<SEC-DOCUMENT>0001171843-24-003344.txt : 20240607
<SEC-HEADER>0001171843-24-003344.hdr.sgml : 20240607
<ACCEPTANCE-DATETIME>20240607170007
ACCESSION NUMBER:		0001171843-24-003344
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20240607
FILED AS OF DATE:		20240607
DATE AS OF CHANGE:		20240607

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:		241030455

	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>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>f6k_060724.htm
<DESCRIPTION>FORM 6-K
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<P STYLE="font: 12pt/0.05pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; border-top: black 3pt solid; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 1.8pt 0 0; border-top: black 1pt solid; text-align: center">&nbsp;</P>

<P STYLE="font: 14.5pt Times New Roman, Times, Serif; margin: 0 59.6pt; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 14.5pt Times New Roman, Times, Serif; margin: 0 59.6pt; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 59.6pt; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 59.6pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 59.6pt; text-align: center"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 59.6pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 59.6pt; text-align: center"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 59.6pt; text-align: center"><FONT STYLE="font-size: 12pt"><B>FORM&nbsp;6-K</B></FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 59.6pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 59.6pt; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 59.6pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 59.6pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>REPORT
OF FOREIGN PRIVATE ISSUER</B></FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 59.6pt; text-align: center"><B>PURSUANT TO SECTION&nbsp;13a-16 OR 15d-16</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 59.6pt; text-align: center"><B>UNDER THE SECURITIES EXCHANGE ACT OF 1934</B></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0.15in 59.6pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>For
the&nbsp;month of June 2024</B></FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0.15in 59.6pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Commission
File Number: 001-39950</B></FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0.15in 59.6pt 0; text-align: center"><FONT STYLE="font-size: 14pt"><B>Evaxion
Biotech A/S</B></FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 4.5pt 59.6pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>(Exact
Name of Registrant as Specified in Its Charter)</B></FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 4.5pt 59.6pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 4.5pt 59.6pt 0; text-align: center"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 4.5pt 59.6pt 0; text-align: center"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0.15in 59.6pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Dr.&nbsp;Neergaards
Vej 5f</B></FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 59.6pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>DK-2970 Hoersholm</B></FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 59.6pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Denmark</B></FONT></P>

<P STYLE="font: 6.5pt Times New Roman, Times, Serif; margin: 0 59.6pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>(Address
of principal executive offices)</B></FONT></P>

<P STYLE="font: 6.5pt Times New Roman, Times, Serif; margin: 0 59.6pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 6.5pt Times New Roman, Times, Serif; margin: 0 59.6pt; text-align: center"><FONT STYLE="font-size: 10pt"><B></B></FONT></P>

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<P STYLE="font: 6.5pt Times New Roman, Times, Serif; margin: 0 59.6pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT>&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-size: 10pt">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.</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: center; font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">Form&nbsp;20-F
<FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9746; </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">Form&nbsp;40-F
&#9744;</FONT></FONT></P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0.1in 59.6pt 0"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif"></FONT></P>

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<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0.1in 59.6pt 0"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif"></FONT></P>




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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">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: 10pt Times New Roman, Times, Serif; margin: 0 59.75pt 12pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 59.75pt 12pt">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">On May 7, 2024, the Company&rsquo;s board of directors
granted an aggregate of 50,000 warrants (the &ldquo;Warrants&rdquo;) to a consultant of the Company. In connection with the grant of
the Warrants, the Company amended its Articles of Association to provide for the grant thereof. Each Warrant confers the right to subscribe
for one ordinary share of the Company at an exercise price equal to US $0.391 per share, converted into DKK using the official exchange
rate between DKK and USD on the date of exercise. The Warrants were issued on the terms and conditions set out in Appendix 10 of the
Company&rsquo;s Articles of Association. The Warrants are deemed vested and immediately exercisable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">After giving effect to the grant of the Warrants
described above, warrants to subscribe for an additional 99,950,000 ordinary shares of the Company remain available for future grant
by the Company&rsquo;s board of directors pursuant to article 2.11 of the Company&rsquo;s Articles of Association. The foregoing description
of the material terms of the Warrants is qualified in its entirety by reference to the Company&rsquo;s Articles of Association, which
is included as Exhibit&nbsp;1.1 hereto and incorporated by reference herein.</P>

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="border-bottom: Black 1pt solid; width: 7%">Exhibit No.</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
  <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom; width: 91%">Description</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><A HREF="exh_11.htm">1.1</A></TD>
    <TD>&nbsp;</TD>
  <TD><A HREF="exh_11.htm">Articles of Association</A></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 59.6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 59.6pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 59.6pt; text-align: justify">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.15in 0pt 0pt">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: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 59.6pt; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.75pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.8pt"><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 STYLE="padding-right: 0.75pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.8pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%; padding-right: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date: June 7, 2024</FONT></TD>
    <TD STYLE="width: 3%; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 47%; border-bottom: black 1pt solid; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Christian Kanstrup</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Christian Kanstrup</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Executive Officer</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 59.6pt"></P>


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<DOCUMENT>
<TYPE>EX-1.1
<SEQUENCE>2
<FILENAME>exh_11.htm
<DESCRIPTION>EXHIBIT 1.1
<TEXT>
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<P STYLE="font: 9pt/135% Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Exhibit
1.1</B>&nbsp;</FONT></P>
<P STYLE="font: 26pt/29.9pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 13pt; margin-bottom: 10pt; color: #233F60"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: 0.05pt">VEDT&AElig;GTER&#9;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">/&#9;ARTICLES
OF AS-</FONT></P>

<P STYLE="font: 26pt/14pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0; margin-bottom: 10pt; color: #233F60"><FONT STYLE="font-family: Times New Roman, Times, Serif">SOCIATION</FONT></P>

<P STYLE="font: 28pt/14pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0.5pt; margin-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt/135% Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt/135% Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">EVAXION
BIOTECH A/S</FONT></P>

<P STYLE="font: 9pt/135% Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">CVR-nr.
31762863</FONT></P>

