LAW FIRM

BILAG 3/EXHIBIT 3

BILAG 8.1.A TIL VEDTÆGTER FOR

EXHIBIT 8.1.A TO THE ARTICLES OF ASSOCIATION FOR

ZEALAND PHARMA A/S

ZEALAND PHARMA A/S

INDHOLDSFORTEGNELSE/TABLE OF CONTENTS

1

FORMÅL....................................................................................................... 3

1

PURPOSE ..................................................................................................... 3

2

TILDELING AF WARRANTS............................................................................... 4

2

GRANT OF WARRANTS.................................................................................... 4

3

ALMINDELIG UDNYTTELSE AF WARRANTS .......................................................... 5

3

ORDINARY EXERCISE OF THE WARRANTS .......................................................... 5

4

EKSTRAORDINÆR UDNYTTELSE AF WARRANTS ................................................... 5

4

EXTRAORDINARY EXERCISE OF THE WARRANTS.................................................. 5

5

PRAKTISK UDNYTTELSE AF WARRANTS............................................................ 10

5

PRACTICALITIES IN CONNECTION WITH EXERCISE OF THE WARRANTS ................. 10

6

TEGNINGSKURS FOR AKTIER VED UDNYTTELSE AF WARRANTS ............................ 11

6

SUBSCRIPTION PRICE FOR SHARES IN CONNECTION WITH THE EXERCISE OF WARRANTS ................................................................................................ 11

7

REGULERING AF VILKÅR FOR WARRANTS VED VISSE DEFINEREDE ÆNDRINGER I SELSKABETS KAPITALFORHOLD ..................................................................... 11

7

ADJUSTMENT OF THE CONDITIONS FOR WARRANTS IN CASE OF CERTAIN DEFINED CHANGES IN THE COMPANY'S CAPITAL STRUCTURE ........................................... 11

8

OMSÆTTELIGHED ........................................................................................ 18

8

TRANSFERABILITY ....................................................................................... 18

9

VILKÅR FOR NYE AKTIER UDSTEDT VED UDNYTTELSE AF WARRANTS .................... 19

9

CONDITIONS

FOR

NEW

SHARES

ISSUED

FOLLOWING

EXERCISE

OF

THE

WARRANTS ................................................................................................ 19 10

KAPITALFORHØJELSE VED UDNYTTELSE AF WARRANTS ...................................... 20

10

CAPITAL INCREASE IN CONNECTION WITH THE EXERCISE OF THE WARRANTS ....... 20

11

OMKOSTNINGER I FORBINDELSE MED UDSTEDELSE AF AKTIER ........................... 21

11

COSTS RELATED TO THE ISSUE OF SHARES ..................................................... 21

12

OPHØR

AF

ANSÆTTELSESFORHOLDET

-

WARRANTINDEHAVERE,

DER

ER

MEDARBEJDERE .......................................................................................... 21 12

CEASE OF EMPLOYMENT STATUS - WARRANT HOLDERS WHO ARE EMPLOYEES........ 21

13

INSIDERHANDEL ......................................................................................... 22

13

INSIDER TRADING....................................................................................... 22

14

SKATTEMÆSSIGE FORHOLD .......................................................................... 23

14

TAX IMPLICATIONS...................................................................................... 23

15

SPROG ...................................................................................................... 24

15

LANGUAGE ................................................................................................. 24

2

1

Formål

1

1.1

På bestyrelsesmødet i Zealand Pharma

At

A/S ("Selskabet") den 10. februar 2011

Pharma A/S (the "Company") on February

blev der i overensstemmelse med ved-

2011, the following new provisions were

tægternes punkt 8.1 vedtaget følgende

adopted in accordance with Article 8.1 of

nye bestemmelser vedrørende udstedel-

the Articles of Association concerning the

se af warrants til visse af Selskabets

issuing of warrants to certain employees of

medarbejdere

the Company (the "Warrant Holder") ("War-

("Warrantindehaver")

("Warrants"). 1.2

Purpose the

board

meeting

held

in

Zealand

rants").

Bestyrelsen har besluttet at udstede op

The Board of Directors has decided to issue

til 445.500 Warrants i Selskabet til teg-

up to 445,500 Warrants in the Company for

ning af op til 445.500 aktier til kr. 1,00

the subscription of up to 445,500 shares of

(nominelt kr. 445.500) i henhold til ved-

DKK 1.00 (nominally DKK 445,500) accord-

tægternes punkt 8.1.

ing to Article 8.1 of the Articles of Association.

1.3

Aftalen er del af en incitamentsordning, i

The Agreement is part of an incentive pro-

henhold til hvilken visse af Selskabets

gramme according to which certain employ-

medarbejdere tilbydes muligheden for at

ees of the Company are offered an oppor-

få tildelt Warrants i Selskabet med hen-

tunity to receive Warrants in the Company

blik på at sikre, at Selskabet og Warrant-

in order to ensure that the Company and

indehaverne har en fælles interesse, og

the Warrant Holders share common inter-

at alle således gør en indsats for, at Sel-

ests and that everyone is working to ensure

skabets værdi udvikler sig bedst muligt.

that the value of the Company develops in the best possible way.

1.4

1.5

Tildelingen af Warrants er betinget af, at

It is a condition for the grant of Warrants

Warrantindehaveren

i

that the Warrant Holder is either employed

Selskabet i uopsagt stilling på datoen for

with the Company and not under notice at

denne Aftale eller er medlem af Selska-

the date of this Agreement or is a member

bets bestyrelse

of the Board of Directors of the Company.

Warrantindehaveren tiltræder automatisk

Amendments to the Company's Articles of

ændringer i Selskabets vedtægter, i det

Association shall automatically be accepted

enten

er

ansat

3

omfang betingelserne for en beslutning

by the Warrant Holder to the extent that

om vedtægtsændringer er til stede.

the conditions for the resolution to amend the Articles of Association exist.

1.6

Tegning af Warrants har fundet sted ved

The subscription for Warrants has taken

underskrivelse af individuelle warrantaf-

place

taler ("Warrantaftaler"), som indeholder

agreements ("Warrant Agreement"), which

Warrantindehaverens navn og antal til-

contain the names of the Warrant Holder

delte Warrants.

and the number of Warrants granted.

Warrants berettiger Warrantindehaveren

The Warrants entitle the Warrant Holder to

til at tegne aktier på de nedenfor anførte

subscribe the shares on the terms set out

betingelser.

below.

2

Tildeling af Warrants

2

2.1

Ligningslovens § 7H skal være gældende

Section 7H of the Danish Tax Assessment

i videst muligt omfang. Selskabets revi-

Act (in Danish "Ligningsloven") shall apply

sor skal i sin lovpligtige erklæring anfø-

to the largest extent possible. The Com-

re, i hvilket omfang betingelserne for

pany's auditor will in his statutory certifica-

anvendelse af § 7H er opfyldte. De øvri-

tion attest to which extent the conditions

ge Warrants skal være underlagt be-

for the application of Section 7H are met.

stemmelserne i ligningslovens § 28.

