<SEC-DOCUMENT>0001104659-22-073008.txt : 20220621
<SEC-HEADER>0001104659-22-073008.hdr.sgml : 20220621
<ACCEPTANCE-DATETIME>20220621164726
ACCESSION NUMBER:		0001104659-22-073008
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20220621
FILED AS OF DATE:		20220621
DATE AS OF CHANGE:		20220621

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Evaxion Biotech A/S
		CENTRAL INDEX KEY:			0001828253
		STANDARD INDUSTRIAL CLASSIFICATION:	BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			G7
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-39950
		FILM NUMBER:		221028728

	BUSINESS ADDRESS:	
		STREET 1:		BREDGADE 34E
		CITY:			COPENHAGEN K
		STATE:			G7
		ZIP:			1260
		BUSINESS PHONE:		4531262615

	MAIL ADDRESS:	
		STREET 1:		BREDGADE 34E
		CITY:			COPENHAGEN K
		STATE:			G7
		ZIP:			1260
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>tm2217325d3_6k.htm
<DESCRIPTION>FORM 6-K
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>



<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM&nbsp;6&#45;K</B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REPORT OF FOREIGN PRIVATE ISSUER</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PURSUANT TO SECTION&nbsp;13a&#45;16 OR 15d&#45;16</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNDER THE SECURITIES EXCHANGE ACT OF 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>For the&nbsp;month of June&nbsp;2022</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Commission File Number: 001&#45;39950</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>



<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Evaxion Biotech A/S</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Exact Name of Registrant as Specified in Its
Charter)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Dr.&nbsp;Neergaards Vej 5f</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>DK&#45;2970 Hoersholm</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Denmark</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Address of principal executive offices)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant files or will file annual
reports under cover of Form&nbsp;20&#45;F or Form&nbsp;40&#45;F.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 206pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form&nbsp;20&#45;F
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form&nbsp;40&#45;F <FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 206pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Indicate by check mark if the registrant
is submitting the Form&nbsp;6&#45;K in paper as permitted by Regulation S-T Rule&nbsp;101(b)(1): </FONT><FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Indicate by check mark if the registrant
is submitting the Form&nbsp;6&#45;K in paper as permitted by Regulation S-T Rule&nbsp;101(b)(7): </FONT><FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INCORPORATION BY REFERENCE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This report on Form&nbsp;6-K&nbsp;shall be deemed to be&nbsp;incorporated
by reference&nbsp;in Evaxion Biotech A/S&#8217;s registration statements on&nbsp;Form&nbsp;S-8&nbsp;(File&nbsp;No.&nbsp;333-255064) and
on Form F-3 (File No. 333-265132), 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.</P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Issuance of Ordinary Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">On June 9,
2022, the Company issued 428,572 Ordinary Shares to Lincoln Park Capital Fund, LLC (&#8220;LPC&#8221;), pursuant to the terms of the Company&#8217;s
previously announced Purchase Agreement with LPC dated June 7, 2022 (the &#8220;Purchase Agreement&#8221;), pursuant to which</FONT> the
Company may elect to sell to LPC up to $40,000,000 in American Depositary Shares of the Company (the &#8220;ADSs&#8221;), with each ADS
representing one (1) Ordinary Share. The 428,572 Ordinary Shares were issued as payment of a commitment fee of $1,200,000 payable to LPC
under the terms of the Purchase Agreement. In connection with the issuance of the Ordinary Shares to LPC, the Company registered an aggregate
share capital increase of nominal DKK 428,572 with the Danish Business Authority, corresponding to an aggregate increase in the Company&#8217;s
share capital to nominal DKK 23,816,430 through the issuance of such 428,572 Ordinary Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Warrant Grants</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On June 14, 2022, the Company&#8217;s board of directors granted an
aggregate of 65,000 warrants (the &#8220;Warrants&#8221;) to certain employees of the Company. In connection with the grant of the Warrants,
the Company amended its Articles of Association to provide for the grant thereof. Each Warrant confers the right to subscribe for one
ordinary share of the Company at an exercise price equal to US $1.83 per share, converted into DKK using the official exchange rate between
DKK and USD on the date of exercise. The Warrants were issued on the terms and conditions set out in Appendix 5 of the Company&#8217;s
Articles of Association. 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">After giving effect to the grant of the Warrants described above, warrants
to subscribe for an additional 814,254 ordinary shares of the Company remain available for future grant by the Company&#8217;s board of
directors pursuant to the Company&#8217;s Articles of Association. The foregoing description of the material terms of the Warrants is
qualified in its entirety by reference to the Company&#8217;s Articles of Association, which is included as Exhibit&nbsp;1.1 hereto and
incorporated by reference herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Closing of Warrant Exercise Window </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On June 14, 2022, an exercise window closed for outstanding warrants
of Evaxion Biotech A/S (the &#8220;Company&#8221;), exercisable for the Company&#8217;s ordinary shares, nominal value DKK 1. In connection
with the exercises of certain of such warrants during this exercise window, the Company registered aggregate share capital increases of
nominal DKK 147,242 with the Danish Business Authority, corresponding to an aggregate increase in the Company&#8217;s share capital to
nominal DKK 23,833,694 through the issuance of such 147,242 Ordinary Shares against aggregate cash consideration of DKK 147,242 (or approximately
USD $20,627, based on the&nbsp;DKK-USD&nbsp;exchange rate on June 14, 2022).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company&#8217;s Articles of Association were amended to reflect
these issuances of these ordinary shares and warrants and are attached hereto as Exhibit&nbsp;1.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Exhibits</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="vertical-align: bottom; text-align: center; width: 8%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit</FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 90%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No.</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Description</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: center; vertical-align: bottom"><A HREF="tm2217325d3_ex1-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1</FONT></A></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><A HREF="tm2217325d3_ex1-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Articles of Association</FONT></A></TD></TR>
  </TABLE>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SIGNATURES</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<TR STYLE="vertical-align: bottom">
<TD>&nbsp;</TD>
<TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Evaxion Biotech A/S</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD>&nbsp;</TD>
<TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date: June 21, 2022</FONT></TD>
<TD STYLE="width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
<TD STYLE="width: 46%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Lori Hollander</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD><P STYLE="margin-top: 0; margin-bottom: 0">Lori Hollander <BR>
Vice President, Financial Planning &amp; Analysis</P></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TYPE>EX-1.1
<SEQUENCE>2
<FILENAME>tm2217325d3_ex1-1.htm
<DESCRIPTION>EXHIBIT 1.1
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<P STYLE="margin: 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit&#8239;1.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">VEDT&AElig;</FONT><FONT STYLE="font-size: 10pt">GTER&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 24pt">/</FONT>&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">ARTICLES
OF <BR>
ASSOCIATION</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">EVAXION BIOTECH A/S<BR>
CVR-nr. 31762863</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.</B></FONT><B><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Selskabets navn og form<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>l</FONT></B></TD>
    <TD STYLE="width: 2%">&#8239;</TD>
    <TD STYLE="width: 49%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1. &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Name and object</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&#8239;</TD>
    <TD>&#8239;</TD>
    <TD STYLE="text-align: justify">&#8239;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: -0.375in; padding-left: 0.375in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Selskabets navn er Evaxion Biotech A/S. Selskabet driver tillige virksomhed under binavnet NovVac A/S.</FONT></TD>
    <TD>&#8239;</TD>
    <TD STYLE="text-indent: -0.375in; padding-left: 0.375in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1 &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">The name of the Company is Evaxion Biotech A/S. The Company also carries on business under the secondary name NovVac A/S.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&#8239;</TD>
    <TD>&#8239;</TD>
    <TD STYLE="text-align: justify">&#8239;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: -0.375in; padding-left: 0.375in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.2&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Selskabets form&aring;</FONT><FONT STYLE="font-size: 10pt">l er at skabe avanceret software med henblik p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT> udvikling af nye immunterapier og vacciner.</FONT></TD>
    <TD>&#8239;</TD>
    <TD STYLE="text-indent: -0.375in; padding-left: 0.375in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.3&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;The
objective of the Company is to create advanced software that enables the development of novel immune therapies and vaccines.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&#8239;</TD>
    <TD>&#8239;</TD>
    <TD STYLE="text-align: justify">&#8239;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: -0.375in; padding-left: 0.375in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.</B></FONT><B><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Kapitalforhold</FONT></B></TD>
    <TD>&#8239;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2. &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Capital</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&#8239;</TD>
    <TD>&#8239;</TD>
    <TD STYLE="text-align: justify">&#8239;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: -0.375in; padding-left: 0.375in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.1&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Selskabets
    kapital udg&oslash;</FONT><FONT STYLE="font-size: 10pt">r nominelt 23,833,694 kr. fordelt p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>
     23,833,694 aktier <FONT STYLE="font-family: Times New Roman, Times, Serif">&aacute;</FONT> nominelt 1 kr. eller multipla
    heraf.</FONT></TD>
    <TD>&#8239;</TD>
    <TD STYLE="text-indent: -0.375in; padding-left: 0.375in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.1
    &#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">&#8239;The share capital is nominal DKK 23,833,694 divided into
     23,833,694 shares of nominal DKK 1 each or any multiples hereof.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&#8239;</TD>
    <TD>&#8239;</TD>
    <TD STYLE="text-align: justify">&#8239;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: -0.375in; padding-left: 0.375in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.2&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Kapitalejers navn og adresse indf&oslash;</FONT><FONT STYLE="font-size: 10pt">res i selskabets ejerbog. Ejerbogen f<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>res af Computershare A/S (CVR-nr. 27088899). </FONT></TD>
    <TD>&#8239;</TD>
    <TD STYLE="text-indent: -0.375in; padding-left: 0.375in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.2 &#8239;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;The names and addresses of the shareholders shall be entered into the Company<FONT STYLE="font-family: Times New Roman, Times, Serif">&rsquo;</FONT>s shareholders<FONT STYLE="font-family: Times New Roman, Times, Serif">&rsquo;</FONT> register. The shareholders<FONT STYLE="font-family: Times New Roman, Times, Serif">&rsquo;</FONT> register shall be kept by Computershare A/S (CVR no. 27088899).</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&#8239;</TD>
    <TD>&#8239;</TD>
    <TD STYLE="text-align: justify">&#8239;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: -0.375in; padding-left: 0.375in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.3&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Ingen aktie har s&aelig;</FONT><FONT STYLE="font-size: 10pt">rlige rettigheder og ingen kapitalejer er pligtig at lade sine aktier indl<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>se.</FONT></TD>
    <TD>&#8239;</TD>
    <TD STYLE="text-indent: -0.375in; padding-left: 0.375in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.3 &#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;No share carries any special rights and no shareholder is obliged to let his shares be redeemed.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&#8239;</TD>
    <TD>&#8239;</TD>
    <TD STYLE="text-align: justify">&#8239;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: -0.375in; padding-left: 0.375in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.4 &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Aktierne er ikke-oms&aelig;</FONT><FONT STYLE="font-size: 10pt">tningspapirer.&#8239;&#8239;</FONT></TD>
    <TD>&#8239;</TD>
    <TD STYLE="text-indent: -0.375in; padding-left: 0.375in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.4 &#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;The shares are non-negotiable instruments.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&#8239;</TD>
    <TD>&#8239;</TD>
    <TD STYLE="text-align: justify">&#8239;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: -0.375in; padding-left: 0.375in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.5
    &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Bestyrelsen er i perioden indtil 3. januar 2026 bemyndiget til ad &eacute;</FONT><FONT STYLE="font-size: 10pt">n
    eller flere gange at udstede warrants til medlemmer af selskabets bestyrelse og direktion samt n<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>glemedarbejdere,
    r<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>dgivere og konsulenter i selskabet eller dets
    datterselskaber, som giver ret til tegning af i alt op til nominelt DKK 814,254 uden fortegningsret for selskabets aktion<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>rer.
    Udnyttelseskursen for warrants, der er udstedt i henhold til denne bemyndigelse, skal fasts<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ttes
    af bestyrelsen til markedskurs eller fav<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>rkurs. Bestyrelsen
    fastl<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>gger vilk<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>rene
    for udstedte warrants og fordelingen heraf.</FONT></TD>
    <TD>&#8239;</TD>
    <TD STYLE="text-indent: -0.375in; padding-left: 0.375in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.5.
    &#8239;&#8239;&#8239;&#8239;&#8239;The board of directors is until 3 January&#8239;</FONT><FONT STYLE="font-size: 10pt">2026
    authorized at one or more times to issue warrants to members of the company's board of directors and executive management as well as
    key-employees, advisors and consultants of the company or its subsidiaries entitling the holder to subscribe for shares for a total
    of up to nominal value of DKK 814,254 without pre-emptive subscription rights for the company's shareholders. The exercise price for
    the warrants issued according to this authorization shall be determined by the board of directors at market price or at a discount
    price. The board of directors shall determine the terms for the warrants issued and the distribution hereof.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&#8239;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&#8239;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%; padding-right: 5.4pt; padding-left: 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">Bestyrelsen
er samtidig bemyndiget til i perioden indtil 3 januar 2026 ad <FONT STYLE="font-family: Times New Roman, Times, Serif">&eacute;</FONT>n
eller flere gange at forh<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>je selskabets aktiekapital med op til
i alt nominelt DKK 814,254 uden fortegningsret for selskabets aktion<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>rer
ved kontant indbetaling med henblik p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT> at gennemf<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>re
de til udnyttelsen af udstedte warrants tilh<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>rende kapitalforh<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>jelser.
Bestyrelsen kan med hjemmel i denne bemyndigelse minimum forh<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>je
aktiekapitalen med DKK&#8239;&#8239;1,00 og maksimalt med nominelt DKK 814,254<I>.</I></FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; width: 49%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT><FONT STYLE="font-size: 10pt">At
    the same time, the board of directors is authorized until 3 January<FONT STYLE="font-family: Times New Roman, Times, Serif">&#8239;</FONT>2026
    at one or more times to increase the company's share capital with up to nominal value of DKK 814,254 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 814,254.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </FONT><FONT STYLE="font-size: 10pt">De aktier, som m<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>tte blive tegnet ved udnyttelse af warrants, skal v<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>re ikke-oms<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>tningspapirer og skal lyde p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT> navn og noteres p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT> navn i ejerbogen. De nye aktier skal v<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>re underlagt samme indskr<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>nkninger i aktiernes oms<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ttelighed, som er g<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ldende for selskabets <FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>vrige aktier, og ingen aktion<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>r skal v<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>re forpligtet til at lade sine aktier indl<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>se helt eller delvist. Der kan ikke ske delvis indbetaling. Aktierne skal i det hele v<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>re ligestillet med den best<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>ende aktiekapital og skal ikke tilh<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>re en s<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>rlig aktieklasse. Aktierne giver ret til udbytte og andre rettigheder i selskabet p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT> tidspunktet for registreringen af kapitalforh<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>jelsen i Erhvervsstyrelsen.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.5.1 &#8239;&#8239;&#8239;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 p&aring;</FONT><FONT STYLE="font-size: 10pt">lydende DKK 1,00. Tildelingen af warrants sker vederlagsfrit.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.5.1 &#8239;&#8239;Pursuant to a previous authorization from the general meeting set out in clause 2.5, the board of directors has on 17 December&#8239;</FONT><FONT STYLE="font-size: 10pt">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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT><FONT STYLE="font-size: 10pt">De s<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>ledes udstedte warrants udstedes p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT> f<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>lgende vilk<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>r:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT><FONT STYLE="font-size: 10pt">The terms and conditions with respect to the granted warrants are as set forth below:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT><FONT STYLE="font-size: 10pt">67.464 warrants udstedes p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT> de i vedt<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>gternes bilag 3 angivne vilk<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>r.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT><FONT STYLE="font-size: 10pt">67,464 warrants are issued on the terms and conditions set forth in appendix 3 to the articles of association.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">122.328 warrants udstedes
p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT> de i vedt<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>gternes
bilag 3 angivne vilk<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>r, men s<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>ledes
at disse warrants anses for optjent p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">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 </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; width: 49%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT><FONT STYLE="font-size: 10pt">tildelingstidspunktet.</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; width: 49%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">deemed vested on the grant date.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">61.560 warrants udstedes
p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT> de i vedt<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>gternes
bilag 5 angivne vilk<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>r idet hver warrant giver ret til tegning
af nominelt kr. 1 aktie mod kontant indbetaling af kr. 1, og s<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>ledes
at optjening af warrants i henhold til bilag 5 regnes fra 1. januar 2020.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT><FONT STYLE="font-size: 10pt">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<FONT STYLE="font-family: Times New Roman, Times, Serif">&#8239;</FONT>2020.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">19.008 warrants udstedes
p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT> de i vedt<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>gternes
bilag 5 angivne vilk<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>r idet hver warrant giver ret til tegning
af nominelt kr. 1 aktie mod kontant indbetaling af kr. 1, og s<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>ledes
at optjening af warrants i henhold til bilag 5 regnes fra 1. maj 2020.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT><FONT STYLE="font-size: 10pt">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<FONT STYLE="font-family: Times New Roman, Times, Serif">&#8239;</FONT>2020.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">150.660 warrants udstedes
p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT> de i vedt<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>gternes
bilag 5 angivne vilk<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>r idet hver warrant giver ret til tegning
af nominelt kr. 1 aktie mod kontant indbetaling af kr. 1, og s<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>ledes
at optjening af warrants i henhold til bilag 5 regnes fra 1. oktober 2019.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT><FONT STYLE="font-size: 10pt">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<FONT STYLE="font-family: Times New Roman, Times, Serif">&#8239;</FONT>2019.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">120.024 warrants udstedes
p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT> de i vedt<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>gternes
bilag 5 angivne vilk<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>r idet hver warrant giver ret til tegning
af nominelt kr. 1 aktie mod kontant indbetaling af kr. 1, og s<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>ledes
at warrants anses for optjent fuldt ud p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT> tildelingstidspunktet.
Herudover finder punkt 5 i bilag 5 ikke anvendelse.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40.752 warrants udstedes p&aring;</FONT> <FONT STYLE="font-size: 10pt">de i vedt<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>gternes bilag 5 angivne vilk<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>r idet hver warrant giver ret til tegning af nominelt kr. 1 aktie mod kontant indbetaling af kr. 1, og s<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>ledes at warrants anses for optjent fuldt ud p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT> tildelingstidspunktet.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT><FONT STYLE="font-size: 10pt">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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">Samtidig har bestyrelsen
truffet beslutning om den dertil h<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>rende kapitalforh<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>jelse,
s<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>ledes at selskabskapitalen kan forh<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>jes
med op til 581.796 aktier. Selskabets kapitalejere skal ikke have fortegningsret til aktier, som udstedes ved udnyttelse af warrants.
De n<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>rmere vilk<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>r
for kapitalforh<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>jelsen fremg<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>r
ovenfor og af bilag 1-3 og 5.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">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.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%; padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.5.2 &#8239;&#8239;&#8239;&#8239;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 p&aring;</FONT><FONT STYLE="font-size: 10pt">lydende DKK 1,00. Tildelingen af warrants sker vederlagsfrit. </FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 49%; padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.5.2 &#8239;&#8239;Pursuant to a previous authorization from the general meeting set out in clause 2.5, the board of directors has on 17 December&#8239;</FONT><FONT STYLE="font-size: 10pt">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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT><FONT STYLE="font-size: 10pt">De s<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>ledes udstedte warrants udstedes p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT> de i bilag 5 angivne vilk<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>r, dog s<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>ledes 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 p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT> tildelingstidspunktet.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT><FONT STYLE="font-size: 10pt">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<FONT STYLE="font-family: Times New Roman, Times, Serif">&#8239;</FONT>2021 and 6,084 warrants start vesting from 1 January<FONT STYLE="font-family: Times New Roman, Times, Serif">&#8239;</FONT>2020, 79,524 shall be deemed vested as of the grant date.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </FONT><FONT STYLE="font-size: 10pt">Samtidig har bestyrelsen truffet beslutning om den dertil h<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>rende kapitalforh<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>jelse, s<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>ledes at selskabskapitalen kan forh<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>jes med op til 175.824 aktier. Selskabets kapitalejere skal ikke have fortegningsret til aktier, som udstedes ved udnyttelse af warrants. De n<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>rmere vilk<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>r for kapitalforh<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>jelsen fremg<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>r ovenfor og af bilag 1-3 og 5.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT><FONT STYLE="font-size: 10pt">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. </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.5.3 &#8239;&#8239;&#8239;&#8239;I henhold til bemyndigelse fra generalforsamlingen i vedt&aelig;</FONT><FONT STYLE="font-size: 10pt">gternes punkt 2.5 og p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT> de i bilag 5 angivne vilk<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>r 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 h<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>rende forh<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>jelse af selskabets aktiekapital, dog s<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>ledes 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.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.5.3 &#8239;&#8239;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&#8239;</FONT><FONT STYLE="font-size: 10pt">2021 granted, and on 21 October<FONT STYLE="font-family: Times New Roman, Times, Serif">&#8239;</FONT>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<FONT STYLE="font-family: Times New Roman, Times, Serif">&#8239;</FONT>2021. The authorization in article 2.5 is hereafter reduced to 1,437,853.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hver warrant giver ret til tegning af &eacute;</FONT><FONT STYLE="font-size: 10pt">n ordin<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>r aktie <FONT STYLE="font-family: Times New Roman, Times, Serif">&aacute;</FONT> nominelt DKK 1,00 i selskabet til en tegningspris p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT> DKK 1,00, dog s<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>ledes at regulerings-mekanismerne i punkt 6 i vedt<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>gternes bilag 5 kan resultere i et andet antal aktier og/eller en anden tegningskurs. </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under henvisning til selskabslovens regler skal f&oslash;</FONT><FONT STYLE="font-size: 10pt">lgende vilk<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>r v<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>re g<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ldende i forbindelse med</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">With reference to the Danish Companies Act, the following terms and conditions shall apply in con-</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%; padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">udstedelse af ovenn&aelig;</FONT><FONT STYLE="font-size: 10pt">vnte warrants og senere tegning af aktier ved udnyttelse af disse warrants:</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 49%; padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT><FONT STYLE="font-size: 10pt">nection with the issue of the warrants and subsequent subscription of shares by exercise of the warrants:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: 0pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: 0pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">- </FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Det mindste og det h<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>jeste bel<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>b, hvormed aktiekapitalen skal kunne forh<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>jes p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT> baggrund af de udstedte warrants, udg<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>r henholdsvis nominelt DKK 1 og DKK 62.147, dog s<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>ledes at reguleringsmekanismerne i punkt 6 i vedt<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>gternes bilag 5 kan resultere i et andet bel<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>b.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">- </FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The minimum and the maximum nominal amount of the capital increase(s)<FONT STYLE="font-family: Times New Roman, Times, Serif">&#8239;</FONT>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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">- </FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Tegningskursen for kapitalforh<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>jelsen er fastsat til DKK 1,00 pr. aktie <FONT STYLE="font-family: Times New Roman, Times, Serif">&aacute;</FONT> nominelt DKK 1, dog s<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>ledes at reguleringsmekanismerne i punkt 6 i vedt<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>gternes bilag 5 kan resultere i en anden kurs.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">- </FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">De ansl&aring;</FONT><FONT STYLE="font-size: 10pt">ede omkostninger, der skal afholdes af selskabet ved kapitalforh<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>jelsen, udg<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>r DKK 10.000 (ekskl. moms).</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>The costs in connection with the capital increase to be borne by the </I></FONT><FONT STYLE="font-size: 10pt">company <I>are approx. DKK 10,000 (excluding VAT).</I></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: 0pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: 0pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&Oslash;</FONT><FONT STYLE="font-size: 10pt">vrige vilk<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>r for de udstedte warrants og den senere tegning af aktier ved udnyttelse af disse warrants fremg<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>r af vedt<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>gternes bilag 5.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>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.</I></FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%; padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.5.4&#8239;&#8239;&#8239;&#8239;&#8239;I henhold til bemyndigelse fra generalforsamlingen i vedt&aelig;gternes 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 h&oslash;rende forh&oslash;jelse af selskabets aktiekapital. Warrants udstedes i &oslash;vrigt p&aring; de i bilag 5 angivne vilk&aring;r dog s&aring;ledes 500.683 warrants optjenes med 1/36 pr. md. fra og med 1. januar 2022 og 22.916 warrants anses for fuldt optjent p&aring; udstedelsestidspunktet. Bemyndigelsen i pkt. 2.5 er herefter nedsat til nominelt DKK 914.254.</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 49%; padding-right: 5.4pt; padding-left: 0.5in; font-weight: normal; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.5.4&#8239;&#8239;&#8239;&#8239;&#8239;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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; font-weight: normal; text-align: justify; text-indent: -28.35pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B></B>Hver warrant giver ret til tegning af &eacute;n ordin&aelig;r aktie &aacute; nominelt DKK 1,00 i selskabet til en tegningspris p&aring; USD 5,38, dog s&aring;ledes at regulerings-mekanismerne i punkt 6 i vedt&aelig;gternes bilag 5 kan resultere i et andet antal aktier og/eller en anden tegningskurs. </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 34.45pt; text-align: justify; text-indent: 0pt">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.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36.75pt; text-align: justify; text-indent: -36.75pt">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under henvisning til selskabslovens regler skal f&oslash;lgende vilk&aring;r v&aelig;re g&aelig;ldende i forbindelse med udstedelse af ovenn&aelig;vnte warrants og senere tegning af aktier ved udnyttelse af disse warrants:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 34.45pt; text-indent: 0pt">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:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36.75pt; text-indent: -36.75pt">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 34.45pt; text-align: justify">Det mindste og det h&oslash;jeste bel&oslash;b, hvormed aktiekapitalen skal kunne forh&oslash;jes p&aring; baggrund af de udstedte warrants, udg&oslash;r henholdsvis nominelt DKK 1 og DKK 523.599, dog s&aring;ledes at reguleringsmekanismerne i punkt 6 i vedt&aelig;gternes bilag 5 kan resultere i et andet bel&oslash;b.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">-<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT></FONT>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.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 42.55pt; text-align: justify; text-indent: -28.35pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">-<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT></FONT>Tegningskursen
for kapitalforh&oslash;jelsen er fastsat til USD 5,38 pr. aktie &aacute; nominelt DKK 1, dog s&aring;ledes at reguleringsmekanismerne
i punkt 6 i vedt&aelig;gternes bilag 5 kan resultere i en anden kurs.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">-<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT></FONT>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.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 34.45pt; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">-<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT></FONT>De ansl&aring;ede omkostninger, der skal afholdes af selskabet ved kapitalforh&oslash;jelsen, udg&oslash;r DKK 10.000 (ekskl. moms).</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">-<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT></FONT>The
costs in connection with the capital increase to be borne by the company are approx. DKK 10,000 (excluding VAT).</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; font-weight: normal; text-align: justify; text-indent: -28.35pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-right: 5.4pt; padding-left: 34.45pt; text-indent: 0">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 34.45pt; font-weight: normal; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&Oslash;vrige
vilk&aring;r for de udstedte warrants og den senere tegning af aktier ved udnyttelse af disse warrants fremg&aring;r af vedt&aelig;gternes
bilag 5.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-right: 5.4pt; padding-left: 34.45pt; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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</FONT></TD></TR>
  </TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%; padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">2.5.5&#8239;&#8239;&#8239;&#8239;I henhold til bemyndigelse fra generalforsamlingen i vedt&aelig;gternes 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 h&oslash;rende forh&oslash;jelse af selskabets aktiekapital. Warrants udstedes i &oslash;vrigt p&aring; de i bilag 5 angivne vilk&aring;r dog s&aring;ledes 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.</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 49%; padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">2.5.5&#8239;&#8239;&#8239;&#8239;Pursuant to the authorization from the general meeting set out in article 2.5 of the articles of association the board of directors has on March&nbsp;11, 2022 granted and issued 35.000 and resolved to carry out the increase of the company's share capital relating to the warrants. The warrants are issued on the terms and conditions set out in appendix 5 provided, however, that 35,000 warrants vest with 1/36 per month from April&nbsp;1, 2022. The authorization in article 2.5 is hereafter reduced to 879,254.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: 0in">Hver warrant giver ret til tegning af &eacute;n ordin&aelig;r aktie &aacute; nominelt DKK 1,00 i selskabet til en tegningspris p&aring; USD 2,96, dog s&aring;ledes at regulerings-mekanismerne i punkt 6 i vedt&aelig;gternes bilag 5 kan resultere i et andet antal aktier og/eller en anden tegningskurs. </TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: 0in">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.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-indent: 0in">Under henvisning til selskabslovens regler skal f&oslash;lgende vilk&aring;r v&aelig;re g&aelig;ldende i forbindelse med udstedelse af ovenn&aelig;vnte warrants og senere tegning af aktier ved udnyttelse af disse warrants:</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: 0in">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:</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-indent: -28.35pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">-&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Det mindste og det h&oslash;jeste bel&oslash;b, hvormed aktiekapitalen skal kunne forh&oslash;jes p&aring; baggrund af de udstedte warrants, udg&oslash;r henholdsvis nominelt DKK 1 og DKK 35.000, dog s&aring;ledes at reguleringsmekanismerne i punkt 6 i vedt&aelig;gternes bilag 5 kan resultere i et andet bel&oslash;b.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">-&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The minimum and the maximum nominal amount of the capital increase(s)&nbsp;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.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-indent: -28.35pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">-&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Tegningskursen for kapitalforh&oslash;jelsen er fastsat til USD 2,96 pr. aktie &aacute; nominelt DKK 1, dog s&aring;ledes at reguleringsmekanismerne i punkt 6 i vedt&aelig;gternes bilag 5 kan resultere i en anden kurs.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">-&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>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.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-indent: -28.35pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">-&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>De ansl&aring;ede omkostninger, der skal afholdes af selskabet ved kapitalforh&oslash;jelsen, udg&oslash;r DKK 10.000 (ekskl. moms).</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">-&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The costs in connection with the capital increase to be borne by the company are approx. DKK 10,000 (excluding VAT).</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: 0in">&Oslash;vrige vilk&aring;r for de udstedte warrants og den senere tegning af aktier ved udnyttelse af disse warrants fremg&aring;r af vedt&aelig;gternes bilag 5.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: 0in"><I></I>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</TD></TR>
  </TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Evaxion Articles of Association</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 49%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.5.6 I henhold til bemyndigelse fra generalforsamlingen i vedt&aelig;gternes 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 h&oslash;-rende forh&oslash;jelse af selskabets aktiekapital. War-rants udstedes i &oslash;vrigt p&aring; de i bilag 5 angivne vil-k&aring;r dog s&aring;ledes 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. </FONT></TD>
<TD STYLE="text-align: justify; width: 2%">&nbsp;</TD>
<TD STYLE="text-align: justify; width: 49%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.5.6 Pursuant to the authorization from the general meet-ing set out in article 2.5 of the articles of associa-tion 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 ar-ticle 2.5 is hereafter reduced to 814,254. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD>
<TD STYLE="text-align: justify">&nbsp;</TD>
<TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; font-size: 10pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hver
warrant giver ret til tegning af &eacute;n ordin&aelig;r ak-tie &aacute; nominelt DKK 1,00 i selskabet til en teg-ningspris p&aring;
USD 1,83 omregnet til DKK til den of-ficielle vekselkurs mellem DKK/USD som er g&aelig;ldende p&aring; udnyttelsesdagen, dog minimum
DKK 1 pr. aktie a&#768; nominelt kr. 1, dog s&aring;ledes at regule-rings-mekanismerne i punkt 6 i vedt&aelig;gternes bi-lag 5 kan resultere
i et andet antal aktier og/eller en anden tegningskurs. </FONT></P></TD>
<TD STYLE="text-align: justify">&nbsp;</TD>
<TD STYLE="text-align: justify; font-size: 10pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
warrant confers the right to subscribe for one ordinary share of nominal DKK 1.00 in the com-pany at a subscription price of USD 1.83
convert-ed into DKK using the official exchange rate be</FONT>tween DKK and USD on the exercise day, how-ever 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 arti-cles of association may
result in a different num-ber of shares and/or a different subscription price.</P></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD>
<TD STYLE="text-align: justify">&nbsp;</TD>
<TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under henvisning til selskabslovens regler skal f&oslash;lgende vilk&aring;r v&aelig;re g&aelig;ldende i forbindelse med udstedelse af ovenn&aelig;vnte warrants og senere tegning af aktier ved udnyttelse af disse warrants: </FONT></TD>
<TD STYLE="text-align: justify">&nbsp;</TD>
<TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">With reference to the Danish Companies Act, the following terms and conditions shall apply in con-nection with the issue of the warrants and subse-quent subscription of shares by exercise of the warrants: </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD>
<TD STYLE="text-align: justify">&nbsp;</TD>
<TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify">&nbsp;- Det mindste og det h&oslash;jeste bel&oslash;b, hvormed aktie-kapitalen skal kunne forh&oslash;jes p&aring; baggrund af de udstedte warrants, udg&oslash;r henholdsvis nominelt DKK 1 og DKK 65.000, dog s&aring;ledes at regule-ringsmekanismerne i punkt 6 i </TD>
<TD STYLE="text-align: justify">&nbsp;</TD>
<TD STYLE="text-align: justify">&nbsp;- 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 </TD></TR>
</TABLE>

