<SEC-DOCUMENT>0001171843-24-003093.txt : 20240524
<SEC-HEADER>0001171843-24-003093.hdr.sgml : 20240524
<ACCEPTANCE-DATETIME>20240524163032
ACCESSION NUMBER:		0001171843-24-003093
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20240524
FILED AS OF DATE:		20240524
DATE AS OF CHANGE:		20240524

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Evaxion Biotech A/S
		CENTRAL INDEX KEY:			0001828253
		STANDARD INDUSTRIAL CLASSIFICATION:	BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836]
		ORGANIZATION NAME:           	03 Life Sciences
		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:		24984872

	BUSINESS ADDRESS:	
		STREET 1:		DR NEERGAARDS VEJ 5F
		CITY:			HOERSHOLM
		STATE:			G7
		ZIP:			2970
		BUSINESS PHONE:		004531262615

	MAIL ADDRESS:	
		STREET 1:		DR NEERGAARDS VEJ 5F
		CITY:			HOERSHOLM
		STATE:			G7
		ZIP:			2970
</SEC-HEADER>
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<TYPE>6-K
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<FILENAME>f6k_052424.htm
<DESCRIPTION>FORM 6-K
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<p style="font: 14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font-size: 10pt">&#160;</font></p>

<p style="font: 14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>UNITED STATES</b></p>

<p style="font: 14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>SECURITIES AND EXCHANGE
COMMISSION</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>Washington, D.C. 20549</b></p>

<p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

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

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

<p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font: 14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>FORM&#160;6-K</b></p>

<p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>REPORT OF FOREIGN PRIVATE
ISSUER</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>PURSUANT TO SECTION&#160;13a-16
OR 15d-16</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>UNDER THE SECURITIES EXCHANGE
ACT OF 1934</b></p>

<p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>For the&#160;month of
May&#160;2024</b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>Commission File Number:
001-39950</b></p>

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

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

<p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font: 18pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>Evaxion Biotech A/S</b></p>

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

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

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

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

<p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>Dr.&#160;Neergaards Vej
5f</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>DK-2970 Hoersholm</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>Denmark</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>(Address of principal
executive offices)</b></p>

<p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</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&#160;20-F or Form&#160;40-F.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form&#160;20-F
&#9746;</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;Form&#160;40-F &#9744;</p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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

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

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

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

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 59.75pt"><B>INCORPORATION BY REFERENCE</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 59.75pt">&nbsp;</P>

<P STYLE="margin: 0pt; font-size: 10pt">This report on Form 6-K shall be deemed to be incorporated by reference in Evaxion Biotech
A/S&rsquo;s registration statements on Form S-8 (File No. 333-255064), on Form F-3 (File No. 333-265132), on Form F-1, as amended (File
No. 333-266050), Form F-1 (File No. 333-276505), and Form F-1 (File No. 333-279153), 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-size: 10pt; margin: 0pt 59.75pt"></P>

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

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

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

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

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

<P STYLE="font-size: 10pt; margin: 0pt 59.6pt"></P>

<P STYLE="margin: 0pt; font-size: 10pt"><B>Entry Into Material Agreement</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 59.6pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 59.6pt"><B></B></P>

<P STYLE="margin: 0pt; font-size: 10pt">As of May 23, 2024, Evaxion Biotech A/S (the &ldquo;Company&rdquo;)
entered into an Amendment to Series A Warrant to Subscribe for Ordinary Shares Represented by American Depositary Shares (the &ldquo;Warrant
Amendment&rdquo;) with each of the holders of the Company&rsquo;s Series A Warrants to purchase up to 3,750,000 American Depositary Shares
(&ldquo;ADSs&rdquo;) representing 37,500,000 ordinary shares. The Warrant Amendment amends and converts the Series A Warrant exercise
price per ADS from $4.00 to 27.52 DKK (Danish Kroner), subject to adjustment. The Warrant Amendment also provides that for a period of
sixty (60) days, the Company will not issue, enter into any agreement to issue or announce the issuance or proposed issuance of any ADSs,
ordinary shares or ordinary share equivalents or file any registration statement or any amendment or supplement thereto, or file a registration
statement on Form S-8 in connection with any employee benefit plan, in each case other than with respect to an Exempt Issuance as defined
in the underlying warrant agreement, the Form F-1 registration statement filed by the Company with the Commission on May 6, 2024 and any
amendments or supplements thereto and the securities identified therein related to the Company&rsquo;s private placement that closed on
December 21, 2023, and for the Warrant Amendment.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 59.6pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 59.6pt"></P>

