<SEC-DOCUMENT>0001104659-23-067871.txt : 20230605
<SEC-HEADER>0001104659-23-067871.hdr.sgml : 20230605
<ACCEPTANCE-DATETIME>20230605083210
ACCESSION NUMBER:		0001104659-23-067871
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20230605
FILED AS OF DATE:		20230605
DATE AS OF CHANGE:		20230605

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:		23991327

	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>tm2317785d1_6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
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<P STYLE="margin: 0">&nbsp;</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">&nbsp;</P>

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

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

<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">&nbsp;</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-16 OR 15d-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">&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;2023</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>Commission File Number: 001-39950</B></P>

<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">&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"><B>(Exact Name of Registrant as Specified in Its
Charter)</B></P>

<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">&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-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">&nbsp;</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">Indicate by check mark whether the registrant files or will file annual
reports under cover of Form&nbsp;20-F or Form&nbsp;40-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-F
</FONT><FONT STYLE="font-family: Wingdings">&#120;</FONT>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form&nbsp;40-F <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-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-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>

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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">&nbsp;</P>

<P STYLE="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&rsquo;s registration statements on&nbsp;Form&nbsp;S-8&nbsp;(File&nbsp;No.&nbsp;333-255064),
on Form&nbsp;F-3 (File No.&nbsp;333-265132) and on Form&nbsp;F-1 (File No.&nbsp;333-266050), 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="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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
May&nbsp;31, 2023, an exercise window closed for outstanding warrants of the Company exercisable for the Company&rsquo;s ordinary shares.
In connection with the exercises of certain of such warrants during this exercise window, the Company registered aggregate share capital
increases of nominal DKK 335,855 with the Danish Business Authority, corresponding to an aggregate increase in the Company&rsquo;s share
capital to nominal DKK 26,</FONT> 773,862 through the issuance of such 335,855 ordinary shares against aggregate cash consideration of
DKK 335,855 (or approximately USD $48,228.77 based on the&nbsp;DKK-USD&nbsp;exchange rate on May&nbsp;31, 2023).</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">The Company&rsquo;s Articles of Association were amended to reflect
these issuances of these ordinary shares 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: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Exhibits</B></P>

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

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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="border-bottom: Black 1pt solid; vertical-align: bottom; 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="border-bottom: Black 1pt solid; vertical-align: bottom"><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="tm2317785d1_ex1-1.htm" STYLE="-sec-extract: exhibit">1.1</A></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><A HREF="tm2317785d1_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>
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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>SIGNATURES</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">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">&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: 51%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date: June&nbsp;5,&nbsp;&nbsp;2023</FONT></TD>
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Bo Karmark</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Bo Karmark</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Chief Financial Officer</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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<DOCUMENT>
<TYPE>EX-1.1
<SEQUENCE>2
<FILENAME>tm2317785d1_ex1-1.htm
<DESCRIPTION>EXHIBIT 1.1
<TEXT>
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                           <P STYLE="margin: 0pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: right; margin: 0pt; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Exhibit 1.1</B>&nbsp;</FONT></P>

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">VEDT&AElig;GTER&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARTICLES
OF AS</FONT>SOCIATION</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"></FONT></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="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; width: 5%; font-weight: bold; text-align: justify">1.</TD>
    <TD STYLE="padding-right: 5.4pt; font-size: 10pt; width: 44%; font-weight: bold; text-align: justify">Selskabets navn og form&aring;l</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; width: 5%; font-weight: bold; text-align: left">1.</TD>
    <TD STYLE="font-size: 10pt; width: 44%; font-weight: bold; text-align: justify">Name and object</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">1.1</TD>
    <TD STYLE="padding-right: 5.4pt; font-size: 10pt; font-weight: normal; text-align: justify">Selskabets navn er Evaxion Biotech A/S. Selskabet driver tillige virksomhed under binavnet NovVac A/S.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left">1.1</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">The name of the Company is Evaxion Biotech A/S. The Company also carries on business under the secondary name NovVac A/S.</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">1.2</TD>
    <TD STYLE="padding-right: 5.4pt; font-size: 10pt; font-weight: normal; text-align: justify">Selskabets form&aring;l er at skabe avanceret software med henblik p&aring; udvikling af nye immunterapier og vacciner.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left"><FONT STYLE="font-size: 10pt">1.2</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify"><FONT STYLE="font-size: 10pt">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="font-size: 10pt; vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">2.</TD>
    <TD STYLE="padding-right: 5.4pt; font-size: 10pt; font-weight: bold; text-align: justify">Kapitalforhold</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">2.</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Capital</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">2.1</TD>
    <TD STYLE="padding-right: 5.4pt; font-size: 10pt; font-weight: normal; text-align: justify">Selskabets kapital udg&oslash;r nominelt 26.773.862 kr. fordelt p&aring; 26.773.862 aktier &aacute; nominelt 1 kr. eller multipla heraf.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left">2.1</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">The share capital is nominal DKK 26,773,862 divided into 26,773,862 shares of nominal DKK 1 each or any multiples hereof.</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">2.2</TD>
    <TD STYLE="padding-right: 5.4pt; font-size: 10pt; font-weight: normal; text-align: justify">Kapitalejers navn og adresse indf&oslash;res i selskabets ejerbog. Ejerbogen f&oslash;res af Computershare A/S (CVR-nr. 27088899).</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left">2.2</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">The names and addresses of the shareholders shall be entered into the Company&rsquo;s shareholders&rsquo; register. The shareholders&rsquo;
register shall be kept by Computershare A/S (CVR no. 27088899).</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">2.3</TD>
    <TD STYLE="padding-right: 5.4pt; font-size: 10pt; font-weight: normal; text-align: justify">Ingen aktie har s&aelig;rlige rettigheder og ingen kapitalejer er pligtig at lade sine aktier indl&oslash;se.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left">2.3</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">No share carries any special rights and no shareholder is obliged to let his shares be redeemed.</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">2.4</TD>
    <TD STYLE="padding-right: 5.4pt; font-size: 10pt; font-weight: normal; text-align: justify">Aktierne er ikke-oms&aelig;tningspapirer.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left">2.4</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">The shares are non-negotiable instruments.</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">2.5</TD>
    <TD STYLE="padding-right: 5.4pt; font-size: 10pt; font-weight: normal; text-align: justify">Bestyrelsen er i perioden indtil 3. januar 2026 bemyndiget til ad &eacute;n eller flere gange at udstede warrants til medlemmer af selskabets
bestyrelse og direktion samt n&oslash;glemedarbejdere, r&aring;dgivere og konsulenter i selskabet eller dets datterselskaber, som giver
ret til tegning af i alt op til nominelt DKK 412.642 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 markedskurs eller fav&oslash;rkurs. Bestyrelsen
fastl&aelig;gger vilk&aring;rene for udstedte warrants og fordelingen heraf.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left"><FONT STYLE="font-size: 10pt">2.5.</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify"><FONT STYLE="font-size: 10pt">The board of directors is until 3 January 2026 authorized at one or more times to issue warrants to members
of the company's board of directors and executive management as well as key-employees, advisors and consultants of the company or its
subsidiaries entitling the holder to subscribe for shares for a total of up to nominal value of DKK 412,642 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>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-size: 10pt; font-weight: normal; text-align: justify"><FONT STYLE="font-size: 10pt">Bestyrelsen er samtidig bemyndiget til i perioden indtil 3. januar 2026 ad &eacute;n eller flere gange
at forh&oslash;je selskabets aktiekapital med op til i alt nominelt DKK 412.642 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 DKK 1,00 og maksimalt med nominelt DKK 412.642<I>.</I></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify"><FONT STYLE="font-size: 10pt">At the same time, the board of directors is authorized until 3 January 2026 at one or more times to increase
the company's share capital with up to nominal value of DKK 412,642 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 412,642.</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-size: 10pt; font-weight: normal; text-align: justify"><FONT STYLE="font-size: 10pt">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. 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.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify"><FONT STYLE="font-size: 10pt"></FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; 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="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify"><FONT STYLE="font-size: 10pt">2.5.1</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; font-size: 10pt; font-weight: normal; text-align: justify"><FONT STYLE="font-size: 10pt">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;lydende DKK 1,00. Tildelingen
af warrants sker vederlagsfrit.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify"><FONT STYLE="font-size: 10pt">2.5.1</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify"><FONT STYLE="font-size: 10pt">Pursuant to a previous authorization from the general meeting set out in clause 2.5, the board of directors
has on 17 December 2020 granted and issued 581,796 warrants. Each warrant entitles the holder to subscribe for one share in the company
with a nominal value of DKK 1.00. The grant of the warrants shall not be subject to payment from the holders.</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-size: 10pt; font-weight: normal; text-align: justify"><FONT STYLE="font-size: 10pt">De s&aring;ledes udstedte warrants udstedes p&aring; f&oslash;lgende vilk&aring;r:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify"><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="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-size: 10pt; font-weight: normal; text-align: justify"><FONT STYLE="font-size: 10pt">67.464 warrants udstedes p&aring; de i vedt&aelig;gternes bilag 3 angivne vilk&aring;r.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify"><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="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify; width: 5%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-size: 10pt; font-weight: normal; text-align: justify; width: 44%"><FONT STYLE="font-size: 10pt">122.328 warrants udstedes p&aring; de i vedt&aelig;gternes bilag 3 angivne vilk&aring;r, men s&aring;ledes
at disse warrants anses for optjent p&aring; tildelingstidspunktet.</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify; width: 5%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify; width: 44%"><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 deemed vested on the grant date.</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="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-size: 10pt; font-weight: normal; text-align: justify"><FONT STYLE="font-size: 10pt">61.560 warrants udstedes p&aring; de i vedt&aelig;gternes bilag 5 angivne vilk&aring;r idet hver warrant
giver ret til tegning af nominelt kr. 1 aktie mod kontant indbetaling af kr. 1, og s&aring;ledes at optjening af warrants i henhold til
bilag 5 regnes fra 1. januar 2020.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify"><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 2020.</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-size: 10pt; font-weight: normal; text-align: justify"><FONT STYLE="font-size: 10pt">19.008 warrants udstedes p&aring; de i vedt&aelig;gternes bilag 5 angivne vilk&aring;r idet hver warrant
giver ret til tegning af nominelt kr. 1 aktie mod kontant indbetaling af kr. 1, og s&aring;ledes at optjening af warrants i henhold til
bilag 5 regnes fra 1. maj 2020.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify"><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 2020.</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-size: 10pt; font-weight: normal; text-align: justify"><FONT STYLE="font-size: 10pt">150.660 warrants udstedes p&aring; de i vedt&aelig;gternes bilag 5 angivne vilk&aring;r idet hver warrant
giver ret til tegning af nominelt kr. 1 aktie mod kontant indbetaling af kr. 1, og s&aring;ledes at optjening af warrants i henhold til
bilag 5 regnes fra 1. oktober 2019.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify"><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 2019.</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-size: 10pt; font-weight: normal; text-align: justify"><FONT STYLE="font-size: 10pt">120.024 warrants udstedes p&aring; de i vedt&aelig;gternes bilag 5 angivne vilk&aring;r idet hver warrant
giver ret til tegning af nominelt kr. 1 aktie mod kontant indbetaling af kr. 1, og s&aring;ledes at warrants anses for optjent fuldt
ud p&aring; tildelingstidspunktet. Herudover finder punkt 5 i bilag 5 ikke anvendelse.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify"><FONT STYLE="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="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-size: 10pt; font-weight: normal; text-align: justify"><FONT STYLE="font-size: 10pt">40.752 warrants udstedes p&aring; de i vedt&aelig;gternes bilag 5 angivne vilk&aring;r idet hver warrant
giver ret til tegning af nominelt kr. 1 aktie mod kontant indbetaling af kr. 1, og s&aring;ledes at warrants anses for optjent fuldt
ud p&aring; tildelingstidspunktet.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify"><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="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify; width: 5%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-size: 10pt; font-weight: normal; text-align: justify; width: 44%"><FONT STYLE="font-size: 10pt">Samtidig har bestyrelsen truffet beslutning om den dertil h&oslash;rende kapitalforh&oslash;jelse, s&aring;ledes
at selskabskapitalen kan forh&oslash;jes med op til 581.796 aktier. Selskabets kapitalejere skal ikke have fortegningsret til aktier,
som udstedes ved udnyttelse af warrants. De n&aelig;rmere vilk&aring;r for kapitalforh&oslash;jelsen fremg&aring;r ovenfor og af bilag
1-3 og 5.</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify; width: 5%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify; width: 44%"><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>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify"><FONT STYLE="font-size: 10pt">2.5.2</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; font-size: 10pt; font-weight: normal; text-align: justify"><FONT STYLE="font-size: 10pt">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;lydende DKK 1,00. Tildelingen
af warrants sker vederlagsfrit.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify"><FONT STYLE="font-size: 10pt">2.5.2</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify"><FONT STYLE="font-size: 10pt">Pursuant to a previous authorization from the general meeting set out in clause 2.5, the board of directors
has on 17 December 2020 granted and issued 175,824 warrants. Each warrant entitles the holder to subscribe for one share in the company
with a nominal value of DKK 1.00. The grant of the warrants shall not be subject to payment from the holders.</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-size: 10pt; font-weight: normal; text-align: justify"><FONT STYLE="font-size: 10pt">De s&aring;ledes udstedte warrants udstedes p&aring; de i bilag 5 angivne vilk&aring;r, dog s&aring;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&aring; tildelingstidspunktet.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify"><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 2021 and 6,084 warrants start vesting from 1 January 2020, 79,524 shall be deemed vested
as of the grant date.</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-size: 10pt; font-weight: normal; text-align: justify"><FONT STYLE="font-size: 10pt">Samtidig har bestyrelsen truffet beslutning om den dertil h&oslash;rende kapitalforh&oslash;jelse, s&aring;ledes
at selskabskapitalen kan forh&oslash;jes med op til 175.824 aktier. Selskabets kapitalejere skal ikke have fortegningsret til aktier,
som udstedes ved udnyttelse af warrants. De n&aelig;rmere vilk&aring;r for kapitalforh&oslash;jelsen fremg&aring;r ovenfor og af bilag
1-3 og 5.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; 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 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="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify"><FONT STYLE="font-size: 10pt">2.5.3</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; font-size: 10pt; font-weight: normal; text-align: justify"><FONT STYLE="font-size: 10pt">I henhold til bemyndigelse fra generalforsamlingen i vedt&aelig;gternes punkt 2.5 og p&aring; de i bilag
5 angivne vilk&aring;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&oslash;rende forh&oslash;jelse af selskabets aktiekapital, dog s&aring;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="font-size: 10pt; font-weight: normal; text-align: justify"><FONT STYLE="font-size: 10pt">2.5.3</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify"><FONT STYLE="font-size: 10pt">Pursuant to the authorization from the general meeting set out in article 2.5 of the articles of association
and on the terms of appendix 5, the board of directors has on 17 June 2021 granted, and on 21 October 2021 formally issued, 62,147 warrants
and resolved to carry out the increase of the company's share capital relating to the warrants, provided, however, that vesting according
to appendix 5 shall be calculated from 1 April 2021. The authorization in article 2.5 is hereafter reduced to 1,437,853.</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify; width: 5%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-size: 10pt; font-weight: normal; text-align: justify; width: 44%"><FONT STYLE="font-size: 10pt">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; DKK 1,00, 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 STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify; width: 5%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify; width: 44%"><FONT STYLE="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="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-size: 10pt; font-weight: normal; text-align: justify"><FONT STYLE="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="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-size: 10pt; font-weight: normal; text-align: justify"><FONT STYLE="font-size: 10pt">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:</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="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left; width: 5%">-</TD>
    <TD STYLE="padding-right: 5.4pt; font-size: 10pt; font-weight: normal; text-align: justify; width: 44%"><FONT STYLE="font-size: 10pt">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 62.147, dog s&aring;ledes at reguleringsmekanismerne
i punkt 6 i vedt&aelig;gternes bilag 5 kan resultere i et andet bel&oslash;b.</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left; width: 5%">-</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify; width: 44%"><FONT STYLE="font-size: 10pt">The minimum and the maximum nominal amount of the capital increase(s) that can be subscribed for on the
basis of the warrants is DKK 1 and DKK 62,147, respectively, provided, however, that the adjustment mechanisms in clause 6 of appendix
5 to the articles of association.</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left">-</TD>
    <TD STYLE="padding-right: 5.4pt; font-size: 10pt; font-weight: normal; text-align: justify"><FONT STYLE="font-size: 10pt">Tegningskursen for kapitalforh&oslash;jelsen er fastsat til DKK 1,00 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.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left">-</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify"><FONT STYLE="font-size: 10pt">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="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left"><FONT STYLE="font-size: 10pt"></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; font-size: 10pt; font-weight: normal; text-align: justify"><FONT STYLE="font-size: 10pt">De ansl&aring;ede omkostninger, der skal afholdes af selskabet ved kapitalforh&oslash;jelsen, udg&oslash;r
DKK 10.000 (ekskl. moms).</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify"><FONT STYLE="font-size: 10pt">The costs in connection with the capital increase to be borne by the company are approx. DKK 10,000 (excluding
VAT).</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left"><FONT STYLE="font-size: 10pt"></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; font-size: 10pt; font-weight: normal; text-align: justify"><FONT STYLE="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="font-size: 10pt; font-weight: normal; text-align: left"><FONT STYLE="font-size: 10pt"></FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify"><FONT STYLE="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>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">2.5.4</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">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>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left"><FONT STYLE="font-size: 10pt">2.5.4</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify"><FONT STYLE="font-size: 10pt">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="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-size: 10pt; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">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="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="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 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.</FONT></TD></TR>
</TABLE>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: left; width: 5%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-size: 10pt; text-align: justify; width: 44%"><FONT STYLE="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="width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt; width: 5%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; width: 44%"><FONT STYLE="font-size: 10pt">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:</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-size: 10pt; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: left">-</TD>
    <TD STYLE="padding-right: 5.4pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">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.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">-</TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">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.</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-size: 10pt; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: left">-</TD>
    <TD STYLE="padding-right: 5.4pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">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.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">-</TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">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.</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-size: 10pt; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: left">-</TD>
    <TD STYLE="padding-right: 5.4pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">De ansl&aring;ede omkostninger, der skal afholdes af selskabet ved kapitalforh&oslash;jelsen, udg&oslash;r
DKK 10.000 (ekskl. moms).</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">-</TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">The costs in connection with the capital increase to be borne by the company are approx. DKK 10,000 (excluding
VAT).</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-size: 10pt; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-size: 10pt; font-weight: normal; text-align: justify"><FONT STYLE="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: left; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="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>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left"><FONT STYLE="font-size: 10pt">2.5.5</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; font-size: 10pt; font-weight: normal; text-align: justify"><FONT STYLE="font-size: 10pt">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.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">2.5.5</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Pursuant to the authorization from the general meeting set out in article 2.5 of the articles of association
the board of directors has on March 11, 2022 granted and issued 35.000 and resolved to carry out the increase of the company's share
capital relating to the warrants. The warrants are issued on the terms and conditions set out in appendix 5 provided, however, that 35,000
warrants vest with 1/36 per month from April 1, 2022. The authorization in article 2.5 is hereafter reduced to 879,254.</FONT></TD></TR>

</TABLE>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: left; width: 5%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-size: 10pt; text-align: justify; width: 44%"><FONT STYLE="font-size: 10pt">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.</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; width: 5%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify; width: 44%"><FONT STYLE="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 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.</FONT></TD></TR>

<TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-size: 10pt; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left"><FONT STYLE="font-size: 10pt"></FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify"><FONT STYLE="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="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt"></FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">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:</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left">-</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify"><FONT STYLE="font-size: 10pt">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.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">-</TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">The minimum and the maximum nominal amount of the capital increase(s) that can be subscribed for on the
basis of the warrants is DKK 1 and DKK 35,000, respectively, provided, however, that the adjustment mechanisms in clause 6 of appendix
5 to the articles of association.</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: left">-</TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">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.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">-</TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">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.</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left">-</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify"><FONT STYLE="font-size: 10pt">De ansl&aring;ede omkostninger, der skal afholdes af selskabet ved kapitalforh&oslash;jelsen, udg&oslash;r
DKK 10.000 (ekskl. moms).</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">-</TD>
    <TD STYLE="font-size: 10pt; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The costs in connection with the capital increase to be borne
by the company are approx. DKK 10,000 (excluding VAT).</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left"><FONT STYLE="font-size: 10pt"></FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify"><FONT STYLE="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="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt"><I></I></FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="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>

<TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left"><FONT STYLE="font-size: 10pt">2.5.6 </FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify"><FONT STYLE="font-size: 10pt">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. Warrants udstedes i &oslash;vrigt p&aring; de i bilag 5 angivne vilk&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>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">2.5.6</TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Pursuant to the authorization from the general meeting set out in article 2.5 of the articles of association
the board of directors has on June 14, 2022 granted and issued 65,000 and resolved to carry out the increase of the company's share capital
relating to the warrants. The warrants are issued on the terms and conditions set out in appendix 5 provided, however, that 10,000 warrants
vest with 1/36 per month from February 1, 2022, 10,000 warrants vest with 1/36 per month from April 1, 2022 and 45,000 warrants vest
with 1/36 per month from June 1, 2022. The authorization in article 2.5 is hereafter reduced to 814,254.</FONT></TD></TR>
  </TABLE>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">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 1,83 omregnet til DKK til den officielle 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 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="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="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 USD 1.83 converted into DKK using the official exchange rate between DKK and USD on the exercise day, however
no less than DKK 1 per share of nominal DKK 1, provided, however, that the adjustment mechanisms in clause 6 of appendix 5 to the articles
of association may result in a different number of shares and/or a different subscription price.</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify"><FONT STYLE="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="font-size: 10pt; font-weight: normal; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify"><FONT STYLE="font-size: 10pt">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:</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left">-</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify"><FONT STYLE="font-size: 10pt">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 65.000, dog s&aring;ledes at reguleringsmekanismerne
i punkt 6 i vedt&aelig;gternes bilag 5 kan resultere i et andet bel&oslash;b.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left">-</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify"><FONT STYLE="font-size: 10pt">The minimum and the maximum nominal amount of the capital increase(s) that can be subscribed for on the
basis of the warrants is DKK 1 and DKK 65,000, respectively, provided, however, that the adjustment mechanisms in clause 6 of appendix
5 to the articles of association.</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: left">-</TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">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 minimum DKK 1 pr.
aktie a&#768; nominelt kr. 1, dog s&aring;ledes at reguleringsmekanismerne i punkt 6 i vedt&aelig;gternes bilag 5 kan resultere i en
anden kurs.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left">-</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify"><FONT STYLE="font-size: 10pt">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<I>,</I> 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="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left">-</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify"><FONT STYLE="font-size: 10pt">De ansl&aring;ede omkostninger, der skal afholdes af selskabet ved kapitalforh&oslash;jelsen, udg&oslash;r
DKK 10.000 (ekskl. moms).</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left">-</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify"><FONT STYLE="font-size: 10pt">The costs in connection with the capital increase to be borne by the company are approx. DKK 10,000 (excluding
VAT).</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left; width: 5%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify; width: 44%"><FONT STYLE="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 STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left; width: 5%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify; width: 44%"><FONT STYLE="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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left"><FONT STYLE="font-size: 10pt">2.5.7</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify"><FONT STYLE="font-size: 10pt">I henhold til bemyndigelse fra generalforsamlingen i vedt&aelig;gternes punkt 2.5 har bestyrelsen den 15.
september 2022 tildelt og udstedt i alt 11.000 warrants og truffet beslutning om den til disse warrants 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 at 5.000 warrants
optjenes med 1/36 pr. md. fra og med 1. august 2022 og 6.000 warrants optjenes med 1/36 pr. md. fra og med 8. august 2022. Bemyndigelsen
i pkt. 2.5 er herefter nedsat til nominelt DKK 803.254.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left"><FONT STYLE="font-size: 10pt">2.5.7<I></I></FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify"><FONT STYLE="font-size: 10pt">Pursuant to the authorization from the general meeting set out in article 2.5 of the articles of association
the board of directors has on September 15, 2022 granted and issued 11,000 and resolved to carry out the increase of the company's share
capital relating to the warrants. The warrants are issued on the terms and conditions set out in appendix 5 provided, however, that 5,000
warrants vest with 1/36 per month from August 1, 2022 and 6,000 warrants vest with 1/36 per month from August 8, 2022. The authorization
in article 2.5 is hereafter reduced to 803,254.</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left; width: 5%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify; width: 44%"><FONT STYLE="font-size: 10pt">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 2,42 omregnet til DKK til den officielle 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 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 STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left; width: 5%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify; width: 44%"><FONT STYLE="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 USD 2.42 converted into DKK using the official exchange rate between DKK and USD on the exercise day, provided,
however, that the adjustment mechanisms in clause 6 of appendix 5 to the articles of association may result in a different number of
shares and/or a different subscription price.</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify"><FONT STYLE="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="font-size: 10pt; font-weight: normal; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify"><FONT STYLE="font-size: 10pt">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:</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left">-</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify"><FONT STYLE="font-size: 10pt">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 11.000, dog s&aring;ledes at reguleringsmekanismerne
i punkt 6 i vedt&aelig;gternes bilag 5 kan resultere i et andet bel&oslash;b.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left">-</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify"><FONT STYLE="font-size: 10pt">The minimum and the maximum nominal amount of the capital increase(s) that can be subscribed for on the
basis of the warrants is DKK 1 and DKK 11,000, respectively, provided, however, that the adjustment mechanisms in clause 6 of appendix
5 to the articles of association.</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left">-</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify"><FONT STYLE="font-size: 10pt">Tegningskursen for kapitalforh&oslash;jelsen er fastsat til USD 2,42 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 minimum DKK 1 pr.
aktie a&#768; nominelt kr. 1, dog s&aring;ledes at reguleringsmekanismerne i punkt 6 i vedt&aelig;gternes bilag 5 kan resultere i en
anden kurs.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left">-</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify"><FONT STYLE="font-size: 10pt">The subscription will be made at a subscription price of USD 2.42 per share of nominal DKK 1.00 converted
into DKK using the official exchange rate between DKK and USD on the exercise day, provided however that the adjustment mechanisms in
clause 6 of appendix 5 to the articles of association may result in a different subscription price.</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="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left">-</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify"><FONT STYLE="font-size: 10pt">De ansl&aring;ede omkostninger, der skal afholdes af selskabet ved kapitalforh&oslash;jelsen, udg&oslash;r
DKK 10.000 (ekskl. moms).</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left">-</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify"><FONT STYLE="font-size: 10pt">The costs in connection with the capital increase to be borne by the company are approx. DKK 10,000 (excluding
VAT).</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left; width: 5%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify; width: 44%"><FONT STYLE="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 STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left; width: 5%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify; width: 44%"><FONT STYLE="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>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left"><FONT STYLE="font-size: 10pt">2.5.8 </FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify"><FONT STYLE="font-size: 10pt">I henhold til bemyndigelse fra generalforsamlingen i vedt&aelig;gternes punkt 2.5 har bestyrelsen den 12.
december 2022 tildelt og udstedt i alt 380.612 warrants og truffet beslutning om den til disse warrants 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 at 2.500 warrants
er fuldt optjent pr. 7. december 2022, 50.000 warrants optjenes med 1/36 pr. md. fra og med 7. december 2022, 299.362 warrants optjenes
med 1/36 pr. md. fra og med 1. januar 2023 og 28.750 warrants optjenes med 1/12 pr. md. fra og med 1. januar 2023. Bemyndigelsen i pkt.
2.5 er herefter nedsat til nominelt DKK 422.642.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left"><FONT STYLE="font-size: 10pt">2.5.8 </FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify"><FONT STYLE="font-size: 10pt">Pursuant to the authorization from the general meeting set out in article 2.5 of the articles of association
the board of directors has on December 12, 2022 granted and issued 380,612 and resolved to carry out the increase of the company's share
capital relating to the warrants. The warrants are issued on the terms and conditions set out in appendix 5 provided, however, that 2,500
warrants are vested immediately per December 7, 2022, 50,000 warrants vest with 1/36 per month from December 7, 2022, 299,362 warrants
vest with 1/36 per month from January 1, 2023 and 28,750 warrants vest with 1/12 per month from January 1, 2023. The authorization in
article 2.5 is hereafter reduced to 422,642.</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify"><FONT STYLE="font-size: 10pt">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 2,23 omregnet til DKK til den officielle 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 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="font-size: 10pt; font-weight: normal; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify"><FONT STYLE="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 USD 2.23 converted into DKK using the official exchange rate between DKK and USD on the exercise day, provided,
however, that the adjustment mechanisms in clause 6 of appendix 5 to the articles of association may result in a different number of
shares and/or a different subscription price.</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify"><FONT STYLE="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="font-size: 10pt; font-weight: normal; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify"><FONT STYLE="font-size: 10pt">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:</FONT></TD></TR>

<TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left">-</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify"><FONT STYLE="font-size: 10pt">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 380.612, dog s&aring;ledes at reguleringsmekanismerne
i punkt 6 i vedt&aelig;gternes bilag 5 kan resultere i et andet bel&oslash;b.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left">-</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify"><FONT STYLE="font-size: 10pt">The minimum and the maximum nominal amount of the capital increase(s) that can be subscribed for on the
basis of the warrants is DKK 1 and DKK 380,612, respectively, provided, however, that the adjustment mechanisms in clause 6 of appendix
5 to the articles of association.</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="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left; width: 5%">-</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify; width: 44%"><FONT STYLE="font-size: 10pt">Tegningskursen for kapitalforh&oslash;jelsen er fastsat til USD 2,23 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 minimum DKK 1 pr.
aktie a&#768; nominelt kr. 1, dog s&aring;ledes at reguleringsmekanismerne i punkt 6 i vedt&aelig;gternes bilag 5 kan resultere i en
anden kurs.</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left; width: 5%">-</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify; width: 44%"><FONT STYLE="font-size: 10pt">The subscription will be made at a subscription price of USD 2.23 per share of nominal DKK 1.00 converted
into DKK using the official exchange rate between DKK and USD on the exercise day, provided however that the adjustment mechanisms in
clause 6 of appendix 5 to the articles of association may result in a different subscription price.</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left">-</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify"><FONT STYLE="font-size: 10pt">De ansl&aring;ede omkostninger, der skal afholdes af selskabet ved kapitalforh&oslash;jelsen, udg&oslash;r
DKK 10.000 (ekskl. moms).</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left">-</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify"><FONT STYLE="font-size: 10pt">The costs in connection with the capital increase to be borne by the company are approx. DKK 10,000 (excluding
VAT).</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify"><FONT STYLE="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="font-size: 10pt; font-weight: normal; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify"><FONT STYLE="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>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD></TR>
</TABLE>