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<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify">vedt&aelig;gternes bilag 5 kan resultere i et andet bel&oslash;b. &nbsp; &nbsp; &nbsp;</TD>
<TD STYLE="text-align: justify">&nbsp;</TD>
<TD STYLE="text-align: justify">mechanisms in clause 6 of appendix 5 to the articles of association. &nbsp; &nbsp; &nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify">&nbsp;</TD>
<TD STYLE="text-align: justify">&nbsp;</TD>
<TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 49%">&nbsp;- Tegningskursen for kapitalforh&oslash;jelsen er fastsat til USD 1,83 pr. aktie
 &aacute; nominelt DKK 1 omregnet til DKK til den officielle vekselkurs mellem DKK/USD som er g&aelig;ldende p&aring;
udnyttelsesdagen, dog mi-nimum DKK 1 pr. aktie a&#768; nominelt kr. 1, dog s&aring;le-des at reguleringsmekanismerne i punkt 6 i
ved-t&aelig;gternes bilag 5 kan resultere i en anden kurs. &nbsp; &nbsp; &nbsp;</TD>
<TD STYLE="text-align: justify; width: 2%">&nbsp;</TD>
<TD STYLE="text-align: justify; width: 49%">&nbsp; - 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 arti-cles of association may result in a different sub-scription price. &nbsp; &nbsp; &nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify">&nbsp;</TD>
<TD STYLE="text-align: justify">&nbsp;</TD>
<TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify">&nbsp;- De ansl&aring;ede omkostninger, der skal afholdes af selskabet ved
kapitalforh&oslash;jelsen, udg&oslash;r DKK 10.000 (ekskl. moms). &nbsp; &nbsp; &nbsp;</TD>
<TD STYLE="text-align: justify">&nbsp;</TD>
<TD STYLE="text-align: justify">&nbsp; - The costs in connection with the capital increase to be borne by the company are approx.
DKK 10,000 (excluding VAT). &nbsp; &nbsp; &nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify">&nbsp;</TD>
<TD STYLE="text-align: justify">&nbsp;</TD>
<TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&Oslash;vrige vilk&aring;r for de udstedte warrants og den se-nere tegning af aktier ved udnyttelse af disse war-rants fremg&aring;r af vedt&aelig;gternes bilag 5. </FONT></TD>
<TD STYLE="text-align: justify">&nbsp;</TD>
<TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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. </FONT></TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt; width: 49%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.6 &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;I overensstemmelse med en tidligere version af bemyndigelsen i vedt&aelig;</FONT><FONT STYLE="font-size: 10pt">gternes punkt 2.5 har selskabets bestyrelse p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT> bestyrelsesm<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>de 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 p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT> vilk<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>r som n<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>rmere fremg<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>r af <U>bilag 1</U> som udg<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>r en integreret del af disse vedt<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>gter. Tegningen af de tildelte warrants skal ske skriftligt inden den 31. december 2036.</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt; width: 49%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.6 &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">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<FONT STYLE="font-family: Times New Roman, Times, Serif">&#8239;</FONT>19th 2016,&#8239;&#8239;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 <U>appendix 1</U>, 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<FONT STYLE="font-family: Times New Roman, Times, Serif">&#8239;</FONT>31st 2036.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Samtidig har bestyrelsen truffet beslutning om den dertil h&oslash;</FONT><FONT STYLE="font-size: 10pt">rende kapitalforh<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>jelse, s<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>ledes at selskabskapitalen kan forh<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>jes med op til 758.448 aktier. Selskabets kapitalejere skal ikke have fortegningsret til aktier, som udstedes ved udnyttelse af warrants. De n<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>rmere vilk<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>r for</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT><FONT STYLE="font-size: 10pt">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</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%; padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">kapitalforh&oslash;</FONT><FONT STYLE="font-size: 10pt">jelsen fremg<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>r ligeledes af bilag 1.</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 49%; padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: 0pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: 0pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT><FONT STYLE="font-size: 10pt">I overensstemmelse med en tidligere version af bemyndigelsen i vedt<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>gternes punkt 2.5 har selskabets bestyrelse p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT> bestyrelsesm<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>de den 10. september 2017 truffet beslutning om at udstede indtil 632.700 warrants med ret til at tegne 632.700 aktier. Udstedelsen sker, uden for- tegningsret for selskabets eksisterende kapitalejere, til selskabets CEO og til medarbejdere p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT> vilk<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>r som n<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>rmere fremg<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>r af bilag 1 (15.516 warrants til medarbejderne) og bilag 2 (617.184 warrants til CEO) til vedt<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>gterne.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT><FONT STYLE="font-size: 10pt">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<FONT STYLE="font-family: Times New Roman, Times, Serif">&#8239;</FONT>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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: 0pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: 0pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT><FONT STYLE="font-size: 10pt">Samtidig har bestyrelsen truffet beslutning om den dertil h<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>rende kapitalforh<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>jelse s<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>ledes at selskabskapitalen kan forh<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>jes med op til 632.700 aktier. Selskabets kapitalejere skal ikke have fortegningsret til aktier, som udstedes ved udnyttelse af warrants. De n<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>rmere vilk<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>r for kapitalforh<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>jelsen fremg<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>r ligeledes af bilag 2.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: 0pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: 0pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.7 &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Bestyrelsen er i perioden indtil den 1. september 2023 bemyndiget til ad en eller flere gange at udstede warrants til selskabets n&oslash;</FONT><FONT STYLE="font-size: 10pt">glemedarbejdere, bestyrelse samt konsulenter med ret til at tegne op til 141.804 aktier i selskabet. Selskabets aktion<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>rer skal ikke have fortegningsret ved bestyrelsens udnyttelse af denne bemyndigelse. De n<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>rmere vilk<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>r fasts<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ttes af bestyrelsen.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.7 &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">In the period up until 1 September<FONT STYLE="font-family: Times New Roman, Times, Serif">&#8239;</FONT>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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT><FONT STYLE="font-size: 10pt">Bestyrelsen er i perioden indtil den 1. september 2023 endvidere bemyndiget til ad en eller flere gange at forh<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>je selskabets aktiekapital med op til 141.804 aktier ved kontant indbetaling i forbindelse med udnyttelse af warrantene. Selskabets aktion<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>rer skal ikke have fortegningsret til aktier, som udstedes ved udnyttelse af udstedte warrants. For aktier udstedt i henhold til denne bemyndigelse skal g<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>lde:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT><FONT STYLE="font-size: 10pt">Furthermore, the Board of Directors is in the period up to 1 September<FONT STYLE="font-family: Times New Roman, Times, Serif">&#8239;</FONT>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:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: 0pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: 0pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>at</U> </FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;aktierne skal lyde p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT> navn,</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT><FONT STYLE="font-size: 10pt">The shares shall be issued in name;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt; width: 49%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>at</U></FONT><FONT STYLE="font-size: 10pt"> &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;aktierne skal v<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>re ikke-oms<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>tningspapirer,</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: 0pt; width: 49%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT><FONT STYLE="font-size: 10pt">the shares shall be non-negotiable instruments;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: 0pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>at</U></FONT><FONT STYLE="font-size: 10pt"> &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;selskabets hidtidige aktion<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>rer ikke skal have fortegningsret til aktierne,</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT><FONT STYLE="font-size: 10pt">the Company's present shareholders do not have pre-emptive rights to subscribe for these shares;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: 0pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>at</U> </FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;der ikke kan ske delvis indbetaling,</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT><FONT STYLE="font-size: 10pt">no partial payment of the shares is allowed;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: 0pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>at</U> </FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;aktierne ikke skal have s<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>rlige rettigheder, og</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT><FONT STYLE="font-size: 10pt">The shares do not carry any special rights; and</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: 0pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>at</U> </FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;der af bestyrelsen kan fasts<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ttes begr<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>nsninger i aktiernes oms<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ttelighed i form af krav om samtykke fra selskabet, fork<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>bsret til andre aktion<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>rer m.v.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT><FONT STYLE="font-size: 10pt">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,<FONT STYLE="font-family: Times New Roman, Times, Serif">&#8239;</FONT>etc.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: 0pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT><FONT STYLE="font-size: 10pt">Bestyrelsen bemyndiges endvidere til at foretage de <FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ndringer i selskabets vedt<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>gter, som m<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>tte v<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>re n<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>dvendige som f<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>lge af bestyrelsens udnyttelse af ovenst<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>ende bemyndigelse.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT><FONT STYLE="font-size: 10pt">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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: 0pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: 0pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT><FONT STYLE="font-size: 10pt">I overensstemmelse med bemyndigelsen i vedt<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>gternes punkt 2.7 har selskabets bestyrelse p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT> bestyrelsesm<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>de 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 p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT> vilk<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>r, som n<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>rmere fremg<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>r af bilag 3 til vedt<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>gterne.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT><FONT STYLE="font-size: 10pt">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<FONT STYLE="font-family: Times New Roman, Times, Serif">&#8239;</FONT>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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: 0pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: 0pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT><FONT STYLE="font-size: 10pt">Samtidig har bestyrelsen truffet beslutning om den dertil h<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>rende kapitalforh<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>jelse, s<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>ledes at selskabskapitalen kan forh<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>jes med op til 141.804 aktier. Selskabets kapitalejere skal ikke have fortegningsret til aktier, som udstedes ved udnyttelse af warrants. De n<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>rmere vilk<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>r for kapitalforh<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>jelsen fremg<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>r ligeledes af bilag 3.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: 0pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: 0pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT><FONT STYLE="font-size: 10pt">Bemyndigelsen i punkt 2.7 er herefter udnyttet fuldt ud.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT><FONT STYLE="font-size: 10pt">Hereafter, the authorization under article 2.7 is exercised in full.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: 0pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: 0pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.8 &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Bestyrelsen er i perioden indtil 23. november 2025 bemyndiget til ad &eacute;</FONT><FONT STYLE="font-size: 10pt">n 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 aktion<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>rer. Udnyttelses-kursen for warrants, der </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.8&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">The board of directors is authorised during the period until 23 November<FONT STYLE="font-family: Times New Roman, Times, Serif">&#8239;</FONT>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 </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%; padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT><FONT STYLE="font-size: 10pt">er udstedt i henhold til denne bemyndigelse, skal fasts<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ttes til aktiernes nominelle v<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>rdi, pt. DKK 1. Bestyrelsen fastl<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>gger vilk<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>rene for udstedte warrants og fordelingen heraf.</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 49%; padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">shareholders. The exercise price for the warrants shall be equal to the nominal value of the company&rsquo;</FONT><FONT STYLE="font-size: 10pt">s shares, currently DKK 1. The board of directors shall determine the terms for the warrants issued and distribution hereof.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: 0pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: 0pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT><FONT STYLE="font-size: 10pt">Bestyrelsen er samtidig bemyndiget til i perioden indtil 23. november 2025 ad <FONT STYLE="font-family: Times New Roman, Times, Serif">&eacute;</FONT>n eller flere gange at forh<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>je selskabets aktiekapital med op til i alt nominelt DKK 1.080.000 uden fortegningsret for selskabets aktion<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>rer ved kontant indbetaling med henblik p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT> at gennemf<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>re de til udnyttelsen af udstedte warrants tilh<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>rende kapitalforh<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>jelser. Bestyrelsen kan med hjemmel i denne bemyndigelse minimum forh<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>je aktiekapitalen med nominelt DKK 1 og maksimalt med nominelt DKK 1.080.000.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT><FONT STYLE="font-size: 10pt">At the same time, the board of directors is authorised in the period until 23 November<FONT STYLE="font-family: Times New Roman, Times, Serif">&#8239;</FONT>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)<FONT STYLE="font-family: Times New Roman, Times, Serif">&#8239;</FONT>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. </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: 0pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: 0pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT><FONT STYLE="font-size: 10pt">De aktier, som m<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>tte blive tegnet ved udnyttelse af warrants, skal v<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>re ikke-oms<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>tningspapirer og skal lyde p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT> navn og noteres p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT> navn i ejerbogen. Aktierne skal ikke v<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>re undergivet oms<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ttelighedsbegr<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>nsninger, og ingen aktion<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>r skal v<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>re forpligtet til at lade sine aktier indl<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>se helt eller delvist. Aktierne skal i det hele v<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>re ligestillet med den best<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>ende aktiekapital og skal ikke tilh<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>re en s<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>rlig aktieklasse. Aktierne giver ret til udbytte og andre rettigheder i selskabet p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT> tidspunktet for registreringen af kapitalforh<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>jelsen.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT><FONT STYLE="font-size: 10pt">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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: 0pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: 0pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.8.1 I henhold til den i punkt 2.8 indeholdte bemyndigelse fra generalforsamlingen har bestyrelsen den 17. december 2020 tildelt og udstedt 351.036 stk. warrants, hver med ret til at tegne en aktie med p&aring;</FONT><FONT STYLE="font-size: 10pt">lydende DKK 1,00. Tildelingen af warrants sker vederlagsfrit. Bemyndigelsen i pkt. 2.5 er herefter reduceret til 728.964 stk. warrants, der hver giver ret til tegning af 1 aktie <FONT STYLE="font-family: Times New Roman, Times, Serif">&agrave;</FONT> nominelt DKK 1,00 i selskabet mod kontantindskud og til at foretage den hertil h<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>rende kapitalforh<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>jelse med op til nominelt DKK 728.964. De udstedte warrants udstedes p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT> de i bilag 4 angivne vilk<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>r.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.8.1 &#8239;&#8239;&#8239;Pursuant to the authorization from the general meeting set out in clause 2.8 of the articles of association, the board of directors </FONT><FONT STYLE="font-size: 10pt">has on 17 December<FONT STYLE="font-family: Times New Roman, Times, Serif">&#8239;</FONT>2020 granted and issued 351,036 warrants. Each warrant entitles the holder to subscribe for one share in the company with a nominal value of DKK 1.00. The grant of the warrants shall not be subject to payment from the holders. Hereafter the authorization set out in clause 2.8 is reduced to 728,964 warrants, each of which entitles the holder to subscribe for one share of a nominal DKK 1.00 in the company against cash payment and to make the associated capital increase by up to a nominal DKK 728,964. The war- </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%; padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">&#8239;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 49%; padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT><FONT STYLE="font-size: 10pt">rants issued are issued on the terms and conditions set out in appendix 4.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: 0pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT><FONT STYLE="font-size: 10pt">Under henvisning til selskabslovens regler, skal f<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>lgende vilk<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>r i <FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>vrigt v<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>re g<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ldende i forbindelse med udstedelse af ovenn<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>vnte warrants og senere forh<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>jelse af aktiekapitalen ved tegning af de nye aktier ved udnyttelse af disse warrants:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT><FONT STYLE="font-size: 10pt">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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: 0pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: 0pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT><FONT STYLE="font-size: 10pt">Det mindste og det h<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>jeste bel<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>b, hvormed aktiekapitalen skal kunne forh<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>jes, udg<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>r henholdsvis nominelt DKK 1 og DKK 351.036, dog s<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>ledes at reguleringsmekanismerne i vedt<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>gternes <U>bilag 4</U> kan resultere i et andet bel<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>b.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT><FONT STYLE="font-size: 10pt">The minimum and the maximum nominal amount of the capital increase(s)<FONT STYLE="font-family: Times New Roman, Times, Serif">&#8239;</FONT>that can be subscribed for on the basis of the warrants is DKK 1 and DKK 351,036, respectively, provided, however, that the adjustment mechanisms set out in <U>appendix 4</U> to the articles of association may result in a different amount.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: 0pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: 0pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT><FONT STYLE="font-size: 10pt">De nye aktier skal tilh<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>re samme aktieklasse som Selskabets eksisterende aktier.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT><FONT STYLE="font-size: 10pt">The new shares shall belong to same class of shares as the existing shares in the Company.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: 0pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: 0pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT><FONT STYLE="font-size: 10pt">Kapitaludvidelsen sker uden fortegningsret for de hidtidige aktion<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>rer, idet tegningen sker p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT> baggrund de af tildelte warrants.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT><FONT STYLE="font-size: 10pt">The capital increase is carried out without pre-emption rights for the existing shareholders as the subscription will be based on the granted warrants.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: 0pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: 0pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT><FONT STYLE="font-size: 10pt">Det fulde bel<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>b til tegning af det antal aktier, som <FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>nskes tegnet p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT> grundlag af warrants, skal indbetales kontant senest samtidig med tegningen af de p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>g<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ldende aktier.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT><FONT STYLE="font-size: 10pt">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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: 0pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: 0pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT><FONT STYLE="font-size: 10pt">De nye aktier udstedes i aktier a hver nominelt DKK 1,00.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT><FONT STYLE="font-size: 10pt">The new shares will be divided into shares of nominal DKK 1.00 each.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: 0pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: 0pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT><FONT STYLE="font-size: 10pt">Kapitaludvidelsen sker til DKK 1 pr. nominelt DKK 1 aktie, dog s<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>ledes at reguleringsmekanismerne i vedt<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>gternes <U>bilag 4</U> kan resultere i en anden kurs.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT><FONT STYLE="font-size: 10pt">The subscription will be made at a subscription rate of DKK 1 per nominal DKK 1 share, provided however that the adjustment mechanisms in <U>appendix 4</U> to the articles of association may result in a different subscription rate.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: 0pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: 0pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT><FONT STYLE="font-size: 10pt">De nye aktier skal v<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>re ikke-oms<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>tningspapirer.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT><FONT STYLE="font-size: 10pt">The new shares will not be negotiable instruments.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: 0pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: 0pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT><FONT STYLE="font-size: 10pt">De nye aktier skal lyde p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT> navn og skal noteres i Selskabets ejerbog.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT><FONT STYLE="font-size: 10pt">The new shares will be made out in the name of the holder and registered in the Company's register of shareholders.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: 0pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: 0pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT><FONT STYLE="font-size: 10pt">De ansl<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>ede omkostninger, der skal afholdes af Selskabet ved kapitalforh<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>jelsen, udg<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>r DKK 25.000 (ekskl. moms).</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT><FONT STYLE="font-size: 10pt">The costs in connection with the capital increase to be borne by the Company are approx. DKK 25,000 (excluding VAT).</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%; padding-right: 5.4pt; padding-left: 0.5in; font-size: 10pt; text-align: justify; text-indent: -27.8pt">2.9&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;I
    henhold til bestyrelsens bemyndigelser er 263,598 warrants udnyttet pr. 14 juni 2022.</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 49%; padding-right: 5.4pt; padding-left: 0.5in; font-size: 10pt; text-align: justify; text-indent: -28.35pt">2.9&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;According to the board of directors&rsquo; authorisations 263,598 warrants have been exercised per 14 June&nbsp;2022.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; font-size: 10pt; text-align: justify; text-indent: -27.8pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; font-size: 10pt; text-align: justify; text-indent: -28.35pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -27.8pt">2.10 &#8239;&#8239;&#8239;&#8239;Bestyrelsen
    er i perioden indtil 1. maj 2027 bemyndiget til ad &eacute;n eller flere gange at udstede warrants til investorer og/eller l&aring;negiver
    i selskabet, som giver ret til tegning af i alt op til nominelt DKK 2.000.000 uden fortegningsret for selskabets aktion&aelig;rer. Udnyttelseskursen
    for warrants, der er udstedt i henhold til denne bemyndigelse, skal fasts&aelig;ttes af bestyrelsen til markedsv&aelig;rdien. Bestyrelsen
    fastl&aelig;gger vilk&aring;rene for udstedte warrants og fordelingen heraf.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -28.35pt">&nbsp;</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; font-size: 10pt; text-align: justify; text-indent: -28.35pt">2.10 &#8239;&#8239;&#8239;The board of directors is until 1 May&nbsp;2027 authorized, at one or more times, to issue warrants to investors and/or lenders entitling the holder to subscribe for shares for a total of up to nominal value of DKK 2,000,000 without pre-emptive subscription rights for the company's shareholders. The exercise price for the warrants issued according to this authorization shall be determined by the board of directors at market price. The board of directors shall determine the terms for the warrants issued and the distribution hereof<I>.</I></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; font-size: 10pt; text-align: justify; text-indent: -28.35pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 35.45pt; font-size: 10pt; text-align: justify; text-indent: 0in">Bestyrelsen er samtidig bemyndiget til i perioden indtil 1. maj 2027 ad &eacute;n eller flere gange at forh&oslash;je selskabets aktiekapital med op til i alt nominelt DKK 2.000.000 uden fortegningsret for selskabets aktion&aelig;rer ved kontant indbetaling med henblik p&aring; at gennemf&oslash;re de til udnyttelsen af udstedte warrants tilh&oslash;rende kapitalforh&oslash;jelser. Bestyrelsen kan med hjemmel i denne bemyndigelse minimum forh&oslash;je aktiekapitalen med nominelt DKK 1 og maksimalt med nominelt DKK 2.000.000. Bestyrelsen er bemyndiget til at foretage de forn&oslash;dne vedt&aelig;gts&aelig;ndringer i tilf&aelig;lde af udnyttelse af bemyndigelsen til at forh&oslash;je aktiekapitalen og til at foranledige s&aring;danne aktiers deponering hos en depotbank og samtidig udstedelse af American Depositary Shares.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; font-size: 10pt; text-align: justify">At the same time, the board of directors is authorized until 1 May&nbsp;2027, at one or more times, to increase the company's share capital with up to nominal value of DKK 2,000,000 without pre-emptive subscription 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 2,000,000. 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.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 35.45pt; font-size: 10pt; text-align: justify; text-indent: -35.45pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; font-size: 10pt; text-align: justify; text-indent: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 35.45pt; font-size: 10pt; text-indent: 0in">De aktier, som m&aring;tte blive tegnet ved udnyttelse af warrants, skal v&aelig;re ikke-oms&aelig;tningspapirer og skal lyde p&aring; navn og noteres p&aring; navn i ejerbogen. De nye aktier skal v&aelig;re underlagt samme indskr&aelig;nkninger i aktiernes oms&aelig;ttelighed, som er g&aelig;ldende for selskabets &oslash;vrige aktier, og ingen aktion&aelig;r skal v&aelig;re forpligtet til at lade sine aktier indl&oslash;se helt eller delvist. Ingen delvis indbetaling er tilladt. Aktierne skal i det hele v&aelig;re ligestillet med den best&aring;ende aktiekapital og skal ikke tilh&oslash;re en s&aelig;rlig aktieklasse. Aktierne giver ret til udbytte og andre rettigheder i selskabet p&aring; tidspunktet for registreringen af kapitalforh&oslash;jelsen.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; font-size: 10pt; text-align: justify">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 re-deemed 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.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-indent: -28.35pt; width: 49%; padding-right: 5.4pt; text-align: justify"><B>3.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Bemyndigelse
til bestyrelsen &ndash; aktieudstedelse</B></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="padding-left: 0.5in; width: 49%; padding-right: 5.4pt; text-align: justify; text-indent: -28.35pt"><B>3.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Authorization to the board of directors &ndash; issue of shares</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: -28.35pt; padding-right: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -28.35pt">3.1&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Bestyrelsen
    er i perioden indtil 1. maj 2027 bemyndiget til ad &eacute;n eller flere gange at forh&oslash;je selskabets aktiekapital ved udstedelse
    af nye aktier med op til nominelt DKK 46,571,428 uden fortegningsret for selskabets aktion&aelig;rer. Kapitalforh&oslash;jelser i henhold
    til denne bemyndigelse skal af bestyrelsen gennemf&oslash;res ved indskud i andre v&aelig;rdier end kontanter (apportindskud), konvertering
    af g&aelig;ld og/eller kontantindskud. Aktierne skal udstedes til markedskurs. Bestyrelsen er bemyndiget til at foretage de forn&oslash;dne
    vedt&aelig;gts&aelig;ndringer i tilf&aelig;lde af udnyttelse af bemyndigelsen til at forh&oslash;je aktiekapitalen og til at foranledige
    s&aring;danne aktiers deponering hos en depotbank og samtidig udstedelse af American Depositary Shares p&aring; basis af disse.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 123.4pt; text-align: justify; text-indent: -59.55pt">&nbsp;</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">3.1&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The board of directors is until 1 May&nbsp;2027 authorized at one or more times to increase the company&rsquo;s share capital by up to nominal DKK 46,571,428 without pre-emptive subscription rights for the company&rsquo;s shareholders. Capital increases according to this authorization can be carried out by the board of directors by way of contributions in kind, conversion of debt and/or cash contributions and must be carried out at market price. 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.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: 0in">For aktier som udstedes i henhold til pkt. 3.1 skal g&aelig;lde, at de skal v&aelig;re ikke-oms&aelig;tningspapirer og skal lyde p&aring; navn og noteres p&aring; navn i ejerbogen. Aktierne skal ikke v&aelig;re undergivet oms&aelig;ttelighedsbegr&aelig;nsninger, og ingen aktion&aelig;r skal v&aelig;re forpligtet til lade sine aktier indl&oslash;se helt eller delvist. Der kan ikke ske delvis indbetaling. Aktierne skal i det hele v&aelig;re ligestillet med den best&aring;ende aktiekapital og skal ikke tilh&oslash;re en s&aelig;rlig aktieklasse. Aktierne giver ret til udbytte og andre rettigheder i selskabet p&aring; tidspunktet for registreringen af kapitalforh&oslash;jelsen i Erhvervsstyrelsen.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: 0in">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&rsquo;s register of shareholders. 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. The new shares shall give rights to dividends and other rights in the company from the time which are determined by the board of directors in connection with the decision to increase the share capital.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">3.2&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Bestyrelsen er i perioden indtil 3. januar 2026 bemyndiget til ad &eacute;n eller flere gange at forh&oslash;je selskabets aktiekapital ved udstedelse af nye </TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">3.2&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The board of directors is until 3 January&nbsp;2026 authorized at one or more times to increase the company's share capital by the issuance of new </TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: 0in">aktier med op til nominelt DKK 5.500.000 med fortegningsret for selskabets aktion&aelig;rer. Kapitalforh&oslash;jelser i henhold til denne bemyndigelse skal af bestyrelsen gennemf&oslash;res ved kontantindskud. Aktierne kan udstedes til markedskurs eller en fav&oslash;rkurs som fastsat af bestyrelsen.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: 0in">shares with up to nominal DKK 5,500,000 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.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: 0in; width: 49%">For aktier som udstedes i henhold til pkt. 3.2 skal g&aelig;lde, at de skal v&aelig;re ikke-oms&aelig;tningspapirer og skal lyde p&aring; navn og noteres p&aring; navn i ejerbogen. De nye aktier skal v&aelig;re underlagt samme indskr&aelig;nkninger i aktiernes oms&aelig;ttelighed, som er g&aelig;ldende for selskabets &oslash;vrige aktier, og ingen aktion&aelig;r skal v&aelig;re forpligtet til lade sine aktier indl&oslash;se helt eller delvist. Der kan ikke ske delvis indbetaling. Aktierne skal i det hele v&aelig;re ligestillet med den best&aring;ende aktiekapital og skal ikke tilh&oslash;re en s&aelig;rlig aktieklasse. Aktierne giver ret til udbytte og andre rettigheder i selskabet p&aring; tidspunktet for registreringen af kapitalforh&oslash;jelsen i Erhvervsstyrelsen.</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: 0in; width: 49%">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</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: 0in">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">3.3&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Bestyrelsen er i perioden indtil 3. januar 2026 bemyndiget til ad &eacute;n eller flere gange at optage l&aring;n mod udstedelse af konvertible g&aelig;ldsbreve, som giver ret til tegning af i alt op til nominelt DKK 14.700.000 uden fortegningsret for selskabets aktion&aelig;rer. Konvertering skal ske til en kurs, der mindst svarer til markedskurs p&aring; tidspunktet for bestyrelsens beslutning om at udstede de konvertible g&aelig;ldsbreve. Aktier vil anses som v&aelig;rende udstedt til markedskurs, s&aring;fremt aktierne tegnes til +/-10% af den noterede kurs p&aring; selskabets aktier p&aring; en relevant fondsb&oslash;rs i Europa eller USA L&aring;nene skal indbetales kontant. I &oslash;vrigt fasts&aelig;tter bestyrelsen de n&aelig;rmere vilk&aring;r for de konvertible g&aelig;ldsbreve, der udstedes i henhold til bemyndigelsen.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">3.3&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The board of directors is until 3 January&nbsp;2026 authorized at one or more times to obtain loans against issuance of convertible loan notes which give the right to subscribe for shares for a total of up to nominal value of DKK 14,700,000 without pre-emptive subscription rights for the company's shareholders. The conversion shall be carried out at a price that corresponds in aggregate to at least the market price at the time of the decision of the board of directors. Shares shall be considered issued at market price if the shares are issued at +/-10 of the listed price for the company&rsquo;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.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: 0in">Til gennemf&oslash;relse af den til konvertering af de konvertible g&aelig;ldsbreve h&oslash;rende kapitalforh&oslash;jelse bemyndiges bestyrelsen til i perioden indtil 3. januar 2026 at forh&oslash;je selskabets aktiekapital ad &eacute;n eller flere gange med op til i alt nominelt DKK 14.700.000 ved konvertering af de konvertible g&aelig;ldsbreve. Selskabets aktion&aelig;rer skal ikke have fortegningsret til aktier, der udstedes ved konverteringen.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: 0in">As a consequence of the conversion of the convertible loan notes, the board of directors is authorized until 3 January&nbsp;2026 to increase the share capital by a nominal value of up to DKK 14,700,000 by conversion of the convertible loan notes. The company's shareholders shall not have pre-emptive rights to subscribe for shares issued by conversion of the convertible loan notes.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: 0in">De aktier, som m&aring;tte blive tegnet ved konvertering af de konvertible g&aelig;ldsbreve, skal v&aelig;re ikke-oms&aelig;tningspapirer og skal lyde p&aring; navn og noteres p&aring; navn i ejerbogen. De nye aktier skal v&aelig;re underlagt samme indskr&aelig;nkninger i aktiernes oms&aelig;ttelighed, som er g&aelig;ldende for selskabets &oslash;vrige aktier, og ingen aktion&aelig;r skal v&aelig;re forpligtet til at lade sine aktier indl&oslash;se helt eller delvist. Der kan ikke ske delvis indbetaling. Aktierne skal i det hele v&aelig;re ligestillet med den best&aring;ende aktiekapital og skal ikke tilh&oslash;re en s&aelig;rlig aktieklasse. Aktierne giver ret til udbytte og andre rettigheder i selskabet p&aring; tidspunktet for registreringen af kapitalforh&oslash;jelsen i Erhvervsstyrelsen.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: 0in">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.</TD></TR>
  </TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt; width: 49%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B><FONT STYLE="font-size: 10pt">Generalforsamlinger</FONT></B></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt; width: 49%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;General meetings</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Generalforsamlingen indkaldes af bestyrelsen med mindst 2 ugers og h&oslash;</FONT><FONT STYLE="font-size: 10pt">jst 4 ugers varsel. Indkaldelsen offentligg<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>res p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT> selskabets hjemmeside og sendes endvidere til alle i ejerbogen noterede aktion<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>rer, som har fremsat </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;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 share</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%; padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">beg&aelig;</FONT><FONT STYLE="font-size: 10pt">ring herom.</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 49%; padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT><FONT STYLE="font-size: 10pt">holders who have requested such notification.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: 0pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: 0pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Ordin&aelig;</FONT><FONT STYLE="font-size: 10pt">re generalforsamlinger skal afholdes hvert <FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>r i s<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT> god tid, at den reviderede og godkendte <FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>rsrapport kan indsendes til Erhvervsstyrelsen, s<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT> den er modtaget i styrelsen inden 5 m<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>neder efter regnskabs<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>rets udl<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>b.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.3&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Ekstraordin&aelig;</FONT><FONT STYLE="font-size: 10pt">r generalforsamling skal indkaldes senest 2 uger efter, at bestyrelsen, revisor eller kapitalejere, der ejer mindst 5% af selskabskapital, har forlangt det.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.3&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.4&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Alle generalforsamlinger afholdes p&aring;</FONT> <FONT STYLE="font-size: 10pt">selskabets hjemstedsadresse eller i Stork<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>benhavn.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.4&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">All General Meetings shall be held at the Company's home address or in Greater Copenhagen.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.5&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Generalforsamlingen ledes af en af bestyrelsen udpeget dirigent. Over forhandlingerne p&aring;</FONT> <FONT STYLE="font-size: 10pt">generalforsamlingen f<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>res en protokol, der underskrives af dirigenten.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.5&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">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.&#8239;&#8239;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.6&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Dagsordenen for den ordin&aelig;</FONT><FONT STYLE="font-size: 10pt">re generalforsamling skal omfatte:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.6&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">The agenda for the Annual General Meeting shall include:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 61.85pt; text-align: justify; text-indent: -19.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">I.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Bestyrelsens beretning om selskabets virksomhed i det forl&oslash;</FONT><FONT STYLE="font-size: 10pt">bne <FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>r</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 61.85pt; text-align: justify; text-indent: -19.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">I.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The Board of Director's report on the Company's activities in the past year;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 61.85pt; text-align: justify; text-indent: -19.3pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 61.85pt; text-align: justify; text-indent: -19.3pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 61.85pt; text-align: justify; text-indent: -19.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">II.&#8239;&#8239;&#8239;&#8239;&#8239;Forel&aelig;</FONT><FONT STYLE="font-size: 10pt">ggelse af <FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>rsrapport til godkendelse</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 61.85pt; text-align: justify; text-indent: -19.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">II.&#8239;&#8239;&#8239;&#8239;&#8239;Presentation of the audited annual report for adoption;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 61.85pt; text-align: justify; text-indent: -19.3pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 61.85pt; text-align: justify; text-indent: -19.3pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 61.85pt; text-align: justify; text-indent: -19.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">III.&#8239;&#8239;&#8239;&#8239;Beslutning om anvendelse af overskud eller d&aelig;</FONT><FONT STYLE="font-size: 10pt">kning af tab i henhold til den godkendte <FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>rsrapport.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 61.85pt; text-align: justify; text-indent: -19.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">III.&#8239;&#8239;&#8239;&#8239;Resolution on allocation of profit or coverage of loss, cf. the adopted annual report;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 61.85pt; text-align: justify; text-indent: -19.3pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 61.85pt; text-align: justify; text-indent: -19.3pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 61.85pt; text-align: justify; text-indent: -19.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">IV.&#8239;&#8239;&#8239;&#8239;Valg af medlemmer til bestyrelsen.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 61.85pt; text-align: justify; text-indent: -19.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">IV.&#8239;&#8239;&#8239;&#8239;Election of members to the Board of Directors;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 61.85pt; text-align: justify; text-indent: -19.3pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 61.85pt; text-align: justify; text-indent: -19.3pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 61.85pt; text-align: justify; text-indent: -19.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">V.&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">Valg af revisor</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 61.85pt; text-align: justify; text-indent: -19.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">V.&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">Election of auditor;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 61.85pt; text-align: justify; text-indent: -19.3pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 61.85pt; text-align: justify; text-indent: -19.3pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 61.85pt; text-align: justify; text-indent: -19.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">VI.&#8239;&#8239;&#8239;&#8239;Eventuelle forslag fra bestyrelsen og/eller aktion&aelig;</FONT><FONT STYLE="font-size: 10pt">rerne. </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 61.85pt; text-align: justify; text-indent: -19.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">VI.&#8239;&#8239;&#8239;Any motion from the board of directors and/or the shareholders.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 61.85pt; text-align: justify; text-indent: -19.3pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 61.85pt; text-align: justify; text-indent: -19.3pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 61.85pt; text-align: justify; text-indent: -19.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">VII.&#8239;&#8239;&#8239;Eventuelt</FONT><FONT STYLE="font-size: 10pt">.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 61.85pt; text-align: justify; text-indent: -19.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">VII.&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">Miscellaneous</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%; padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.7&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Forslag fra kapitalejerne til behandling p&aring;</FONT> <FONT STYLE="font-size: 10pt">den ordin<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>re generalforsamling m<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT> v<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>re indgivet til selskabet senest 6 uger f<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>r afholdelsen af den ordin<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>re generalforsamling.</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 49%; padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.7&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.1pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.8&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Sproget p&aring;</FONT> <FONT STYLE="font-size: 10pt">generalforsamlingen er engelsk uden simultantolkning til og fra dansk. Dokumenter udarbejdet til generalforsamlingens brug i forbindelse med eller efter generalforsamlingen udarbejdes p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT> engelsk.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.8&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.1pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B><FONT STYLE="font-size: 10pt">Stemmeret</FONT></B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Voting rights</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;P&aring;</FONT> <FONT STYLE="font-size: 10pt">generalforsamlingen giver hvert aktiebel<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>b p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT> nominelt 1 kr. <FONT STYLE="font-family: Times New Roman, Times, Serif">&eacute;</FONT>n stemme. Aktion<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>rerne er berettigede til at stemme forskelligt p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT> deres aktier.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">Each share of nominal DKK 1 equals one vote at the General Meeting. The shareholders are entitled to vote their shares differently.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.2&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Alle beslutninger p&aring;</FONT> <FONT STYLE="font-size: 10pt">generalforsamlingen afg<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>res ved simpelt stemmeflertal, medmindre selskabsloven eller vedt<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>gterne foreskriver s<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>rlige regler om repr<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>sentation og majoritet. St<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>r stemmerne lige, skal valg af dirigent, bestyrelse, revisorer og lignende afg<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>res ved lodtr<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>kning.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.2&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">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<FONT STYLE="font-family: Times New Roman, Times, Serif">&#8239;</FONT>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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.3&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;En aktion&aelig;</FONT><FONT STYLE="font-size: 10pt">rs ret til at deltage i en generalforsamling og til at afgive stemme fasts<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ttes i forhold til de aktier, som aktion<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ren besidder p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT> registreringsdatoen. Registreringsdatoen er <FONT STYLE="font-family: Times New Roman, Times, Serif">&eacute;</FONT>n uge f<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>r generalforsamlingen. En aktion<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>rs besiddelse af aktier og stemmer opg<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>res p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT> registreringsdatoen p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT> baggrund af notering af aktion<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>rens ejerforhold i ejerbogen samt eventuelle ejerforhold, som selskabet har modtaget med henblik p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT> indf<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>rsel i ejerbogen. </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.3&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">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. </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.4&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;En aktion&aelig;</FONT><FONT STYLE="font-size: 10pt">r, der er berettiget til at deltage i generalforsamlingen i henhold til pkt. 5.3, og som <FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>nsker at deltage i generalforsamlingen, skal senest tre hverdage f<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>r dens afholdelse anmode selskabet om adgangskort.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.4&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">Any shareholder who is entitled to attend the general meeting pursuant to clause 5.3 og who wishes to attend the general meeting must request an admission card from the company no later than three business days in advance of the general meeting.</FONT></TD></TR>
  </TABLE>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%; padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.5&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;En aktion&aelig;</FONT><FONT STYLE="font-size: 10pt">r kan m<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>de personligt eller ved fuldmagt. Fuldm<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>gtigen skal freml<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>gge skriftligt og dateret fuldmagt.</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 49%; padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.5&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">A shareholder may attend the general meeting in person or by proxy. The proxy shall submit a written and dated power of attorney.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.6&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;En aktion&aelig;</FONT><FONT STYLE="font-size: 10pt">r, der er berettiget til at deltage i en generalforsamling i henhold til pkt. 5.3, kan brevstemme. Brevstemmer skal v<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>re selskabet i h<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>nde senest hverdagen f<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>r generalforsamlingens afholdelse. Brevstemmer kan ikke tilbagekaldes.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.6&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">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. </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B><FONT STYLE="font-size: 10pt">Bestyrelse</FONT></B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Board of directors</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.1&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Selskabets ledes af en p&aring;</FONT> <FONT STYLE="font-size: 10pt">generalforsamlingen valgt bestyrelse best<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>ende af 3-7 medlemmer. Bestyrelsens medlemmer v<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>lges for <FONT STYLE="font-family: Times New Roman, Times, Serif">&eacute;</FONT>t <FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>r ad gangen og kan genv<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>lges.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.1&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.2&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Bestyrelsen v&aelig;</FONT><FONT STYLE="font-size: 10pt">lger en formand og en n<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>stformand.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.2&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">The Board of Directors elects a chairman and a vice-chairman.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.3&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Bestyrelsen skal vedtage en forretningsorden om udf&oslash;</FONT><FONT STYLE="font-size: 10pt">relsen af sit hverv.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.3&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">The board of directors shall adopt rules<FONT STYLE="font-family: Times New Roman, Times, Serif">&#8239;</FONT>of procedure governing the performance of its duties.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.4&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Referater af bestyrelsesm&oslash;</FONT><FONT STYLE="font-size: 10pt">der skal underskrives af samtlige tilstedev<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>rende bestyrelsesmedlemmer.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.4&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">Minutes of board meetings shall be signed by all directors present at the meetings.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.5&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Selskabets koncernsprog er engelsk. M&oslash;</FONT><FONT STYLE="font-size: 10pt">der i bestyrelsen afholdes p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT> engelsk.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.5&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">The Company's corporate language shall be English. Board meetings be conducted in English.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>7.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B><FONT STYLE="font-size: 10pt">Direktion</FONT></B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>7.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Management board</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.1&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Bestyrelsen ans&aelig;</FONT><FONT STYLE="font-size: 10pt">tter 1-7 direkt<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>rer til at varetage den daglige ledelse af Selskabets virksomhed.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.1&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">The board of directors shall appoint 1-7 Executive Directors to be in charge of the day-to-day operations of the Company.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>8.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B><FONT STYLE="font-size: 10pt">Tegningsregel</FONT></B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>8.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Power to bind the Company</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.1&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Selskabet tegnes af den administrerende direkt&oslash;</FONT><FONT STYLE="font-size: 10pt">r og en direkt<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>r i forening, eller den administrerende direkt<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>r og et medlem af bestyrelsen i forening, eller af den samlede bestyrelse.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.1&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">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.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%; padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>9.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B><FONT STYLE="font-size: 10pt">Revision og regnskabs<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>r</FONT></B></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 49%; padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>9.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Audit and financial year</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.1&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Selskabets &aring;</FONT><FONT STYLE="font-size: 10pt">rsrapporter revideres af <FONT STYLE="font-family: Times New Roman, Times, Serif">&eacute;</FONT>n af generalforsamlingen valgt statsautoriseret eller registreret revisor, der v<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>lges for <FONT STYLE="font-family: Times New Roman, Times, Serif">&eacute;</FONT>t <FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>r ad gangen. Genvalg er muligt.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.1&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.2&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&Aring;</FONT><FONT STYLE="font-size: 10pt">rsrapporten opg<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>res i overensstemmende med god regnskabsskik og under foretagelse af p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>budte og n<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>dvendige afskrivninger og henl<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ggelser.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.2&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">The annual report is compiled in accordance with sound accounting principles and subject to obligatory and requisite depreciations and provisions.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.3&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Selskabets regnskabs&aring;</FONT><FONT STYLE="font-size: 10pt">r er kalender<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>ret. Regnskabet kan afl<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>gges p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT> engelsk.&#8239;&#8239;Det f<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>rste regnskabs<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>r l<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>ber fra stiftelsen til den 31. december 2009.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.3&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">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<FONT STYLE="font-family: Times New Roman, Times, Serif">&#8239;</FONT>2009.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>10.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Elektronisk kommunikation</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>10.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Electronic communication</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.1&#8239;&#8239;&#8239;&#8239;&#8239;Al kommunikation fra selskabet til den enkelte kapitalejer skal ske elektronisk ved e-mail, medmindre andet f&oslash;</FONT><FONT STYLE="font-size: 10pt">lger af lov.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.1&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">All communication from the Company to each individual shareholder shall take place by electronic means by e-mail, unless otherwise provided for by law.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.2&#8239;&#8239;&#8239;&#8239;&#8239;Det er aktion&aelig;</FONT><FONT STYLE="font-size: 10pt">rens ansvar at sikre, at selskabet er i besiddelse af den korrekte e-mailadresse.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.2&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">The shareholders shall be responsible for ensuring that the Company has the correct e-mail address</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.3&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Al kommunikation fra aktion&aelig;</FONT><FONT STYLE="font-size: 10pt">rerne til selskabet skal ske elektronisk ved e-mail til e-mailadresse, som oplyst p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT> selskabets hjemmeside</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.3&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">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<FONT STYLE="font-family: Times New Roman, Times, Serif">&rsquo;</FONT>s website.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>11.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Bemyndigelse til uddeling af ekstraordin&aelig;</B></FONT><B><FONT STYLE="font-size: 10pt">rt udbytte</FONT></B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>11.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Authorization to distribute extraordinary dividend</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.1&#8239;&#8239;&#8239;&#8239;&#8239;Bestyrelsen bemyndiges til efter de i selskabsloven herom g&aelig;</FONT><FONT STYLE="font-size: 10pt">ldende regler at tr<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ffe beslutning om uddeling af ekstraordin<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>rt udbytte frem til n<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ste ordin<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>re generalforsamling.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.1&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">With
reference to applicable rules<FONT STYLE="font-family: Times New Roman, Times, Serif">&#8239;</FONT>in the Companies Act, the board of
directors is authorized to decide on the distribution of extraordinary dividend until the next Ordinary General Meeting.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>12.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Uoverensstemmelse</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>12.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Discrepancy</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.1&#8239;&#8239;&#8239;&#8239;&#8239;Hvis der er uoverensstemmelser mellem den danske version og engelske version af vedt&aelig;</FONT><FONT STYLE="font-size: 10pt">gterne, da finder den engelske version </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.1&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">In case of any discrepancy between the Danish and the English version of the articles of association, the latter shall prevail.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%; padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">anvendelse.</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 49%; padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">&#8239;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: 0pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>13.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Elektroniske generalforsamlinger</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>13.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Electronic general meetings</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.3&#8239;&#8239;&#8239;&#8239;&#8239;Bestyrelsen er bemyndiget til at beslutte, at generalforsamlinger afholdes fuldst&aelig;</FONT><FONT STYLE="font-size: 10pt">ndig eller delvis elektronisk.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.1&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">The board of directors shall be authorised to determine that general meetings shall be held electronically whether in whole or in part.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.2&#8239;&#8239;&#8239;&#8239;&#8239;Bestyrelsen skal s&oslash;</FONT><FONT STYLE="font-size: 10pt">rge for, at elektroniske generalforsamlinger afvikles p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT> betryggende vis, og skal sikre, at det anvendte system er indrettet, s<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT> lovgivningens krav til afholdelse af generalforsamling opfyldes, herunder is<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>r aktion<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>rernes adgang til at deltage i, ytre sig samt stemme p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT> generalforsamlingen. Systemet skal g<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>re det muligt at fastsl<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>, hvilke aktion<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>rer der deltager, hvilken selskabskapital og stemmeret de repr<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>senterer samt resultatet af afstemninger.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.2&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">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<FONT STYLE="font-family: Times New Roman, Times, Serif">&rsquo;
</FONT>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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.3&#8239;&#8239;&#8239;&#8239;&#8239;Via egen opkobling tilslutter aktion&aelig;</FONT><FONT STYLE="font-size: 10pt">rerne sig et virtuelt forum, hvor generalforsamlingen afholdes. Bestyrelsen fasts<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>tter de n<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>rmere krav til de elektroniske systemer, som anvendes ved elektronisk generalforsamling.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.3&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.4&#8239;&#8239;&#8239;&#8239;&#8239;I indkaldelsen til den elektroniske generalforsamling angives de n&aelig;</FONT><FONT STYLE="font-size: 10pt">rmere krav til det elektroniske udstyr, som skal anvendes ved deltagelse i generalforsamlingen. Ligeledes angives, hvorledes tilmelding sker, samt hvor aktion<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>rerne kan finde oplysninger om fremgangsm<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>den i forbindelse med generalforsamlingen.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.4&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -28.35pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">- 0 -</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">- 0</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">14 juni  2022</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">14  June 2022</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 7.65pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alle talangivelser i denne vedt&aelig;</FONT><FONT STYLE="font-size: 10pt">gt 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.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 7.65pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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&#8239;</FONT><FONT STYLE="font-size: 10pt">2021.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>BILAG 1
TIL VEDT&AElig;</B></FONT><B>GTER</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>APPENDIX 1 TO ARTICLES OF ASSOCIATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-left: 8"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WARRANTAFTALE</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WARRANT AGREEMENT</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-left: 8">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-left: 8">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-left: 8">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-left: 8">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-left: 8">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-left: 8">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-left: 8">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-left: 8">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-left: 8">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-left: 8">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 8; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mellem</FONT></TD>
    <TD STYLE="padding-left: 8; width: 39%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Evaxion Biotech ApS</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Between</FONT></TD>
    <TD STYLE="width: 39%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Evaxion Biotech ApS</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 8">&nbsp;</TD>
    <TD STYLE="padding-left: 8"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ole Maal&oslash;es Vej 3</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ole Maal&oslash;es Vej 3</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 8">&nbsp;</TD>
    <TD STYLE="padding-left: 8"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2200 K&oslash;benhavn N</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2200 K&oslash;benhavn N</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 8">&nbsp;</TD>
    <TD STYLE="padding-left: 8">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 8; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">og</FONT></TD>
    <TD STYLE="padding-left: 8; width: 39%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[Navn]</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">and</FONT></TD>
    <TD STYLE="width: 39%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[Name]</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 8">&nbsp;</TD>
    <TD STYLE="padding-left: 8"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[Adresse]</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>[Address]</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 8">&nbsp;</TD>
    <TD STYLE="padding-left: 8"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[Adresse]</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>[Address]</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45.3pt">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">INDHOLDSFORTEGNELSE/TABLE OF CONTENTS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD>
    <TD STYLE="width: 80%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BAGGRUND OG OMFANG</FONT></TD>
    <TD STYLE="width: 5%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BACKGROUND AND SCOPE</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TILDELING AF WARRANTS</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">GRANT OF WARRANTS</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TEGNINGSPRIS</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SUBSCRIPTION PRICE</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">UDNYTTELSE AF WARRANTS</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EXERCISE OF WARRANTS</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">VISSE BETINGELSER I RELATION TIL EXIT</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CERTAIN CONDITIONS RELATING TO AN EXIT</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">OPSIGELSE AF ANS&AElig;</FONT><FONT STYLE="font-size: 10pt">TTELSESFORHOLDET</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TERMINATION OF EMPLOYMENT</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&AElig;</FONT><FONT STYLE="font-size: 10pt">NDRING I RETSSTILLING ELLER SELSKABSKAPITAL</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CHANGE OF LEGAL STATUS OR SHARE CAPITAL</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TEGNING AF KAPITALANDELE</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SUBSCRIPTION OF SHARES</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SKAT</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TAX</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EJERAFTALE</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SHAREHOLDERS' AGREEMENT</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">OVERDRAGELSE AF WARRANTS</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ASSIGNMENT OF WARRANTS</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">AFKALD</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WAIVER</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PANTS&AElig;</FONT><FONT STYLE="font-size: 10pt">TNING AF KAPITALANDELE</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PLEDGE OF SHARES</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">FULDMAGT</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">POWER OF ATTORNEY</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TAVSHEDSPLIGT</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CONFIDENTIALITY</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">LOVVALG</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">GOVERNING LAW</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TVISTER</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DISPUTES</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">UNDERSKRIFT, HELE AFTALEN OG &AElig;</FONT><FONT STYLE="font-size: 10pt">NDRINGER HERTIL</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SIGNATURES, ENTIRE AGREEMENT, AND AMENDMENTS</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BILAGSFORTEGNELSE</FONT></TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">INDEX OF </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EXHIBITS</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bilag 1.2: Vedt&aelig;</FONT><FONT STYLE="font-size: 10pt">gter</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit&nbsp;</FONT><FONT STYLE="font-size: 10pt">1.2: Articles of Association</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Der er den 31. december 2016 indg&aring;</FONT><FONT STYLE="font-size: 10pt">et f<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>lgende warrantaftale (&quot;Aftalen&quot;) mellem:</FONT></TD>
<TD>&nbsp;</TD>
<TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Warrant Agreement (the &quot;Agreement&quot;) is entered into on December&nbsp;</FONT><FONT STYLE="font-size: 10pt">31, 2016 between:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1)</FONT></TD>
<TD STYLE="text-align: justify; width: 44%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Evaxion Biotech ApS, CVR-nr: 31 76 28 63, Ole Maal&oslash;es Vej 3, 2200 K&oslash;benhavn N (&quot;Selskabet&quot;)</FONT></TD>
<TD STYLE="width: 2%">&nbsp;</TD>
<TD STYLE="text-align: justify; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1)</FONT></TD>
<TD STYLE="text-align: justify; width: 44%">Evaxion Biotech ApS, CVR no: 3176 28 63, Ole Maal<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>es Vej 3, 2200 K<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>benhavn N (the &quot;Company&quot;)</TD></TR>
<TR STYLE="vertical-align: top">
<TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">(2)</FONT></TD>
<TD STYLE="text-align: justify"><B>[Navn, CPR-nr., adresse] </B>(&quot;Warrantindehaveren&quot;)</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">(2)</FONT></TD>
<TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>[Name, Civil Reg. No.&nbsp;(CPR), address] </B>(the &quot;Warrantee&quot;)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></TD>
<TD>- <FONT STYLE="font-family: Times New Roman, Times, Serif">Selskabet og Warrantindehaveren samlet ben&aelig;</FONT>vnt
 &quot;Parterne&quot; og separat tillige en &quot;Part&quot;</TD>
<TD>&nbsp;</TD>
<TD></TD>
<TD>- the Company and the Warrantee hereinafter collectively referred to as the &quot;Parties&quot; and separately as a
 &quot;Party&quot;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD COLSPAN="2">EFTERSOM</TD>
<TD>&nbsp;</TD>
<TD COLSPAN="2">WHEREAS</TD></TR>
<TR STYLE="vertical-align: top">
<TD COLSPAN="2">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(A)</TD>
<TD>Warrantindehaveren er ansat af Selskabet</TD>
<TD>&nbsp;</TD>
<TD>(A)</TD>
<TD>The Warrantee is employed by the Company</TD></TR>
<TR STYLE="vertical-align: top">
<TD COLSPAN="2">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(B)</TD>
<TD>Selskabet &oslash;nsker at motivere Warrantindehaveren ved at tildele et vist antal warrants til Warrantindehaveren.</TD>
<TD>&nbsp;</TD>
<TD>(B)</TD>
<TD>The Company wishes to incentivise the Warrantee by granting certain warrants to the Warrantee.</TD></TR>
<TR STYLE="vertical-align: top">
<TD COLSPAN="2">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">HAR PARTERNE VEDTAGET F&Oslash;</FONT><FONT STYLE="font-size: 10pt">LGENDE:</FONT></TD>
<TD>&nbsp;</TD>
<TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOW IT IS HEREBY AGREED AS FOLLOWS:</FONT></TD></TR>
</TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1&#9;</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Baggrund og omfang</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1&#9;</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Background and Scope</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form&aring;</FONT><FONT STYLE="font-size: 10pt">let med denne
Aftale er at tildele Warrantindehaveren warrants i Selskabet for at sikre, at Selskabet og Warrantindehaveren har f<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>lles
interesser, og at begge Parter medvirker til at skabe den bedst mulige v<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>rdiudvikling
i Selskabet.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The purpose of this Agreement&nbsp;&nbsp;is&nbsp;&nbsp;to grant the Warrantee warrants in the Company in order to ensure that the Company and the Warrantee&nbsp;&nbsp;have aligned interests and that both Parties are&nbsp;&nbsp;working&nbsp;&nbsp;to&nbsp;&nbsp;ensure that the&nbsp;&nbsp;value of the Company develops in the best possible way.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.2&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Selskabets vedt&aelig;</FONT><FONT STYLE="font-size: 10pt">gter
er vedlagt denne Aftale som <U>bilag 1.2</U>. Warrantindehaveren accepterer hermed alle fremtidige <FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ndringer
i Selskabets vedt<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>gter.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company's articles of association are attached hereto as <U>Exhibit&nbsp;</U></FONT><U><FONT STYLE="font-size: 10pt">1.2</FONT></U><FONT STYLE="font-size: 10pt">. The Warrantee hereby accepts all future changes to the Company's articles of association.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2&#9;</B></FONT></TD>
    <TD STYLE="text-align: justify; width: 44%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Tildeling af warrants</B></FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2&#9;</B></FONT></TD>
    <TD STYLE="text-align: justify; width: 44%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Grant of Warrants</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.1&#9; </FONT></TD>
    <TD STYLE="text-align: justify">I <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">henhold til
    betingelserne i denne Aftale udsteder Selskabet hermed, og Warrantindehaveren modtager [&bull;</FONT><FONT STYLE="font-size: 10pt">]
    warrants i Selskabet til Warrantindehaveren (&quot;Warrants&quot;).</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject to the terms and conditions set out in this Agreement, the Company hereby issues and the </FONT><FONT STYLE="font-size: 10pt">Warrantee receives [<FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT>] warrants in the Company&nbsp;&nbsp;to the Warrantee (the &quot;Warrants&quot;).</FONT></TD></TR>
</TABLE>