<P STYLE="font: 9pt/14pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 9pt/120% Arial, Helvetica, Sans-Serif; margin: 30pt 0"></P>

<P STYLE="font: 9pt/120% Arial, Helvetica, Sans-Serif; margin: 30pt 0"></P>

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<P STYLE="margin: 0pt 0 0pt 14.9pt; font-size: 10pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.</B></FONT></TD>
    <TD STYLE="padding-right: 0pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: left; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Selskabets
        navn og form&aring;l</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name
        and object</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1</FONT></TD>
    <TD STYLE="padding-right: 0pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: left; text-indent: 0pt; line-height: 14pt; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Selskabets
        navn er Evaxion Biotech A/S. Selskabet driver tillige virksomhed under binavnet NovVac A/S.</FONT></TD>
    <TD STYLE="text-align: center; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
        name of the Company is Evaxion Biotech A/S. The Company also carries on business under the secondary name NovVac A/S.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.2</FONT></TD>
    <TD STYLE="padding-right: 0pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: left; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Selskabets
        form&aring;l er at skabe avanceret software med henblik p&aring; udvikling af nye immunterapier og vacciner.</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.2</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: bold; text-align: left; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kapitalforhold</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: bold; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Capital</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.1</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: left; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Selskabets
        kapital udg&oslash;r nominelt 54.110.546 kr. fordelt p&aring; 54.110.546 aktier &aacute; nominelt 1 kr. eller multipla heraf.</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.1</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
        share capital is nominal DKK 54,110,546 divided into 54,110,546 shares of nominal DKK 1 each or any multiples hereof.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.2</FONT></TD>
    <TD STYLE="padding-right: 0pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: left; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kapitalejers
        navn og adresse indf&oslash;res i selskabets ejerbog. Ejerbogen f&oslash;res af Computershare A/S (CVR-nr. 27088899).</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.2</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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).</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.3</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: left; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ingen
        aktie har s&aelig;rlige rettigheder og ingen kapitalejer er pligtig at lade sine aktier indl&oslash;se.</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.3</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
        share carries any special rights and no shareholder is obliged to let his shares be redeemed.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.4</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; font-weight: normal; text-align: left; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        &#8239;&#8239;Aktierne er ikke-oms&aelig;tningspapirer.&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.4</FONT></TD>
    <TD STYLE="padding-right: 0pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
        shares are non-negotiable instruments.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.5</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: left; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bestyrelsen
        er i perioden indtil 15. april 2029 bemyndiget til ad &eacute;n eller flere gange at udstede warrants til medlemmer af selskabets bestyrelse
        og direktion samt n&oslash;glemedarbejdere i selskabet eller dets datterselskaber, som giver ret til tegning af i alt op til nominelt
        DKK 9.461.540 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. Bestyrelsen fastl&aelig;gger vilk&aring;rene for udstedte warrants
        og fordelingen heraf.</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.5</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
        board of directors is until 15 April 2029 authorized at one or more times to issue warrants to members of the company's board of directors
        and executive management as well as key-employees of the company or its subsidiaries entitling the holder to subscribe for shares for
        a total of up to nominal value of DKK 9,461,540 without pre-emptive subscription rights for the company's shareholders. The exercise price
        for the warrants issued according to this authorization shall be determined by the board of directors at market price. The board of directors
        shall determine the terms for the warrants issued and the distribution hereof.</FONT></TD></TR>
  </TABLE>

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<P STYLE="font: 10pt/14pt Arial, Helvetica, Sans-Serif; margin: 0pt"></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%; padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bestyrelsen
        er samtidig bemyndiget til i perioden indtil 15. april 2029 ad &eacute;n eller flere gange at forh&oslash;je selskabets aktiekapital med
        op til i alt nominelt DKK 9.461.540 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 9.461.540<I>.</I></FONT></TD>
    <TD STYLE="text-align: center; width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%; padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
        the same time, the board of directors is authorized until 15 April 2029 at one or more times to increase the company's share capital with
        up to nominal value of DKK 9,461,540 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 9,461,540.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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 STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9;The
        shares issued based on exercise of warrants shall be non-negotiable instruments issued in the name of the holder and registered in the
        name of the holder in the company's register of shareholders. The shares shall be subject to the same restrictions on transferability
        as the existing shares of the company and no shareholder shall be obliged to have the shares redeemed fully or partly. No partial payment
        is allowed. The shares shall be with the same rights as the existing share capital and shall not belong to a specific share class. The
        shares shall give rights to dividends and other rights in the company from the time of registration of the capital increase with the Danish
        Business Authority.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.5.1</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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 STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.5.1</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">De
        s&aring;ledes udstedte warrants udstedes p&aring; f&oslash;lgende vilk&aring;r:</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
        terms and conditions with respect to the granted warrants are as set forth below:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">67.464
        warrants udstedes p&aring; de i vedt&aelig;gternes bilag 3 angivne vilk&aring;r.</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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>
  </TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%; padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: -10pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9;&#8239;&#8239;&#8239;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: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%; padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">120,024
        warrants are issued on the terms and conditions set forth in appendix 5 to the articles of association. Each warrant confers the right
        to subscribe nominal DKK 1 share against cash payment DKK 1 and all warrants shall be deemed vested on the grant date. Additionally, clause
        5 of appendix 5 shall not apply.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40,752
        warrants are issued on the terms and conditions set forth in appendix 5 to the articles of association. Each warrant confers the right
        to subscribe nominal DKK 1 share against cash payment of DKK and all warrants shall be deemed vested on the grant date.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 0pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
        the same time the board of directors has decided upon the related capital increase, such that the capital of the company can be increased
        by up to 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: 9pt Arial, Helvetica, Sans-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">2.5.2</FONT></TD>
    <TD STYLE="width: 45%; padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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 STYLE="text-align: center; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.5.2</FONT></TD>
    <TD STYLE="width: 45%; padding-right: 5.4pt; padding-bottom: 0pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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 STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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 STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
        the same time the board of directors has decided upon the related capital increase, such that the capital of the company can be increased
        by up to 175,824 shares. The company's shareholders shall not have priority subscription rights to shares issued by the exercise of warrants.
        The terms for this capital increase are also specified above and in appendices 1-3 and 5.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.5.3</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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 STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.5.3</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 0pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
        warrant confers the right to subscribe for one ordinary share of nominal DKK 1.00 in the company at a subscription price of DKK 1.00,
        provided, however, that the adjustment mechanisms in clause 6 of appendix 5 to the articles of association may result in a different number
        of shares and/or a different subscription price.</FONT></TD></TR>
  </TABLE>