<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="font-weight: normal; text-align: justify; width: 5%">2.5.9</TD>
    <TD STYLE="font-weight: normal; text-align: justify; width: 44%">I henhold til bemyndigelse fra generalforsamlingen i vedt&aelig;gternes punkt 2.5 har bestyrelsen den 15. marts 2023 tildelt og udstedt
i alt 10.000 warrants og truffet beslutning om den til disse warrants 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 at de 10.0000 warrants optjenes med 1/36 pr. md.
fra og med 1. januar 2023. Bemyndigelsen i pkt. 2.5 er herefter nedsat til nominelt DKK 412.642.</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify; width: 5%">2.5.9</TD>
    <TD STYLE="font-weight: normal; text-align: justify; width: 44%">Pursuant to the authorization from the general meeting set out in article 2.5 of the articles of association the board of directors has
on March 15, 2023 granted and issued 10,000 and resolved to carry out the increase of the company's share capital relating to the warrants.
The warrants are issued on the terms and conditions set out in appendix 5 provided, however, that such 10,000 warrants vest with 1/36
per month from January 1, 2023. The authorization in article 2.5 is hereafter reduced to 412,642.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">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 1,90 omregnet til DKK til den officielle 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 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="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">Each warrant confers the right to subscribe for one ordinary share of nominal
    DKK 1.00 in the company at a subscription price of USD 1.90 converted into DKK using the official exchange rate between DKK and USD
    on the exercise day, provided, however, that the adjustment mechanisms in clause 6 of appendix 5 to the articles of association may
    result in a different number of shares and/or a different subscription price.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">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="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">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>
</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="font-weight: normal; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">-<FONT STYLE="font-size: 10pt"></FONT></FONT></TD>
    <TD STYLE="font-weight: normal; 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 10.000, 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="font-weight: normal; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">-<FONT STYLE="font-size: 10pt"></FONT></FONT></TD>
    <TD STYLE="font-weight: normal; text-align: justify">The minimum and the maximum nominal amount of the capital increase(s) that can be subscribed for on the basis of the warrants is DKK
1 and DKK 10,000, respectively, provided, however, that the adjustment mechanisms in clause 6 of appendix 5 to the articles of association.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">-<FONT STYLE="font-size: 10pt"></FONT></FONT></TD>
    <TD STYLE="font-weight: normal; text-align: justify">Tegningskursen for kapitalforh&oslash;jelsen er fastsat til USD 1,90 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 minimum DKK 1 pr. aktie a&#768; nominelt kr. 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="font-weight: normal; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">-<FONT STYLE="font-size: 10pt"></FONT></FONT></TD>
    <TD STYLE="font-weight: normal; text-align: justify">The subscription will be made at a subscription price of USD 1.90 per share of nominal DKK 1.00 converted into DKK using the official
exchange rate between DKK and USD on the exercise day, provided however that the adjustment mechanisms in clause 6 of appendix 5 to the
articles of association may result in a different subscription price.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="font-weight: normal; text-align: justify">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="font-weight: normal; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">-<FONT STYLE="font-size: 10pt"></FONT></FONT></TD>
    <TD STYLE="font-weight: normal; text-align: justify">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="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify; width: 5%"></TD>
    <TD STYLE="font-weight: normal; text-align: justify; width: 44%">&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 STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify; width: 5%"></TD>
    <TD STYLE="font-weight: normal; text-align: justify; width: 44%">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>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left; width: 5%">2.6</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify; width: 44%"><FONT STYLE="font-size: 10pt">I overensstemmelse med en tidligere version af bemyndigelsen i vedt&aelig;gternes punkt 2.5 har selskabets
bestyrelse p&aring; bestyrelsesm&oslash;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&aring; vilk&aring;r
som n&aelig;rmere fremg&aring;r af <U>bilag 1</U> som udg&oslash;r en integreret del af disse vedt&aelig;gter. Tegningen af de tildelte
warrants skal ske skriftligt inden den 31. december 2036.</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left; width: 5%">2.6</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify; width: 44%"> <FONT STYLE="font-family: Times New Roman, Times, Serif; 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 19th 2016, decided to issue
up to 758,448 warrants with subscription right to 758,448 shares to the employees or board members of the group of companies on terms
as specified in <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 31st 2036.</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify"><FONT STYLE="font-size: 10pt">Samtidig har bestyrelsen truffet beslutning om den dertil h&oslash;rende kapitalforh&oslash;jelse, s&aring;ledes
at selskabskapitalen kan forh&oslash;jes med op til 758.448 aktier. Selskabets kapitalejere skal ikke have fortegningsret til aktier,
som udstedes ved udnyttelse af warrants. De n&aelig;rmere vilk&aring;r for kapitalforh&oslash;jelsen fremg&aring;r ligeledes af bilag
1.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; 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 758,448 shares. The company's shareholders shall not have priority subscription rights to shares
issued by the exercise of warrants. The terms for this capital increase are also specified in appendix 1.</FONT></TD></TR>

<TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left"><FONT STYLE="font-size: 10pt"></FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify"><FONT STYLE="font-size: 10pt">I overensstemmelse med en tidligere version af bemyndigelsen i vedt&aelig;gternes punkt 2.5 har selskabets
bestyrelse p&aring; bestyrelsesm&oslash;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&aring; vilk&aring;r som n&aelig;rmere fremg&aring;r af bilag 1 (15.516 warrants til medarbejderne) og bilag 2 (617.184
warrants til CEO) til vedt&aelig;gterne.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left"><FONT STYLE="font-size: 10pt"></FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify"><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 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>
</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="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left"><FONT STYLE="font-size: 10pt"></FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify"><FONT STYLE="font-size: 10pt">Samtidig har bestyrelsen truffet beslutning om den dertil h&oslash;rende kapitalforh&oslash;jelse s&aring;ledes
at selskabskapitalen kan forh&oslash;jes med op til 632.700 aktier. Selskabets kapitalejere skal ikke have fortegningsret til aktier,
som udstedes ved udnyttelse af warrants. De n&aelig;rmere vilk&aring;r for kapitalforh&oslash;jelsen fremg&aring;r ligeledes af bilag
2.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left"><FONT STYLE="font-size: 10pt"></FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; 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 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="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left">2.7</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify"><FONT STYLE="font-size: 10pt">Bestyrelsen er i perioden indtil den 1. september 2023 bemyndiget til ad en eller flere gange at udstede
warrants til selskabets n&oslash;glemedarbejdere, bestyrelse samt konsulenter med ret til at tegne op til 141.804 aktier i selskabet.
Selskabets aktion&aelig;rer skal ikke have fortegningsret ved bestyrelsens udnyttelse af denne bemyndigelse. De n&aelig;rmere vilk&aring;r
fasts&aelig;ttes af bestyrelsen.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left">2.7</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the period up until 1 September 2023, the board of directors
is authorized, once or in several rounds, to issue warrants to company's key employees, board of directors and consultants to subscribe
for up to 141,804 shares in the Company. The Company's shareholders shall not have any pre-emptive rights when the Board of Directors
exercises this authorization. The relevant terms and conditions are decided by the board of directors.</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify"><FONT STYLE="font-size: 10pt">Bestyrelsen er i perioden indtil den 1. september 2023 endvidere bemyndiget til ad en eller flere gange
at forh&oslash;je selskabets aktiekapital med op til 141.804 aktier ved kontant indbetaling i forbindelse med udnyttelse af warrantene.
Selskabets aktion&aelig;rer skal ikke have fortegningsret til aktier, som udstedes ved udnyttelse af udstedte warrants. For aktier udstedt
i henhold til denne bemyndigelse skal g&aelig;lde:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify"><FONT STYLE="font-size: 10pt">Furthermore, the Board of Directors is in the period up to 1 September 2023 authorized, once or in several
rounds, to raise the Company's share capital by up to 141,804 shares through cash contribution when exercising the warrants. The Company's
shareholders do not have any pre-emptive rights in respect of shares issued in connection with the exercise of issued warrants. The following
shall apply to shares issued in accordance with this authorization:</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left"><FONT STYLE="font-size: 10pt"><U>at </U></FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify"><FONT STYLE="font-size: 10pt">aktierne skal lyde p&aring; navn,</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify"><FONT STYLE="font-size: 10pt">The shares shall be issued in name;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left"><FONT STYLE="font-size: 10pt"><U>at </U></FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify"><FONT STYLE="font-size: 10pt">aktierne skal v&aelig;re ikke-oms&aelig;tningspapirer,</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify"><FONT STYLE="font-size: 10pt">the shares shall be non-negotiable instruments;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left"><FONT STYLE="font-size: 10pt"><U>at </U></FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify"><FONT STYLE="font-size: 10pt">selskabets hidtidige aktion&aelig;rer ikke skal have fortegningsret til aktierne,</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify"><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="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left; width: 5%"><FONT STYLE="font-size: 10pt"><U>at </U></FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify; width: 44%"><FONT STYLE="font-size: 10pt">der ikke kan ske delvis indbetaling,</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: left; width: 5%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify; width: 44%"><FONT STYLE="font-size: 10pt">no partial payment of the shares is allowed;</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="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify"><FONT STYLE="font-size: 10pt"><U>at </U></FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify"><FONT STYLE="font-size: 10pt">aktierne ikke skal have s&aelig;rlige rettigheder, og</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify"><FONT STYLE="font-size: 10pt">The shares do not carry any special rights; and</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify"><FONT STYLE="font-size: 10pt"><U>at </U></FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify"><FONT STYLE="font-size: 10pt">der af bestyrelsen kan fasts&aelig;ttes begr&aelig;nsninger i aktiernes oms&aelig;ttelighed i form af krav
om samtykke fra selskabet, fork&oslash;bsret til andre aktion&aelig;rer m.v.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify"><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, etc.</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify"><FONT STYLE="font-size: 10pt">Bestyrelsen bemyndiges endvidere til at foretage de &aelig;ndringer i selskabets vedt&aelig;gter, som m&aring;tte
v&aelig;re n&oslash;dvendige som f&oslash;lge af bestyrelsens udnyttelse af ovenst&aring;ende bemyndigelse.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify"><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="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify"><FONT STYLE="font-size: 10pt">I overensstemmelse med bemyndigelsen i vedt&aelig;gternes punkt 2.7 har selskabets bestyrelse p&aring;
bestyrelsesm&oslash;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&aring; vilk&aring;r, som n&aelig;rmere fremg&aring;r
af bilag 3 til vedt&aelig;gterne.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify"><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 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="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify"><FONT STYLE="font-size: 10pt">Samtidig har bestyrelsen truffet beslutning om den dertil h&oslash;rende kapitalforh&oslash;jelse, s&aring;ledes
at selskabskapitalen kan forh&oslash;jes med op til 141.804 aktier. Selskabets kapitalejere skal ikke have fortegningsret til aktier,
som udstedes ved udnyttelse af warrants. De n&aelig;rmere vilk&aring;r for kapitalforh&oslash;jelsen fremg&aring;r ligeledes af bilag
3.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; 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 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="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify"><FONT STYLE="font-size: 10pt">Bemyndigelsen i punkt 2.7 er herefter udnyttet fuldt ud.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify"><FONT STYLE="font-size: 10pt">Hereafter, the authorization under article 2.7 is exercised in full.</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify; width: 5%"><FONT STYLE="font-size: 10pt">2.8<FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify; width: 44%"><FONT STYLE="font-size: 10pt">Bestyrelsen er i perioden indtil 23. november 2025 bemyndiget til ad &eacute;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&aelig;rer. Udnyttelses-kursen for warrants, der er udstedt i henhold til denne bemyndigelse, skal fasts&aelig;ttes til aktiernes
nominelle v&aelig;rdi, pt. DKK 1. Bestyrelsen fastl&aelig;gger vilk&aring;rene for udstedte warrants og fordelingen heraf.</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify; width: 5%"><FONT STYLE="font-size: 10pt">2.8<FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify; width: 44%"><FONT STYLE="font-size: 10pt">The board of directors is authorised during the period until 23 November 2025, on or more occasions, to
issue warrants to the company's investors entitling the holder to subscribe shares for a total of up to nominal value of DKK 1,080,000
without pre-emptive rights for the company's shareholders. The exercise price for the warrants shall be equal to the nominal value of
the company&#8217;s shares, currently DKK 1. The board of directors shall determine the terms for the warrants issued and distribution
hereof.</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="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify; width: 5%"><FONT STYLE="font-size: 10pt"></FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify; width: 44%"><FONT STYLE="font-size: 10pt">Bestyrelsen er samtidig bemyndiget til i perioden indtil 23. november 2025 ad &eacute;n eller flere gange
at forh&oslash;je selskabets aktiekapital med op til i alt nominelt DKK 1.080.000 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
1.080.000.</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify; width: 5%"><FONT STYLE="font-size: 10pt"></FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify; width: 44%"><FONT STYLE="font-size: 10pt">At the same time, the board of directors is authorised in the period until 23 November 2025 on one or more
occasions to increase the company's share capital by up to a total nominal value of DKK 1,080,000 without pre-emptive rights for the
existing shareholders by cash payment in order to implement the capital increase(s) related to exercise of warrants. In accordance with
this clause, the board of directors may increase the share capital with a minimum nominal value of DKK 1 and a maximum nominal value
of DKK 1,080,000.</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify"><FONT STYLE="font-size: 10pt"></FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify"><FONT STYLE="font-size: 10pt">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. Aktierne skal ikke v&aelig;re undergivet oms&aelig;ttelighedsbegr&aelig;nsninger,
og ingen aktion&aelig;r skal v&aelig;re forpligtet til at lade sine aktier indl&oslash;se helt eller delvist. 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.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify"><FONT STYLE="font-size: 10pt"></FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify"><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="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify"><FONT STYLE="font-size: 10pt">2.8.1</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify"><FONT STYLE="font-size: 10pt">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;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
 &agrave; nominelt DKK 1,00 i selskabet mod kontantindskud og til at foretage den hertil h&oslash;rende kapitalforh&oslash;jelse med op
til nominelt DKK 728.964. De udstedte warrants udstedes p&aring; de i bilag 4 angivne vilk&aring;r.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify"><FONT STYLE="font-size: 10pt">2.8.1</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify"><FONT STYLE="font-size: 10pt">Pursuant to the authorization from the general meeting set out in clause 2.8 of the articles of association,
the board of directors has on 17 December 2020 granted and issued 351,036 warrants. Each warrant entitles the holder to subscribe for
one share in the company with a nominal value of DKK 1.00. The grant of the warrants shall not be subject to payment from the holders.
Hereafter the authorization set out in clause 2.8 is reduced to 728,964 warrants, each of which entitles the holder to subscribe for
one share of a nominal DKK 1.00 in the company against cash payment and to make the associated capital increase by up to a nominal DKK
728,964. The warrants issued are issued on the terms and conditions set out in appendix 4.</FONT></TD></TR>

<TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify"><FONT STYLE="font-size: 10pt"></FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify"><FONT STYLE="font-size: 10pt">Under henvisning til selskabslovens regler, skal f&oslash;lgende vilk&aring;r i &oslash;vrigt v&aelig;re
g&aelig;ldende i forbindelse med udstedelse af ovenn&aelig;vnte warrants og senere forh&oslash;jelse af aktiekapitalen ved tegning af
de nye aktier ved udnyttelse af disse warrants:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify"><FONT STYLE="font-size: 10pt"></FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify"><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>
</TABLE>

<P STYLE="margin: 0; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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%">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify; width: 44%">Det mindste og det h&oslash;jeste bel&oslash;b, hvormed aktiekapitalen skal kunne forh&oslash;jes, udg&oslash;r henholdsvis nominelt DKK 1 og DKK 351.036, dog s&aring;ledes at reguleringsmekanismerne i vedt&aelig;gternes <U>bilag 4</U> kan resultere i et andet bel&oslash;b.</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify; width: 44%">The minimum and the maximum nominal amount of the capital increase(s) that can be subscribed for on the basis of the warrants is DKK 1 and DKK 351,036, respectively, provided, however, that the adjustment mechanisms set out in <U>appendix 4</U> to the articles of association may result in a different amount.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">De nye aktier skal tilh&oslash;re samme aktieklasse som Selskabets eksisterende aktier.</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">The new shares shall belong to same class of shares as the existing shares in the Company.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">Kapitaludvidelsen sker uden fortegningsret for de hidtidige aktion&aelig;rer, idet tegningen sker p&aring; baggrund de af tildelte warrants.</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">The capital increase is carried out without pre-emption rights for the existing shareholders as the subscription will be based on the granted warrants.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">Det fulde bel&oslash;b til tegning af det antal aktier, som &oslash;nskes tegnet p&aring; grundlag af warrants, skal indbetales kontant senest samtidig med tegningen af de p&aring;g&aelig;ldende aktier.</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">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.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">De nye aktier udstedes i aktier a hver nominelt DKK 1,00.</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">The new shares will be divided into shares of nominal DKK 1.00 each.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">Kapitaludvidelsen sker til DKK 1 pr. nominelt DKK 1 aktie, dog s&aring;ledes at reguleringsmekanismerne i vedt&aelig;gternes <U>bilag 4</U> kan resultere i en anden kurs.</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">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.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">De nye aktier skal v&aelig;re ikke-oms&aelig;tningspapirer.</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">The new shares will not be negotiable instruments.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">De nye aktier skal lyde p&aring; navn og skal noteres i Selskabets ejerbog.</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">The new shares will be made out in the name of the holder and registered in the Company's register of shareholders.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">De ansl&aring;ede omkostninger, der skal afholdes af Selskabet ved kapitalforh&oslash;jelsen, udg&oslash;r DKK 25.000 (ekskl. moms).</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">The costs in connection with the capital increase to be borne by the Company are approx. DKK 25,000 (excluding VAT).</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>2.9</TD>
    <TD STYLE="font-weight: normal; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">I
henhold til bestyrelsens bemyndigelser er 786.320 warrants udnyttet pr. 1. juni 2023.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>2.9</TD>
    <TD STYLE="font-weight: normal; text-align: justify">According to the board of directors&#8217; authorisations 786,320 warrants have been exercised per 1 June 2023.</TD></TR>
  </TABLE>

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<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%">2.10</TD>
    <TD STYLE="font-weight: normal; text-align: justify; width: 44%">Bestyrelsen er i perioden indtil 1. maj 2027 bemyndiget til ad &eacute;n
eller flere gange at udstede warrants til investorer, l&aring;ngivere, konsulenter og/eller r&aring;dgivere i selskabet, som giver ret
til tegning af i alt op til nominelt DKK 30.000.000 uden fortegningsret for selskabets aktion&aelig;rer. Udnyttelseskursen for warrants,
der er udstedt i henhold til denne bemyndigelse, skal ved udstedelsen fasts&aelig;ttes af bestyrelsen til mindst markedsprisen. Bestyrelsen
fastl&aelig;gger vilk&aring;rene for udstedte warrants og fordelingen heraf.</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 5%">2.10</TD>
    <TD STYLE="font-weight: normal; text-align: justify; width: 44%">The board of directors is until 1 May 2027 authorized at one or more times to issue warrants to investors, lenders, consultants and/or advisors in the company or its subsidiaries entitling the holder to subscribe for shares for a total of up to nominal value of DKK 30,000,000 without pre-emptive subscription rights for the company's shareholders. The exercise price for the warrants issued according to this authorization shall at the time of issuance be determined by the board of directors at minimum market price. The board of directors shall determine the terms for the warrants issued and the distribution hereof.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">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 30.000.000 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 1,00 og maksimalt med nominelt DKK 30.000.000. 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>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">At the same time, the board of directors is authorized until 1 May 2027 at one
    or more times to increase the company's share capital with up to nominal value of DKK 30,000,000 without pre-emptive rights for the
    company's shareholders by cash payment in order to implement the capital increase related to exercise of warrants. In accordance
    with this clause the board of directors may increase share capital with a minimum nominal value of DKK 1.00 and a maximum nominal
    value of DKK 30,000,000. 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>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">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 selskabets ejerbog. Aktierne 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 i Erhvervsstyrelsen.</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; 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 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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<P STYLE="margin: 0; font-size: 10pt"></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="font-weight: bold; width: 5%">3.</TD>
    <TD STYLE="font-weight: bold; text-align: justify; width: 44%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bemyndigelse
til bestyrelsen &#8211; aktieudstedelse</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; width: 5%">3.</TD>
    <TD STYLE="font-weight: bold; text-align: justify; width: 44%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorization
to the board of directors &#8211; issue of shares</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>3.1</TD>
    <TD STYLE="font-weight: normal; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 44.153.982 uden 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 til en
af bestyrelsen fastsat fav&oslash;rkurs i forhold til den noterede kurs p&aring; ADS&#8217;erne. 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.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>3.1</TD>
    <TD STYLE="font-weight: normal; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
board of directors is until 1 May 2027 authorized at one or more times to increase the company&#8217;s share capital by up to nominal
DKK 44,153,982 without pre-emptive subscription rights for the company&#8217;s shareholders. Capital increases according to this authorization
must be carried out by the board of directors by way of cash contributions. The shares may be issued at market price or at a discount
to the listed price of the ADSs as determined by the board of directors. The board of directors is authorized to make the required amendments
to the articles of association if the authorization to increase the share capital is used and to cause such shares to be deposited with
a depositary bank and the simultaneous issuance of American Depositary Shares representing such shares.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">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 selskabets ejerbog. 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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">For shares issued pursuant to this section 3.1 the following shall apply: The new shares shall be non-negotiable instruments issued in the name of the holder and registered in the name of the holder in the company's register of shareholders. The new shares shall be subject to the same restrictions on transferability as the existing shares of the Company and no shareholder shall be obliged to have the shares redeemed fully or partly. No partial payment is allowed. The shares shall be with the same rights as the existing share capital and shall not belong to a specific share class. The shares shall give rights to dividends and other rights in the company from the time of registration of the capital increase with the Danish Business Authority.</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: 5%">3.2</TD>
    <TD STYLE="width: 44%; font-weight: normal; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 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.</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 5%">3.2</TD>
    <TD STYLE="width: 44%; font-weight: normal; text-align: justify">The board of directors is until 3 January 2026 authorized at one or more times to increase the company's share capital by the issuance of new shares with up to nominal DKK 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>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">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>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>3.3</TD>
    <TD STYLE="font-weight: normal; text-align: justify">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>3.3</TD>
    <TD STYLE="font-weight: normal; text-align: justify">The board of directors is until 3 January 2026 authorized at one or more times to obtain loans against issuance of convertible loan notes which give the right to subscribe for shares for a total of up to nominal value of DKK 14,700,000 without pre-emptive subscription rights for the company's shareholders. The conversion shall be carried out at a price that corresponds in aggregate to at least the market price at the time of the decision of the board of directors. Shares shall be considered issued at market price if the shares are issued at +/-10 of the listed price for the company&#8217;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>
  </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%">&nbsp;</TD>
    <TD STYLE="width: 44%; font-weight: normal; text-align: justify">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 STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 44%; font-weight: normal; text-align: justify">As a consequence of the conversion of the convertible loan notes, the board of directors is authorized until 3 January 2026 to increase the share capital by a nominal value of up to DKK 14,700,000 by conversion of the convertible loan notes. The company's shareholders shall not have pre-emptive rights to subscribe for shares issued by conversion of the convertible loan notes.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">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>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">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>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">4.</TD>
    <TD STYLE="font-weight: bold; text-align: justify">Generalforsamlinger</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold">4.</TD>
    <TD STYLE="font-weight: bold; text-align: justify">General meetings</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>4.1</TD>
    <TD STYLE="font-weight: normal; text-align: justify">Generalforsamlingen indkaldes af bestyrelsen med mindst 2 ugers og h&oslash;jst
4 ugers varsel. Indkaldelsen offentligg&oslash;res p&aring; selskabets hjemmeside og sendes endvidere til alle i ejerbogen noterede aktion&aelig;rer,
som har fremsat beg&aelig;ring herom.</TD>
    <TD>&nbsp;</TD>
    <TD>4.1</TD>
    <TD STYLE="font-weight: normal; text-align: justify">General meeting is convened by the board of directors with a notice of a minimum 2 weeks and a maximum 4 weeks. The convening notice shall be published on the company's website and sent to all shareholders recorded in the register of shareholders who have requested such notification.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>4.2</TD>
    <TD STYLE="font-weight: normal; text-align: justify">Ordin&aelig;re generalforsamlinger skal afholdes hvert &aring;r i s&aring; god
tid, at den reviderede og godkendte &aring;rsrapport kan indsendes til Erhvervsstyrelsen, s&aring; den er modtaget i styrelsen inden
5 m&aring;neder efter regnskabs&aring;rets udl&oslash;b.</TD>
    <TD>&nbsp;</TD>
    <TD>4.2</TD>
    <TD STYLE="font-weight: normal; text-align: justify">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.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>4.3</TD>
    <TD STYLE="font-weight: normal; text-align: justify">Ekstraordin&aelig;r generalforsamling skal indkaldes senest 2 uger efter, at
bestyrelsen, revisor eller kapitalejere, der ejer mindst 5% af selskabskapital, har forlangt det.</TD>
    <TD>&nbsp;</TD>
    <TD>4.3</TD>
    <TD STYLE="font-weight: normal; text-align: justify">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.</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%">4.4</TD>
    <TD STYLE="font-weight: normal; text-align: justify; width: 44%">Alle generalforsamlinger afholdes p&aring;
selskabets hjemstedsadresse eller i Stork&oslash;benhavn.</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 5%">4.4</TD>
    <TD STYLE="font-weight: normal; text-align: justify; width: 44%">All General Meetings shall be held at the Company's home address or in Greater
Copenhagen.</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">4.5</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">Generalforsamlingen ledes af en af bestyrelsen udpeget dirigent. Over forhandlingerne p&aring; generalforsamlingen f&oslash;res en protokol, der underskrives af dirigenten.</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">4.5</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">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.&nbsp;&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 5%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 5%">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify; width: 39%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 5%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 5%">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify; width: 39%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">4.6</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">Dagsordenen for den ordin&aelig;re generalforsamling skal omfatte:</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">4.6</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">The agenda for the Annual General Meeting shall include:</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; 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>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">I.</TD>
    <TD STYLE="font-weight: normal; text-align: justify">Bestyrelsens beretning om selskabets virksomhed i det forl&oslash;bne &aring;r</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">I.</TD>
    <TD STYLE="font-weight: normal; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; 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>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">II.</TD>
    <TD STYLE="font-weight: normal; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Forel&aelig;ggelse
af &aring;rsrapport til godkendelse</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">II.</TD>
    <TD STYLE="font-weight: normal; text-align: justify">Presentation of the audited annual report for adoption;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; 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>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">III.</TD>
    <TD STYLE="font-weight: normal; text-align: justify">Beslutning om anvendelse af overskud eller d&aelig;kning af tab i henhold til
den godkendte &aring;rsrapport.</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">III.</TD>
    <TD STYLE="font-weight: normal; text-align: justify">Resolution on allocation of profit or coverage of loss, cf. the adopted annual
report;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; 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>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">IV.</TD>
    <TD STYLE="font-weight: normal; text-align: justify">Valg af medlemmer til bestyrelsen.</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">IV.</TD>
    <TD STYLE="font-weight: normal; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT>Election of members to the Board of Directors;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; 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>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">V.</TD>
    <TD STYLE="font-weight: normal; text-align: justify">Valg af revisor</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">V.</TD>
    <TD STYLE="font-weight: normal; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT>Election of auditor;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; 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>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">VI.</TD>
    <TD STYLE="font-weight: normal; text-align: justify">Eventuelle forslag fra bestyrelsen og/eller aktion&aelig;rerne.</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">VI.</TD>
    <TD STYLE="font-weight: normal; text-align: justify">Any motion from the board of directors and/or the shareholders.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; 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>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">VII.</TD>
    <TD STYLE="font-weight: normal; text-align: justify">Eventuelt.</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">VII.</TD>
    <TD STYLE="font-weight: normal; text-align: justify">Miscellaneous</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; 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>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">4.7</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Forslag fra kapitalejerne til behandling p&aring; den ordin&aelig;re generalforsamling m&aring; v&aelig;re indgivet til selskabet senest 6 uger f&oslash;r afholdelsen af den ordin&aelig;re generalforsamling.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">4.7</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">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.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; 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>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">4.8</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">Sproget p&aring; generalforsamlingen er engelsk uden simultantolkning til og fra dansk. Dokumenter udarbejdet til generalforsamlingens brug i forbindelse med eller efter generalforsamlingen udarbejdes p&aring; engelsk.</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">4.8</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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>
</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-weight: bold; width: 5%">5.</TD>
    <TD STYLE="font-weight: bold; text-align: justify; width: 44%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </FONT>Stemmeret</TD>
    <TD STYLE="text-align: justify; width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-weight: bold; width: 5%">5.</TD>
    <TD STYLE="font-weight: bold; text-align: justify; width: 44%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Voting
rights</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">5.1</TD>
    <TD STYLE="font-weight: normal; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">P&aring;
generalforsamlingen giver hvert aktiebel&oslash;b p&aring; nominelt 1 kr. &eacute;n stemme. Aktion&aelig;rerne er berettigede til at
stemme forskelligt p&aring; deres aktier.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">5.1</TD>
    <TD STYLE="font-weight: normal; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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="text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">5.2</TD>
    <TD STYLE="font-weight: normal; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alle
beslutninger p&aring; generalforsamlingen afg&oslash;res ved simpelt stemmeflertal, medmindre selskabsloven eller vedt&aelig;gterne foreskriver
s&aelig;rlige regler om repr&aelig;sentation og majoritet. St&aring;r stemmerne lige, skal valg af dirigent, bestyrelse, revisorer og
lignende afg&oslash;res ved lodtr&aelig;kning.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">5.2</TD>
    <TD STYLE="font-weight: normal; text-align: justify">All resolutions at the General Meeting are passed by simple majority,
unless The Companies Act or the Company's Articles of Association set out special rules regarding representation and majority. In case
of parity of votes, the election of chairman of the meeting, board of directors, auditors and the like shall be decided by ballot.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">5.3</TD>
    <TD STYLE="font-weight: normal; text-align: justify">En aktion&aelig;rs ret til at deltage i en generalforsamling og til at afgive
stemme fasts&aelig;ttes i forhold til de aktier, som aktion&aelig;ren besidder p&aring; registreringsdatoen. Registreringsdatoen er &eacute;n
uge f&oslash;r generalforsamlingen. En aktion&aelig;rs besiddelse af aktier og stemmer opg&oslash;res p&aring; registreringsdatoen p&aring;
baggrund af notering af aktion&aelig;rens ejerforhold i ejerbogen samt eventuelle ejerforhold, som selskabet har modtaget med henblik
p&aring; indf&oslash;rsel i ejerbogen.</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">5.3</TD>
    <TD STYLE="font-weight: normal; text-align: justify">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.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">5.4</TD>
    <TD STYLE="font-weight: normal; text-align: justify">En aktion&aelig;r, der er berettiget til at deltage i generalforsamlingen i
henhold til pkt. 5.3, og som &oslash;nsker at deltage i generalforsamlingen, skal senest tre hverdage f&oslash;r dens afholdelse anmode
selskabet om adgangskort.</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">5.4</TD>
    <TD STYLE="font-weight: normal; text-align: justify">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.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">5.5</TD>
    <TD STYLE="font-weight: normal; text-align: justify">En aktion&aelig;r kan m&oslash;de personligt eller ved fuldmagt. Fuldm&aelig;gtigen
skal freml&aelig;gge skriftligt og dateret fuldmagt.</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">5.5</TD>
    <TD STYLE="font-weight: normal; text-align: justify">A shareholder may attend the general meeting in person or by proxy. The proxy
shall submit a written and dated power of attorney.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">5.6</TD>
    <TD STYLE="font-weight: normal; text-align: justify">En aktion&aelig;r, der er berettiget til at deltage i en generalforsamling i
henhold til pkt. 5.3, kan brevstemme. Brevstemmer skal v&aelig;re selskabet i h&aelig;nde senest hverdagen f&oslash;r generalforsamlingens
afholdelse. Brevstemmer kan ikke tilbagekaldes.</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">5.6</TD>
    <TD STYLE="font-weight: normal; text-align: justify">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.</TD></TR>
</TABLE>

