
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.
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.
4.10
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 31 December 2036, the Warrants shall automatically and without further notice or
compensation lapse and become null and void.
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:
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:
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 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
5
CERTAIN CONDITIONS
RELATING TO AN EXIT
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.
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.
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.
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.
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.
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.
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.
5.5
Købspris i
forbindelse med Exit
Purchase Price in
connection with an Exit
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.
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.
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.
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.
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.
6
OPSIGELSE AF ANSÆTTELSESFORHOLDET
6
TERMINATION OF EMPLOYMENT
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.
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.
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.
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.
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.
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.
If the Warrantee serves notice of
termination before the first anniversary of the Employment Date: no Warrants;
6.3.2
Hvis Warrantindehaveren opsiger
sin ansættelse inden udløbet af 2 år efter Ansættelsesdatoen: 20% af tildelte Warrants.
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;
6.3.3
Hvis Warrantindehaveren opsiger
sin ansættelse inden udløbet af 3 år efter Ansættelsesdatoen: 40% af tildelte Warrants.
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;
6.3.4
Hvis Warrantindehaveren
opsiger sin ansættelse inden udløbet af 3 år efter Ansættelsesdatoen: 60% af tildelte Warrants.
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;
6.3.5
Hvis Warrantindehaveren opsiger
sin ansættelse inden udløbet af 4 år efter Ansættelsesdatoen: 80% af tildelte Warrants.
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
6.3.6
Hvis Warrantindehaveren opsiger
sin ansættelse inden udløbet af 5 år efter Ansættelsesdatoen: 100% af tildelte Warrants.
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.
Resterende Warrants, der ikke er
udnyttet ved udløbet af opsigelsesperioden, bortfalder.
Remaining Warrants not exercised
at the time of the expiration of the notice period, become null and void.
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.
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.
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.
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
7
CHANGE OF LEGAL STATUS
OR SHARECAPITAL
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,
(ii)
udstedelse af konvertible obligationer,
(ii)
issuance of convertible bonds,
(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.
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.
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,
(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 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.
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
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.
(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.
(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.
(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.
(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 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.
(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.
(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
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:
9.2
Warrants er underlagt ligningslovens
§ 7 P.
The Warrants shall to
the extent possible be subject to Section 7 P of the Danish Tax Assessment Act.
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).
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).
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.
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.
10
EJERAFTALE
10
SHAREHOLDERS’
AGREEMENT
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.
11
OVERDRAGELSE AF WARRANTS
11
ASSIGNMENT OF WARRANTS
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.
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.
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.
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 minoritetskapitalejer kan fordre sine kapitalandele indløst af en kapitalejer, der
ejer mere end ni tiendedele af kapitalandelene (indløsningsret).
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").
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 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.
This Agreement shall
be governed by the laws of Denmark.
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.
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.
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:
Name:
Name:
Title:
Title:
Name:
Title:
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
Bredgade
34 E
1260 København K
1260
Copenhagen K
og
[Navn]
and
[Name]
[Adresse]
[Address]
INDHOLDSFORTEGNELSE/TABLE OF CONTENTS
1
BAGGRUND OG OMFANG
4
1
BACKGROUND AND SCOPE
4
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
9
5
CERTAIN CONDITIONS RELATING TO AN EXIT
9
6
OPSIGELSE AF ANSÆTTELSESFORHOLDET
13
6
TERMINATION OF EMPLOYMENTS
13
7
ÆNDRING I RETSSTILLING ELLER SELSKABSKAPITAL
16
7
CHANGE OF LEGAL STATUS OR SHARE CAPITAL
16
8
TEGNING AF KAPITALANDELE
18
8
SUBACRIPTION OF SHARES
18
9
SKAT
20
9
TAX
20
10
EJERAFTALE
21
10
SHAREHOLDERS’ AGREEMENT
2
1
11
OVERDRAGELSE AF WARRANTS
22
11
ASSIGNMENT OF WARRANTS
22
12
AFKALD
23
12
WAIVER
23
13
PANTSÆTNING AF KAPITALANDELE
23
13
PLEDGE OF SHARES
23
14
FULDMAGT
23
14
POWER OF ATTORNEY
23
15
TAVSHEDSPLIGT
24
15
CONFIDENTIALITY
24
16
LOVVALG
24
16
GOVERNING LAW
24
17
TVISTER
24
17
DISPUTES
24
18
UNDERSKRIFT, HELE AFTALEN OG ÆNDRINGER HERTIL
24
18
SIGNATURES, ENTIRE AGREEMENT AND AMENDMENTS
24
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:
(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")
(2)
[Navn,
CPR-nr., adresse] ("Warrantindehaveren")
[Name,
Civil Reg. No. (CPR), address] (the "Warrantee")
-
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"
EFTERSOM
WHEREAS
(A)
Warrantindehaveren
er ansat i selskabet.
(A)
The
Warrantee is employed by the Company.
(B)
Selskabet
ønsker at motivere Warrantindehaveren ved at tildele et vist antal warrants til Warrantindehaveren.
(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.
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.
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.
2
TILDELING
AF WARRANTS
2.
GRANT
OF WARRANTS
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.
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.
2.3
Warrants
tildeles vederlagsfrit.
2.3
The
Warrants are granted free of charge.
2.4
Warrants
giver ikke Warrantindehaveren kapitalejerrettigheder, som f.eks. fondskapitalandele, eller fortegningsret i tilfælde af en kapitalforhøjelse
i Selskabet.
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.
2.5
Selskabet
er forpligtet til at føre en fortegnelse over udstedte Warrants, som skal opbevares sammen med Selskabets ejerbog.
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.
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").
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").
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").
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").
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).
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").
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").
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.
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.
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.
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.
4.6
Any
Warrants that are not exercised in connection with an Exit shall automatically become void without compensation, following the completion
of the relevant event.
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.
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.
4.8
Såfremt
der oprettes et Vindue, skal punkt 4.3 - 4.5 samtidig være gældende.
4.8
In
case a Window is established Clauses 4.3-4.5 shall apply simultaneously.
4.9
Warrants,
der ikke udnyttes i forbindelse med et Vindue, bortfalder automatisk uden kompensation.
4.9
Any
Warrants that are not exercised in connection with a Window shall automatically become void without compensation.
4.10
Såfremt
et Vindue ikke er blevet oprettet senest den 31. december 2036, bortfalder Warrants automatisk uden yderligere varsel og uden kompensation.
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.
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:
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:
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
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.
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.
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.
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.
5.3
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.
5.4
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.
5.4
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.
5.5
Købspris
i forbindelse med Exit
5.5
Purchase
Price in connection with an Exit
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.
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.
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.
5.5.2
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.
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.
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.
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.
6
OPSIGELSE
AF ANSÆTTELSES-FORHOLDET
6.
TERMINATION
OF EMPLOYMENT
6.1
Punkterne
6.2 - 6.6 finder anvendelse, hvis Warrantindehaveren er ansat i Selskabet
6.1
Clauses
6.2 - 6.6 shall apply provided the Warrantee is an employee of the Company:
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.
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.
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.
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.
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.
6.5
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.
Remaining
Warrants not exercised at the time of the expiration of the notice period, become null and void.
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.
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.
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.
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
7.
CHANGE OF LEGAL STATUS
OR SHARE CAPITAL
7.1
Ændring i selskabskapital
7.1
Change of Share Capital
7.1.1
I tilfælde af
ændringer i Selskabets selskabskapital, herunder men ikke begrænset til:
7.1.1
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,
(ii)
udstedelse
af konvertible obligationer,
(ii)
issuance
of convertible bonds,
(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.
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.
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
7.2.1
Hvis der træffes
beslutning om
7.2.1
If a resolution is made
to
(i)
at likvidere eller afvikle
Selskabet,
(i)
liquidate or wind up
the Company,
(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 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.
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.
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).
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:
(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 pre-emption rights with respect to the Warrants or shares issued by exercise of the Warrants.
(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.
(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.
(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.
(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 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.
(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.
(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
9.1
Punkterne 9.2 - 9.4
finder anvendelse, hvis Warrantindehaveren er ansat i Selskabet:
9.1
Clauses 9.2 - 9.4 shall
apply provided the Warrantee is an employee of the Company:
9.2
Warrants er underlagt
ligningslovens §7 P.