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<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.2&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hver Warrant giver&nbsp;&nbsp;Warrantindehaveren ret, men ikke
pligt, til at tegne &eacute;</FONT><FONT STYLE="font-size: 10pt">n kapitalandel <FONT STYLE="font-family: Times New Roman, Times, Serif">&agrave;
</FONT>nominelt kr. 1 i Selskabet.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.3&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrants tildeles vederlagsfrit.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The </FONT><FONT STYLE="font-size: 10pt">Warrants are granted free of charge.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.4&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrants giver ikke Warrantindehaveren kapitalejerrettigheder,
som f.eks. fondskapitalandele, eller fortegningsret i tilf&aelig;</FONT><FONT STYLE="font-size: 10pt">lde af en kapitalforh<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>jelse
i Selskabet.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Warrants shall not entitle the Warrantee to any shareholder rights such as bonus shares or pre-</FONT><FONT STYLE="font-size: 10pt">emption rights in the event of a capital increase of the Company.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.5&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Selskabet er forpligtet til at f&oslash;</FONT><FONT STYLE="font-size: 10pt">re
en fortegnelse over udstedte Warrants, som skal opbevares sammen med Selskabets ejerbog.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company undertakes to keep and maintain a </FONT><FONT STYLE="font-size: 10pt">register of issued Warrants to be kept in connection with the Company's share register.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3&#9;</B></FONT></TD>
    <TD STYLE="text-align: justify; width: 44%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Tegningspris</B></FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3&#9;</B></FONT></TD>
    <TD STYLE="text-align: justify; width: 44%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Subscription Price</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hver Warrant giver Warrantindehaveren ret til at tegne &eacute;</FONT><FONT STYLE="font-size: 10pt">n
kapitalandel <FONT STYLE="font-family: Times New Roman, Times, Serif">&agrave;</FONT> nominelt kr. 1 i Selskabet til en pris af kr. 1
(&quot;Tegningsprisen&quot;).</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 &quot;Subscription Price&quot;).</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4&#9;</B></FONT></TD>
    <TD STYLE="width: 44%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Udnyttelse af Warrants</B></FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 5%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4&#9;</B></FONT></TD>
    <TD STYLE="width: 44%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exercise of Warrants</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrantindehaveren kan udnytte alle eller en del af Warrants
(i)&nbsp;</FONT><FONT STYLE="font-size: 10pt">i forbindelse med en Exit (se punkt&nbsp;&nbsp;4.2) eller (ii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;
</FONT>et tidspunkt, der fasts<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ttes af Bestyrelsen (et &quot;Vindue&quot;)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Warrantee may exercise all or part of the Warrants (i)&nbsp;</FONT><FONT STYLE="font-size: 10pt">in connection with an Exit (see Clause 4.2) or (ii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>at any time determined by the Board (a &quot;Window&quot;).</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9;&quot;Exit&quot; betyder (a)&nbsp;</FONT><FONT STYLE="font-size: 10pt">en
<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ndring i ejerforholdene i Selskabet, hvorved en uafh<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ngig
tredjemand erhverver 50 % eller mere af selskabskapitalen i Selskabet eller&nbsp;&nbsp;kommer&nbsp;&nbsp;til&nbsp;&nbsp;at&nbsp;&nbsp;kontrollere&nbsp;&nbsp;mere
end 50 % af stemmerne i Selskabet; (b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>en b<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>rsnotering
af Selskabets aktier; (c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> salg eller overdragelse af samtlige eller
en&nbsp;&nbsp;v<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>sentlig&nbsp;&nbsp;del&nbsp;&nbsp;af&nbsp;&nbsp;Selskabet
aktiver; (d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>en fusion med Selskabet som det oph<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>rende
selskab; eller (e)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>en kombination af (a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>-
(d).</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">An &quot;Exit&quot; shall mean (a)&nbsp;</FONT><FONT STYLE="font-size: 10pt">a change of control in the Company whereby any independent third party acquires 50% or&nbsp;&nbsp;more of the share capital in the Company or comes to&nbsp;&nbsp;control more than 50% of the votes in the Company; (b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>an initial public offering of the Company's shares (&quot;IPO&quot;); (c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>the sale or disposition of all&nbsp;&nbsp;or a material part of the Company's assets; (d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>a merger whereby the Company is the discontinuing entity; or (e)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>a combination of (a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>- (d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>above.</FONT></TD></TR>
</TABLE>

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<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.3&#9;</FONT></TD>
    <TD STYLE="text-align: justify; width: 44%"> I <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">tilf&aelig;</FONT><FONT STYLE="font-size: 10pt">lde
    af en Exit skal Selskabet udstede en skriftlig meddelelse herom (&quot;Meddelelse om Exit&quot;) til Warrantindehaveren. Meddelelsen
    om Exit skal indeholde relevante oplysninger om fremgangsm<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>den,
    bilagt en formular til meddelelse om udnyttelse (&quot;Udnyttelsesmeddelelsen&quot;) samt eventuelt en yderligere
    forpligtelseserkl<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ring, som Selskabet efter eget sk<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>n
    m<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>tteforlange (f.eks. tiltr<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>delsesdokument
    til en aftale om k<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>b og salg af anparter eller lignende
    forpligtelser til overdragelse af anparter, der er tegnet ved udnyttelse af Warrants), og som skal underskrives af
    Warrantindehaveren (&quot;Yderligere Forpligtelseserkl<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ring&quot;).</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 49%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event of an Exit, the Company shall issue a written notice of Exit (&quot;Exit Notice&quot;) to the Warrantee. The Exit Notice shall include relevant information on the process and be accompanied by a&nbsp;&nbsp;form of </FONT><FONT STYLE="font-size: 10pt">exercise notice (the &quot;Exercise Notice&quot;) 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&nbsp;&nbsp;subscribed&nbsp;&nbsp;for&nbsp;&nbsp;by exercise of the Warrants) to be signed by the Warrantee (the &quot;Supplementary Undertakings&quot;).</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.4</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Meddelelse om udnyttelse af Warrants finder sted, ved at
Warrantindehaveren fremsender &quot;Udnyttelsesmeddelelsen&quot; til Selskabet med oplysning om det &oslash;</FONT><FONT STYLE="font-size: 10pt">nskede
antal kapitalandele samt en eventuel Yderligere Forpligtelseserkl<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ring.
Samtidig med fremsendelsen af Udnyttelsesmeddelelsen og eventuelt Yderligere Forpligtelseserkl<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ring
skal Warrantindehaveren betale et kontant bel<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>b til Selskabet
svarende til det relevante tegningsbel<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>b.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 </FONT><FONT STYLE="font-size: 10pt">cash to the Company an amount equal to the relevant subscription amount.</FONT></TD></TR>
  </TABLE>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.5&#9;</FONT></TD>
    <TD STYLE="width: 44%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Medmindre Selskabet bestemmer andet, vil samtlige Warrants
automatisk bortfalde uden yderligere varsel og uden kompensation, hvis en Udnyttelsesmeddelelse og en eventuel Yderligere Forpligtelseserkl&aelig;</FONT><FONT STYLE="font-size: 10pt">ring
samt betaling af det relevante tegningsbel<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>b ikke er fremsendt
senest to uger efter datoen for Meddelelsen om Exit.</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 49%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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)&nbsp;</FONT><FONT STYLE="font-size: 10pt">weeks from the date of the Exit Notice, all Warrants shall automatically and without further notice or compensation lapse and become null and void.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.6&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrants, der ikke udnyttes i forbindelse med en Exit, vil
automatisk bortfalde uden kompensation efter gennemf&oslash;</FONT><FONT STYLE="font-size: 10pt">relsen af den relevante begivenhed.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any Warrants that are not exercised in connection with an </FONT>Exit <FONT STYLE="font-size: 10pt">shall automatically become void without compensation, following the completion of the relevant event.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.7&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S&aring;</FONT><FONT STYLE="font-size: 10pt">fremt der efter
Meddelelsen om&nbsp;&nbsp;Exit ikke sker en endelig gennemf<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>relse
af Exit, beholder Warrantindehaveren sine Warrants i&nbsp;&nbsp;henhold til&nbsp;&nbsp;vilk<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>rene
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 gennemf<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>rt, og de udnyttede Warrants skal ikke tilbagef<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>res. B<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>de Selskabet og Warrantindehaveren har dog ret til efter eget sk<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>n at forlange, at Selskabet tilbagek<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>ber de erhvervede kapitalandele til Tegningsprisen.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the event that an Exit is not finally completed following an Exit Notice, the Warrantee's right to the Warrants as set out&nbsp;&nbsp;in&nbsp;&nbsp;the&nbsp;&nbsp;Agreement&nbsp;&nbsp;shall&nbsp;&nbsp;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&nbsp;&nbsp;notified&nbsp;&nbsp;Exit is not finally completed and the exercised Warrants shall not be reversed; however, both the Company and the Warrantee&nbsp;&nbsp;may on a discretionary basis request that the Company shall repurchase the shares acquired </FONT><FONT STYLE="font-size: 10pt">at the Subscription Price.</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0"></P>



<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.8</FONT></TD>
    <TD STYLE="text-align: justify; width: 44%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S&aring;</FONT><FONT STYLE="font-size: 10pt">fremt der
oprettes et Vindue, skal punkt 4.3 - 4.5 samtidig v<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>re g<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ldende.</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 49%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In case a Window is established, Clauses 4.3 - 4.5 shall apply simultaneously.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.9&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrants, der ikke udnyttes i forbindelse med et Vindue, bortfalder
automatisk uden kompensation.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any Warrants that are not exercised in connection with a Window shall automatically become void without compensation.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.9.1&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S&aring;</FONT><FONT STYLE="font-size: 10pt">fremt et Vindue
ikke er blevet oprettet senest den 31. december 2036, bortfalder Warrants automatisk uden yderligere varsel og uden kompensation.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event an Exit or a Window has not occurred on or before December&nbsp;</FONT><FONT STYLE="font-size: 10pt">31, 2036, the Warrants shall automatically and without further notice or compensation lapse and become null and void.</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>



<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.10&#9; </FONT></TD>
    <TD STYLE="text-align: justify; width: 44%">I <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">forbindelse med en
    notering af ADS&rsquo;</FONT><FONT STYLE="font-size: 10pt">er p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>
    Nasdaq, USA, har Selskabets bestyrelse i henhold til pkt. 4.1 truffet beslutning om at fasts<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>tte
    udnyttelsesvinduerne for udstedte warrants s<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>ledes:</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 49%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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:&nbsp;&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 44%; text-align: justify"><FONT STYLE="font-size: 10pt">Optjente warrants kan udnyttes i fire <FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>rlige
udnyttelsesvinduer p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT> 2 uger, som hver ligger to handelsdage efter
offentligg<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>relsen af henholdsvis Selskabets <FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>rsrapport,
halv<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>rsregnskabet samt kvartalsmeddelelserne. F<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>rste
udnyttelsesperiode indtr<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>der dog tidligst 180 dage efter Selskabets
notering af ADS<FONT STYLE="font-family: Times New Roman, Times, Serif">&rsquo;</FONT>er p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;
</FONT>Nasdaq, USA, og i de f<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>rste fire udnyttelsesperioder kan
warrantindehaveren maksimalt udnytte 25% af de til warrantindehaveren tildelte warrants, forudsat altid at warrants er optjent. </FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 49%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vested warrants may be exercise in four annual exercise windows of two weeks each that each commence two trading days following publication of the </FONT><FONT STYLE="font-size: 10pt">Company<FONT STYLE="font-family: Times New Roman, Times, Serif">&rsquo;</FONT>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.</FONT></TD></TR>
</TABLE>

<P STYLE="font-size: 10pt; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5&#9;</B></FONT></TD>
    <TD STYLE="text-align: justify; width: 44%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Visse betingelser i relation til Exit</B></FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5&#9;</B></FONT></TD>
    <TD STYLE="text-align: justify; width: 44%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Certain Conditions relating to an Exit</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Efter udnyttelse af Warrants i forbindelse med en b&oslash;</FONT><FONT STYLE="font-size: 10pt">rsnotering
skal Warrantindehaveren underskrive og tiltr<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>de de aftaler eller
forpligtelser, herunder i relation til en lock-up periode eller andre lock-up forpligtelser, som den udstedende bank m<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>tte
anmode om i forbindelse med en b<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>rsnotering.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.2&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Selskabet kan kr&aelig;</FONT><FONT STYLE="font-size: 10pt">ve,
og Warrantindehaveren skal i s<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT> fald acceptere, at samtlige eller
en del af Warrants ombyttes ligeligt til kapitalandele, warrants, konvertible v<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>rdipapirer
eller et andet kapitalandelsbaseret instrument udstedt af&nbsp;&nbsp;en k<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>ber
eller af en efterf<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>lger af Selskabet eller af et af disses moderselskab
eller datterselskab, eller til kapitalandele, warrants, konvertible v<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>rdipapirer
eller andet kapitalandelsbaseret instrument udstedt af Selskabet efter omstrukturering, s<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>ledes
at den p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>g<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ldende
Warrantindehavers Warrants umiddelbart efter en s<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>dan ombytning
sammen med betaling af en eventuel kontant godtg<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>relse til Warrantindehaveren
i alt v<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>sentlig har samme&nbsp;&nbsp;v<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>rdi
som Warrants, herunder de&nbsp;&nbsp;Warrants&nbsp;&nbsp;ejet af Warrantindehaveren umiddelbart f<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>r
en s<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>dan ombytning. Uanset ovenst<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>ende
er Warrantindehaveren berettiget til en delvis kontant udbetaling i det omfang, dette er n<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>dvendigt,
for at Warrantindehaveren&nbsp;&nbsp;er&nbsp;&nbsp;i&nbsp;&nbsp;stand&nbsp;&nbsp;til&nbsp;&nbsp;at betale eventuel&nbsp;&nbsp;indkomst-&nbsp;&nbsp;eller&nbsp;&nbsp;kapitalgevinst
skat, der umiddelbart forfalder som f<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>lge af en s<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>dan
ombytning af v<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>rdipapirer.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 </FONT><FONT STYLE="font-size: 10pt">substantially the same value as the Warrants,&nbsp;&nbsp;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.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.3&#9;</FONT></TD>
    <TD STYLE="width: 44%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Forud for en Exit er Selskabet (eller en tredjemand, der er
udpeget af Selskabet) berettiget til at k&oslash;</FONT><FONT STYLE="font-size: 10pt">be Warrants fra Warrantindehaveren til en pris,
der fasts<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ttes i overensstemmelse med punkt 5.5 nedenfor.</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 49%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prior to an Exit, the Company (or a third party appointed by </FONT><FONT STYLE="font-size: 10pt">the Company) shall have a right to purchase the Warrants from the Warrantee for a price determined in accordance with Clause 5.5 below.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.4&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hvis Selskabet &oslash;</FONT><FONT STYLE="font-size: 10pt">nsker
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 v<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>rende kommet Warrantindehaveren i h<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>nde, og Selskabets rettighed derved ud<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>vet, p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT> 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 gennemf<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>rt.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 </FONT> 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.</TD></TR>
</TABLE>

<P STYLE="font-size: 10pt; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.5&#9;</FONT></TD>
    <TD STYLE="text-align: justify; width: 44%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>K&oslash;</I></FONT><I><FONT STYLE="font-size: 10pt">bspris
    i forbindelse med Exit</FONT></I></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 49%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Purchase
    Price in connection with an Exit</I></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.5.1&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ved k&oslash;</FONT><FONT STYLE="font-size: 10pt">b af Warrantindehaverens
Warrants i henhold til punkt 5.3 skal v<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>rdien af Warrants v<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>re
baseret p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT> den rimelige markedsv<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>rdi
som anf<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>rt nedenfor. </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">When the Warrantee's Warrants are purchased in accordance with Clause 5.3, the Warrants shall be based on </FONT><FONT STYLE="font-size: 10pt">the fair market value as set out below.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.5.2&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Den rimelige markedsv&aelig;</FONT><FONT STYLE="font-size: 10pt">rdi
af Warrants beregnes af Selskabet p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT> grundlag af den nettopris
per kapitalandel i Selskabet, som s<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>lgende kapitalejere vil modtage
ved en Exit med fradrag af et forholdsm<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ssigt bel<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>b
for vederlag til r<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>dgivere m.v. Ved beregningen af den rimelige
markedsv<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>rdi af Warrants skal Selskabet fratr<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>kke
et bel<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>b, som Selskabet anser som passende i betragtning af de
s<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>lgende kapitalejeres eventuelle forpligtelser i henhold til Exit.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">value&nbsp;&nbsp;an amount which the Company deems appropriate when considering the selling shareholders' potential liabilities pursuant to the Exit.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.5.3&#9;</FONT></TD>
    <TD STYLE="text-align: justify; width: 44%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">N&aring;</FONT><FONT STYLE="font-size: 10pt">r Warrants k<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>bes
i forbindelse med en Exit som f<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>lge af salg eller overdragelse
af samtlige eller en v<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>sentlig del af Selskabets aktiver, er v<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>rdien
af Warrants den rimelige markedsv<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>rdi p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;
</FONT>tidspunktet efter salget. I tilf<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>lde af en s<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>dan
Exit skal der ved beregningen af den rimelige markedsv<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>rdi for
Warrants tages h<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>jde for den k<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>bspris,
Selskabet har modtaget for de solgte aktiver, med fradrag af g<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ld,
der ikke er overdraget sammen med aktiverne, samt en forholdsm<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ssig
andel af omkostninger, honorarer m.v. i forbindelse med transaktionen.</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 49%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">When the Warrants are purchased in connection with an </FONT><FONT STYLE="font-size: 10pt">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&nbsp;&nbsp;market&nbsp;&nbsp;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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.5.4&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">K&oslash;</FONT><FONT STYLE="font-size: 10pt">bsprisen
for Warrants fastlagt i henhold til punkt 5.5.2 - 5.5.3 ovenfor skal betales 15 dage efter, at de s<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>lgende kapitalejere i Selskabet har modtaget betaling for deres kapitalandele, og i tilf<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>lde af k<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>b i forbindelse med et salg af aktiver, n<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>r Selskabet har modtaget betaling for de solgte aktiver.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The purchase price for
the Warrants determined&nbsp;in&nbsp;accordance&nbsp;with&nbsp;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&nbsp;a purchase in connection with an asset sale, when the Company has received payment for the </FONT><FONT STYLE="font-size: 10pt">assets sold.</FONT></TD></TR>
</TABLE>