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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="font-weight: bold; vertical-align: top">
    <TD STYLE="text-align: justify; font-weight: bold; width: 5%">6.</TD>
    <TD STYLE="font-weight: bold; text-align: justify; width: 44%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bestyrelse</FONT></TD>
    <TD STYLE="text-align: justify; font-weight: bold; width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-weight: bold; width: 5%">6.</TD>
    <TD STYLE="font-weight: bold; text-align: justify; width: 44%">Board of directors</TD></TR>
  <TR STYLE="font-weight: bold; vertical-align: top">
    <TD STYLE="text-align: justify; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">6.1</TD>
    <TD STYLE="font-weight: normal; text-align: justify">Selskabets ledes af en p&aring; generalforsamlingen valgt bestyrelse best&aring;ende
af 3-7 medlemmer. Bestyrelsens medlemmer v&aelig;lges for &eacute;t &aring;r ad gangen og kan genv&aelig;lges.</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">6.1</TD>
    <TD STYLE="font-weight: normal; text-align: justify">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.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">6.2</TD>
    <TD STYLE="font-weight: normal; text-align: justify">Bestyrelsen v&aelig;lger en formand og en n&aelig;stformand.</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">6.2</TD>
    <TD STYLE="font-weight: normal; text-align: justify">The Board of Directors elects a chairman and a vice-chairman.</TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>6.3</TD>
    <TD STYLE="font-weight: normal; text-align: justify">Bestyrelsen skal vedtage en forretningsorden om udf&oslash;relsen
af sit hverv.</TD>
    <TD>&nbsp;</TD>
    <TD>6.3</TD>
    <TD STYLE="font-weight: normal; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT>The board of directors shall adopt rules of procedure governing the performance of its duties.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>6.4</TD>
    <TD STYLE="font-weight: normal; text-align: justify">Referater af bestyrelsesm&oslash;der skal underskrives af samtlige tilstedev&aelig;rende
bestyrelsesmedlemmer.</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">Minutes of board meetings shall be signed by all directors present at the meetings.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>6.5</TD>
    <TD STYLE="font-weight: normal; text-align: justify">Selskabets koncernsprog er engelsk. M&oslash;der i bestyrelsen afholdes p&aring;
engelsk.</TD>
    <TD>&nbsp;</TD>
    <TD>6.4</TD>
    <TD STYLE="font-weight: normal; text-align: justify">The Company's corporate language shall be English. Board meetings be conducted
in English.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="font-weight: bold; vertical-align: top">
    <TD STYLE="font-weight: bold">7.</TD>
    <TD STYLE="font-weight: bold; text-align: justify">Direktion</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">7.</TD>
    <TD STYLE="font-weight: bold; text-align: justify">Management board</TD></TR>
  <TR STYLE="font-weight: bold; vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>7.1</TD>
    <TD STYLE="font-weight: normal; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bestyrelsen
ans&aelig;tter 1-7 direkt&oslash;rer til at varetage den daglige ledelse af Selskabets virksomhed.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>7.1</TD>
    <TD STYLE="font-weight: normal; text-align: justify">The board of directors shall appoint 1-7 Executive Directors to be in charge
of the day-to-day operations of the Company.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="font-weight: bold; vertical-align: top">
    <TD STYLE="font-weight: bold">8.</TD>
    <TD STYLE="font-weight: bold; text-align: justify">Tegningsregel</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">8.</TD>
    <TD STYLE="font-weight: bold; text-align: justify">Power to bind the Company</TD></TR>
  <TR STYLE="font-weight: bold; vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>8.1</TD>
    <TD STYLE="font-weight: normal; text-align: justify">Selskabet tegnes af den administrerende direkt&oslash;r og en direkt&oslash;r
i forening, eller den administrerende direkt&oslash;r og et medlem af bestyrelsen i forening, eller af den samlede bestyrelse.</TD>
    <TD>&nbsp;</TD>
    <TD>8.1</TD>
    <TD STYLE="font-weight: normal; text-align: justify">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.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="font-weight: bold; vertical-align: top">
    <TD STYLE="font-weight: bold">9.</TD>
    <TD STYLE="font-weight: bold; text-align: justify">Revision og regnskabs&aring;r</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">9.</TD>
    <TD STYLE="font-weight: bold; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT>Audit and financial year</TD></TR>
  <TR STYLE="font-weight: bold; vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>9.1</TD>
    <TD STYLE="font-weight: normal; text-align: justify">Selskabets &aring;rsrapporter revideres af &eacute;n af generalforsamlingen
valgt statsautoriseret eller registreret revisor, der v&aelig;lges for &eacute;t &aring;r ad gangen. Genvalg er muligt.</TD>
    <TD>&nbsp;</TD>
    <TD>9.1</TD>
    <TD STYLE="font-weight: normal; text-align: justify">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.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>9.2</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&Aring;rsrapporten opg&oslash;res i overensstemmende med god regnskabsskik og
under foretagelse af p&aring;budte og n&oslash;dvendige afskrivninger og henl&aelig;ggelser.</TD>
    <TD>&nbsp;</TD>
    <TD>9.2</TD>
    <TD STYLE="font-weight: normal; text-align: justify">The annual report is compiled in accordance with sound accounting principles
and subject to obligatory and requisite depreciations and provisions.</TD></TR>
</TABLE>

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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="width: 5%">9.3</TD>
    <TD STYLE="font-weight: normal; text-align: justify; width: 44%">Selskabets regnskabs&aring;r er kalender&aring;ret. Regnskabet kan afl&aelig;gges
p&aring; engelsk.&nbsp;&nbsp;Det f&oslash;rste regnskabs&aring;r l&oslash;ber fra stiftelsen til den 31. december 2009.</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 5%">9.3</TD>
    <TD STYLE="font-weight: normal; text-align: justify; width: 44%">The financial year of the Company shall be the calendar year. The annual report
may be presented in English. The first financial year runs from the incorporation date to 31 December 2009.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="font-weight: bold; vertical-align: top">
    <TD STYLE="font-weight: bold">10.</TD>
    <TD STYLE="font-weight: bold; text-align: justify">Elektronisk kommunikation</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">10.</TD>
    <TD STYLE="font-weight: bold; text-align: justify">Electronic communication</TD></TR>
  <TR STYLE="font-weight: bold; vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>10.1</TD>
    <TD STYLE="font-weight: normal; text-align: justify">Al kommunikation fra selskabet til den enkelte kapitalejer skal ske elektronisk
ved e-mail, medmindre andet f&oslash;lger af lov.</TD>
    <TD>&nbsp;</TD>
    <TD>10.1</TD>
    <TD STYLE="font-weight: normal; text-align: justify">All communication from the Company to each individual shareholder shall take
place by electronic means by e-mail, unless otherwise provided for by law.</TD></TR>

<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">10.2</TD>
    <TD STYLE="width: 44%; font-weight: normal; text-align: justify">Det er aktion&aelig;rens ansvar at sikre, at selskabet er i besiddelse
af den korrekte e-mailadresse.</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 5%">10.2</TD>
    <TD STYLE="width: 44%; font-weight: normal; text-align: justify">The shareholders shall be responsible for ensuring that the Company
has the correct e-mail address</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>10.3</TD>
    <TD STYLE="font-weight: normal; text-align: justify">Al kommunikation fra aktion&aelig;rerne til selskabet skal ske elektronisk ved
e-mail til e-mailadresse, som oplyst p&aring; selskabets hjemmeside</TD>
    <TD>&nbsp;</TD>
    <TD>10.3</TD>
    <TD STYLE="font-weight: normal; text-align: justify">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&#8217;s website.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="font-weight: bold; vertical-align: top">
    <TD STYLE="font-weight: bold">11.</TD>
    <TD STYLE="font-weight: bold; text-align: justify">Bemyndigelse til uddeling af ekstraordin&aelig;rt udbytte</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">11.</TD>
    <TD STYLE="font-weight: bold; text-align: justify">Authorization to distribute extraordinary dividend</TD></TR>
  <TR STYLE="font-weight: bold; vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>11.1</TD>
    <TD STYLE="font-weight: normal; text-align: justify">Bestyrelsen bemyndiges til efter de i selskabsloven herom g&aelig;ldende regler
at tr&aelig;ffe beslutning om uddeling af ekstraordin&aelig;rt udbytte frem til n&aelig;ste ordin&aelig;re generalforsamling.</TD>
    <TD>&nbsp;</TD>
    <TD>11.1</TD>
    <TD STYLE="font-weight: normal; text-align: justify">With reference to applicable rules in the Companies Act, the board of directors
is authorized to decide on the distribution of extraordinary dividend until the next Ordinary General Meeting.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="font-weight: bold; vertical-align: top">
    <TD STYLE="font-weight: bold">12.</TD>
    <TD STYLE="font-weight: bold; text-align: justify">Uoverensstemmelse</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">12.</TD>
    <TD STYLE="font-weight: bold; text-align: justify">Discrepancy</TD></TR>
  <TR STYLE="font-weight: bold; vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>12.1</TD>
    <TD STYLE="font-weight: normal; text-align: justify">Hvis der er uoverensstemmelser mellem den danske version og engelske version
af vedt&aelig;gterne, da finder den engelske version anvendelse.</TD>
    <TD>&nbsp;</TD>
    <TD>12.1</TD>
    <TD STYLE="font-weight: normal; text-align: justify">In case of any discrepancy between the Danish and the English version of the
articles of association, the latter shall prevail.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="font-weight: bold; vertical-align: top">
    <TD STYLE="font-weight: bold">13.</TD>
    <TD STYLE="font-weight: bold; text-align: justify">Elektroniske generalforsamlinger</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">13.</TD>
    <TD STYLE="font-weight: bold; text-align: justify">Electronic general meetings</TD></TR>
  <TR STYLE="font-weight: bold; vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>13.3</TD>
    <TD STYLE="font-weight: normal; text-align: justify">Bestyrelsen er bemyndiget til at beslutte, at generalforsamlinger afholdes fuldst&aelig;ndig
eller delvis elektronisk.</TD>
    <TD>&nbsp;</TD>
    <TD>13.1</TD>
    <TD STYLE="font-weight: normal; text-align: justify">The board of directors shall be authorised to determine that general meetings
shall be held electronically whether in whole or in part.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>13.2</TD>
    <TD STYLE="font-weight: normal; text-align: justify">Bestyrelsen skal s&oslash;rge for, at elektroniske generalforsamlinger afvikles
p&aring; betryggende vis, og skal sikre, at det anvendte system er indrettet, s&aring; lovgivningens krav til afholdelse af generalforsamling
opfyldes, herunder is&aelig;r aktion&aelig;rernes adgang til at deltage i, ytre sig samt stemme p&aring; generalforsamlingen. Systemet
skal g&oslash;re det muligt at fastsl&aring;, hvilke aktion&aelig;rer der deltager, hvilken selskabskapital og stemmeret de repr&aelig;senterer
samt resultatet af afstemninger.</TD>
    <TD>&nbsp;</TD>
    <TD>13.2</TD>
    <TD STYLE="font-weight: normal; text-align: justify">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&#8217; 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.</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"></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="width: 5%">13.3</TD>
    <TD STYLE="width: 44%; font-weight: normal; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Via
egen opkobling tilslutter aktion&aelig;rerne sig et virtuelt forum, hvor generalforsamlingen afholdes. Bestyrelsen fasts&aelig;tter de
n&aelig;rmere krav til de elektroniske systemer, som anvendes ved elektronisk generalforsamling.</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 5%">13.3</TD>
    <TD STYLE="width: 44%; font-weight: normal; text-align: justify">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.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>13.4</TD>
    <TD STYLE="font-weight: normal; text-align: justify">I indkaldelsen til den elektroniske generalforsamling angives de n&aelig;rmere
krav til det elektroniske udstyr, som skal anvendes ved deltagelse i generalforsamlingen. Ligeledes angives, hvorledes tilmelding sker,
samt hvor aktion&aelig;rerne kan finde oplysninger om fremgangsm&aring;den i forbindelse med generalforsamlingen.</TD>
    <TD>&nbsp;</TD>
    <TD>13.4</TD>
    <TD STYLE="font-weight: normal; text-align: justify">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.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: center">- 0 -</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: center">- 0</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: center">1. juni 2023</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: center">1 June 2023</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">Alle talangivelser i denne vedt&aelig;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.</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">All numbers in these articles of association have been adjusted to take into account share split from nominal DKK 2 to nominal DKK 1 and issuance of bonus shares in the ratio of 17-for-1 as resolved by respectively the general meeting and the board of directors on 4 January 2021.</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"></P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><B>BILAG 1 TIL VEDT&AElig;GTER</B></P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 155.85pt 0pt 0"><B>&nbsp;</B></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: 10%">og</TD>
    <TD STYLE="width: 39%">[Navn]</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 10%">and</TD>
    <TD STYLE="width: 39%">[Name]</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD> [Adresse]</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>[Address]</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD> [Adresse]</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>[Address]</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 155.85pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 155.85pt 0pt 0"><B></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 155.85pt 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">5</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">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">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">8</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">8</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">10</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">10</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">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">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">12</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">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">SUBSCRIPTION OF SHARES</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">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">15</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">15</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">16</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">16</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">16</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">16</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">17</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">17</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">17</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">17</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">17</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">17</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">18</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">18</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">18</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">18</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">18</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">18</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">18</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">18</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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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></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 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 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">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 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: 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="text-align: justify; 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 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">(2)</FONT></TD>
<TD STYLE="text-align: justify"><B>[Navn, CPR-nr., adresse] </B>(&quot;Warrantindehaveren&quot;)</TD>
<TD STYLE="text-align: justify">&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 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"></TD>
<TD STYLE="text-align: justify">- <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 STYLE="text-align: justify">&nbsp;</TD>
<TD STYLE="text-align: justify"></TD>
<TD STYLE="text-align: justify">- 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 STYLE="text-align: justify">&nbsp;</TD>
<TD 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 COLSPAN="2" STYLE="text-align: justify">EFTERSOM</TD>
<TD STYLE="text-align: justify">&nbsp;</TD>
<TD COLSPAN="2" STYLE="text-align: justify">WHEREAS</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">(A)</TD>
<TD STYLE="text-align: justify">Warrantindehaveren er ansat af Selskabet</TD>
<TD STYLE="text-align: justify">&nbsp;</TD>
<TD STYLE="text-align: justify">(A)</TD>
<TD STYLE="text-align: justify">The Warrantee is employed by the Company</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">(B)</TD>
<TD STYLE="text-align: justify">Selskabet &oslash;nsker at motivere Warrantindehaveren ved at tildele et vist antal warrants til Warrantindehaveren.</TD>
<TD STYLE="text-align: justify">&nbsp;</TD>
<TD STYLE="text-align: justify">(B)</TD>
<TD STYLE="text-align: justify">The Company wishes to incentivise the Warrantee by granting certain warrants to the Warrantee.</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 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="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>

<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>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>&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 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</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</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</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</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</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>

<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"><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">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</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</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</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</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</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</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>
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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</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</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>
</TABLE>

<P STYLE="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">4.1</FONT></TD>
    <TD STYLE="text-align: justify; width: 44%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrantindehaveren kan udnytte alle eller en del af Warrants
(i) i forbindelse med en Exit (se punkt&nbsp;&nbsp;4.2) eller (ii) p&aring; et tidspunkt, der fasts&aelig;ttes af Bestyrelsen (et &quot;Vindue&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">The Warrantee may exercise all or part of the Warrants (i) in connection with an Exit (see Clause 4.2) or (ii) at any time determined by the Board (a &quot;Window&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">4.2</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;Exit&quot; betyder (a) en &aelig;ndring i ejerforholdene
i Selskabet, hvorved en uafh&aelig;ngig tredjemand erhverver 50 % eller mere af selskabskapitalen i Selskabet eller kommer til at kontrollere
mere end 50 % af stemmerne i Selskabet; (b) en b&oslash;rsnotering af Selskabets aktier; (c) salg eller overdragelse af samtlige eller
en v&aelig;sentlig del af Selskabet aktiver; (d) en fusion med Selskabet som det oph&oslash;rende selskab; eller (e) en kombination af
(a) - (d).</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">An &quot;Exit&quot; shall mean (a) 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) an initial public offering of the Company's shares (&quot;IPO&quot;); (c) the sale or disposition of all&nbsp;&nbsp;or a material part of the Company's assets; (d) a merger whereby the Company is the discontinuing entity; or (e) a combination of (a) - (d) above.</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">4.3</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">I tilf&aelig;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&aring;den, bilagt en formular til meddelelse om udnyttelse (&quot;Udnyttelsesmeddelelsen&quot;) samt eventuelt en yderligere
forpligtelseserkl&aelig;ring, som Selskabet efter eget sk&oslash;n m&aring;tteforlange (f.eks. tiltr&aelig;delsesdokument til en aftale
om k&oslash;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&aelig;ring&quot;).</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 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&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;nskede antal kapitalandele samt en eventuel
Yderligere Forpligtelseserkl&aelig;ring. Samtidig med fremsendelsen af Udnyttelsesmeddelelsen og eventuelt Yderligere Forpligtelseserkl&aelig;ring
skal Warrantindehaveren betale et kontant bel&oslash;b til Selskabet svarende til det relevante tegningsbel&oslash;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 cash to the Company an amount equal to the relevant subscription amount.</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>
  </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="width: 5%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.5</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;ring
samt betaling af det relevante tegningsbel&oslash;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) 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</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;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 Exit 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</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S&aring;fremt der efter Meddelelsen om Exit ikke sker en endelig
gennemf&oslash;relse af Exit, beholder Warrantindehaveren sine Warrants i henhold til vilk&aring;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&oslash;rt, og de udnyttede
Warrants skal ikke tilbagef&oslash;res. B&aring;de Selskabet og Warrantindehaveren har dog ret til efter eget sk&oslash;n at forlange,
at Selskabet tilbagek&oslash;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 in the Agreement shall be retained. In the event that shares have been sub- scribed for in the Company by exercise of Warrants and such new shares have been registered with the Danish Business Authority, the shares subscribed for shall be retained notwithstanding a notified Exit is not finally completed and the exercised Warrants shall not be reversed; however, both the Company and the Warrantee may on a discretionary basis request that the Company shall repurchase the shares acquired at the Subscription Price.</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">4.8</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S&aring;fremt der oprettes et Vindue, skal punkt 4.3 - 4.5
samtidig v&aelig;re g&aelig;ldende.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><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</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</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S&aring;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 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 STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</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%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.10</FONT></P></TD>
    <TD STYLE="text-align: justify; width: 44%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">I forbindelse med en notering af ADS&#8217;er p&aring; Nasdaq, USA, har Selskabets bestyrelse i henhold til pkt. 4.1 truffet beslutning om at fasts&aelig;tte udnyttelsesvinduerne for udstedte warrants s&aring;ledes:</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Optjente warrants kan udnyttes i fire &aring;rlige udnyttelsesvinduer p&aring; 2 uger, som hver ligger to handelsdage efter offentligg&oslash;relsen af henholdsvis Selskabets &aring;rsrapport, halv&aring;rsregnskabet samt kvartalsmeddelelserne. F&oslash;rste udnyttelsesperiode indtr&aelig;der dog tidligst 180 dage efter Selskabets notering af ADS&#8217;er p&aring; Nasdaq, USA, og i de f&oslash;rste fire udnyttelsesperioder kan warrantindehaveren maksimalt udnytte 25% af de til warrantindehaveren tildelte warrants, forudsat altid at warrants er optjent. </FONT></P></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 49%"><P STYLE="margin-top: 0; margin-bottom: 0"><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;</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><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&#8217;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></P></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%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5</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</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>
</TABLE>

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

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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">5.3</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;be Warrants fra Warrantindehaveren til en pris, der fasts&aelig;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 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="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">5.4</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hvis Selskabet &oslash;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&aelig;rende
kommet Warrantindehaveren i h&aelig;nde, og Selskabets rettighed derved ud&oslash;vet, p&aring; 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&oslash;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 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>
  <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">5.5</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>K&oslash;bspris i forbindelse med Exit</I></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><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 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">5.5.1</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ved k&oslash;b af Warrantindehaverens Warrants i henhold til
punkt 5.3 skal v&aelig;rdien af Warrants v&aelig;re baseret p&aring; den rimelige markedsv&aelig;rdi som anf&oslash;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 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></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</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Den rimelige markedsv&aelig;rdi af Warrants beregnes af Selskabet
p&aring; grundlag af den nettopris per kapitalandel i Selskabet, som s&aelig;lgende kapitalejere vil modtage ved en Exit med fradrag
af et forholdsm&aelig;ssigt bel&oslash;b for vederlag til r&aring;dgivere m.v. Ved beregningen af den rimelige markedsv&aelig;rdi af
Warrants skal Selskabet fratr&aelig;kke et bel&oslash;b, som Selskabet anser som passende i betragtning af de s&aelig;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 value an amount which the Company deems appropriate when considering the selling shareholders' potential liabilities pursuant to the Exit.</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">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;r Warrants k&oslash;bes i forbindelse med en Exit som
f&oslash;lge af salg eller overdragelse af samtlige eller en v&aelig;sentlig del af Selskabets aktiver, er v&aelig;rdien af Warrants
den rimelige markedsv&aelig;rdi p&aring; tidspunktet efter salget. I tilf&aelig;lde af en s&aring;dan Exit skal der ved beregningen af
den rimelige markedsv&aelig;rdi for Warrants tages h&oslash;jde for den k&oslash;bspris, Selskabet har modtaget for de solgte aktiver,
med fradrag af g&aelig;ld, der ikke er overdraget sammen med aktiverne, samt en forholdsm&aelig;ssig andel af omkostninger, honorarer
m.v. i forbindelse med transaktionen.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="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 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">5.5.4&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">K&oslash;bsprisen for Warrants fastlagt i henhold til punkt
5.5.2 - 5.5.3 ovenfor skal betales 15 dage efter, at de s&aelig;lgende kapitalejere i Selskabet har modtaget betaling for deres kapitalandele,
og i tilf&aelig;lde af k&oslash;b i forbindelse med et salg af aktiver, n&aring;r Selskabet har modtaget betaling for de solgte aktiver.</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 purchase price for the Warrants determined in accordance with Clauses 5.5.2 - 5.5.3 above, as applicable, shall be paid 15 days after the selling shareholders of the Company have received payment for their shares, and in case of&nbsp;&nbsp;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 COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify; width: 44%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Opsigelse af ans&aelig;ttelsesforholdet</B></FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify; width: 44%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Termination of Employment</B></FONT></TD>
    </TR>
  <TR>
    <TD COLSPAN="2" 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</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 apply provided the Warrantee is an employee of the Company:</FONT></TD>
    </TR>
  <TR>
    <TD COLSPAN="2" 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</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;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&aring;rene i Aftalen, som om Warrantindehaveren stadig
var ansat i Selskabet. Dette g&aelig;lder ligeledes, hvis ans&aelig;ttelsesforholdet bringes til oph&oslash;r, fordi Warrantindehaveren
har n&aring;et den alder, der g&aelig;lder for pensionering fra Selskabet, eller fordi Warrantindehaveren kan oppeb&aelig;re folkepension
eller alderspension fra 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">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 in accordance with the terms and conditions&nbsp;&nbsp;of&nbsp;&nbsp;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>
  </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; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.3</FONT></TD>
    <TD STYLE="text-align: justify; width: 44%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hvis Selskabet opsiger Warrantindehaverens ans&aelig;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&aring; tidspunktet for udl&oslash;bet af opsigelsesperioden.</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 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></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</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;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&aring; tidspunktet for udl&oslash;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">In the event that the Warrantee terminates the employment with the Company before December 31 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 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">6.5</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;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&oslash;rt nedenfor, i overensstemmelse med
vilk&aring;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">If the Warrantee terminates the employment with the Company on or after December 2019 for any reason other than due the Company's material breach (in Danish: &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>

<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="padding-bottom: 3; width: 5%">&nbsp;</TD>
    <TD STYLE="padding-bottom: 3; text-align: justify; font-size: 10pt; width: 44%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Resterende Warrants, som ikke er udnyttet p&aring; tidspunktet for udl&oslash;bet af opsigelesperioden, bortfalder.</FONT></TD>
    <TD STYLE="padding-bottom: 3; width: 2%">&nbsp;</TD>
    <TD STYLE="padding-bottom: 3; text-align: justify; font-size: 10pt; width: 49%"><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>
  </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>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.6</FONT></TD>
    <TD STYLE="vertical-align: top; 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;ende, kan [antal] Warrants udnyttes i henhold til punkt 6.5 uagtet datoen for opsigelsen fra Warrantindehaverens
side.]</B></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"><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 termination notice being served by the Warrantee.]</B></FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" 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">6.7</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hvis Warrantindehaveren opsiger sin ans&aelig;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&aring;rene i Aftalen, som om Warrantindehaveren stadig var 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">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>
    <TD COLSPAN="2" 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">6.8</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">I tilf&aelig;lde af Warrantindehaverens d&oslash;d, vil Warrantindehaverens
bo eller Warrantindehaverens overlevende &aelig;gtef&aelig;lle (hvis denne sidder i uskiftet bo) v&aelig;re berettiget til at udnytte
Warrants i overensstemmelse med vilk&aring;rene i denne Af- tale.</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">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>
    <TD COLSPAN="2" 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; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>7</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify; width: 44%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&AElig;ndring i retsstilling eller selskabskapital</B></FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>7</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify; width: 44%"><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>
    <TD COLSPAN="2" 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">7.1</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&AElig;ndring i selskabskapital</I></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"><I>Change of Share Capital</I></FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" 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">7.1.1</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">I tilf&aelig;lde af &aelig;ndringer i Selskabets selskabskapital,
herunder men ikke begr&aelig;nset til:</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">In case of changes in the Company&#8217;s share capital including but not limited to:</FONT></TD></TR>
</TABLE>

<P STYLE="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="width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify; width: 5%"><FONT STYLE="font-size: 10pt">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify; width: 39%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">for&oslash;gelse af selskabskapitalen,</FONT></TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 5%"><FONT STYLE="font-size: 10pt">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT></TD>
    <TD STYLE="vertical-align: top; width: 39%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">increase of the share capital,</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">udstedelse af konvertible obligationer,</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">issuance of convertible bonds,</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">udstedelse af nye tegningsretter, eller</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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; width: 5%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 5%"><FONT STYLE="font-size: 10pt">(iv)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></TD>
    <TD STYLE="text-align: justify; width: 39%"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">neds&aelig;ttelse af selskabskapitalen,</FONT></TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 10pt">(iv)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;</FONT></FONT></TD>
    <TD STYLE="width: 39%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">decrease of the share capital,</FONT></TD></TR>
</TABLE>

<P STYLE="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">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">uanset om dette sker til en kurs, der er lig med markedskursen
for Selskabets kapitalandele, eller til en overkurs, eller hvis &aelig;ndringerne n&aelig;vnt i 7.1.1 (i)-(iv) sker til fav&oslash;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">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) are made at a special price (&#8220;fav&oslash;rkurs&#8221;), no regulation of Warrants shall occur.</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; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.1.2</FONT></TD>
    <TD STYLE="text-align: justify; width: 44%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hvis den nominelle v&aelig;rdi af Selskabets kapitalandele
 &aelig;ndres, skal antallet af Warrants (antal af kapitalandele) og/eller Udnyttelsesprisen tilpasses, s&aring;ledes at v&aelig;rdien
af Warrants ikke bliver p&aring;virket af s&aring;danne &aelig;ndringer.</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">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 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">7.1.3</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hvis selskabskapitalen neds&aelig;ttes til d&aelig;kning af
tab, skal antallet af kapitalandele, som Warrantindehaveren kan tegne gennem udnyttelse af Warrants, reduceres (nedrundet) forholdsm&aelig;ssigt
til den nominelle reduktion af kapitalen sammenholdt med Selskabets totale nominelle selskabskapital f&oslash;r reduktionen</FONT></TD>
    <TD>&nbsp;</TD>
    <TD 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 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="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">7.2<I></I></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Andre &aelig;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>Other Changes</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">7.2.1</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hvis der tr&aelig;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">If a resolution is made to</FONT></TD></TR>
</TABLE>

<P STYLE="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>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">at likvidere eller afvikle Selskabet,</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="text-align: justify"><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>&nbsp;</TD>
    <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="width: 5%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="text-align: justify; width: 42%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">at spalte Selskabet eller</FONT></TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="text-align: justify; width: 42%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">demerge the Company, or</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: 5%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 3%"><FONT STYLE="font-size: 10pt">(iii) </FONT></TD>
    <TD STYLE="text-align: justify; width: 42%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">at gennemf&oslash;re en kapitalandelsombytning, der omfatter
samtlige kapitalandele i Selskabet (oprettelse af et holdingselskab/apportindskud),</FONT></TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 3%"><FONT STYLE="font-size: 10pt">(iii) </FONT></TD>
    <TD STYLE="text-align: justify; width: 42%"><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>
</TABLE>

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

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<P STYLE="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="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 44%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT>er Warrantindehaveren berettiget til at udnytte Warrants p&aring; ikrafttr&aelig;delsesdatoen for den relevante &aelig;ndring, jf. dog
punkt 7.2.2. Selskabets Bestyrelse skal skriftligt meddele Warrantindehaveren, hvis der tr&aelig;ffes en af de ovenn&aelig;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.</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">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&#8217;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>
</TABLE>

<P STYLE="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">7.2.2</FONT></TD>
    <TD STYLE="text-align: justify; width: 44%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hvis Selskabet indg&aring;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) modtagende selskab(er), forudsat at de(t) forts&aelig;ttende
selskab(er) er enig heri.</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 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="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>8&#9;</B></FONT></TD>
    <TD STYLE="text-align: justify; width: 44%"><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="text-align: justify; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>8</B></FONT></TD>
    <TD STYLE="text-align: justify; width: 44%"><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 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">8.1&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ved udnyttelse af et hvilket som helst antal Warrants g&aelig;lder
f&oslash;lgende for tegning af nye kapitalandele:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" 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>
</TABLE>