The remaining Warrants shall be subject to

1.7

by

signing

of

individual

warrant

Grant of Warrants

the provisions of Section 28 of the Danish Tax Assessment Act. 2.2

Tildeling af Warrants sker uden bereg-

The Warrants are granted free of charge.

ning. 2.3

Hver

Warrant

berettiger

Warrantin-

Each Warrant entitles the Warrant Holder to

dehaveren til at tegne 1 aktie à nominelt

subscribe for 1 share of nominal value DKK

kr. 1,00 i Selskabet i henhold til de rele-

1.00 in the Company pursuant to the rele-

vante bestemmelser anført i punkt 3 - 5

vant conditions as set forth in Clauses 3 - 5

til den i punkt 6 fastsatte tegningskurs.

and at the relevant subscription price as determined in Clause 6.

4

2.4

I forbindelse med Selskabets ejerbog

In connection with the Company's register

skal der føres en fortegnelse over samt-

of owners, a register of all issued Warrants

lige udstedte Warrants.

shall be kept.

3

Almindelig udnyttelse af Warrants

3

3.1

Warrants kan udnyttes i perioden fra 10.

The Warrants may be exercised in the pe-

februar 2014 til og med 10. februar 2016

riod from 10 February 2014 until (and in-

("Udnyttelsesperioden") i de i punkt 3.2

cluding) 10 February 2016 ("Exercise Pe-

anførte

riod")

udnyttelses-vinduer.

Warrants,

Ordinary Exercise of the Warrants

within

the

windows

set

forth

in

der ikke er udnyttet på eller før sidste

Clause 3.2. Warrants which have not been

dag af Udnyttelsesperioden, bortfalder

exercised on or before the last day of the

automatisk

varsel

Exercise Period will automatically lapse and

og/eller kompensation til Warrantinde-

become void without any further notice

haveren.

and/or

uden

yderligere

compensation

to

the

Warrant

Holder. 3.2

Inden for Udnyttelsesperioden kan War-

Within the Exercise Period, the Warrants

rants udnyttes fire gange om året i et 4

may be exercised four times a year during a

ugers udnyttelses-vindue, der begynder

4-week window starting from the time of

på tidspunktet for offentliggørelse af en-

publication of either the Company's annual

ten Selskabets årsregnskab eller perio-

report or quarterly or semi-annual reports

deregnskab (henholdsvis 3, 6 eller 9

(respectively 3, 6 and 9 months).

måneder). 3.3

Warrantindehaveren er berettiget til at

The Warrant Holder is entitled to exercise

udnytte alle eller en del af sine War-

all or part of his or her Warrants, however,

rants. Warrantindehaveren kan dog ikke

the Warrant Holder cannot exercise less

udnytte mindre end 25 procent ad gan-

than 25 per cent of the total number of

gen af det samlede antal Warrants, der

Warrants granted in accordance with this

er blevet tildelt Warrantindehaveren i

Agreement at a time.

henhold til Aftalen.

4

Ekstraordinær

udnyttelse

af

War-

rants 4.1

4

Extraordinary

Exercise

of

the

Warrants

Udover den almindelige udnyttelse af

In addition to the ordinary exercise of War-

Warrants i henhold til punkt 3 kan Sel-

rants as set out in Clause 3, the Board of

5

skabets bestyrelse efter eget skøn be-

Directors of the Company may, in their sole

slutte, at en ekstraordinær udnyttelse af

discretion, decide that Warrants may be ex-

Warrants

i

traordinarily exercised including, but not

overensstemmelse med - men ikke be-

limited to, in accordance with Clauses 4.1.1

grænset til - bestemmelserne i punkt

- 4.1.6

kan

finde

sted,

herunder

4.1.1 - 4.1.6. 4.1.1 Såfremt

generalforsamling

In the event that the Company's general

træffer beslutning om likvidation af Sel-

Selskabets

meeting passes a resolution to liquidate the

skabet, og bestyrelsen (efter eget skøn)

Company, and the Board of Directors (in

vedtager, at Warrants som følge deraf

their sole discretion) decide that Warrants

kan udnyttes, skal Selskabet give War-

therefore may be exercised, the Company

rantindehaveren

meddelelse

shall notify the Warrant Holder in writing to

herom. Warrantindehaveren har herefter

this effect. Following this notification, the

en frist på to uger fra datoen for afsen-

Warrant Holder shall notify the Company in

delse af meddelelsen fra Selskabet til

writing within two weeks as from the date

skriftligt at meddele Selskabet, om War-

of the posting of this notification from the

rants ønskes udnyttet helt eller delvis.

Company whether he/she wishes to exer-

Hvis Warrantindehaveren ikke ønsker at

cise the Warrants wholly or partly. If the

udnytte Warrants, bortfalder disse auto-

Warrant Holder does not wish to exercise

matisk og uden kompensation efter ud-

the Warrants, the Warrants shall automati-

løbet af fristen, forudsat at Selskabet

cally become void without compensation,

opløses endeligt som følge af den med-

following the expiry of the time-limit, pro-

delte beslutning. Udnyttelse af Warrants

vided that the Company is finally liquidated

skal ske i overensstemmelse med punkt

as a result of the notified resolution. Any

5 og 6.

exercise of the Warrants must be in accor-

skriftlig

dance with Clauses 5 and 6. 4.1.2 Såfremt generalforsamlingen træffer be-

In

the event

that the general

meeting

slutning om at fusionere Selskabet, og

passes a resolution to merge the Company

fusionen medfører, at Selskabet ophører,

and such merger results in the Company

og bestyrelsen (efter eget skøn) vedta-

being discontinued, and the Board of Direc-

ger, at Warrants som følge deraf kan

tors (in their sole discretion) decide that

udnyttes, skal Selskabet give Warrantin-

Warrants therefore may be exercised, the

dehaveren skriftlig meddelelse herom.