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<P STYLE="font: 9pt/14pt Arial, Helvetica, Sans-Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-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">&nbsp;</FONT></TD>
    <TD STYLE="width: 45%; padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
        henvisning til selskabslovens regler skal f&oslash;lgende vilk&aring;r v&aelig;re g&aelig;ldende i forbindelse med udstedelse af ovenn&aelig;vnte
        warrants og senere tegning af aktier ved udnyttelse af disse warrants:</FONT></TD>
    <TD STYLE="text-align: center; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 45%; padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
        reference to the Danish Companies Act, the following terms and conditions shall apply in connection with the issue of the warrants and
        subsequent subscription of shares by exercise of the warrants:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: -20pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: -20pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
        minimum and the maximum nominal amount of the capital increase(s) that can be subscribed for on the basis of the warrants is DKK 1 and
        DKK 62,147, respectively, provided, however, that the adjustment mechanisms in clause 6 of appendix 5 to the articles of association.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: -20pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: -20pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
        subscription will be made at a subscription price of DKK 1.00 per share of nominal DKK 1.00, provided however that the adjustment mechanisms
        in clause 6 of appendix 5 to the articles of association may result in a different subscription price.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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 STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><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="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&Oslash;vrige
        vilk&aring;r for de udstedte warrants og den senere tegning af aktier ved udnyttelse af disse warrants fremg&aring;r af vedt&aelig;gternes
        bilag 5.</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additional
        terms and conditions applicable to the granted warrants and subsequent subscription of shares by exercise of the warrants are set forth
        in appendix 5 to the articles of association.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.5.4</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 20pt; text-align: justify; line-height: 14pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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 STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.5.4</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 0pt; padding-left: 20pt; text-align: justify; line-height: 14pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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>
  </TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%; padding-right: 5.4pt; padding-bottom: 0pt; padding-left: 20pt; text-align: justify; line-height: 14pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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 STYLE="text-align: center; width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%; padding-right: 5.4pt; padding-bottom: 0pt; padding-left: 20pt; text-align: justify; line-height: 14pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
        warrant confers the right to subscribe for one ordinary share of nominal DKK 1.00 in the company at a subscription price of 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>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 20pt; text-align: justify; line-height: 14pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
        henvisning til selskabslovens regler skal f&oslash;lgende vilk&aring;r v&aelig;re g&aelig;ldende i forbindelse med udstedelse af ovenn&aelig;vnte
        warrants og senere tegning af aktier ved udnyttelse af disse warrants:</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 20pt; text-align: justify; line-height: 14pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
        reference to the Danish Companies Act, the following terms and conditions shall apply in connection with the issue of the warrants and
        subsequent subscription of shares by exercise of the warrants:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; line-height: 14pt; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        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 STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 20pt; text-align: justify; text-indent: -20pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8239;&#8239;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="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 35.7pt; text-align: justify; line-height: 14pt; text-indent: -17.85pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8239;&#8239;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 STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 20pt; text-align: justify; text-indent: -20pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8239;&#8239;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="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 35.7pt; text-align: justify; line-height: 14pt; text-indent: -17.85pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        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 STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 20pt; text-align: justify; text-indent: -20pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8239;&#8239;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="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&Oslash;vrige
        vilk&aring;r for de udstedte warrants og den senere tegning af aktier ved udnyttelse af disse warrants fremg&aring;r af vedt&aelig;gternes
        bilag 5.</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 20pt; text-align: justify; line-height: 14pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additional
        terms and conditions applicable to the granted warrants and subsequent subscription of shares by exercise of the warrants are set forth
        in appendix 5 to the articles of association</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">2.5.5</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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 STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.5.5</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 20pt; text-align: justify; line-height: 14pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%; padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 20pt; text-align: justify; line-height: 14pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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 reguleringsmekanismerne 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: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%; padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 20pt; text-align: justify; line-height: 14pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
        warrant confers the right to subscribe for one ordinary share of nominal DKK 1.00 in the company at a subscription price of 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="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
        henvisning til selskabslovens regler skal f&oslash;lgende vilk&aring;r v&aelig;re g&aelig;ldende i forbindelse med udstedelse af ovenn&aelig;vnte
        warrants og senere tegning af aktier ved udnyttelse af disse warrants:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 20pt; text-align: justify; line-height: 14pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
        reference to the Danish Companies Act, the following terms and conditions shall apply in connection with the issue of the warrants and
        subsequent subscription of shares by exercise of the warrants:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: -20pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8239;&#8239;&#8239;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="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 20pt; text-align: justify; line-height: 14pt; text-indent: -20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        &#8239;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="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 20pt; text-align: justify; text-indent: -20pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 20pt; text-align: justify; line-height: 14pt; text-indent: -20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        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="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: -20pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8239;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="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 20pt; text-align: justify; line-height: 14pt; text-indent: -20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        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="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&Oslash;vrige
        vilk&aring;r for de udstedte warrants og den senere tegning af aktier ved udnyttelse af disse warrants fremg&aring;r af vedt&aelig;gternes
        bilag 5.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 20pt; text-align: justify; line-height: 14pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additional
        terms and conditions applicable to the granted warrants and subsequent subscription of shares by exercise of the warrants are set forth
        in appendix 5 to the articles of association</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">2.5.6</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 20pt; text-align: justify; line-height: 14pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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 STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.5.6</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 20pt; text-align: justify; line-height: 14pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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: 9pt/14pt Arial, Helvetica, Sans-Serif; margin: 0pt"></P>