<P STYLE="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="width: 5%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="text-align: justify; width: 39%"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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: 7%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; width: 39%"> <FONT STYLE="font-family: Times New Roman, Times, Serif; 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 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>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Betaling af tegningsbel&oslash;bet og tegning af kapitalandele
skal finde sted samtidigt. Warrantindehaverens rettigheder som kapitalejer efter udnyttelse af samtlige Warrants eller en del heraf tr&aelig;der
i kraft, n&aring;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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; 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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<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: 5%; text-align: justify"><FONT STYLE="font-size: 10pt">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT></TD>
    <TD STYLE="width: 39%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">De nye kapitalandele udstedes i kapitalandele &agrave; nominelt
kr. 1 eller multipla heraf.</FONT></TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 5%; text-align: justify"><FONT STYLE="font-size: 10pt">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></FONT></TD>
    <TD STYLE="width: 39%; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; 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="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>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">(iv)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">De nye kapitalandele skal udstedes p&aring; navn, indf&oslash;res
i Selskabets ejerbog og er ikke-oms&aelig;ttelige.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">(iv)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp; </FONT></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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="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>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">(v)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT></TD>
    <TD STYLE="text-align: justify">Restriktionerne p&aring; eksisterende kapitalandele vedr&oslash;rende oms&aelig;ttelighed g&aelig;lder ogs&aring; for de nye kapitalandele.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">(v)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp; </FONT></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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="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>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">(vi)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT></TD>
    <TD STYLE="text-align: justify">Fortegningsret for nye kapitalandele i forbindelse med fremtidige kapitalforh&oslash;jelser er begr&aelig;nsede for s&aring; vidt ang&aring;r
udstedelse af warrants eller tegning af kapitalandele gennem udnyttelse af s&aring;danne warrants eller ved andre begivenheder i henhold
til generalforsamlingens beslutning.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">(vi)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp; </FONT></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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>&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></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">(vii)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp; </FONT></FONT></TD>
    <TD STYLE="text-align: justify">De nye kapitalandele giver ret til dividende og andre rettigheder i Selskabet til enhver tid, n&aring;r den relevante kapitalforh&oslash;jelse
er registreret i Erhvervsstyrelsen.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">(vii) </FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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="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>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">(viii)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp; </FONT></FONT></TD>
    <TD STYLE="text-align: justify">Selskabet betaler omkostningerne i forbindelse med udstedelse og udnyttelse af Warrants.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">(viii)</FONT></TD>
    <TD STYLE="text-align: justify"><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>
</TABLE>

<P STYLE="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%"><B>9&#9;</B></TD>
    <TD STYLE="text-align: justify; width: 44%"><B>Skat</B></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>9&#9;</B></FONT></TD>
    <TD STYLE="text-align: justify; width: 44%"><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 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">9.1&#9;</TD>
    <TD STYLE="text-align: justify">Punkterne 9.2 - 9.4&nbsp;&nbsp;finder&nbsp;&nbsp;anvendelse, hvis Warrantindehaveren er ansat i Selskabet:</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><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>
  <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">9.2&#9;</TD>
    <TD STYLE="text-align: justify">Warrants er underlagt ligningslovens &sect; 7 P.</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 be subject to Section 7 P of the Danish Tax Assessment Act.</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">9.3&#9;</TD>
    <TD STYLE="text-align: justify">Selskabet har vurderet v&aelig;rdien af de tildelte warrants til DKK 1074,72 pr. styk (f&oslash;r udstedelse af fondsaktier og aktiesplit
den 4. januar 2021).</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 has assessed the value of each granted warrants at DKK 1074.72 (before issuance of bonus shares and share split on 4 January 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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<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">9.4&#9;</TD>
    <TD STYLE="text-align: justify">Selskabetgiver ikke Warrantindehaveren nogen garanti for, at Warrants beskattes efter ligningslovens &sect; 7 P med eventuelle senere
 &aelig;ndringer, herunder om kravene til anvendelse af bestemmelsen ikke er opfyldt, eller om bestemmelsen fremover er &aelig;ndret eller
oph&aelig;vet.</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 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 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">9.5&#9;</TD>
    <TD STYLE="text-align: justify">De skattem&aelig;ssige konsekvenser for Warrantindehaveren i forbindelse med denne Aftale, herunder men ikke begr&aelig;nset til erhvervelse
og/eller tildeling af Warrants, og/eller skattem&aelig;ssige konsekvenser i forbindelse med udnyttelse af Warrants, er Selskabet uvedkommende.
Warrantindehaveren opfordres til at s&oslash;ge skattem&aelig;ssig r&aring;dgivning i forbindelse med indg&aring;elsen af denne Aftale.</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 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"><B>10&#9;</B></TD>
    <TD STYLE="text-align: justify"><B>Ejeraftale</B></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' Agreement</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">10.1&#9;</TD>
    <TD STYLE="text-align: justify">Warrantindehaveren skal p&aring; tidspunktet for udnyttelse af Warrants tildelt i henhold til denne Aftale tiltr&aelig;de og acceptere
at v&aelig;re bundet af enhver ejeraftale, der g&aelig;lder for kapitalejere i Selskabet til enhver tid ved at underskrive en tiltr&aelig;delseserkl&aelig;ring
til en s&aring;dan ejeraftale. Warrantindehaveren tiltr&aelig;der og accepterer, at en s&aring;dan ejeraftale kan indeholde betingelser,
der alene g&aelig;lder for Warrantindehaveren og ikke for de andre kapitalejere i Selskabet. S&aring;ledes har ikke alle kapitalejere
i Selskabet de samme rettigheder i henhold til ejeraftalen. En s&aring;dan tiltr&aelig;delseserkl&aelig;ring skal underskrives senest
p&aring; tidspunktet for udnyttelse af Warrants, og udnyttelsen af Warrants skal v&aelig;re betinget heraf.</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 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 COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 5%"><B>11&#9;</B></TD>
    <TD STYLE="text-align: justify; width: 44%"><B>Overdragelse af Warrants</B></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&#9;</B></FONT></TD>
    <TD STYLE="text-align: justify; width: 44%"><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">11.1&#9;</TD>
    <TD STYLE="text-align: justify">Warrants og andre rettigheder og/eller forpligtelser af Warrantindehaveren i henhold til denne Aftale m&aring; ikke v&aelig;re genstand
for udl&aelig;g (pant, sikkerhed eller lignende), erhverves eller p&aring; anden m&aring;de overdrages af Warrantindehaveren.</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 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>
  </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%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.2&#9;</FONT></TD>
    <TD STYLE="text-align: justify; width: 44%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Uanset det anf&oslash;rte under punkt 11.1 kan overdragelse i tilf&aelig;lde af Warrantindehaverens d&oslash;d finde sted til Warrantindehaverens bo og/eller hans/hendes arvinger.</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">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>
  </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">&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 COLSPAN="2" STYLE="text-align: justify"></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">11.3&#9;</TD>
    <TD STYLE="text-align: justify">Uanset det anf&oslash;rte under punkt 11.1 m&aring; Warrantindehaverens kapitalandele henholdsvis Warrants, herunder kapitalandele erhvervet
gennem udnyttelse af Warrants, ikke v&aelig;re genstand for inkasso- procedurer, fogedforretninger eller anden form for fuldbyrdelse
og m&aring; heller ikke bruges som pant over for tredjepart. Warrantindehaveren har dog ved forudg&aring;ende skriftlig tilladelse fra
Selskabets Bestyrelse ret til at bruge kapitalandele og warrants som pant i forbindelse med finansiering af k&oslash;b af s&aring;danne
kapitalandele og warrants, hvis panthaver forud for pants&aelig;tningen skriftligt bekr&aelig;fter at ville respektere denne Aftale.</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%"><B>12&#9;</B></TD>
    <TD STYLE="text-align: justify; width: 44%"><B>Afkald&#9;</B></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">12.1&#9;</TD>
    <TD STYLE="text-align: justify">Warrantindehaveren garanterer ikke at ville p&aring;ber&aring;be sig eller p&aring; anden m&aring;de benytte sig af minoritetsbeskyttelsesreglen
i henhold Selskabsloven, herunder &sect; 73, if&oslash;lge hvilken en minoritetskapital- ejer kan fordre sine kapitalandele indl&oslash;st
af en kapitalejer, der ejer mere end ni tiendedele af kapitalandelene (indl&oslash;sningsret).</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 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&oslash;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"><B>13&#9;</B></TD>
    <TD STYLE="text-align: justify"><B>Pants&aelig;tning af kapitalandele</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">13.1&#9;</TD>
    <TD STYLE="text-align: justify">Warrantindehaveren forpligter sig herved at pants&aelig;tte kapitalandele i Selskabet tegnet gennem udnyttelse af Warrants (herunder
eventuelle stemmerettigheder) til de andre kapitalejere i Selskabet som sikkerhed for (i) opfyldelse af Warrantindehaverens forpligtelser
i henhold til Aftalen og (ii) opfyldelse af Warrantindehaverens forpligtelser i henhold til ejeraftale, der er g&aelig;ldende for Warrantindehaverens
kapitalandele i Selskabet.</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) the fulfilment of the Warrantee's obligations under this Agreement and (ii) the fulfilment of the Warrantee's obligations under any Shareholders' Agreement governing the shares in the Company held by the Warrantee.</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"><B>14&#9;</B></TD>
    <TD STYLE="text-align: justify"><B>Fuldmagt</B></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 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">14.1&#9;</TD>
    <TD STYLE="text-align: justify">Warrantindehaveren giver hermed Selskabets Bestyrelse fuldmagt til p&aring; Warrantindehaverens vegne at iv&aelig;rks&aelig;tte enhver
foranstaltning, der m&aring;tte v&aelig;re n&oslash;dvendig til opfyldelse af denne Aftale.</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>

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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"><B>15&#9;</B></TD>
    <TD STYLE="text-align: justify"><B>Tavshedspligt</B></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">15.1&#9;</TD>
    <TD STYLE="text-align: justify">Parterne forpligter sig til at behandle indholdet af denne Aftale og betingelserne for Aftalen fortroligt. En Part er berettiget til
at freml&aelig;gge betingelserne i denne Aftale p&aring; skriftlig opfordring fra en offentlig myndighed, som har en lovlig ret til at
kr&aelig;ve s&aring;danne oplysninger, eller hvis en s&aring;dan freml&aelig;ggelse udspringer af lovgivningen.</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"><B>16&#9;</B></TD>
    <TD STYLE="text-align: justify"><B>Lovvalg</B></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">16.1&#9;</TD>
    <TD STYLE="text-align: justify">Denne Aftale er underlagt dansk ret.</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"><B>17&#9;</B></TD>
    <TD STYLE="text-align: justify"><B>Tvister</B></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">17.1&#9;</TD>
    <TD STYLE="text-align: justify">Enhver tvist mellem Parterne, der m&aring;tte udspringe af Aftalen, herunder dens indg&aring;else eller oph&oslash;r, skal f&oslash;rst
s&oslash;ges afgjort ved forhandling. Kan Parterne ikke n&aring; til enighed, afg&oslash;res tvisten ved de danske domstole i K&oslash;benhavn.</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; width: 5%"><B>18&#9;</B></TD>
    <TD STYLE="text-align: justify; width: 44%"><B>Underskrift, hele Aftalen og &aelig;ndringer hertil&#9;</B></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>18&#9;</B></FONT></TD>
    <TD STYLE="text-align: justify; width: 44%"><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">18.1&#9;</TD>
    <TD STYLE="text-align: justify">Denne Aftale er udf&aelig;rdiget i to eksemplarer, hvoraf det ene underskrevne eksemplar forbliver hos Selskabet, mens det andet underskrevne
eksemplar udleveres til Warrantindehaveren. Aftalen tr&aelig;der i kraft p&aring; datoen for underskrivelsen.</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 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">18.2&#9;</TD>
    <TD STYLE="text-align: justify">Alle meddelelser eller lignende i henhold til eller i forbindelse med Aftalen skal foretages skriftligt fra den ene Part til den anden.</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>
</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: center; width: 49%">- 0 &#8211;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
<TD STYLE="text-align: center; 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="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify">For and on behalf of Evaxion Biotech ApS:</TD>
    <TD>&nbsp;</TD>
<TD><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="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-top: Black 1pt solid; text-align: justify"><P STYLE="margin-top: 0; margin-bottom: 0">Name:</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">Title:</P></TD>
    <TD>&nbsp;</TD>
<TD STYLE="border-top: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">Name:</P>
                                                                             <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Title:</FONT></FONT></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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  <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"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 155.85pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 155.85pt 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 155.85pt 0pt 0">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></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%">WARRANTAFTALE <BR>
    AGREEMENT</TD>
    <TD STYLE="width: 25%">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top; width: 25%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WARRANT
    </FONT></TD>
    <TD STYLE="width: 25%">&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</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 82.1pt; text-indent: -1in">ApS Bredgade 34 E</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 82.1pt; text-indent: -1in">1260 K&oslash;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"><B></B>&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"></P>

<!-- Field: Split-Segment; Name: 3 -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.9pt">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.9pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">1</TD>
    <TD STYLE="width: 85%">BAGGRUND OG OMFANG</TD>
    <TD STYLE="text-align: right; width: 10%">4</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>1</TD>
    <TD>BACKGROUND AND SCOPE</TD>
    <TD STYLE="text-align: right">4</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>2</TD>
    <TD>TILDELING AF WARRANTS</TD>
    <TD STYLE="text-align: right">4</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>2</TD>
    <TD>GRANT OF WARRANTS</TD>
    <TD STYLE="text-align: right">4</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>3</TD>
    <TD>TEGNINGSPRIS</TD>
    <TD STYLE="text-align: right">5</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>3</TD>
    <TD>SUBSCRIPTION PRICE</TD>
    <TD STYLE="text-align: right">5</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>4</TD>
    <TD>UDNYTTELSE AF WARRANTS</TD>
    <TD STYLE="text-align: right">5</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>4</TD>
    <TD>EXERCISE OF WARRANTS</TD>
    <TD STYLE="text-align: right">5</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>5</TD>
    <TD>VISSE BETINGELSER I RELATION TIL EXIT</TD>
    <TD STYLE="text-align: right">8</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>5</TD>
    <TD>CERTAIN CONDITIONS RELATING TO AN EXIT</TD>
    <TD STYLE="text-align: right">8</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>6</TD>
    <TD>OPSIGELSE AF ANS&AElig;TTELSESFORHOLDET</TD>
    <TD STYLE="text-align: right">10</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>6</TD>
    <TD>TERMINATION OF EMPLOYMENT</TD>
    <TD STYLE="text-align: right">10</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>7</TD>
    <TD>&AElig;NDRING I RETSSTILLING ELLER SELSKABSKAPITAL</TD>
    <TD STYLE="text-align: right">12</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>7</TD>
    <TD>CHANGE OF LEGAL STATUS OR SHARE CAPITAL</TD>
    <TD STYLE="text-align: right">12</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>8</TD>
    <TD>TEGNING AF KAPITALANDELE</TD>
    <TD STYLE="text-align: right">13</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>8</TD>
    <TD>SUBSCRIPTION OF SHARES</TD>
    <TD STYLE="text-align: right">13</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>9</TD>
    <TD>SKAT</TD>
    <TD STYLE="text-align: right">14</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>9</TD>
    <TD>TAX</TD>
    <TD STYLE="text-align: right">14</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>10</TD>
    <TD>EJERAFTALE</TD>
    <TD STYLE="text-align: right">15</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>10</TD>
    <TD>SHAREHOLDERS' AGREEMENT</TD>
    <TD STYLE="text-align: right">15</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>11</TD>
    <TD>OVERDRAGELSE AF WARRANTS</TD>
    <TD STYLE="text-align: right">16</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>11</TD>
    <TD>ASSIGNMENT OF WARRANTS</TD>
    <TD STYLE="text-align: right">16</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>12</TD>
    <TD>AFKALD</TD>
    <TD STYLE="text-align: right">16</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>12</TD>
    <TD>WAIVER</TD>
    <TD STYLE="text-align: right">16</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>13</TD>
    <TD>PANTS&AElig;TNING AF KAPITALANDELE</TD>
    <TD STYLE="text-align: right">16</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>13</TD>
    <TD>PLEDGE OF SHARES</TD>
    <TD STYLE="text-align: right">16</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>14</TD>
    <TD>FULDMAGT</TD>
    <TD STYLE="text-align: right">17</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>14</TD>
    <TD>POWER OF ATTORNEY</TD>
    <TD STYLE="text-align: right">17</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>15</TD>
    <TD>TAVSHEDSPLIGT</TD>
    <TD STYLE="text-align: right">17</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>15</TD>
    <TD>CONFIDENTIALITY</TD>
    <TD STYLE="text-align: right">17</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>16</TD>
    <TD>LOVVALG</TD>
    <TD STYLE="text-align: right">17</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>16</TD>
    <TD>GOVERNING LAW</TD>
    <TD STYLE="text-align: right">17</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>17</TD>
    <TD>TVISTER</TD>
    <TD STYLE="text-align: right">17</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>17</TD>
    <TD>DISPUTES</TD>
    <TD STYLE="text-align: right">17</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>18</TD>
    <TD>UNDERSKRIFT, HELE AFTALEN OG &AElig;NDRINGER HERTIL</TD>
    <TD STYLE="text-align: right">17</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>18</TD>
    <TD>SIGNATURES, ENTIRE AGREEMENT, AND AMENDMENTS</TD>
    <TD STYLE="text-align: right">17</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.9pt"></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>BILAGSFORTEGNELSE</TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">INDEX OF EXHIBITS</P>

</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">Bilag 1.2: Vedt&aelig;gter</FONT></TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">Exhibit 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="font-weight: normal; text-align: justify">Der er den 10. september 2017 indg&aring;et f&oslash;lgende warrantaftale (&quot;Aftalen&quot;) mellem</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">This Warrant Agreement (the &quot;Agreement&quot;) is entered into on 10 September 2017 between:</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: left">(1)</TD>
    <TD STYLE="font-weight: normal; text-align: justify">Evaxion Biotech ApS, CVR-nr. 31 76 28 63, Bredgade 34 E, 1260 K&oslash;benhavn K (&quot;Selskabet&quot;)</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">Evaxion Biotech ApS, CVR No. 31 76 28 63, Bredgade 34 E, 1260 Copenhagen K (the &quot;Company&quot;)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: left">(2)</TD>
    <TD STYLE="font-weight: normal; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>[Navn,
    adresse]</B> (the &quot;Warrantindehaveren&quot;)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify"><B>[Name, address] </B>(the &quot;Warrantee&quot;)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: left; width: 5%">-&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify; width: 44%">Selskabet og Warrantindehaveren samlet ben&aelig;vnt &quot;Parterne&quot; og separat tillige en &quot;Part&quot;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify; width: 5%">- </TD>
    <TD STYLE="font-weight: normal; text-align: justify; width: 44%">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 STYLE="font-weight: normal; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">EFTERSOM</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">WHEREAS</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">Warrantindehaveren er ansat som CEO i selskabet med virkning fra den 1. juli 2017 (&quot;Ans&aelig;ttelsesdatoen&quot;)</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">The Warrantee is employed by the Company as CEO effective as of 1 July 2017 (the &quot;Employment Date&quot;)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">Selskabet &oslash;nsker at motivere Warrantindehaveren ved at tildele et vist antal warrants til Warrantindehaveren.</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">The Company wishes to incentivise the Warrantee by granting certain warrants to the Warrantee.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">HAR PARTERNE VEDTAGET F&Oslash;LGENDE:</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">NOW IT IS HEREBY AGREED AS FOLLOWS:</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold; text-align: left">1&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify">BAGGRUND OG OMFANG</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify"><B>1</B></TD>
    <TD STYLE="font-weight: normal; text-align: justify"><B>BACKGROUND AND SCOPE</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: left">1.1&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">Form&aring;let med denne Aftale er at tildele Warrantindehaveren warrants i Selskabet for at sikre, at Selskabet og Warrantindehaveren
har f&aelig;lles interesser, og at begge Parter medvirker til at skabe den bedst mulige v&aelig;rdiudvikling i Selskabet.</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">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.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: left">1.2&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">Selskabets vedt&aelig;gter er vedlagt denne Aftale som bilag 1.2. Warrantindehaveren accepterer hermed alle fremtidige &aelig;ndringer
i Selskabets vedt&aelig;gter.</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">The Company's articles of association are attached hereto as <U>Exhibit 1.2</U>. The Warrantee hereby accepts all future changes to the Company's articles of association.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: left"><B>2&nbsp;</B></TD>
    <TD STYLE="font-weight: normal; text-align: justify"><B>TILDELING AF WARRANTS</B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify"><B>2</B></TD>
    <TD STYLE="font-weight: normal; text-align: justify"><B>GRANT OF WARRANTS</B></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">2.1</TD>
    <TD STYLE="font-weight: normal; text-align: justify">I henhold til betingelserne i denne Aftale udsteder Selskabet hermed, og Warrantindehaveren modtager 617.184 warrants i Selskabet til
Warrantindehaveren (&quot;Warrants&quot;).</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">Subject to the terms and conditions set out in this Agreement, the Company hereby issues and the Warrantee receives 617,184 warrants
in the Company to the Warrantee (the &quot;Warrants&quot;).</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="font-weight: normal; text-align: justify">2.2</TD>
    <TD STYLE="font-weight: normal; text-align: justify">Hver Warrant giver Warrantindehaveren ret, men ikke pligt, til at tegne &eacute;n kapitalandel &agrave; nominelt kr. 1 i Selskabet.</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">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.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">2.3</TD>
    <TD STYLE="font-weight: normal; text-align: justify">Warrants tildeles vederlagsfrit.</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">The Warrants are granted free of charge.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">2.4</TD>
    <TD STYLE="font-weight: normal; text-align: justify">Warrants giver ikke Warrantindehaveren kapital- ejerrettigheder, som f.eks. fondskapitalandele, eller fortegningsret i tilf&aelig;lde
af en kapitalforh&oslash;jelse i Selskabet.</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">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.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">2.5</TD>
    <TD STYLE="font-weight: normal; text-align: justify">Selskabet er forpligtet til at f&oslash;re en fortegnelse over udstedte Warrants, som skal opbevares sammen med Selskabets ejerbog.</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">The Company undertakes to keep and maintain a register of issued Warrants to be kept in connection with the Company's share register.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify; width: 5%"><B>3</B></TD>
    <TD STYLE="font-weight: normal; text-align: justify; width: 44%"><B>TEGNINGSRET</B></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify; width: 5%"><B>3</B></TD>
    <TD STYLE="font-weight: normal; text-align: justify; width: 44%"><B>SUBSCRIPTION PRICE</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">3.1</TD>
    <TD STYLE="font-weight: normal; text-align: justify">Hver Warrant giver Warrantindehaveren ret til at tegne &eacute;n kapitalandel &agrave; nominelt kr. 1 i Selskabet til en pris af kr.
1 (&quot;Tegningsprisen&quot;).</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">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;).</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify"><B>4</B></TD>
    <TD STYLE="font-weight: normal; text-align: justify"><B>UDNYTTELSE AF WARRANTS</B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify"><B>4</B></TD>
    <TD STYLE="font-weight: normal; text-align: justify"><B>EXERCISE OF WARRANTS</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">4.1</TD>
    <TD STYLE="font-weight: normal; text-align: justify">Warrantindehaveren kan udnytte alle eller en del af Warrants (i) i forbindelse med en Exit (se punkt 4.2) eller (ii) p&aring; et tidspunkt,
der fasts&aelig;ttes af Bestyrelsen (et &quot;Vindue&quot;)</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">The Warrantee may exercise all or part of the Warrants (i) in connection with an Exit (see Clause 4.2) or (ii) at any time determined by the Board (a &quot;Window&quot;).</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">4.2</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&quot;Exit&quot; betyder (a) en &aelig;ndring i ejerforholdene i Selskabet, hvorved en uafh&aelig;ngig tredjemand erhverver 50 % eller
mere af selskabskapitalen i Selskabet eller kommer til at kontrollere mere end 50 % af stemmerne i Selskabet; (b) en b&oslash;rsnotering
af Selskabets aktier; (c) salg eller overdragelse af samtlige eller en v&aelig;sentlig del af Selskabet aktiver; (d) en fusion med Selskabet
som det oph&oslash;rende selskab; eller (e) en kombination af (a) - (d).</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">An &quot;Exit&quot; shall mean (a) a change of control in the Company whereby any independent third party acquires 50% or more of the share capital in the Company or comes to control more than 50% of the votes in the Company; (b) an initial public offering of the Company's shares (&quot;IPO&quot;); (c) the sale or disposition of all or a material part of the Company's assets; (d) a merger whereby the Company is the discontinuing entity; or (e) a com- bination of (a) - (d) above.</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="font-weight: normal; text-align: justify">4.3</TD>
    <TD STYLE="font-weight: normal; text-align: justify">I tilf&aelig;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&aring;den, bilagt en formular til meddelelse om udnyttelse (&quot;Udnyttelsesmeddelelsen&quot;)
samt eventuelt en yderligere forpligtelseserkl&aelig;ring, som Selskabet efter eget sk&oslash;n m&aring;tte forlange (f.eks. tiltr&aelig;delsesdokument
til en aftale om k&oslash;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&aelig;ring&quot;).</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">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;).</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">4.4</TD>
    <TD STYLE="font-weight: normal; text-align: justify">Meddelelse om udnyttelse af Warrants finder sted, ved at Warrantindehaveren fremsender &quot;Udnyttelsesmeddelelsen&quot; til Selskabet
med oplysning om det &oslash;nskede antal kapitalandele samt en eventuel Yderligere Forpligtelseserkl&aelig;ring. Samtidig med fremsendelsen
af Udnyttelsesmeddelelsen og eventuelt Yderligere Forpligtelseserkl&aelig;ring skal Warrantindehaveren betale et kontant bel&oslash;b
til Selskabet svarende til det relevante tegningsbel&oslash;b.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">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.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">4.5</TD>
    <TD STYLE="font-weight: normal; text-align: justify">Medmindre Selskabet bestemmer andet, vil samtlige Warrants automatisk bortfalde uden yderligere varsel og uden kompensation, hvis en
Udnyttelsesmeddelelse og en eventuel Yderligere Forpligtelseserkl&aelig;ring samt betaling af det relevante tegningsbel&oslash;b ikke
er fremsendt senest to uger efter datoen for Meddelelsen om Exit.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">Unless otherwise decided by the Company, if an Exercise Notice and any Supplementary Undertakings together with payment of the relevant sub- scription amount is not submitted no later than two (2) weeks from the date of the Exit Notice, all Warrants shall automatically and without further notice or compensation lapse and become null and void.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">4.6</TD>
    <TD STYLE="font-weight: normal; text-align: justify">Warrants, der ikke udnyttes i forbindelse med en Exit, vil automatisk bortfalde uden kompensation efter gennemf&oslash;relsen af den
relevante begivenhed.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">Any Warrants that are not exercised in connection with an Exit shall automatically become void with- out compensation, following the completion the relevant event.</TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify; width: 5%">4.7</TD>
    <TD STYLE="font-weight: normal; text-align: justify; width: 44%">S&aring;fremt der efter Meddelelsen om Exit ikke sker en endelig gennemf&oslash;relse af Exit, beholder Warrantindehaveren sine Warrants
i henhold til vilk&aring;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&oslash;rt, og de udnyttede Warrants skal ikke tilbagef&oslash;res. B&aring;de Selskabet og
Warrantindehaveren har dog ret til efter eget sk&oslash;n at forlange, at Selskabet tilbagek&oslash;ber de erhvervede kapitalandele til
Tegningsprisen.</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify; width: 49%">In the event that an Exit is not finally completed following an Exit Notice, the Warrantee's right to the Warrants as set out in the Agreement shall be retained. In the event that shares have been sub- scribed for in the Company by exercise of War- rants and such new shares have been registered with the Danish Business Authority, the shares subscribed for shall be retained notwithstanding a notified Exit is not finally completed and the exercised Warrants shall not be reversed, however, both the Company and the Warrantee may on a discretionary basis request that the Company shall repurchase the shares acquired at the Subscription Price.</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="font-weight: normal; text-align: justify">4.8</TD>
    <TD STYLE="font-weight: normal; text-align: justify">S&aring;fremt der oprettes et Vindue, skal punkt 4.3 - 4.5 samtidig v&aelig;re g&aelig;ldende.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">In case a Window is established Clauses 4.3-4.5 shall apply simultaneously.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">4.9</TD>
    <TD STYLE="font-weight: normal; text-align: justify">Warrants, der ikke udnyttes i forbindelse med et Vindue, bortfalder automatisk uden kompensation.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">Any Warrants that are not exercised in connection with a Window shall automatically become void without compensation.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify; width: 5%">4.10</TD>
    <TD STYLE="font-weight: normal; text-align: justify; width: 44%">S&aring;fremt et Vindue ikke er blevet oprettet senest den 31. december 2036, bortfalder Warrants automatisk uden yderligere varsel og
uden kompensation.</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify; width: 49%">In the event an Exit or a Window has not occurred on or before 31 December 2036, the Warrants shall automatically and without further notice or compensation lapse and become null and void.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; 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</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&#8217;er p&aring; Nasdaq,
USA, har Selskabets bestyrelse i henhold til pkt. 4.1 truffet beslutning om at fasts&aelig;tte udnyttelsesvinduerne for udstedte warrants
s&aring;ledes:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">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;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; 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">Optjente warrants kan udnyttes i fire &aring;rlige udnyttelsesvinduer
p&aring; 2 uger, som hver ligger to handelsdage efter offentligg&oslash;relsen af henholdsvis Selskabets &aring;rsrapport, halv&aring;rsregnskabet
samt kvartalsmeddelelserne. F&oslash;rste udnyttelsesperiode indtr&aelig;der dog tidligst 180 dage efter Selskabets notering af ADS&#8217;er
p&aring; Nasdaq, USA, og i de f&oslash;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="font-weight: normal; text-align: justify">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&#8217;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.</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%; font-weight: normal; text-align: justify"><B>5</B></TD>
    <TD STYLE="width: 44%; font-weight: normal; text-align: justify"><B>VISSE BETINGELSER I RELATION TIL EXIT</B></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 5%; font-weight: normal; text-align: justify"><B>5</B></TD>
    <TD STYLE="width: 44%; font-weight: normal; text-align: justify"><B>CERTAIN CONDITIONS RELATING TO AN EXIT</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">5.1</TD>
    <TD STYLE="font-weight: normal; text-align: justify">Efter udnyttelse af Warrants i forbindelse med en b&oslash;rsnotering skal Warrantindehaveren under- skrive og tiltr&aelig;de de aftaler
eller forpligtelser, herunder i relation til en lock-up periode eller andre lock-up forpligtelser, som den udstedende bank m&aring;tte
anmode om i forbindelse med en b&oslash;rsnotering.</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">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.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">5.2</TD>
    <TD STYLE="font-weight: normal; text-align: justify">Selskabet kan kr&aelig;ve, og Warrantindehaveren skal i s&aring; fald acceptere, at samtlige eller en del af Warrants ombyttes ligeligt
til kapitalandele, warrants, konvertible v&aelig;rdipapirer eller et andet kapitalandelsbaseret instrument udstedt af en k&oslash;ber
eller af en efterf&oslash;lger af Selskabet eller af et af disses moderselskab eller datterselskab, eller til kapitalandele, warrants,
konvertible v&aelig;rdipapirer eller andet kapitalandelsbaseret instrument udstedt af Selskabet efter omstrukturering, s&aring;ledes
at den p&aring;g&aelig;ldende Warrantindehavers Warrants umiddelbart efter en s&aring;dan ombytning sammen med betaling af en eventuel
kontant godtg&oslash;relse til Warrantindehaveren - i alt v&aelig;sentlig har samme v&aelig;rdi som Warrants, herunder de Warrants ejet
af Warrantindehaveren umiddelbart f&oslash;r en s&aring;dan ombytning. Uanset ovenst&aring;ende er Warrantindehaveren berettiget til
en delvis kontant udbetaling i det omfang, dette er n&oslash;dvendigt, for at Warrantindehaveren er i stand til at betale eventuel indkomst-
eller kapitalgevinstskat, der umiddelbart forfalder som f&oslash;lge af en s&aring;dan ombytning af v&aelig;rdipapirer.</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">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.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">5.3</TD>
    <TD STYLE="font-weight: normal; text-align: justify">Forud for en Exit er Selskabet (eller en tredje- mand, der er udpeget af Selskabet) berettiget til at k&oslash;be Warrants fra Warrantindehaveren
til en pris, der fasts&aelig;ttes i overensstemmelse med punkt 5.5 nedenfor.</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">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.</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%; font-weight: normal; text-align: justify">5.4</TD>
    <TD STYLE="width: 44%; font-weight: normal; text-align: justify"> Hvis Selskabet &oslash;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&aelig;rende kommet Warrantindehaveren i h&aelig;nde, og Selskabets rettighed
derved ud&oslash;vet, p&aring; 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&oslash;rt.</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 49%; font-weight: normal; text-align: justify">If the Company wishes to exercise any of its rights under this Agreement, a written notice to that effect shall be sent by email to the Warrantee. A notice shall be deemed to have reached a Warrantee, and hence the right of the Company shall be deemed to have been exercised, at the time of the dispatch of the email, provided the notice has been addressed to the email address of the Warrantee which the Warrantee has informed the Company at any time. The exercise of rights pursuant to Clause 5.3 above is always subject to the condition that the Exit is actually completed.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">5.5</TD>
    <TD STYLE="font-weight: normal; text-align: justify"><B>K&oslash;bspris i forbindelse med Exit</B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify"><B>Purchase Price in connection with an Exit</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">5.5.1</TD>
    <TD STYLE="font-weight: normal; text-align: justify">Ved k&oslash;b af Warrantindehaverens Warrants i hen- hold til punkt 5.3 skal v&aelig;rdien af Warrants v&aelig;re baseret p&aring; den
rimelige markedsv&aelig;rdi som anf&oslash;rt nedenfor.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">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.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">5.5.2</TD>
    <TD STYLE="font-weight: normal; text-align: justify">Den rimelige markedsv&aelig;rdi af Warrants beregnes af Selskabet p&aring; grundlag af den nettopris per kapitalandel i Selskabet, som
s&aelig;lgende kapital- ejere vil modtage ved en Exit med fradrag af et forholdsm&aelig;ssigt bel&oslash;b for vederlag til r&aring;dgivere
m.v. Ved beregningen af den rimelige markedsv&aelig;rdi af Warrants skal Selskabet fratr&aelig;kke et bel&oslash;b, som Selskabet anser
som passende i betragtning af de s&aelig;lgende kapitalejeres eventuelle forpligtelser i henhold til Exit.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">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.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">5.5.3</TD>
    <TD STYLE="font-weight: normal; text-align: justify">N&aring;r Warrants k&oslash;bes i forbindelse med&nbsp;&nbsp;en Exit&nbsp;&nbsp;&nbsp;som f&oslash;lge af salg eller overdragelse af
samtlige eller en v&aelig;sentlig del af Selskabets aktiver, er v&aelig;rdien af Warrants den rimelige markedsv&aelig;rdi p&aring; tidspunktet
efter salget. I tilf&aelig;lde af en s&aring;dan Exit skal der ved beregningen af den rimelige markedsv&aelig;rdi for Warrants tages
h&oslash;jde for den k&oslash;bspris, Selskabet har modtaget for de solgte aktiver, med fradrag af g&aelig;ld, der ikke er overdraget
sammen med aktiverne, samt en forholdsm&aelig;ssig andel af omkostninger, honorarer m.v. i forbindelse med transaktionen.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">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.</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="font-weight: normal; text-align: justify">5.5.4</TD>
    <TD STYLE="font-weight: normal; text-align: justify">K&oslash;bsprisen for Warrants fastlagt i henhold til punkt 5.5.2 - 5.5.3 ovenfor skal betales 15 dage efter, at de s&aelig;lgende kapitalejere
i Selskabet har modtaget betaling for deres kapitalandele, og i tilf&aelig;lde af k&oslash;b i forbindelse med et salg af aktiver, n&aring;r
Selskabet har modtaget betaling for de solgte aktiver.</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">The purchase price for the Warrants determined in accordance with Clauses 5.5.2 - 5.5.3 above, as applicable, shall be paid 15 days after the selling shareholders of the Company have received payment for their shares, and in case of a purchase in connection with an asset sale, when the Company has received payment for the assets sold.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify; width: 5%"><B>6</B></TD>
    <TD STYLE="font-weight: normal; text-align: justify; width: 44%"><B>OPSIGELSE AF ANS&AElig;TTELSESFORHOLDET</B></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify; width: 5%"><B>6</B></TD>
    <TD STYLE="font-weight: normal; text-align: justify; width: 44%"><B>TERMINATION OF EMPLOYMENT</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">6.1</TD>
    <TD STYLE="font-weight: normal; text-align: justify">Hvis Selskabet opsiger Warrantindehaverens ans&aelig;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&aring;rene
i Aftalen, som om Warrantindehaveren stadig var ansat i Selskabet. Dette g&aelig;lder ligeledes, hvis ans&aelig;ttelsesforholdet bringes
til oph&oslash;r, fordi Warrantindehaveren har n&aring;et den alder, der g&aelig;lder for pensionering fra Selskabet, eller fordi Warrantindehaveren
kan oppeb&aelig;re folkepension eller alderspension fra Selskabet.</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">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.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">6.2</TD>
    <TD STYLE="font-weight: normal; text-align: justify">Hvis Selskabet opsiger Warrantindehaverens ans&aelig;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&aring;
tidspunktet for udl&oslash;bet af opsigelsesperioden.</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">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.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">6.3</TD>
    <TD STYLE="font-weight: normal; text-align: justify">Hvis Warrantindehaveren opsiger sin ans&aelig;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&oslash;rt
nedenfor, i overensstemmelse med vilk&aring;rene i Aftalen, som om Warrantindehaveren stadig var ansat i Selskabet.</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">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:</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%; font-weight: normal; text-align: justify">6.3.1</TD>
    <TD STYLE="width: 44%; font-weight: normal; text-align: justify">Hvis Warrantindehaveren opsiger sin ans&aelig;ttelse inden udl&oslash;bet af 1 &aring;r efter Ans&aelig;ttelsesdatoen: ingen Warrants.</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 49%; font-weight: normal; text-align: justify">If the Warrantee serves notice of termination before the first anniversary of the Employment Date<FONT STYLE="font-size: 10pt"><I>: </I></FONT>no Warrants;</TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">6.3.2</TD>
    <TD STYLE="font-weight: normal; text-align: justify">Hvis Warrantindehaveren opsiger sin ans&aelig;ttelse inden udl&oslash;bet af 2 &aring;r efter Ans&aelig;ttelsesdatoen: 20% af tildelte
Warrants.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">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 STYLE="font-size: 10pt"><I>: </I></FONT>twenty per cent (20 %) of the Warrants;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">6.3.3</TD>
    <TD STYLE="font-weight: normal; text-align: justify">Hvis Warrantindehaveren opsiger sin ans&aelig;ttelse inden udl&oslash;bet af 3 &aring;r efter Ans&aelig;ttelsesdatoen: 40% af tildelte
Warrants.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">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 STYLE="font-size: 10pt"><I>: </I></FONT>forty per cent (40 %) of the Warrants;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">6.3.4</TD>
    <TD STYLE="font-weight: normal; text-align: justify">Hvis Warrantindehaveren opsiger sin ans&aelig;ttelse inden udl&oslash;bet af 3 &aring;r efter Ans&aelig;ttelsesdatoen: 60% af tildelte
Warrants.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">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 STYLE="font-size: 10pt"><I>: </I></FONT>sixty per cent (60 %) of the Warrants;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">6.3.5</TD>
    <TD STYLE="font-weight: normal; text-align: justify">Hvis Warrantindehaveren opsiger sin ans&aelig;ttelse inden udl&oslash;bet af 4 &aring;r efter Ans&aelig;ttelsesdatoen: 80% af tildelte
Warrants.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">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 STYLE="font-size: 10pt"><I>: </I></FONT>eighty per cent (80 %) of the Warrants; and</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">6.3.6</TD>
    <TD STYLE="font-weight: normal; text-align: justify">Hvis Warrantindehaveren opsiger sin ans&aelig;ttelse inden udl&oslash;bet af 5 &aring;r efter Ans&aelig;ttelsesdatoen: 100% af tildelte
Warrants.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">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.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify"></TD>
    <TD STYLE="font-weight: normal; text-align: justify">Resterende Warrants, der ikke er udnyttet ved udl&oslash;bet af opsigelsesperioden, bortfalder.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">Remaining Warrants not exercised at the time of the expiration of the notice period, become null and void.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">6.4</TD>
    <TD STYLE="font-weight: normal; text-align: justify">Hvis Warrantindehaveren opsiger sin ans&aelig;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&aring;rene i Aftalen, som om Warrantindehaveren
stadig var ansat i Selskabet.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">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.</TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; 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</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">I tilf&aelig;lde af Warrantindehaverens d&oslash;d, vil Warrantindehaverens bo eller Warrantindehaverens overlevende &aelig;gtef&aelig;lle (hvis denne sidder i uskiftet bo) v&aelig;re berettiget til at udnytte Warrants i overensstemmelse med vilk&aring;rene i denne Aftale.</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 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>