Company shall notify the Warrant Holder in

Warrantindehaveren har herefter en frist

writing to this effect. Following such notifi-

på to uger fra datoen for afsendelse af

cation, the Warrant Holder shall notify the

meddelelsen fra Selskabet til skriftligt at

Company in writing within two weeks as

6

meddele Selskabet, om Warrants ønskes

from the date of the posting of this notifica-

udnyttet helt eller delvis. Selskabet skal

tion from the Company whether he/she

håndtere

medde-

wishes to exercise the Warrants wholly or

lelse således, at aktierne er registreret i

partly. The notice must in such case be

Warrantindehaverens depot senest fem

processed by the Company so that the

handelsdage forud for sidste handelsdag

shares

for Selskabets aktier. Hvis Warrantinde-

Holder's depot at least five trading days be-

haveren ikke ønsker at udnytte War-

fore the last day of trading of the Com-

rants,

og

pany's shares. If the Warrant Holder does

uden kompensation efter udløbet af fri-

not wish to exercise the Warrants, the War-

sten, forudsat at Selskabet opløses en-

rants shall automatically become void with-

deligt som følge af den meddelte beslut-

out compensation, following the expiry of

ning. Udnyttelse af Warrants skal ske i

the time-limit, provided that the Company

overensstemmelse med punkt 5 og 6.

is finally discontinued as a result of the no-

Warrantindehaverens

bortfalder

disse

automatisk

are

registered

in

the

Warrant

tified resolution. Any exercise of the Warrants must be in accordance with Clauses 5 and 6. 4.1.3 I tilfælde af et frivilligt eller pligtmæssigt

In the event that a voluntary or mandatory

overtagelsestilbud i henhold til §§ 31 og

public offer pursuant to Section 31 and 32

32 i lov om værdipapirhandel, og besty-

of the Danish Securities Trading Act is

relsen (efter eget skøn) vedtager, at

made, and the Board of Directors (in their

Warrants som følge deraf kan udnyttes,

sole discretion) decide that Warrants there-

skal Selskabet give Warrantindehaveren

fore may be exercised, the Company shall

skriftlig meddelelse herom. Warrantinde-

notify the Warrant Holder in writing to this

haveren har herefter en frist på to uger

effect. Following such notification, the War-

fra datoen for afsendelse af meddelelsen

rant Holder shall notify the Company in

fra Selskabet til skriftligt at meddele

writing within two weeks as from the date

Selskabet, om Warrants ønskes udnyttet

of the posting of this notification from the

helt eller delvis. Hvis Warrantindehave-

Company whether he/she wishes to exer-

ren ikke ønsker at udnytte Warrants,

cise the Warrants wholly or partly. If the

skal Warrants og Aftalen fortsat være

Warrant Holder does not wish to exercise

fuldt ud gældende. Udnyttelse af War-

the

rants skal ske i overensstemmelse med

Agreement will remain in full effect. Any

punkt 5 og 6.

exercise of the Warrants must be in accor-

Warrants,

the

Warrants

dance with Clauses 5 and 6.

7

and

this

4.1.3.1

Efter gennemførelse af et frivilligt

Following

pligtmæssigt

i

mandatory public offer pursuant to Section

henhold til §§ 31 og 32 i lov om værdi-

31 and 32 of the Danish Securities Trading

papirhandel skal bestyrelsen træffe be-

Act, the Board of Directors shall decide that

slutning om, at Warrants kan udnyttes

Warrants may be exercised within a 4-

inden for en 4 ugers periode. Selskabet

week period. The Company shall notify the

skal give Warrantindehaveren skriftligt

Warrant Holder in writing to this effect. Fol-

besked herom. Warrantindehaveren har

lowing such notification, the Warrant Holder

herefter en frist på to uger fra datoen for

shall notify the Company in writing within

afsendelse af meddelelsen fra Selskabet

two weeks as from the date of the posting

til skriftligt at meddele Selskabet, om

of

Warrants ønskes udnyttet helt eller del-

whether he/she wishes to exercise the War-

vis. Hvis Warrantindehaveren ikke øn-

rants wholly or partly. If the Warrant Holder

sker at udnytte Warrants, bortfalder dis-

does not wish to exercise the Warrants, the

se og denne Aftale. Udnyttelse af War-

Warrants and this Agreement shall lapse.

rants skal ske i overensstemmelse med

Any exercise of the Warrants must be in ac-

punkt 5 og 6.

cordance with Clauses 5 and 6.

eller

overtagelsestilbud

this

completion

notification

of

from

a

voluntary

the

or

Company

4.1.4 Såfremt der indledes en tvangsindløsning

In the event that a compulsory acquisition

af Selskabets aktier i henhold til sel-

of the Company's shares pursuant to the

skabsloven, og bestyrelsen (efter eget

Danish Companies Act is initiated, and the

skøn) vedtager, at Warrants som følge

Board of Directors (in their sole discretion)

deraf kan udnyttes, skal Selskabet give

decide that Warrants therefore may be ex-

Warrantindehaveren skriftlig meddelelse

ercised, the Company shall notify the War-

herom. Warrantindehaveren har herefter

rant Holder in writing to this effect. Follow-

en frist på to uger fra datoen for afsen-

ing such notification, the Warrant Holder

delse af meddelelsen fra Selskabet til

shall notify the Company in writing within

skriftligt at meddele Selskabet, om War-

two weeks as from the date of the posting

rants ønskes udnyttet helt eller delvis.

of

Hvis Warrantindehaveren ikke ønsker at

whether he/she wishes to exercise the War-

udnytte Warrants, bortfalder disse auto-

rants wholly or partly. If the Warrant Holder

matisk og uden kompensation efter gen-

does not wish to exercise the Warrants, the

nemførelsen

af

Warrants shall automatically become void

Selskabets aktier i henhold til selskabs-

without compensation, following the com-

loven. Udnyttelse af Warrants skal ske i

pletion of the compulsory acquisition of the

overensstemmelse med punkt 5 og 6.

Company's shares pursuant to the Danish

af

tvangsindløsningen

this

notification

from

the

Company

Companies Act. Any exercise of the Warrants must be in accordance with Clauses 5

8

and 6. 4.1.5 Såfremt

Selskabets

generalforsamling

In the event that the Company's general

træffer beslutning om at afnotere Sel-

meeting passes a resolution to delist the

skabet fra NASDAQ OMX Copenhagen

Company from NASDAQ OMX Copenhagen

A/S, og bestyrelsen (efter eget skøn)

A/S, and the Board of Directors (in their

vedtager, at Warrants som følge deraf

sole discretion) decide that Warrants there-

kan udnyttes, skal Selskabet give War-

fore may be exercised, the Company shall

rantindehaveren

meddelelse

notify the Warrant Holder in writing to this

herom. Warrantindehaveren har herefter

effect. Following such notification, the War-

en frist på to uger fra datoen for afsen-

rant Holder shall notify the Company in

delse af meddelelsen fra Selskabet til

writing within two weeks as from the date

skriftligt at meddele Selskabet, om War-

of the posting of this notification from the

rants ønskes udnyttet helt eller delvis.