<P STYLE="font-size: 10pt; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 5%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 44%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Opsigelse af ans&aelig;</B></FONT><B><FONT STYLE="font-size: 10pt">ttelsesforholdet</FONT></B></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 5%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 44%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: capitalize"><B>Termination
    of Employment</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.1&#9;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Punkterne 6.2 - 6.7&nbsp;&nbsp;finder&nbsp;&nbsp;anvendelse,
hvis Warrantindehaveren er ansat i Selskabet:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Clauses 6.2 - 6.7 shall&nbsp;&nbsp;apply&nbsp;&nbsp;provided the Warrantee is an employee of the Company:</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.2&#9;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hvis Selskabet opsiger Warrantindehaverens ans&aelig;</FONT><FONT STYLE="font-size: 10pt">ttelse
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 vilk<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>rene
i Aftalen, som om Warrantindehaveren stadig var ansat i Selskabet. Dette g<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>lder
ligeledes, hvis ans<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ttelsesforholdet bringes til oph<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>r,
fordi Warrantindehaveren har n<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>et den alder, der g<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>lder
for pensionering fra Selskabet, eller fordi Warrantindehaveren kan oppeb<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>re
folkepension eller alderspension fra Selskabet.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: justify">In
the event the Company terminates the Warrantee's employment with the Company for any reason other than due&nbsp;&nbsp;to&nbsp;&nbsp;the
Warrantee's breach (in Danish &quot;misligholdelse&quot;), the Warrantee shall have&nbsp;&nbsp;the right to exercise any Warrants granted
pursuant to this Agreement in accordance with the terms and conditions&nbsp;of&nbsp;this Agreement as if the Warrantee continued to be <FONT STYLE="font-size: 10pt">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: &quot;folkepension&quot;) or retirement pension (in Danish: &quot;alderspension&quot;)
from the Company.</FONT></TD>
    </TR>
</TABLE>

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<P STYLE="margin: 0"></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.3</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9;Hvis Selskabet opsiger Warrantindehaverens ans&aelig;</FONT><FONT STYLE="font-size: 10pt">ttelse
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 p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;
</FONT>tidspunktet for udl<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>bet af opsigelsesperioden.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event that the Company terminates the Warrantee's employment with the Company due to the Warrantee's breach (in Danish &quot;misligholdelse&quot;) or summarily dismisses the Warrantee for cause (in Danish &quot;bortvisning&quot;), all Warrants granted pursuant to this Agreement, but not exercised at the time&nbsp;&nbsp;of&nbsp;&nbsp;the expiration of the notice period, becomes null and void.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.4&#9;</FONT></TD>
    <TD STYLE="text-align: justify; width: 44%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hvis Warrantindehaveren opsiger sin ans&aelig;</FONT><FONT STYLE="font-size: 10pt">ttelse
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 p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;
</FONT>tidspunktet for udl<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>bet af opsigelsesperioden.</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 0%"></TD>
    <TD STYLE="text-align: justify; width: 49%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event that the Warrantee terminates the employment with
the Company before December&nbsp;</FONT><FONT STYLE="font-size: 10pt">31&nbsp;&nbsp;2019&nbsp;&nbsp;for any reason other than due the
Company's material breach (in Danish: &quot;grov misligholdelse&quot;), all Warrants granted pursuant to this Agreement, but not exercised
at the time of the expiration of the notice period, become null and void.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.5&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hvis Warrantindehaveren opsiger sin ans&aelig;</FONT><FONT STYLE="font-size: 10pt">ttelse
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 anf<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>rt
nedenfor, i overensstemmelse med vilk<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>rene i Aftalen, som om Warrantindehaveren
stadig var ansat i Selskabet:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the Warrantee terminates the employment with the Company on or after December&nbsp;</FONT><FONT STYLE="font-size: 10pt">2019 for any reason other than due the Company's material breach (in Danish: &quot;grov misligholdelse&quot;) 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:</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>Dato for Warrantindehaverens opsigelse/</I></B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Date of termination notice being</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>served by the Warrantee</B></P></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>%
af Warrants<BR>
</I>% of Warrants</B></P></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>Antal
Warrants<BR>
</I><FONT STYLE="font-family: Times New Roman, Times, Serif">No.&nbsp;</FONT>of Warrants</B></P></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 62%; font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">December&nbsp;31 2019</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: right">33,333</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 15%; font-size: 10pt; text-align: right"></TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">April&nbsp;1 2020</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">41,666</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">July&nbsp;1 2020</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">49,999</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">October&nbsp;1 2020</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">58,332</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">January&nbsp;1 2021</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">66,665</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">April&nbsp;1 2021</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">74,998</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">July&nbsp;1 2021</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">83,331</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">October&nbsp;31 2021</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">91,664</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">December&nbsp;1 2021</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">100</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Resterende Warrants, som ikke er udnyttet p&aring;</FONT> <FONT STYLE="font-size: 10pt">tidspunktet
for udl<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>bet af opsigelesperioden, bortfalder.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Remaining Warrants not exercised at the time of the expiration of the notice period, become null and void.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.6&#9;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>[For nogle Warrantindehavere i henhold til individuel aftale:
Uanset ovenst&aring;</B></FONT><B><FONT STYLE="font-size: 10pt">ende, kan [antal] Warrants udnyttes i henhold til punkt 6.5 uagtet datoen
for opsigelsen fra Warrantindehaverens side.]</FONT></B></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>[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 </B></FONT><B><FONT STYLE="font-size: 10pt">termination notice being served by the Warrantee.]</FONT></B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.7&#9;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hvis Warrantindehaveren opsiger sin ans&aelig;</FONT><FONT STYLE="font-size: 10pt">ttelse
i Selskabet begrundet i Selskabets grove misligholdelse, er Warrantindehaveren berettiget til at udnytte Warrants tildelt i henhold til
denne Aftale i overensstemmelse med vilk<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>rene i Aftalen, som om
Warrantindehaveren stadig var ansat i Selskabet.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event that the Warrantee terminates the employment with the Company due to the Company's </FONT><FONT STYLE="font-size: 10pt">material breach (in Danish: &quot;grov misligholdelse&quot;), the Warrantee shall have the right to&nbsp;&nbsp;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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: justify"></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.8&#9;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">I&nbsp;&nbsp;tilf&aelig;</FONT><FONT STYLE="font-size: 10pt">lde&nbsp;&nbsp;af&nbsp;&nbsp;Warrantindehaverens&nbsp;&nbsp;d<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>d,
vil Warrantindehaverens bo eller Warrantindehaverens overlevende <FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>gtef<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>lle
(hvis denne sidder i uskiftet bo) v<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>re berettiget til at udnytte
Warrants i overensstemmelse med vilk<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>rene i denne Af- tale.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>7&#9;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&AElig;</B></FONT><B><FONT STYLE="font-size: 10pt">ndring
i retsstilling eller selskabskapital</FONT></B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>7&#9;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Change of legal status or share capital</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.1&#9;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&AElig;</I></FONT><I><FONT STYLE="font-size: 10pt">ndring
i selskabskapital</FONT></I></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Change of Share Capital</I></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.1.1</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9;I tilf&aelig;</FONT><FONT STYLE="font-size: 10pt">lde af
<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ndringer i Selskabets selskabskapital, herunder men ikke begr<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>nset
til:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In case of changes in the Company&rsquo;</FONT><FONT STYLE="font-size: 10pt">s share capital including but not limited to:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 5%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD>
    <TD STYLE="text-align: justify; width: 39%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9;</FONT><FONT STYLE="font-size: 10pt">for<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>gelse
af selskabskapitalen,</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&#9;</FONT></TD>
    <TD STYLE="width: 39%"><FONT STYLE="font-size: 10pt">increase of the share capital,</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">udstedelse af konvertible obligationer,</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&#9;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">issuance of convertible bonds,</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">udstedelse af nye tegningsretter, eller</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT><FONT STYLE="font-size: 10pt">issuance of new subscription
rights, or</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">neds<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ttelse af selskabskapitalen,</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></TD>
    <TD>(iv)</TD>
    <TD><FONT STYLE="font-size: 10pt">decrease of the share capital,</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">uanset om dette sker til en kurs, der&nbsp;&nbsp;er lig med markedskursen for Selskabets kapitalandele, eller til en overkurs, eller hvis &aelig;</FONT><FONT STYLE="font-size: 10pt">ndringerne n<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>vnt i 7.1.1 (i)-(iv)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>sker til fav<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>rkurs, sker der ingen regulering i Warrants.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">whether at a rate that is equal to the market price of the shares of the Company or at premium rate (&quot;overkurs&quot;), or if the changes mentioned in Clause 7.1.1 (i)-(iv)&nbsp;</FONT><FONT STYLE="font-size: 10pt">are made at a special price (<FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;</FONT>fav<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>rkurs<FONT STYLE="font-family: Times New Roman, Times, Serif">&rdquo;</FONT>), no regulation of Warrants shall occur.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.1.2&#9;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hvis den nominelle v&aelig;</FONT><FONT STYLE="font-size: 10pt">rdi
af Selskabets kapitalandele <FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ndres, skal antallet af Warrants (antal
af kapitalandele)&nbsp;&nbsp;og/eller Udnyttelsesprisen tilpasses, s<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>ledes
at v<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>rdien af Warrants ikke bliver p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>virket
af s<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>danne <FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ndringer.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 </FONT><FONT STYLE="font-size: 10pt">said amendments.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.1.3</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9;Hvis selskabskapitalen neds&aelig;</FONT><FONT STYLE="font-size: 10pt">ttes
til d<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>kning af tab, skal antallet af kapitalandele, som Warrantindehaveren
kan tegne gennem udnyttelse af Warrants, reduceres (nedrundet) forholdsm<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ssigt&nbsp;&nbsp;til
den nominelle reduktion af kapitalen sammenholdt med Selskabets totale nominelle selskabskapital f<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>r
reduktionen</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 </FONT><FONT STYLE="font-size: 10pt">reduced (rounded down) proportionately to the nominal reduction of the capital compared to the total nominal share capital of the Company before the reduction.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>7.2&#9;</I></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Andre &aelig;</I></FONT><I><FONT STYLE="font-size: 10pt">ndringer</FONT></I></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Other Changes</I></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.2.1&#9;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hvis der tr&aelig;</FONT><FONT STYLE="font-size: 10pt">ffes
beslutning om</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If a resolution is made to</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 5%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&#9;</FONT></TD>
    <TD STYLE="text-align: justify; width: 39%"><FONT STYLE="font-size: 10pt">at likvidere eller afvikle Selskabet,</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 5%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD>
    <TD STYLE="text-align: justify; width: 39%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9;</FONT><FONT STYLE="font-size: 10pt">liquidate or wind
up the Company,</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">at spalte Selskabet eller</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">demerge the Company, or</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">at gennemf<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>re en kapitalandelsombytning,
der omfatter samtlige kapitalandele i Selskabet (oprettelse af et holdingselskab/apportindskud),</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">effect an exchange of shares which includes all shares in the Company (establishment of a holding company/non-cash
contribution),</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">er Warrantindehaveren berettiget til at udnytte Warrants p&aring;
</FONT><FONT STYLE="font-size: 10pt">ikrafttr<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>delsesdatoen for
den relevante <FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ndring, jf. dog punkt 7.2.2. Selskabets Bestyrelse
skal skriftligt meddele Warrantindehaveren, hvis der tr<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ffes en
af de ovenn<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>vnte 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.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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&rsquo;</FONT><FONT STYLE="font-size: 10pt">s Board shall give written notice to the Warrantee if one of the above resolutions is made and the Warrantee may exercise all such Warrants within 30 days from the date of such notice. If the Board has not received an Exercise Notice prior to the expiry of the 30 days' notice, the Warrants will automatically and without further no- tice be cancelled and become void without notice or compensation unless replaced in accordance with Clause 7.2.2.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.2.2&#9;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hvis Selskabet indg&aring;</FONT><FONT STYLE="font-size: 10pt">r
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)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>modtagende
selskab(er), forudsat at de(t)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>forts<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ttende
selskab(er) er enig heri.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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).</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>8&#9;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Tegning af kapitalandele</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>8</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Subscription of Shares</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.1&#9;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Ved udnyttelse af et hvilket som helst antal Warrants g<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>lder
f<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>lgende for tegning af nye kapitalandele:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon exercise of any part of the Warrants, the following will apply for the subscription of new shares:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">De andre kapitalejere i Selskabet har ikke fortegningsret med hensyn til Warrants eller kapitalandele udstedt
gennem udnyttelse af Warrants</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The other shareholders of the Company have no preemption rights with respect to the Warrants or shares
issued by exercise of the Warrants.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 5%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&#9;</FONT></TD>
    <TD STYLE="text-align: justify; width: 39%"><FONT STYLE="font-size: 10pt">Betaling af tegningsbel<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>bet og tegning
af kapitalandele skal finde sted samtidigt. Warrantindehaverens rettigheder som kapitalejer efter udnyttelse af samtlige Warrants eller
en del heraf tr<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>der i kraft, n<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>r
uigenkaldelig kontant betaling til Selskabet har fundet sted. Selskabet skal registrere Warrantindehaveren som kapitalejer i Selskabets
ejerbog.</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 5%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&#9;</FONT></TD>
    <TD STYLE="text-align: justify; width: 39%"><FONT STYLE="font-size: 10pt">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.</FONT></TD></TR>
  </TABLE>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 5%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</FONT></TD>
    <TD STYLE="text-align: justify; width: 39%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9;</FONT><FONT STYLE="font-size: 10pt">De nye kapitalandele
udstedes i kapitalandele <FONT STYLE="font-family: Times New Roman, Times, Serif">&agrave;</FONT> nominelt kr. 1 eller multipla heraf.</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 5%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</FONT></TD>
    <TD STYLE="text-align: justify; width: 39%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9;</FONT><FONT STYLE="font-size: 10pt">The new shares are
issued in shares of nominally DKK 1 or multiples hereof.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9;</FONT><FONT STYLE="font-size: 10pt">De nye kapitalandele
skal udstedes p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT> navn, indf<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>res
i Selskabets ejerbog og er ikke-oms<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ttelige.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The new shares are issued on name, shall be registered in the Company's share register and are non-negotiable
shares.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Restriktionerne p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT> eksisterende kapitalandele
vedr<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>rende oms<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ttelighed
g<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>lder ogs<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;
</FONT>for de nye kapitalandele.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The restrictions on the current shares as to negotiability shall also apply for the new shares.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vi)&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Fortegningsret for nye kapitalandele i forbindelse med fremtidige kapitalforh<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>jelser
er begr<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>nsede for s<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;
</FONT>vidt ang<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>r udstedelse af warrants eller tegning af kapitalandele
gennem udnyttelse af s<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>danne warrants eller ved andre begivenheder
i henhold til generalforsamlingens beslutning.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vi)&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vii)&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">De nye kapitalandele giver ret til dividende og andre rettigheder i Selskabet til enhver tid, n<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>r
den relevante kapitalforh<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>jelse er registreret i Erhvervsstyrelsen.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vii)&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(viii)&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Selskabet betaler omkostningerne i forbindelse med udstedelse og udnyttelse af Warrants.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(viii)&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The Company shall pay the costs in connection with the issuance and exercise of Warrants</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>9</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Skat</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>9&#9;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Tax</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.1&#9;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Punkterne 9.2 - 9.4&nbsp;&nbsp;finder&nbsp;&nbsp;anvendelse,
hvis Warrantindehaveren er ansat i Selskabet:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Clauses 9.2 - 9.4 shall&nbsp;&nbsp;apply&nbsp;&nbsp;provided the Warrantee is an employee of the Company:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.2&#9;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrants er underlagt ligningslovens &sect;</FONT> <FONT STYLE="font-size: 10pt">7
P.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Warrants shall be subject to Section&nbsp;</FONT> <FONT STYLE="font-size: 10pt">7 P of the Danish Tax Assessment Act.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.3&#9;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Selskabet har vurderet v&aelig;</FONT><FONT STYLE="font-size: 10pt">rdien
af de tildelte warrants til DKK 1074,72 pr. styk (f<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>r udstedelse
af fondsaktier og aktiesplit den 4. januar 2021).</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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&nbsp;</FONT><FONT STYLE="font-size: 10pt">2021).</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.4&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Selskabet giver ikke Warrantindehaveren nogen garanti for,
at Warrants beskattes efter ligningslovens &sect;</FONT> <FONT STYLE="font-size: 10pt">7 P med eventuelle senere <FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ndringer,
herunder om kravene til anvendelse af bestemmelsen ikke er opfyldt, eller om bestemmelsen fremover er <FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ndret
eller oph<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>vet.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company does not make any guarantees to the Warrantee that the Warrantee will be subject to the tax treatment under Section&nbsp;</FONT><FONT STYLE="font-size: 10pt">7 P of the Danish Tax Assessment Act, as amended from time&nbsp;&nbsp;&nbsp;to time, including whether the requirements for the application of the provision are not met or if the provision is altered&nbsp;&nbsp;or repealed in the future.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.5</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">De skattem&aelig;</FONT><FONT STYLE="font-size: 10pt">ssige
konsekvenser for Warrantindehaveren i forbindelse med denne Aftale, herunder men ikke begr<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>nset
til erhvervelse og/eller tildeling af Warrants, og/eller skattem<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ssige
konsekvenser i forbindelse med udnyttelse af Warrants, er Selskabet uvedkommende. Warrantindehaveren opfordres til at s<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>ge
skattem<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ssig r<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>dgivning
i forbindelse med indg<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>elsen af denne Aftale.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>10</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Ejeraftale</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>10</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Shareholders' Agreement</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.1&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrantindehaveren skal p&aring;</FONT> <FONT STYLE="font-size: 10pt">tidspunktet
for udnyttelse af Warrants tildelt i henhold til denne Aftale tiltr<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>de
og acceptere at v<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>re bundet af enhver ejeraftale, der g<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>lder
for kapitalejere i Selskabet til enhver tid ved at underskrive en tiltr<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>delseserkl<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ring
til en s<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>dan ejeraftale. Warrantindehaveren tiltr<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>der
og accepterer, at en s<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>dan ejeraftale kan indeholde betingelser,
der alene g<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>lder for Warrantindehaveren og ikke for de andre kapitalejere
i&nbsp;&nbsp;Selskabet. S<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>ledes har ikke alle&nbsp;&nbsp;kapitalejere&nbsp;&nbsp;i&nbsp;&nbsp;Selskabet&nbsp;&nbsp;de&nbsp;&nbsp;samme
rettigheder i henhold til ejeraftalen. En s<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>dan tiltr<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>delseserkl<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ring
skal underskrives senest p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT> tidspunktet for udnyttelse af Warrants,
og udnyttelsen af Warrants skal v<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>re betinget heraf.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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&nbsp;&nbsp;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&nbsp;&nbsp;Company may&nbsp;&nbsp;have&nbsp;&nbsp;the&nbsp;&nbsp;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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>11</B></FONT></TD>
    <TD STYLE="text-align: justify; width: 44%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Overdragelse af Warrants</B></FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>11</B></FONT></TD>
    <TD STYLE="text-align: justify; width: 44%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Assignment </B></FONT><B><FONT STYLE="font-size: 10pt">of
Warrants</FONT></B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.1&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrants og andre rettigheder og/eller forpligtelser af Warrantindehaveren
i henhold til denne Aftale m&aring;</FONT> <FONT STYLE="font-size: 10pt">ikke v<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>re
genstand for udl<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>g (pant, sikkerhed eller lignende), erhverves
eller p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT> anden m<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>de
overdrages af Warrantindehaveren.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Warrants and any other rights&nbsp;&nbsp;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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.2&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Uanset det anf&oslash;</FONT><FONT STYLE="font-size: 10pt">rte
under punkt 11.1 kan overdragelse i tilf<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>lde af Warrantindehaverens
d<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>d finde sted til Warrantindehaverens bo og/eller </FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding Clause 11.1, assignment to the estate left by the Warrantee&nbsp;&nbsp;and/or to his/her heir/heiress in the event of death shall be allowed.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">hans/hendes arvinger.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.3&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Uanset det anf&oslash;</FONT><FONT STYLE="font-size: 10pt">rte
under punkt 11.1 m<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT> Warrantindehaverens kapitalandele henholdsvis
Warrants, herunder kapitalandele erhvervet gennem udnyttelse af Warrants, ikke v<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>re
genstand for inkasso- procedurer, fogedforretninger eller anden form for fuldbyrdelse og m<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;
</FONT>heller ikke bruges som pant over for tredjepart. Warrantindehaveren har dog ved forudg<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>ende
skriftlig tilladelse fra Selskabets Bestyrelse ret til at bruge kapitalandele og warrants som pant i forbindelse med finansiering af
k<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>b af s<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>danne
kapitalandele&nbsp;&nbsp;og&nbsp;&nbsp;warrants,&nbsp;&nbsp;hvis panthaver&nbsp;&nbsp;&nbsp;forud&nbsp;&nbsp;&nbsp;for&nbsp;&nbsp;&nbsp;pants<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>tningen&nbsp;&nbsp;skriftligt
bekr<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>fter at ville respektere denne Aftale.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>12&#9;</B></FONT></TD>
    <TD STYLE="text-align: justify; width: 44%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Afkald&#9;</B></FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>12&#9;</B></FONT></TD>
    <TD STYLE="text-align: justify; width: 44%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Waiver</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.1&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrantindehaveren garanterer ikke at ville p&aring;</FONT><FONT STYLE="font-size: 10pt">ber<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>be
sig eller p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT> anden m<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>de
benytte sig af minoritetsbeskyttelsesreglen i henhold Selskabsloven, herunder <FONT STYLE="font-family: Times New Roman, Times, Serif">&sect;
</FONT>73, if<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>lge hvilken en minoritetskapital- ejer kan fordre
sine kapitalandele indl<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>st af en kapitalejer, der ejer mere end
ni tiendedele af kapitalandelene (indl<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>sningsret).</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Warrantee undertakes not to invoke or otherwise rely upon the minority protection rule&nbsp;</FONT><FONT STYLE="font-size: 10pt">available under the Danish Companies Act, including Clause 73, stipulating the right to require a share- holder holding more than nineteenths of the shares to acquire the shares of any minority shareholder (in Danish: &quot;indl<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>sningsret&quot;)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>13&#9;</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Pants&aelig;</B></FONT><B><FONT STYLE="font-size: 10pt">tning
af kapitalandele</FONT></B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>13&#9;</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Pledge of Shares</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.1&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrantindehaveren forpligter sig herved </FONT><FONT STYLE="font-size: 10pt">at
pants<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>tte kapitalandele i Selskabet tegnet gennem udnyttelse af
Warrants (herunder eventuelle stemmerettigheder) til de andre kapitalejere i Selskabet som sikkerhed for (i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>opfyldelse
af Warrantindehaverens forpligtelser i henhold til Aftalen og (ii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>opfyldelse
af Warrantindehaverens forpligtelser i henhold til ejeraftale, der er g<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ldende
for Warrantindehaverens kapitalandele i Selskabet. </FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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)&nbsp;</FONT><FONT STYLE="font-size: 10pt">the fulfilment of the Warrantee's obligations under this Agreement and (ii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>the fulfilment of the Warrantee's obligations under any Shareholders' Agreement governing the shares in the Company held by the Warrantee.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>14&#9;</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Fuldmagt</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>14&#9;</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Power of </B></FONT><B><FONT STYLE="font-size: 10pt">Attorney</FONT></B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.1&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrantindehaveren giver hermed Selskabets Bestyrelse fuldmagt
til p&aring;</FONT> <FONT STYLE="font-size: 10pt">Warrantindehaverens vegne at iv<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>rks<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>tte
enhver foranstaltning, der m<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>tte v<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>re
n<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>dvendig til opfyldelse af denne Aftale.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>15&#9;</B></FONT></TD>
    <TD STYLE="text-align: justify; width: 44%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Tavshedspligt</B></FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>15&#9;</B></FONT></TD>
    <TD STYLE="text-align: justify; width: 44%"><FONT STYLE="font-size: 10pt"><B>Confidentiality</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.1&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Parterne forpligter sig til at behandle indholdet af denne
Aftale og betingelserne for Aftalen fortroligt. En Part&nbsp;</FONT><FONT STYLE="font-size: 10pt">er berettiget til at freml<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>gge
betingelserne i denne Aftale p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT> skriftlig opfordring fra en offentlig
myndighed, som har en lovlig ret til at kr<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ve s<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>danne
oplysninger, eller hvis en s<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>dan freml<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ggelse
udspringer af lovgivningen.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>16&#9;</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Lovvalg&#9;</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>16&#9;</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Governing law</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16.1&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Denne Aftale er underlagt dansk ret.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Agreement shall be governed by the laws of Denmark.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>17&#9;</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Tvister&#9;</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>17&#9;</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Disputes</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17.1&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Enhver tvist mellem Parterne, der m&aring;</FONT><FONT STYLE="font-size: 10pt">tte
udspringe af Aftalen, herunder dens indg<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>else eller oph<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>r,
skal f<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>rst s<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>ges
afgjort ved forhandling. Kan Parterne ikke n<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT> til enighed, afg<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>res
tvisten ved de danske domstole i K<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>benhavn.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>18&#9;</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Underskrift, hele Aftalen og <FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ndringer
hertil</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>18&#9;</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Signatures, entire Agreement, and amendments</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18.1&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Denne Aftale er udf&aelig;</FONT><FONT STYLE="font-size: 10pt">rdiget
i to eksemplarer, hvoraf det ene underskrevne eksemplar forbliver hos Selskabet, mens det andet underskrevne eksemplar udleveres til
Warrantindehaveren. Aftalen tr<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>der i kraft p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;
</FONT>datoen for underskrivelsen.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18.2&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alle meddelelser eller lignende i henhold til eller i forbindelse
med Aftalen skal foretages skriftligt fra den ene Part&nbsp;</FONT><FONT STYLE="font-size: 10pt">til den anden.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All notifications, demands or similar pursuant to or relating to this Agreement shall be made in writing to the other Party.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">- 0 &ndash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">- 0 -</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For and on behalf of Evaxion Biotech ApS:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For <B>[the Warantee]:</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">






































    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Name:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Title:</P></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">


    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Name:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Title:</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%">



    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Name:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Title:</P></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 49%">


    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Name:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Title:</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>BILAG 2
TIL VEDT&AElig;</B></FONT><B>GTER</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>APPENDIX 2 TO ARTICLES OF ASSOCIATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 82.1pt; text-indent: -1in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="width: 25%">&nbsp;</TD>
    <TD STYLE="width: 25%">&nbsp;</TD>
    <TD STYLE="width: 25%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>WARRANTAFTALE <BR>
AGREEMENT  </TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WARRANT </FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Mellem </TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 82.1pt; text-indent: -1in">Evaxion Biotech ApS</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 82.1pt; text-indent: -1in">Bredgade 34 E</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">1260
    K&oslash;</FONT>benhavn K</P></TD>
    <TD>Between </TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 82.1pt; text-indent: -1in">Evaxion Biotech ApS</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 82.1pt; text-indent: -1in">Bredgade 34 E</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10.1pt">1260 Copenhagen K</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">og</FONT></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 82.1pt; text-indent: -1in"><B>[Navn]</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10.1pt"><B>[Adresse]</B></P></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">and</FONT></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 82.1pt; text-indent: -1in"><B>[Name]</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10.1pt"><B>[Address]</B></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<!-- Field: Split-Segment; Name: 2 -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">INDHOLDSFORTEGNELSE/TABLE OF CONTENTS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 10%; padding-left: 15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD>
    <TD STYLE="width: 80%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BAGGRUND OG OMFANG</FONT></TD>
    <TD STYLE="width: 10%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 15pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BACKGROUND AND SCOPE</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TILDELING AF WARRANTS</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">GRANT OF WARRANTS</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TEGNINGSPRIS</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SUBSCRIPTION PRICE</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">UDNYTTELSE AF WARRANTS</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EXERCISE OF WARRANTS</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">VISSE BETINGELSER I RELATION TIL EXIT</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CERTAIN CONDITIONS RELATING TO AN EXIT</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">OPSIGELSE AF ANS&AElig;</FONT><FONT STYLE="font-size: 10pt">TTELSESFORHOLDET</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TERMINATION OF EMPLOYMENT</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&AElig;</FONT><FONT STYLE="font-size: 10pt">NDRING I RETSSTILLING ELLER SELSKABSKAPITAL</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CHANGE OF LEGAL STATUS OR SHARE CAPITAL</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TEGNING AF KAPITALANDELE</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SUBSCRIPTION OF SHARES</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SKAT</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TAX</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EJERAFTALE</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SHAREHOLDERS' AGREEMENT</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">OVERDRAGELSE AF WARRANTS</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ASSIGNMENT OF WARRANTS</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">AFKALD</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WAIVER</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PANTS&AElig;</FONT><FONT STYLE="font-size: 10pt">TNING AF KAPITALANDELE</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PLEDGE OF SHARES</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">FULDMAGT</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">POWER OF ATTORNEY</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TAVSHEDSPLIGT</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CONFIDENTIALITY</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">LOVVALG</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">GOVERNING LAW</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TVISTER</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DISPUTES</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">UNDERSKRIFT, HELE AFTALEN OG &AElig;</FONT><FONT STYLE="font-size: 10pt">NDRINGER HERTIL</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SIGNATURES, ENTIRE AGREEMENT, AND AMENDMENTS</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"></P>