9.2
The Warrants shall be
subject to Section 7 P of the Danish Tax Assessment Act.
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).
9.3
The Company has assessed
the value of each granted warrants as DKK 1,901 (before adjustment for bonus shares and share split of 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.
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.
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.
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
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.
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.
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.
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.
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.
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.
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
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 minoritetskapitalejer kan fordre sine kapitalandele indløst af en kapitalejer,
der ejer mere end ni tiendedele af kapitalandelene (indløsningsret).
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”).
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.
13.1
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.
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
Name: Lars
Staal Wegner
Titel: CEO
Title: CEO
For
[the
Warantee]:
For
[the
Warantee]:
Navn:
Name:
Titel:
Title:
Schedule 4
Evaxion Biotech A/S
Warrant Terms
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.
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.
2.3
The Company will, along with the Company’s register of shareholders, keep a list of the issued Warrants.
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.
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.
3.6
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.
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.
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;
(b)
any mandatory or voluntary prepayment in whole or in part of the Company’s debt to the Warrant Holder;
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;
(d)
a sale, assignment, transfer or other disposal of all (or substantially all) of the assets and undertakings
of the Company;
(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.
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.
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;
(b)
by applying techniques that are appropriate in light of the nature, facts, and circumstances of the financial
instrument;
(c)
using reasonable current market data and inputs combined with market participant assumptions; and
(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.
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.
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.
9.             TERMS
OF THE ISSUE OF SHARES
9.1
The following shall apply for the new shares issued in connection with the exercise of Warrants in accordance
with these Warrant Terms:
(a)
the maximum nominal value of the capital increase resulting from an exercise of Warrants will be DKK 373,127
(adjusted by decision of the board of directors on 3 October 2024), and the minimum nominal value will be DKK 1;
(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;
(c)
the new shares issued on the basis of exercise of Warrants shall be subscribed for in cash and paid in full;
(d)
the new shares issued on the basis of exercise of Warrants shall be non-negotiable instruments;
(e)
the new shares shall be registered in the name of the shareholders and be registered in the shareholders’
register;
(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;
(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
(h)
the new shares shall carry the same rights as the existing shares in the Company.
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.
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).
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.
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.
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
APPENDIX
5 TO ARTICLES OF ASSOCIATION
EVAXION BIOTECH
A/S
(“
Selskabet
”)
EVAXION BIOTECH
A/S
(the “
Company
”)
INTRODUKTION
INTRODUCTION
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:
1.
GENERELT
GENERAL
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.
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.
2.
TILDELING
AF WARRANTS
GRANT OF
WARRANTS
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.
2.2.
Warrantindehaverne
skal ikke betale noget vederlag for at få tildelt warrants.
The grant
of warrants shall not be subject to payment from the Warrantholders.
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.
3.
OPTJENING
VESTING
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.
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
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.
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.
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.
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.
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:
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.
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.
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
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.
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.
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.
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.
6.4.
Fondsaktier:
Bonus Shares
Hvis det besluttes
at udstede fondsaktier i Selskabet, skal warrants justeres således:
If it is decided
to issue bonus 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:
og antallet
af endnu ikke udnyttede warrants ganges med faktoren:
and the number of warrants not yet exercised shall
be multiplied by the factor:
hvor:
where:
A = den nominelle
aktiekapital før udstedelsen af fondsaktier, og
A = the nominal
share capital before issue of bonus shares, and
B = den samlede
nominelle værdi på fondsaktierne.
B = the total
nominal value of bonus shares.
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.
6.5.
Kapitalændringer
til en anden kurs end markedskursen:
Changes of capital at a price different from the market price:
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:
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:
Udnyttelsesprisen
på enhver endnu ikke udnyttet warrant ganges med faktoren:
The exercise price for each non-exercised warrants shall be multiplied by the factor:
og antallet
af endnu ikke udnyttede warrants ganges med faktoren
and the number of non-exercised warrants shall be multiplied by the factor:
hvor:
where:
A = den
nominelle aktiekapital før ændringen i kapitalen
A = nominal
share capital before the change in capital
B = den
nominelle ændring i aktiekapitalen
B = nominal
change in the share capital
K = aktiens
markedskurs / lukkekurs dagen forinden annoncering af ændringen i aktiekapitalen, og
K = market
price / closing price of the share on the day prior to the announcement of the change in the share capital, and
T = tegningskurs/nedsættelseskurs
ved ændringen i aktiekapitalen
T = subscription
price/reduction price in relation to the change in the share capital
Hvis
det det justerede antal aktier ikke er et helt tal, skal der afrundes nedad til det nærmeste hele tal.
I
f
the adjusted number of shares does not amount to whole numbers, each number shall be rounded down to the nearest whole number.
Såfremt
Selskabet er børsnoteret skal der ikke ske regulering i tilfælde af fravigelser fra den noterede kurs på 10% eller
mindre.
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.
6.6.
Ændringer
i den enkelte aktie pålydende værdi:
Changes
in the nominal value of each individual share:
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:
Udnyttelsesprisen
på enhver endnu ikke udnyttet warrant ganges med faktoren:
The
exercise price for each non-exercised warrant shall be multiplied by the factor:
og
antallet af endnu ikke udnyttede warrants ganges med faktoren:
and the number of non-exercised warrants shall be multiplied by the
factor:
hvor:
where:
A =
den enkelte aktie nominelle værdi efter ændringen, og
A =
nominal value of each share after the change, and
B =
den enkelte aktie nominelle værdi før ændringen.
B =
nominal value of each share before the change.
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.
6.7.
Udbetaling
af udbytte:
Payment
of dividend:
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:
hvor:
w
here:
E2 =
den justerede udnyttelsespris
E2 =
the adjusted exercise price
E1 =
den oprindelige udnyttelsespris
E1 =
the original exercise price
U =
det udbetalte udbytte
U =
dividends paid out
Umax
= 10 % af egenkapitalen, og
Umax
= 10 per cent of the equity capital, and
A =
det samlede antal aktier i Selskabet.
A =
total number of shares in the Company.
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.
6.8.
Andre ændringer i Selskabets kapitalforhold:
Other
changes in the Company’s capital position:
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.
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.
Den beregningsmetode,
der skal anvendes ved justeringen, fastsættes af en af bestyrelsen valgt ekstern rådgiver.
The calculation
method to be applied to the adjustment shall be decided by an external advisor appointed by the board of directors.
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.
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.
6.9.
Likvidation:
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.
Liquidation:
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.
6.10.
Fusion og spaltning:
Merger
and split:
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.
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.
Hvis
Selskabet fusionerer som det ophørende selskab eller bliver spaltet, kan det fortsættende selskabs bestyrelse vælge
én af disse muligheder:
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:
a)
Warrantindehaveren kan umiddelbart inden fusionen/spaltningen udnytte alle
ikke udnyttede warrants, der ikke er bortfaldet (inklusive warrants der endnu ikke er optjent), eller
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
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.
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.
6.11.
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, kan bestyrelsen
vælge én af disse muligheder:
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:
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).
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)
b)
Tildelte
warrants erstattes af aktieinstrumenter i det erhvervende selskab af tilsvarende økonomisk værdi før skat.
b)
Share
instruments in the acquiring company of a corresponding pre-tax value shall replace the granted warrants.
c)
Tildelte warrants
fortsætter uændret.
c)
Granted warrants
continue unchanged.
6.12.
Fælles
bestemmelser vedrørende 6.9-6.11:
Common
provisions regarding 6.9-6.11:
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.
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.
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.
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
TRANSFER,
PLEDGE AND ENFORCEMENT
7.1.
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.
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.
8.
TEGNING
AF NYE AKTIER VED UDNYTTELSE AF WARRANTS
SUBSCRIPTION
FOR NEW SHARES BY EXERCISE OF WARRANTS
8.1.
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.
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.
8.2.
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.
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.
De
warrants, som Warrantindehaveren ikke har udnyttet i den sidste udnyttelsesperiode, bortfalder uden yderligere varsel og uden kompensation.