Company whether he/she wishes to exer-

Selskabet skal håndtere Warrantindeha-

cise the Warrants wholly or partly. The no-

verens meddelelse således, at aktierne

tice must be processed by the Company so

er registreret i Warrantindehaverens de-

that the shares are registered in the War-

pot senest fem handelsdage forud for

rant Holder's depot at least five trading

sidste handelsdag for Selskabets aktier.

days before the last day of trading of the

Hvis Warrantindehaveren ikke ønsker at

Company's shares. In so far as the Warrant

udnytte Warrants, bortfalder disse auto-

Holder does not wish to exercise the War-

matisk og uden kompensation, efter at

rants, the Warrants shall automatically be-

Selskabet er blevet afnoteret. Udnyttelse

come void without compensation, following

af Warrants skal ske i overensstemmelse

the completion of the delisting of the Com-

med punkt 5 og 6.

pany. Any exercise of the Warrants must be

skriftlig

in accordance with Clauses 5 and 6. 4.1.5.1

Efter gennemførelse af Selskabets

Following completion of a delisting of the

afnotering fra NASDAQ OMX Copenhagen

Company from NASDAQ OMX Copenhagen

A/S skal bestyrelsen træffe beslutning

A/S, the Board of Directors shall decide that

om, at Warrants kan udnyttes to gange

Warrants may be exercised two times a

om året inden for (den resterende del af)

year within (the remaining part of) the Ex-

Udnyttelsesperioden. Udnyttelse af War-

ercise Period. Any exercise of the Warrants

rants skal ske i overensstemmelse med

must be in accordance with Clauses 5 and

punkt 5 og 6.

6.

4.1.6 Såfremt Selskabet beslutter at sælge de

In the event that the Company decides to

mest rentable og væsentligste af Selska-

sell the most profitable and material assets

9

bets aktiver, og bestyrelsen (efter eget

of the Company and the Board of Directors

skøn) vedtager, at Warrants som følge

(in their sole discretion) decide that War-

deraf kan udnyttes, skal Selskabet give

rants therefore may be exercised, the Com-

Warrantindehaveren skriftlig meddelelse

pany shall notify the Warrant Holder in

herom. Warrantindehaveren har herefter

writing to this effect. Following such notifi-

en frist på to uger fra datoen for afsen-

cation, the Warrant Holder shall notify the

delse af meddelelsen fra Selskabet til

Company in writing within two weeks as

skriftligt at meddele Selskabet, om War-

from the date of the posting of this notifica-

rants ønskes udnyttet helt eller delvis.

tion from the Company whether he/she

Hvis Warrantindehaveren ikke ønsker at

wishes to exercise the Warrants wholly or

udnytte Warrants, skal Warrants og Afta-

partly. In so far as the Warrant Holder does

len fortsat være fuldt ud gældende. Ud-

not wish to exercise the Warrants, the War-

nyttelse af Warrants skal ske i overens-

rants and this Agreement shall remain in

stemmelse med punkt 5 og 6.

full effect. Any exercise of the Warrants must be in accordance with Clauses 5 and 6.

5

5

Praktisk udnyttelse af Warrants

Practicalities in connection with Exercise of the Warrants

5.1

Såfremt Warrantindehaveren ønsker at

In the event that the Warrant Holder wishes

udnytte en Warrant, skal Warrantindeha-

to exercise a Warrant, the Warrant Holder

veren underrette Selskabet skriftligt her-

shall -

om - ved hjælp af den tegningsblanket,

warded by the Company to the Warrant

som Selskabet har tilsendt Warrantinde-

Holder - give written notice ("Exercise No-

haveren ("Udnyttelsesmeddelelse"). Ud-

tice") to the Company. The Exercise Notice

nyttelsesmeddelelsen betragtes som af-

will be deemed given by the Warrant Holder

givet

Warrantindehaveren

subscription

form

for-

tids-

if the Exercise Notice was delivered to the Company’s address (for the attention of the

adresse

bestyrelsesformanden)

chairman of the Board of Directors) by

post,

post,

regular mail, registered mail, fax or courier

med fax eller pr. bud efter begyndelsen

after commencement and before the expiry

og før udløbet af den relevante afleve-

of the relevant notice period. The Exercise

ringsfrist.

skal

Notice shall be duly completed. The Com-

være behørigt udfyldt. Selskabet har ret

pany is entitled to change the practicalities

til at ændre i de praktiske forhold om-

in connection with the exercise of the War-

kring udnyttelse af Warrants, og War-

rants, and if so decided by the Company,

rantindehaveren

the Warrant Holder will be notified in writ-

(Att.

almindelig

på

the

punktet for dets aflevering på Selskabets med

af

using

anbefalet

Udnyttelsesmeddelelsen

vil

blive

underrettet

10

5.2

6

skriftligt, hvis Selskabet beslutter dette.

ing by the Company.

Samtidig med at give meddelelse om ud-

At the same time as giving notice of the ex-

nyttelse af Warrants skal Warrantinde-

ercise of the Warrants, the Warrant Holder

haveren

shall

indbetale

et

kontantbeløb

til

pay

in

cash

to

the

Company

an

Selskabet svarende til det relevante teg-

amount equal to the relevant subscription

ningsbeløb fastsat i henhold til punkt 6.

amount fixed under the terms of Clause 6.

Tegningskurs for aktier ved udnyt-

6

Subscription Price for Shares in connection with the Exercise of

telse af Warrants

Warrants 6.1

Hver Warrant giver Warrantindehaveren

Each Warrant entitles the Warrant Holder to

ret til at tegne 1 aktie à nominelt kr.

subscribe for 1 share in the Company of a

1,00 i Selskabet til en tegningspris på kr.

nominal value of DKK 1.00 at a subscription

77,00 ("Tegningskursen").

price

of

DKK

77.00

(the

"Subscription

Price"). 6.2

7

Tegningskursen kan reguleres som an-

The Subscription Price may be regulated as

ført i Aftalen.

set out in this Agreement.

Regulering af vilkår for Warrants ved

7

Adjustment of the Conditions for

visse definerede ændringer i Selska-

Warrants in case of certain de-

bets kapitalforhold

fined Changes in the Company's Capital Structure

7.1

Såfremt der gennemføres visse definere-

In case that certain defined changes are

de ændringer i Selskabets kapitalforhold,

made in the Company's capital structure

som indebærer en reduktion eller en for-

which entail a reduction or increase of the

øgelse af værdien af de tildelte War-

value of the Warrants granted, there shall

rants, skal der foretages en regulering af

be an adjustment of the Subscription Price

Tegningskursen og/eller antallet af akti-

and/or the number of shares that can be

er, som kan tegnes ved udnyttelse af

subscribed for by exercising the Warrants,

Warrants, således at værdien af War-

so that the value of the Warrants remains

rants forbliver uændret med de undta-

the same, with the exceptions set forth in

gelser, der er gældende i henhold til Af-

this Agreement. However, the Subscription

talen. Tegningskursen kan dog ikke fast-

Price can never be adjusted to below par

sættes til under nominel værdi. Herud-

value. Further, it is a condition for any ad-

11

7.2

over er det en betingelse for regulerin-

justment of the number of shares that can

gen af antallet af aktier, som kan tegnes

be subscribed for by exercising the War-

ved udnyttelse af Warrants, at Selska-

rants that the Board of Directors of the

bets bestyrelse har fået tildelt den nød-

Company has been granted the necessary

vendige bemyndigelse af generalforsam-

authority by the general meeting to issue

lingen til at udstede et sådant yderligere

such additional number of shares in the

antal aktier i Selskabet.