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<P STYLE="font-size: 10pt; 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="font-weight: normal; text-align: justify"><B>7</B></TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify"><B>&AElig;NDRING I RETSSTILLING ELLER SELSKABSKAPITAL</B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify"><B>7</B></TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify"><B>CHANGE OF LEGAL STATUS OR SHARECAPITAL</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">7.1</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify"><B>&AElig;ndring i selskabskapital</B></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: normal; text-align: justify"><B>Change of Share Capital</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">7.1.1</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">I tilf&aelig;lde af &aelig;ndringer i Selskabets selskabskapital, herunder men ikke begr&aelig;nset til:</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: normal; text-align: justify">In case of changes in the Company's share capital including but not limited to</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">(i)</TD>
    <TD STYLE="font-weight: normal; text-align: justify"> for&oslash;gelse af selskabskapitalen,</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">(i)</TD>
    <TD STYLE="font-weight: normal; text-align: justify">increase of the share capital,</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">(ii)</TD>
    <TD STYLE="font-weight: normal; text-align: justify">udstedelse af konvertible obligationer,</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">(ii)</TD>
    <TD STYLE="font-weight: normal; text-align: justify">issuance of convertible bonds,</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">(iii)</TD>
    <TD STYLE="font-weight: normal; text-align: justify">udstedelse af nye tegningsretter, eller</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">(iii)</TD>
    <TD STYLE="font-weight: normal; text-align: justify">issuance of new subscription rights, or</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">(iv)</TD>
    <TD STYLE="font-weight: normal; text-align: justify">neds&aelig;ttelse af selskabskapitalen,</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">(iv)</TD>
    <TD STYLE="font-weight: normal; text-align: justify">decrease of the share capital,</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify"></TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">uanset om dette sker til en kurs, der er lig med markedskursen for Selskabets kapitalandele, eller til en overkurs, eller hvis &aelig;ndringerne
n&aelig;vnt i 7.1.1 (i) - (iv) sker til fav&oslash;rkurs, sker der ingen regulering i Warrants.</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: normal; text-align: justify">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) are made at a special price (&quot;fav&oslash;rkurs&quot;) no regulation of Warrants shall occur.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">7.1.2</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">Hvis den nominelle v&aelig;rdi af Selskabets kapitalandele &aelig;ndres, skal antallet af Warrants (antal af kapitalandele) og/eller
Udnyttelsesprisen tilpasses, s&aring;ledes at v&aelig;rdien af Warrants ikke bliver p&aring;virket af s&aring;danne &aelig;ndringer.</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: normal; text-align: justify">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.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">7.1.3</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">Hvis selskabskapitalen neds&aelig;ttes til d&aelig;kning af tab, skal antallet af kapitalandele, som Warrantindehaveren kan tegne gennem
udnyttelse af Warrants, reduceres (nedrundet) forholdsm&aelig;ssigt til den nominelle reduktion af kapitalen sammenholdt med Selskabets
totale nominelle selskabskapital f&oslash;r reduktionen.</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: normal; text-align: justify">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.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">7.2</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify"><B>Andre &aelig;ndringer</B></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: normal; text-align: justify"><B>Other Changes</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">7.2.1</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">Hvis der tr&aelig;ffes beslutning om</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: normal; text-align: justify">If a resolution is made to</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify; width: 5%">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify; width: 4%">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></TD>
    <TD STYLE="font-weight: normal; text-align: justify; width: 40%"> at likvidere eller afvikle Selskabet,</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify; width: 5%">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify; width: 4%">(i)</TD>
    <TD STYLE="font-weight: normal; text-align: justify; width: 40%"> liquidate or wind up the Company,</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%; font-weight: normal; text-align: justify">(ii)</TD>
    <TD STYLE="width: 44%; font-weight: normal; text-align: justify">at spalte Selskabet eller</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 5%; font-weight: normal; text-align: justify">(ii)</TD>
    <TD STYLE="width: 44%; font-weight: normal; text-align: justify"> demerge the Company, or</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">(iii)</TD>
    <TD STYLE="font-weight: normal; text-align: justify">at gennemf&oslash;re en kapitalandelsombytning, der omfatter samtlige kapitalandele i Selskabet (oprettelse af et holdingselskab/apportindskud),</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">(iii)</TD>
    <TD STYLE="font-weight: normal; text-align: justify">effect an exchange of shares which includes all shares in the Company (establishment of a holding company/non-cash contribution),</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">er Warrantindehaveren berettiget til at udnytte Warrants p&aring; ikrafttr&aelig;delsesdatoen for den relevante &aelig;ndring, jf. dog punkt 7.2.2. Selskabets Bestyrelse skal skriftligt meddele Warrantindehaveren, hvis der tr&aelig;ffes en af de ovenn&aelig;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.</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">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.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">7.2.2</TD>
    <TD STYLE="font-weight: normal; text-align: justify">Hvis Selskabet indg&aring;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) modtagende selskab(er), forudsat at de(t) forts&aelig;ttende selskab(er) er enig heri.</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">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).</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: left"><B>8</B></TD>
    <TD STYLE="font-weight: normal; text-align: justify"><B>TEGNING AF KAPITALANDELE</B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left"><B>8</B></TD>
    <TD STYLE="font-weight: normal; text-align: justify"><B>SUBSCRIPTION OF SHARES</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">Ved udnyttelse af et hvilket som helst antal Warrants g&aelig;lder f&oslash;lgende for tegning af nye kapitalandele:</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">Upon exercise of any part of the Warrants, the following will apply for the subscription of new shares:</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: center">(i)</TD>
    <TD STYLE="font-weight: normal; text-align: justify"> De andre kapitalejere i Selskabet har ikke fortegningsret med
hensyn til Warrants eller kapitalandele udstedt gennem udnyttelse af Warrants</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: center">(i)</TD>
    <TD STYLE="font-weight: normal; text-align: justify">The other shareholders of the Company have no preemption rights with respect to the Warrants or shares issued by exercise of the Warrants.</TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: center">(ii)</TD>
    <TD STYLE="font-weight: normal; text-align: justify">Betaling af tegningsbel&oslash;bet og tegning af kapitalandele skal finde sted samtidigt. Warrantindehaverens rettigheder som kapitalejer
efter udnyttelse af samtlige Warrants eller en del heraf tr&aelig;der i kraft, n&aring;r uigenkaldelig kontant betaling til Selskabet
har fundet sted. Selskabet skal registrere Warrantindehaveren som kapitalejer i Selskabets ejerbog.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: center">(ii)</TD>
    <TD STYLE="font-weight: normal; text-align: justify"> 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.</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="font-weight: normal; text-align: left; width: 5%">(iii)</TD>
    <TD STYLE="font-weight: normal; text-align: justify; width: 44%">De nye kapitalandele udstedes i kapitalandele &agrave; nominelt kr. 1 eller multipla heraf.</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify; width: 5%">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="font-weight: normal; text-align: justify; width: 44%">The new shares are issued in shares of nominally DKK 1 or multiples hereof.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: left">(iv)</TD>
    <TD STYLE="font-weight: normal; text-align: justify">De nye kapitalandele skal udstedes p&aring; navn, indf&oslash;res i Selskabets ejerbog og er ikke-oms&aelig;ttelige.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">(iv)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="font-weight: normal; text-align: justify">The new shares are issued on name, shall be registered in the Company's share register and are non-negotiable shares.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: left">(v)</TD>
    <TD STYLE="font-weight: normal; text-align: justify">Restriktionerne p&aring; eksisterende kapitalandele vedr&oslash;rende oms&aelig;ttelighed g&aelig;lder ogs&aring; for de nye kapitalandele.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">(v)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="font-weight: normal; text-align: justify">The restrictions on the current shares as to negotiability shall also apply for the new shares.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: left">(vi)</TD>
    <TD STYLE="font-weight: normal; text-align: justify">Fortegningsret for nye kapitalandele i forbindelse med fremtidige kapitalforh&oslash;jelser er begr&aelig;nsede for s&aring; vidt ang&aring;r
udstedelse af warrants eller tegning af kapitalandele gennem udnyttelse af s&aring;danne warrants eller ved andre begivenheder i henhold
til generalforsamlingens beslutning.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">(vi)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="font-weight: normal; text-align: justify">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.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: left">(vii)</TD>
    <TD STYLE="font-weight: normal; text-align: justify">De nye kapitalandele giver ret til dividende og andre rettigheder i Selskabet til enhver tid, n&aring;r den relevante kapitalforh&oslash;jelse
er registreret i Erhvervsstyrelsen.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">(vii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp; </FONT></TD>
    <TD STYLE="font-weight: normal; text-align: justify">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.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: left">(viii)</TD>
    <TD STYLE="font-weight: normal; text-align: justify">Selskabet betaler omkostningerne i forbindelse med udstedelse og udnyttelse af Warrants.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">(viii)</TD>
    <TD STYLE="font-weight: normal; text-align: justify">The Company shall pay the costs in connection with the issuance and exercise of Warrants.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: left"><B>9</B></TD>
    <TD STYLE="font-weight: normal; text-align: justify"><B>SKAT</B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify"><B>9</B></TD>
    <TD STYLE="font-weight: normal; text-align: justify"><B>TAX</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: left">9.1</TD>
    <TD STYLE="font-weight: normal; text-align: justify">Punkterne 9.2 - 9.4 finder anvendelse, hvis Warrantindehaveren er ansat i Selskabet:</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">Clauses 9.2 - 9.4 shall apply provided the Warrantee is an employee of the Company:</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="font-weight: normal; text-align: justify">9.2</TD>
    <TD STYLE="font-weight: normal; text-align: justify">Warrants er underlagt ligningslovens &sect; 7 P.</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">The Warrants shall to the extent possible be subject to Section 7 P of the Danish Tax Assessment Act.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">9.3</TD>
    <TD STYLE="font-weight: normal; text-align: justify">Selskabet har vurderet v&aelig;rdien af de tildelte warrants til DKK 1.074,72 pr. styk baseret (f&oslash;r justering for fondsaktieudstedelse
og aktiesplit af 4. januar 2021).</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">The Company has assessed the value of each granted warrant as DKK 1,074.72 (before adjustment for bonus shares and share split adopted on 4 January 2021).</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">9.4</TD>
    <TD STYLE="font-weight: normal; text-align: justify">Selskabet giver ikke Warrantindehaveren nogen garanti for, at Warrants beskattes efter ligningslovens &sect; 7 P med eventuelle senere
 &aelig;ndringer, herunder om kravene til anvendelse af bestemmelsen ikke er opfyldt, eller om bestemmelsen fremover er &aelig;ndret eller
oph&aelig;vet.</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">The Company does not make any guarantees to the Warrantee that the Warrantee will be subject to the tax treatment under Section 7 P of the Danish Tax Assessment Act, as amended from time to time, including whether the requirements for the application of the provision are not met or if the provision is altered or repealed in the future.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">9.5</TD>
    <TD STYLE="font-weight: normal; text-align: justify">De skattem&aelig;ssige konsekvenser for Warrantindehaveren i forbindelse med denne Aftale, herunder men ikke begr&aelig;nset til erhvervelse
og/eller tildeling af Warrants, og/eller skattem&aelig;ssige konsekvenser i forbindelse med udnyttelse af Warrants, er Selskabet uvedkommende.
Warrantindehaveren opfordres til at s&oslash;ge skattem&aelig;ssig r&aring;dgivning i forbindelse med indg&aring;elsen af denne Aftale.</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">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.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify; width: 5%"><B>10</B></TD>
    <TD STYLE="font-weight: normal; text-align: justify; width: 44%"><B>EJERAFTALE</B></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify; width: 5%"><B>10</B></TD>
    <TD STYLE="font-weight: normal; text-align: justify; width: 44%"><B>SHAREHOLDERS&#8217; AGREEMENT</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">10.1</TD>
    <TD STYLE="font-weight: normal; text-align: justify">Warrantindehaveren skal p&aring; tidspunktet for udnyttelse af Warrants tildelt i henhold til denne Af- tale tiltr&aelig;de og acceptere
at v&aelig;re bundet af enhver ejeraftale, der g&aelig;lder for kapitalejere i Selskabet til enhver tid ved at underskrive en tiltr&aelig;delseserkl&aelig;ring
til en s&aring;dan ejeraftale. Warrantindehaveren tiltr&aelig;der og accepterer, at en s&aring;dan ejeraftale kan indeholde betingelser,
der alene g&aelig;lder for Warrantindehaveren og ikke for de andre kapitalejere i Selskabet. S&aring;ledes har ikke alle kapitalejere
i Selskabet de samme rettigheder i henhold til ejeraftalen. En s&aring;dan tiltr&aelig;delseserkl&aelig;ring skal underskrives senest
p&aring; tidspunktet for udnyttelse af Warrants, og udnyttelsen af Warrants skal v&aelig;re betinget heraf.</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">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.</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%; font-weight: normal; text-align: justify"><B>11</B></TD>
    <TD STYLE="width: 44%; font-weight: normal; text-align: justify"><B>OVERDRAGELSE AF WARRANTS</B></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 5%; font-weight: normal; text-align: justify"><B>11</B></TD>
    <TD STYLE="width: 44%; font-weight: normal; text-align: justify"><B>ASSIGNMENT OF WARRANTS</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">11.1</TD>
    <TD STYLE="font-weight: normal; text-align: justify">Warrants og andre rettigheder og/eller forpligtelser af Warrantindehaveren i henhold til denne Af- tale m&aring; ikke v&aelig;re genstand
for udl&aelig;g (pant, sikkerhed eller lignende), erhverves eller p&aring; anden m&aring;de overdrages af Warrantindehaveren.</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">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.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">11.2</TD>
    <TD STYLE="font-weight: normal; text-align: justify">Uanset det anf&oslash;rte under punkt 11.1 kan overdragelse i tilf&aelig;lde af Warrantindehaverens d&oslash;d finde sted til Warrantindehaverens
bo og/eller hans/hendes arvinger.</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">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.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">11.3</TD>
    <TD STYLE="font-weight: normal; text-align: justify">Uanset det anf&oslash;rte under punkt 11.1 m&aring; Warrantindehaverens kapitalandele henholdsvis Warrants, herunder kapitalandele erhvervet
gennem udnyttelse af Warrants, ikke v&aelig;re genstand for inkassoprocedurer, fogedforretninger eller anden form for fuldbyrdelse og
m&aring; heller ikke bruges som pant over for tredjepart. Warrantindehaveren har dog ved forudg&aring;ende skriftlig tilladelse fra Selskabets
Bestyrelse ret til at bruge kapitalandele og warrants som pant i forbindelse med finansiering af k&oslash;b af s&aring;danne kapitalandele
og warrants, hvis panthaver forud for pants&aelig;tningen skriftligt bekr&aelig;fter at ville respektere denne Aftale.</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">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.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify"><B>12</B></TD>
    <TD STYLE="font-weight: normal; text-align: justify"><B>AFKALD</B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify"><B>12</B></TD>
    <TD STYLE="font-weight: normal; text-align: justify"><B>WAIVER</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">12.1</TD>
    <TD STYLE="font-weight: normal; text-align: justify">Warrantindehaveren garanterer ikke at ville p&aring;ber&aring;be sig eller p&aring; anden m&aring;de benytte sig af minoritetsbeskyttelsesreglen
i henhold Selskabsloven, herunder &sect; 73, if&oslash;lge hvilken en minoritetskapitalejer kan fordre sine kapitalandele indl&oslash;st
af en kapitalejer, der ejer mere end ni tiendedele af kapitalandelene (indl&oslash;sningsret).</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">The Warrantee undertakes not to invoke or other- wise rely upon the minority protection rule available under the Danish Companies Act, including Clause 73, stipulating the right to require a share- holder holding more than nine-tenths of the shares to acquire the shares of any minority shareholder (in Danish: &quot;indl&oslash;sningsret&quot;).</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify"><B>13</B></TD>
    <TD STYLE="font-weight: normal; text-align: justify"><B>PANTS&AElig;TNING AF KAPITALANDELE </B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify"><B>13</B></TD>
    <TD STYLE="font-weight: normal; text-align: justify"><B>PLEDGE OF SHARES</B></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">13.1</TD>
    <TD STYLE="font-weight: normal; text-align: justify">Warrantindehaveren forpligter sig herved at pants&aelig;tte kapitalandele i Selskabet tegnet gennem udnyttelse af Warrants (herunder
eventuelle stemmerettigheder) til de andre kapitalejere i Selskabet som sikkerhed for (i) opfyldelse af Warrantindehaverens forpligtelser
i henhold til Aftalen og (ii) opfyldelse af Warrantindehaverens forpligtelser i henhold til ejeraftale, der er g&aelig;ldende for Warrantindehaverens
kapitalandele i Selskabet.</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">The Warrantee hereby undertakes to pledge any shares in the Company subscribed for by exercise of any Warrants (including voting rights (if any)) to the other shareholders of the Company as security for (i) the fulfilment of the Warrantee's obligations under this Agreement and (ii) the fulfilment of the Warrantee's obligations under any Shareholders' Agreement governing the shares in the Company held by the Warrantee.</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>

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<P STYLE="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="font-weight: normal; text-align: justify; width: 5%"><B>14</B></TD>
    <TD STYLE="font-weight: normal; text-align: justify; width: 44%"><B>FULDMAGT</B></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify; width: 5%"><B>14</B></TD>
    <TD STYLE="font-weight: normal; text-align: justify; width: 44%"><B>POWER OF ATTORNEY</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">14.1</TD>
    <TD STYLE="font-weight: normal; text-align: justify">Warrantindehaveren giver hermed Selskabets Bestyrelse fuldmagt til p&aring;
    Warrantindehaverens vegne at iv&aelig;rks&aelig;tte enhver foranstaltning, der m&aring;tte v&aelig;re n&oslash;dvendig til opfyldelse
    af denne Aftale.</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">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.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify"><B>15</B></TD>
    <TD STYLE="font-weight: normal; text-align: justify"><B>TAVSHEDSPLIGT</B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify"><B>15</B></TD>
    <TD STYLE="font-weight: normal; text-align: justify"><B>CONFIDENTIALITY</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">15.1</TD>
    <TD STYLE="font-weight: normal; text-align: justify">Parterne forpligter sig til at behandle indholdet af denne Aftale og betingelserne
    for Aftalen fortroligt. En Part er berettiget til at freml&aelig;gge betingelserne i denne Aftale p&aring; skriftlig opfordring fra
    en offentlig myndighed, som har en lovlig ret til at kr&aelig;ve s&aring;danne oplysninger, eller hvis en s&aring;dan freml&aelig;ggelse
    udspringer af lovgivningen.</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">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.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify"><B>16</B></TD>
    <TD STYLE="font-weight: normal; text-align: justify"><B>LOVVALG</B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify"><B>16</B></TD>
    <TD STYLE="font-weight: normal; text-align: justify"><B>GOVERNING LAW</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">16.1</TD>
    <TD STYLE="font-weight: normal; text-align: justify">Denne Aftale er underlagt dansk ret.</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">This Agreement shall be governed by the laws of Denmark.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify"><B>17</B></TD>
    <TD STYLE="font-weight: normal; text-align: justify"><B>TVISTER</B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify"><B>17</B></TD>
    <TD STYLE="font-weight: normal; text-align: justify"><B>DISPUTES</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">17.1</TD>
    <TD STYLE="font-weight: normal; text-align: justify">Enhver tvist mellem Parterne, der m&aring;tte udspringe af Aftalen, herunder
    dens indg&aring;else eller oph&oslash;r, skal f&oslash;rst s&oslash;ges afgjort ved forhandling. Kan Parterne ikke n&aring; til enighed,
    afg&oslash;res tvisten ved de danske domstole i K&oslash;benhavn.</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">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.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify"><B>18</B></TD>
    <TD STYLE="font-weight: normal; text-align: justify"><B>UNDERSKRIFT, HELE AFTALEN OG &AElig;NDRINGER HERTIL</B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify"><B>18</B></TD>
    <TD STYLE="font-weight: normal; text-align: justify"><B>SIGNATURES, ENTIRE AGREEMENT, AND AMENDMENTS</B></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">18.1</TD>
    <TD STYLE="font-weight: normal; text-align: justify">Denne Aftale er udf&aelig;rdiget i to eksemplarer, hvoraf det ene underskrevne
    eksemplar forbliver hos Selskabet, mens det andet underskrevne eksemplar udleveres til Warrantindehaveren. Aftalen tr&aelig;der i
    kraft p&aring; datoen for underskrivelsen.</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">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.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">18.2</TD>
    <TD STYLE="font-weight: normal; text-align: justify">Alle meddelelser eller lignende i henhold til eller i forbindelse med Aftalen
    skal foretages skriftligt fra den ene Part til den anden.</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">All notifications, demands or similar pursuant to or relating to
    this Agreement shall be made in writing to the other Party.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center">- 0 &#8211;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: center">- 0 -</TD></TR>
  </TABLE>