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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BILAGSFORTEGNELSE</FONT></TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">INDEX OF EXHIBITS</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bilag 1.2: Vedt&aelig;</FONT><FONT STYLE="font-size: 10pt">gter</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit&nbsp;</FONT><FONT STYLE="font-size: 10pt">1.2: Articles of Association</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0; width: 49%; padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Der er den 10. september 2017 indg&aring;</FONT><FONT STYLE="font-size: 10pt">et
f<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>lgende warrantaftale (&quot;Aftalen&quot;) mellem</FONT></TD>
    <TD STYLE="text-indent: 0; width: 2%; padding-left: 0; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-indent: 0; width: 49%; padding-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Warrant Agreement (the &quot;Agreement&quot;) is entered into on 10 September&nbsp;</FONT><FONT STYLE="font-size: 10pt">2017 between:</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)&#9;</FONT></TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0; width: 45%"><FONT STYLE="font-size: 10pt">Evaxion Biotech ApS, CVR-nr. 31 76 28 63, <BR>
Bredgade 34 E, 1260 K<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>benhavn K (&quot;Selskabet&quot;)</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="text-indent: 0; padding-left: 0; text-align: justify; width: 49%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Evaxion Biotech ApS, CVR No.&nbsp;</FONT><FONT STYLE="font-size: 10pt">31
76 28 63, Bredgade 34 E, 1260 Copenhagen K (the &quot;Company&quot;)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0; padding-left: 0; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)&#9;</FONT></TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>[Navn, adresse]</B> (the &quot;Warrantindehaveren&quot;)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0; padding-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>[Name, address] </B></FONT><FONT STYLE="font-size: 10pt">(the
 &quot;Warrantee&quot;)</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-&#9;</FONT></TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Selskabet og Warrantindehaveren samlet ben&aelig;</FONT><FONT STYLE="font-size: 10pt">vnt
 &quot;Parterne&quot; og separat tillige en &quot;Part&quot;</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-&#9;</FONT></TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the Company and the Warrantee hereinafter collectively referred
to as the &quot;Parties&quot; and separately as a &quot;Party&quot;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0; width: 49%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EFTERSOM</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="text-indent: 0; padding-left: 0; text-align: justify; width: 49%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0; padding-left: 0; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0; padding-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrantindehaveren er ansat som CEO i selskabet med virkning fra den 1. juli 2017 (&quot;Ans&aelig;</FONT><FONT STYLE="font-size: 10pt">ttelsesdatoen&quot;)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0; padding-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Warrantee is employed by the Company as CEO effective as of 1 July&nbsp;</FONT><FONT STYLE="font-size: 10pt">2017 (the &quot;Employment Date&quot;)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0; padding-left: 0; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0; padding-left: 0; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0; padding-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Selskabet &oslash;</FONT><FONT STYLE="font-size: 10pt">nsker at motivere Warrantindehaveren ved at tildele et vist antal warrants til Warrantindehaveren.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0; padding-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company wishes to incentivise the Warrantee by granting certain warrants to the Warrantee.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0; padding-left: 0; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0; padding-left: 0; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">HAR PARTERNE VEDTAGET F&Oslash;</FONT><FONT STYLE="font-size: 10pt">LGENDE:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0; padding-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOW IT IS HEREBY AGREED AS FOLLOWS:</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1&#9;</B></FONT></TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>BAGGRUND OG OMFANG</B></FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1&#9;</B></FONT></TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>BACKGROUND AND SCOPE</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1&#9;</FONT></TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form&aring;</FONT><FONT STYLE="font-size: 10pt">let med denne
Aftale er at tildele Warrantindehaveren warrants i Selskabet for at sikre, at Selskabet og Warrantindehaveren har f<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>lles
interesser, og at begge Parter medvirker til at skabe den bedst mulige v<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>rdiudvikling
i Selskabet.</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="text-indent: 0; padding-left: 0; text-align: justify; width: 49%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0; padding-left: 0; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.2&#9;</FONT></TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Selskabets vedt&aelig;</FONT><FONT STYLE="font-size: 10pt">gter
er vedlagt denne Aftale som bilag 1.2. Warrantindehaveren accepterer hermed alle fremtidige <FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ndringer
i Selskabets vedt<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>gter.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0; padding-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company's articles of association are attached hereto as <U>Exhibit&nbsp;</U></FONT><U><FONT STYLE="font-size: 10pt">1.2</FONT></U><FONT STYLE="font-size: 10pt">. The Warrantee hereby accepts all future changes to the Company's articles of association.</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2&#9;</B></FONT></TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>TILDELING AF WARRANTS</B></FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2&#9;</B></FONT></TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>GRANT OF WARRANTS</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.1&#9;</FONT></TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">I henhold til betingelserne i denne Aftale udsteder Selskabet
hermed, og Warrantindehaveren modtager 617.184 warrants i Selskabet til</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="text-indent: 0; padding-left: 0; text-align: justify; width: 49%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject to the terms and conditions set out in this Agreement, the Company hereby issues and the Warrantee receives 617,184 warrants in the Com</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; width: 49%; padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrantindehaveren (&quot;Warrants&quot;).</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="padding-right: 0; width: 49%; padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">pany to the Warrantee (the &quot;Warrants&quot;).</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.2&#9;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hver Warrant giver Warrantindehaveren ret, men ikke pligt,
til at tegne &eacute;</FONT><FONT STYLE="font-size: 10pt">n kapitalandel <FONT STYLE="font-family: Times New Roman, Times, Serif">&agrave;
</FONT>nominelt kr. 1 i Selskabet.</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0; width: 49%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.3&#9;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrants tildeles vederlagsfrit.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Warrants are granted free of charge.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.4&#9;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrants giver ikke Warrantindehaveren kapital- ejerrettigheder,
som f.eks. fondskapitalandele, eller fortegningsret i tilf&aelig;</FONT><FONT STYLE="font-size: 10pt">lde af en kapitalforh<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>jelse
i Selskabet.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Warrants shall not entitle the Warrantee to any shareholder rights such as bonus shares or pre-emption rights in the event of a capital in- crease of the Company.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.5&#9;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Selskabet er forpligtet til at f&oslash;</FONT><FONT STYLE="font-size: 10pt">re
en fortegnelse over udstedte Warrants, som skal opbevares sammen med Selskabets ejerbog.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company undertakes to keep and maintain a register of issued Warrants to be kept in connection with the Company's share register.</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3&#9;</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>TEGNINGSRET</B></FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3&#9;</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SUBSCRIPTION PRICE</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1&#9;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hver Warrant giver Warrantindehaveren ret til at tegne &eacute;</FONT><FONT STYLE="font-size: 10pt">n
kapitalandel <FONT STYLE="font-family: Times New Roman, Times, Serif">&agrave;</FONT> nominelt kr. 1 i Selskabet til en pris af kr. 1
(&quot;Tegningsprisen&quot;).</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0; width: 49%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 &quot;Subscription Price&quot;).</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4&#9;</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>UDNYTTELSE AF WARRANTS</B></FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4&#9;</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>EXERCISE OF WARRANTS</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1&#9;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrantindehaveren kan udnytte alle eller en del af Warrants
(i)&nbsp;</FONT><FONT STYLE="font-size: 10pt">i forbindelse med en Exit (se punkt 4.2) eller (ii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;
</FONT>et tidspunkt, der fasts<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ttes af Bestyrelsen (et &quot;Vindue&quot;)</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0; width: 49%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Warrantee may exercise all or part of the Warrants (i)&nbsp;</FONT><FONT STYLE="font-size: 10pt">in connection with an Exit (see Clause 4.2) or (ii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>at any time determined by the Board (a &quot;Window&quot;).</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2&#9;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;Exit&quot; betyder (a)&nbsp;</FONT><FONT STYLE="font-size: 10pt">en
<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ndring i ejerforholdene i Selskabet, hvorved en uafh<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ngig
tredjemand erhverver 50 % eller mere af selskabskapitalen i Selskabet eller kommer til at kontrollere mere end 50 % af stemmerne i Selskabet;
(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>en b<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>rsnotering
af Selskabets aktier; (c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>salg eller overdragelse af samtlige eller
en v<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>sentlig del af Selskabet aktiver; (d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>en
fusion med Selskabet som det oph<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>rende selskab; eller (e)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>en
kombination af (a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>- (d).</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">An &quot;Exit&quot; shall mean (a)&nbsp;</FONT><FONT STYLE="font-size: 10pt">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)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>an initial public offering of the Company's shares (&quot;IPO&quot;); (c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>the sale or disposition of all or a material part of the Company's assets; (d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>a merger whereby the Company is the discontinuing entity; or (e)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>a com- bination of (a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>- (d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>above.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; width: 4%; padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.3&#9;</FONT></TD>
    <TD STYLE="padding-right: 0; width: 45%; padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">I tilf&aelig;</FONT><FONT STYLE="font-size: 10pt">lde af en
Exit skal Selskabet udstede en skriftlig meddelelse herom (&quot;Meddelelse om Exit&quot;) til Warrantindehaveren. Meddelelsen om Exit
skal indeholde relevante oplysninger om fremgangsm<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>den, bilagt
en formular til meddelelse om udnyttelse (&quot;Udnyttelsesmeddelelsen&quot;) samt eventuelt en yderligere forpligtelseserkl<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ring,
som Selskabet efter eget sk<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>n m<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>tte
forlange (f.eks. tiltr<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>delsesdokument til en aftale om k<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>b
og salg af anparter eller lignende forpligtelser til overdragelse af anparter, der er tegnet ved udnyttelse af Warrants), og som skal
underskrives af Warrantindehaveren (&quot;Yderligere Forpligtelseserkl<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ring&quot;).</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="padding-right: 0; width: 49%; padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event of an Exit, the Company shall issue a written notice of Exit (&quot;Exit Notice&quot;) to the Warrantee. The Exit Notice shall include relevant information on the process and be accompanied by a form of exercise notice (the &quot;Exercise Notice&quot;) 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 &quot;Supplementary Undertakings&quot;).</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.4&#9;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Meddelelse om udnyttelse af Warrants finder sted, ved at Warrantindehaveren
fremsender &quot;Udnyttelsesmeddelelsen&quot; til Selskabet med oplysning om det &oslash;</FONT><FONT STYLE="font-size: 10pt">nskede
antal kapitalandele samt en eventuel Yderligere Forpligtelseserkl<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ring.
Samtidig med fremsendelsen af Udnyttelsesmeddelelsen og eventuelt Yderligere Forpligtelseserkl<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ring
skal Warrantindehaveren betale et kontant bel<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>b til Selskabet
svarende til det relevante tegningsbel<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>b.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.5&#9;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Medmindre Selskabet bestemmer andet, vil samtlige Warrants
automatisk bortfalde uden yderligere varsel og uden kompensation, hvis en Udnyttelsesmeddelelse og en eventuel Yderligere Forpligtelseserkl&aelig;</FONT><FONT STYLE="font-size: 10pt">ring
samt betaling af det relevante tegningsbel<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>b ikke er fremsendt
senest to uger efter datoen for Meddelelsen om Exit.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless otherwise decided by the Company, if an Exercise Notice and any Supplementary Undertakings together with payment of the relevant sub- scription amount is not submitted no later than two (2)&nbsp;</FONT><FONT STYLE="font-size: 10pt">weeks from the date of the Exit Notice, all Warrants shall automatically and without further notice or compensation lapse and become null and void.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.6&#9;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrants, der ikke udnyttes i forbindelse med en Exit, vil
automatisk bortfalde uden kompensation efter gennemf&oslash;</FONT><FONT STYLE="font-size: 10pt">relsen af den relevante begivenhed.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any Warrants that are not exercised in connection with an Exit shall automatically become void with- out compensation, following the completion the relevant event.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.7&#9;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S&aring;</FONT><FONT STYLE="font-size: 10pt">fremt der efter
Meddelelsen om Exit ikke sker en endelig gennemf<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>relse af Exit,
beholder Warrantindehaveren sine Warrants i henhold til vilk<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>rene
i denne Aftale. Hvis Warrantindehaveren har tegnet kapitalandele i Selskabet gennem</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event that an Exit is not finally completed following an Exit Notice, the Warrantee's right to the Warrants as set out in the Agreement shall be retained. In the event that shares have been sub- scribed for in the Company by exercise of War-</FONT></TD></TR>
  </TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="text-indent: 0; width: 45%; padding-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 gennemf&oslash;</FONT><FONT STYLE="font-size: 10pt">rt, og de udnyttede Warrants skal ikke tilbagef<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>res. B<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>de Selskabet og Warrantindehaveren har dog ret til efter eget sk<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>n at forlange, at Selskabet tilbagek<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>ber de erhvervede kapitalandele til Tegningsprisen.</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="text-indent: 0; width: 49%; padding-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">rants and such new shares have been registered with the Danish Business Authority, the shares subscribed for shall be retained notwithstanding a notified Exit is not finally completed and the exercised Warrants shall not be reversed, however, both the Company and the Warrantee may on a discretionary basis request that the Company shall repurchase the shares acquired at the Subscription Price.</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.8&#9;</FONT></TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S&aring;</FONT><FONT STYLE="font-size: 10pt">fremt der oprettes
et Vindue, skal punkt 4.3 - 4.5 samtidig v<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>re g<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ldende.</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="text-indent: 0; padding-left: 0; text-align: justify; width: 49%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In case a Window is established Clauses 4.3-4.5 shall apply simultaneously.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0; padding-left: 0; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.9&#9;</FONT></TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrants, der ikke udnyttes i forbindelse med et Vindue, bortfalder
automatisk uden kompensation.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0; padding-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any Warrants that are not exercised in connection with a Window shall automatically become void without compensation.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0; padding-left: 0; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.10&#9;</FONT></TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S&aring;</FONT><FONT STYLE="font-size: 10pt">fremt et Vindue
ikke er blevet oprettet senest den 31. december 2036, bortfalder Warrants automatisk uden yderligere varsel og uden kompensation.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0; padding-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event an Exit or a Window has not occurred on or before 31 December&nbsp;</FONT><FONT STYLE="font-size: 10pt">2036, the Warrants shall automatically and without further notice or compensation lapse and become null and void.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0; padding-left: 0; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.11&#9;</FONT></TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">I forbindelse med en notering af ADS&rsquo;</FONT><FONT STYLE="font-size: 10pt">er
p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT> Nasdaq, USA, har Selskabets bestyrelse i henhold til pkt. 4.1
truffet beslutning om at fasts<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>tte udnyttelsesvinduerne for udstedte
warrants s<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>ledes:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0; padding-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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:&nbsp;&nbsp;</FONT></TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="text-indent: 0; padding-left: 0; text-align: justify; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Optjente warrants kan udnyttes i fire &aring;</FONT><FONT STYLE="font-size: 10pt">rlige udnyttelsesvinduer p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT> 2 uger, som hver ligger to handelsdage efter offentligg<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>relsen af henholdsvis Selskabets <FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>rsrapport, halv<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>rsregnskabet samt kvartalsmeddelelserne. F<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>rste udnyttelsesperiode indtr<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>der dog tidligst 180 dage efter Selskabets notering af ADS<FONT STYLE="font-family: Times New Roman, Times, Serif">&rsquo;</FONT>er p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT> Nasdaq, USA, og i de f<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>rste fire udnyttelsesperioder kan warrantindehaveren maksimalt udnytte 25% af de til warrantindehaveren tildelte warrants forudsat altid at warrants er optjent.</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="text-indent: 0; padding-left: 0; text-align: justify; width: 49%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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&rsquo;</FONT><FONT STYLE="font-size: 10pt">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.</FONT></TD></TR>
  </TABLE>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5&#9;</B></FONT></TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>VISSE BETINGELSER I RELATION TIL EXIT</B></FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5&#9;</B></FONT></TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CERTAIN CONDITIONS RELATING TO AN EXIT</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1&#9;</FONT></TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Efter udnyttelse af Warrants i forbindelse med en b&oslash;</FONT><FONT STYLE="font-size: 10pt">rsnotering
skal Warrantindehaveren under- skrive og tiltr<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>de de aftaler eller
forpligtelser, herunder i relation til en lock-up periode eller andre lock-up forpligtelser, som den udstedende bank m<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>tte
anmode om i forbindelse med en b<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>rsnotering.</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="text-indent: 0; padding-left: 0; text-align: justify; width: 49%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0; padding-left: 0; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.2&#9;</FONT></TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Selskabet kan kr&aelig;</FONT><FONT STYLE="font-size: 10pt">ve,
og Warrantindehaveren skal i s<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT> fald acceptere, at samtlige eller
en del af Warrants ombyttes ligeligt til kapitalandele, warrants, konvertible v<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>rdipapirer
eller et andet kapitalandelsbaseret instrument udstedt af en k<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>ber
eller af en efterf<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>lger af Selskabet eller af et af disses moderselskab
eller datterselskab, eller til kapitalandele, warrants, konvertible v<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>rdipapirer
eller andet kapitalandelsbaseret instrument udstedt af Selskabet efter omstrukturering, s<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>ledes
at den p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>g<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ldende
Warrantindehavers Warrants umiddelbart efter en s<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>dan ombytning
sammen med betaling af en eventuel kontant godtg<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>relse til Warrantindehaveren
- i alt v<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>sentlig har samme v<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>rdi
som Warrants, herunder de Warrants ejet af Warrantindehaveren umiddelbart f<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>r
en s<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>dan ombytning. Uanset ovenst<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>ende
er Warrantindehaveren berettiget til en delvis kontant udbetaling i det omfang, dette er n<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>dvendigt,
for at Warrantindehaveren er i stand til at betale eventuel indkomst- eller kapitalgevinstskat, der umiddelbart forfalder som f<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>lge
af en s<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>dan ombytning af v<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>rdipapirer.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0; padding-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0; padding-left: 0; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.3&#9;</FONT></TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Forud for en Exit er Selskabet (eller en tredje- mand, der
er udpeget af Selskabet) berettiget til at k&oslash;</FONT><FONT STYLE="font-size: 10pt">be Warrants fra Warrantindehaveren til en pris,
der fasts<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ttes i overensstemmelse med punkt 5.5 nedenfor.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0; padding-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prior to an Exit, the Company (or a third party ap- pointed by the Company) shall have a right to purchase the Warrants from the Warrantee for a price determined in accordance with Clause 5.5 below.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0; padding-left: 0; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.4&#9;</FONT></TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hvis Selskabet &oslash;</FONT><FONT STYLE="font-size: 10pt">nsker
at udnytte en af sine rettigheder i henhold til denne Aftale, skal der gives skriftlig meddelelse herom per email til</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0; padding-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 45%; padding-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrantindehaveren. En meddelelse betragtes som v&aelig;</FONT><FONT STYLE="font-size: 10pt">rende kommet Warrantindehaveren i h<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>nde, og Selskabets rettighed derved ud<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>vet, p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT> 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 gennemf<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>rt.</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 49%; padding-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.5</FONT></TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>K&oslash;</B></FONT><B><FONT STYLE="font-size: 10pt">bspris
i forbindelse med Exit</FONT></B></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="text-indent: 0; padding-left: 0; text-align: justify; width: 49%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Purchase Price in connection with an Exit</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0; padding-left: 0; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.5.1&#9;</FONT></TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ved k&oslash;</FONT><FONT STYLE="font-size: 10pt">b af Warrantindehaverens
Warrants i hen- hold til punkt 5.3 skal v<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>rdien af Warrants v<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>re
baseret p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT> den rimelige markedsv<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>rdi
som anf<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>rt nedenfor.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0; padding-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0; padding-left: 0; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.5.2&#9;</FONT></TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Den rimelige markedsv&aelig;</FONT><FONT STYLE="font-size: 10pt">rdi
af Warrants beregnes af Selskabet p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT> grundlag af den nettopris
per kapitalandel i Selskabet, som s<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>lgende kapital- ejere vil modtage
ved en Exit med fradrag af et forholdsm<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ssigt bel<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>b
for vederlag til r<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>dgivere m.v. Ved beregningen af den rimelige
markedsv<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>rdi af Warrants skal Selskabet fratr<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>kke
et bel<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>b, som Selskabet anser som passende i betragtning af de
s<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>lgende kapitalejeres eventuelle forpligtelser i henhold til Exit.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0; padding-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0; padding-left: 0; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.5.3&#9;</FONT></TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">N&aring;</FONT><FONT STYLE="font-size: 10pt">r Warrants&nbsp;&nbsp;k<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>bes
i forbindelse med&nbsp;&nbsp;en Exit&nbsp;&nbsp;&nbsp;som f<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>lge
af salg eller overdragelse af samtlige eller en v<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>sentlig del af
Selskabets aktiver, er v<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>rdien af Warrants den rimelige markedsv<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>rdi
p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT> tidspunktet efter salget. I tilf<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>lde
af en s<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>dan Exit skal der ved beregningen af den rimelige markedsv<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>rdi
for Warrants tages h<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>jde for den k<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>bspris,
Selskabet har modtaget for de solgte aktiver, med fradrag af g<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ld,
der ikke er overdraget sammen med aktiverne, samt en forholdsm<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ssig
andel af omkostninger, honorarer m.v. i forbindelse med transaktionen.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0; padding-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0; padding-left: 0; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.5.4&#9;</FONT></TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">K&oslash;</FONT><FONT STYLE="font-size: 10pt">bsprisen for
Warrants fastlagt i henhold til punkt 5.5.2 - 5.5.3 ovenfor skal betales 15 dage efter, at</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0; padding-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The purchase price for the Warrants determined in accordance with Clauses 5.5.2 - 5.5.3 above, as</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="text-indent: 0; width: 45%; padding-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">de s&aelig;</FONT><FONT STYLE="font-size: 10pt">lgende kapitalejere i Selskabet har modtaget betaling for deres kapitalandele, og i tilf<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>lde af k<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>b i forbindelse med et salg af aktiver, n<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>r Selskabet har modtaget betaling for de solgte aktiver.</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="text-indent: 0; width: 49%; padding-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6&#9;</B></FONT></TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>OPSIGELSE AF </B></FONT><B><FONT STYLE="font-size: 10pt">ANS<FONT STYLE="font-family: Times New Roman, Times, Serif">&AElig;</FONT>TTELSESFORHOLDET</FONT></B></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6&#9;</B></FONT></TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>TERMINATION OF EMPLOYMENT</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.1</FONT></TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hvis Selskabet opsiger Warrantindehaverens ans&aelig;</FONT><FONT STYLE="font-size: 10pt">ttelse
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 vilk<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>rene
i Aftalen, som om Warrantindehaveren stadig var ansat i Selskabet. Dette g<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>lder
ligeledes, hvis ans<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ttelsesforholdet bringes til oph<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>r,
fordi Warrantindehaveren har n<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>et den alder, der g<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>lder
for pensionering fra Selskabet, eller fordi Warrantindehaveren kan oppeb<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>re
folkepension eller alderspension fra Selskabet.</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="text-indent: 0; padding-left: 0; text-align: justify; width: 49%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 &quot;misligholdelse&quot;), 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: &quot;folkepension&quot;) or retirement pension (in Danish: &quot;alderspension&quot;) from the Company.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0; padding-left: 0; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.2&#9;</FONT></TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hvis Selskabet opsiger Warrantindehaverens ans&aelig;</FONT><FONT STYLE="font-size: 10pt">ttelse
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 p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;
</FONT>tidspunktet for udl<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>bet af opsigelsesperioden.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0; padding-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event that the Company terminates the Warrantee's employment with the Company due to the Warrantee's breach (in Danish &quot;misligholdelse&quot;) or summarily dismisses the Warrantee for cause (in Danish &quot;bortvisning&quot;), all Warrants granted pursuant to this Agreement, but not exercised at the time of the expiration of the notice period, become null and void.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0; padding-left: 0; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.3&#9;</FONT></TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hvis Warrantindehaveren opsiger sin ans&aelig;</FONT><FONT STYLE="font-size: 10pt">ttelse
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 anf<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>rt
nedenfor, i overensstemmelse med vilk<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>rene i Aftalen, som om Warrantindehaveren
stadig var ansat i Selskabet.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0; padding-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the Warrantee terminates the employment with the Company for any reason other than due the Company's material breach (in Danish: &quot;grov misligholdelse&quot;) 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:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0; padding-left: 0; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.3.1&#9;</FONT></TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hvis Warrantindehaveren opsiger sin ans&aelig;</FONT><FONT STYLE="font-size: 10pt">ttelse
inden udl<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>bet af 1 <FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>r
efter Ans<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ttelsesdatoen:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0; padding-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the Warrantee serves notice of termination before the first anniversary of the Employment Date</FONT><FONT STYLE="font-size: 10pt"><I>: </I>no</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 45%; padding-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ingen Warrants.</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 49%; padding-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrants;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.3.2&#9;</FONT></TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hvis Warrantindehaveren opsiger sin ans&aelig;</FONT><FONT STYLE="font-size: 10pt">ttelse
inden udl<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>bet af 2 <FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>r
efter Ans<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ttelsesdatoen: 20% af tildelte Warrants.</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="text-indent: 0; padding-left: 0; text-align: justify; width: 49%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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</FONT><FONT STYLE="font-size: 10pt"><I>: </I>twenty per cent (20 %) of the Warrants;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0; padding-left: 0; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.3.3&#9;</FONT></TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hvis Warrantindehaveren opsiger sin ans&aelig;</FONT><FONT STYLE="font-size: 10pt">ttelse
inden udl<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>bet af 3 <FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>r
efter Ans<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ttelsesdatoen: 40% af tildelte Warrants.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0; padding-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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</FONT><FONT STYLE="font-size: 10pt"><I>: </I>forty per cent (40 %) of the Warrants;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0; padding-left: 0; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.3.4&#9;</FONT></TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hvis Warrantindehaveren opsiger sin ans&aelig;</FONT><FONT STYLE="font-size: 10pt">ttelse
inden udl<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>bet af 3 <FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>r
efter Ans<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ttelsesdatoen: 60% af tildelte Warrants.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0; padding-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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</FONT><FONT STYLE="font-size: 10pt"><I>: </I>sixty per cent (60 %) of the Warrants;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0; padding-left: 0; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.3.5&#9;</FONT></TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hvis Warrantindehaveren opsiger sin ans&aelig;</FONT><FONT STYLE="font-size: 10pt">ttelse
inden udl<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>bet af 4 <FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>r
efter Ans<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ttelsesdatoen: 80% af tildelte Warrants.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0; padding-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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</FONT><FONT STYLE="font-size: 10pt"><I>: </I>eighty per cent (80 %) of the Warrants; and</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0; padding-left: 0; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.3.6&#9;</FONT></TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hvis Warrantindehaveren opsiger sin ans&aelig;</FONT><FONT STYLE="font-size: 10pt">ttelse
inden udl<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>bet af 5 <FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>r
efter Ans<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ttelsesdatoen: 100% af tildelte Warrants.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0; padding-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0; padding-left: 0; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0; padding-left: 0; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-indent: 0; padding-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Resterende Warrants, der ikke er udnyttet ved udl&oslash;</FONT><FONT STYLE="font-size: 10pt">bet
af opsigelsesperioden, bortfalder.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0; padding-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Remaining Warrants not exercised at the time of the expiration of the notice period, become null and void.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0; padding-left: 0; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-indent: 0; padding-left: 0; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0; padding-left: 0; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.4&#9;</FONT></TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hvis Warrantindehaveren opsiger sin ans&aelig;</FONT><FONT STYLE="font-size: 10pt">ttelse
i Selskabet begrundet i Selskabets grove misligholdelse, er Warrantindehaveren berettiget til at udnytte Warrants tildelt i henhold til
denne Aftale i overensstemmelse med vilk<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>rene i Aftalen, som om
Warrantindehaveren stadig var ansat i Selskabet.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0; padding-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event that the Warrantee terminates the employment with the Company due to the Company's material breach (in Danish: &quot;grov misligholdelse&quot;), 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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0; padding-left: 0; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.5&#9;</FONT></TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">I tilf&aelig;</FONT><FONT STYLE="font-size: 10pt">lde af Warrantindehaverens
d<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>d, vil Warrantindehaverens bo eller Warrantindehaverens overlevende
<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>gtef<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>lle
(hvis denne sidder i uskiftet bo) v<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>re berettiget til at udnytte
Warrants i overensstemmelse med</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0; padding-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 45%; padding-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">vilk&aring;</FONT><FONT STYLE="font-size: 10pt">rene i denne Aftale.</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 49%; padding-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">conditions of this Agreement.</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>7&#9;</B></FONT></TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&AElig;</B></FONT><B><FONT STYLE="font-size: 10pt">NDRING
I RETSSTILLING ELLER SELSKABSKAPITAL</FONT></B></TD>
    <TD STYLE="padding-left: 0; width: 2%; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>7&#9;</B></FONT></TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CHANGE OF LEGAL STATUS OR SHARECAPITAL</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.1&#9;</FONT></TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&AElig;</B></FONT><B><FONT STYLE="font-size: 10pt">ndring
i selskabskapital</FONT></B></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="text-indent: 0; padding-left: 0; text-align: justify; width: 49%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Change of Share Capital</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0; padding-left: 0; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.1.1&#9;</FONT></TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">I tilf&aelig;</FONT><FONT STYLE="font-size: 10pt">lde af <FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ndringer
i Selskabets selskabskapital, herunder men ikke begr<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>nset til:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0; padding-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In case of changes in the Company's share capital including but not limited to</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&#9;</FONT></TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0; width: 41%"><FONT STYLE="font-size: 10pt">for<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>gelse af selskabskapitalen,</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&#9;</FONT></TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0; width: 45%"><FONT STYLE="font-size: 10pt">increase of the share capital,</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&#9;</FONT></TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt">udstedelse af konvertible obligationer, </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&#9;</FONT></TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt">issuance of convertible bonds,</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)&#9;</FONT></TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt">udstedelse af nye tegningsretter, eller</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)&#9;</FONT></TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt">issuance of new subscription rights, or</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)&#9;</FONT></TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt">neds<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ttelse af selskabskapitalen,</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)&#9;</FONT></TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt">decrease of the share capital,</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9;</FONT></TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0; width: 45%"><FONT STYLE="font-size: 10pt">uanset om dette sker til en kurs, der er lig med markedskursen for Selskabets kapitalandele, eller til
en overkurs, eller hvis <FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ndringerne n<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>vnt
i 7.1.1 (i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>- (iv)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>sker
til fav<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>rkurs, sker der ingen regulering i Warrants.</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="text-indent: 0; padding-left: 0; text-align: justify; width: 49%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">whether at a rate that is equal to the market price of the shares of the Company or at premium rate (&quot;overkurs&quot;), or if the changes mentioned in Clause 7.1.1 (i)&nbsp;</FONT><FONT STYLE="font-size: 10pt">- (iv)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>are made at a special price (&quot;fav<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>rkurs&quot;) no regulation of Warrants shall occur.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0; padding-left: 0; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.1.2&#9;</FONT></TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hvis den nominelle v&aelig;</FONT><FONT STYLE="font-size: 10pt">rdi
af Selskabets kapitalandele <FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ndres, skal antallet af Warrants (antal
af kapitalandele) og/eller Udnyttelsesprisen tilpasses, s<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>ledes
at v<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>rdien af Warrants ikke bliver p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>virket
af s<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>danne <FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ndringer.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0; padding-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0; padding-left: 0; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.1.3&#9;</FONT></TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hvis selskabskapitalen neds&aelig;</FONT><FONT STYLE="font-size: 10pt">ttes
til d<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>kning af tab, skal antallet af kapitalandele, som Warrantindehaveren
kan tegne gennem udnyttelse af Warrants, reduceres (nedrundet) forholdsm<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ssigt
til den nominelle reduktion af kapitalen sammenholdt med Selskabets totale nominelle selskabskapital f<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>r
reduktionen.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0; padding-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0; padding-left: 0; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.2&#9;</FONT></TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>Andre <FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ndringer</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0; padding-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Other Changes</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0; padding-left: 0; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.2.1&#9;</FONT></TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hvis der tr&aelig;</FONT><FONT STYLE="font-size: 10pt">ffes
beslutning om</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0; padding-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If a resolution is made to</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&#9;</FONT></TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0; width: 41%"><FONT STYLE="font-size: 10pt">at likvidere eller afvikle Selskabet,</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&#9;</FONT></TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0; width: 45%"><FONT STYLE="font-size: 10pt">liquidate or wind up the Company,</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&#9;</FONT></TD>
    <TD STYLE="width: 41%; padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt">at spalte Selskabet eller</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&#9;</FONT></TD>
    <TD STYLE="width: 45%; padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt">demerge the Company, or</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)&#9;</FONT></TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt">at gennemf<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>re en kapitalandelsombytning,
der omfatter samtlige kapitalandele i Selskabet (oprettelse af et holdingselskab/apportindskud),</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)&#9;</FONT></TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt">effect an exchange of shares which includes all shares in the Company (establishment of a holding company/non-cash
contribution),</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="text-indent: 0; padding-left: 0; text-align: justify; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">er Warrantindehaveren berettiget til at udnytte Warrants p&aring;</FONT> <FONT STYLE="font-size: 10pt">ikrafttr<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>delsesdatoen for den relevante <FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ndring, jf. dog punkt 7.2.2. Selskabets Bestyrelse skal skriftligt meddele Warrantindehaveren, hvis der tr<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ffes en af de ovenn<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>vnte 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.</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="text-indent: 0; padding-left: 0; text-align: justify; width: 49%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.2.2&#9;</FONT></TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hvis Selskabet indg&aring;</FONT><FONT STYLE="font-size: 10pt">r
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)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>modtagende
selskab(er), forudsat at de(t)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>forts<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ttende
selskab(er) er enig heri.</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="text-indent: 0; padding-left: 0; text-align: justify; width: 49%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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).</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>8&#9;</B></FONT></TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>TEGNING AF KAPITALANDELE</B></FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>8&#9;</B></FONT></TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SUBSCRIPTION OF SHARES</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="text-indent: 0; padding-left: 0; text-align: justify; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ved udnyttelse af et hvilket som helst antal Warrants g&aelig;</FONT><FONT STYLE="font-size: 10pt">lder f<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>lgende for tegning af nye kapitalandele:</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="text-indent: 0; padding-left: 0; text-align: justify; width: 49%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon exercise of any part of the Warrants, the following will apply for the subscription of new shares:</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&#9;</FONT></TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0; width: 41%"><FONT STYLE="font-size: 10pt">De andre kapitalejere i Selskabet har ikke fortegningsret med hensyn til Warrants eller kapitalandele udstedt
gennem udnyttelse af Warrants</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&#9;</FONT></TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0; width: 45%"><FONT STYLE="font-size: 10pt">The other shareholders of the Company have no preemption rights with respect to the Warrants or shares
issued by exercise of the Warrants.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&#9;</FONT></TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt">Betaling af tegningsbel<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>bet og tegning
af kapitalandele skal finde sted samtidigt.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&#9;</FONT></TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt">Payment of the subscription amount and subscription of shares shall take place simul-</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="padding-right: 0; width: 45%; padding-left: 0.375in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrantindehaverens rettigheder som kapitalejer efter udnyttelse af samtlige Warrants eller en del heraf tr&aelig;</FONT><FONT STYLE="font-size: 10pt">der i kraft, n<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>r uigenkaldelig kontant betaling til Selskabet har fundet sted. Selskabet skal registrere Warrantindehaveren som kapitalejer i Selskabets ejerbog.</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="padding-right: 0; width: 49%; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">taneously. 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.</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)&#9;</FONT></TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0; width: 41%"><FONT STYLE="font-size: 10pt">De nye kapitalandele udstedes i kapitalandele <FONT STYLE="font-family: Times New Roman, Times, Serif">&agrave;
</FONT>nominelt kr. 1 eller multipla heraf.</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)&#9;</FONT></TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0; width: 45%"><FONT STYLE="font-size: 10pt">The new shares are issued in shares of nominally DKK 1 or multiples hereof.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)&#9;</FONT></TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt">De nye kapitalandele skal udstedes p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>
navn, indf<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>res i Selskabets ejerbog og er ikke-oms<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ttelige.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)&#9;</FONT></TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt">The new shares are issued on name, shall be registered in the Company's share register and are non-negotiable
shares.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)&#9;</FONT></TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt">Restriktionerne p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT> eksisterende kapitalandele
vedr<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>rende oms<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ttelighed
g<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>lder ogs<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;
</FONT>for de nye kapitalandele.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)&#9;</FONT></TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt">The restrictions on the current shares as to negotiability shall also apply for the new shares.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vi)&#9;</FONT></TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt">Fortegningsret for nye kapitalandele i forbindelse med fremtidige kapitalforh<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>jelser
er begr<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>nsede for s<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;
</FONT>vidt ang<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>r udstedelse af warrants eller tegning af kapitalandele
gennem udnyttelse af s<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>danne warrants eller ved andre begivenheder
i henhold til generalforsamlingens beslutning.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vi)&#9;</FONT></TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt">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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vii)&#9;</FONT></TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt">De nye kapitalandele giver ret til dividende og andre rettigheder i Selskabet til enhver tid, n<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>r
den relevante kapitalforh<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>jelse er registreret i Erhvervsstyrelsen.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vii)&#9;</FONT></TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt">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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(viii)&#9;</FONT></TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt">Selskabet betaler omkostningerne i forbindelse med udstedelse og udnyttelse af Warrants.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(viii)&#9;</FONT></TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt">The Company shall pay the costs in connection with the issuance and exercise of Warrants.</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>9&#9;</B></FONT></TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SKAT</B></FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>9&#9;</B></FONT></TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>TAX</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.1&#9;</FONT></TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Punkterne 9.2 - 9.4 finder anvendelse, hvis Warrantindehaveren
er ansat i Selskabet:</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="text-indent: 0; padding-left: 0; text-align: justify; width: 49%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Clauses 9.2 - 9.4 shall apply provided the Warrantee is an employee of the Company:</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.2&#9;</FONT></TD>
    <TD STYLE="width: 45%; padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrants er underlagt ligningslovens &sect;</FONT> <FONT STYLE="font-size: 10pt">7
P.</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="text-indent: 0; width: 49%; padding-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Warrants shall to the extent possible be subject to Section&nbsp;</FONT><FONT STYLE="font-size: 10pt">7 P of the Danish Tax Assessment Act.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0; padding-left: 0; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.3&#9;</FONT></TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Selskabet har vurderet v&aelig;</FONT><FONT STYLE="font-size: 10pt">rdien
af de tildelte warrants til DKK 1.074,72 pr. styk baseret (f<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>r
justering for fondsaktieudstedelse og aktiesplit af 4. januar 2021).</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0; padding-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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&nbsp;</FONT><FONT STYLE="font-size: 10pt">2021).</FONT></TD></TR>
</TABLE>

<P STYLE="font-size: 10pt; margin: 0">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt"></P>