Warrants
not exercised by the Warrantholder during the last exercise period shall become null and void without further notice and without compensation.
8.4.
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.
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.
8.5.
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.
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.
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.
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.
9.
DE NYE ORDINÆRE AKTIERS RETTIGHEDER
THE
RIGHTS OF NEW ORDINARY SHARES
9.1.
Udover de
ovenfor anførte vilkår for den til de udstedte warrants hørende kapitalforhøjelse gælder følgende
vilkår:
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,
-
The
new shares will be divided into shares of nominal DKK 1.00 or multiples hereof;
-
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,
-
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;
-
De nye aktier
skal tilhøre samme aktieklasse, som de eksisterende aktier i selskabet,
-
The new shares
shall belong to the same share class as the existing shares in the company;
-
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,
-
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;
-
Der skal ikke
gælde indskrænkninger i den til de nye aktier knyttede fortegningsret ved fremtidige kapitalforhøjelser,
-
The pre-emption
rights attached to the new shares shall not be subject to any restrictions in the event of future capital increases;
-
Fristen for
tegning af de nye aktier beregnes på baggrund af bestemmelserne ovenfor,
-
The deadline for subscription of the new shares shall be calculated pursuant to the
provisions set forth above;
-
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
-
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
-
De
nye aktier skal lyde på navn, noteres i selskabets ejerbog og være ikke-omsætningspapirer.
-
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.
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.
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.
10.
Andre
Bestemmelser
OTHER PROVISIONS
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.
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.
11.
SKATTEMÆSSIGE
Konsekvenser
TAX CONSEQUENCES
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.
12.
LOVVALG OG VÆRNETING
LAW
AND VENUE
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.
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
APPENDIX
6 TO ARTICLES OF ASSOCIATION
EVAXION BIOTECH A/S (CVR-NR. 31762863) ("
Selskabet
")
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.
1.
GENERELT
GENERAL
En warrant er en ret, men ikke en pligt, til i en nærmere fastlagt periode (udnyttelsesperiode)
at tegne nye aktier i Selskabet til DKK 4,799 (udnyttelsesprisen i bilag 6 konverteret fra USD til DKK i henhold til bestyrelsesbeslutning
af 25. oktober 2024) (”
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 DKK 4.799 (the exercise price in appendix 6 converted from USD to DKK pursuant
to board resolution dated 25 October 2024) (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
Warrants er
tildelt i forbindelse med tegning af Udbudte Værdipapirer.
The Warrantholder
is granted warrants in connection with subscription of Offer Securities.
3.
OPTJENING
VESTING
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.
4.
UDNYTTELSE
EXERCISE
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:
("
Udnyttelsesperioden
").
(the “
Warrant
Exercise Period
”).
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.
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.
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 Warrantholder during the Warrant Exercise Period shall become null and void without further notice and without compensation
or payment of any kind to the Warrantholder.
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.
5.
JUSTERING AF WARRANTS
ADJUSTMENT OF WARRANTS
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.
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.
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.
5.3
Fondsaktier:
Treasury Shares
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:
og antallet af endnu ikke udnyttede Warrants ganges med
faktoren:
and the number of Warrants not yet exercised shall be multiplied
by the factor:
hvor:
where:
A
=        den
nominelle aktiekapital før udstedelsen af fondsaktier, og
A
=         the
nominal share capital before issue of treasury shares, and
B
=         den samlede
nominelle værdi på fondsaktierne.
B
=         the total
nominal value of treasury shares.
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.
5.4
Kapitalændringer til en anden kurs end markedskursen:
Changes of capital at a price different from the market
price:
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:
og antallet af endnu ikke udnyttede Warrants ganges med
faktoren:
and the number of non-exercised Warrants shall be multiplied
by the factor:
hvor:
where:
A
=          den
nominelle aktiekapital før ændringen i kapitalen
A
=          nominal
share capital before the change in capital
B
=          den
nominelle ændring i aktie-kapitalen
B
=          nominal
change in the share capital
K
=       aktiens
markedskurs / lukkekurs dagen forinden annoncering af ændringen i aktiekapitalen, og
K
=          market
price / closing price of the share on the day prior to the announcement of the change in the share capital, and
T
=      tegningskurs/nedsættelseskurs
ved ændringen i aktiekapitalen
T
=         subscription
price/reduction price in relation to the change in the share capital
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:
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:
Udnyttelsesprisen
på enhver endnu ikke udnyttet Warrant ganges med faktoren:
The Exercise Price
for each non-exercised Warrant shall be multiplied by the factor:
og antallet af
endnu ikke udnyttede warrants ganges med faktoren:
and the number
of non-exercised Warrants shall be multiplied by the factor:
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.
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.
5.6
Udbetaling af udbytte:
Payment of dividend:
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:
hvor:
where:
E2
=
den
justerede Udnyttelsespris
E2
=
the
adjusted Exercise Price
E1
=
den oprindelige
Udnyttelsespris
E1
=
the original
Exercise Price
U
=
det udbetalte
udbytte
U
=
dividends
paid out
Umax
=
10 % af egenkapitalen,
og
Umax
=
10 per cent
of the equity capital, and
A
=
det samlede
antal aktier i Sel-skabet.
A
=
total number
of shares in the Company.
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:
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.
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.
5.8
Likvidation:
Liquidation or Winding-up:
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.
5.9
Fusion og spaltning:
Merger and demerger:
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.
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.
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:
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.
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.
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.
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.
6.
TEGNING AF NYE
AKTIER VED UDNYTTELSE AF WARRANTS
SUBSCRIPTION FOR
NEW SHARES BY EXERCISE OF WARRANTS
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,
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,
(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
(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
(ii)
foretager betaling
til en af Selskabet eller Selskabets kontoførende institut angivet konto.
(ii)
payment of the
Exercise Price by the Warrantholder to the Company or the Company’s custodian bank.
Warrant Udnyttelsesmeddelelsen
skal afgives og betaling skal ske i overensstemmelse hermed.
The submission
of the Warrant Exercise Notice and the payment of the Exercise Price must be made in accordance herewith.
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.
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.
De warrants, som
Warrantindehaveren ikke har udnyttet i den sidste dag i Udnyttelsesperioden, bortfalder uden yderligere varsel og uden kompensation.
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.
7.
DE NYE ORDINÆRE
AKTIERS RETTIGHEDER
THE RIGHTS OF
NEW ORDINARY SHARES
Udover de ovenfor
anførte vilkår for den til de udstedte Warrants hørende kapitalforhøjelse gælder følgende vilkår:
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 eller multipla heraf,
-
The new shares will be divided
into shares of nominally DKK 1 or multiples hereof;
-
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,
-
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;
-
De nye aktier skal tilhøre samme aktieklasse, som de eksisterende aktier i selskabet,
-
The new shares shall belong
to the same share class as the existing shares in the company;
-
Kapitalforhøjelsen sker uden fortegningsret for de eksisterende aktionærer,
idet tegningen sker på baggrund af Warrants udstedt til Warrantindehaveren,
-
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;
-
Der skal ikke gælde indskrænkninger i den til de nye aktiers knyttede fortegningsret
ved fremtidige kapitalforhøjelser,
-
The pre-emption rights attached
to the new shares shall not be subject to any restrictions in the event of future capital increases;
-
Fristen for tegning af de nye aktier beregnes på baggrund af bestemmelserne ovenfor,
-
The deadline for subscription
of the new shares shall be calculated pursuant to the provisions set forth above;
-
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
-
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
-
De nye aktier skal lyde på navn, noteres i selskabets ejerbog og være omsætningspapirer.
-
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.
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.
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.
8.
SKATTEMÆSSIGE KONUSDVENSER
TAX CONSEQUENCES
De skattemæssige konsekvenser
forbundet med Warrantindehaverens tegning eller udnyttelse af Warrants er Selskabet uvedkommende.
The tax implications connected
to the Warrantholder’s subscription for or exercise of Warrants shall be of no concern to the Company.
9.
LOVVALG OG VÆRNETING
LAW AND VENUE
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.
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.
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.
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.
d)
Mechanics of Exercise
.
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 61
st
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.