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<P STYLE="font: 9pt/14pt Arial, Helvetica, Sans-Serif; margin: 0pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%; padding-right: 5.4pt; padding-bottom: 0pt; padding-left: 20pt; text-align: justify; line-height: 14pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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 reguleringsmekanismerne 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: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%; padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 20pt; text-align: justify; line-height: 14pt; text-indent: -30pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;&#8239;&#8239;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="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0in; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
        henvisning til selskabslovens regler skal f&oslash;lgende vilk&aring;r v&aelig;re g&aelig;ldende i forbindelse med udstedelse af ovenn&aelig;vnte
        warrants og senere tegning af aktier ved udnyttelse af disse warrants:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0in; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
        reference to the Danish Companies Act, the following terms and conditions shall apply in connection with the issue of the warrants and
        subsequent subscription of shares by exercise of the warrants:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: -20pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8239;&#8239;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="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: -20pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;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="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 20pt; text-align: justify; text-indent: -20pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&#8239;&#8239;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="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: -20pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; 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="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: -20pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;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="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: -20pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><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="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&Oslash;vrige
        vilk&aring;r for de udstedte warrants og den senere tegning af aktier ved udnyttelse af disse warrants fremg&aring;r af vedt&aelig;gternes
        bilag 5.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additional
        terms and conditions applicable to the granted warrants and subsequent subscription of shares by exercise of the warrants are set forth
        in appendix 5 to the articles of association.</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 9pt/14pt Arial, Helvetica, Sans-Serif; margin: 0pt"></P>

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<P STYLE="font: 9pt/14pt Arial, Helvetica, Sans-Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.5.7</FONT></TD>
    <TD STYLE="width: 45%; padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 20pt; text-align: justify; line-height: 14pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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 STYLE="text-align: center; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.5.7</FONT></TD>
    <TD STYLE="width: 45%; padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 20pt; text-align: justify; line-height: 14pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0in; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0in; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
        warrant confers the right to subscribe for one ordinary share of nominal DKK 1.00 in the company at a subscription price of 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="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0in; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
        henvisning til selskabslovens regler skal f&oslash;lgende vilk&aring;r v&aelig;re g&aelig;ldende i forbindelse med udstedelse af ovenn&aelig;vnte
        warrants og senere tegning af aktier ved udnyttelse af disse warrants:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0in; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
        reference to the Danish Companies Act, the following terms and conditions shall apply in connection with the issue of the warrants and
        subsequent subscription of shares by exercise of the warrants:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: -20pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8239;&#8239;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="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: -20pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;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="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: -20pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;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="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: -20pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; 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>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: -20pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: -20pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><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="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0in; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&Oslash;vrige
        vilk&aring;r for de udstedte warrants og den senere tegning af aktier ved udnyttelse af disse warrants fremg&aring;r af vedt&aelig;gternes
        bilag 5.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0in; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additional
        terms and conditions applicable to the granted warrants and subsequent subscription of shares by exercise of the warrants are set forth
        in appendix 5 to the articles of association.</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 9pt/14pt Arial, Helvetica, Sans-Serif; margin: 0pt"></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.5.8</FONT></TD>
    <TD STYLE="width: 45%; padding-right: 5.4pt; padding-bottom: 0pt; padding-left: 20pt; text-align: justify; line-height: 14pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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 STYLE="text-align: center; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.5.8</FONT></TD>
    <TD STYLE="width: 45%; padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 20pt; text-align: justify; line-height: 14pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0in; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0in; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
        warrant confers the right to subscribe for one ordinary share of nominal DKK 1.00 in the company at a subscription price of 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="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0in; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
        henvisning til selskabslovens regler skal f&oslash;lgende vilk&aring;r v&aelig;re g&aelig;ldende i forbindelse med udstedelse af ovenn&aelig;vnte
        warrants og senere tegning af aktier ved udnyttelse af disse warrants:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0in; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
        reference to the Danish Companies Act, the following terms and conditions shall apply in connection with the issue of the warrants and
        subsequent subscription of shares by exercise of the warrants:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: -20pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8239;&#8239;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="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: -20pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        The minimum and the maximum nominal amount of the capital increase(s) that can be subscribed for on the basis of the warrants is DKK 1
        and DKK 380,612, respectively, provided, however, that the adjustment mechanisms in clause 6 of appendix 5 to the articles of association.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: -20pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        &#8239;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>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: -20pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        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>
  </TABLE>