Company.

Såfremt Selskabets kompetente instan-

Should the competent bodies of the Com-

ser træffer endelig beslutning om at ud-

pany make a final decision to issue bonus

stede fondsaktier (f.eks. udbytte i form

shares (e.g. stock dividend)

af fondsaktier), inden Warrantindehave-

Warrant Holder has exercised his or her

ren har udnyttet sine Warrants, skal

Warrants, the Subscription Price shall be

Tegningskursen

multiplied by the following factor:

multipliceres

med

føl-

before the

gende faktor:

α =

A (A + B)

α =

A (A + B)

1 og antallet af aktier med

1

α

and the number of shares by

hvor: A:

where:

er Selskabets nominelle aktiekapital

A:

før udstedelse af fondsaktier, B:

is the Company's nominal share capital before the issue of bonus shares;

er den nominelle værdi af de fondsaktier, der udstedes.

7.3

α

B:

is the nominal value of the bonus shares to be issued.

Såfremt Selskabets kompetente instan-

Should the competent bodies of the Com-

ser træffer endelig beslutning om at for-

pany make a final decision to increase the

høje Selskabets aktiekapital ved tegning

Company's share capital by subscription of

af nye aktier til en kurs, der er lavere

new shares at a price below market price

end markedskursen, inden Warrantinde-

before the Warrant Holder has exercised his

haveren har udnyttes sine Warrants, skal

or her Warrants, the Subscription Price

Tegningskursen

shall be multiplied by the following factor:

multipliceres

med

føl-

gende faktor:

12

α =

(A × k) + (B × t) (A + B) × k

α =

(A × k) + (B × t) (A + B) × k

1 og antallet af aktier med

1

α

and the number of shares by

hvor: A:

where:

er Selskabets nominelle aktiekapital

A:

forud for kapitalforhøjelsen, B:

er den nominelle forhøjelse af ak-

B:

is the nominal increase of the share capital;

er aktiernes markedskurs forud for

k:

kapitalforhøjelsen t:

is the Company's nominal share capital before the capital increase;

tiekapitalen, k:

α

is the market price of the shares before the capital increase;

er Tegningskursen på de nye aktier.

t:

is the Subscription Price for the new shares.

7.4

Såfremt Selskabets kompetente instan-

Should the competent bodies of the Com-

ser træffer endelig beslutning om at

pany make a final decision to change the

ændre aktiernes nominelle værdi i for-

nominal value of the shares in connection

bindelse

hvorved

with a decision whereby the share capital of

Selskabets aktiekapital nedsættes ved

the Company is reduced by allocation to a

hensættelse til en særlig fond og/eller til

separate fund and/or cover of loss, before

dækning af underskud, inden Warrantin-

the Warrant Holder has exercised his or her

dehaveren har udnyttet sine Warrants,

Warrants, neither the Subscription Price nor

skal der hverken ske ændringer i Teg-

the number of shares shall be amended.

ningskursen eller antallet af aktier. War-

Consequently the Warrant Holder shall re-

rantindehaveren beholder således sin ret

tain the right to subscribe for the same

til at tegne det samme antal aktier til

number of shares at the Subscription Price.

Tegningskursen. Hver Warrant skal dog

However, each Warrant shall entitle the

berettige Warrantindehaveren til at teg-

Warrant Holder to subscribe for 1 share of

ne 1 aktie med den nye nominelle værdi,

the new nominal value so decided by the

der er blevet besluttet af Selskabets

competent bodies of the Company.

med

en

beslutning,

kompetente instanser. 7.5

Såfremt Selskabets kompetente instan-

Should the competent bodies of the Com-

ser træffer endelig beslutning om at

pany make a final decision to change the

ændre aktiernes nominelle værdi (uden

nominal value of the shares (without any

samtidige ændringer i Selskabets aktie-

other simultaneous changes of the capital

13

kapital), f.eks. i situationer, der ikke er

of the Company), e.g. in situations not

omfattet af punkt 7.4, inden Warrantin-

comprised by Clause 7.4, before the War-

dehaveren har udnyttes sine Warrants,

rant Holder has exercised his or her War-

skal Tegningskursen multipliceres med

rants, the Subscription Price shall be multi-

følgende faktor:

plied by the following factor:

α =

A B

α =

A B

1 og antallet af aktier med

1

α

and the number of shares by

hvor: A:

B:

7.6

α

where:

er den nominelle værdi af hver en-

A:

is the nominal value of each share af-

kel aktie efter ændring af aktiernes

ter the nominal value of the shares

nominelle værdi,

has been changed;

er den nominelle værdi af hver en-

B:

is the nominal value of each share

kel aktie før ændring af aktiernes

before

the

nominal

value

nominelle værdi.

shares has been changed.

of

the

Såfremt Selskabet i et hvilket som helst

Should the Company within any year decide

år beslutter at udbetale dividende, skal

to distribute dividends, the amount shall be

det

beløb betragtes som

considered a distribution to the sharehold-

udbetaling til aktionærerne, hvilket vil

ers which shall result in an adjustment of

indebære en regulering af Tegningskur-

the Subscription Price according to the fol-

sen som følger:

lowing formula:

pågældende

TK1 = TK -

u − (D × 1) D

TK 1 = TK -

hvor:

u − (D × 1) D

where:

TK: er Tegningskursen for Warrants fo-

TK:

is the Subscription Price for the War-

rud for udbetaling af dividende,

rants before the distribution of divi-

u:

er det totale dividendebeløb,

dends;

D:

det totale antal aktier i Selskabet.

u:

is the total amount of dividends;

D:

is the total number of shares in the Company.