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:
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:
(Please Print)
Address:
(Please Print)
Phone Number:
Email Address:
Dated: _______________ __, ______
Holder’s Signature:____________________
Holder’s Address:_____________________
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
DKK 27.52
(Exercise Price in appendix 8 co
nverted from
USD to DKK pursuant to board resolution dated 25 October 2024), subject to adjustment hereunder (the “Exercise Price”).
c)
Unavailability
of Registration Statemen
t. 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.
d)
Mechanics of Exercise
.
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 61
st
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:
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:
(Please Print)
Address:
(Please Print)
Phone Number:
Email Address:
Dated: _______________ __, ______
Holder’s Signature:
Holder’s Address:
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.
d)
Mechanics
of Exercise
.
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 61
st
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:
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:
(Please Print)
Address:
(Please Print)
Phone Number:
Email Address:
Dated: _______________ __, ______
Holder’s Signature:
Holder’s Address:
BILAG 10 / APPENDIX 10
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 10 TIL SELSKABETS
VEDTÆGTER
APPENDIX 10 TO ARTICLES OF ASSOCIATION
EVAXION BIOTECH A/S
EVAXION BIOTECH A/S
(
"Selskabet"
)
(the "
Company
")
INTRODUKTION
INTRODUCTION
I henhold
til bemyndigelse i vedtægternes punkt 2.11 har bestyrelsen bestemt, at følgende vilkår og betingelser skal være
gældende for warrants (
"Warrants"
), der udstedes til konsulenter (
"Warrantindehaver"
).
Pursuant to the authorisation in article 2.11 of the articles
of association, the board of directors has resolved that the following terms and conditions shall apply to warrants (the
"Warrants"
)
granted to consultants (
"Warrantholder"
).
1.
GENERELT
GENERAL
En warrant
er en ret, men ikke en pligt, til i en nærmere fastlagt periode (udnyttelsesperiode) at tegne nye aktier i Selskabet til en udnyttelsespris
fastsat af bestyrelsen (
"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 an exercise price determined by the board of directors (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
Warrants tildeles
som udgangspunkt i forbindelse med indgåelse af konsulentaftaler.
Warrants are as a starting point granted in connection
with the entering into consultancy agreements.
3.
OPTJENING
VESTING
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.
4.
UDNYTTELSE
EXERCISE
Warrants kan
udnyttes i en periode på 12 måneder fra tidspunktet for udstedelsen:
Warrants may
be exercised in a period of 12 months from the date of issuance:
(
"Udnyttelsesperioden"
).
(the
“Warrant Exercise
Period”
).
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"
).
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.
På hver
valgt Udnyttelsesdag kan Warrantindehaveren udnytte alle eller en del af sine Warrants ved at give meddelelse til Selskabet (
"Warrant
Udnyttelsesmeddelelsen"
) og kontant betale til Selskabet 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 to the Company the corresponding Exercise Price in cash (including by wire transfer).
Hvis den sidste
dag i Udnyttelsesperioden 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.
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 Warrantholder during the Warrant Exercise Period shall become null and void without further notice and without compensation
or payment of any kind to the Warrantholder.
Selskabet
vil så hurtigt som det praktisk er muligt efter at have modtaget en Warrant Udnyttelsesmeddelelse og den modsvarende kontante Udnyttelsespris
iværksætte registrering af Warrant udnyttelsen hos Erhvervsstyrelsen.
The Company
will as soon as practically possible after having received a Warrant Exercise Notice and having received the corresponding Exercise Price
in cash initiate registration of the Warrant exercise with the Danish Business Authority.
5.
JUSTERING AF WARRANTS
ADJUSTMENT OF WARRANTS
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.
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.
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.
5.3
Fondsaktier:
Bonus Shares
Hvis det besluttes
at udstede fondsaktier i Selskabet, skal Warrants justeres således:
If it is decided
to issue bonus 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:
​
og antallet
af endnu ikke udnyttede Warrants ganges med faktoren:
and the number
of Warrants not yet exercised shall be multiplied by the factor:
​
​
hvor:
where:
A
=
den nominelle aktiekapital før udstedelsen af fondsaktier, og
A
=
the nominal share capital before issue of bonus shares, and
B   =   den
samlede nominelle værdi på fondsaktierne.
B
=
the total nominal value of bonus shares.
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.
5.4
Kapitalændringer til en
anden kurs end markedskursen:
Changes of capital at a price
different from the market price:
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:
​
​
og antallet af endnu ikke udnyttede
Warrants ganges med faktoren:
and the number of non-exercised
Warrants shall be multiplied by the factor:
​
hvor:
where:
A  =
den nominelle aktiekapital før ændringen i kapitalen
A  =
nominal share capital before the change in capital
B   =
den nominelle ændring i aktiekapitalen
B   =
nominal change in the share capital
K   =
aktiens markedskurs / lukkekurs dagen forinden annoncering af ændringen i aktiekapitalen, og
K   =
market price / closing price of the share on the day prior to the announcement of the change in the share capital, and
T   =
tegningskurs/nedsættelseskurs ved ændringen i aktiekapitalen
T   =
subscription price/reduction price in relation to the change in the share capital
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:
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:
Udnyttelsesprisen
på enhver endnu ikke udnyttet Warrant ganges med faktoren:
The
Exercise Price for each non-exercised Warrant shall be multiplied by the factor:
​
​
og antallet
af endnu ikke udnyttede warrants ganges med faktoren:
and the number
of non-exercised Warrants shall be multiplied by the factor:
​
​
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.
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.
5.6
Udbetaling af udbytte:
Payment
of dividend:
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:
​​
​​
hvor:
where:
E2
=   den
justerede Udnyttelsespris
E2
=   the
adjusted Exercise Price
E1
=   den oprindelige
Udnyttelsespris
E1
=   the original Exercise
Price
U
=   det udbetalte udbytte
U
=   dividends paid
out
Umax
=   10 % af egenkapitalen,
og
Umax
=   10 per cent of
the equity capital, and
A
=   det samlede antal
aktier i Selskabet.
A
=   total number of
shares in the Company.
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:
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.
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.
5.8
Likvidation:
Liquidation or Winding-up:
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.
5.9
Fusion og spaltning:
Merger and demerger:
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.
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.
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:
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.
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 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.
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.
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.
6.
TEGNING AF NYE AKTIER VED UDNYTTELSE
AF WARRANTS
SUBSCRIPTION FOR NEW SHARES
BY EXERCISE OF WARRANTS
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 Udnyttelsesperioden. Udnyttelsesmeddelelsen skal være udfyldt med alle informationer.
Udnyttelsesprisen for de nye aktier, der skal betales ved et kontant indskud, skal være modtaget af Selskabet på en af Selskabet
angivet konto senest på den sidste dag i Udnyttelsesperioden.
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
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 on an account specified
by the Company, by the last day of the Warrant Exercise period.
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.
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.
De
warrants, som Warrantindehaveren ikke har udnyttet i den sidste dag i Udnyttelsesperioden, bortfalder uden yderligere varsel og uden kompensation.
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.
7.
DE NYE ORDINÆRE
AKTIERS RETTIGHEDER
THE RIGHTS OF NEW
ORDINARY SHARES
Udover
de ovenfor anførte vilkår for den til de udstedte Warrants hørende kapitalforhøjelse gælder følgende
vilkår:
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 eller multipla heraf,
-
The
new shares will be divided into shares of nominally DKK 1 or multiples hereof;
-
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,
-
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;
-
De nye aktier
skal tilhøre samme aktieklasse, som de eksisterende aktier i selskabet,
-
The new shares
shall belong to the same share class as the existing shares in the company;
-
Kapitalforhøjelsen sker uden fortegningsret for
de eksisterende aktionærer, idet tegningen sker på baggrund af Warrants udstedt til Warrantindehaveren,
-
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;
-
Der skal ikke
gælde indskrænkninger i den til de nye aktiers knyttede fortegningsret ved fremtidige kapitalforhøjelser,
-
The pre-emption
rights attached to the new shares shall not be subject to any restrictions in the event of future capital increases;
-
Fristen for tegning af de nye aktier beregnes på
baggrund af bestemmelserne ovenfor,
-
The deadline
for subscription of the new shares shall be calculated pursuant to the provisions set forth above;
-
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
-
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
-
De
nye aktier skal lyde på navn, noteres i selskabets ejerbog og være ikke-omsætningspapirer.