<P STYLE="font: 9pt/14pt Arial, Helvetica, Sans-Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%; padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: -20pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8239;&#8239;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 STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%; padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: -20pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        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="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0in; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&Oslash;vrige
        vilk&aring;r for de udstedte warrants og den senere tegning af aktier ved udnyttelse af disse warrants fremg&aring;r af vedt&aelig;gternes
        bilag 5.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0in; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additional
        terms and conditions applicable to the granted warrants and subsequent subscription of shares by exercise of the warrants are set forth
        in appendix 5 to the articles of association.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.5.9</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 20pt; text-align: justify; line-height: 14pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
        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 10.000 warrants optjenes med 1/36 pr. md.
        fra og med 1. januar 2023. Bemyndigelsen i pkt. 2.5 er herefter nedsat til nominelt DKK 412.642.</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.5.9</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 20pt; text-align: justify; line-height: 14pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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 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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0in; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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
        1,90 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 reguleringsmekanismerne i punkt 6 i vedt&aelig;gternes bilag 5 kan resultere i
        et andet antal aktier og/eller en anden tegningskurs.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0in; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
        warrant confers the right to subscribe for one ordinary share of nominal DKK 1.00 in the company at a subscription price of 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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0in; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
        henvisning til selskabslovens regler skal f&oslash;lgende vilk&aring;r v&aelig;re g&aelig;ldende i forbindelse med udstedelse af ovenn&aelig;vnte
        warrants og senere tegning af aktier ved udnyttelse af disse warrants:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0in; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
        reference to the Danish Companies Act, the following terms and conditions shall apply in connection with the issue of the warrants and
        subsequent subscription of shares by exercise of the warrants:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: -20pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8239;&#8239;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.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: -20pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        The minimum and the maximum nominal amount of the capital increase(s) that can be subscribed for on the basis of the warrants is DKK 1
        and DKK 10,000, respectively, provided, however, that the adjustment mechanisms in clause 6 of appendix 5 to the articles of association.</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 9pt/14pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%; padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: -20pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        &#8239;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.</FONT></TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%; padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: -20pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: -20pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        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="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: -20pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        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="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&Oslash;vrige
        vilk&aring;r for de udstedte warrants og den senere tegning af aktier ved udnyttelse af disse warrants fremg&aring;r af vedt&aelig;gternes
        bilag 5.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additional
        terms and conditions applicable to the granted warrants and subsequent subscription of shares by exercise of the warrants are set forth
        in appendix 5 to the articles of association</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.5.10</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 20pt; text-align: justify; line-height: 14pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
        I henhold til bemyndigelse fra generalforsamlingen i vedt&aelig;gternes punkt 2.5 har bestyrelsen den 1. september 2023 tildelt og udstedt
        i alt 100.000 warrants og truffet beslutning om den til disse warrants 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 100.000 warrants optjenes med 1/36 pr. md.
        fra og med 1. september 2023. Bemyndigelsen i pkt. 2.5 er herefter nedsat til nominelt DKK 312.642.</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.5.10</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 20pt; text-align: justify; line-height: 14pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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 1, 2023 granted and issued 100,000 and resolved to carry out the increase of the company's share capital relating to the
        warrants. The warrants are issued on the terms and conditions set out in appendix 5 provided, however, that such 100,000 warrants vest
        with 1/36 per month from September 1, 2023. The authorization in article 2.5 is hereafter reduced to 312,642.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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
        1,02 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="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
        warrant confers the right to subscribe for one ordinary share of nominal DKK 1.00 in the company at a subscription price of USD 1.02 converted
        into DKK using the official exchange rate between DKK and USD on the exercise day, provided, however, that the adjustment mechanisms in
        clause 6 of appendix 5 to the articles of association may result in a different number of shares and/or a different subscription price.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
        henvisning til selskabslovens regler skal f&oslash;lgende vilk&aring;r v&aelig;re g&aelig;ldende i forbindelse med udstedelse af ovenn&aelig;vnte
        warrants og senere tegning af aktier ved udnyttelse af disse warrants:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
        reference to the Danish Companies Act, the following terms and conditions shall apply in connection with the issue of the warrants and
        subsequent subscription of shares by exercise of the warrants:</FONT></TD></TR>
  </TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%; padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: -20pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        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 100.000, 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 STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%; padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: -20pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; 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 100,000, respectively, provided, however, that the
        adjustment mechanisms in clause 6 of appendix 5 to the articles of association.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: -20pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        &#8239;Tegningskursen for kapitalforh&oslash;jelsen er fastsat til USD 1,02 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="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: -20pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The subscription will be made at a subscription price
        of USD 1.02 per share of nominal DKK 1.00 converted into DKK using the official exchange rate between DKK and USD on the exercise day,
        provided however that the adjustment mechanisms in clause 6 of appendix 5 to the articles of association may result in a different subscription
        price.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: -20pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8239;&#8239;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="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: -20pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><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="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&Oslash;vrige
        vilk&aring;r for de udstedte warrants og den senere tegning af aktier ved udnyttelse af disse warrants fremg&aring;r af vedt&aelig;gternes
        bilag 5.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additional
        terms and conditions applicable to the granted warrants and subsequent subscription of shares by exercise of the warrants are set forth
        in appendix 5 to the articles of association.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.5.11</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 20pt; text-align: justify; line-height: 14pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
        I henhold til bemyndigelse fra generalforsamlingen i vedt&aelig;gternes punkt 2.5 har bestyrelsen den 11. december 2023 tildelt og udstedt
        i alt 306.074 warrants og truffet beslutning om den til disse warrants 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 216.074 warrants optjenes med 1/36 pr. md. fra
        og med 1. januar 2024 og 90.000 warrants optjenes med 1/12 pr. md. fra og med 1. januar 2024. Bemyndigelsen i pkt. 2.5 er herefter nedsat
        til nominelt DKK 6.568. Ved generalforsamlingsbeslutning den 16. april 2024 er bemyndigelsen forh&oslash;jet til nominelt DKK 10.000.000.</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.5.11</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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 11 December
        2023 granted and issued 306,074 and resolved to carry out the increase of the company's share capital relating to the warrants. The warrants
        are issued on the terms and conditions set out in appendix 5 provided, however, that 216,074 warrants vest with 1/36 per month from 1
        January 2024 and 90,000 warrants vest with 1/12 per month from 1 January 2024. The authorization in article 2.5 is hereafter reduced to
        6,568. By resolution of the general meeting on 16 April 2024 the authorization has been increased to nominal DKK 10,000,000.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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
        0,75 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, og dog s&aring;ledes at reguleringsmekanismerne i punkt 6 i vedt&aelig;gternes bilag 5 kan resultere
        i et andet antal aktier og/eller en anden tegningskurs.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
        warrant confers the right to subscribe for one <I>ordinary</I> share of nominal DKK 1.00 in the company at a subscription price of USD
        0,75 converted into DKK using the official exchange rate between DKK and USD on the exercise day, provided, however no less than DKK 1
        per share of nominal DKK and provided however that the adjustment mechanisms in clause 6 of appendix 5 to the articles of association
        may result in a different number of shares and/or a different subscription price.</FONT></TD></TR>
  </TABLE>