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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%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: normal 10pt Times New Roman, Times, Serif; width: 49%; text-align: left"><FONT STYLE="font-size: 10pt">For and on
    behalf of Evaxion Biotech ApS:</FONT></TD><TD STYLE="font: normal 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: normal 10pt Times New Roman, Times, Serif; width: 49%; text-align: left"><FONT STYLE="font-size: 10pt">For the Warantee:</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: normal 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: normal 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Name:</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Name:</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Title:</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Title:</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Name: </FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Title:</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 155.85pt 0pt 0">&nbsp;</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 155.85pt 0pt 0">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 155.85pt 0pt 0"><B>APPENDIX 3 TO ARTICLES OF ASSOCIATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 155.85pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.9pt; text-align: center"><B>STRICTLY CONFIDENTIAL - LEGAL PRIVILEGE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.9pt; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 49%">WARRANTAFTALE</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 49%; font: 10pt Times New Roman, Times, Serif; text-align: left">WARRANT AGREEMENT</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: left; width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mellem</FONT></TD>
    <TD STYLE="text-align: left; width: 42%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Evaxion Biotech
    ApS </FONT></TD>
    <TD STYLE="text-align: left; width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Between</FONT></TD>
    <TD STYLE="text-align: left; width: 42%"><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="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bredgade 34 E</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bredgade 34 E</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1260 K&oslash;benhavn K</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1260 Copenhagen K</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">og</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>[Navn]</B></FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">and</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>[Name]</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>[Adresse]</B></FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><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>

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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"><B>&nbsp;</B></P>

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

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


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD>
    <TD STYLE="width: 90%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BAGGRUND OG OMFANG</FONT></TD>
    <TD STYLE="text-align: right; width: 5%"><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">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">GRANT OF WARRANTS</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">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">8</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;TTELSESFORHOLDET</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</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">10</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;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">16</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">16</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; 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">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">ASSIGNMENT OF WARRANTS</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">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">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">WAIVER</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">13</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PANTS&AElig;TNING AF KAPITALANDELE</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">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">18</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">18</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">18</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">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">GOVERNING LAW</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">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">19</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">19</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;NDRINGER HERTIL</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">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">19</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></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="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">BILAGSFORTEGNELSE</TD>
    <TD STYLE="width: 50%">INDEX OF EXHIBITS&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Bilag 1.2: Vedt&aelig;gter</TD>
    <TD>Exhibit 1.2: Company's articles of association</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 155.85pt 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 155.85pt 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">Der er den 31. december 2017 indg&aring;et f&oslash;lgende warrantaftale (&quot;Aftalen&quot;)
    mellem:</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: normal; text-align: justify">This Warrant Agreement (the &quot;Agreement&quot;) is entered into
    on December 31, 2017 between:</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: left">(1)</TD>
    <TD STYLE="font-weight: normal; text-align: justify">Evaxion Biotech ApS, CVR-nr. 31 76 28 63, Bredgade 34 E, 1260 K&oslash;benhavn
    K, Danmark (&quot;Selskabet&quot;)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left"></TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">Evaxion Biotech ApS, CVR no: 31 76 28 63, Bredgade 34E, 1260 Copenhagen,
    Denmark &nbsp;(the &quot;Company&quot;)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: left">(2)</TD>
    <TD STYLE="font-weight: normal; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[Navn,
    CPR-nr., adresse] (&quot;Warrantindehaveren&quot;)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify"><B>[Name, Civil Reg. No. (CPR), address]</B> (the &quot;Warrantee&quot;)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: left">-&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">Selskabet og Warrantindehaveren er herefter samlet ben&aelig;vnt &quot;Parterne&quot;
    og hver for sig &quot;Part&quot;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">-</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">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 STYLE="font-weight: normal; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">EFTERSOM</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: normal; text-align: justify">WHEREAS</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: left; width: 5%">(A)</TD>
    <TD STYLE="font-weight: normal; text-align: justify; width: 44%">Warrantindehaveren er ansat i selskabet.</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left; width: 5%"></TD>
    <TD STYLE="padding-left: 0in; font-weight: normal; text-align: justify; width: 3%">(A)</TD>
    <TD STYLE="padding-left: 0in; font-weight: normal; text-align: justify; width: 41%">The Warrantee is employed by the Company.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: left">(B)</TD>
    <TD STYLE="font-weight: normal; text-align: justify">Selskabet &oslash;nsker at motivere Warrantindehaveren ved at tildele et vist
    antal warrants til Warrantindehaveren.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left"></TD>
    <TD STYLE="font-weight: normal; text-align: justify">(B)</TD>
    <TD STYLE="font-weight: normal; text-align: justify">The Company wishes to incentivise the Warrantee by granting certain warrants
    to the Warrantee.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">HAR PARTERNE VEDTAGET F&Oslash;LGENDE:</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: normal; text-align: justify">NOW IT IS HEREBY AGREED AS FOLLOWS:</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold; text-align: left">1&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify">BAGGRUND OG OMFANG</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">1.</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: justify">BACKGROUND AND SCOPE</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: left">1.1&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">Form&aring;let med denne Aftale er at tildele Warrantindehaveren warrants i
    Selskabet for at sikre, at Selskabet og Warrantindehaveren har f&aelig;lles interesser, og at begge Parter medvirker til at skabe
    den bedst mulige v&aelig;rdiudvikling i Selskabet.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">1.1</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">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.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: left">1.2&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">Selskabets vedt&aelig;gter er vedlagt denne Aftale som bilag 1.2. Warrantindehaveren
    accepterer hermed alle fremtidige &aelig;ndringer i Selskabets vedt&aelig;gter.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">1.2</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">The Company's articles of association are attached hereto as Exhibit
    1.2. The Warrantee hereby accepts all future changes to the Company's articles of association.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: left">2&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify"><B>TILDELING AF WARRANTS</B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">2.</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: justify">GRANT OF WARRANTS</TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: left">2.1</TD>
    <TD STYLE="font-weight: normal; text-align: justify">I henhold til betingelserne i denne Aftale udsteder Selskabet hermed, og Warrantindehaveren
    modtager [&#9679;] warrants i Selskabet (&quot;Warrants&quot;).</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">2.1</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">Subject to the terms and conditions set out in this Agreement, the
    Company hereby issues and the Warrantee receives [&#9679;] warrants in the Company to the Warrantee (the &quot;Warrants&quot;).</TD></TR>
</TABLE>

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<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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="font-weight: normal; text-align: justify; width: 5%">2.2</TD>
    <TD STYLE="font-weight: normal; text-align: justify; width: 44%">Hver Warrant giver Warrantindehaveren ret, men ikke pligt, til at
    tegne &eacute;n kapitalandel &agrave; nominelt kr. 1 i Selskabet.</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify; width: 5%">2.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD STYLE="font-weight: normal; text-align: justify; width: 44%">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.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">2.3</TD>
    <TD STYLE="font-weight: normal; text-align: justify">Warrants tildeles vederlagsfrit.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">2.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD STYLE="font-weight: normal; text-align: justify">The Warrants are granted free of charge.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">2.4</TD>
    <TD STYLE="font-weight: normal; text-align: justify">Warrants giver ikke Warrantindehaveren kapitalejerrettigheder, som f.eks. fondskapitalandele,
    eller fortegningsret i tilf&aelig;lde af en kapitalforh&oslash;jelse i Selskabet.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">2.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD STYLE="font-weight: normal; text-align: justify">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.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">2.5</TD>
    <TD STYLE="font-weight: normal; text-align: justify">Selskabet er forpligtet til at f&oslash;re en fortegnelse over udstedte Warrants,
    som skal opbevares sammen med Selskabets ejerbog.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">2.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD STYLE="font-weight: normal; text-align: justify">The Company undertakes to keep and maintain a register of issued Warrants to
    be kept in connection with the Company's share register.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify"><B>3</B></TD>
    <TD STYLE="font-weight: normal; text-align: justify"><B>TEGNINGSRET</B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify">3.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD STYLE="font-weight: bold; text-align: justify">SUBSCRIPTION PRICE</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">3.1</TD>
    <TD STYLE="font-weight: normal; text-align: justify">Hver Warrant giver Warrantindehaveren ret til at tegne &eacute;n kapitalandel
    &agrave; nominelt kr. 1 i Selskabet til en pris af kr. 1 (&quot;Tegningsprisen&quot;).</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">3.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD STYLE="font-weight: normal; text-align: justify">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;).</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify"><B>4</B></TD>
    <TD STYLE="font-weight: normal; text-align: justify"><B>UDNYTTELSE AF WARRANTS</B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify">4.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD STYLE="font-weight: bold; text-align: justify">EXERCISE OF WARRANTS</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">4.1</TD>
    <TD STYLE="font-weight: normal; text-align: justify">Warrantindehaveren kan udnytte alle eller en del af Warrants (i) i forbindelse
    med en Exit (se punkt 4.2) eller (ii) p&aring; et tidspunkt, der fasts&aelig;ttes af Bestyrelsen (et &quot;Vindue&quot;)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">4.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD STYLE="font-weight: normal; text-align: justify">The Warrantee may exercise all or part of the Warrants (i) in connection with
    an Exit (see Clause 4.2) or (ii) at any time determined by the Board (a &quot;Window&quot;).</TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">4.2</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&quot;Exit&quot; betyder (a) en &aelig;ndring i ejerforholdene i Selskabet,
    hvorved en uafh&aelig;ngig tredjemand erhverver 50 % eller mere af selskabskapitalen i Selskabet eller kommer til at kontrollere
    mere end 50 % af stemmerne i Selskabet; (b) en b&oslash;rsnotering af Selskabets aktier; (c) salg eller overdragelse af samtlige
    eller en v&aelig;sentlig del af Selskabet aktiver; (d) en fusion med Selskabet som det oph&oslash;rende selskab; eller (e) en kombination
    af (a) - (d).</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">4.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD STYLE="font-weight: normal; text-align: justify">An &quot;Exit&quot; shall mean (a) a change of control in the Company whereby
    any independent third party acquires 50% or more of the share capital in the Company or comes to control more than 50% of the votes
    in the Company; (b) an initial public offering of the Company's shares (&quot;IPO&quot;); (c) the sale or disposition of all or a
    material part of the Company's assets; (d) a merger whereby the Company is the discontinuing entity; or (e) a combination of (a)
    - (d) above.</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="font-weight: normal; text-align: justify; width: 5%"><FONT STYLE="font-size: 10pt">4.3</FONT></TD>
    <TD STYLE="font-weight: normal; text-align: justify; width: 44%">I tilf&aelig;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&aring;den, bilagt en formular til meddelelse om udnyttelse (&quot;Udnyttelsesmeddelelsen&quot;) samt eventuelt en yderligere
    forpligtelseserkl&aelig;ring, som Selskabet efter eget sk&oslash;n m&aring;tte forlange (f.eks. tiltr&aelig;delsesdokument til en
    aftale om k&oslash;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&aelig;ring&quot;).</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify; width: 5%">4.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD STYLE="font-weight: normal; text-align: justify; width: 44%">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;).</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">4.4</TD>
    <TD STYLE="font-weight: normal; text-align: justify">Meddelelse om udnyttelse af Warrants finder sted, ved at Warrantindehaveren
    fremsender &quot;Udnyttelsesmeddelelsen&quot; til Selskabet med oplysning om det &oslash;nskede antal kapitalandele samt en eventuel
    Yderligere Forpligtelseserkl&aelig;ring. Samtidig med fremsendelsen af Udnyttelsesmeddelelsen og eventuelt Yderligere Forpligtelseserkl&aelig;ring
    skal Warrantindehaveren betale et kontant bel&oslash;b til Selskabet svarende til det relevante tegningsbel&oslash;b.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">4.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD STYLE="font-weight: normal; text-align: justify">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.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">4.5</TD>
    <TD STYLE="font-weight: normal; text-align: justify">Medmindre Selskabet bestemmer andet, vil samtlige Warrants automatisk bortfalde
    uden yderligere varsel og uden kompensation, hvis en Udnyttelsesmeddelelse og en eventuel Yderligere Forpligtelseserkl&aelig;ring
    samt betaling af det relevante tegningsbel&oslash;b ikke er fremsendt senest to (2) uger efter datoen for Meddelelsen om Exit.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">4.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD STYLE="font-weight: normal; text-align: justify">Unless otherwise decided by the Company, if an Exercise Notice and any Supplementary
    Undertakings together with payment of the relevant subscription amount is not submitted no later than two (2) weeks from the date
    of the Exit Notice, all Warrants shall automatically and without further notice or compensation lapse and become null and void.</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%; font-weight: normal; text-align: justify">4.6</TD>
    <TD STYLE="width: 44%; font-weight: normal; text-align: justify">Warrants, der ikke udnyttes i forbindelse med en Exit, vil automatisk
    bortfalde uden kompensation efter gennemf&oslash;relsen af den relevante begivenhed.</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 5%; font-weight: normal; text-align: justify">4.6<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD STYLE="width: 44%; font-weight: normal; text-align: justify">Any Warrants that are not exercised in connection with an Exit shall
    automatically become void without compensation, following the completion of the relevant event.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">4.7</TD>
    <TD STYLE="font-weight: normal; text-align: justify">S&aring;fremt der efter Meddelelsen om Exit ikke sker en endelig gennemf&oslash;relse
    af Exit, beholder Warrantindehaveren sine Warrants i henhold til vilk&aring;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&oslash;rt, og de udnyttede Warrants
    skal ikke tilbagef&oslash;res. B&aring;de Selskabet og Warrantindehaveren har dog ret til efter eget sk&oslash;n at forlange, at
    Selskabet tilbagek&oslash;ber de erhvervede kapitalandele til Tegningsprisen.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">4.7<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD STYLE="font-weight: normal; text-align: justify">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.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">4.8</TD>
    <TD STYLE="font-weight: normal; text-align: justify">S&aring;fremt der oprettes et Vindue, skal punkt 4.3 - 4.5 samtidig v&aelig;re
    g&aelig;ldende.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">4.8<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD STYLE="font-weight: normal; text-align: justify">In case a Window is established Clauses 4.3- 4.5 shall apply simultaneously.&nbsp;&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">4.9</TD>
    <TD STYLE="font-weight: normal; text-align: justify">Warrants, der ikke udnyttes i forbindelse med et Vindue, bortfalder automatisk
    uden kompensation.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">4.9<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD STYLE="font-weight: normal; text-align: justify">Any Warrants that are not exercised in connection with a Window shall automatically
    become void without compensation.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">4.10</TD>
    <TD STYLE="font-weight: normal; text-align: justify">S&aring;fremt et Vindue ikke er blevet oprettet senest den 31. december 2036,
    bortfalder Warrants automatisk uden yderligere varsel og uden kompensation.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">4.10<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD STYLE="font-weight: normal; text-align: justify">In the event an Exit or a Window has not occurred on or before December 31,
    2036, the Warrants shall automatically and without further notice or compensation lapse and become null and void.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">4.11</TD>
    <TD STYLE="font-weight: normal; text-align: justify">I forbindelse med en notering af ADS&#8217;er p&aring; Nasdaq, USA, har Selskabets
    bestyrelse i henhold til pkt. 4.1 truffet beslutning om at fasts&aelig;tte udnyttelsesvinduerne for udstedte warrants s&aring;ledes:</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">4.11<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font-weight: normal; 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;</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify"></TD>
    <TD STYLE="font-weight: normal; text-align: justify">Optjente warrants kan udnyttes i fire &aring;rlige udnyttelsesvinduer p&aring;
    2 uger, som hver ligger to handelsdage efter offentligg&oslash;relsen af henholdsvis Selskabets &aring;rsrapport, halv&aring;rsregnskabet
    samt kvartalsmeddelelserne. F&oslash;rste udnyttelsesperiode indtr&aelig;der dog tidligst 180 dage efter Selskabets notering af ADS&#8217;er
    p&aring; Nasdaq, USA, og i de f&oslash;rste fire udnyttelsesperioder kan warrantindehaveren maksimalt udnytte 25% af de til warrantindehaveren
    tildelte warrants forudsat altid at warrants er optjent.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify"></TD>
    <TD STYLE="font-weight: normal; text-align: justify">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&#8217;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.</TD></TR>
</TABLE>

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  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify; width: 5%"><B>5</B></TD>
    <TD STYLE="font-weight: normal; text-align: justify; width: 44%"><B>VISSE BETINGELSER I RELATION TIL EXIT</B></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify; width: 5%">5.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD STYLE="font-weight: bold; text-align: justify; width: 44%">CERTAIN CONDITIONS RELATING TO AN EXIT</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">5.1</TD>
    <TD STYLE="font-weight: normal; text-align: justify">Efter udnyttelse af Warrants i forbindelse med en b&oslash;rsnotering skal Warrantindehaveren
    underskrive og tiltr&aelig;de de aftaler eller forpligtelser, herunder i relation til en lock-up periode eller andre lock-up forpligtelser,
    som den udstedende bank m&aring;tte anmode om i forbindelse med en b&oslash;rsnotering.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">5.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font-weight: normal; 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 STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">5.2</TD>
    <TD STYLE="font-weight: normal; text-align: justify">Selskabet kan kr&aelig;ve, og Warrantindehaveren skal i s&aring; fald acceptere,
    at samtlige eller en del af Warrants ombyttes ligeligt til kapitalandele, warrants, konvertible v&aelig;rdipapirer eller et andet
    kapitalandelsbaseret instrument udstedt af en k&oslash;ber eller af en efterf&oslash;lger af Selskabet eller af et af disses moderselskaber
    eller datterselskaber, eller til kapitalandele, warrants, konvertible v&aelig;rdipapirer eller andet kapitalandelsbaseret instrument
    udstedt af Selskabet efter omstrukturering, s&aring;ledes at den p&aring;g&aelig;ldende Warrantindehavers Warrants umiddelbart efter
    en s&aring;dan ombytning - sammen med betaling af en eventuel kontant godtg&oslash;relse til Warrantindehaveren - i alt v&aelig;sentlig
    har samme v&aelig;rdi som de p&aring;g&aelig;ldende Warrants, herunder de Warrants ejet af Warrantindehaveren umiddelbart f&oslash;r
    en s&aring;dan ombytning. Uanset ovenst&aring;ende er Warrantindehaveren berettiget til en delvis kontant udbetaling i det omfang,
    dette er n&oslash;dvendigt, for at Warrantindehaveren er i stand til at betale eventuel indkomst- eller kapitalgevinstskat, der umiddelbart
    forfalder som f&oslash;lge af en s&aring;dan ombytning af v&aelig;rdipapirer.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">5.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font-weight: normal; 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 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>
</TABLE>

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  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify; width: 5%">5.3</TD>
    <TD STYLE="font-weight: normal; text-align: justify; width: 44%">Forud for en Exit er Selskabet (eller en tredjemand, der er udpeget
    af Selskabet) berettiget til at k&oslash;be Warrants fra Warrantindehaveren til en pris, der fasts&aelig;ttes i overensstemmelse
    med punkt 5.5 nedenfor.</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify; width: 5%">5.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD STYLE="font-weight: normal; text-align: justify; width: 44%">Prior to an Exit, the Company (or a third party appointed by the
    Company) shall have a right to purchase the Warrants from the Warrantee for a price determined in accordance with Clause 5.5 below.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">5.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD STYLE="font-weight: normal; text-align: justify">Hvis Selskabet &oslash;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&aelig;rende
    kommet Warrantindehaveren i h&aelig;nde, og Selskabets rettighed derved ud&oslash;vet, p&aring; 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&oslash;rt.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">5.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD STYLE="font-weight: normal; text-align: justify">If the Company wishes to exercise any of its rights under this Agreement, a
    written notice to that effect shall be sent by email to the Warrantee. A notice shall be deemed to have reached a Warrantee, and
    hence the right of the Company shall be deemed to have been exercised, at the time of the dispatch of the email, provided the notice
    has been addressed to the email address of the Warrantee which the Warrantee has informed the Company at any time. The exercise of
    rights pursuant to Clause 5.3 above is always subject to the condition that the Exit is actually completed.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">5.5</TD>
    <TD STYLE="font-weight: normal; text-align: justify"><I>K&oslash;bspris i forbindelse med Exit</I></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">5.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD STYLE="font-weight: normal; text-align: justify"><I>Purchase Price in connection with an Exit</I></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">5.5.1</TD>
    <TD STYLE="font-weight: normal; text-align: justify">Ved k&oslash;b af Warrantindehaverens Warrants i henhold til punkt 5.3 skal
    v&aelig;rdien af Warrants v&aelig;re baseret p&aring; den rimelige markedsv&aelig;rdi, som anf&oslash;rt nedenfor.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">5.5.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD STYLE="font-weight: normal; text-align: justify">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.</TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">5.5.2</TD>
    <TD STYLE="font-weight: normal; text-align: justify">Den rimelige markedsv&aelig;rdi af Warrants beregnes af Selskabet p&aring; grundlag
    af den nettopris per kapitalandel i Selskabet, som s&aelig;lgende kapitalejere vil modtage ved en Exit med fradrag af et forholdsm&aelig;ssigt
    bel&oslash;b for vederlag til r&aring;dgivere m.v. Ved beregningen af den rimelige markedsv&aelig;rdi af Warrants skal Selskabet
    fratr&aelig;kke et bel&oslash;b, som Selskabet anser som passende i betragtning af de s&aelig;lgende kapitalejeres eventuelle forpligtelser
    i henhold til Exit.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">5.5.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD STYLE="font-weight: normal; text-align: justify">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.</TD></TR>
</TABLE>

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  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify; width: 5%">5.5.3</TD>
    <TD STYLE="font-weight: normal; text-align: justify; width: 44%">N&aring;r Warrants k&oslash;bes i forbindelse med en Exit som f&oslash;lge
    af salg eller overdragelse af samtlige eller en v&aelig;sentlig del af Selskabets aktiver, er v&aelig;rdien af Warrants den rimelige
    markedsv&aelig;rdi p&aring; tidspunktet efter salget. I tilf&aelig;lde af en s&aring;dan Exit skal der ved beregningen af den rimelige
    markedsv&aelig;rdi for Warrants tages h&oslash;jde for den k&oslash;bspris, Selskabet har modtaget for de solgte aktiver, med fradrag
    af g&aelig;ld, der ikke er overdraget sammen med aktiverne, samt en forholdsm&aelig;ssig andel af omkostninger, honorarer m.v. i
    forbindelse med transaktionen.</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify; width: 5%">5.5.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD STYLE="font-weight: normal; text-align: justify; width: 44%">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.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">5.5.4</TD>
    <TD STYLE="font-weight: normal; text-align: justify">K&oslash;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&aelig;lgende kapitalejere i Selskabet har modtaget betaling for deres kapitalandele,
    og i tilf&aelig;lde af k&oslash;b i forbindelse med et salg af aktiver, n&aring;r Selskabet har modtaget betaling for de solgte aktiver.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">5.5.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD STYLE="font-weight: normal; text-align: justify">The purchase price for the Warrants determined in accordance with Clauses 5.5.2
    - 5.5.3 above, as applicable, shall be paid 15 days after the selling shareholders of the Company have received payment for their
    shares, and in case of a purchase in connection with an asset sale, when the Company has received payment for the assets sold.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify"><B>6</B></TD>
    <TD STYLE="font-weight: normal; text-align: justify"><B>OPSIGELSE AF ANS&AElig;TTELSES-FORHOLDET</B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify">6.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TERMINATION
    OF EMPLOYMENT</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">6.1</TD>
    <TD STYLE="text-align: justify">Punkterne 6.2 -6.6 finder anvendelse, hvis Warrantindehaveren er ansat i Selskabet</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">6.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD STYLE="font-weight: normal; text-align: justify">Clauses 6.2 - 6.6 shall apply provided the Warrantee is an employee of the Company:</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="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">6.2</TD>
    <TD STYLE="text-align: justify">Hvis Selskabet opsiger Warrantindehaverens ans&aelig;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&aring;rene i Aftalen, som om Warrantindehaveren stadig var ansat i Selskabet. Dette
    g&aelig;lder ligeledes, hvis ans&aelig;ttelsesforholdet bringes til oph&oslash;r, fordi Warrantindehaveren har n&aring;et den alder,
    der g&aelig;lder for pensionering fra Selskabet, eller fordi Warrantindehaveren kan oppeb&aelig;re folkepension eller alderspension
    fra Selskabet.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">6.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD STYLE="font-weight: normal; text-align: justify">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 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.</TD></TR>
</TABLE>

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

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<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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%">6.3</TD>
    <TD STYLE="text-align: justify; width: 44%">Hvis Selskabet opsiger Warrantindehaverens ans&aelig;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&aring; tidspunktet for udl&oslash;bet af opsigelsesperioden.</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify; width: 5%">6.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD STYLE="font-weight: normal; text-align: justify; width: 44%">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.</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="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">6.4</TD>
    <TD STYLE="text-align: justify">Hvis Warrantindehaveren opsiger sin ans&aelig;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&aring; tidspunktet for udl&oslash;bet af opsigelsesperioden.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">6.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD STYLE="font-weight: normal; text-align: justify">In the event that the Warrantee terminates the employment with the Company before
    December 31 2020 for any reason other than due the Company's material breach (in Danish: &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.</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="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">6.5</TD>
    <TD STYLE="text-align: justify">Hvis Warrantindehaveren opsiger sin ans&aelig;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&oslash;rt nedenfor, i overensstemmelse med vilk&aring;rene i Aftalen,
    som om Warrantindehaveren stadig var ansat i Selskabet.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">6.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD STYLE="font-weight: normal; text-align: justify">If the Warrantee terminates the employment with the Company on or after December
    31 2020 for any reason other than due to the Company's material breach (in Danish: &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:</TD></TR>
</TABLE>

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P></DIV>
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<P STYLE="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="padding: 2pt 5pt 8pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; width: 29%; 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="padding: 2pt 5pt 8pt; border-top: Black 1pt solid; border-right: Black 1pt solid; width: 20%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>%
    of Warrants</B></FONT></TD>
    <TD STYLE="padding: 2pt 5pt 8pt; width: 2%">&nbsp;</TD>
    <TD STYLE="padding: 2pt 5pt 8pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; width: 29%; 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="padding: 2pt 5pt 8pt; border-top: Black 1pt solid; border-right: Black 1pt solid; width: 20%; 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">
    <TD STYLE="padding: 2pt 5pt 8pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">31.
    december 2020</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 8pt; border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">33.333</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 8pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 5pt 8pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">December
    31 2020</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 8pt; border-top: Black 1pt solid; border-right: Black 1pt solid; 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="padding: 2pt 5pt 8pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.
    april 2021</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 8pt; border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">41.666</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 8pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 5pt 8pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">April
    1 2021</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 8pt; border-top: Black 1pt solid; border-right: Black 1pt solid; 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">
    <TD STYLE="padding: 2pt 5pt 8pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.
    juli 2021</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 8pt; border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">49.999</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 8pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 5pt 8pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">July
    1 2021</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 8pt; border-top: Black 1pt solid; border-right: Black 1pt solid; 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="padding: 2pt 5pt 8pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.
    oktober 2021</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 8pt; border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">58.332</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 8pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 5pt 8pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">October
    1 2021</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 8pt; border-top: Black 1pt solid; border-right: Black 1pt solid; 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">
    <TD STYLE="padding: 2pt 5pt 8pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.
    januar 2022</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 8pt; border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">66.665</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 8pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 5pt 8pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">January
    1 2022</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 8pt; border-top: Black 1pt solid; border-right: Black 1pt solid; 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="padding: 2pt 5pt 8pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.
    april 2022</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 8pt; border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">74.998</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 8pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 5pt 8pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">April
    1 2022</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 8pt; border-top: Black 1pt solid; border-right: Black 1pt solid; 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">
    <TD STYLE="padding: 2pt 5pt 8pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.
    juli 2022</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 8pt; border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">83.331</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 8pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 5pt 8pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">July
    1 2022</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 8pt; border-top: Black 1pt solid; border-right: Black 1pt solid; 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="padding: 2pt 5pt 8pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.
    oktober 2022</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 8pt; border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">91.664</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 8pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 5pt 8pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">October
    1 2022</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 8pt; border-top: Black 1pt solid; border-right: Black 1pt solid; 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">
    <TD STYLE="padding: 2pt 5pt 8pt; border: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30.
    december 2022</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 8pt; border-bottom: Black 1pt solid; border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">100</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 8pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 5pt 8pt; border: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">December
    30 2022</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 8pt; border-bottom: Black 1pt solid; border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">100</FONT></TD>
    </TR>
  </TABLE>