<P STYLE="margin: 0pt; font-size: 10pt">The Warrant Amendment is filed as Exhibit 10.1 to this Current Report
on Form 6-K and incorporated herein by reference. The foregoing description of such agreement and the transactions contemplated thereby
are qualified in their entirety by reference to such exhibit. In addition, the Agreement has been included to provide information regarding
its terms. The Agreement is not intended to provide any other information about the Company.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 59.6pt">&nbsp;&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 59.6pt"></P>

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

<P STYLE="font-size: 10pt; font-weight: bold; text-indent: 0.5in; margin: 0pt 0 0pt 23.6pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: left; width: 10%"><FONT STYLE="font-size: 10pt">Exhibit
    No.</FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; width: 88%"><FONT STYLE="font-size: 10pt">Description</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="font-size: 10pt"><A HREF="exh_101.htm">10.1</A></FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt"><A HREF="exh_101.htm">AMENDMENT TO SERIES A WARRANT</A></FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>SIGNATURES</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</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">&#160;</p>

<table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td>&#160;</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>&#160;</td>
    <td colspan="2">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="width: 51%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date: May 24, 2024</font></td>
    <td style="width: 4%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</font></td>
    <td style="width: 45%; border-bottom: Black 1pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Christian
        Kanstrup</font></td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Christian Kanstrup</p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Chief Executive Officer</p></td></tr>
  </table>

<p style="margin: 0">&#160;</P>

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

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

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

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

<P STYLE="border-bottom: Black 4pt solid; margin: 0">&nbsp;</P>

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

<p style="margin: 0"></p>

<p style="margin: 0"></p>

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<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>exh_101.htm
<DESCRIPTION>EXHIBIT 10.1
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<P STYLE="text-align: right; margin: 0"><B>Exhibit 10.1</B></P>

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

<P STYLE="font-size: 10pt; font-variant: small-caps; font-weight: bold; text-align: center; margin: 0pt 0"><FONT STYLE="font-variant: normal; text-transform: uppercase">AMENDMENT
TO SERIES A WARRANT TO SUBSCRIBE FOR ORDINARY SHARES REPRESENTED BY AMERICAN DEPOSITARY SHARES</FONT></P>

<P STYLE="font-size: 10pt; font-variant: small-caps; font-weight: bold; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">THIS AMENDMENT TO SERIES A WARRANT TO SUBSCRIBE FOR
ORDINARY SHARES REPRESENTED BY AMERICAN DEPOSITARY SHARES (this &ldquo;<U>Amendment</U>&rdquo;), dated as of May __, 2024, is entered
into by and between Evaxion Biotech A/S, a public limited liability company incorporated under the laws of the Kingdom of Denmark (the
&ldquo;<U>Company</U>&rdquo;), and ______________ (the &ldquo;<U>Holder</U>&rdquo;). Capitalized terms used but not otherwise defined
herein shall have the meaning ascribed to them in the Warrant (as defined herein).</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; text-indent: 0in; margin: 0pt 0">RECITALS</P>