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<P STYLE="font: 9pt/14pt Arial, Helvetica, Sans-Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%; padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
        henvisning til selskabslovens regler skal f&oslash;lgende vilk&aring;r v&aelig;re g&aelig;ldende i forbindelse med udstedelse af ovenn&aelig;vnte
        warrants og senere tegning af aktier ved udnyttelse af disse warrants:</FONT></TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%; padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
        reference to the Danish Companies Act, the following terms and conditions shall apply in connection with the issue of the warrants and
        subsequent subscription of shares by exercise of the warrants:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: -20pt; padding-left: 20pt; padding-right: 5.4pt; padding-bottom: 14pt; font-weight: normal; text-align: left; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        &#8239;&#8239;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 306.074, 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="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: -20pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        The minimum and the maximum nominal amount of the capital increase(s) that can be subscribed for on the basis of the warrants is DKK 1
        and DKK 306,074, respectively, provided, however, that the adjustment mechanisms in clause 6 of appendix 5 to the articles of association
        may result in a different amount.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: -20pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        &#8239;Tegningskursen for kapitalforh&oslash;jelsen er fastsat til USD 0,75 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="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: -20pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        The subscription will be made at a subscription price of USD 0.75 per share of nominal DKK 1.00 converted into DKK using the official
        exchange rate between DKK and USD on the exercise day, however no less than DKK 1 per share of nominal DKK and provided however that the
        adjustment mechanisms in clause 6 of appendix 5 to the articles of association may result in a different subscription price.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: -20pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8239;&#8239;De
        ansl&aring;ede omkostninger, der skal afholdes af selskabet ved kapitalforh&oslash;jelsen, udg&oslash;r DKK 10.000 (ekskl. moms<I>).</I></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: -20pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        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="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&Oslash;vrige
        vilk&aring;r for de udstedte warrants og den senere tegning af aktier ved udnyttelse af disse warrants fremg&aring;r af vedt&aelig;gternes
        bilag 5.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additional
        terms and conditions applicable to the granted warrants and subsequent subscription of shares by exercise of the warrants are set forth
        in appendix 5 to the articles of association.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">2.5.12</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 20pt; text-align: justify; line-height: 14pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">I
        henhold til bemyndigelse fra generalforsamlingen i vedt&aelig;gternes punkt 2.5 har bestyrelsen den 1. maj 2024 tildelt og udstedt i alt
        538.460 warrants og truffet beslutning om den til disse warrants 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 438.460 warrants optjenes med 1/36 pr. md. fra
        og med 1. maj 2024 og 100.000 warrants optjenes med 1/12 pr. md. fra og med 1. maj 2024. Bemyndigelsen i pkt. 2.5 er herefter nedsat til
        nominelt DKK 9.461.540.</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.5.12</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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 1 May
        2024 granted and issued 538,460 and resolved to carry out the increase of the company's share capital relating to the warrants. The warrants
        are issued on the terms and conditions set out in appendix 5 and provided, however, that 438,460 warrants vest with 1/36 per month from
        1 May 2024 and 100,000 warrants vest with 1/12 per month from 1 May 2024. The authorization in article 2.5 is hereafter reduced to 9,461,540.</FONT></TD></TR>
  </TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%; padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0in; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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
        0,40 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, og 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: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%; padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
        warrant confers the right to subscribe for one ordinary share of nominal DKK 1.00 in the company at a subscription price of USD 0.40 converted
        into DKK using the official exchange rate between DKK and USD on the exercise day, provided, however no less than DKK 1 per share of nominal
        DKK and provided however that the adjustment mechanisms in clause 6 of appendix 5 to the articles of association may result in a different
        number of shares and/or a different subscription price.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0in; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
        henvisning til selskabslovens regler skal f&oslash;lgende vilk&aring;r v&aelig;re g&aelig;ldende i forbindelse med udstedelse af ovenn&aelig;vnte
        warrants og senere tegning af aktier ved udnyttelse af disse warrants:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
        reference to the Danish Companies Act, the following terms and conditions shall apply in connection with the issue of the warrants and
        subsequent subscription of shares by exercise of the warrants:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: -20pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8239;&#8239;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 538.460, 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="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: -20pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        &#8239;The minimum and the maximum nominal amount of the capital increase(s) that can be subscribed for on the basis of the warrants is
        DKK 1 and DKK 538,460, respectively, provided, however, that the adjustment mechanisms in clause 6 of appendix 5 to the articles of association
        may result in a different amount.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: -20pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        &#8239;Tegningskursen for kapitalforh&oslash;jelsen er fastsat til USD 0,40 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="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: -20pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        The subscription will be made at a subscription price of USD 0.40 per share of nominal DKK 1.00 converted into DKK using the official
        exchange rate between DKK and USD on the exercise day, however no less than DKK 1 per share of nominal DKK and provided however that the
        adjustment mechanisms in clause 6 of appendix 5 to the articles of association may result in a different subscription price.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: -20pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8239;&#8239;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="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: -20pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        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="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0in; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&Oslash;vrige
        vilk&aring;r for de udstedte warrants og den senere tegning af aktier ved udnyttelse af disse warrants fremg&aring;r af vedt&aelig;gternes
        bilag 5.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additional
        terms and conditions applicable to the granted warrants and subsequent subscription of shares by exercise of the warrants are set forth
        in appendix 5 to the articles of association.</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 9pt/14pt Arial, Helvetica, Sans-Serif; margin: 0pt"></P>