14

7.7

Såfremt Selskabets aktiekapital nedsæt-

If the share capital of the Company is re-

tes ved udbetaling til aktionærerne til en

duced by means of payment to the share-

højere

holders at a price higher than the market

kurs

end

markedskursen,

skal

Tegningskursen beregnes som følger:

price, the Subscription Price shall be calculated as follows:

TK1 = TK -

B × (t − k) A

TK 1 = TK -

hvor: TK:

A:

B:

er

where:

Tegningskursen

for

Warrants

TK:

before the reduction of the share

talen,

capital;

er Selskabets nominelle aktiekapital

A:

Company before the reduction of the

talen,

share capital;

er den nominelle nedsættelse af ak-

B:

is the nominal reduction of the share capital;

er aktiernes markedskurs forud for

k:

is the market price of the shares before the reduction of capital;

er kursen på de aktier, hvormed

t:

aktiekapitalen nedsættes. 7.8

is the nominal share capital of the

forud for nedsættelsen af aktiekapi-

kapitalnedsættelsen, t:

is the Subscription Price for Warrants

forud for nedsættelse af aktiekapi-

tiekapitalen, k:

B × (t − k) A

is the rate of the shares by which the share capital is reduced.

Såfremt Selskabets aktiekapital nedsæt-

If the share capital of the Company is re-

tes ved udbetaling til aktionærerne til en

duced by payment to the shareholders at a

lavere

price lower than the market price, the Sub-

kurs

end

markedskursen,

skal

Tegningskursen beregnes således:

scription Price shall be calculated as follows:

TK1 = TK +

B × (k − t) A

TK 1 = TK +

hvor: TK:

A:

B × (k − t) A

where:

er Tegningskursen for Warrants fo-

TK:

is the Subscription Price for Warrants

rud for nedsættelsen af aktiekapita-

before the reduction of the share

len,

capital;

er Selskabets nominelle aktiekapital forud for nedsættelsen af aktiekapi-

15

A:

is the nominal share capital of the Company before the reduction of the

talen, B:

share capital;

er den nominelle nedsættelse af ak-

B:

tiekapitalen, k:

capital;

er aktiernes markedskurs forud for

k:

kapitalnedsættelsen, t:

is the market price of the shares before the reduction of capital;

er kursen på de aktier, hvormed

t:

aktiekapitalen nedsættes. 7.9

is the nominal reduction of the share

is the rate of the shares by which the share capital is reduced.

Såfremt Selskabet fusionerer som det

If the Company participates in a merger as

fortsættende

ingen

the continuing company, there shall be no

regulering af Tegningskursen eller af an-

adjustment of the Subscription Price or the

tallet af aktier, der kan tegnes.

number of shares that may be subscribed

selskab,

foretages

for. 7.10 Såfremt generalforsamlingen træffer be-

In

the event

that the general

meeting

slutning om at spalte Selskabet, skal

passes a resolution to demerge the Com-

Warrantindehaveren

spaltningen

pany, the Warrant Holder shall – after the

have et antal Warrants med ret til at

demerger – have the number of Warrants

tegne aktier i det fortsættende selskab,

that shall entitle him/her to subscribe for

som Warrantindehaveren er eller ville

shares in the receiving company by which

have været ansat i, eller, hvis Warrant-

the Warrant Holder is or would have been

indehaveren ikke er eller har været an-

employed or, in the event that the Warrant

sat i Selskabet, i det selskab, som War-

Holder is not or has not been employed by

rantindehaveren er nærmest knyttet til.

the Company, the company with which the

Antallet af Warrants skal give Warrantin-

Warrant Holder has the closest relation. The

dehaveren adgang til potentielt samme

number of Warrants shall entitle the War-

ejerandel,

alle

rant Holder to the same potential stake that

Warrants forud for spaltningen ville have

an exercise of all Warrants prior to the

givet,

som

justeret

en med

efter

udnyttelse forholdet

af

mellem

demerger would have resulted in, adjusted

værdien af de forskellige fortsættende

by the ratio between the values of the dif-

selskaber. Herudover skal vilkårene for

ferent surviving companies. Moreover, the

de fortsættende Warrants være de sam-

terms applying to the surviving Warrants

me som anført i denne Aftale.

shall be the same as the terms stipulated in this Agreement.

16

7.11 I andre tilfælde, hvor Selskabets kapital-

In other cases of changes in the capital

forhold ændres, herunder ved udstedelse

structure of the Company, including issu-

af warrants, konvertible gældsbreve eller

ance of warrants, convertible debt instru-

lignende, således at værdien af de ud-

ments or the like, resulting in a change of

stedte Warrants påvirkes, skal Tegnings-

the value of the issued Warrants, the Sub-

kursen for de tildelte Warrants så vidt

scription Price for the granted Warrants

muligt reguleres, således at værdien ikke

shall to the extent possible be adjusted, so

forringes eller forøges, jf. dog punkt

that the value is not reduced or increased,

7.14 forneden.

subject, however, to Clause 7.14 below.

7.12 Tegningskursen kan ikke reduceres til en lavere

aktiernes nominelle

to a price lower than the nominal value of

værdi (kurs pari). Såfremt en regulering

the shares (par). If an adjustment of the

af Warrants, de skal sikre disses værdi,

Warrants to preserve their value would re-

medfører, at kursen skal reduceres til

sult in the price being reduced to below

under kurs pari,

Warrants,

par, the Warrants shall lapse, unless the

medmindre Warrantindehaveren accepte-

Warrant Holder accepts that the Subscrip-

rer, at Tegningskursen forhøjes til kurs

tion Price is increased to par without com-

pari uden kompensation.

pensation.

7.13 Såfremt

værdi end

The Subscription Price shall not be reduced

bortfalder

aktiekapitalen

til

If the share capital is reduced in order to

dækning af underskud, skal antallet af

cover losses, the number of shares that the

aktier,

Warrant Holder may subscribe for by exer-

som

nedsættes

Warrantindehaveren

kan

tegne ved udnyttelse af Warrants, redu-

cising

ceres (nedrundet) i et forhold svarende

(rounded

til forholdet mellem den nominelle kapi-

nominal reduction of the capital, compared

talnedsættelse

to the total nominal share capital of the

og

Selskabets

samlede

nominelle aktiekapital før nedsættelsen.

the

Warrants down)

shall

be

proportionately

reduced to

the

Company before the reduction.

7.14 Ved følgende ændringer i Selskabets ka-

The following changes in the capital struc-

pitalforhold skal der foretages regulering

ture of the Company shall not result in any

af Tegningskursen eller antallet af aktier,

adjustment of the Subscription Price or the

som Warrantindehaveren kan tegne:

number of shares that the Warrant Holder may subscribe for:

(i)

Forhøjelse eller nedsættelse af Selskabets

aktiekapital

til

markeds-

kurs, herunder udstedelse af aktier

17

(i)

An increase or reduction of the Company's capital at market price, including

issue

of

shares

according

to

(ii)

i henhold til punkt 7.1 i Selskabets

Clause 7.1 in the Articles of Associa-

vedtægter.

tion of the Company.