<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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%"></TD>
    <TD STYLE="text-align: justify; width: 44%">Resterende Warrants, som ikke er udnyttet p&aring; tidspunktet for udl&oslash;bet af
    opsigelsesperioden, bortfalder.</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify; width: 5%"></TD>
    <TD STYLE="font-weight: normal; text-align: justify; width: 44%">Remaining Warrants not exercised at the time of the expiration of
    the notice period, become null and void.</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="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">6.6</TD>
    <TD STYLE="text-align: justify">Hvis Warrantindehaveren opsiger sin ans&aelig;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&aring;rene
    i Aftalen, som om Warrantindehaveren stadig var ansat i Selskabet.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">6.6<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD STYLE="font-weight: normal; text-align: justify">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.</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="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">6.7</TD>
    <TD STYLE="text-align: justify">I tilf&aelig;lde af Warrantindehaverens d&oslash;d, vil Warrantindehaverens bo eller Warrantindehaverens
    overlevende &aelig;gtef&aelig;lle (hvis denne sidder i uskiftet bo) v&aelig;re berettiget til at udnytte Warrants i overensstemmelse
    med vilk&aring;rene i denne Aftale.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">6.7<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD STYLE="font-weight: normal; text-align: justify">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.</TD></TR>
  </TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify"><B>7</B></TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify"><B>&AElig;NDRING I RETSSTILLING ELLER SELSKABSKAPITAL</B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify">7.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: justify">CHANGE OF LEGAL STATUS OR SHARE CAPITAL</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">7.1</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><I>&AElig;ndring i selskabskapital</I></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">7.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">Change of Share Capital</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="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">7.1.1</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">I tilf&aelig;lde af &aelig;ndringer i Selskabets selskabskapital,
    herunder men ikke begr&aelig;nset til:</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">7.1.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">In case of changes in the Company&#8217;s share capital including
    but not limited to</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify; width: 5%">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify; width: 3%">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD STYLE="font-weight: normal; text-align: justify; width: 41%">for&oslash;gelse af selskabskapitalen,</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify; width: 5%">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify; width: 3%">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD STYLE="font-weight: normal; text-align: justify; width: 41%">increase of the share capital,</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD STYLE="font-weight: normal; text-align: justify">udstedelse af konvertible obligationer,</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD STYLE="font-weight: normal; text-align: justify">issuance of convertible bonds,</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;
    </FONT></TD>
    <TD STYLE="font-weight: normal; text-align: justify">udstedelse af nye tegningsretter, eller</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;
    </FONT></TD>
    <TD STYLE="font-weight: normal; text-align: justify">issuance of new subscription rights, or</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">(iv)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;
    </FONT></TD>
    <TD STYLE="font-weight: normal; text-align: justify">neds&aelig;ttelse af selskabskapitalen,</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">(iv)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font-weight: normal; 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="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify"></TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">uanset om dette sker til en kurs, der er lig med markedskursen for
    Selskabets kapitalandele, eller til en overkurs, eller hvis &aelig;ndringerne n&aelig;vnt i 7.1.1 (i) - (iv) sker til fav&oslash;rkurs,
    sker der ingen regulering i Warrants.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify"></TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">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) are made at a special
    price (&#8220;fav&oslash;rkurs&#8221;) no regulation of Warrants shall occur.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">7.1.2</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">Hvis den nominelle v&aelig;rdi af Selskabets kapitalandele &aelig;ndres,
    skal antallet af Warrants (antal af kapitalandele) og/eller Udnyttelsesprisen tilpasses, s&aring;ledes at v&aelig;rdien af Warrants
    ikke bliver p&aring;virket af s&aring;danne &aelig;ndringer.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">7.1.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">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.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">7.1.3</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">Hvis selskabskapitalen neds&aelig;ttes til d&aelig;kning af tab,
    skal antallet af kapitalandele, som Warrantindehaveren kan tegne gennem udnyttelse af Warrants, reduceres (nedrundet) forholdsm&aelig;ssigt
    til den nominelle reduktion af kapitalen sammenholdt med Selskabets totale nominelle selskabskapital f&oslash;r reduktionen.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">7.1.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; 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>
  </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="font-weight: normal; text-align: justify">7.2&#9;</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify"><I>Andre &aelig;ndringer</I></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">7.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT> <I>Other Changes</I></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">7.2.1&#9;</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">Hvis der tr&aelig;ffes beslutning om</TD>
    <TD>&nbsp;</TD>
    <TD>7.2.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD COLSPAN="2"><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 STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify; width: 5%">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify; width: 5%">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD STYLE="font-weight: normal; text-align: justify; width: 39%">at likvidere eller afvikle Selskabet,</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify; width: 5%">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD STYLE="font-weight: normal; text-align: justify; width: 39%">liquidate or wind up the Company,</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD STYLE="font-weight: normal; text-align: justify">at spalte Selskabet eller</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD STYLE="font-weight: normal; text-align: justify">demerge the Company, or</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font-weight: normal; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">at
    gennemf&oslash;re en kapitalandelsombytning, der omfatter samtlige kapitalandele i Selskabet (oprettelse af et holdingselskab/apportindskud),</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: normal; text-align: justify">effect an exchange of shares which includes all shares in the Company (establishment
    of a holding company/non-cash contribution),</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%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 44%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">er Warrantindehaveren
    berettiget til at udnytte Warrants p&aring; ikrafttr&aelig;delsesdatoen for den relevante &aelig;ndring, jf. dog punkt 7.2.2. Selskabets
    Bestyrelse skal skriftligt meddele Warrantindehaveren, hvis der tr&aelig;ffes en af de ovenn&aelig;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-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">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&rsquo;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 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">7.2.2</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hvis Selskabet indg&aring;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)
    modtagende selskab(er), forudsat at de(t) forts&aelig;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&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD 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 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>
</TABLE>

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  <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="width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 5%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 44%">&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 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.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SUBSCRIPTION OF SHARES</B></FONT></TD></TR>
  </TABLE>
<P STYLE="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">8.1&#9;</FONT></TD>
    <TD STYLE="text-align: justify; width: 44%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ved udnyttelse
    af et hvilket som helst antal Warrants g&aelig;lder f&oslash;lgende for tegning af nye kapitalandele:</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">8.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; width: 44%"><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 COLSPAN="3" STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD STYLE="font-weight: normal; text-align: justify">De andre kapitalejere i Selskabet har ikke fortegningsret med hensyn til Warrants
    eller kapitalandele udstedt gennem udnyttelse af Warrants</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify"></TD>
    <TD STYLE="font-weight: normal; text-align: justify">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD STYLE="font-weight: normal; text-align: justify">The other shareholders of the Company have no pre-emption rights with respect
    to the Warrants or shares issued by exercise of the Warrants.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD STYLE="font-weight: normal; text-align: justify">Betaling af tegningsbel&oslash;bet og tegning af kapitalandele skal finde sted
    samtidigt. Warrantindehaverens rettigheder som kapitalejer efter udnyttelse af samtlige Warrants eller en del heraf tr&aelig;der
    i kraft, n&aring;r uigenkaldelig kontant betaling til Selskabet har fundet sted. Selskabet skal registrere Warrantindehaveren som
    kapitalejer i Selskabets ejerbog.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font-weight: normal; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;
    </FONT></TD>
    <TD STYLE="font-weight: normal; text-align: justify">De nye kapitalandele udstedes i kapitalandele &agrave; nominelt kr. 1 eller
    multipla heraf.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;
    </FONT></TD>
    <TD STYLE="font-weight: normal; text-align: justify">The new shares are issued in shares of nominally DKK 1 or multiples hereof.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">(iv)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font-weight: normal; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">De
    nye kapitalandele skal udstedes p&aring; navn, indf&oslash;res i Selskabets ejerbog og er ikke-oms&aelig;ttelige.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">(iv)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;
    </FONT></TD>
    <TD STYLE="font-weight: normal; text-align: justify">The new shares are issued on name, shall be registered in the Company's share
    register and are non-negotiable shares.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">(v)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD STYLE="font-weight: normal; text-align: justify">Restriktionerne p&aring; eksisterende kapitalandele vedr&oslash;rende oms&aelig;ttelighed
    g&aelig;lder ogs&aring; for de nye kapitalandele.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">(v)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD STYLE="font-weight: normal; text-align: justify">The restrictions on the current shares as to negotiability shall also apply
    for the new shares.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify; width: 5%">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify; width: 5%">(vi)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;
    </FONT></TD>
    <TD STYLE="font-weight: normal; text-align: justify; width: 39%">Fortegningsret for nye kapitalandele i forbindelse med fremtidige
    kapitalforh&oslash;jelser er begr&aelig;nsede for s&aring; vidt ang&aring;r udstedelse af warrants eller tegning af kapitalandele
    gennem udnyttelse af s&aring;danne warrants eller ved andre begivenheder i henhold til generalforsamlingens beslutning</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify; width: 5%">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify; width: 5%">(vi)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;
    </FONT></TD>
    <TD STYLE="font-weight: normal; text-align: justify; width: 39%">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.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="font-weight: normal; text-align: justify"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: normal; text-align: justify"><FONT STYLE="font-size: 1pt">&nbsp;</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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<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: 5%; padding-right: 13.3pt; font-weight: normal; text-align: justify">(vii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;
    </FONT></TD>
    <TD STYLE="width: 39%; padding-right: 13.3pt; font-weight: normal; text-align: justify">De nye kapitalandele giver ret til dividende
    og andre rettigheder i Selskabet til enhver tid, n&aring;r den relevante kapitalforh&oslash;jelse er registreret i Erhvervsstyrelsen.</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 5%; padding-right: 5.4pt; font-weight: normal; text-align: justify">(vii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;
    </FONT></TD>
    <TD STYLE="width: 39%; padding-right: 5.4pt; font-weight: normal; text-align: justify">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.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 13.3pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 13.3pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 13.3pt; font-weight: normal; text-align: justify">(viii)</TD>
    <TD STYLE="padding-right: 13.3pt; font-weight: normal; text-align: justify">Selskabet betaler omkostningerne i forbindelse med udstedelse
    og udnyttelse af Warrants.</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: normal; text-align: justify">(viii)</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: normal; text-align: justify">The Company shall pay the costs in connection with the
    issuance and exercise of Warrants.</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="font-weight: normal; text-align: justify"><B>9&#9;</B></TD>
    <TD STYLE="font-weight: normal; text-align: justify"><B>SKAT</B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify">9.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD STYLE="font-weight: bold; text-align: justify">TAX</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify; width: 5%">9.1&#9;</TD>
    <TD STYLE="font-weight: normal; text-align: justify; width: 44%">Punkterne 9.2 - 9.4 finder anvendelse, hvis Warrantindehaveren er
    ansat i Selskabet:</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify; width: 5%">9.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD STYLE="font-weight: normal; text-align: justify; width: 44%">Clauses 9.2 - 9.4 shall apply provided the Warrantee is an employee
    of the Company:</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">9.2&#9;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">Warrants er underlagt ligningslovens &sect; 7 P.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">9.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD STYLE="font-weight: normal; text-align: justify">The Warrants shall be subject to Section 7 P of the Danish Tax Assessment Act.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">9.3&#9;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">Selskabet har vurderet v&aelig;rdien af de tildelte warrants til DKK 1.901 pr.
    stk. (f&oslash;r justering for fondsaktieudstedelse og aktiesplit af 4. januar 2021).</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">9.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD STYLE="font-weight: normal; text-align: justify">The Company has assessed the value of each granted warrants as DKK 1901 (before
    adjustment for bonus shares and share split of 4 January 2021).</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">9.4&#9;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">Selskabet giver ikke Warrantindehaveren nogen garanti for, at Warrants beskattes
    efter ligningslovens &sect; 7 P med eventuelle senere &aelig;ndringer, herunder om kravene til anvendelse af bestemmelsen ikke er
    opfyldt, eller om bestemmelsen fremover er &aelig;ndret eller oph&aelig;vet.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">9.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD STYLE="font-weight: normal; text-align: justify">The Company does not make any guarantees to the Warrantee that the Warrantee
    will be subject to the tax treatment under Section 7 P of the Danish Tax Assessment Act, as amended from time to time, including
    whether the requirements for the application of the provision are not met or if the provision is altered or repealed in the future.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">9.5&#9;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">De skattem&aelig;ssige konsekvenser for Warrantindehaveren i forbindelse med
    denne Aftale, herunder men ikke begr&aelig;nset til erhvervelse og/eller tildeling af Warrants, og/eller skattem&aelig;ssige konsekvenser
    i forbindelse med udnyttelse af Warrants, er Selskabet uvedkommende. Warrantindehaveren opfordres til at s&oslash;ge skattem&aelig;ssig
    r&aring;dgivning i forbindelse med indg&aring;elsen af denne Aftale.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">9.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD STYLE="font-weight: normal; text-align: justify">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.</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%; font-weight: normal; text-align: justify"><B>10&#9;</B></TD>
    <TD STYLE="width: 44%; font-weight: normal; text-align: justify"><B>EJERAFTALE</B></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 5%; font-weight: bold; text-align: justify">10.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD STYLE="width: 44%; font-weight: bold; text-align: justify">SHAREHOLDERS&#8217; AGREEMENT</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">10.1&#9;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">Warrantindehaveren skal p&aring; tidspunktet for udnyttelse af Warrants tildelt
    i henhold til denne Af- tale tiltr&aelig;de og acceptere at v&aelig;re bundet af enhver ejeraftale, der g&aelig;lder for kapitalejere
    i Selskabet til enhver tid ved at underskrive en tiltr&aelig;delseserkl&aelig;ring til en s&aring;dan ejeraftale. Warrantindehaveren
    tiltr&aelig;der og accepterer, at en s&aring;dan ejeraftale kan indeholde betingelser, der alene g&aelig;lder for Warrantindehaveren
    og ikke for de andre kapitalejere i Selskabet. S&aring;ledes har ikke alle kapitalejere i Selskabet de samme rettigheder i henhold
    til ejeraftalen. En s&aring;dan tiltr&aelig;delseserkl&aelig;ring skal underskrives senest p&aring; tidspunktet for udnyttelse af
    Warrants, og udnyttelsen af Warrants skal v&aelig;re betinget heraf.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">10.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD STYLE="font-weight: normal; text-align: justify">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.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify"><B>11&#9;</B></TD>
    <TD STYLE="font-weight: normal; text-align: justify"><B>OVERDRAGELSE AF WARRANTS</B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify">11.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD STYLE="font-weight: bold; text-align: justify">ASSIGNMENT OF WARRANTS</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">11.1&#9;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">Warrants og andre rettigheder og/eller forpligtelser af Warrantindehaveren i
    henhold til denne Aftale m&aring; ikke v&aelig;re genstand for udl&aelig;g (pant, sikkerhed eller lignende), erhverves eller p&aring;
    anden m&aring;de overdrages af Warrantindehaveren.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">11.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD STYLE="font-weight: normal; text-align: justify">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.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">11.2&#9;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">Uanset det anf&oslash;rte under punkt 11.1 kan overdragelse i tilf&aelig;lde
    af Warrantindehaverens d&oslash;d finde sted til Warrantindehaverens bo og/eller hans/hendes arvinger.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">11.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD STYLE="font-weight: normal; text-align: justify">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.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; font-weight: normal; text-align: justify">11.3&#9;</TD>
    <TD STYLE="width: 44%; font-weight: normal; text-align: justify">Uanset det anf&oslash;rte under punkt 11.1 m&aring; Warrantindehaverens
    kapitalandele henholdsvis Warrants, herunder kapitalandele erhvervet gennem udnyttelse af Warrants, ikke v&aelig;re genstand for
    inkassoprocedurer, fogedforretninger eller anden form for fuldbyrdelse og m&aring; heller ikke bruges som pant over for tredjepart.
    Warrantindehaveren har dog ved forudg&aring;ende skriftlig tilladelse fra Selskabets Bestyrelse ret til at bruge kapitalandele og
    warrants som pant i forbindelse med finansiering af k&oslash;b af s&aring;danne kapitalandele og warrants, hvis panthaver forud for
    pants&aelig;tningen skriftligt bekr&aelig;fter at ville respektere denne Aftale.</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 5%; font-weight: normal; text-align: justify">11.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD STYLE="width: 44%; font-weight: normal; text-align: justify">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.</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="font-weight: normal; text-align: justify"><B>12&#9;</B></TD>
    <TD STYLE="font-weight: normal; text-align: justify"><B>AFKALD</B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify">12.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD STYLE="font-weight: bold; text-align: justify">WAIVER</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">12.1&#9;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">Warrantindehaveren garanterer ikke at ville p&aring;ber&aring;be sig eller p&aring;
    anden m&aring;de benytte sig af minoritetsbeskyttelsesreglen i henhold Selskabsloven, herunder &sect; 73, if&oslash;lge hvilken en
    minoritetskapitalejer kan fordre sine kapitalandele indl&oslash;st af en kapitalejer, der ejer mere end ni tiendedele af kapitalandelene
    (indl&oslash;sningsret).</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">12.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD STYLE="font-weight: normal; text-align: justify">The Warrantee undertakes not to invoke or otherwise rely upon the minority protection
    rule available under the Danish Companies Act, including Clause 73, stipulating the right to require a shareholder holding more than
    nine-tenths of the shares to acquire the shares of any minority shareholder (in Danish: &quot;indl&oslash;sningsret&quot;).</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify"><B>13&#9;</B></TD>
    <TD STYLE="font-weight: normal; text-align: justify"><B>PANTS&AElig;TNING AF KAPITALANDELE </B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify">13.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PLEDGE
    OF SHARES</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">13.1&#9;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">Warrantindehaveren forpligter sig herved at pants&aelig;tte kapitalandele i
    Selskabet tegnet gennem udnyttelse af Warrants (herunder eventuelle stemmerettigheder) til de andre kapitalejere i Selskabet som
    sikkerhed for (i) opfyldelse af Warrantindehaverens forpligtelser i henhold til Aftalen og (ii) opfyldelse af Warrantindehaverens
    forpligtelser i henhold til ejeraftale, der er g&aelig;ldende for Warrantindehaverens kapitalandele i Selskabet.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">13.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD STYLE="font-weight: normal; text-align: justify">The Warrantee hereby undertakes to pledge any shares in the Company sub-scribed
    for by exercise of any Warrants (including voting rights (if any)) to the other shareholders of the Company as security for (i) the
    fulfilment of the Warrantee's obligations under this Agreement and (ii) the fulfilment of the Warrantee's obligations under any Shareholders'
    Agreement governing the shares in the Company held by the Warrantee.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify"><B>14&#9;</B></TD>
    <TD STYLE="font-weight: normal; text-align: justify"><B>FULDMAGT</B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify">14.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD STYLE="font-weight: bold; text-align: justify">POWER OF ATTORNEY</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify; width: 5%">14.1&#9;</TD>
    <TD STYLE="font-weight: normal; text-align: justify; width: 44%">Warrantindehaveren giver hermed Selskabets Bestyrelse fuldmagt til
    p&aring; Warrantindehaverens vegne at iv&aelig;rks&aelig;tte enhver foranstaltning, der m&aring;tte v&aelig;re n&oslash;dvendig til
    opfyldelse af denne Aftale.</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify; width: 5%">14.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD STYLE="font-weight: normal; text-align: justify; width: 44%">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.</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%; padding-bottom: 14pt; font-weight: normal; text-align: justify"><B>15&#9;</B></TD>
    <TD STYLE="width: 44%; padding-bottom: 14pt; font-weight: normal; text-align: justify"><B>TAVSHEDSPLIGT</B></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 5%; padding-bottom: 14pt; font-weight: bold; text-align: justify">15.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD STYLE="width: 44%; padding-bottom: 14pt; font-weight: bold; text-align: justify">CONFIDENTIALITY</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 14pt; font-weight: normal; text-align: justify">15.1&#9;</TD>
    <TD STYLE="padding-bottom: 14pt; font-weight: normal; text-align: justify">Parterne forpligter sig til at behandle indholdet af denne
    Aftale og betingelserne for Aftalen fortroligt. En Part er berettiget til at freml&aelig;gge betingelserne i denne Aftale p&aring;
    skriftlig opfordring fra en offentlig myndighed, som har en lovlig ret til at kr&aelig;ve s&aring;danne oplysninger, eller hvis en
    s&aring;dan freml&aelig;ggelse udspringer af lovgivningen.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 14pt; font-weight: normal; text-align: justify">15.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD STYLE="padding-bottom: 14pt; font-weight: normal; text-align: justify">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.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 14pt; font-weight: normal; text-align: justify"><B>16&#9;</B></TD>
    <TD STYLE="padding-bottom: 14pt; font-weight: normal; text-align: justify"><B>LOVVALG</B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 14pt; font-weight: bold; text-align: justify">16.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD STYLE="padding-bottom: 14pt; font-weight: bold; text-align: justify">GOVERNING LAW</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 14pt; font-weight: normal; text-align: justify">16.1&#9;</TD>
    <TD STYLE="padding-bottom: 14pt; font-weight: normal; text-align: justify">Denne Aftale er underlagt dansk ret.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 14pt; font-weight: normal; text-align: justify">16.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD STYLE="padding-bottom: 14pt; font-weight: normal; text-align: justify">This Agreement shall be governed by the laws of Denmark.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 14pt; font-weight: normal; text-align: justify"><B>17&#9;</B></TD>
    <TD STYLE="padding-bottom: 14pt; font-weight: normal; text-align: justify"><B>VISTER</B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 14pt; font-weight: bold; text-align: justify">17.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD STYLE="padding-bottom: 14pt; font-weight: bold; text-align: justify">DISPUTES</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 14pt; font-weight: normal; text-align: justify">17.1&#9;</TD>
    <TD STYLE="padding-bottom: 14pt; font-weight: normal; text-align: justify">Enhver tvist mellem Parterne, der m&aring;tte udspringe
    af Aftalen, herunder dens indg&aring;else eller oph&oslash;r, skal f&oslash;rst s&oslash;ges afgjort ved forhandling. Kan Parterne
    ikke n&aring; til enighed, afg&oslash;res tvisten ved de danske domstole i K&oslash;benhavn.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 14pt; font-weight: normal; text-align: justify">17.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD STYLE="padding-bottom: 14pt; font-weight: normal; text-align: justify">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.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 14pt; font-weight: normal; text-align: justify"><B>18&#9;</B></TD>
    <TD STYLE="padding-bottom: 14pt; font-weight: normal; text-align: justify"><B>UNDERSKRIFT, HELE AFTALEN OG &AElig;NDRINGER HERTIL</B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 14pt; font-weight: bold; text-align: justify">18.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD STYLE="padding-bottom: 14pt; font-weight: bold; text-align: justify">SIGNATURES, ENTIRE AGREEMENT, AND AMENDMENTS</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 14pt; font-weight: normal; text-align: justify">18.1&#9;</TD>
    <TD STYLE="padding-bottom: 14pt; font-weight: normal; text-align: justify">Denne Aftale er udf&aelig;rdiget i to eksemplarer, hvoraf
    det ene underskrevne eksemplar forbliver hos Selskabet, mens det andet underskrevne eksemplar udleveres til Warrantindehaveren. Aftalen
    tr&aelig;der i kraft p&aring; datoen for underskrivelsen.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 14pt; font-weight: normal; text-align: justify">18.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 14pt; font-weight: normal; 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 STYLE="padding-bottom: 14pt; font-weight: normal; text-align: justify">18.2&#9;</TD>
    <TD STYLE="padding-bottom: 14pt; font-weight: normal; text-align: justify">Alle meddelelser eller lignende i henhold til eller i
    forbindelse med Aftalen skal foretages skriftligt fra den ene Part til den anden.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 14pt; font-weight: normal; text-align: justify">18.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD STYLE="padding-bottom: 14pt; font-weight: normal; text-align: justify">All notifications, demands or similar pursuant to or relating
    to this Agreement shall be made in writing to the other Party.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-weight: normal; text-align: center">- 0 -</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">- 0 -</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%; 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 155.85pt 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 155.85pt 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: 10%; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; 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: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; 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: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; 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: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold; text-align: left">1.</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">RESOLUTION</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: left">1.1</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Board of Directors has on 17 December 2020, pursuant to the authorisation set out in article 2.8 of Evaxion Biotech A/S&#8217;s (the
    &#8220;Company&#8221;) articles of association, determined that the following terms and conditions (the &#8220;Warrant Terms&#8221;)
    shall apply to warrants (the &#8220;Warrants&#8221;) issued to the European Investment Bank (the &#8220;Warrant Holder&#8221;) according
    to the authorisation. </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold; text-align: left">2.</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ISSUE
    OF WARRANTS AND WARRANT CONSIDERATION</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: left">2.1</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; 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 &#8220;Warrant Certificate&#8221;). 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: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: left">2.2</TD>
    <TD STYLE="font-size: 10pt; 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: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: left">2.3</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Company will, along with the Company&#8217;s register of shareholders, keep a list of the issued Warrants.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold; text-align: left">3.</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EXERCISE
    OF WARRANTS</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: left">3.1</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; 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: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: left">3.2</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; 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: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: left">3.3</TD>
    <TD STYLE="font-size: 10pt; font-weight: normal; 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: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: left">3.4</TD>
    <TD STYLE="font-weight: normal; text-align: justify">The Warrant Holder agrees and accepts to be bound by a customary lock-up agreement
    in the event of an IPO according to which Warrants may not be exercised/or settled for cash within 180 days from the date of completion
    of an initial public offering and official listing of shares of the Company (or the shares in any company or vehicle created by the
    Company's shareholders for such purpose) on a stock exchange or regulated market, including but not limited to a listing of American
    Depositary Shares (ADS') in the United States (here and elsewhere in this document referred to as an &#8220;IPO&#8221;). Following
    an IPO clause 7.1 (f) shall cease to be of effective and shall become null and void. Additionally, the Warrant Holder agrees not
    to exercise the Warrants and/or claim settlement for a period of one (1) month following the first public filing of the prospectus
    relating to an IPO. In no event shall the aggregate lock-up period exceed 180 days from the date of completion of the IPO.</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="text-align: left; width: 10%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 90%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: left">3.6</TD>
    <TD STYLE="font-weight: normal; text-align: justify">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.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold; text-align: left">4.</TD>
    <TD STYLE="font-weight: bold; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PROCEDURE
    FOR EXERCISE OF WARRANTS</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: left">4.1</TD>
    <TD STYLE="font-weight: normal; 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: left">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: left">4.2</TD>
    <TD STYLE="font-weight: normal; 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: left">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: left">4.3</TD>
    <TD STYLE="font-weight: normal; 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: left">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold; text-align: left">5.</TD>
    <TD STYLE="font-weight: bold; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CHANGES
    IN THE COMPANY'S CAPITAL STRUCTURE</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: left">5.1</TD>
    <TD STYLE="font-weight: normal; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Changes
    in the Company&#8217;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: left">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: left">5.2</TD>
    <TD STYLE="font-weight: normal; 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&#8217;s auditor
    according to recognized principles. The adjustment may be carried out either by an increase or decrease of the number of shares that
    can be issued following an exercise of a Warrant and/or an increase or decrease of the Exercise Price. The exercise price cannot,
    however, at any time be below nominal value of the shares.</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="font-weight: normal; text-align: left; width: 10%">5.3</TD>
    <TD STYLE="font-weight: normal; text-align: justify; width: 90%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrants
    shall not be adjusted as a result of the Company&#8217;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&#8217; and others&#8217; 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: left">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: left">5.4</TD>
    <TD STYLE="font-weight: normal; 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: left">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: left">5.5</TD>
    <TD STYLE="font-weight: normal; 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: left">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold; text-align: left">6.</TD>
    <TD STYLE="font-weight: bold; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">LIQUIDATION</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: left">6.1</TD>
    <TD STYLE="font-weight: normal; 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: left">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: left">6.2</TD>
    <TD STYLE="font-weight: normal; 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;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>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</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: 10%; font-weight: bold; text-align: left">7.</TD>
    <TD STYLE="width: 90%; font-weight: bold; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PUT
    OPTION</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: left">7.1</TD>
    <TD STYLE="font-weight: normal; 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: left">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">(a)</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: left">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">(b)</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&#8217;s debt to the Warrant Holder;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&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 (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: left">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">(c)<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">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: left">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</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: left">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">(e)<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">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: left">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">(f)</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;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: left">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; font-weight: normal">7.1.1</TD>
    <TD STYLE="font-weight: normal; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
    the purpose of clause 7.1, &quot;<I>Control</I>&quot; shall mean the power (directly or indirectly) to (i) cast, or to control the
    casting of, more than 50% (fifty per cent.) of the maximum number of votes that might be cast at a general meeting of an entity,
    (ii) appoint or remove all, or the majority, of the directors of an entity; and/or (iii) give directions with respect to the operating
    and financial policies of an entity with which the directors of that entity are obliged to comply.</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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<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: 10%; font-weight: normal; text-align: left">7.2</TD>
    <TD STYLE="width: 90%; font-weight: normal; 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: left">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: left">7.3</TD>
    <TD STYLE="font-weight: normal; 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: left">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: left">7.3.1</TD>
    <TD STYLE="font-weight: normal; 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: left">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: left">7.3.2</TD>
    <TD STYLE="font-weight: normal; 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> adjusted in accordance with the Expert's
    decision on Fair Market Value.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: left">7.4</TD>
    <TD STYLE="font-weight: normal; 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: left">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold; text-align: left">8.</TD>
    <TD STYLE="font-weight: bold; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">FAIR
    MARKET VALUE</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: left">8.1</TD>
    <TD STYLE="font-weight: normal; 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: left">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;</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: left">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT>&nbsp;</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: left">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp; </FONT>&nbsp;</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: left">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT>&nbsp;</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) independent of each other, (ii) knowledgeable of the market, (iii)
    able to transact and willing to transact, that is, they are motivated but not forced or otherwise compelled to do so.</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="font-weight: normal; text-align: justify; width: 10%">8.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    &nbsp;</FONT></TD>
    <TD STYLE="font-weight: normal; 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="font-weight: normal; text-align: justify">8.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    &nbsp;</FONT></TD>
    <TD STYLE="font-weight: normal; 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&#8217;s shares calculated for a period of six (6) months
    following the date of notification that the Put Option is being exercised. In the first six (6) months after an IPO, the Fair Market
    Value shall mean the average VWAP of the Company&#8217;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="font-weight: normal; text-align: justify">8.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    &nbsp;</FONT></TD>
    <TD STYLE="font-weight: normal; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
    the purposes of this clause 8, &#8220;Orderly Transaction&#8221; 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="font-weight: bold; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    &nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TERMS
    OF THE ISSUE OF 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="font-weight: normal; text-align: justify">9.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    &nbsp;</FONT></TD>
    <TD STYLE="font-weight: normal; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    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 STYLE="text-align: left">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT>&nbsp;</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 STYLE="text-align: left">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT>&nbsp;</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 STYLE="text-align: left">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT>&nbsp;</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 STYLE="text-align: left">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT>&nbsp;</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 STYLE="text-align: left">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT>&nbsp;</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&#8217; 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 STYLE="text-align: left">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT>&nbsp;</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 STYLE="text-align: left">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT>&nbsp;</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&#8217;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 STYLE="text-align: left">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT>&nbsp;</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>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</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="width: 10%; font-weight: bold; text-align: left">10.</TD>
    <TD STYLE="width: 90%; font-weight: bold; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TRANSFERABILITY</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: left">10.1</TD>
    <TD STYLE="font-weight: normal; 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: left">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold; text-align: left">11.</TD>
    <TD STYLE="font-weight: bold; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOTICES</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: left">11.1</TD>
    <TD STYLE="font-weight: normal; 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&#8217;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: left">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold; text-align: left">12.</TD>
    <TD STYLE="font-weight: bold; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">COSTS</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: left">12.1</TD>
    <TD STYLE="font-weight: normal; 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 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: left">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold; text-align: left">13.</TD>
    <TD STYLE="font-weight: bold; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">GOVERNING
    LAW AND JURISDICTION</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: left">13.1</TD>
    <TD STYLE="font-weight: normal; 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 must be
    disregarded to the extent that such rules are non-mandatory.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: left">13.2</TD>
    <TD STYLE="font-weight: normal; 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>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 59.55pt; text-align: justify; text-indent: 0in">&nbsp;</P>

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

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

<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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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="font-size: 10pt; width: 5%; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; width: 44%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify"><FONT STYLE="font-size: 10pt">bilag
                                            5 til selskabets vedt&aelig;gter</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify"><FONT STYLE="font-size: 10pt">eVAXION
    BIOTECH A/S</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">(&quot;<B>Selskabet</B>&quot;)</FONT></P></TD>
    <TD STYLE="font-size: 10pt; width: 2%; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; width: 49%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify"><FONT STYLE="font-size: 10pt">appendix
                                            5 to articles of association</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify"><FONT STYLE="font-size: 10pt">eVAXION
    BIOTECH A/S</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify"><FONT STYLE="font-size: 10pt">(<FONT STYLE="text-transform: none">the
    <B>&quot;Company&quot;</B></FONT>)</FONT></P></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>INTRODUKTION</B></FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>INTRODUCTION</B></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; 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="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The board
    of directors has on 17 December 2020 resolved that the following terms and conditions shall apply to certain warrants which are granted
    to board members, management, other employees and advisors/consultants according to the authorization in article 2.5 of the articles
    of association:</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.&nbsp;&nbsp;&nbsp; </B>&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>GENERELT</B></FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>GENERAL</B></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 10pt; font-weight: normal">1.1.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;
    </FONT></FONT><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; 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 &#8221;Warrantindehavere&#8221;) i/for Selskabet og dets eventuelle datterselskaber (herefter ben&aelig;vnt
    &#8221;Selskabet&#8221;). Programmet er baseret p&aring; vederlagsfri tildeling af warrants.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; 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 &#8220;Warrant-holders&#8221;) in/on behalf of the Company and its subsidiaries (collectively the &#8220;Company&#8221;).
    The program is based on grant of warrants without payment. </FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold"><FONT STYLE="font-weight: normal">1.2.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;
    </FONT></FONT>&nbsp;</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 aktie i Selskabet &aacute; nominelt DKK 1,00.</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 Company. </FONT></TD></TR>
</TABLE>