-
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.
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.
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.
8.
SKATTEMÆSSIGE
KONSEKVENSER
TAX CONSEQUENCES
De
skattemæssige konsekvenser forbundet med Warrantindehaverens tegning eller udnyttelse af Warrants er Selskabet uvedkommende.
The
tax implications connected to the Warrant-holder’s subscription for, or exercise of Warrants shall be of no concern to the Company.
9.
LOVVALG OG VÆRNETING
LAW AND VENUE
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.
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 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.
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.
Appendix 11
WARRANT TO SUBSCRIBE FOR ORDINARY SHARES
REPRESENTED BY AMERICAN DEPOSITARY SHARES
EVAXION
BIOTECH A/S
Warrant ADSs: ________
Initial Exercise Date: January 31, 2025
THIS 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 January 31, 2030 (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).
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 fifty (50) 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 0.25 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 January 30, 2025, 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. 333-283304).
“
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
$
2.71
,
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.
d)
Mechanics of Exercise
.
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 61
st
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 twelve and one half
(12.5) Danish Krone, the nominal amount per share of the Ordinary Shares for fifty (50) 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:
: Flemming Pedersen and Susanne Bech, email addresses
fap@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 purchase ________ Warrant Shares 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 be in lawful money of the United States 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 Shares 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: ____________________
The Warrant Shares shall be delivered to the following
DWAC Account Number:
_______________________________
_______________________________
_______________________________
[SIGNATURE
OF HOLDER]
Name of Investing Entity: _____________________________________________________________
Signature of
Authorized Signatory of Investing Entity
: ______________________________________
Name of Authorized Signatory: ________________________________________________________
Title of Authorized Signatory: _________________________________________________________
Date:______________________________________________________________________________
ASSIGNMENT FORM
(To assign the foregoing Warrant, execute this form and supply required
information. Do not use this form to purchase shares.)
FOR VALUE RECEIVED, the foregoing Warrant and all rights evidenced
thereby are hereby assigned to
Name:
(Please Print)
Address:
(Please Print)
Phone Number:
Email
Address:
Dated:
_______________ __, ______
Holder’s
Signature:
Holder’s
Address:
Appendix 12
WARRANT TO SUBSCRIBE FOR ORDINARY SHARES
REPRESENTED BY AMERICAN DEPOSITARY SHARES
EVAXION
A/S
Warrant ADSs:
Initial Exercise Date: [ ], 2025
THIS 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 [ ], 2035 (the “
Termination Date
”) but not thereafter, to subscribe for and purchase
from Evaxion A/S, , company registration (CVR) no. 31 76 28 63, a public limited liability company incorporated under the laws of the
Kingdom of Denmark (the “
Company
”), up to 38,450,000 Ordinary Shares (the “
Warrant Shares
”) represented
by 769,000 ADSs (the “
Warrant ADSs
”), as subject to adjustment hereunder. The subscription price of one Warrant Share
under this Warrant shall be DKK 0.25, as regulated in Section 2(b),while 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 fifty (50) 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 the Person specified.
“
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,
Luxembourg or Denmark or any day on which banking institutions in the State of New York, Luxembourg 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, Luxembourg City,
Luxembourg 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 Advokatpartnerselskab, company registration (CVR) no. 35 89 20 52, 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.
“DWAC”
means the Deposit/Withdrawal At Custodian system of The Depository Trust 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
“
Options
” means any
warrants or other rights or options to subscribe for or purchase Ordinary Share or Ordinary Shares Equivalents.
“
Ordinary
Share(s)
” means the ordinary shares of the Company, DKK 0.25 nominal value per share, and any other class of securities into
which such securities may hereafter be reclassified or changed.
“
Ordinary
Share Equivalent
” means any securities (directly or indirectly) convertible into or exercisable or exchangeable for Ordinary
Shares, but excluding Options
“
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.
“
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, being 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. 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 Warrant Share of nominally DKK 0.25 under this Warrant shall be DKK 0.25, corresponding to DKK 0.25
per Ordinary Share of nominally DKK 0.25, equal to an exercise price per Warrant ADS of DKK 12.50 (the “
Exercise Price
”).
c)
Issue
of Warrant Shares in connection with Exercise.
Upon the receipt by the Company of a Notice of Exercise and the Exercise Price, 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 no later than five (5) Business
Days after the delivery of the Notice of Exercise. The following terms and conditions shall apply to the new Warrant Shares issued by
the exercise of Warrants in accordance with this Appendix 12 to the Articles of Association:
i.              the
maximum nominal value of the capital increase resulting from an exercise of Warrants will be nominally DKK 9,612,500, and the minimum
will be nominally DKK 0.25;
ii.             the
new Warrant Shares shall be subscribed for and issued without pre-emption rights for the Company's existing shareholders;
iii.            the
new Warrant Shares shall be subscribed for in cash and paid in full upon exercise in accordance with the above, whereby payment of the
aggregate Exercise Price shall be made in full on the Trading Day (based on New York City time) on which the delivery of the Notice of
Exercise occurs;
iv.            the
new Warrant Shares shall be non-negotiable instruments;
v.             the
new Warrant Shares shall be registered in the name of the Holder in the Company's share register on the date of registration of the capital
increase with the Danish Business Authority;
vi.            the
new Warrant Shares will not be subject to any re-strictions in the pre-emption rights in connection with future capital increases;
vii.           the
new Warrant Shares shall be entitled to dividends, and other rights in the Company according to the provisions in the Company’s
Articles of Association, from the date of the registration of the capital increase with the Danish Business Authority; and
viii.          the
new Warrant Shares shall carry the same rights as the existing Ordinary Shares in the Company.
d)
Registration
Statement
. The Company shall procure and ensure that an effective registration statement is made available for the sale of all Warrant
Shares in accordance with that certain Registration Rights Agreement, dated on or about the date hereof, entered into between the Company
and the Holder. In the event that this obligation is breached, the Company shall pay to the Holder, in cash, damages for any documented
direct loss suffered by the Holder as a result of such breach.
e)
Mechanics of Exercise
.
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 and then transfer into the name of the Depositary, deposit the Warrant Shares in connection with
such exercise with the Depositary for the ADSs, and instruct the Depositary to credit the account of the Holder in book entry format at
the Depositary bearing the restrictive legend in Section 5. If eligible, the Depositary may credit the account of the Holder’s
or its designee’s balance account with The Depository Trust Company through DWAC if the Depositary is then a participant in such
system and there is an effective registration statement with a current prospectus registering for resale of the Warrant Shares represented
by the Warrant ADSs by the Holder and the Depositary shall have received from Holder a confirmation of sale thereof, by the date that
is the later of (i) five (5) 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. 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, and the resulting delay in delivery is attributable
to the negligence of the Company, the Company shall pay to the Holder, in cash, damages for any documented direct loss suffered by the
Holder as a result of the delay in delivery. The Company agrees to maintain a depositary that is 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.
ii.
Rescission
Rights
. If the Company fails to cause the Depositary to transmit to the Holder the Warrant ADSs pursuant to Section 2(e)(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.
iii.
Compensation
for Buy-In on Failure to Timely Delivery Warrant ADSs upon Exercise
. In addition to any other rights available to the Holder, if the
Depositary fails to deliver to the Holder the Warrant ADSs in accordance with the provisions of Section 2(e)(i) above (and such
failure is attributable to the negligence of the Company) 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 pay to the Holder, in cash, damages for any documented direct loss
suffered by the Holder as a result of such failure.
iv.
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.
v.
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, the applicable Notice of 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.
vi.
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.
f)
Holder’s
Exercise Limitations
.
i.
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(f), 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(f) 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(f), 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(f), provided that the Beneficial Ownership
Limitation in no event exceeds 19.99% 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(f) shall continue to apply.
Any increase in the Beneficial Ownership Limitation will not be effective until the 61
st
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(f) 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.
ii.