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<P STYLE="margin: 0; font-size: 10pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.4&#9;</FONT></TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Selskabet giver ikke Warrantindehaveren nogen garanti for,
at Warrants beskattes efter ligningslovens &sect;</FONT> <FONT STYLE="font-size: 10pt">7 P med eventuelle senere <FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ndringer,
herunder om kravene til anvendelse af bestemmelsen ikke er opfyldt, eller om bestemmelsen fremover er <FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ndret
eller oph<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>vet.</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="text-indent: 0; padding-left: 0; text-align: justify; width: 49%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company does not make any guarantees to the Warrantee that the Warrantee will be subject to the tax treatment under Section&nbsp;</FONT><FONT STYLE="font-size: 10pt">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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0; padding-left: 0; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.5&#9;</FONT></TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">De skattem&aelig;</FONT><FONT STYLE="font-size: 10pt">ssige
konsekvenser for Warrantindehaveren i forbindelse med denne Aftale, herunder men ikke begr<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>nset
til erhvervelse og/eller tildeling af Warrants, og/eller skattem<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ssige
konsekvenser i forbindelse med udnyttelse af Warrants, er Selskabet uvedkommende. Warrantindehaveren opfordres til at s<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>ge
skattem<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ssig r<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>dgivning
i forbindelse med indg<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>elsen af denne Aftale.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0; padding-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>10&#9;</B></FONT></TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>EJERAFTALE</B></FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>10&#9;</B></FONT></TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SHAREHOLDERS&rsquo;</B></FONT><B> <FONT STYLE="font-size: 10pt">AGREEMENT</FONT></B></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.1&#9;</FONT></TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrantindehaveren skal p&aring;</FONT> <FONT STYLE="font-size: 10pt">tidspunktet
for udnyttelse af Warrants tildelt i henhold til denne Af- tale tiltr<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>de
og acceptere at v<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>re bundet af enhver ejeraftale, der g<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>lder
for kapitalejere i Selskabet til enhver tid ved at underskrive en tiltr<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>delseserkl<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ring
til en s<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>dan ejeraftale. Warrantindehaveren tiltr<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>der
og accepterer, at en s<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>dan ejeraftale kan indeholde betingelser,
der alene g<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>lder for Warrantindehaveren og ikke for de andre kapitalejere
i Selskabet. S<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>ledes har ikke alle kapitalejere i Selskabet de
samme rettigheder i henhold til ejeraftalen. En s<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>dan tiltr<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>delseserkl<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ring
skal underskrives senest p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT> tidspunktet for udnyttelse af Warrants,
og udnyttelsen af Warrants skal v<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>re betinget heraf.</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="text-indent: 0; padding-left: 0; text-align: justify; width: 49%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>11&#9;</B></FONT></TD>
    <TD STYLE="width: 45%; padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>OVERDRAGELSE AF WARRANTS</B></FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>11&#9;</B></FONT></TD>
    <TD STYLE="width: 45%; padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ASSIGNMENT OF WARRANTS</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.1&#9;</FONT></TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrants og andre rettigheder og/eller forpligtelser af Warrantindehaveren
i henhold til denne Af- tale m&aring;</FONT> <FONT STYLE="font-size: 10pt">ikke v<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>re
genstand for udl<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>g (pant, sikkerhed eller lignende), erhverves
eller p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT> anden m<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>de
overdrages af Warrantindehaveren.</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="text-indent: 0; padding-left: 0; text-align: justify; width: 49%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0; padding-left: 0; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.2&#9;</FONT></TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Uanset det anf&oslash;</FONT><FONT STYLE="font-size: 10pt">rte
under punkt 11.1 kan overdragelse i tilf<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>lde af Warrantindehaverens
d<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>d finde sted til Warrantindehaverens bo og/eller hans/hendes
arvinger.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0; padding-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0; padding-left: 0; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.3&#9;</FONT></TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Uanset det anf&oslash;</FONT><FONT STYLE="font-size: 10pt">rte
under punkt 11.1 m<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT> Warrantindehaverens kapitalandele henholdsvis
Warrants, herunder kapitalandele erhvervet gennem udnyttelse af Warrants, ikke v<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>re
genstand for inkassoprocedurer, fogedforretninger eller anden form for fuldbyrdelse og m<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;
</FONT>heller ikke bruges som pant over for tredjepart. Warrantindehaveren har dog ved forudg<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>ende
skriftlig tilladelse fra Selskabets Bestyrelse ret til at bruge kapitalandele og warrants som pant i forbindelse med finansiering af&nbsp;&nbsp;k<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>b
af&nbsp;&nbsp;s<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>danne kapitalandele og warrants, hvis panthaver
forud for pants<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>tningen skriftligt bekr<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>fter
at ville respektere denne Aftale.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0; padding-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>12&#9;</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>AFKALD</B></FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>12&#9;</B></FONT></TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WAIVER</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.1&#9;</FONT></TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrantindehaveren garanterer ikke at ville p&aring;</FONT><FONT STYLE="font-size: 10pt">ber<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>be
sig eller p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT> anden m<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>de
benytte sig af minoritetsbeskyttelsesreglen i henhold Selskabsloven, herunder <FONT STYLE="font-family: Times New Roman, Times, Serif">&sect;
</FONT>73, if<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>lge hvilken en minoritetskapitalejer kan fordre
sine kapitalandele indl<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>st af en kapitalejer, der ejer mere end
ni tiendedele af kapitalandelene (indl<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>sningsret).</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="text-indent: 0; padding-left: 0; text-align: justify; width: 49%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Warrantee undertakes not to invoke or other- wise rely upon the minority protection rule&nbsp;</FONT><FONT STYLE="font-size: 10pt">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: &quot;indl<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>sningsret&quot;).</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>13&#9;</B></FONT></TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PANTS&AElig;</B></FONT><B><FONT STYLE="font-size: 10pt">TNING
AF KAPITALANDELE </FONT></B></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>13&#9;</B></FONT></TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PLEDGE OF SHARES</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.1&#9;</FONT></TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrantindehaveren forpligter sig herved at pants&aelig;</FONT><FONT STYLE="font-size: 10pt">tte
kapitalandele i Selskabet tegnet gennem udnyttelse af Warrants (herunder eventuelle stemmerettigheder) til de andre kapitalejere i</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="text-indent: 0; padding-left: 0; text-align: justify; width: 49%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="text-indent: 0; width: 45%; padding-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Selskabet som sikkerhed for (i)&nbsp;</FONT><FONT STYLE="font-size: 10pt">opfyldelse af Warrantindehaverens forpligtelser i henhold til Aftalen og (ii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>opfyldelse af Warrantindehaverens forpligtelser i henhold til ejeraftale, der er g<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ldende for Warrantindehaverens kapitalandele i Selskabet.</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="text-indent: 0; width: 49%; padding-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">for (i)&nbsp;</FONT><FONT STYLE="font-size: 10pt">the fulfilment of the Warrantee's obligations under this Agreement and (ii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>the fulfilment of the Warrantee's obligations under any Shareholders' Agreement governing the shares in the Company held by the Warrantee.</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>14&#9;</B></FONT></TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>FULDMAGT</B></FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>14&#9;</B></FONT></TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>POWER OF ATTORNEY</B></FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.1&#9;</FONT></TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrantindehaveren giver hermed Selskabets Bestyrelse fuldmagt
til p&aring;</FONT> <FONT STYLE="font-size: 10pt">Warrantindehaverens vegne at iv<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>rks<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>tte
enhver foranstaltning, der m<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>tte v<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>re
n<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>dvendig til opfyldelse af denne Aftale.</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="text-indent: 0; padding-left: 0; text-align: justify; width: 49%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>15&#9;</B></FONT></TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>TAVSHEDSPLIGT</B></FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>15&#9;</B></FONT></TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CONFIDENTIALITY</B></FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.1&#9;</FONT></TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Parterne forpligter sig til at behandle indholdet af denne
Aftale og betingelserne for Aftalen fortroligt. En Part&nbsp;</FONT><FONT STYLE="font-size: 10pt">er berettiget til at freml<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>gge
betingelserne i denne Aftale p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT> skriftlig opfordring fra en offentlig
myndighed, som har en lovlig ret til at kr<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ve s<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>danne
oplysninger, eller hvis en s<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>dan freml<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ggelse
udspringer af lovgivningen.</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="text-indent: 0; padding-left: 0; text-align: justify; width: 49%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>16&#9;</B></FONT></TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>LOVVALG</B></FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>16&#9;</B></FONT></TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>GOVERNING LAW</B></FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16.1&#9;</FONT></TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Denne Aftale er underlagt dansk ret.</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="text-indent: 0; padding-left: 0; text-align: justify; width: 49%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Agreement shall be governed by the laws of Denmark.</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>17&#9;</B></FONT></TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>TVISTER</B></FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>17&#9;</B></FONT></TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>DISPUTES</B></FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17.1&#9;</FONT></TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Enhver tvist mellem Parterne, der m&aring;</FONT><FONT STYLE="font-size: 10pt">tte
udspringe af Aftalen, herunder dens indg<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>else eller oph<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>r,
skal f<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>rst s<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>ges
afgjort ved forhandling. Kan Parterne ikke n<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT> til enighed, afg<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>res
tvisten ved de danske domstole i K<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>benhavn.</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="text-indent: 0; padding-left: 0; text-align: justify; width: 49%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>18&#9;</B></FONT></TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>UNDERSKRIFT, HELE AFTALEN OG &AElig;</B></FONT><B><FONT STYLE="font-size: 10pt">NDRINGER
HERTIL</FONT></B></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>18&#9;</B></FONT></TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SIGNATURES, ENTIRE AGREEMENT, AND AMENDMENTS</B></FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18.1&#9;</FONT></TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Denne Aftale er&nbsp;&nbsp;udf&aelig;</FONT><FONT STYLE="font-size: 10pt">rdiget&nbsp;&nbsp;i&nbsp;&nbsp;to&nbsp;&nbsp;eksemplarer,
hvoraf det ene underskrevne eksemplar forbliver hos Selskabet, mens det andet underskrevne</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="text-indent: 0; padding-left: 0; text-align: justify; width: 49%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="text-indent: 0; padding-left: 0; text-align: justify; font-size: 10pt; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">eksemplar udleveres til Warrantindehaveren. Aftalen tr&aelig;der i kraft p&aring; datoen for underskrivelsen.</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="text-indent: 0; padding-left: 0; text-align: justify; font-size: 10pt; width: 49%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">date of signing.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0; padding-left: 0; text-align: justify; font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0; padding-left: 0; text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
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  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0; font-size: 10pt; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18.2&#9;</FONT></TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0; font-size: 10pt; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alle meddelelser eller lignende i henhold til eller i forbindelse
med Aftalen skal foretages skriftligt fra den ene Part&nbsp;til den anden.</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="text-indent: 0; padding-left: 0; text-align: justify; font-size: 10pt; width: 49%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All notifications, demands or similar pursuant to or relating to this Agreement shall be made in writing to the other Party.</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0; text-align: center; font-size: 10pt; width: 49%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">- 0 &ndash;</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: center; font-size: 10pt; width: 49%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">- 0 -</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0; text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: center; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0; text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For and on behalf of Evaxion Biotech ApS:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the Warantee:</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 55%">
<HR SIZE="1" NOSHADE ALIGN="LEFT" STYLE="width: 25%; color: black">

    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10.1pt"></P></TD>
    <TD STYLE="width: 45%">
<HR SIZE="1" NOSHADE ALIGN="LEFT" STYLE="width: 25%; color: black">

    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 29.5pt"></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Name:</P></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Name:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Title:</TD>
    <TD>Title:</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
<HR SIZE="1" NOSHADE ALIGN="LEFT" STYLE="width: 25%; color: black">