Udstedelse af aktier, optioner, war-

(ii)

Issue of shares, options, warrants or

rants eller lignende til medarbejde-

the like to employees of the Company

re af Selskabet eller medarbejdere

or to employees of a group-related

af

selskab

company and/or their fully owned

og/eller af disses helejede selska-

companies for some or more of the

ber til enkelte eller flere medarbej-

employees, possibly at a favourable

dere, eventuelt til en

favørkurs,

price, including but not limited to the

herunder, men ikke begrænset til

issue of shares according to Clause

udstedelse af aktier i henhold til

8.1 in the Articles of Association of

punkt 8.1 i Selskabets vedtægter

the Company concerning warrants.

et

koncernforbundet

vedrørende warrants. (iii)

Udstedelse af warrants, konvertible gældsbreve eller lignende til tred-

(iii) Issue of warrants, convertible debt

jemand på sædvanlige markedsvil-

instruments or the like to third par-

kår som led i mezzaninfinansiering

ties on usual market terms as part of

eller dertil svarende finansiering.

mezzanine

financing

or

similar

fi-

nancing. 7.15 Såfremt antallet af nye aktier, som kan

If the number of new shares that may be

tegnes ved udnyttelse af Warrants, for-

subscribed for by exercise of the Warrants

øges

dette

is adjusted upwards in accordance with this

punkt 7, skal Selskabets højeste aktie-

Clause 7, the Company's maximum share

kapital forøges tilsvarende.

capital shall be increased similarly.

8

Omsættelighed

8

8.1

De enkelte Warrants er ikke-omsættelige

Each Warrant is a non-negotiable instru-

instrumenter. Enhver form for overdra-

ment. Any transfer, pledging or other as-

gelse, pantsætning eller anden afståelse

signment of a Warrant shall be subject to

af en Warrant kan kun finde sted, hvis

the prior written consent of the Board of Di-

der

i

overensstemmelse

indhentes

med

forudgående

Transferability

skriftligt

rectors of the Company, which may be

samtykke fra Selskabets bestyrelse, og

granted, denied or conditioned in the abso-

kan blive tilladt, nægtet eller gøres be-

lute discretion of the Board of Directors of

tinget efter bestyrelsens absolutte skøn

the

18

Company

(with

the

exception

of

a

(med undtagelse af overdragelse i tilfæl-

transfer due to the death of the Warrant

de af Warrantindehaverens død, i hvilket

Holder, in which case the Board of Directors

tilfælde bestyrelsen skal godkende over-

shall approve a transfer mortis causa to the

dragelse til Warrantindehaverens nær-

Warrant Holder’s closest relatives).

meste slægtninge). 8.2

9

Warrants må

ikke underkastes nogen

The Warrants may not be subject to en-

form for tvangsfuldbyrdelse og må ikke

forcement of any kind and may not be

stilles som sikkerhed over for tredjepart.

lodged as security towards a third party.

Vilkår for nye aktier udstedt ved ud-

9

Conditions for New Shares issued

nyttelse af Warrants 9.1

following Exercise of the Warrants

Følgende vilkår skal være gældende for

The following terms and conditions shall

nye aktier tegnet ved udnyttelse af War-

apply to the new shares issued by the exer-

rants under denne Aftale:

cise of Warrants covered by this Agreement,

(i)

(ii)

(iii)

for de nye aktier gælder der ikke

(i)

the existing shareholders shall not

fortegningsret for de eksisterende

have any pre-emptive right to the

aktionærer,

new shares;

de nye aktier udstedt på grundlag

(ii)

the new shares issued on the basis of

af udnyttede Warrants indbetales

exercised Warrants shall be paid up in

kontant samtidig med fremsendelse

cash at the same date as the Exercise

af Udnyttelsesmeddelelse,

Notice is forwarded;

de nye aktier skal udstedes på navn

(iii)

the new shares shall be issued in the

og skal registreres i Warrantinde-

holder's name and shall be registered

haverens navn i Selskabets ejer-

in the name of the Warrant Holder in

bog,

the Company's register of shareholders;

(iv)

de nye aktier skal være omsæt-

(iv)

ningspapirer, (v)

the new shares shall be negotiable shares;

de nye aktier skal være frit omsættelige,

(v)

the new shares are freely transferable;

19

(vi)

for de nye aktier skal der ikke gæl-

(vi)

the

pre-emptive

right

of

the

new

de indskrænkninger i fortegnings-

shares in connection with future capi-

retten ved fremtidige kapitalforhø-

tal increases shall not be limited;

jelser, (vii) de nye aktier skal give ret til ud-

(vii) the new shares shall carry a right to

bytte og andre rettigheder i Sel-

dividend and other rights in the Com-

skabet fra tidspunktet for den rele-

pany as from the time when the rele-

vante

registre-

vant capital increase has been regis-

ring hos Erhvervs- og Selskabssty-

tered by the Danish Commerce and

relsen,

Companies Agency;

(viii) i tilfælde af generelle ændringer i

(viii) in case of any general changes in the

aktiernes rettigheder skal de nye

rights of the shares in the Company,

aktier give samme rettigheder som

the new shares shall carry the same

Selskabets øvrige aktier på udnyt-

rights as the other shares in the

telsestidspunktet, og

Company at the time of exercise; and

(ix)

10

kapitalforhøjelses

Selskabet skal afholde omkostnin-

(ix)

the Company shall pay the costs in

gerne i forbindelse med udstedelse

connection with the issue of Warrants

af Warrants i henhold til Aftalen og

pursuant to this Agreement and the

omkostningerne forbundet med ef-

costs in connection with the subse-

terfølgende udnyttelse af Warrants.

quent exercise of the Warrants. The

Selskabets omkostninger i forbin-

Company's costs in connection with

delse med udstedelse af Warrants i

the issue of Warrants pursuant to this

henhold til Aftalen og den dertil hø-

Agreement and the related capital in-

rende kapitalforhøjelse anslås til at

crease are

andrage højst kr. 200.000.

DKK 200,000.

Kapitalforhøjelse ved udnyttelse af Warrants

10

Capital

estimated

Increase

in

at

maximum

connection

with the Exercise of the Warrants

10.1 Såfremt Warrantindehaveren giver retti-

In the event that the Warrant Holder gives

dig meddelelse om udnyttelse af War-

notification on time of the exercise of the

rants, skal Selskabet gennemføre den

Warrants, the Company shall carry out the

dertil hørende kapitalforhøjelse.

relating increase of capital.

20

10.2 Størstebeløbet af den kapital, der kan

The maximum increase of capital that may

tegnes på grundlag af Warrants er nomi-

be subscribed on basis of Warrants is nomi-

nelt kr. 445.500 (op til 445.500 aktier à

nally DKK 445,500 (up to 445,500 shares at

kr. 1,00) og mindstebeløbet er kr. 1,00

DKK 1.00 each) and the minimum amount

(1 aktie à kr. 1,00) Størstebeløbet kan

is DKK 1.00 (1 share at DKK 1.00) The

forøges eller reduceres i henhold til be-

maximum amount may be increased or re-

stemmelserne om regulering i punkt 7.

duced in accordance with the provisions on adjustment set forth in Clause 7.