Notwithstanding
anything to the contrary herein, if and as required, prior to obtaining stockholder approval as required by the rules of the applicable
Trading Market, the Company shall not be required to effect any exercise of the Warrants, , pursuant to this Section 2(f) or
otherwise, if the Company determines in good faith that such exercise would result in requiring a vote of the Company’s stockholders
pursuant to the applicable rules of the Trading Market, including, without limitation because such exercise (1) would result
in the Holder and its Affiliates and Attribution Parties beneficially owning (x) in excess of 19.99% of the number of Ordinary Shares
outstanding immediately after giving effect to the issuance of Ordinary Shares upon exercise of the Warrants and (y) the largest
ownership position in the Company, or (2) would otherwise result in a “change of control” of the Company as defined under
the rules of the Trading Market.
iii.
Upon
the transfer of this Warrant, in whole or in part, by the initial Holder hereof to any subsequent Holder, the provisions of this Section 2(f) shall
no longer apply to this Warrant (or, in the case of a transfer in part, such part of this Warrant) as of the date of such transfer.
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 Warrant Shares
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, whereby any adjustment shall in such case solely be carried out by adjusting the number
of Warrant Shares and the number of ADSs issuable upon exercise of this Warrant. 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, demerger, 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(f) 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(f) 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, demerger 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, demerger, 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, demerger, 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 twelve and one half
(12.50) Danish Krone, the nominal amount per share of the Ordinary Shares for fifty (50) 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 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 transfer and, if required, such payment, the Company shall update the Warrant Register (as defined
below) in the name of the assignee or assignees, as applicable, and in the denomination or denominations specified in such instrument
of assignment. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant
to the Company. 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)
Adjustment
of Warrant
. 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 this Warrant are to be so divided or combined, signed by
the Holder or its agent or attorney. The Company shall carry out the necessary adjustments to the Warrant Register, as applicable, to
reflect any such division or combination, including for the avoidance of doubt with respect 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 and the amount of Warrant Shares represented by Warrant
ADS issuable hereunder from time to time, including, but not limited to, in connection with any transfer or partial exercise of this Warrant.
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)
Warranties
and Legends
. In connection with the issuance and purchase of this Warrant and the terms hereof and the Debt Settlement Agreement
entered into on or about the date hereof between the Holder and the Company (the “Debt Settlement Agreement”), the Holder
makes the representations and warranties as set out in Schedule 5.1 hereto and agrees to the provisions of Schedule 5.2 hereto, including
the restrictive legends and restrictions on transfer
1
.
b)
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(e)(i), except as expressly
set forth in Section 3. Without limiting any rights of a Holder to receive cash payments pursuant to Section 2(e)(i) and
Section 2(e)(iv) herein, in no event shall the Company be required to net cash settle an exercise of this Warrant.
c)
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.
1
Note to Draft: These changes, and the accompanying Schedule
with standard accredited investor reps, are necessary to ensure and document a private placement in order to provide a legal opinion to
BNY Mellon.
d)
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.
e)
Authorized
Shares
.
The Company covenants
that a sufficient number of shares has been authorized to provide for the issuance of the Warrant ADS and the underlying Ordinary Shares
upon the exercise of any subjection 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.
f)
Governing
Law
. All questions concerning the construction, validity, enforcement and interpretation (a “
Dispute
”) 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. The Courts of Denmark have exclusive jurisdiction to settle any Dispute arising out of
or in connection with this Warrant or any non-contractual obligation arising out of or in connection with this Warrant. The parties agree
that the Courts of Denmark are the most appropriate and convenient courts to settle Disputes between them and, accordingly, that they
will not argue to the contrary. This Section 5(f) is for the benefit of the Holder only. As a result and notwithstanding anything
in this clause to the contrary, this clause shall not prevent the Holder from taking proceedings relating to a Dispute in any other courts
with jurisdiction. To the extent allowed by law, the Holder may take concurrent proceedings in any number of jurisdictions. 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.
g)
Restrictions
.
The Holder acknowledges that the Warrant Shares represented by Warrant ADSs acquired upon the exercise of this Warrant will be restricted
until actually resold in reliance on an effective registration statement.
h)
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.
i)
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:
[*] and investor@evaxion.ai
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.
j)
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.
k)
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.
l)
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.
m)
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.
n)
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.
o)
Amendment
.
This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company and the Holder.
p)
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.
q)
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 A/S
By:
Name:
Title:
NOTICE OF EXERCISE
To:
EVAXION
A/S
(1)
The
undersigned hereby elects to purchase ________ Warrant ADS of the Company pursuant to the terms of the attached Warrant, and tenders herewith
payment of the exercise price in full, together with all applicable transfer taxes, if any.
(2)
Payment
shall be in lawful money of the Kingdom of Denmark 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 ADS 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:
The Warrant ADS shall be delivered to the following DWAC Account Number:
[SIGNATURE OF HOLDER]
Name
of Holder:
Signature
of Authorized Signatory of Investing Entity:
Name of Authorized
Signatory:
Title of Authorized
Signatory:
Date:
ASSIGNMENT FORM
(To assign the foregoing Warrant, execute this
form and supply required information. Do not use this form to purchase shares.)
FOR VALUE RECEIVED, the foregoing Warrant and
all rights evidenced thereby are hereby assigned to
Name:
(Please Print)
Address:
(Please
Print)
Phone Number:
Email
Address:
Dated:
,
Holder’s Signature:
Holder’s Address:
Schedule 5.1
(a)
Own
Account
. Holder understands that the Warrant and, until sold pursuant to an effective registration statement to cover their resale,
theWarrant Shares and Warrant ADS (the “Securities”), are “restricted securities” and have not been registered
under the Securities Act or any applicable state securities law and is acquiring or acquired such Securities as principal for its own
account and not with a view to or for distributing or reselling such Securities or any part thereof in violation of the Securities Act
or any applicable state securities law, has no present intention of distributing any of such Securities in violation of the Securities
Act or any applicable state securities law and has no direct or indirect arrangement or understandings with any other persons to distribute
or regarding the distribution of such Securities in violation of the Securities Act or any applicable state securities law (this representation
and warranty not limiting such Holder’s right to sell such Securities pursuant to a registration statement or otherwise in compliance
with applicable federal and state securities laws). Holder is acquiring the Securities hereunder in the ordinary course of its business.
(b)
Holder
Status
. At the time such Holder was offered the Securities, it was, and as of the date hereof it is, and on each date on which it
exercises any Warrants, it will be, an “accredited investor” as defined in Rule 501(a)(1), (a)(2), (a)(3), (a)(7), (a)(8),
(a)(9), (a)(12), or (a)(13) under the Securities Act.
(c)
Experience
of Holder
. Such Holder, either alone or together with its representatives, has such knowledge, sophistication and experience in business
and financial matters so as to be capable of evaluating the merits and risks of the prospective investment in the Securities, and has
so evaluated the merits and risks of such investment. Such Holder is able to bear the economic risk of an investment in the Securities
and, at the present time, is able to afford a complete loss of such investment.
(d)
General
Solicitation
. Such Holder is not, to such Holder’s knowledge, purchasing the Securities as a result of any advertisement, article,
notice or other communication regarding the Securities published in any newspaper, magazine or similar media or broadcast over television
or radio or presented at any seminar or, to the knowledge of such Holder, any other general solicitation or general advertisement.
(e)
Access
to Information
. Such Holder acknowledges that it has had the opportunity to review the Debt Settlement Agreement and Warrant on or
about the date hereof, and all related documents (including all exhibits and schedules thereto) and reports filed by the Company with
the Commission and has been afforded, (i) the opportunity to ask such questions as it has deemed necessary of, and to receive answers
from, representatives of the Company concerning the terms and conditions of the offering of the Securities and the merits and risks of
investing in the Securities; (ii) access to information about the Company and its financial condition, results of operations, business,
properties, management and prospects sufficient to enable it to evaluate its investment; and (iii) the opportunity to obtain such
additional information that the Company possesses or can acquire without unreasonable effort or expense that is necessary to make an informed
investment decision with respect to the investment.