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

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

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

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<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="font-weight: bold; width: 5%"><FONT STYLE="font-weight: normal">1.3.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></FONT></TD>
    <TD STYLE="text-align: justify; width: 44%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrants tildeles efter bestyrelsens diskretion&aelig;re sk&oslash;n. </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">Warrants are offered at the discretion of the board of directors. </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>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>GRANT 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 STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold"><FONT STYLE="font-weight: normal">2.1.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Det skal fremg&aring; af den enkelte Warrantindehavers warrantaftale, hvor mange warrants Warrantindehaveren f&aring;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&#8217;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="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="font-weight: bold"><FONT STYLE="font-weight: normal">2.2.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></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; 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="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="font-weight: bold"><FONT STYLE="font-weight: normal">2.3.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></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;rer en fortegnelse over tildelte warrants, der ajourf&oslash;res l&oslash;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&#8217;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="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>3.&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>OPTJENING</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>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="font-weight: bold"><FONT STYLE="font-weight: normal">3.1.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></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;ned regnet fra tildelingstidspunktet. Bestyrelsen skal dog v&aelig;re berettiget til at fravige n&aelig;vnte udgangspunkt og bestemme, at tildelte warrants anses for optjent pr. tildelingstidspunktet, eller at der skal g&aelig;lde s&aelig;rlige regler for optjeningen. S&aring;danne eventuelle fravigelser skal specificeres i vedt&aelig;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 and determine that warrants shall vest as of the grant date, or that special rules shall apply in relation to vesting. Such deviations, if any, shall be specified in the articles of association in connection with the issuance.</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="font-weight: bold"><FONT STYLE="font-weight: normal">3.2.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></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; l&aelig;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>
  </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%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4.&nbsp;&nbsp;&nbsp; </B>&nbsp;</FONT></TD>
    <TD STYLE="width: 44%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>UDNYTTELSE</B></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"><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="font-weight: bold"><FONT STYLE="font-weight: normal">4.1.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp; </FONT></FONT>&nbsp;</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;rligt p&aring; 21 dage. Hvis ikke andet fasts&aelig;ttes af bestyrelsen l&oslash;ber udnyttelsesperioderne i 21 dage fra og med henholdsvis den 1. maj og 1. oktober hvert &aring;r i perioden 2021-2031. I hvert af de f&oslash;rste 4 udnyttelsesvinduer efter en b&oslash;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&aelig;rligt punkt 4.6 nedenfor. Har Warrantindehaveren f&aelig;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">Vested warrants may be exercised in two annual exercise periods that run for 21 days. Unless the board of directors determines otherwise the exercise periods will run for 21 days from and including respectively 1 May and 1 October each year during the period 2021-2031. In each of the first 4 exercise windows following a listing of the Company&#8217;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.</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="font-weight: bold"><FONT STYLE="font-weight: normal">4.2.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp; </FONT></FONT>&nbsp;</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;rdag eller en s&oslash;ndag, omfatter udnyttelsesperioden ogs&aring; den herefter f&oslash;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="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="font-weight: bold"><FONT STYLE="font-weight: normal">4.3.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp; </FONT></FONT>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrantindehaveren kan frit v&aelig;lge, i hvilken udnyttelsesperiode optjente warrants skal udnyttes, jf. dog punkt 4.5 nedenfor vedr&oslash;rende v&aelig;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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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; font-weight: bold"><FONT STYLE="font-weight: normal">4.4.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></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="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="font-weight: bold"><FONT STYLE="font-weight: normal">4.5.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></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;tter som udgangspunkt, at Warrantindehaveren er ansat i Selskabet eller et koncernforbundet selskab p&aring; det tidspunkt, hvor warrants udnyttes. I tilf&aelig;lde af ans&aelig;ttelsesforholdets oph&oslash;r g&aelig;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&#8217;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="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="font-weight: bold"><FONT STYLE="font-weight: normal">4.6.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></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;lde af at Selskabet b&oslash;rsnoteres eller der noteres ADS&#8217;er i USA berettiget til &eacute;nsidigt at &aelig;ndre udnyttelsesperioderne, s&aring;ledes at udnyttelsesperioderne tilpasses de til enhver tid g&aelig;ldende regler for insiderhandel, hvilket medmindre bestyrelsen beslutter andet vil sige at der vil v&aelig;re fire udnyttelsesperioder p&aring; to uger hver, som ligger umiddelbart efter selskabets afl&aelig;ggelse af &aring;rsrapporten, kvartalsrapporterne og halv&aring;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&#8217;s shares, or an ADS listing on a stock exchange, the Company&#8217;s board of directors, at its discretion, is entitled to change the exercise periods in order to adapt to applicable rules on insider trading, which unless the board of directors determine otherwise will mean that there will be four exercise periods of two weeks each following respectively the reporting of an annual report, quarterly reports and the interim 6-months&#8217; report.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold"><FONT STYLE="font-weight: normal">4.7.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></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&#8217;er p&aring; Nasdaq, USA, har Selskabets bestyrelse i henhold til pkt. 4.1 truffet beslutning om at fasts&aelig;tte udnyttelsesvinduerne for udstedte warrants s&aring;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="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="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">Optjente warrants kan udnyttes i fire &aring;rlige udnyttelsesvinduer p&aring; 2 uger, som hver ligger to handelsdage efter offentligg&oslash;relsen af henholdsvis Selskabets &aring;rsrapport, halv&aring;rsregnskabet samt kvartalsmeddelelserne. F&oslash;rste udnyttelsesperiode indtr&aelig;der dog tidligst 180 dage efter Selskabets notering af ADS&#8217;er p&aring; Nasdaq, USA, og i de f&oslash;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%; text-align: justify">&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 Company&#8217;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>
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    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5.&nbsp;&nbsp;&nbsp; </B>&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; width: 44%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>FRATR&AElig;DEN</B></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"><B>RESIGNATION</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&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="font-weight: bold"><FONT STYLE="font-weight: normal">5.1.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp; </FONT></FONT>&nbsp;</TD>
    <TD STYLE="text-align: justify">Warrantindehaverens udnyttelse af optjente warrants er reguleret ovenfor i punkt 4. </TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">The Warrantholder&#8217;s exercise of vested warrants is regulated above in section 4. </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&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="font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: justify">I tilf&aelig;lde af bestyrelseshvervets eller ans&aelig;ttelsesforholdets oph&oslash;r bevarer Warrantindehaveren retten til at udnytte warrants, som allerede er optjente p&aring; tidspunktet for bestyrelseshvervet eller ans&aelig;ttelsesforholdets oph&oslash;r, dvs. fra og med den f&oslash;rste dag, hvor Warrantindehaveren ikke l&aelig;ngere har krav p&aring; at modtage honorar eller l&oslash;n fra Selskabet, uanset om Warrantindehaveren faktisk oph&oslash;rer med at fungere p&aring; et tidligere tidspunkt, samt retten til at udnytte eventuelle warrants, som senere m&aring;tte blive optjent i henhold til punkt 3 ovenfor. </TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">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. </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 STYLE="font-weight: bold"><FONT STYLE="font-weight: normal">5.2.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp; </FONT></FONT>&nbsp;</TD>
    <TD STYLE="text-align: justify">Uanset det ovenfor anf&oslash;rte g&aelig;lder, at s&aring;fremt bestyrelseshvervet eller ans&aelig;ttelsesforholdet med Warrantindehaveren bringes til oph&oslash;r af Selskabet som en f&oslash;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.</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Irrespective of the above, if the Company terminates the board membership or employment contract due to the Warrantholder&#8217;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.</TD></TR>
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    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6.&nbsp;&nbsp;&nbsp; </B>&nbsp;</FONT></TD>
    <TD STYLE="width: 44%; 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%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 49%; 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>&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="font-weight: bold"><FONT STYLE="font-weight: normal">6.1.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp; </FONT></FONT>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hvis der sker &aelig;ndringer i Selskabets kapitalforhold, der medf&oslash;rer en &aelig;ndring af den potentielle gevinstmulighed, der er knyttet til en warrant, skal warrants justeres i henhold til n&aelig;rv&aelig;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&#8217;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="font-weight: bold">&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="font-weight: bold"><FONT STYLE="font-weight: normal">6.2.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp; </FONT></FONT>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">En justering skal ske, s&aring;ledes at den potentielle gevinstmulighed, der er knyttet til en warrant, s&aring; vidt muligt er den samme som f&oslash;r og efter indtr&aelig;den af den h&aelig;ndelse, der begrunder justeringen. Justeringen gennemf&oslash;res med bistand fra Selskabets eksterne r&aring;dgiver. Justeringen kan ske enten ved en for&oslash;gelse eller en formindskelse af det antal aktier, der kan udstedes i henhold til en warrant, og/eller en for&oslash;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&#8217;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="font-weight: bold">&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="width: 5%; font-weight: bold"><FONT STYLE="font-weight: normal">6.3.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp; </FONT></FONT>&nbsp;</TD>
    <TD STYLE="width: 44%; 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;vel som senere udnyttelse af s&aring;danne optioner og/eller warrants, medf&oslash;rer ikke krav p&aring; justering af warrants. Den kapitalforh&oslash;jelse, der finder sted som f&oslash;lge af Warrantindehavernes udnyttelse af warrants i Selskabet, medf&oslash;rer heller ikke justering af warrants. Herudover skal warrantindehaveren, uanset punkt 6.5, ikke v&aelig;re berettiget til justering, s&aring;fremt der sker aktieudstedelser til under markedskurs, som en f&oslash;lge af eksempelvis udvandingsbestemmelser i den for Selskabets aktion&aelig;rers g&aelig;ldende ejeraftale som medf&oslash;rer en udvanding af Selskabets ordin&aelig;re aktier eller ved konvertering af konvertible obligationer, som blev udstedt til markedskurs, uanset, at selve konverteringen sker til fav&oslash;rkurs p&aring; konverteringstidspunktet.</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 shall not be adjusted as a result of the Company&#8217;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&#8217; and others&#8217; 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&acute; agreement for the Company&acute;s shareholders results in a dilution of the Company&acute;s ordinary shares or in connection with convertible bonds, issued at market price, irrespective of whether the conversion itself takes place at a discount upon conversion.</FONT></TD></TR>
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    <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">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;lde for warrants, som endnu ikke er udnyttet p&aring; det tidspunkt, der medf&oslash;rer en regulering. Allerede udnyttede warrants p&aring;virkes ikke af reguleringer.</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">Any adjustments of the exercise price and/or and/or the number of shares that can be subscribed for by exercising the warrants pursuant to this clause 6 shall only apply to warrants not exercised by the Warrantholder at the time of the event triggering the adjustment. No adjustment shall affect already exercised warrants.</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="font-weight: bold"><FONT STYLE="font-weight: normal">6.4.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp; </FONT></FONT>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Fondsaktier:</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>Bonus Shares</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">Hvis det besluttes at udstede fondsaktier i Selskabet, skal warrants justeres s&aring;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="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; 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="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: Symbol">a</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif">=&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;A&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</U></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(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 Symbol; margin: 0pt 0; text-align: justify">a</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">A = den nominelle aktiekapital f&oslash;r udstedelsen
    af fondsaktier, 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">B = den samlede nominelle v&aelig;rdi p&aring;
    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: Symbol">a</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif">=&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <U>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;A&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</U></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(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 Symbol; margin: 0pt 0; text-align: justify">a</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">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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<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;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 STYLE="font-weight: bold"><FONT STYLE="font-weight: normal">6.5.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp; </FONT></FONT>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Kapital&aelig;ndringer til en anden kurs end markedskursen:</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>Changes of capital at a price different from the market price:</U></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&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;je eller neds&aelig;tte aktiekapitalen i Selskabet til en kurs under markedskursen (vedr&oslash;rende kapitalneds&aelig;ttelser ogs&aring; til over markedskursen), skal warrants justeres s&aring;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), 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; 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 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: Symbol">a</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif">=&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <U>(A_x K) + (B x T) </U></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(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 Symbol; margin: 0pt 0; text-align: justify">a</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">A = den nominelle aktiekapital f&oslash;r &aelig;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">B = den nominelle &aelig;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">K = aktiens markedskurs / lukkekurs dagen forinden
    annoncering af &aelig;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">T = tegningskurs/neds&aelig;ttelseskurs ved
 &aelig;ndringen i aktiekapitalen</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: Symbol">a</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif">=&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (<U>A_x K) + (B x T)</U></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(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">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 Symbol; margin: 0pt 0; text-align: justify">a</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 in relation
    to the change in the share capital</P></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="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 det justerede antal aktier ikke er et helt tal, skal der afrundes nedad til det n&aelig;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 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;fremt Selskabet er b&oslash;rsnoteret skal der ikke ske regulering i tilf&aelig;lde af fravigelser fra den noterede kurs p&aring; 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 STYLE="font-weight: bold"><FONT STYLE="font-weight: normal">6.6.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp; </FONT></FONT>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>&AElig;ndringer i den enkelte aktie p&aring;lydende v&aelig;rdi:</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>Changes in the nominal value of each individual share:</U></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&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;ndre aktiernes p&aring;lydende v&aelig;rdi, skal warrants justeres s&aring;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, 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">Udnyttelsesprisen p&aring; 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: Symbol">a</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif">=&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;A&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</U> </FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">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 Symbol; margin: 0pt 0; text-align: justify">a</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">A = den enkelte aktie nominelle v&aelig;rdi efter
    &aelig;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">B = den enkelte aktie nominelle v&aelig;rdi f&oslash;r
    &aelig;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">Hvis det justerede antal aktier ikke er et helt
    tal, skal der afrundes nedad til det n&aelig;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">The exercise price for each non-exercised 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: Symbol">a</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif">=&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;A&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</U> </FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">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 Symbol; margin: 0pt 0; text-align: justify">a</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 nearest whole number.</P></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="font-weight: bold; width: 5%"><FONT STYLE="font-weight: normal">6.7.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp; </FONT></FONT>&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 44%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Udbetaling af udbytte:</U></FONT></TD>
    <TD STYLE="text-align: justify; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; width: 49%"><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 STYLE="font-weight: bold">&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;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">E2 = E1 - <U>U &#8211; Umax</U></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-align: justify">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">E2 = E1 - <U>U &#8211; Umax</U></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-align: justify">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;gges til grund ved ovenst&aring;ende justering, er egenkapitalen anf&oslash;rt i den &aring;rsrapport som godkendes af generalforsamlingen hvor udbytte besluttes, men justeret til markedsv&aelig;rdi. Hvis Selskabet er b&oslash;rsnoteret, fasts&aelig;ttes markedsv&aelig;rdien til aktiernes noterede pris p&aring; tidspunktet for beslutningen om at udbetale udbytte. Hvis Selskabet er unoteret, fasts&aelig;ttes markedsv&aelig;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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<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%; font-weight: bold"><FONT STYLE="font-weight: normal">6.8.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></FONT></TD>
    <TD STYLE="width: 44%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Andre &aelig;ndringer i Selskabets kapitalforhold:</U></FONT></TD>
    <TD STYLE="width: 2%; 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"><U>Other changes in the Company&#8217;s capital position:</U></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&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 der sker andre &aelig;ndringer i Selskabets kapitalforhold, der medf&oslash;rer en &aelig;ndring i warrants &oslash;konomiske v&aelig;rdi, skal (medmindre andet er angivet ovenfor) warrants justeres, s&aring;ledes at &aelig;ndringen ikke p&aring;virker warrants &oslash;konomiske v&aelig;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&#8217;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="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 beregningsmetode, der skal anvendes ved justeringen, fasts&aelig;ttes af en af bestyrelsen valgt ekstern r&aring;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="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">Det pr&aelig;ciseres, at forh&oslash;jelse eller neds&aelig;ttelse af Selskabets aktiekapital til markedskurs ikke medf&oslash;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&#8217;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="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="font-weight: bold"><FONT STYLE="font-weight: normal">6.9.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></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="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 Selskabet bliver likvideret, fremskyndes et evt. optjeningstidspunkt for alle uudnyttede warrants, s&aring;ledes at Warrantindehaveren kan udnytte warrants i en ekstraordin&aelig;r udnyttelsesperiode umiddelbart f&oslash;r den p&aring;g&aelig;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="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="font-weight: bold"><FONT STYLE="font-weight: normal">6.10.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></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="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><U>Merger and split:</U></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 Selskabet indg&aring;r i en fusion som det forts&aelig;ttende selskab, bliver warrants ikke p&aring;virket, medmindre der i forbindelse med fusionen sker en kapitalforh&oslash;jelse til en anden kurs end markedskursen, idet warrants i s&aring; 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 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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<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">Hvis Selskabet fusionerer som det oph&oslash;rende selskab eller bliver spaltet, kan det forts&aelig;ttende selskabs bestyrelse v&aelig;lge &eacute;n af disse muligheder:</FONT></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">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; width: 5%">&nbsp;</TD>
<TD STYLE="text-align: justify; width: 5%">&nbsp;</TD>
<TD STYLE="text-align: justify; width: 39%">&nbsp;</TD>
<TD STYLE="text-align: justify; width: 2%">&nbsp;</TD>
<TD STYLE="text-align: justify; width: 5%">&nbsp;</TD>
<TD STYLE="text-align: justify; width: 44%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify">&nbsp;</TD>
<TD STYLE="text-align: justify">a)</TD>
<TD STYLE="text-align: justify">Warrantindehaveren kan umiddelbart inden fusionen/spaltningen udnytte alle ikke udnyttede warrants, der ikke er bortfaldet (inklusive warrants der endnu ikke er optjent), eller &nbsp;</TD>
<TD STYLE="text-align: justify">&nbsp;</TD>
<TD STYLE="text-align: justify">a)</TD>
<TD STYLE="text-align: justify">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 &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>
<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">b)</TD>
<TD STYLE="text-align: justify">warrants erstattes af nye aktie/aktieinstrumenter i de(t) forts&aelig;ttende selskab(er) af tilsvarende &oslash;konomisk v&aelig;rdi f&oslash;r skat. Ved spaltning kan de forts&aelig;ttende selskaber selv bestemme, i hvilke(t) selskab(er) Warrantindehaverne skal modtage de nye aktie/aktieinstrumenter.</TD>
<TD STYLE="text-align: justify">&nbsp;</TD>
<TD STYLE="text-align: justify">b)</TD>
<TD STYLE="text-align: justify">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.</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>
<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-weight: bold"><FONT STYLE="font-weight: normal">6.11.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></FONT>&nbsp;</TD>
<TD COLSPAN="2" 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 COLSPAN="2" 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 STYLE="text-align: justify; font-weight: bold">&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">&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">&nbsp;</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 COLSPAN="2" 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;r i en aktieombytning, kan bestyrelsen v&aelig;lge &eacute;n af disse muligheder:</FONT></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">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>
<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">a)</TD>
<TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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;der der en pligt, hvorefter Warrantindehaverne skal s&aelig;lge de tegnede aktier p&aring; samme vilk&aring;r som de &oslash;vrige aktion&aelig;rer (ved salg).</FONT></TD>
<TD STYLE="text-align: justify">&nbsp;</TD>
<TD STYLE="text-align: justify">a)</TD>
<TD STYLE="text-align: justify">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)</TD></TR>
</TABLE>


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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 5%">b)</TD>
    <TD STYLE="width: 39%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tildelte warrants erstattes af aktieinstrumenter i det erhvervende selskab af tilsvarende &oslash;konomisk v&aelig;rdi f&oslash;r skat.</FONT></TD>
    <TD STYLE="width: 2%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 5%">b)</TD>
    <TD STYLE="width: 44%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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>&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></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>c)</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tildelte warrants forts&aelig;tter u&aelig;ndret.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>a)</TD>
    <TD STYLE="text-align: justify">Granted warrants continue unchanged.</TD></TR>
</TABLE>

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  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold; width: 5%"><FONT STYLE="font-weight: normal">6.12.</FONT></TD>
    <TD STYLE="text-align: justify; width: 44%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>F&aelig;lles bestemmelser vedr&oslash;rende 6.9&#8211;6.11:</U></FONT></TD>
    <TD STYLE="text-align: justify; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; width: 49%"><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;vnte transaktioner finder sted. N&aring;r Warrantindehaveren har modtaget den skriftlige meddelelse, har Warrantindehaveren &#8211; i de tilf&aelig;lde, hvor Warrantindehaveren ekstraordin&aelig;rt kan udnytte warrants, jf. 6.9-6.11 &#8211; 2 uger til skriftligt at informere Selskabet om, hvorvidt han/hun vil g&oslash;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&aelig;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 &#8211; in cases where the Warrantholder may extraordinarily exercise warrants, see 6.9-6.11 &#8211; 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;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&#8217;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>
</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%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>7.</B></FONT></TD>
    <TD STYLE="font-weight: bold; text-align: justify; width: 44%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Overdragelse, pants&aelig;tning og kreditorforf&oslash;lgning</FONT></TD>
    <TD STYLE="text-align: justify; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify; width: 49%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Transfer, pledge and enforcement</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold"><FONT STYLE="font-weight: normal">7.1.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp; </FONT></FONT>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tildelte warrants kan ikke g&oslash;res til genstand for udl&aelig;g, overdrages eller p&aring; anden m&aring;de overf&oslash;res, ej heller i forbindelse med bodeling, og hverken til eje eller til sikkerhed, uden bestyrelsens samtykke. Warrantindehaverens warrants kan dog overg&aring; til Warrantindehaverens &aelig;gtef&aelig;lle/samlever og/eller livsarvinger i tilf&aelig;lde af Warrantindehaverens d&oslash;d. Det er en betingelse herfor, at modtageren underskriver den g&aelig;ldende warrantaftale samt, s&aring;fremt dette kr&aelig;ves af bestyrelsen, en ejeraftale. </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, including in connection with division of property on divorce or legal separation, for ownership or as security without the consent of the board of directors. The Warrantholder&#8217;s warrants may, however, be transferred to the Warrantholder&#8217;s spouse/cohabitant and/or issue in the event of the Warrantholder&#8217;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&#8217; 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.&nbsp;</B></FONT></TD>
    <TD STYLE="font-weight: bold; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Tegning af nye aktier ved udnyttelse af warrants</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Subscription for new shares by exercise of warrants</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold"><FONT STYLE="font-weight: normal">8.1.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp; </FONT></FONT>&nbsp;</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;re udfyldt med alle informationer. Udnyttelsesprisen for de nye aktier, der skal betales ved et kontant indskud, skal v&aelig;re modtaget af Selskabet senest p&aring; 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 STYLE="font-weight: bold"><FONT STYLE="font-weight: normal">8.2.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp; </FONT></FONT>&nbsp;</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;ledes at udnyttelsesmeddelelsen i udfyldt stand eller betalingen ikke er Selskabet i h&aelig;nde inden kl. 16 p&aring; 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&oslash;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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<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%; font-weight: bold"><FONT STYLE="font-weight: normal">8.3.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp; </FONT></FONT>&nbsp;</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 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 STYLE="font-weight: bold"><FONT STYLE="font-weight: normal">8.4.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp; </FONT></FONT>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">N&aring;r den kapitalforh&oslash;jelse, som udnyttelsen af warrants har medf&oslash;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 STYLE="font-weight: bold"><FONT STYLE="font-weight: normal">8.5.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp; </FONT></FONT>&nbsp;</TD>
    <TD STYLE="text-align: justify">Forud for udnyttelse skal Warrantindehaveren tiltr&aelig;de Selskabets til enhver tid g&aelig;ldende ejeraftale eller en s&aelig;rskilt ejeraftale omfattende de af Selskabets aktion&aelig;rer, som har tegnet aktier ved udnyttelse af warrants. Det samme g&aelig;lder Warrantindehaverens arvinger /d&oslash;dsbo.</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Prior to exercise of warrants, the Warrantholder shall adhere to the Company&#8217;s shareholders&#8217; agreement or a separate shareholders&#8217; 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.</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;vnte ejeraftaler kan indeholde i) forpligtelser til at s&aelig;lge aktierne ved Warrantindehaverens fratr&aelig;den, uanset &aring;rsag, til en pris der kan afvige fra markedsv&aelig;rdien, ii) konkurrence- og kundeklausuler, iii) salgsbegr&aelig;nsninger og iv) andre restriktioner p&aring; Warrantindehaveren, som kan v&aelig;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&#8217; agreement may contain i) obligations to sell shares upon termination of the Warrantholder&#8217;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.&nbsp;&nbsp;&nbsp; </B>&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">De nye ordin&aelig;re aktiers rettigheder</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">The rights of new ordinary shares</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold"><FONT STYLE="font-weight: normal">9.1.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp; </FONT></FONT>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Udover de ovenfor anf&oslash;rte vilk&aring;r for den til de udstedte warrants h&oslash;rende kapitalforh&oslash;jelse g&aelig;lder f&oslash;lgende vilk&aring;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>

<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="width: 3%">-</TD>
    <TD STYLE="text-align: justify; width: 41%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">De nye aktier udstedes i aktier &agrave; DKK 1,00 eller multipla heraf,</FONT></TD>
    <TD STYLE="text-align: justify; width: 2%">&nbsp;</TD>
    <TD STYLE="width: 3%">-</TD>
    <TD STYLE="text-align: justify; width: 46%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The new shares will be divided into shares of nominal DKK 1.00 or multiples hereof; </FONT></TD></TR>
</TABLE>

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<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="text-align: justify; width: 5%">&nbsp;</TD>
    <TD STYLE="width: 3%">-</TD>
    <TD STYLE="text-align: justify; width: 41%">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,</TD>
    <TD STYLE="text-align: justify; width: 2%">&nbsp;</TD>
    <TD STYLE="width: 3%">-</TD>
    <TD STYLE="text-align: justify; width: 46%">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; </TD></TR>
  <TR STYLE="vertical-align: top">
    <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>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>-</TD>
    <TD STYLE="text-align: justify">De nye aktier skal tilh&oslash;re samme aktieklasse, som de eksisterende aktier i selskabet,</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>-</TD>
    <TD STYLE="text-align: justify">The new shares shall belong to the same share class as the existing shares in the company;</TD></TR>
  <TR STYLE="vertical-align: top">
    <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>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>-</TD>
    <TD STYLE="text-align: justify">Kapitalforh&oslash;jelsen sker uden fortegningsret for de hidtidige aktion&aelig;rer, idet tegningen
sker p&aring; baggrund af warrants tildelt til Selskabets eller dets datterselskabers direktionsmedlemmer og &oslash;vrige medarbejdere,</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>-</TD>
    <TD STYLE="text-align: justify">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&#8217;s or its subsidiaries&#8217; members of the management
or other employees;</TD></TR>
  <TR STYLE="vertical-align: top">
    <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>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>-</TD>
    <TD STYLE="text-align: justify">Der skal ikke g&aelig;lde indskr&aelig;nkninger i den til de nye aktier knyttede fortegningsret ved
fremtidige kapitalforh&oslash;jelser,</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>-</TD>
    <TD STYLE="text-align: justify">The pre-emption rights attached to the new shares shall not be subject to any restrictions in the
event of future capital increases;</TD></TR>
  <TR STYLE="vertical-align: top">
    <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>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>-</TD>
    <TD STYLE="text-align: justify">Fristen for tegning af de nye aktier beregnes p&aring; baggrund af bestemmelserne ovenfor,</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>-</TD>
    <TD STYLE="text-align: justify">The deadline for subscription of the new shares shall be calculated pursuant to the provisions set
forth above;</TD></TR>
  <TR STYLE="vertical-align: top">
    <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>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>-</TD>
    <TD STYLE="text-align: justify">Det fulde bel&oslash;b til tegning af det antal aktier, som de omfattede medarbejdere mv. &oslash;nsker
at tegne, skal indbetales kontant og senest samtidig med tegningen af de p&aring;g&aelig;ldende aktier, og</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>-</TD>
    <TD STYLE="text-align: justify">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</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: 3%">-</TD>
    <TD STYLE="width: 41%; text-align: justify">De nye aktier skal lyde p&aring; navn, noteres i selskabets ejerbog og v&aelig;re ikke-oms&aelig;tningspapirer.</TD>
    <TD STYLE="width: 2%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 3%">-</TD>
    <TD STYLE="width: 46%; text-align: justify">The new shares shall be made out in the name of the holder, be recorded in the company&#8217;s
register of shareholders and be non-negotiable instruments.</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="font-weight: bold; width: 5%"><FONT STYLE="font-weight: normal">9.2.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp; </FONT></FONT>&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 44%"><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;rende kapitalforh&oslash;jelse ansl&aring;s til DKK 25.000.</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">The Company shall pay all costs connected with granting of warrants and later exercise thereof. The Company&#8217;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> &nbsp;</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 STYLE="font-weight: bold"><FONT STYLE="font-weight: normal">10.1.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></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;konomiske konsekvenser for Warrantindehaveren. V&aelig;rdien af warrants indg&aring;r ikke i beregningen af feriepenge, pensionsbidrag eller &oslash;vrige vederlagsafh&aelig;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></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="font-weight: bold"><FONT STYLE="font-weight: normal">10.2.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></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; nogen m&aring;de Selskabet til at opretholde ans&aelig;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="font-weight: normal; 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> &nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SKATTEM&AElig;SSIGE KONSEKVENSER</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>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 STYLE="font-weight: bold"><FONT STYLE="font-weight: normal">11.1.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></FONT>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">De personlige skattem&aelig;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&#8217;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> &nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>LOVVALG OG V&AElig;RNETING </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>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 STYLE="vertical-align: top; font-weight: bold; text-align: left"><FONT STYLE="font-weight: normal">12.1.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></FONT>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tegningen af warrants, vilk&aring;rene herfor og udnyttelsen, og vilk&aring;rene for senere tegning af aktier i Selskabet skal reguleres af dansk ret. </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; 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 shall be governed by Danish law.</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="vertical-align: top; font-weight: bold; text-align: left; width: 5%"><FONT STYLE="font-weight: normal">12.2.</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify; width: 44%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hvis der m&aring;tte opst&aring; en tvist mellem Warrantindehaveren og Selskabet i relation til forst&aring;elsen eller gennemf&oslash;relsen af warrantprogrammet, skal denne s&oslash;ges bilagt i mindelighed ved en forhandling mellem parterne.</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify; width: 49%"><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="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="vertical-align: top; font-weight: bold; text-align: left"><FONT STYLE="font-weight: normal">12.3.</FONT>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hvis parterne ikke kan opn&aring; enighed, skal eventuelle tvister afg&oslash;res ved de almindelige danske domstole.</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; 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>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

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



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