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<P STYLE="font: 9pt/14pt Arial, Helvetica, Sans-Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-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">2.6</FONT></TD>
    <TD STYLE="width: 45%; padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">I
        overensstemmelse <FONT STYLE="letter-spacing: 0.05pt">med en tidligere version af </FONT>bemyndigelsen i vedt&aelig;gternes punkt <FONT STYLE="letter-spacing: 0.1pt">2.5
        </FONT><FONT STYLE="letter-spacing: 0.05pt">har </FONT>selskabets <FONT STYLE="letter-spacing: 0.1pt">be</FONT>styrelse <FONT STYLE="letter-spacing: 0.1pt">p&aring;
        </FONT>bestyrelsesm&oslash;de den <FONT STYLE="letter-spacing: 0.1pt">19. december 2016 </FONT>truffet beslutning <FONT STYLE="letter-spacing: 0.05pt">om
        </FONT>at <FONT STYLE="letter-spacing: 0.1pt">udstede indtil </FONT>758.448 <FONT STYLE="letter-spacing: 0.1pt">warrants med </FONT><FONT STYLE="letter-spacing: 0.05pt">ret
        </FONT>til at tegne 758.448 aktier. Udstedelsen <FONT STYLE="letter-spacing: 0.1pt">sker, </FONT>uden fortegnings<FONT STYLE="letter-spacing: 0.1pt">ret
        </FONT><FONT STYLE="letter-spacing: 0.05pt">for </FONT>selskabets eksisterende <FONT STYLE="letter-spacing: 0.1pt">kapitalejere, til </FONT>medarbejdere
        <FONT STYLE="letter-spacing: 0.1pt">p&aring; vilk&aring;r </FONT><FONT STYLE="letter-spacing: 0.05pt">som </FONT><FONT STYLE="letter-spacing: 0.1pt">n&aelig;rmere
        </FONT><FONT STYLE="letter-spacing: 0.05pt">frem</FONT><FONT STYLE="letter-spacing: 0.1pt">g&aring;r </FONT><FONT STYLE="letter-spacing: 0.05pt">af
        </FONT><U>bilag 1</U> <FONT STYLE="letter-spacing: 0.05pt">som </FONT>udg&oslash;r <FONT STYLE="letter-spacing: 0.1pt">en </FONT>integreret
        <FONT STYLE="letter-spacing: 0.1pt">del </FONT><FONT STYLE="letter-spacing: 0.05pt">af </FONT>disse vedt&aelig;gter. Tegningen <FONT STYLE="letter-spacing: 0.05pt">af
        de </FONT>tildelte <FONT STYLE="letter-spacing: 0.1pt">war</FONT>rants <FONT STYLE="letter-spacing: 0.1pt">skal </FONT><FONT STYLE="letter-spacing: 0.05pt">ske
        </FONT>skriftligt inden <FONT STYLE="letter-spacing: 0.1pt">den 31. december</FONT> 2036.</FONT></TD>
    <TD STYLE="text-align: center; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.6</FONT></TD>
    <TD STYLE="width: 45%; padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="letter-spacing: 0.05pt">In
        </FONT><FONT STYLE="letter-spacing: 0.1pt">accordance with a previous version of the </FONT>authorization <FONT STYLE="letter-spacing: 0.1pt">in
        </FONT>section <FONT STYLE="letter-spacing: 0.1pt">2.5 of the </FONT>articles <FONT STYLE="letter-spacing: 0.1pt">of </FONT>association,
        <FONT STYLE="letter-spacing: 0.1pt">the </FONT>board <FONT STYLE="letter-spacing: 0.05pt">of </FONT>directors <FONT STYLE="letter-spacing: 0.05pt">has
        </FONT>at their <FONT STYLE="letter-spacing: 0.1pt">board </FONT>meeting December 19th 2016, decided <FONT STYLE="letter-spacing: 0.05pt">to
        </FONT><FONT STYLE="letter-spacing: 0.1pt">issue </FONT><FONT STYLE="letter-spacing: 0.05pt">up to </FONT>758,448 <FONT STYLE="letter-spacing: 0.1pt">warrants
        </FONT>with <FONT STYLE="letter-spacing: 0.1pt">sub</FONT>scription <FONT STYLE="letter-spacing: 0.1pt">right </FONT><FONT STYLE="letter-spacing: 0.05pt">to
        </FONT>758,448 shares <FONT STYLE="letter-spacing: 0.05pt">to </FONT><FONT STYLE="letter-spacing: 0.1pt">the </FONT>employees <FONT STYLE="letter-spacing: 0.05pt">or
        </FONT><FONT STYLE="letter-spacing: 0.1pt">board members of the group of </FONT>companies <FONT STYLE="letter-spacing: 0.1pt">on </FONT>terms
        <FONT STYLE="letter-spacing: 0.05pt">as </FONT><FONT STYLE="letter-spacing: 0.1pt">specified in </FONT><U>appendix 1</U>, <FONT STYLE="letter-spacing: 0.1pt">which
        </FONT>constitutes <FONT STYLE="letter-spacing: 0.05pt">an </FONT>integrated <FONT STYLE="letter-spacing: 0.1pt">part of these </FONT>articles
        <FONT STYLE="letter-spacing: 0.1pt">of asso</FONT>ciation <FONT STYLE="letter-spacing: 0.05pt">The </FONT><FONT STYLE="letter-spacing: 0.1pt">issuing
        of </FONT>warrants <FONT STYLE="letter-spacing: 0.05pt">is </FONT><FONT STYLE="letter-spacing: 0.1pt">without </FONT>pre-emptive <FONT STYLE="letter-spacing: 0.1pt">rights
        </FONT><FONT STYLE="letter-spacing: 0.05pt">to </FONT><FONT STYLE="letter-spacing: 0.1pt">the </FONT>existing shareholders. Subscription
        <FONT STYLE="letter-spacing: 0.1pt">shall </FONT><FONT STYLE="letter-spacing: 0.05pt">be </FONT><FONT STYLE="letter-spacing: 0.1pt">made
        in writing before </FONT>December 31st 2036.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
        the same time the board of directors has decided upon the related capital increase, such that the capital of the company can be increased
        by up to 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="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">I
        overensstemmelse med <FONT STYLE="letter-spacing: 0.05pt">en tidligere version af</FONT> 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 fortegningsret 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="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
        accordance with <FONT STYLE="letter-spacing: 0.1pt">a previous version of</FONT> 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>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
        the same time, the board of directors has decided upon the related capital increase, such that the capital of the company can be increased
        by up to 632,700. The company's shareholders shall not have priority subscription rights to shares issued by the exercise of warrants.
        The terms for this capital increase are also specified in appendix 2.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.7</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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 STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.7</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><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>
  </TABLE>