Schedule 5.2
Other
Agreements
1.1 Transfer Restrictions.
(a) Holder acknowledges and agrees that
the Securities may only be disposed of in compliance with state and federal securities laws. In connection with any transfer of Securities
other than pursuant to an effective registration statement or Rule 144, to the Company or to an Affiliate of Holder, the Company
may require the transferor thereof to provide to the Company an opinion of counsel selected by the transferor and reasonably acceptable
to the Company, the form and substance of which opinion shall be reasonably satisfactory to the Company, to the effect that such transfer
does not require registration of such transferred Securities under the Securities Act. As a condition of transfer, any such transferee
shall agree in writing to be bound by the terms of this Agreement and the Registration Rights Agreement and shall have the rights and
obligations of a Holder under this Agreement and the Registration Rights Agreement.
(b) The Purchasers agree to the imprinting,
so long as is required by this Section 1.1, of a legend on any of the Securities in the following form:
NEITHER THIS SECURITY NOR THE SECURITIES
INTO WHICH THIS SECURITY IS EXERCISABLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION
OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”),
AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD OR OTHERWISE DISTRIBUTED OR TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS
OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS. THIS SECURITY AND THE SECURITIES ISSUABLE UPON EXERCISE
OF THIS SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN SECURED BY SUCH SECURITIES.
(c) If all
or any portion of a Warrant is exercised and such Warrant Shares (including Warrant Shares represented by Warrant ADSs) are issuable upon
the exercise thereof at a time when there is an effective registration statement to cover the resale of such Warrant Shares (including
Warrant Shares represented by Warrant ADSs), or if such Warrant Shares (including Warrant Shares represented by Warrant ADSs) may be sold
under Rule 144
and the Company is then in compliance with the current public information required under Rule 144, or
if the Warrant Shares (including Warrant Shares represented by Warrant ADSs) may be sold under Rule 144 without the requirement for
the Company to be in compliance with the current public information required under Rule 144 as to such Warrant Shares (including
Warrant Shares represented by ADSs), or if such legend is not otherwise required under applicable requirements of the Securities Act (including
judicial interpretations and pronouncements issued by the staff of the Commission) then such Warrant Shares (including Warrant Shares
represented by Warrant ADSs) shall be issued free of all legends.
(d) Holder agrees with the Company that
it will only sell any Securities pursuant to either the registration requirements of the Securities Act, including any applicable prospectus
delivery requirements, or an exemption therefrom, and that if Securities are sold pursuant to a registration statement, they will be sold
in compliance with the plan of distribution set forth therein, and acknowledges that the removal of the restrictive legend from certificates
representing the Securities as set forth in this Section 1.1 is predicated upon the Company’s reliance upon this understanding.
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
13 til selskabets vedtægter
eVAXION
A/S
(“
Selskabet
”)
appendix
13 to articles of association
eVAXION
A/S
(
the
“Company”
)
INTRODUKTION
INTRODUCTION
Bestyrelsen har den 5. februar 2026
bestemt, at følgende vilkår og betingelser skal være gældende for visse warrants, der tildeles fra den 1. januar
2026 til bestyrelse, direktion, øvrige medarbejdere samt rådgivere/konsulenter i henhold til bemyndigelsen i vedtægternes
pkt. 2.5:
The board of directors has on 5
February 2026 resolved that the following terms and conditions shall apply to certain warrants which are granted from 1 January 2026 to
board members, management, other employees and advisors/consultants according to the authorization in article 2.5 of the articles of association:
1.
GENERELT
GENERAL
1.1.
Selskabet har indført 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 introduced an incentive
program for board members, management, other employees and advisors/consultants (hereinafter collectively referred to as “Warrantholders”)
in/on behalf of the Company and its subsidiaries (collectively the “Company”). The program is based on grant of warrants without
payment.
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 0,25.
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 0.25 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.
2.
TILDELING AF WARRANTS
GRANT OF WARRANTS
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.
2.2.
Warrantindehaverne skal ikke betale
noget vederlag for at få tildelt warrants.
The grant of warrants shall not
be subject to payment from the Warrantholders.
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.
3.
OPTJENING
VESTING
3.1.
Warrantindehaveren optjener som
udgangspunkt ret til at udnytte warrants med 1/36 pr. måned regnet fra tildelingstidspunktet. Bestyrelsesmedlemmer optjener dog
som udgangspunkt ret til at udnytte warrants med 1/12 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. However, warrants granted to board members shall, as a general
rule, vest for exercise with 1/12 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.
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
4.1.
Optjente warrants kan udnyttes dagligt,
dog således at Warrantindehaverens udnyttelse af warrants er betinget af, at udnyttelsen sker i overensstemmelse med de til enhver
tid gældende regler for insiderhandel Selskabets bestyrelse er dog til enhver tid berettiget til at afvise en Warrantindehavers
udnyttelse af warrants.
Vested warrants may be exercised daily, provided that the Warrantholder’s
exercise of warrants is subject to compliance with the rules on insider trading applicable at any given time. However, the Company’s
board of directors is entitled at any time to refuse a warrant holder’s exercise of warrants.
4.2.
Warrants udløber og bortfalder automatisk uden varsel og
uden særskilt vederlag eller anden kompensation på ti-årsdagen for tildelingen.
Warrants will lapse
automatically, without prior notice and without compensation of any kind on the tenth (10th) anniversary of the date of grant.
4.3.
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.
4.4.
Warrantindehaveren kan frit vælge,
hvornår optjente warrants skal udnyttes, jf. dog punkt 4.6 nedenfor vedrørende væsentlig misligholdelse. Det er dog
en betingelse for udnyttelsen, at Warrantindehaveren ved en given udnyttelse udnytter optjente warrants, der giver ret til tegning af
minimum nominelt DKK 1000 aktier i Selskabet (eller det mindre antal, som Warrantindehaveren er blevet tildelt, eller som Warrantindehaveren
fortsat ejer). Bestyrelsen er dog til enhver tid berettiget til at forhøje eller nedsætte det fastsatte minimumsnominelle
beløb ved meddelelse til Warrantindehaver.
The Warrantholder shall be free
to choose when vested warrants shall be exercised, cf. however, clause 4.6 below regarding material breach. It is, however, a condition
for exercise that the Warrantholder in a given exercise, exercises vested warrants, which provides for subscription of minimum nominal
DKK 1000 shares in the Company (or such lower amount as the Warrantholder has been granted or still holds). However, the board of directors
is entitled at any time to increase or reduce the fixed minimum nominal amount by notifying the Warrantholder.
4.5.
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 Warrant-holder.
4.6.
Warrantindehaverens
udnyttelse af warrants forudsætter som udgangspunkt, at Warrantindehaveren er bestyrelsesmedlem eller ansat i Selskabet 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 a board member in or employed by the 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.
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.
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 Warrant-holder
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.
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
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.
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.
Såfremt en justering af warrants
beregnet i henhold til punkt 6.4 – 6.11 nedenfor, eksempelvis grundet ændringer i selskabets kapitalforhold, medfører,
at den potentielle gevinstmulighed, der er knyttet til en warrant, ikke er den samme efter indtræden af den hændelse, der
begrunder justeringen, skal Selskabets revisor være berettiget til at foretage de nødvendige tilpasninger til beregningsformlerne
for at opnå det tilsigtede resultat.
If an adjustment
of warrants calculated pursuant to section 6.4 – 6.11 below, for example due to changes in the company’s capital structure,
results in the potential gain attached with a warrant not being the same after the occurrence of the incident justifying the adjustment,
the Company’s auditor shall be entitled to make the necessary adjustments to the calculation formulas to achieve the intended result.
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.
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.
6.4.
Fondsaktier:
Bonus Shares
Hvis det besluttes at udstede fondsaktier
i Selskabet, skal warrants justeres således:
If it is decided to issue bonus
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:
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.
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.
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.
6.5.
Kapitalændringer
til en anden kurs end markedskursen:
Changes of capital
at a price different from the market price:
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:
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:
Udnyttelsesprisen på enhver
endnu ikke udnyttet warrant ganges med faktoren:
The exercise price for each non-exercised
warrants shall be multiplied by the factor:
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
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
Hvis det 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 whole numbers, each number shall be rounded down to the nearest whole number.