    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.45pt"></P></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Name:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Title:</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>BILAG 3
TIL VEDT&AElig;</B></FONT><B>GTER</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>APPENDIX 3 TO ARTICLES OF ASSOCIATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>STRICTLY CONFIDENTIAL - LEGAL PRIVILEGE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WARRANTAFTALE</FONT></TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WARRANT AGREEMENT</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mellem</FONT></TD>
    <TD STYLE="width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Evaxion Biotech</FONT></TD>
    <TD STYLE="width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Between</FONT></TD>
    <TD STYLE="width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Evaxion Biotech</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ApS Bredgade 34 E</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ApS Bredgade 34 E</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1260 K&oslash;</FONT><FONT STYLE="font-size: 10pt">benhavn K</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1260 Copenhagen K</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">og</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>[Navn]</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">and</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>[Name]</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>[Adresse]</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>[Address]</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<!-- Field: Split-Segment; Name: 3 -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">INDHOLDSFORTEGNELSE/TABLE OF CONTENTS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD>
    <TD STYLE="width: 89%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BAGGRUND OG OMFANG</FONT></TD>
    <TD STYLE="width: 5%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BACKGROUND AND SCOPE</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TILDELING AF WARRANTS</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">GRANT OF WARRANTS</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TEGNINGSPRIS</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SUBSCRIPTION PRICE</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">UDNYTTELSE AF WARRANTS</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EXERCISE OF WARRANTS</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">VISSE BETINGELSER I RELATION TIL EXIT</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CERTAIN CONDITIONS RELATING TO AN EXIT</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">OPSIGELSE AF ANS&AElig;</FONT><FONT STYLE="font-size: 10pt">TTELSESFORHOLDET</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TERMINATION OF EMPLOYMENTS</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&AElig;</FONT><FONT STYLE="font-size: 10pt">NDRING I RETSSTILLING ELLER SELSKABSKAPITAL</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CHANGE OF LEGAL STATUS OR SHARE CAPITAL</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TEGNING AF KAPITALANDELE</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SUBACRIPTION OF SHARES</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SKAT</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TAX</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EJERAFTALE</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SHAREHOLDERS&rsquo;</FONT> <FONT STYLE="font-size: 10pt">AGREEMENT</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">OVERDRAGELSE AF WARRANTS</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ASSIGNMENT OF WARRANTS</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">AFKALD</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WAIVER</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PANTS&AElig;</FONT><FONT STYLE="font-size: 10pt">TNING AF KAPITALANDELE</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PLEDGE OF SHARES</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">FULDMAGT</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">POWER OF ATTORNEY</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TAVSHEDSPLIGT</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CONFIDENTIALITY</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">LOVVALG</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">GOVERNING LAW</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TVISTER</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DISPUTES</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">UNDERSKRIFT, HELE AFTALEN OG &AElig;</FONT><FONT STYLE="font-size: 10pt">NDRINGER HERTIL</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SIGNATURES, ENTIRE AGREEMENT AND AMENDMENTS</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20</FONT></TD></TR>
  </TABLE>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BILAGSFORTEGNELSE</FONT></TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">INDEX OF EXHIBITS</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bilag 1.2: Vedt&aelig;</FONT><FONT STYLE="font-size: 10pt">gter</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit&nbsp;</FONT><FONT STYLE="font-size: 10pt">1.2: Company's articles of association</FONT></TD></TR>
  </TABLE>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Der er den 31. december 2017 indg&aring;</FONT><FONT STYLE="font-size: 10pt">et f<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>lgende warrantaftale (&quot;Aftalen&quot;) mellem:</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Warrant Agreement (the &quot;Agreement&quot;) is entered into on December&nbsp;</FONT><FONT STYLE="font-size: 10pt">31, 2017 between:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Evaxion Biotech
ApS, CVR-nr. 31 76 28 63, Bredgade 34 E, 1260 K<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>benhavn K, Danmark
(&quot;Selskabet&quot;)</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Evaxion Biotech ApS, CVR no: 31 76 28 63 , Bredgade 34E, 1260 Copenhagen, Denmark&nbsp;&nbsp;(the &quot;Company&quot;)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>[Navn, CPR-nr., adresse]
</B>(&quot;Warrantindehaveren&quot;)</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B></B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>[Name, Civil Reg. No.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>(CPR), address]
</B>(the &quot;Warrantee&quot;)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Selskabet
og Warrantindehaveren er herefter samlet ben&aelig;</FONT><FONT STYLE="font-size: 10pt">vnt &quot;Parterne&quot; og hver for sig &quot;Part&quot;</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the Company and the Warrantee hereinafter collectively referred
to as the &quot;Parties&quot; and separately as a &quot;Party&quot;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EFTERSOM</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(A)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrantindehaveren er ansat
i selskabet.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(A) </FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Warrantee is employed by the Company.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(B)</FONT></TD>
    <TD STYLE="text-align: justify; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Selskabet &oslash;</FONT><FONT STYLE="font-size: 10pt">nsker
at motivere Warrantindehaveren ved at tildele et vist antal warrants til Warrantindehaveren.</FONT></TD>
    <TD STYLE="text-align: justify; width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 4%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(B) </FONT></TD>
    <TD STYLE="text-align: justify; width: 41%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company wishes to incentivise the Warrantee by granting
certain warrants to the Warrantee.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">HAR PARTERNE VEDTAGET F&Oslash;</FONT><FONT STYLE="font-size: 10pt">LGENDE:</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOW IT IS HEREBY AGREED AS FOLLOWS:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>BAGGRUND
OG OMFANG</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>BACKGROUND
AND SCOPE</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form&aring;</FONT><FONT STYLE="font-size: 10pt">let
med denne Aftale er at tildele Warrantindehaveren warrants i Selskabet for at sikre, at Selskabet og Warrantindehaveren har f<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>lles
interesser, og at begge Parter medvirker til at skabe den bedst mulige v<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>rdiudvikling
i Selskabet.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.2</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Selskabets
vedt&aelig;</FONT><FONT STYLE="font-size: 10pt">gter er vedlagt denne Aftale som bilag 1.2. Warrantindehaveren accepterer hermed alle
fremtidige <FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ndringer i Selskabets vedt<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>gter.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.2</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The Company's articles
of association are attached hereto as Exhibit<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>1.2. The Warrantee
hereby accepts all future changes to the Company's articles of association.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>TILDELING AF WARRANTS</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>GRANT OF WARRANTS</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.1</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">I
henhold til betingelserne i denne Aftale udsteder Selskabet hermed, og </FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.1</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Subject to the terms and
conditions set out in this Agreement, the Company hereby issues </FONT></TD></TR>
  </TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrantindehaveren modtager </FONT><FONT STYLE="font-size: 10pt">[<FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT>]
warrants i Selskabet (&quot;Warrants&quot;).</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">and the Warrantee receives </FONT><FONT STYLE="font-size: 10pt">[<FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT>]
warrants in the Company to the Warrantee (the &quot;Warrants&quot;).</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.2&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hver Warrant giver Warrantindehaveren ret, men ikke pligt,
til at tegne &eacute;</FONT><FONT STYLE="font-size: 10pt">n kapitalandel <FONT STYLE="font-family: Times New Roman, Times, Serif">&agrave;
</FONT>nominelt kr. 1 i Selskabet.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.2&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.3&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Warrants tildeles vederlagsfrit.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.3&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The Warrants are granted free of charge.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.4&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrants giver ikke Warrantindehaveren kapitalejerrettigheder,
som f.eks. fondskapitalandele, eller fortegningsret i tilf&aelig;</FONT><FONT STYLE="font-size: 10pt">lde af en kapitalforh<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>jelse
i Selskabet.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.4&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.5&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Selskabet er forpligtet til at f&oslash;</FONT><FONT STYLE="font-size: 10pt">re
en fortegnelse over udstedte Warrants, som skal opbevares sammen med Selskabets ejerbog.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.5&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The Company undertakes to keep and maintain a register of issued Warrants to be kept in connection with
the Company's share register.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3&#9;</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>TEGNINGSRET</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.&#9;</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SUBSCRIPTION PRICE</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hver Warrant giver Warrantindehaveren ret til at tegne &eacute;</FONT><FONT STYLE="font-size: 10pt">n
kapitalandel <FONT STYLE="font-family: Times New Roman, Times, Serif">&agrave;</FONT> nominelt kr. 1 i Selskabet til en pris af kr. 1
(&quot;Tegningsprisen&quot;).</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">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 &quot;Subscription Price&quot;).</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4&#9;</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>UDNYTTELSE AF WARRANTS</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4.&#9;</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>EXERCISE OF WARRANTS</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrantindehaveren kan udnytte alle eller en del af Warrants
(i)&nbsp;</FONT><FONT STYLE="font-size: 10pt">i forbindelse med en Exit (se punkt 4.2) eller (ii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;
</FONT>et tidspunkt, der fasts<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ttes af Bestyrelsen (et &quot;Vindue&quot;)</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The Warrantee may exercise all or part of the Warrants (i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>in
connection with an Exit (see Clause 4.2) or (ii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>at any time determined
by the Board (a &quot;Window&quot;).</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2&#9;</FONT></TD>
    <TD STYLE="text-align: justify; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;Exit&quot; betyder (a)&nbsp;</FONT><FONT STYLE="font-size: 10pt">en
<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ndring i ejerforholdene i Selskabet, hvorved en uafh<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ngig
tredjemand erhverver 50 % eller mere af selskabskapitalen i Selskabet eller kommer til at kontrollere mere end 50 % af stemmerne i Selskabet;
(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>en b<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>rsnotering
af Selskabets aktier; (c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>salg eller overdragelse af samtlige eller
en v<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>sentlig del af Selskabet aktiver; (d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>en
fusion med Selskabet som det oph<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>rende selskab;</FONT></TD>
    <TD STYLE="text-align: justify; width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2&#9;</FONT></TD>
    <TD STYLE="text-align: justify; width: 45%"><FONT STYLE="font-size: 10pt">An &quot;Exit&quot; shall mean (a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>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)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>an initial
public offering of the Company's shares (&quot;IPO&quot;); (c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>the
sale or disposition of all or a material part of the Company's assets; (d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>a
merger whereby the Company is the discontinuing entity; or (e)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>a
combination of (a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>- (d)</FONT></TD></TR>
  </TABLE>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 45%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">eller (e)&nbsp;</FONT><FONT STYLE="font-size: 10pt">en kombination
af (a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>- (d).</FONT></TD>
    <TD STYLE="width: 2%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 4%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 45%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">above.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.3&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">I tilf&aelig;</FONT><FONT STYLE="font-size: 10pt">lde af en
Exit skal Selskabet udstede en skriftlig meddelelse herom (&quot;Meddelelse om Exit&quot;) til Warrantindehaveren. Meddelelsen om Exit
skal indeholde relevante oplysninger om fremgangsm<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>den, bilagt
en formular til meddelelse om udnyttelse (&quot;Udnyttelsesmeddelelsen&quot;) samt eventuelt en yderligere forpligtelseserkl<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ring,
som Selskabet efter eget sk<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>n m<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>tte
forlange (f.eks. tiltr<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>delsesdokument til en aftale om k<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>b
og salg af anparter eller lignende forpligtelser til overdragelse af anparter, der er tegnet ved udnyttelse af Warrants), og som skal
underskrives af Warrantindehaveren (&quot;Yderligere Forpligtelseserkl<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ring&quot;).</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.3&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">In the event of an Exit, the Company shall issue a written notice of Exit (&quot;Exit Notice&quot;) to
the Warrantee. The Exit Notice shall include relevant information on the process and be accompanied by a form of exercise notice (the
 &quot;Exercise Notice&quot;) 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 &quot;Supplementary Undertakings&quot;).</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.4&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Meddelelse om udnyttelse af Warrants finder sted, ved at Warrantindehaveren
fremsender &quot;Udnyttelsesmeddelelsen&quot; til Selskabet med oplysning om det &oslash;</FONT><FONT STYLE="font-size: 10pt">nskede
antal kapitalandele samt en eventuel Yderligere Forpligtelseserkl<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ring.
Samtidig med fremsendelsen af Udnyttelsesmeddelelsen og eventuelt Yderligere Forpligtelseserkl<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ring
skal Warrantindehaveren betale et kontant bel<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>b til Selskabet
svarende til det relevante tegningsbel<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>b.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.4&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.5&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Medmindre Selskabet bestemmer andet, vil samtlige Warrants
automatisk bortfalde uden yderligere varsel og uden kompensation, hvis en Udnyttelsesmeddelelse og en eventuel Yderligere Forpligtelseserkl&aelig;</FONT><FONT STYLE="font-size: 10pt">ring
samt betaling af det relevante tegningsbel<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>b ikke er fremsendt
senest to (2)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>uger efter datoen for Meddelelsen om Exit.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.5&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">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)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>weeks
from the date of the Exit Notice, all Warrants shall automatically and without further notice or compensation lapse and become null and
void.</FONT></TD></TR>
  </TABLE>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.6&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrants, der ikke udnyttes i forbindelse med en Exit, vil
automatisk bortfalde uden kompensation efter gennemf&oslash;</FONT><FONT STYLE="font-size: 10pt">relsen af den relevante begivenhed.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.6</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Any Warrants that are not exercised in connection with an Exit shall automatically become void without
compensation, following the completion of the relevant event.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.7&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S&aring;</FONT><FONT STYLE="font-size: 10pt">fremt der efter
Meddelelsen om Exit ikke sker en endelig gennemf<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>relse af Exit,
beholder Warrantindehaveren sine Warrants i henhold til vilk<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>rene
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 gennemf<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>rt, og de udnyttede Warrants skal ikke tilbagef<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>res.
B<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>de Selskabet og Warrantindehaveren har dog ret til efter eget
sk<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>n at forlange, at Selskabet tilbagek<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>ber
de erhvervede kapitalandele til Tegningsprisen.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.7&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.8&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S&aring;</FONT><FONT STYLE="font-size: 10pt">fremt der oprettes
et Vindue, skal punkt 4.3 - 4.5 samtidig v<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>re g<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ldende.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.8&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">In case a Window is established Clauses 4.3- 4.5 shall apply simultaneously.&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.9&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrants, der ikke udnyttes i forbindelse med et Vindue, bortfalder
automatisk uden kompensation.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.9&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Any Warrants that are not exercised in connection with a Window shall automatically become void without
compensation.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.10&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S&aring;</FONT><FONT STYLE="font-size: 10pt">fremt et Vindue
ikke er blevet oprettet senest den 31. december 2036, bortfalder Warrants automatisk uden yderligere varsel og uden kompensation.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.10&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">In the event an Exit or a Window has not occurred on or before December<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>31,
2036, the Warrants shall automatically and without further notice or compensation lapse and become null and void.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.11&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">I forbindelse med en notering af ADS<FONT STYLE="font-family: Times New Roman, Times, Serif">&rsquo;</FONT>er
p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT> Nasdaq, USA, har Selskabets bestyrelse i henhold til pkt. 4.1
truffet beslutning om at fasts<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>tte udnyttelsesvinduerne for udstedte
warrants s<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>ledes:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.11&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">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:&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 4%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Optjente warrants kan udnyttes i fire &aring;</FONT><FONT STYLE="font-size: 10pt">rlige
udnyttelsesvinduer p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT> 2 uger, som hver</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 4%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vested warrants may be exercise in four annual exercise windows
of two weeks each that</FONT></TD></TR>
  </TABLE>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ligger to handelsdage efter offentligg&oslash;</FONT><FONT STYLE="font-size: 10pt">relsen
af henholdsvis Selskabets <FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>rsrapport, halv<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>rsregnskabet
samt kvartalsmeddelelserne. F<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>rste udnyttelsesperiode indtr<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>der
dog tidligst 180 dage efter Selskabets notering af ADS<FONT STYLE="font-family: Times New Roman, Times, Serif">&rsquo;</FONT>er p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;
</FONT>Nasdaq, USA, og i de f<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>rste fire udnyttelsesperioder kan
warrantindehaveren maksimalt udnytte 25% af de til warrantindehaveren tildelte warrants forudsat altid at warrants er optjent.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">each commence two trading days following publication of the
Company&rsquo;</FONT><FONT STYLE="font-size: 10pt">s annual report, the 6-month report and the interim reports. The first exercise window
shall, however, be at least 180 days following the listing by the Company of ADSs on Nasdaq, USA and in the first four exercise periods
the warratholder may as a maximum exercise 25% of the warrants granted to the respective warrantholders, provided always that the warrants
have vested.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5&#9;</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>VISSE BETINGELSER I RELATION TIL EXIT</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5.&#9;</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CERTAIN CONDITIONS RELATING TO AN EXIT</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Efter udnyttelse af Warrants i forbindelse med en b&oslash;</FONT><FONT STYLE="font-size: 10pt">rsnotering
skal Warrantindehaveren underskrive og tiltr<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>de de aftaler eller
forpligtelser, herunder i relation til en lock-up periode eller andre lock-up forpligtelser, som den udstedende bank m<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>tte
anmode om i forbindelse med en b<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>rsnotering.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.3&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.2&#9;</FONT></TD>
    <TD STYLE="text-align: justify; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Selskabet kan kr&aelig;</FONT><FONT STYLE="font-size: 10pt">ve,
og Warrantindehaveren skal i s<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT> fald acceptere, at samtlige eller
en del af Warrants ombyttes ligeligt til kapitalandele, warrants, konvertible v<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>rdipapirer
eller et andet kapitalandelsbaseret instrument udstedt af en k<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>ber
eller af en efterf<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>lger af Selskabet eller af et af disses moderselskaber
eller datterselskaber, eller til kapitalandele, warrants, konvertible v<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>rdipapirer
eller andet kapitalandelsbaseret instrument udstedt af Selskabet efter omstrukturering, s<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>ledes
at den p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>g<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ldende
Warrantindehavers Warrants umiddelbart efter en s<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>dan ombytning
- sammen med betaling af en eventuel kontant godtg<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>relse til Warrantindehaveren
- i alt v<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>sentlig har samme v<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>rdi
som de p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>g<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ldende</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.4&#9;</FONT></TD>
    <TD STYLE="text-align: justify; width: 45%"><FONT STYLE="font-size: 10pt">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</FONT></TD></TR>
  </TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrants, herunder de Warrants ejet af Warrantindehaveren umiddelbart
f&oslash;</FONT><FONT STYLE="font-size: 10pt">r en s<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>dan ombytning.
Uanset ovenst<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>ende er Warrantindehaveren berettiget til en delvis
kontant udbetaling i det omfang, dette er n<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>dvendigt, for at Warrantindehaveren
er i stand til at betale eventuel indkomst- eller kapitalgevinstskat, der umiddelbart forfalder som f<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>lge
af en s<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>dan ombytning af v<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>rdipapirer.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrantee to be able to pay any personal income or capital
gains tax immediately falling due as a result of such exchange of securities.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.3&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Forud for en Exit er Selskabet (eller en tredjemand, der er
udpeget af Selskabet) berettiget til at k&oslash;</FONT><FONT STYLE="font-size: 10pt">be Warrants fra Warrantindehaveren til en pris,
der fasts<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ttes i overensstemmelse med punkt 5.5 nedenfor.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.5&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">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 5.8 below.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.4&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hvis Selskabet &oslash;</FONT><FONT STYLE="font-size: 10pt">nsker
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 v<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>rende kommet Warrantindehaveren i
h<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>nde, og Selskabets rettighed derved ud<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>vet,
p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT> 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 gennemf<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>rt.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.6&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">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 5.6 above is always
subject to the condition that the Exit is actually completed.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.5&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>K&oslash;</I></FONT><I><FONT STYLE="font-size: 10pt">bspris
i forbindelse med Exit</FONT></I></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.7&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><I>Purchase Price in connection with an Exit</I></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.5.1&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ved k&oslash;</FONT><FONT STYLE="font-size: 10pt">b af Warrantindehaverens
Warrants i henhold til punkt 5.3 skal v<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>rdien af Warrants v<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>re
baseret p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT> den rimelige markedsv<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>rdi,
som anf<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>rt nedenfor.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.7.1&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">When the Warrantee's Warrants are purchased in accordance with Clause 5.6, the Warrants shall be based
on the fair market value as set out below.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.5.2&#9;</FONT></TD>
    <TD STYLE="text-align: justify; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Den rimelige markedsv&aelig;</FONT><FONT STYLE="font-size: 10pt">rdi
af Warrants beregnes af Selskabet p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT> grundlag af den nettopris
per kapitalandel i Selskabet, som s<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>lgende kapitalejere vil modtage
ved en </FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.7.2&#9;</FONT></TD>
    <TD STYLE="text-align: justify; width: 45%"><FONT STYLE="font-size: 10pt">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</FONT></TD></TR>
  </TABLE>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exit med fradrag af et forholdsm&aelig;</FONT><FONT STYLE="font-size: 10pt">ssigt
bel<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>b for vederlag til r<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>dgivere
m.v. Ved beregningen af den rimelige markedsv<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>rdi af Warrants skal
Selskabet fratr<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>kke et bel<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>b,
som Selskabet anser som passende i betragtning af de s<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>lgende kapitalejeres
eventuelle forpligtelser i henhold til Exit.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.5.3&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">N&aring;</FONT><FONT STYLE="font-size: 10pt">r Warrants k<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>bes
i forbindelse med en Exit som f<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>lge af salg eller overdragelse
af samtlige eller en v<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>sentlig del af Selskabets aktiver, er v<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>rdien
af Warrants den rimelige markedsv<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>rdi p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;
</FONT>tidspunktet efter salget. I tilf<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>lde af en s<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>dan
Exit skal der ved beregningen af den rimelige markedsv<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>rdi for
Warrants tages h<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>jde for den k<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>bspris,
Selskabet har modtaget for de solgte aktiver, med fradrag af g<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ld,
der ikke er overdraget sammen med aktiverne, samt en forholdsm<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ssig
andel af omkostninger, honorarer m.v. i forbindelse med transaktionen.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.7.3&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.5.4&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">K&oslash;</FONT><FONT STYLE="font-size: 10pt">bsprisen for
Warrants fastlagt i henhold til&nbsp;&nbsp;punkt 5.5.2 - 5.5.3 ovenfor skal betales 15 dage efter, at de s<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>lgende
kapitalejere i Selskabet har modtaget betaling for deres kapitalandele, og i tilf<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>lde
af k<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>b i forbindelse med et salg af aktiver, n<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>r
Selskabet har modtaget betaling for de solgte aktiver.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.7.4&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The purchase price for the Warrants determined in accordance with Clauses 5.8.2 - 5.8.3 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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6&#9;</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>OPSIGELSE AF ANS&AElig;</B></FONT><B><FONT STYLE="font-size: 10pt">TTELSES-FORHOLDET</FONT></B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6.&#9;</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>TERMINATION OF EMPLOYMENT</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.1&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Punkterne 6.2 -6.6 finder anvendelse, hvis Warrantindehaveren er ansat i Selskabet</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.3&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Clauses 6.2 - 6.6 shall apply provided the Warrantee is an employee of the Company:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.2&#9;</FONT></TD>
    <TD STYLE="text-align: justify; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hvis Selskabet opsiger Warrantindehaverens ans&aelig;</FONT><FONT STYLE="font-size: 10pt">ttelse
i Selskabet med en hvilken som helst begrundelse bortset fra Warrantindehaverens misligholdelse, er Warrantindehaveren berettiget til
at udnytte</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.4&#9;</FONT></TD>
    <TD STYLE="text-align: justify; width: 45%"><FONT STYLE="font-size: 10pt">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 &quot;misligholdelse&quot;), the Warrantee shall have the right to exercise any Warrants granted
pursuant to this Agreement</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 4%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrants tildelt i henhold til denne Aftale i overensstemmelse
med vilk&aring;</FONT><FONT STYLE="font-size: 10pt">rene i Aftalen, som om Warrantindehaveren stadig var ansat i Selskabet. Dette g<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>lder
ligeledes, hvis ans<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ttelsesforholdet bringes til oph<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>r,
fordi Warrantindehaveren har n<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>et den alder, der g<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>lder
for pensionering fra Selskabet, eller fordi Warrantindehaveren kan oppeb<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>re
folkepension eller alderspension fra Selskabet.</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 4%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: &quot;folkepension&quot;)
or retirement pension (in Danish: &quot;alderspension&quot;) from the Company.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.3&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hvis Selskabet opsiger Warrantindehaverens ans&aelig;</FONT><FONT STYLE="font-size: 10pt">ttelse
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 p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;
</FONT>tidspunktet for udl<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>bet af opsigelsesperioden.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.5&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">In the event that the Company terminates the Warrantee's employment with the Company due to the Warrantee's
breach (in Danish &quot;misligholdelse&quot;) or summarily dismisses the Warrantee for cause (in Danish &quot;bortvisning&quot;), all
Warrants granted pursuant to this Agreement, but not exercised at the time of the expiration of the notice period, becomes null and void.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.4&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hvis Warrantindehaveren opsiger sin ans&aelig;</FONT><FONT STYLE="font-size: 10pt">ttelse
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 p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;
</FONT>tidspunktet for udl<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>bet af opsigelsesperioden. </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.6&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">In the event that the Warrantee terminates the employment with the Company before December<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>31
2020 for any reason other than due the Company's material breach (in Danish: &quot;grov misligholdelse&quot;), all Warrants granted pursuant
to this Agreement, but not exercised at the time of the expiration of the notice period, become null and void.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.5&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hvis Warrantindehaveren opsiger sin ans&aelig;</FONT><FONT STYLE="font-size: 10pt">ttelse
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 anf<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>rt
nedenfor, i overensstemmelse med vilk<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>rene i Aftalen, som om Warrantindehaveren
stadig var ansat i Selskabet.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">If the Warrantee terminates the employment with the Company on or after December<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>31
2020 for any reason other than due to the Company's material breach (in Danish: &quot;grov misligholdelse&quot;) 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:</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24%; border: Black 1pt solid; padding-left: 1.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Dato for Warrantindehaverens opsigelse</I></B></FONT></TD>
    <TD STYLE="width: 25%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 1.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>% of Warrants</B></FONT></TD>
    <TD STYLE="width: 2%; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 1.45pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; width: 24%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 1.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Date
    of termination notice being served by the Warrantee</B></FONT></TD>
    <TD STYLE="width: 25%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 1.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>% of Warrants</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 1.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">31. december 2020</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 1.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">33.333</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 1.45pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 1.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">December&nbsp;</FONT><FONT STYLE="font-size: 10pt">31 2020</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 1.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">33.333</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 1.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. april 2021</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 1.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">41.666</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 1.45pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 1.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">April&nbsp;</FONT><FONT STYLE="font-size: 10pt">1 2021</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 1.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">41.666</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 1.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. juli 2021</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 1.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">49.999</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 1.45pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 1.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">July&nbsp;</FONT><FONT STYLE="font-size: 10pt">1 2021</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 1.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">49.999</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 1.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. oktober 2021</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 1.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">58.332</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 1.45pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 1.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">October&nbsp;</FONT><FONT STYLE="font-size: 10pt">1 2021</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 1.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">58.332</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 1.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. januar 2022</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 1.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">66.665</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 1.45pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 1.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">January&nbsp;</FONT><FONT STYLE="font-size: 10pt">1 2022</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 1.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">66.665</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 1.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. april 2022</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 1.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">74.998</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 1.45pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 1.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">April&nbsp;</FONT><FONT STYLE="font-size: 10pt">1 2022</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 1.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">74.998</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 1.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. juli 2022</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 1.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">83.331</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 1.45pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 1.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">July&nbsp;</FONT><FONT STYLE="font-size: 10pt">1 2022</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 1.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">83.331</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 1.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. oktober 2022</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 1.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">91.664</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 1.45pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 1.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">October&nbsp;</FONT><FONT STYLE="font-size: 10pt">1 2022</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 1.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">91.664</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 1.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30. december 2022</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 1.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">100</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 1.45pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 1.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">December&nbsp;</FONT><FONT STYLE="font-size: 10pt">30 2022</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 1.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">100</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Resterende Warrants, som ikke er udnyttet p&aring;</FONT> <FONT STYLE="font-size: 10pt">tidspunktet
for udl<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>bet af opsigelsesperioden, bortfalder.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Remaining Warrants not exercised at the time of the expiration of the notice period, become null and void.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.6&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hvis Warrantindehaveren opsiger sin ans&aelig;</FONT><FONT STYLE="font-size: 10pt">ttelse
i Selskabet begrundet i Selskabets grove misligholdelse, er Warrantindehaveren berettiget til at udnytte Warrants tildelt i henhold til
denne Aftale i overensstemmelse med vilk<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>rene i Aftalen, som om
Warrantindehaveren stadig var ansat i Selskabet.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.7&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">In the event that the Warrantee terminates the employment with the Company due to the Company's material
breach (in Danish: &quot;grov misligholdelse&quot;), 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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.7&#9;</FONT></TD>
    <TD STYLE="text-align: justify; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">I tilf&aelig;</FONT><FONT STYLE="font-size: 10pt">lde af Warrantindehaverens
d<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>d, vil Warrantindehaverens bo eller Warrantindehaverens overlevende
<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>gtef<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>lle
(hvis denne sidder i uskiftet bo) v<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>re berettiget til at udnytte
Warrants i overensstemmelse med vilk<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>rene i denne Aftale.</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.8&#9;</FONT></TD>
    <TD STYLE="text-align: justify; width: 45%"><FONT STYLE="font-size: 10pt">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.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>7&#9;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&AElig;</B></FONT><B><FONT STYLE="font-size: 10pt">NDRING
I RETSSTILLING ELLER SELSKABSKAPITAL</FONT></B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>7.&#9;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CHANGE OF LEGAL STATUS OR SHARE CAPITAL</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.1&#9;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&AElig;</I></FONT><I><FONT STYLE="font-size: 10pt">ndring
i selskabskapital</FONT></I></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>7.1&#9;</I></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Change of Share Capital</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.1.1&#9;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">I tilf&aelig;</FONT><FONT STYLE="font-size: 10pt">lde af <FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ndringer
i Selskabets selskabskapital, herunder men ikke begr<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>nset til:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.1.1&#9;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">In case of changes in the Company<FONT STYLE="font-family: Times New Roman, Times, Serif">&rsquo;</FONT>s
share capital including but not limited to</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 4%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&#9;</FONT></TD>
    <TD STYLE="text-align: justify; width: 41%"><FONT STYLE="font-size: 10pt">for<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>gelse af selskabskapitalen,</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 4%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&#9;</FONT></TD>
    <TD STYLE="text-align: justify; width: 41%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">increase of the share capital,</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">udstedelse af konvertible obligationer, </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">issuance of convertible bonds,</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">udstedelse af nye tegningsretter, eller</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">issuance of new subscription rights, or</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">neds<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ttelse af selskabskapitalen,</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">decrease of the share capital,</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">uanset om dette sker til en kurs, der er lig med markedskursen for Selskabets kapitalandele, eller til
en overkurs, eller hvis <FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ndringerne n<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>vnt
i 7.1.1 (i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>- (iv)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>sker
til fav<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>rkurs, sker der ingen regulering i Warrants.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">whether at a rate that is equal to the market price of the shares of the Company or at premium rate (&quot;overkurs&quot;),
or if the changes mentioned in Clause 7.1.1 (i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>- (iv)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>are
made at a special price (<FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;</FONT>fav<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>rkurs<FONT STYLE="font-family: Times New Roman, Times, Serif">&rdquo;</FONT>)
no regulation of Warrants shall occur.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.1.2&#9;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hvis den nominelle v&aelig;</FONT><FONT STYLE="font-size: 10pt">rdi
af Selskabets kapitalandele <FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ndres, skal antallet af Warrants (antal
af kapitalandele) og/eller Udnyttelsesprisen tilpasses, s<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>ledes
at v<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>rdien af Warrants ikke bliver p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>virket
af s<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>danne <FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ndringer.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.1.2&#9;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.1.3&#9;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hvis selskabskapitalen neds&aelig;</FONT><FONT STYLE="font-size: 10pt">ttes
til d<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>kning af tab, skal antallet af kapitalandele, som Warrantindehaveren
kan tegne gennem udnyttelse af Warrants, reduceres (nedrundet) forholdsm<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ssigt
til den nominelle reduktion af kapitalen sammenholdt med Selskabets totale nominelle selskabskapital f<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>r
reduktionen.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.1.3&#9;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">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.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.2&#9;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><I>Andre <FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ndringer</I></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>7.2&#9;</I></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><I>Other Changes</I></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.2.1&#9;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hvis der tr&aelig;</FONT><FONT STYLE="font-size: 10pt">ffes
beslutning om</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.2.1&#9;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">If a resolution is made to</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 4%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD>
    <TD STYLE="text-align: justify; width: 41%"><FONT STYLE="font-size: 10pt">at likvidere eller afvikle Selskabet,</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 4%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&#9;</FONT></TD>
    <TD STYLE="text-align: justify; width: 41%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">liquidate or wind up the Company,</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">at spalte Selskabet eller</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">demerge the Company, or</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">at gennemf<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>re
en kapitalandelsombytning, der omfatter samtlige kapitalandele i Selskabet (oprettelse af et holdingselskab/apportindskud),</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">effect an exchange of shares which includes all shares in the
Company (establishment of a holding company/non-cash contribution),</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">er Warrantindehaveren berettiget til at udnytte Warrants p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;
</FONT>ikrafttr<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>delsesdatoen for den relevante <FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ndring,
jf. dog punkt 7.2.2. Selskabets Bestyrelse skal skriftligt meddele Warrantindehaveren, hvis der tr<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ffes
en af de ovenn<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>vnte 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.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">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<FONT STYLE="font-family: Times New Roman, Times, Serif">&rsquo;</FONT>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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.2.2&#9;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hvis Selskabet indg&aring;</FONT><FONT STYLE="font-size: 10pt">r
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)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>modtagende
selskab(er), forudsat at de(t)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>forts<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ttende
selskab(er) er enig heri.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.2.2&#9;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">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).</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>8&#9;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>TEGNING AF KAPITALANDELE</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>8.&#9;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SUBSCRIPTION OF SHARES</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.1&#9;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ved udnyttelse af et hvilket som helst antal</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.1&#9;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Upon exercise of any part of the Warrants, the</FONT></TD></TR>
  </TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrants g&aelig;</FONT><FONT STYLE="font-size: 10pt">lder
f<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>lgende for tegning af nye kapitalandele:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">following will apply for the subscription of new shares:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9;</FONT><FONT STYLE="font-size: 10pt">De andre kapitalejere
i Selskabet har ikke fortegningsret med hensyn til Warrants eller kapitalandele udstedt gennem udnyttelse af Warrants</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9;The other shareholders of the Company have no pre-emption
rights with respect to the Warrants or shares issued by exercise of the Warrants.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9;</FONT><FONT STYLE="font-size: 10pt">Betaling af tegningsbel<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>bet
og tegning af kapitalandele skal finde sted samtidigt. Warrantindehaverens rettigheder som kapitalejer efter udnyttelse af samtlige Warrants
eller en del heraf tr<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>der i kraft, n<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>r
uigenkaldelig kontant betaling til Selskabet har fundet sted. Selskabet skal registrere Warrantindehaveren som kapitalejer i Selskabets
ejerbog.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9;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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9;</FONT><FONT STYLE="font-size: 10pt">De nye kapitalandele
udstedes i kapitalandele <FONT STYLE="font-family: Times New Roman, Times, Serif">&agrave;</FONT> nominelt kr. 1 eller multipla heraf.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9;The new shares are issued in shares of nominally DKK 1
or multiples hereof.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9;</FONT><FONT STYLE="font-size: 10pt">De nye kapitalandele
skal udstedes p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT> navn, indf<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>res
i Selskabets ejerbog og er ikke-oms<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ttelige.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9;The new shares are issued on name, shall be registered
in the Company's share register and are non-negotiable shares.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9;</FONT><FONT STYLE="font-size: 10pt">Restriktionerne p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;
</FONT>eksisterende kapitalandele vedr<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>rende oms<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ttelighed
g<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>lder ogs<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;
</FONT>for de nye kapitalandele.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9;The restrictions on the current shares as to negotiability
shall also apply for the new shares.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vi)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9;</FONT><FONT STYLE="font-size: 10pt">Fortegningsret for
nye kapitalandele i forbindelse med fremtidige kapitalforh<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>jelser
er begr<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>nsede for s<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;
</FONT>vidt ang<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>r udstedelse af warrants eller tegning af kapitalandele
gennem udnyttelse af s<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>danne warrants eller ved andre begivenheder
i henhold til generalforsamlingens beslutning</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vi)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9;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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 4%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vii)</FONT></TD>
    <TD STYLE="text-align: justify; width: 41%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9;</FONT><FONT STYLE="font-size: 10pt">De nye kapitalandele
giver ret til</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 4%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vii)</FONT></TD>
    <TD STYLE="text-align: justify; width: 41%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9;The new shares shall carry a right to</FONT></TD></TR>
  </TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">dividende og andre rettigheder i Selskabet til enhver tid,
n&aring;</FONT><FONT STYLE="font-size: 10pt">r den relevante kapitalforh<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>jelse
er registreret i Erhvervsstyrelsen.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">dividend and other rights in the Company from the time when
the relevant capital increase has been registered with the Danish Business Authority.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 4%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(viii)&#9;</FONT></TD>
    <TD STYLE="text-align: justify; width: 41%"><FONT STYLE="font-size: 10pt">Selskabet betaler omkostningerne i forbindelse med udstedelse og udnyttelse af Warrants.</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 4%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(viii)&#9;</FONT></TD>
    <TD STYLE="text-align: justify; width: 41%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company shall pay the costs in connection with the issuance
and exercise of Warrants.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>9&#9;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SKAT</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>9.&#9;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>TAX</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.1&#9;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Punkterne 9.2 - 9.4 finder anvendelse, hvis Warrantindehaveren
er ansat i Selskabet:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.1&#9;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Clauses 9.2 - 9.4 shall apply provided the Warrantee is an employee of the Company:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.2&#9;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrants er underlagt ligningslovens &sect;</FONT> <FONT STYLE="font-size: 10pt">7
P.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.2&#9;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The Warrants shall be subject to Section<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>7
P of the Danish Tax Assessment Act.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.3&#9;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Selskabet har vurderet v&aelig;</FONT><FONT STYLE="font-size: 10pt">rdien
af de tildelte warrants til DKK 1.901 pr. stk. (f<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>r justering
for fondsaktieudstedelse og aktiesplit af 4. januar 2021).</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.3&#9;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The Company has assessed the value of each granted warrants as DKK 1901 (before adjustment for bonus shares
and share split of 4 January<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>2021).</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.4&#9;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Selskabet giver ikke Warrantindehaveren nogen garanti for,
at Warrants beskattes efter ligningslovens &sect;</FONT> <FONT STYLE="font-size: 10pt">7 P med eventuelle senere <FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ndringer,
herunder om kravene til anvendelse af bestemmelsen ikke er opfyldt, eller om bestemmelsen fremover er <FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ndret
eller oph<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>vet.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.4&#9;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The Company does not make any guarantees to the Warrantee that the Warrantee will be subject to the tax
treatment under Section<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.5&#9;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">De skattem&aelig;</FONT><FONT STYLE="font-size: 10pt">ssige
konsekvenser for Warrantindehaveren i forbindelse med denne Aftale, herunder men ikke begr<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>nset
til erhvervelse og/eller tildeling af Warrants, og/eller skattem<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ssige
konsekvenser i forbindelse med udnyttelse af Warrants, er Selskabet uvedkommende. Warrantindehaveren opfordres til at s<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>ge
skattem<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ssig r<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>dgivning
i forbindelse med indg<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>elsen af denne Aftale.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.5&#9;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">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.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>10&#9;</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>EJERAFTALE</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>10.&#9;</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SHAREHOLDERS&rsquo;</B></FONT><B> <FONT STYLE="font-size: 10pt">AGREEMENT</FONT></B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.1&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrantindehaveren skal p&aring;</FONT> <FONT STYLE="font-size: 10pt">tidspunktet
for udnyttelse af Warrants tildelt i henhold til denne Af- tale tiltr<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>de
og acceptere at v<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>re bundet af enhver ejeraftale, der g<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>lder
for kapitalejere i Selskabet til enhver tid ved at underskrive en tiltr<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>delseserkl<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ring
til en s<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>dan ejeraftale. Warrantindehaveren tiltr<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>der
og accepterer, at en s<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>dan ejeraftale kan indeholde betingelser,
der alene g<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>lder for Warrantindehaveren og ikke for de andre kapitalejere
i Selskabet. S<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>ledes har ikke alle kapitalejere i Selskabet de
samme rettigheder i henhold til ejeraftalen. En s<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>dan tiltr<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>delseserkl<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ring
skal underskrives senest p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT> tidspunktet for udnyttelse af Warrants,
og udnyttelsen af Warrants skal v<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>re betinget heraf.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.1&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>11&#9;</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>OVERDRAGELSE AF WARRANTS</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>11.&#9;</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ASSIGNMENT OF WARRANTS</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.1&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrants og andre rettigheder og/eller forpligtelser af Warrantindehaveren
i henhold til denne Aftale m&aring;</FONT> <FONT STYLE="font-size: 10pt">ikke v<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>re
genstand for udl<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>g (pant, sikkerhed eller lignende), erhverves
eller p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT> anden m<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>de
overdrages af Warrantindehaveren.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.1&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.2&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Uanset det anf&oslash;</FONT><FONT STYLE="font-size: 10pt">rte
under punkt 11.1 kan overdragelse i tilf<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>lde af Warrantindehaverens
d<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>d finde sted til Warrantindehaverens bo og/eller hans/hendes
arvinger.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.2&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.3&#9;</FONT></TD>
    <TD STYLE="text-align: justify; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Uanset det anf&oslash;</FONT><FONT STYLE="font-size: 10pt">rte
under punkt 11.1 m<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT> Warrantindehaverens kapitalandele henholdsvis
Warrants, herunder kapitalandele erhvervet gennem udnyttelse af Warrants, ikke v<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>re
genstand for inkassoprocedurer, fogedforretninger eller anden form for fuldbyrdelse og m<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;
</FONT>heller ikke bruges som pant over for tredjepart.</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.3&#9;</FONT></TD>
    <TD STYLE="text-align: justify; width: 45%"><FONT STYLE="font-size: 10pt">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</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrantindehaveren har dog ved forudg&aring;</FONT><FONT STYLE="font-size: 10pt">ende
skriftlig tilladelse fra Selskabets Bestyrelse ret til at bruge kapitalandele og warrants som pant i forbindelse med finansiering af&nbsp;&nbsp;k<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>b
af&nbsp;&nbsp;s<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>danne kapitalandele og warrants, hvis panthaver
forud for pants<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>tningen skriftligt bekr<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>fter
at ville respektere denne Aftale.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>12&#9;</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>AFKALD</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>12.&#9;</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WAIVER</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.1&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrantindehaveren garanterer ikke at ville p&aring;</FONT><FONT STYLE="font-size: 10pt">ber<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>be
sig eller p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT> anden m<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>de
benytte sig af minoritetsbeskyttelsesreglen i henhold Selskabsloven, herunder <FONT STYLE="font-family: Times New Roman, Times, Serif">&sect;
</FONT>73, if<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>lge hvilken en minoritetskapitalejer kan fordre
sine kapitalandele indl<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>st af en kapitalejer, der ejer mere end
ni tiendedele af kapitalandelene (indl<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>sningsret).</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.1&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The Warrantee undertakes not to invoke or otherwise rely upon the minority protection rule<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>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: &quot;indl<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>sningsret&quot;).</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>13&#9;</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>PANTS<FONT STYLE="font-family: Times New Roman, Times, Serif">&AElig;</FONT>TNING AF KAPITALANDELE </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>13.&#9;</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PLEDGE OF SHARES</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.1&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrantindehaveren forpligter sig herved at pants&aelig;</FONT><FONT STYLE="font-size: 10pt">tte
kapitalandele i Selskabet tegnet gennem udnyttelse af Warrants (herunder eventuelle stemmerettigheder) til de andre kapitalejere i Selskabet
som sikkerhed for (i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>opfyldelse af Warrantindehaverens forpligtelser
i henhold til Aftalen og (ii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>opfyldelse af Warrantindehaverens
forpligtelser i henhold til ejeraftale, der er g<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ldende for Warrantindehaverens
kapitalandele i Selskabet.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.1&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The Warrantee hereby undertakes to pledge any shares in the Company sub-scribed for by exercise of any
Warrants (including voting rights (if any)) to the other shareholders of the Company as security for (i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>the
fulfilment of the Warrantee's obligations under this Agreement and (ii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>the
fulfilment of the Warrantee's obligations under any Shareholders' Agreement governing the shares in the Company held by the Warrantee.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>14&#9;</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>FULDMAGT</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>14.&#9;</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>POWER OF ATTORNEY</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.1&#9;</FONT></TD>
    <TD STYLE="text-align: justify; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrantindehaveren giver hermed Selskabets Bestyrelse fuldmagt
til p&aring;</FONT> <FONT STYLE="font-size: 10pt">Warrantindehaverens vegne at iv<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>rks<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>tte
enhver foranstaltning, der m<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>tte v<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>re
n<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>dvendig til opfyldelse af denne Aftale.</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.1&#9;</FONT></TD>
    <TD STYLE="text-align: justify; width: 45%"><FONT STYLE="font-size: 10pt">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.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>15&#9;</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>TAVSHEDSPLIGT</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>15.&#9;</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CONFIDENTIALITY</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.1&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Parterne forpligter sig til at behandle indholdet af denne
Aftale og betingelserne for Aftalen fortroligt. En Part&nbsp;</FONT><FONT STYLE="font-size: 10pt">er berettiget til at freml<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>gge
betingelserne i denne Aftale p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT> skriftlig opfordring fra en offentlig
myndighed, som har en lovlig ret til at kr<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ve s<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>danne
oplysninger, eller hvis en s<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>dan freml<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ggelse
udspringer af lovgivningen.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.1&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>16&#9;</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>LOVVALG</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>16.&#9;</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>GOVERNING LAW</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16.1&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Denne Aftale er underlagt dansk ret.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16.1&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">This Agreement shall be governed by the laws of Denmark.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>17&#9;</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>VISTER</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>17.&#9;</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>DISPUTES</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17.1&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Enhver tvist mellem Parterne, der m&aring;</FONT><FONT STYLE="font-size: 10pt">tte
udspringe af Aftalen, herunder dens indg<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>else eller oph<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>r,
skal f<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>rst s<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>ges
afgjort ved forhandling. Kan Parterne ikke n<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT> til enighed, afg<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>res
tvisten ved de danske domstole i K<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>benhavn.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17.1&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>18&#9;</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>UNDERSKRIFT, HELE AFTALEN OG &AElig;</B></FONT><B><FONT STYLE="font-size: 10pt">NDRINGER
HERTIL</FONT></B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>18.&#9;</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SIGNATURES, ENTIRE AGREEMENT, AND AMENDMENTS</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18.1&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Denne Aftale er udf&aelig;</FONT><FONT STYLE="font-size: 10pt">rdiget
i to eksemplarer, hvoraf det ene underskrevne eksemplar forbliver hos Selskabet, mens det andet underskrevne eksemplar udleveres til
Warrantindehaveren. Aftalen tr<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>der i kraft p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;
</FONT>datoen for underskrivelsen.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18.1&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18.2&#9;</FONT></TD>
    <TD STYLE="text-align: justify; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alle meddelelser eller lignende i henhold til eller i forbindelse
med Aftalen skal foretages skriftligt fra den ene Part&nbsp;</FONT><FONT STYLE="font-size: 10pt">til den anden.</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18.2&#9;</FONT></TD>
    <TD STYLE="text-align: justify; width: 45%"><FONT STYLE="font-size: 10pt">All notifications, demands or similar pursuant to or relating to this Agreement shall be made in writing
to the other Party.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">- 0 -</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">- 0 -</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For og p&aring;</FONT> <FONT STYLE="font-size: 10pt">vegne af Evaxion Biotech ApS:</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 49%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For and on behalf of Evaxion Biotech ApS:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Navn: Lars Staal Wegner</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Titel: CEO</P></TD>
    <TD>&nbsp;</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Name: Lars Staal Wegner</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Title: CEO</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For <B>[the Warantee]</B>:</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For <B>[the Warantee]</B>:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Navn:<BR>
Titel:</P></TD>
    <TD>&nbsp;</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Name:<BR>
Title:</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 90%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Schedule 4</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Evaxion Biotech A/S</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrant Terms</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 49.65pt; text-align: justify; text-indent: -49.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>RESOLUTION</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 51.05pt; text-align: justify; text-indent: -51.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Board of Directors has on 17 December&nbsp;</FONT><FONT STYLE="font-size: 10pt">2020, pursuant to the authorisation set out in article 2.8 of Evaxion Biotech A/S<FONT STYLE="font-family: Times New Roman, Times, Serif">&rsquo;</FONT>s (the <FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;</FONT>Company<FONT STYLE="font-family: Times New Roman, Times, Serif">&rdquo;</FONT>) articles of association, determined that the following terms and conditions (the <FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;</FONT>Warrant Terms<FONT STYLE="font-family: Times New Roman, Times, Serif">&rdquo;</FONT>) shall apply to warrants (the <FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;</FONT>Warrants<FONT STYLE="font-family: Times New Roman, Times, Serif">&rdquo;</FONT>) issued to the European Investment Bank (the <FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;</FONT>Warrant Holder<FONT STYLE="font-family: Times New Roman, Times, Serif">&rdquo;</FONT>) according to the authorisation. </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 51.05pt; text-align: justify; text-indent: -51.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ISSUE OF WARRANTS AND WARRANT CONSIDERATION</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 51.05pt; text-align: justify; text-indent: -51.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.1</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 &ldquo;</FONT><FONT STYLE="font-size: 10pt">Warrant Certificate<FONT STYLE="font-family: Times New Roman, Times, Serif">&rdquo;</FONT>). Warrants are issued free of charge, without payment of any kind from the Warrant Holder.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 51.05pt; text-align: justify; text-indent: -51.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.2</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 51.05pt; text-align: justify; text-indent: -51.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.3</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company will, along with the Company&rsquo;</FONT><FONT STYLE="font-size: 10pt">s register of shareholders, keep a list of the issued Warrants.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 51.05pt; text-align: justify; text-indent: -51.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>EXERCISE OF WARRANTS</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 51.05pt; text-align: justify; text-indent: -51.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 &quot;Exercise Price&quot;), subject, however, to the adjustment mechanisms set forth in clause 5.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 51.05pt; text-align: justify; text-indent: -51.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.2</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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. </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 51.05pt; text-align: justify; text-indent: -51.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.3</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 51.05pt; text-align: justify; text-indent: -51.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.4</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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</FONT></TD></TR>