<P STYLE="font-size: 10pt; text-align: center; text-indent: 0in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">WHEREAS, the Holder is the holder of a Series A Warrant to Subscribe for
Ordinary Shares Represented by American Depositary Shares, issued as of February 5, 2024 with a Termination Date of February 5, 2029 to
subscribe for and purchase up to __________ Ordinary Shares represented by ________ ADSs, as subject to adjustment thereunder (the &ldquo;<U>Warrant</U>&rdquo;);</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"></P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">WHEREAS, pursuant to Section 5(n) of the Warrant, the Warrant may be modified
or amended or the provisions thereof waived with the written consent of the Company and the Holder; and</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; text-indent: 0.5in">WHEREAS, the Company and the Holder desire to amend
the Warrant as set forth in this Amendment so that the Warrant will be accounted as equity on the consolidated statements of financial
position to be included in the financial statements of the Company.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0"></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">NOW, THEREFORE, in consideration of the premises and
mutual covenants herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties hereto, intending to be legally bound, hereby agree as follows:</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Amendment to &ldquo;Exercise Price&rdquo;</U>. Section 2(b) is hereby amended and restated in its entirety as follows:</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in">&ldquo;b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Exercise Price</U>.&#9; The exercise price per ADS under this Warrant
shall be DKK (Danish Kroner) 27.52, subject to adjustment hereunder (the &ldquo;<U>Exercise Price</U>&rdquo;).&rdquo;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Amendment to Articles of Association</U>. The Company agrees to ensure and procure that the articles of association of the Company
are amended to correctly reflect the payment of the exercise price in Danish Kroner to the extent necessary under Danish law.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">3.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Subsequent Equity Sales</U>. From the date hereof until sixty (60) days after the date hereof, neither the Company nor any of
its Subsidiary shall (i) issue, enter into any agreement to issue or announce the issuance or proposed issuance of any ADSs, Ordinary
Shares or Ordinary Share Equivalents or (ii) file any registration statement or any amendment or supplement thereto, or file a registration
statement on Form S-8 in connection with any employee benefit plan, in each case other than with respect to an Exempt Issuance, the Form
F-1 registration statement filed by the Company with the Commission on May 6, 2024 and any amendments or supplements thereto and the securities
identified therein related to the Company&rsquo;s private placement that closed on December&nbsp;21, 2023, and this Amendment. Capitalized
terms used and not otherwise defined herein shall have the meanings set forth in that certain Securities Purchase Agreement, dated February
1, 2024, by and between the Company and the Holder, <I>mutatis mutandis</I>.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">4.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Interpretation</U>. This Amendment is supplementary to and modifies the Warrant. In the event of any conflict between the terms
of this Amendment and the Warrant<FONT STYLE="letter-spacing: -0.05pt">, the terms of this Amendment shall govern. Except as amended hereby,
the Warrant shall remain in full force and effect and is hereby ratified and confirmed in </FONT>all respects. Each reference in the Warrant
to &ldquo;this Warrant,&rdquo; &ldquo;hereunder,&rdquo; &ldquo;hereof,&rdquo; &ldquo;herein&rdquo; or words of like import, and each reference
to the <FONT STYLE="letter-spacing: -0.1pt">Warrant in any agreement, document or instrument executed and delivered pursuant to the Warrant,
shall be deemed a reference to the Warrant, as amended </FONT>by this Amendment.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">5.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Counterparts</U>. This Amendment may be executed in any number of counterparts, and each such counterpart shall be deemed to
be an original instrument, but all such counterparts together shall constitute but one agreement. This Amendment shall become effective
when one or more counterparts have been signed by each of the parties hereto and delivered to the other party, it being understood that
the parties need not execute the same counterpart. Facsimile signatures or signatures received as a portable document format (PDF) attachment
to electronic mail shall be treated as original signatures for all purposes hereunder.</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in"><B>IN WITNESS WHEREOF</B>, the parties hereto have
executed this Amendment as of the date first set forth above.</P>

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<P STYLE="font-size: 10pt; text-indent: -253pt; margin: 0pt 0 0pt 253pt">&nbsp;&nbsp;</P>


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<P STYLE="font-size: 10pt; text-indent: -253pt; margin: 0pt 0 0pt 253pt"><B><U>COMPANY:</U></B></P>

<P STYLE="font-size: 10pt; text-indent: -253pt; margin: 0pt 0 0pt 253pt">&nbsp;</P>

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

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

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<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">By:______________________________</P>

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<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Name: Christian Kanstrup</P>

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

<P STYLE="font-size: 10pt; text-indent: 0in; margin: 0pt 0">Title: &nbsp;&nbsp;Chief Executive Officer</P>

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

<P STYLE="font-size: 10pt; text-indent: 0in; margin: 0pt 211.5pt 0pt 0"><B><U>HOLDER:</U></B></P>

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<P STYLE="font-size: 10pt; margin: 0pt 211.5pt 0pt 0">&nbsp;</P>

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<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 211.5pt 0pt 0">By:______________________________</P>

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<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 211.5pt 0pt 0">Name:</P>

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<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 211.5pt 0pt 0">Title:</P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: center">Signature Page to Amendment to Warrant</P>

<P STYLE="margin: 0pt 211.5pt 0pt 0; font-size: 10pt; text-align: justify"></P>

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