Der skal ikke ske regulering i tilfælde
af fravigelser fra den noterede kurs i forbindelse med rettede emissioner, såfremt bestyrelsen efter samråd fra medvirkende
investeringsbanker vurderer, at tegningskursen svarer til markedskursen, uagtet at den noterede kurs er højere. Gennemføres
der en fortegningsretsemission til favørkurs skal justeringen, medmindre bestyrelsen beslutter andet, foretages baseret på
den noterede kurs på Selskabets kapitalandele dagen før offentliggørelsen af fortegningsretsemissionen til markedet.
Bestyrelsen er i den forbindelse berettiget til at tage hensyn til kursudviklingen på Selskabets aktier i perioden fra offentliggørelse
af fortegningsretsemissionen og frem til og med gennemførelsen af fortegningsretsemissionen. En eventuel regulering foretages af
bestyrelsen efter med gennemførelsen af fortegningsretsemissionen.
No adjustments shall take place,
in the event that the deviation from the listed price in connection with directed share issue to the extent that the board of directors,
after consultation with participating investment banks, evaluate that the subscription price corresponds to the market price, notwithstanding
that the listed price is higher. In the event that a rights issue of shares is carried out the adjustment shall, unless the board of directors
determine otherwise, be based on the listed price the day before the publication of the rights issue to the market. The board of directors
is, in this respect, entitled to take into account the development of the market price of the Company’s shares in the period from
the announcement of the rights issue until and including the completion of the rights issue. Any adjustment shall be made by the board
of directors after the completion of the rights issue.
6.6.
Ændringer i
den enkelte aktie pålydende værdi:
Changes in the nominal
value of each individual share:
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:
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.
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.
Udbetaling af udbytte:
Payment of dividend:
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
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.
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.
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.
6.8.
Andre ændringer
i Selskabets kapitalforhold:
Other changes in the Company’s capital position:
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.
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.
Den beregningsmetode, der skal anvendes
ved justeringen, fastsættes af en af bestyrelsen valgt ekstern rådgiver.
The calculation method to be applied
to the adjustment shall be decided by an external advisor appointed by the board of directors.
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.
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.
6.9.
Likvidation:
Liquidation:
Hvis Selskabet bliver likvideret,
fremskyndes et evt. optjeningstidspunkt for alle uudnyttede warrants, således at Warrantindehaveren kan udnytte warrants umiddelbart
før den pågældende transaktion finder sted.
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 immediately
preceding the relevant transaction.
6.10.
Fusion og spaltning:
Merger and split:
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.
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.
Hvis Selskabet fusionerer
som det ophørende selskab eller bliver spaltet, kan det fortsættende selskabs bestyrelse vælge én af disse muligheder:
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:
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
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.
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
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.
6.11.
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, kan bestyrelsen vælge én af
disse muligheder:
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:
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).
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)
b)    Tildelte
warrants erstattes af aktieinstrumenter i det erhvervende selskab af tilsvarende økonomisk værdi før skat.
b)    Share
instruments in the acquiring company of a corresponding pre-tax value shall replace the granted warrants.
c)    Tildelte
warrants fortsætter uændret.
a)     Granted
warrants continue unchanged.
6.12.
Fælles bestemmelser
vedrørende 6.9–6.11:
Common provisions
regarding 6.9-6.11:
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 2 uger til skriftligt at informere Selskabet om, hvorvidt han/hun vil udnytte
sine warrants. 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.
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 inform the Company in writing within 2 weeks whether he/she will exercise his/hers warrants. 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.
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.
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
Transfer,
pledge and enforcement
7.1.
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.
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.
8.
Tegning
af nye aktier ved udnyttelse af warrants
Subscription
for new shares by exercise of warrants
8.1.
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, hvor de tildelte warrants i henhold til punkt 4.2 kan udnyttes. 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 hvor de tildelte warrants kan udnyttes i henhold til punkt 4.2.
Subscription for new shares by exercise
of granted warrants must be made through submission by the Warrantholder no later than the last day pursuant to clause 4.2 on which the
warrants granted may be exercised. 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 pursuant to clause 4.2 on which the warrants granted may be exercised..
8.2.
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, hvor de tildelte warrants i henhold til punkt 4.2 kan udnyttes, anses tegningen for ugyldig, og Warrantindehaverens
warrants bortfalder uden yderligere varsel og uden kompensation.
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 pursuant to clause 4.2 on which the warrants granted may be exercised, the subscription shall be deemed invalid, and in this
situation the Warrantholder’s warrants shall become null and void without further notice and without compensation
8.3.
De warrants, som Warrantindehaveren
ikke har udnyttet inden ti-årsdagen for tildelingen, bortfalder uden yderligere varsel og uden kompensation.
Warrants not exercised
by the Warrant-holder before the tenth (10th) anniversary of the date of grant shall become null and void without further notice and without
compensation.
8.4.
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.
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.
8.5.
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.
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 Warrant-holder.
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.
The Warrantholder accepts and acknowledges
that the above-mentioned shareholders’ agreement may contain i) obligations to sell shares upon termination of the Warrant-holder’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.
9.
De
nye ordinære aktiers rettigheder
The
rights of new ordinary shares
9.1.
Udover de ovenfor anførte
vilkår for den til de udstedte warrants hørende kapitalforhøjelse gælder følgende vilkår:
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 0,25 eller multipla heraf,
-      The
new shares will be divided into shares of nominal DKK 0.25 or multiples hereof;
-      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,
-      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;
-      De
nye aktier skal tilhøre samme aktieklasse, som de eksisterende aktier i selskabet,
-      The
new shares shall belong to the same share class as the existing shares in the company;
-      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,
-      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;
-      Der
skal ikke gælde indskrænkninger i den til de nye aktier knyttede fortegningsret ved fremtidige kapitalforhøjelser,
-      The
pre-emption rights attached to the new shares shall not be subject to any restrictions in the event of future capital increases;
-      Fristen
for tegning af de nye aktier beregnes på baggrund af bestemmelserne ovenfor,
-      The
deadline for subscription of the new shares shall be calculated pursuant to the provisions set forth above;
-      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
-      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
-      De
nye aktier skal lyde på navn, noteres i selskabets ejerbog og være ikke-omsætningspapirer.
-      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.
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.
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.
10.
ANDRE BESTEMMELSER
OTHER PROVISIONS
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 Warrant-holder. 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.
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.
11.
SKATTEMÆSSIGE KONSEKVENSER
TAX CONSEQUENCES
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.
12.
LOVVALG OG VÆRNETING
LAW AND VENUE
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.
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---

----- f6k_090426.htm -----
6-K
1
f6k_090426.htm
FORM 6-K
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 September 2026
Commission File Number: 001-39950
Evaxion 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
☒            Form 40-F
☐
INCORPORATION BY REFERENCE
This report on Form 6-K shall be deemed to be incorporated by reference in Evaxion A/S’s
(the “Company”) 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), Form F-1 (File No. 333-276505), Form F-1 (File No. 333-279153), Form F-1 (File No. 333-283304), and
Form F-3 (File No. 333- 285778), 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
During the period between August 19, 2026 and August 21, 2026, the Company sold 681,268 American
Depositary Shares (the “ADSs”), representing the Company’s ordinary shares, DKK 0.25 nominal value with each ADS representing
fifty (50) ordinary shares, at an average price of USD $3.1987 per ADS. The ADSs were sold in an at-the-market (ATM) offering pursuant
to the terms and subject to the conditions contained in that certain Capital Demand™ Sales Agreement between the Company and Jones
Trading Institutional Services LLC dated October 3, 2022. After deducting fees and expenses, net proceeds to the Company from the sales
of the ADSs were $2,113,767.
In connection with such sales, the Company registered aggregate share capital increases of nominal
DKK 8,515,850 with the Danish Business Authority, with effect date of August 24, 2026, corresponding to an aggregate increase in the Company’s
share capital to nominal DKK 112,768,539 through the issuance of such 681,268 ADSs representing the Company’s ordinary shares.
The Company’s Articles of Association were amended as of August, to reflect these capital
increases and are attached hereto as Exhibit 1.1.
Exhibits
Exhibit
No.
Description
1.1
Articles of Association
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.
Evaxion A/S
Date: September 4, 2026
By:
/s/ Dr. Helen Tayton-Martin
Dr. Helen Tayton-Martin
Chief Executive Officer