  </TABLE>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 90%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 &ldquo;</FONT><FONT STYLE="font-size: 10pt">IPO<FONT STYLE="font-family: Times New Roman, Times, Serif">&rdquo;</FONT>). Following an IPO clause 7.1 (f)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>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)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 51.05pt; text-align: justify; text-indent: -51.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.6</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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. </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 51.05pt; text-align: justify; text-indent: -51.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4.</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PROCEDURE FOR EXERCISE OF WARRANTS</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 51.05pt; text-align: justify; text-indent: -51.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To exercise a Warrant, the Warrant Holder must give the Company written notice thereof (the &quot;Exercise Notice&quot;). Exercise Notice may be given by a Warrant Holder more than once, reference is made to section 3.3.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 51.05pt; text-align: justify; text-indent: -51.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 51.05pt; text-align: justify; text-indent: -51.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.3</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 51.05pt; text-align: justify; text-indent: -51.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5.</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CHANGES IN THE COMPANY'S CAPITAL STRUCTURE</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 51.05pt; text-align: justify; text-indent: -51.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Changes in the Company&rsquo;</FONT><FONT STYLE="font-size: 10pt">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. </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 51.05pt; text-align: justify; text-indent: -51.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.2</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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&rsquo;</FONT><FONT STYLE="font-size: 10pt">s auditor according to recognized principles. The adjustment may be carried out either by an increase or decrease of </FONT></TD></TR>
  </TABLE>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 11%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 89%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 51.05pt; text-align: justify; text-indent: -51.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.3</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrants shall not be adjusted as a result of the Company&rsquo;</FONT><FONT STYLE="font-size: 10pt">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<FONT STYLE="font-family: Times New Roman, Times, Serif">&rsquo;</FONT> and others<FONT STYLE="font-family: Times New Roman, Times, Serif">&rsquo;</FONT> 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. </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 51.05pt; text-align: justify; text-indent: -51.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.4</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 51.05pt; text-align: justify; text-indent: -51.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.5</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 51.05pt; text-align: justify; text-indent: -51.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6.</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>LIQUIDATION</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 51.05pt; text-align: justify; text-indent: -51.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.1</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 51.05pt; text-align: justify; text-indent: -51.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.2</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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&nbsp;&nbsp;above, which shall apply <I>mutatis mutandis</I>, 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.</FONT></TD></TR>
  </TABLE>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; padding-left: 51.05pt; text-align: justify; text-indent: -51.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>7.</B></FONT></TD>
    <TD STYLE="width: 90%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PUT OPTION</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 51.05pt; text-align: justify; text-indent: -51.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.1</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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&nbsp;&nbsp;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 &quot;Put Option&quot;). 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 (&quot;Put Event&quot;):</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">at any point in time on or after the occurrence of the sixth anniversary after the Warrant Holder has been granted the first Warrant;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any mandatory or voluntary prepayment in whole or in part of the Company&rsquo;</FONT><FONT STYLE="font-size: 10pt">s debt to the Warrant Holder;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">an initial public offering and admission to trading and official listing of shares of the Company (</FONT><FONT STYLE="font-size: 10pt">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;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a sale, assignment, transfer or other disposal of all (or substantially all) of the issued share capital in the Company;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a sale, assignment, transfer or other disposal of all (or substantially all) of the assets and undertakings of the Company;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Andreas Holm Mattsson and Niels Iversen M&oslash;</FONT><FONT STYLE="font-size: 10pt">ller (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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.1.1</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the purpose of clause
    7.1 , Fejll Henvisningskilde ikke fundet &quot;<I>Control</I>&quot; shall mean the power (directly or indirectly) to
    (i)&nbsp;</FONT><FONT STYLE="font-size: 10pt">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)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>appoint
    or remove all, or the majority, of the directors of an entity; and/or (iii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>give
    directions with respect to the operating and financial policies of an entity with which the directors of that entity are obliged to
    comply.</FONT></TD></TR>
  </TABLE>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; padding-left: 51.05pt; text-align: justify; text-indent: -51.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.2</FONT></TD>
    <TD STYLE="width: 90%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Put Option shall be exercised by the Warrant Holder serving upon the Company an irrevocable notification (&quot;Put Option Notice&quot;). The Put Option Notice shall specify the Fair Market Value of the relevant Warrants, taking into account any adjustment under clause 5. </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 51.05pt; text-align: justify; text-indent: -51.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.3</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 (&quot;Objection Notice&quot;), 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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 51.05pt; text-align: justify; text-indent: -51.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.3.1</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 &quot;Expert&quot;) for determination in accordance with clause 8. </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 51.05pt; text-align: justify; text-indent: -51.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.3.2</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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</FONT> <FONT STYLE="font-size: 10pt">adjusted in accordance with the Expert's decision on Fair Market Value.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 51.05pt; text-align: justify; text-indent: -51.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.4</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 51.05pt; text-align: justify; text-indent: -51.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>8.</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>FAIR MARKET VALUE</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 51.05pt; text-align: justify; text-indent: -51.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.1</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The valuation of the Fair Market Value prior to an IPO shall be determined:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">on a fully diluted basis assuming exercise of all warrants outstanding;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">by applying techniques that are appropriate in light of the nature, facts, and circumstances of the financial instrument;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">using reasonable current market data and inputs combined with market participant assumptions; and</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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)&nbsp;</FONT><FONT STYLE="font-size: 10pt">independent of each other, (ii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>knowledgeable of the market, (iii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>able to transact and willing to transact, that is, they are motivated but not forced or otherwise compelled to do so.</FONT></TD></TR>
  </TABLE>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 51.05pt; text-align: justify; text-indent: -51.05pt; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.2</FONT></TD>
    <TD STYLE="text-align: justify; width: 90%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The valuation shall be by guided by the International Private Equity and Venture Capital Valuation Guidelines as such are amended from time to time. </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 51.05pt; text-align: justify; text-indent: -51.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.3</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Following an IPO the Fair Market Value shall mean the average VWAP of the Company&rsquo;</FONT><FONT STYLE="font-size: 10pt">s shares calculated for a period of six (6)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>months following the date of notification that the Put Option is being exercised. In the first six (6)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>months after an IPO, the Fair Market Value shall mean the average VWAP of the Company<FONT STYLE="font-family: Times New Roman, Times, Serif">&rsquo;</FONT>s shares calculated for the entire period from the IPO until the date of notification that the Put Option is being exercised.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 51.05pt; text-align: justify; text-indent: -51.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.4</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the purposes of this clause 8, &ldquo;</FONT><FONT STYLE="font-size: 10pt">Orderly Transaction<FONT STYLE="font-family: Times New Roman, Times, Serif">&rdquo;</FONT> 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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 51.05pt; text-align: justify; text-indent: -51.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>9.</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>TERMS OF THE ISSUE OF SHARES</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 51.05pt; text-align: justify; text-indent: -51.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.1</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The </FONT><FONT STYLE="font-size: 10pt">following shall apply for the new shares issued in connection with the exercise of Warrants in accordance with these Warrant Terms:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the maximum nominal value of the capital increase resulting from an exercise of Warrants will be DKK 351,036, and the minimum nominal value will be DKK 1;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the new shares issued on the basis of exercise of Warrants shall be subscribed for in cash and paid in full;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the new shares issued on the basis of exercise of Warrants shall be non-negotiable instruments;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the new shares shall be registered in the name of the shareholders and be registered in the shareholders&rsquo;</FONT> <FONT STYLE="font-size: 10pt">register;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the new shares are entitled to dividends, and other rights in the Company according to the provisions in the Company&rsquo;</FONT><FONT STYLE="font-size: 10pt">s articles of association, from the date the registration of the capital increase with the Danish Business Authority; and</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the new shares shall carry the same rights as the existing shares in the Company.</FONT></TD></TR>
  </TABLE>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 9%; padding-left: 59.55pt; text-align: justify; text-indent: -59.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>10.</B></FONT></TD>
    <TD STYLE="width: 91%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>TRANSFERABILITY</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 51.05pt; text-align: justify; text-indent: -51.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.1</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 59.55pt; text-align: justify; text-indent: -59.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>11.</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>NOTICES</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 51.05pt; text-align: justify; text-indent: -51.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.1</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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&rsquo;</FONT><FONT STYLE="font-size: 10pt">s board of directors (to the e-mail address most recently notified to the Warrant Holder).</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 59.55pt; text-align: justify; text-indent: -59.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>12.</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>COSTS</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 51.05pt; text-align: justify; text-indent: -51.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.1</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 </FONT><FONT STYLE="font-size: 10pt">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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 59.55pt; text-align: justify; text-indent: -59.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>13.</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>GOVERNING LAW AND JURISDICTION</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 51.05pt; text-align: justify; text-indent: -51.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.1</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Warrant Terms are governed by and will be interpreted in accordance with Danish law. However, the conflict of laws rules&nbsp;</FONT><FONT STYLE="font-size: 10pt">must be disregarded to the extent that such rules<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>are non-mandatory.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 51.05pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 51.05pt; text-align: justify; text-indent: -51.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.2</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR>
  </TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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.</P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="text-align: justify; width: 5%">&nbsp;</TD>
    <TD STYLE="width: 44%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">BILAG 5 TIL SELSKABETS VEDT&AElig;GTER</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">EVAXION BIOTECH A/S</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(&quot;<B>SELSKABET</B>&quot;)</P></TD>
    <TD STYLE="text-align: center; width: 2%">&nbsp;</TD>
    <TD STYLE="width: 49%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">APPENDIX 5 TO ARTICLES OF ASSOCIATION</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">EVAXION BIOTECH A/S</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(the <B>&quot;Company&quot;</B>)</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>INTRODUKTION</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>INTRODUCTION</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bestyrelsen har den 17. december 2020 bestemt, at f&oslash;lgende vilk&aring;r og betingelser skal v&aelig;re g&aelig;ldende for visse warrants, der udstedes til bestyrelse, direktion, &oslash;vrige medarbejdere samt r&aring;dgivere/konsulenter i henhold til bemyndigelsen i vedt&aelig;gternes pkt. 2.5:</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The board of directors has on 17 December&nbsp;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:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>GENERELT</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>GENERAL</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Selskabet har besluttet at indf&oslash;re et incitamentsprogram for bestyrelse, direktion, &oslash;vrige medarbejdere samt r&aring;dgivere/konsulenter (herefter samlet ben&aelig;vnt &rdquo;Warrantindehavere&rdquo;) i/for Selskabet og dets eventuelle datterselskaber (herefter ben&aelig;vnt &rdquo;Selskabet&rdquo;). Programmet er baseret p&aring; vederlagsfri tildeling af warrants.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company has decided to introduce an incentive program for board members, management, other employees and advisors/consultants (hereinafter collectively referred to as &ldquo;Warrant-holders&rdquo;) in/on behalf of the Company and its subsidiaries (collectively the &ldquo;Company&rdquo;). The program is based on grant of warrants without payment. </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.2.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">En warrant er en ret, men ikke en pligt, til i n&aelig;rmere fastlagte perioder (udnyttelsesperioder) at tegne nye aktier i Selskabet til en kurs, der er fastsat p&aring; forh&aring;nd (udnyttelsesprisen). Udnyttelsesprisen fasts&aelig;ttes af bestyrelsen i forbindelse med hver udstedelse/tildeling af warrants. &Eacute;n warrant giver ret til at tegne &eacute;n ordin&aelig;r</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 </FONT></TD></TR>
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    <TD STYLE="width: 5%; padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 44%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">aktie i Selskabet &aacute;</FONT> <FONT STYLE="font-size: 10pt">nominelt DKK 1,00.</FONT></TD>
    <TD STYLE="width: 2%; padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 49%; padding-left: 1.95pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Company.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.3.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrants tildeles efter bestyrelsens diskretion&aelig;</FONT><FONT STYLE="font-size: 10pt">re sk<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>n. </FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrants are offered at the discretion of the board of directors. </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>TILDELING AF WARRANTS</B></FONT></TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>GRANT OF WARRANTS</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.1.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Det skal fremg&aring;</FONT> <FONT STYLE="font-size: 10pt">af den enkelte Warrantindehavers warrantaftale, hvor mange warrants Warrantindehaveren f<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>r tildelt, samt til hvilken kurs warrants kan udnyttes.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The individual Warrantholder&rsquo;</FONT><FONT STYLE="font-size: 10pt">s warrant agreement shall describe how many warrants have been granted to the Warrantholder and the exercise price for the warrants.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.2.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrantindehaverne skal ikke betale noget vederlag for at f&aring;</FONT> <FONT STYLE="font-size: 10pt">tildelt warrants.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The grant of warrants shall not be subject to payment from the Warrantholders.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.3.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Selskabet eller den til hvem kompetencen er delegeret f&oslash;</FONT><FONT STYLE="font-size: 10pt">rer en fortegnelse over tildelte warrants, der ajourf<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>res l<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>bende.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company or the Company&rsquo;</FONT><FONT STYLE="font-size: 10pt">s proxy shall keep records of granted warrants and update the records at regular intervals.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.</B></FONT></TD>
    <TD STYLE="padding-left: 1.7pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>OPTJENING</B></FONT></TD>
    <TD STYLE="padding-left: 1.7pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.7pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>VESTING</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrantindehaveren optjener som udgangspunkt ret til at udnytte warrants med 1/36 pr. m&aring;</FONT><FONT STYLE="font-size: 10pt">ned regnet fra tildelingstidspunktet. Bestyrelsen skal dog v<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>re berettiget til at fravige n<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>vnte udgangspunkt og bestemme, at tildelte warrants anses for optjent pr. tildelingstidspunktet, eller at der skal g<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>lde s<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>rlige regler for optjeningen. S<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>danne eventuelle fravigelser skal specificeres i vedt<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>gterne i forbindelse med udstedelsen.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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&nbsp;</FONT><FONT STYLE="font-size: 10pt">and determine that warrants shall vest as of the grant date, or that special rules<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>shall apply in relation to vesting. Such deviations, if any, shall be specified in the articles of association in connection with the issuance.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.2.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">En Warrantindehaver optjener kun warrants, s&aring;</FONT> <FONT STYLE="font-size: 10pt">l<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>nge vedkommende er bestyrelsesmedlem eller ansat i Selskabet eller dets eventuelle datterselskaber.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 5%; padding-left: 0.25in; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4.</B></FONT></TD>
    <TD STYLE="width: 44%; padding-left: 1.7pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>UDNYTTELSE</B></FONT></TD>
    <TD STYLE="width: 2%; padding-left: 1.7pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 49%; padding-left: 1.7pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>EXERCISE</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Optjente warrants kan udnyttes i to udnyttelsesperioder &aring;</FONT><FONT STYLE="font-size: 10pt">rligt p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT> 21 dage. Hvis ikke andet fasts<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ttes af bestyrelsen l<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>ber udnyttelsesperioderne i 21 dage fra og med henholdsvis den 1. maj og 1. oktober hvert <FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>r i perioden 2021-2031. I hvert af de f<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>rste 4 udnyttelsesvinduer efter en b<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>rsnotering 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 s<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>rligt punkt 4.6 nedenfor.&nbsp;&nbsp;Har Warrantindehaveren f<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>rre end 100 optjente warrants, kan disse Warrants altid udnyttes i et enkelt vindue. Herefter vil alle optjente warrants kunne udnyttes i de mulige udnyttelsesvinduer.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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&nbsp;</FONT><FONT STYLE="font-size: 10pt">and 1 October<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>each year during the period 2021-2031. In each of the first 4 exercise windows following a listing of the Company<FONT STYLE="font-family: Times New Roman, Times, Serif">&rsquo;</FONT>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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hvis den sidste dag i en udnyttelsesperiode er en l&oslash;</FONT><FONT STYLE="font-size: 10pt">rdag eller en s<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>ndag, omfatter udnyttelsesperioden ogs<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT> den herefter f<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>rstkommende hverdag.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.3.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrantindehaveren kan frit v&aelig;</FONT><FONT STYLE="font-size: 10pt">lge, i hvilken udnyttelsesperiode optjente warrants skal udnyttes, jf. dog punkt 4.5 nedenfor vedr<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>rende v<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>sentlig 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).</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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).</FONT></TD></TR>
  </TABLE>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; padding-left: 0.3in; text-indent: -0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.4.</FONT></TD>
    <TD STYLE="width: 44%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">De warrants, som Warrantindehaveren ikke udnytter i den sidste udnyttelsesperiode, bortfalder uden yderligere varsel og uden kompensation eller vederlag af nogen art til Warrantindehaveren.</FONT></TD>
    <TD STYLE="width: 2%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 49%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.5.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrantindehaverens udnyttelse af warrants foruds&aelig;</FONT><FONT STYLE="font-size: 10pt">tter som udgangspunkt, at Warrantindehaveren er ansat i Selskabet eller et koncernforbundet selskab p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT> det tidspunkt, hvor warrants udnyttes. I tilf<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>lde af ans<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ttelsesforholdets oph<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>r g<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>lder de i punkt 5 nedenfor indeholdte bestemmelser.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Warrantholder&rsquo;</FONT><FONT STYLE="font-size: 10pt">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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.6.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Selskabets bestyrelse er i tilf&aelig;</FONT><FONT STYLE="font-size: 10pt">lde af at Selskabet b<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>rsnoteres eller der noteres ADS<FONT STYLE="font-family: Times New Roman, Times, Serif">&rsquo;</FONT>er i USA berettiget til <FONT STYLE="font-family: Times New Roman, Times, Serif">&eacute;</FONT>nsidigt at <FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ndre udnyttelsesperioderne, s<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>ledes at udnyttelsesperioderne tilpasses de til enhver tid g<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ldende regler for insiderhandel, hvilket medmindre bestyrelsen beslutter andet vil sige at der vil v<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>re fire udnyttelsesperioder p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT> to uger hver, som ligger umiddelbart efter selskabets afl<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ggelse af <FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>rsrapporten, kvartalsrapporterne og halv<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>rsrapporten. </FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event of a listing of the Company&rsquo;</FONT><FONT STYLE="font-size: 10pt">s shares, or an ADS listing on a stock exchange, the Company<FONT STYLE="font-family: Times New Roman, Times, Serif">&rsquo;</FONT>s board of directors, at its discretion, is entitled to change the exercise periods in order to adapt to applicable rules<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>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<FONT STYLE="font-family: Times New Roman, Times, Serif">&rsquo;</FONT> report.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.7.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">I forbindelse med en notering af ADS&rsquo;</FONT><FONT STYLE="font-size: 10pt">er p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT> Nasdaq, USA, har Selskabets bestyrelse i henhold til pkt. 4.1 truffet beslutning om at fasts<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>tte udnyttelsesvinduerne for udstedte warrants s<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>ledes:</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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:&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Optjente warrants kan udnyttes i fire &aring;</FONT><FONT STYLE="font-size: 10pt">rlige udnyttelsesvinduer p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT> 2 uger, som hver ligger to handelsdage efter offentligg<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>relsen af henholdsvis Selskabets <FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>rsrapport, halv<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>rsregnskabet samt kvartalsmeddelelserne. F<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>rste udnyttelsesperiode indtr<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>der dog tidligst 180 dage efter Selskabets notering af</FONT></TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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&rsquo;</FONT><FONT STYLE="font-size: 10pt">s annual report, the 6-month report and the interim reports. The first exercise window shall, however, be at least 180 days following</FONT></TD></TR>
  </TABLE>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 44%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ADS&rsquo;</FONT><FONT STYLE="font-size: 10pt">er p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT> Nasdaq, USA, og i de f<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>rste fire udnyttelsesperioder kan warrantindehaveren maksimalt udnytte 25% af de til warrantindehaveren tildelte warrants forudsat altid at warrants er optjent.</FONT></TD>
    <TD STYLE="width: 2%; padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 49%; padding-left: 1.95pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5.</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>FRATR&AElig;</B></FONT><B><FONT STYLE="font-size: 10pt">DEN</FONT></B></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>RESIGNATION</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrantindehaverens udnyttelse af optjente warrants er reguleret ovenfor i punkt 4. </FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Warrantholder&rsquo;</FONT><FONT STYLE="font-size: 10pt">s exercise of vested warrants is regulated above in section 4. </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.3in">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">I tilf&aelig;</FONT><FONT STYLE="font-size: 10pt">lde af bestyrelseshvervets eller ans<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ttelsesforholdets oph<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>r bevarer Warrantindehaveren retten til at udnytte warrants, som allerede er optjente p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT> tidspunktet for bestyrelseshvervet eller ans<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ttelsesforholdets oph<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>r, dvs. fra og med den f<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>rste dag, hvor Warrantindehaveren ikke l<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ngere har krav p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT> at modtage honorar eller l<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>n fra Selskabet, uanset om Warrantindehaveren faktisk oph<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>rer med at fungere p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT> et tidligere tidspunkt, samt retten til at udnytte eventuelle warrants, som senere m<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>tte blive optjent i henhold til punkt 3 ovenfor. </FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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. </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in">&nbsp;</TD>
    <TD STYLE="padding-left: 1.7pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.7pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.7pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.2.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Uanset det ovenfor anf&oslash;</FONT><FONT STYLE="font-size: 10pt">rte g<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>lder, at s<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>fremt bestyrelseshvervet eller ans<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ttelsesforholdet med Warrantindehaveren bringes til oph<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>r af Selskabet som en f<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>lge af Warrantindehaverens misligholdelse, bortfalder alle warrants (optjente og ikke-optjente) dog uden yderligere varsel og uden kompensation eller vederlag af nogen art til Warrantindehaveren.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Irrespective of the above, if the Company terminates the board membership or employment contract due to the Warrantholder&rsquo;</FONT><FONT STYLE="font-size: 10pt">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.</FONT></TD></TR>
  </TABLE>
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    <TD STYLE="width: 5%; padding-left: 0.25in; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6.</B></FONT></TD>
    <TD STYLE="width: 44%; padding-left: 1.7pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>JUSTERING AF WARRANTS</B></FONT></TD>
    <TD STYLE="width: 2%; padding-left: 1.7pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 49%; padding-left: 1.7pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ADJUSTMENT OF WARRANTS</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in">&nbsp;</TD>
    <TD STYLE="padding-left: 1.7pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.7pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.7pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.1.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hvis der sker &aelig;</FONT><FONT STYLE="font-size: 10pt">ndringer i Selskabets kapitalforhold, der medf<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>rer en <FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ndring af den potentielle gevinstmulighed, der er knyttet til en warrant, skal warrants justeres i henhold til n<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>rv<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>rende punkt 6.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Changes in the Company&rsquo;</FONT><FONT STYLE="font-size: 10pt">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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.3in">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.2.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">En justering skal ske, s&aring;</FONT><FONT STYLE="font-size: 10pt">ledes at den potentielle gevinstmulighed, der er knyttet til en warrant, s<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT> vidt muligt er den samme som f<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>r og efter indtr<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>den af den h<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ndelse, der begrunder justeringen. Justeringen gennemf<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>res med bistand fra Selskabets eksterne r<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>dgiver. Justeringen kan ske enten ved en for<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>gelse eller en formindskelse af det antal aktier, der kan udstedes i henhold til en warrant, og/eller en for<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>gelse eller formindskelse af udnyttelseskursen.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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&rsquo;</FONT><FONT STYLE="font-size: 10pt">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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.3in">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.3.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Selskabets udstedelse af medarbejderaktier, aktieoptioner og/eller yderligere warrants som led i medarbejderaktieordninger (herunder til bestyrelsesmedlemmer) s&aring;</FONT><FONT STYLE="font-size: 10pt">vel som senere udnyttelse af s<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>danne optioner og/eller warrants, medf<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>rer ikke krav p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT> justering af warrants. Den kapitalforh<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>jelse, der finder sted som f<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>lge af Warrantindehavernes udnyttelse af warrants i Selskabet, medf<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>rer heller ikke justering af warrants. Herudover skal warrantindehaveren, uanset punkt 6.5, ikke v<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>re berettiget til justering, s<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>fremt der sker aktieudstedelser til under markedskurs, som en f<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>lge af eksempelvis udvandingsbestemmelser i den for Selskabets aktion<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>rers g<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ldende ejeraftale som medf<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>rer en udvanding af</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrants shall not be adjusted as a result of the Company&rsquo;</FONT><FONT STYLE="font-size: 10pt">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<FONT STYLE="font-family: Times New Roman, Times, Serif">&rsquo;</FONT> and others<FONT STYLE="font-family: Times New Roman, Times, Serif">&rsquo;</FONT> 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<FONT STYLE="font-family: Times New Roman, Times, Serif">&acute;</FONT> agreement for the Company<FONT STYLE="font-family: Times New Roman, Times, Serif">&acute;</FONT>s shareholders results in a dilution of the Company<FONT STYLE="font-family: Times New Roman, Times, Serif">&acute;</FONT>s</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 44%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Selskabets ordin&aelig;</FONT><FONT STYLE="font-size: 10pt">re aktier eller ved konvertering af konvertible obligationer, som blev udstedt til markedskurs, uanset, at selve konverteringen sker til fav<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>rkurs p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT> konverteringstidspunktet.</FONT></TD>
    <TD STYLE="width: 2%; padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 49%; padding-left: 1.95pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Enhver regulering af udnyttelseskursen og/eller det antal aktier som kan tegnes ved udnyttelse af warrants i henhold til dette pkt. 6 skal alene g&aelig;</FONT><FONT STYLE="font-size: 10pt">lde for warrants, som endnu ikke er udnyttet p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT> det tidspunkt, der medf<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>rer en regulering. Allerede udnyttede warrants p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>virkes ikke af reguleringer.</FONT></TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any adjustments of the exercise price and/or </FONT><FONT STYLE="font-size: 10pt">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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.4.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Fondsaktier:</U></FONT></TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Bonus Shares</U></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hvis det besluttes at udstede fondsaktier i Selskabet, skal warrants justeres s&aring;</FONT><FONT STYLE="font-size: 10pt">ledes:</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If it is decided to issue bonus shares in the Company, warrants shall be adjusted as follows:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Udnyttelsesprisen p&aring;</FONT> <FONT STYLE="font-size: 10pt">enhver endnu ikke udnyttet warrant ganges med faktoren:</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The exercise price for each warrant not yet exercised shall be multiplied by the factor:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&alpha;
</FONT>= &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt">(A+B)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">og antallet af endnu ikke udnyttede warrants ganges
    med faktoren:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>1</U></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&alpha;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">hvor:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">A
    = den nominelle aktiekapital f&oslash;</FONT>r udstedelsen af fondsaktier,<BR>
    og</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">B
    = den samlede nominelle v&aelig;</FONT>rdi p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT> fondsaktierne.</P></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&alpha;
</FONT>= &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt">(A+B)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">and the number of warrants not yet exercised shall
    be multiplied by the factor:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>1</U></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&alpha;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">where:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A = the nominal share capital before issue of
    bonus shares, and</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">B = the total nominal value of bonus shares.</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 5%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 44%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hvis det justerede antal aktier ikke er et helt tal, skal der afrundes nedad til det n&aelig;</FONT><FONT STYLE="font-size: 10pt">rmeste hele tal.</FONT></TD>
    <TD STYLE="text-align: justify; width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 49%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the adjusted number of shares does not amount to a whole number, the number shall be rounded down to the nearest whole number.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.5.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Kapital&aelig;</U></FONT><U><FONT STYLE="font-size: 10pt">ndringer til en anden kurs end markedskursen:</FONT></U></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Changes of capital at a price different from the market price:</U></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hvis det besluttes at forh&oslash;</FONT><FONT STYLE="font-size: 10pt">je eller neds<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>tte aktiekapitalen i Selskabet til en kurs under markedskursen (vedr<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>rende kapitalneds<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ttelser ogs<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT> til over markedskursen), skal warrants justeres s<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>ledes:</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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), </FONT><FONT STYLE="font-size: 10pt">warrants shall be adjusted as follows:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Udnyttelsesprisen p&aring;</FONT> <FONT STYLE="font-size: 10pt">enhver endnu ikke udnyttet warrant ganges med faktoren:</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The exercise price for each non-exercised </FONT><FONT STYLE="font-size: 10pt">warrants shall be multiplied by the factor:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&alpha;
    </FONT>= &nbsp;&nbsp;&nbsp;&nbsp;<U>(A x K) + (B x T)</U></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(A+B) x K</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">og antallet af endnu ikke udnyttede warrants ganges
    med faktoren</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>1</U></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&alpha;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">hvor:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">A
    = den nominelle aktiekapital f&oslash;</FONT>r <FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ndringen i kapitalen</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">B
    = den nominelle &aelig;</FONT>ndring i aktiekapitalen</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">K
    = aktiens markedskurs / lukkekurs dagen forinden annoncering af &aelig;</FONT>ndringen i aktiekapitalen, og</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">T
    = tegningskurs/neds&aelig;</FONT>ttelseskurs ved <FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ndringen i aktiekapitalen</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&alpha;
    </FONT>= &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>(A x K) + (B x T)</U></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(A+B) x K</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">and
    the number of non-exercised </FONT>warrants shall be multiplied by the factor:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>1</U></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&alpha;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">where:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A = nominal share capital before the change in
    capital</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">B = nominal change in the share capital</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">K = market price / closing price of the share
    on the day prior to the announcement of the change in the share capital, and</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">T = subscription price/reduction price</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 5%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 44%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 49%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">in relation to the change in the share capital</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hvis det det justerede antal aktier ikke er et helt tal, skal der afrundes nedad til det n&aelig;</FONT><FONT STYLE="font-size: 10pt">rmeste hele tal.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the adjusted number of shares does not amount to whole numbers, each number shall be rounded down to the nearest whole number.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S&aring;</FONT><FONT STYLE="font-size: 10pt">fremt Selskabet er b<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>rsnoteret skal der ikke ske regulering i tilf<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>lde af fravigelser fra den noterede kurs p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT> 10% eller mindre.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.6.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>&AElig;</U></FONT><U><FONT STYLE="font-size: 10pt">ndringer i den enkelte aktie p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>lydende v<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>rdi:</FONT></U></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Changes in the nominal value of each individual share:</U></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hvis det besluttes at &aelig;</FONT><FONT STYLE="font-size: 10pt">ndre aktiernes p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>lydende v<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>rdi, skal warrants justeres s<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>ledes:</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If it is decided to change the nominal value of the shares, </FONT><FONT STYLE="font-size: 10pt">warrants shall be adjusted as follows:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Udnyttelsesprisen
    p&aring;</FONT> enhver endnu ikke udnyttet warrant ganges med faktoren:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&alpha;</FONT>
    =&nbsp;&nbsp;&nbsp;&nbsp; __<U>A</U>____</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">B</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">og antallet af endnu ikke udnyttede warrants ganges
    med faktoren:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>1</U></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&alpha;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">hvor:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">A
    = den enkelte aktie nominelle v&aelig;</FONT>rdi efter <FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ndringen,
    og</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">B
    = den enkelte aktie nominelle v&aelig;</FONT>rdi f<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>r <FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ndringen.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Hvis
    det justerede antal aktier ikke er et helt tal, skal der afrundes nedad til det n&aelig;</FONT>rmeste hele tal.</P></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
    exercise price for each non-exercised </FONT>warrant shall be multiplied by the factor:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&alpha;</FONT>
    =&nbsp;&nbsp;&nbsp;&nbsp; __<U>A</U>____</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">B</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">and the number of non-exercised warrants shall
    be multiplied by the factor:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>1</U></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&alpha;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">where:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A = nominal value of each share after the change,
    and</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">B = nominal value of each share before the change.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the adjusted number of shares does not amount
    to a whole number, the number shall be rounded down to the</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 44%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 2%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 49%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">nearest whole number.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.7.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Udbetaling af udbytte:</U></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Payment of dividend:</U></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hvis det besluttes at udbetale udbytte, skal den del af udbyttet, der overstiger 10 % af egenkapitalen, medf&oslash;</FONT><FONT STYLE="font-size: 10pt">re en justering af udnyttelsesprisen efter denne formel:</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">E2
    = E1 - <U>U &ndash;</U></FONT><U> Umax</U></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 47.25pt">A</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">hvor:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">E2 = den justerede udnyttelsespris</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">E1 = den oprindelige udnyttelsespris</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">U = det udbetalte udbytte</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Umax = 10 % af egenkapitalen, og</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A = det samlede antal aktier i Selskabet.</P></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">E2
    = E1 - <U>U &ndash;</U></FONT><U> Umax</U></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 45pt">A</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">where:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">E2 = the adjusted exercise price</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">E1 = the original exercise price</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">U = dividends paid out</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Umax = 10 per cent of the equity capital, and</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A = total number of shares in the Company.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Den egenkapital, der skal l&aelig;</FONT><FONT STYLE="font-size: 10pt">gges til grund ved ovenst<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>ende justering, er egenkapitalen anf<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>rt i den <FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>rsrapport som godkendes af generalforsamlingen hvor udbytte besluttes, men justeret til markedsv<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>rdi. Hvis Selskabet er b<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>rsnoteret, fasts<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ttes markedsv<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>rdien til aktiernes noterede pris p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT> tidspunktet for beslutningen om at udbetale udbytte. Hvis Selskabet er unoteret, fasts<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ttes markedsv<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>rdien fra seneste kapitalrunde i Selskabet hvor en eller flere investorer har tegnet aktier.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; padding-left: 0.3in; text-indent: -0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.8.</FONT></TD>
    <TD STYLE="width: 44%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Andre &aelig;</U></FONT><U><FONT STYLE="font-size: 10pt">ndringer i Selskabets kapitalforhold:</FONT></U></TD>
    <TD STYLE="width: 2%; padding-left: 1.95pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 49%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Other changes in the Company&rsquo;</U></FONT><U><FONT STYLE="font-size: 10pt">s capital position:</FONT></U></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 14.15pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hvis der sker andre &aelig;</FONT><FONT STYLE="font-size: 10pt">ndringer i Selskabets kapitalforhold, der medf<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>rer en <FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ndring i warrants <FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>konomiske v<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>rdi, skal (medmindre andet er angivet ovenfor) warrants justeres, s<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>ledes at <FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ndringen ikke p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>virker warrants <FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>konomiske v<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>rdi.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event of other changes in the Company&rsquo;</FONT><FONT STYLE="font-size: 10pt">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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Den beregningsmetode, der skal anvendes ved justeringen, fasts&aelig;</FONT><FONT STYLE="font-size: 10pt">ttes af en af bestyrelsen valgt ekstern r<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>dgiver.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The calculation method to be applied to the adjustment shall be decided by an external advisor appointed by the board of directors.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Det pr&aelig;</FONT><FONT STYLE="font-size: 10pt">ciseres, at forh<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>jelse eller neds<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ttelse af Selskabets aktiekapital til markedskurs ikke medf<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>rer, at der skal finde regulering sted af tegningskursen eller antallet af aktier, der kan tegnes.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">It is emphasized that increase or decrease of the Company&rsquo;</FONT><FONT STYLE="font-size: 10pt">s share capital at market price does not lead to an adjustment of the subscription price or the number of shares to be subscribed.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.9.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Likvidation:</U></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Liquidation:</U></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hvis Selskabet bliver likvideret, fremskyndes et evt. optjeningstidspunkt for alle uudnyttede warrants, s&aring;</FONT><FONT STYLE="font-size: 10pt">ledes at Warrantindehaveren kan udnytte warrants i en ekstraordin<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>r udnyttelsesperiode umiddelbart f<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>r den p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>g<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ldende transaktion finder sted.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.3in; text-indent: -0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.10.&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Fusion og spaltning:</U></FONT></TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Merger and split:</U></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hvis Selskabet indg&aring;</FONT><FONT STYLE="font-size: 10pt">r i en fusion som det forts<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ttende selskab, bliver warrants ikke p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>virket, medmindre der i forbindelse med fusionen sker en kapitalforh<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>jelse til en anden kurs end markedskursen, idet warrants i s<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT> fald justeres i henhold til punkt 6.5.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 </FONT><FONT STYLE="font-size: 10pt">6.5.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 44%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hvis Selskabet fusionerer som det oph&oslash;</FONT><FONT STYLE="font-size: 10pt">rende selskab eller bliver spaltet, kan det forts<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ttende selskabs bestyrelse v<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>lge <FONT STYLE="font-family: Times New Roman, Times, Serif">&eacute;</FONT>n af disse muligheder:</FONT></TD>
    <TD STYLE="width: 2%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 49%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.97pt; text-align: justify; text-indent: -0.25in">a)&#8239;&#8239;&#8239;&#8239;&#8239;Warrantindehaveren
    kan umiddelbart inden fusionen/spaltningen udnytte alle ikke udnyttede warrants, der ikke er bortfaldet (inklusive warrants der endnu
    ikke er optjent), eller</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.97pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">b)&#8239;&#8239;&#8239;&#8239;warrants
    erstattes af nye aktie/aktieinstrumenter i de(t)&nbsp;</FONT>forts<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ttende
    selskab(er) af tilsvarende <FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>konomisk v<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>rdi
    f<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>r skat. Ved spaltning kan de forts<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ttende
    selskaber selv bestemme, i hvilke(t)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>selskab(er) Warrantindehaverne
    skal modtage de nye aktie/aktieinstrumenter.</P></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.97pt; text-align: justify; text-indent: -0.25in">a)&#8239;&#8239;&#8239;&#8239;&#8239;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</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.97pt; text-align: justify; text-indent: -0.25in">b)&#8239;&#8239;&#8239;&#8239;&#8239;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.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.11.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Salg og aktieombytning:</U></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Sale and exchange of shares:</U></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hvis mere end 50% af aktiekapitalen i Selskabet bliver solgt (ikke tegnet eller udstedt) eller indg&aring;</FONT><FONT STYLE="font-size: 10pt">r i en aktieombytning, kan bestyrelsen v<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>lge <FONT STYLE="font-family: Times New Roman, Times, Serif">&eacute;</FONT>n af disse muligheder:</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 27.97pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)&#8239;&#8239;&#8239;&#8239;Warrantindehaveren kan umiddelbart inden salget/aktieombytningen udnytte alle ikke-udnyttede warrants, der ikke er bortfaldet (inklusive warrants der endnu ikke er optjent). Herudover indtr&aelig;</FONT><FONT STYLE="font-size: 10pt">der der en pligt, hvorefter Warrantindehaverne skal s<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>lge de tegnede aktier p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT> samme vilk<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>r som de <FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>vrige aktion<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>rer (ved salg).</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 27.97pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">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)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 5%">&nbsp;</TD>
    <TD STYLE="padding-left: 27.97pt; text-align: justify; width: 44%; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b)&#8239;&#8239;&#8239;&#8239;Tildelte warrants erstattes af aktieinstrumenter i det erhvervende selskab af tilsvarende &oslash;</FONT><FONT STYLE="font-size: 10pt">konomisk v<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>rdi f<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>r skat.</FONT></TD>
    <TD STYLE="text-align: justify; width: 2%">&nbsp;</TD>
    <TD STYLE="padding-left: 27.97pt; text-align: justify; width: 49%; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b)&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">Share
instruments in the acquiring company of a corresponding pre-tax value shall replace the granted warrants.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 27.97pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c)&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">Tildelte
warrants forts<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>tter u<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ndret.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 0.68in; text-align: justify; text-indent: -0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Granted
warrants continue unchanged.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.12.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>F&aelig;</U></FONT><U><FONT STYLE="font-size: 10pt">lles bestemmelser vedr<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>rende 6.9<FONT STYLE="font-family: Times New Roman, Times, Serif">&ndash;</FONT>6.11:</FONT></U></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Common provisions regarding 6.9-6.11:</U></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Selskabet er forpligtet til at give Warrantindehaveren skriftlig meddelelse, hvis en af de ovenfor n&aelig;</FONT><FONT STYLE="font-size: 10pt">vnte transaktioner finder sted. N<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>r Warrantindehaveren har modtaget den skriftlige meddelelse, har Warrantindehaveren <FONT STYLE="font-family: Times New Roman, Times, Serif">&ndash;</FONT> i de tilf<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>lde, hvor Warrantindehaveren ekstraordin<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>rt kan udnytte warrants, jf. 6.9-6.11 <FONT STYLE="font-family: Times New Roman, Times, Serif">&ndash;</FONT> 2 uger til skriftligt at informere Selskabet om, hvorvidt han/hun vil g<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>re 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 v<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>rdi.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 &ndash;</FONT> <FONT STYLE="font-size: 10pt">in cases where the Warrantholder may extraordinarily exercise warrants, see 6.9-6.11 <FONT STYLE="font-family: Times New Roman, Times, Serif">&ndash;</FONT> 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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 efterf&oslash;</FONT><FONT STYLE="font-size: 10pt">lgende registreres i Erhvervsstyrelsen, hvis registrering er en gyldighedsbetingelse.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Warrantholder&rsquo;</FONT><FONT STYLE="font-size: 10pt">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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>7.</B></FONT></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>OVERDRAGELSE,&nbsp;PANTS&AElig;</B></FONT><B>TNING OG&nbsp;KREDITORFORF&Oslash;LGNING</B></P></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>TRANSFER, PLEDGE AND ENFORCEMENT</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.1.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tildelte warrants kan ikke g&oslash;</FONT><FONT STYLE="font-size: 10pt">res til genstand for udl<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>g, overdrages eller p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrants shall not be subject to charging orders, transfer of any kind, in-</FONT></TD></TR>
  </TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 4%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">anden m&aring;</FONT><FONT STYLE="font-size: 10pt">de overf<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>res, ej heller i forbindelse med bodeling, og hverken til eje eller til sikkerhed, uden bestyrelsens samtykke. Warrantindehaverens warrants kan dog overg<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT> til Warrantindehaverens <FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>gtef<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>lle/samlever og/eller livsarvinger i tilf<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>lde af Warrantindehaverens d<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>d. Det er en betingelse herfor, at modtageren underskriver den g<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ldende warrantaftale samt, s<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>fremt dette kr<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ves af bestyrelsen, en ejeraftale.</FONT></TD>
    <TD STYLE="text-align: justify; width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 49%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">cluding 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&rsquo;</FONT><FONT STYLE="font-size: 10pt">s warrants may, however, be transferred to the Warrantholder<FONT STYLE="font-family: Times New Roman, Times, Serif">&rsquo;</FONT>s spouse/cohabitant and/or issue in the event of the Warrantholder<FONT STYLE="font-family: Times New Roman, Times, Serif">&rsquo;</FONT>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<FONT STYLE="font-family: Times New Roman, Times, Serif">&rsquo;</FONT> agreement.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>8.</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>TEGNING AF NYE AKTIER VED UDNYTTELSE AF WARRANTS</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SUBSCRIPTION FOR NEW SHARES BY EXERCISE OF WARRANTS</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.1.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 v&aelig;</FONT><FONT STYLE="font-size: 10pt">re udfyldt med alle informationer. Udnyttelsesprisen for de nye aktier, der skal betales ved et kontant indskud, skal v<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>re modtaget af Selskabet senest p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT> den sidste dag i den relevante udnyttelsesperiode.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.2.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hvis den i punkt. 8.1 angivne frist overskrides, enten s&aring;</FONT><FONT STYLE="font-size: 10pt">ledes at udnyttelsesmeddelelsen i udfyldt stand eller betalingen ikke er Selskabet i h<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>nde inden kl. 16 p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT> 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 efterf<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>lgende udnyttelsesperiode.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR>
  </TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.3.</FONT></TD>
    <TD STYLE="width: 45%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">De warrants, som Warrantindehaveren ikke har udnyttet i den sidste udnyttelsesperiode, bortfalder uden yderligere varsel og uden kompensation. </FONT></TD>
    <TD STYLE="width: 2%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 49%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrants not exercised by the Warrantholder during the last exercise period shall become null and void without further notice and without compensation.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.4.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">N&aring;</FONT><FONT STYLE="font-size: 10pt">r den kapitalforh<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>jelse, som udnyttelsen af warrants har medf<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>rt, er registreret i Erhvervsstyrelsen, modtager Warrantindehaveren fra Selskabet dokumentation for sit ejerskab til aktier i Selskabet.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.5.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Forud for udnyttelse skal Warrantindehaveren tiltr&aelig;</FONT><FONT STYLE="font-size: 10pt">de Selskabets til enhver tid g<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ldende ejeraftale eller en s<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>rskilt ejeraftale omfattende de af Selskabets aktion<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>rer, som har tegnet aktier ved udnyttelse af warrants. Det samme g<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>lder Warrantindehaverens arvinger /d<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>dsbo.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prior to exercise of warrants, the Warrantholder shall adhere to the Company&rsquo;</FONT><FONT STYLE="font-size: 10pt">s shareholders<FONT STYLE="font-family: Times New Roman, Times, Serif">&rsquo;</FONT> agreement or a separate shareholders<FONT STYLE="font-family: Times New Roman, Times, Serif">&rsquo;</FONT> 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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrantindehaveren er bekendt med og accepterer, at ovenn&aelig;</FONT><FONT STYLE="font-size: 10pt">vnte ejeraftaler kan indeholde i) forpligtelser til at s<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>lge aktierne ved Warrantindehaverens fratr<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>den, uanset <FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>rsag, til en pris der kan afvige fra markedsv<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>rdien, ii) konkurrence- og kundeklausuler, iii) salgsbegr<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>nsninger og iv) andre restriktioner p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT> Warrantindehaveren, som kan v<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>re byrdefulde for Warrantindehaveren.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Warrantholder accepts and acknowledges that the above-mentioned shareholders&rsquo;</FONT> <FONT STYLE="font-size: 10pt">agreement may contain i) obligations to sell shares upon termination of the Warrantholder<FONT STYLE="font-family: Times New Roman, Times, Serif">&rsquo;</FONT>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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>9.</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>DE NYE ORDIN&AElig;</B></FONT><B><FONT STYLE="font-size: 10pt">RE AKTIERS RETTIGHEDER</FONT></B></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>THE RIGHTS OF NEW ORDINARY SHARES</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.1.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Udover de ovenfor anf&oslash;</FONT><FONT STYLE="font-size: 10pt">rte vilk<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>r for den til de udstedte warrants h<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>rende kapitalforh<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>jelse g<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>lder f<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>lgende vilk<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>r:</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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:</FONT></TD></TR>
  </TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 45%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.75pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">-&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>De
    nye aktier udstedes i aktier <FONT STYLE="font-family: Times New Roman, Times, Serif">&agrave;</FONT> DKK 1,00 eller multipla heraf,</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.75pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.75pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.75pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">-&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;De
nye aktier skal give ret til udbytte i selskabet for det l&oslash;bende regnskabs&aring;r, hvori aktierne tegnes, p&aring; lige fod med
de eksisterende aktier og andre rettigheder i selskabet fra og med datoen for tegningen af aktierne,</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.75pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">-&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>De
    nye aktier skal tilh<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>re samme aktieklasse, som de eksisterende
    aktier i selskabet,</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.75pt; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.75pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">-&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Kapitalforh<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>jelsen
sker uden fortegningsret for de hidtidige aktion<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>rer, idet tegningen
sker p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT> baggrund af warrants tildelt til Selskabets eller dets
datterselskabers direktionsmedlemmer og <FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>vrige medarbejdere,</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.75pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.75pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">-&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Der
    skal ikke g<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>lde indskr<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>nkninger
    i den til de nye aktier knyttede fortegningsret ved fremtidige kapitalforh<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>jelser,</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.75pt; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.75pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">-&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Fristen
for tegning af de nye aktier beregnes p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT> baggrund af bestemmelserne
ovenfor,</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.75pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.75pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">-&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Det
    fulde bel<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>b til tegning af det antal aktier, som de omfattede medarbejdere
    mv. <FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>nsker at tegne, skal indbetales kontant og senest samtidig
    med tegningen af de p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>g<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ldende
    aktier, og</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P></TD>
    <TD STYLE="width: 2%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 49%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.75pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">-&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
new shares will be divided into shares of nominal DKK 1.00 or multiples hereof;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.75pt; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.75pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">-&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>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;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.75pt; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.75pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">-&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
    new shares shall belong to the same share class as the existing shares in the company;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.75pt; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.75pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">-&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>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<FONT STYLE="font-family: Times New Roman, Times, Serif">&rsquo;</FONT>s or its subsidiaries<FONT STYLE="font-family: Times New Roman, Times, Serif">&rsquo;</FONT>
    members of the management or other employees;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.75pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">-&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
    pre-emption rights attached to the new shares shall not be subject to any restrictions in the event of future capital increases;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.75pt; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.75pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">-&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
deadline for subscription of the new shares shall be calculated pursuant to the provisions set forth above;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.75pt; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.75pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">-&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>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</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 24.75pt; width: 45%; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-&nbsp;&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><FONT STYLE="font-size: 10pt">De nye aktier skal lyde p<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT> navn, noteres i selskabets ejerbog og v<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>re ikke-oms<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>tningspapirer.</FONT></TD>
    <TD STYLE="width: 2%; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 24.75pt; width: 49%; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-&nbsp;&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><FONT STYLE="font-size: 10pt">The
new shares shall be made out in the name of the holder, be recorded in the company<FONT STYLE="font-family: Times New Roman, Times, Serif">&rsquo;</FONT>s
register of shareholders and be non-negotiable instruments.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.2.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Selskabet afholder omkostninger i forbindelse med udstedelsen af warrants og senere udnyttelse heraf. Selskabets omkostninger forbundet med udstedelsen af warrants og den hertil h&oslash;</FONT><FONT STYLE="font-size: 10pt">rende kapitalforh<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>jelse ansl<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>s til DKK 25.000.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company shall pay all costs connected with granting of warrants and later exercise thereof. The Company&rsquo;</FONT><FONT STYLE="font-size: 10pt">s costs in connection with issue of warrants and the related capital increase are estimated to DKK 25,000.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>10.</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ANDRE BESTEMMELSER</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>OTHER PROVISIONS</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.1.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tildeling af warrants har ingen umiddelbare &oslash;</FONT><FONT STYLE="font-size: 10pt">konomiske konsekvenser for Warrantindehaveren. V<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>rdien af warrants indg<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>r ikke i beregningen af feriepenge, pensionsbidrag eller <FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>vrige vederlagsafh<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ngige ydelser fra Selskabet eller et evt. datterselskab.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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</FONT><FONT STYLE="font-size: 10pt">.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.2.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Det forhold, at Selskabet tilbyder Warrantindehavere warrants, forpligter ikke p&aring;</FONT> <FONT STYLE="font-size: 10pt">nogen m<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>de Selskabet til at opretholde ans<FONT STYLE="font-family: Times New Roman, Times, Serif">&aelig;</FONT>ttelsesforholdet.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The fact that the Company offers warrants to Warrantholders shall not in any way obligate the Company to maintain the employment.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>11.</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SKATTEM&AElig;</B></FONT><B><FONT STYLE="font-size: 10pt">SSIGE KONSEKVENSER</FONT></B></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>TAX CONSEQUENCES</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.1.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">De personlige skattem&aelig;</FONT><FONT STYLE="font-size: 10pt">ssige konsekvenser forbundet med Warrantindehaverens tegning eller udnyttelse af warrants er Selskabet uvedkommende.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The personal tax implications connected to the Warrantholder&rsquo;</FONT><FONT STYLE="font-size: 10pt">s subscription for or exercise of warrants shall be of no concern to the Company.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>12.</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>LOVVALG OG V&AElig;</B></FONT><B><FONT STYLE="font-size: 10pt">RNETING </FONT></B></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>LAW AND VENUE</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.1.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tegningen af warrants, vilk&aring;</FONT><FONT STYLE="font-size: 10pt">rene herfor og udnyttelsen, og vilk<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>rene for senere tegning af aktier i Selskabet skal reguleres af dansk ret. </FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Acceptance of warrants, the terms and conditions thereto and the exercise, and terms and conditions for future subscription for shares in the Company</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 44%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 2%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 49%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">shall be governed by Danish law.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.2.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hvis der m&aring;</FONT><FONT STYLE="font-size: 10pt">tte opst<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT> en tvist mellem Warrantindehaveren og Selskabet i relation til forst<FONT STYLE="font-family: Times New Roman, Times, Serif">&aring;</FONT>elsen eller gennemf<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>relsen af warrantprogrammet, skal denne s<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>ges bilagt i mindelighed ved en forhandling mellem parterne.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.3.&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hvis parterne ikke kan opn&aring;</FONT> <FONT STYLE="font-size: 10pt">enighed, skal eventuelle tvister afg<FONT STYLE="font-family: Times New Roman, Times, Serif">&oslash;</FONT>res ved de almindelige danske domstole.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the parties fail to reach consensus, any disputes shall be settled by the ordinary Danish courts.</FONT></TD></TR>
  </TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">---oOo---</P>

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