11

Omkostninger i forbindelse med ud-

11

stedelse af aktier

Costs

related

to

the

Issue

of

Shares

11.1 Selskabet bærer samtlige omkostninger

All costs related to the stockbroker and set-

til børsmægler samt afregningshonorar

tlement fees charged in connection with the

forbundet med Warrantindehaverens ud-

Warrant Holder's exercise of the Warrants

nyttelse af Warrants.

shall be borne by the Company.

12

Ophør

af

ansættelsesforholdet

Warrantindehavere,

der

-

12

er medar-

forbehold

of

Employment

Status

-

Warrant Holders who are Employ-

bejdere 12.1 Med

Cease

ees af

bestemmelserne

i

Subject to Clause 12.2 below, and if the

punkt 12.2 forneden og i tilfælde af, at

Warrant

Warrantindehaverens ansættelsesforhold

Company is terminated prior to the exercise

hos Selskabet ophører forud for udnyt-

of the (remaining) Warrants for one of the

telse af (resterende) Warrants som følge

following reasons:

Holder’s

employment

with

the

af en af følgende grunde: (i)

(ii)

Warrantindehaverens

fratrædelse

(i)

the Warrant Holder's retirement at

ved opnåelse af den fratrædelses-

the age provided for in the Warrant

alder, der er fastlagt i Warrantin-

Holder's service contract, or because

dehaverens

ansættelseskontrakt,

the Warrant Holder is entitled to the

eller fordi Warrantindehaveren bli-

Danish State Retirement Pension (in

ver berettiget til folkepension,

Danish: "folkepension");

Warrantindehaverens

opsigelse

af

ansættelsesforholdet,

forudsat

at

opsigelsen skyldes Selskabets gro-

21

(ii)

the Warrant Holder's termination of the

employment

relationship,

pro-

vided such termination is due to the

ve misligholdelse af ansættelses-

Company's material breach (in Danish

kontrakten,

"grov misligholdelse") of the service contract;

(iii)

Selskabets opsigelse af ansættel-

(iii)

the

Company's

termination

without

sesforholdet uden varsel, forudsat

notice of the employment relation-

at opsigelsen ikke skyldes Warrant-

ship, provided such termination is not

indehaverens misligholdelse af an-

due to the Warrant Holder's breach

sættelseskontrakten, eller

(in Danish

"misligholdelse") of the

service contract; or (iv)

Warrantindehaverens død,

(iv)

the Warrant Holder's death;

er Warrantindehaveren/ Warrantindeha-

then the Warrant Holder/the estate of the

verens bo berettiget til at beholde sine

Warrant Holder shall be allowed to keep his

Warrants.

or her Warrants.

12.2 Samtlige Warrants bortfalder automatisk

All of the Warrants shall lapse automatically

og uden kompensation i tilfælde af, at

and without compensation if the Warrant

Warrantindehaverens ansættelsesforhold

Holder's employment with the Company is

hos Selskabet ophører forud for udnyt-

terminated prior to the exercise of the War-

telsen af Warrants af andre grunde end

rants for reasons other than the reasons

dem, der er nævnt i punkt 12.1, (i) - (iv)

listed in Clause 12.1, item (i) to (iv) above.

foroven.

13

Insiderhandel

13

Insider Trading

13.1 Salg af aktier, der er tegnet gennem ud-

Sale of shares subscribed for by any exer-

nyttelse af Warrants er underlagt de til

cise of Warrants is subject to the provisions

enhver tid gældende bestemmelser om

on insider trading applicable at any time,

insiderhandel, herunder Selskabets in-

including the Company's internal rules gov-

terne regler om handel med værdipapirer

erning trade in securities issued by the

udstedt af Selskabet.

Company.

22

14

Skattemæssige forhold

14

Tax Implications

14.1 Det er aftalt, at ligningslovens § 7H skal

It has been agreed that Section 7H of the

være gældende for Warrants i videst mu-

Danish Tax Assessment Act (in Danish:

ligt omfang, jf. punkt 2.1. Ellers skal

"Ligningsloven") shall apply to the Warrants

Warrants være underlagt bestemmelser-

to the largest extent possible, cf. Clause

ne i ligningslovens § 28, jf. punkt 2.1

2.1. Otherwise, the Warrants shall be subject to the provisions of Section 28 of the Danish Tax Assessment Act, cf. Clause 2.1.

14.2 Selskabet forpligter sig til at anmode re-

The Company undertakes to request the

visor om at attestere, i hvilket omfang,

auditor of the Company to certify to which

dvs. for hvilket antal af Warrants, lig-

extent, i.e. to which amount of Warrants,

ningslovens § 7H er gældende. Desuden

Section 7H of the Danish Tax Assessment

forpligter Selskabet sig til at fremsende

Act is applicable. The Company further un-

revisorens erklæring vedrørende opfyl-

dertakes to send the auditor's statement

delse af betingelserne i ligningslovens §

regarding fulfilment of the conditions under

7H samt en kopi af Warrantaftalerne til

Section 7H of the Danish Tax Assessment

de danske skattemyndigheder.

Act as well as a copy of the Warrant Agreements to the Danish Tax Authorities.

14.3 Samtlige skattemæssige forpligtelser og konsekvenser

Warrantindehaverne

Warrant Holders resulting from the Warrant

som følge af Warrantaftalerne, de ud-

Agreements, the Warrants issued or the

stedte Warrants eller de erhvervede ak-

shares acquired by the exercise of such

tier gennem udnyttelse af disse Warrants

Warrants, are the sole responsibility of the

er alene Warrantindehavernes ansvar og

Warrant Holders and of no concern to the

er Selskabet uvedkommende, herunder

Company, including the situation where the

det

skattemyndighederne

tax authorities should find that the condi-

måtte finde, at betingelserne for, at lig-

tions for Section 7H of the Danish Tax As-

ningslovens § 7H er gældende, ikke er

sessment Act being applicable are not ful-

opfyldt.

filled.

forhold,

for

All tax obligations and consequences to the

at

14.4 Warrantindehaverne er kraftigt opfordret

The Warrant Holders are strongly encour-

til at søge skattemæssig rådgivning i

aged to seek tax advice in connection with

forbindelse med indgåelsen af Warrant-

entering into the Warrant Agreements.

aftalerne.

23

15

Sprog

15

Language

15.1 I tilfælde af uoverensstemmelser mellem

In case of disagreements between the Dan-

den danske og den engelske version af

ish and the English version of this exhibit,

dette bilag skal den danske version være

the Danish version shall prevail

gældende.

70065489\3367714v1 * 28 November 2011

24