<P STYLE="font: 9pt/14pt Arial, Helvetica, Sans-Serif; margin: 0pt"></P>

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<P STYLE="font: 9pt/14pt Arial, Helvetica, Sans-Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%; padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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 STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%; padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>at
        </U>&#9;aktierne skal lyde p&aring; navn,</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
        shares shall be issued in name;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>at
        </U>&#9;aktierne skal v&aelig;re ikke-oms&aelig;tningspapirer,</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
        shares shall be non-negotiable instruments;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>at
        </U>&#9;selskabets hidtidige aktion&aelig;rer ikke skal have fortegningsret til aktierne,</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
        Company's present shareholders do not have pre-emptive rights to subscribe for these shares;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>at
        </U>&#9;der ikke kan ske delvis indbetaling,</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">no
        partial payment of the shares is allowed;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>at
        </U>&#9;aktierne ikke skal have s&aelig;rlige rettigheder, og</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
        shares do not carry any special rights; and</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>at
        </U>&#9;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="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
        board of directors is furthermore authorized to adopt such changes to the company's articles of association as may be required as a result
        of the board of directors' exercise of the above authorization.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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>
  </TABLE>

<P STYLE="font: 9pt/14pt Arial, Helvetica, Sans-Serif; margin: 0pt"></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%; padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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 STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%; padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
        the same time, the board of directors has decided upon the related capital increase, such that the capital of the company can be increased
        by up to 141,804 shares. The company's shareholders shall not have priority subscription rights to shares issued by the exercise of warrants.
        The terms for this capital increase are also specified in appendix 3.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bemyndigelsen
        i punkt 2.7 er herefter udnyttet fuldt ud.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hereafter,
        the authorization under article 2.7 is exercised in full.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">2.8</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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. Udnyttelseskursen 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="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.8</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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&rsquo;s shares, currently DKK 1.
        The board of directors shall determine the terms for the warrants issued and distribution hereof.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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>
  </TABLE>

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<P STYLE="font: 9pt/14pt Arial, Helvetica, Sans-Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-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">2.8.1</FONT></TD>
    <TD STYLE="width: 45%; padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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 STYLE="text-align: center; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.8.1</FONT></TD>
    <TD STYLE="width: 45%; padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
        reference to the Danish Companies Act the following terms shall be applicable in connection with the issuance of the above warrants and
        subsequent increases to the share capital in connection with exercise of warrants and subscription of shares.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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 351,036, respectively, provided, however, that the adjustment mechanisms set out in <U>appendix 4</U> to the articles of association
        may result in a different amount.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">De
        nye aktier skal tilh&oslash;re samme aktieklasse som Selskabets eksisterende aktier.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
        new shares shall belong to same class of shares as the existing shares in the Company.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kapitaludvidelsen
        sker uden fortegningsret for de hidtidige aktion&aelig;rer, idet tegningen sker p&aring; baggrund de af tildelte warrants.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
        capital increase is carried out without pre-emption rights for the existing shareholders as the subscription will be based on the granted
        warrants.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
        entire subscription amount payable for the subscribed shares shall be paid in cash to the Company no later than upon the warrantholder's
        subscription of said shares.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">De
        nye aktier udstedes i aktier a hver nominelt DKK 1,00.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><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 each.</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 9pt/14pt Arial, Helvetica, Sans-Serif; margin: 0pt"></P>

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<P STYLE="font: 9pt/14pt Arial, Helvetica, Sans-Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%; padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%; padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
        subscription will be made at a subscription rate of DKK 1 per nominal DKK 1 share, provided however that the adjustment mechanisms in
        <U>appendix 4</U> to the articles of association may result in a different subscription rate.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">De
        nye aktier skal v&aelig;re ikke-oms&aelig;tningspapirer.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
        new shares will not be negotiable instruments.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">De
        nye aktier skal lyde p&aring; navn og skal noteres i Selskabets ejerbog.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
        new shares will be made out in the name of the holder and registered in the Company's register of shareholders.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">De
        ansl&aring;ede omkostninger, der skal afholdes af Selskabet ved kapitalforh&oslash;jelsen, udg&oslash;r DKK 25.000 (ekskl. moms).</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><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 25,000 (excluding VAT).</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.9</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">I
        henhold til bestyrelsens bemyndigelser i punkt 2.5 er 811.196 warrants udnyttet pr. 3. januar 2024.</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.9</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">According
        to the board of directors&rsquo; authorisations in article 2.5 811,196 warrants have been exercised per 3 January 2024.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.10</FONT></TD>
    <TD STYLE="padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 15pt"><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 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 47.000.000 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.</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.10</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><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 issue warrants to investors, lenders, consultants and/or advisors
        in the company or its subsidiaries entitling the holder to subscribe for shares for a total of up to nominal value of DKK 47,000,000 without
        pre-emptive subscription rights for the company's shareholders. The exercise price for the warrants issued according to this authorization
        shall at the time of issuance be determined by the board of directors at minimum market price. The board of directors shall determine
        the terms for the warrants issued and the distribution hereof.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 20pt; text-align: justify; line-height: 14pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Denne
        bemyndigelse til at udstede warrants er den 1. februar 2024 fuldt ud udnyttet med den konsekvens, at bestyrelsen ikke kan udstede yderligere
        warrants i henhold til dette punkt 2.10 med virkning fra 1. februar 2024. Alle warrants udstedt i henhold til dette punkt 2.10 skal forblive
        fuldt ud gyldige i overensstemmelse med de af bestyrelsen ved tildeling fastsatte vilk&aring;r.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
        authorisation to issue warrants is as of 1 February 2024 fully exhausted with the consequence that the board of directors cannot issue
        any new warrants under article 2.10 with effect from 1 February 2024. For clarity, any warrants issued per this article 2.10 shall remain
        in full force and effect as per the terms determined by the Board of Directors in connection with such grant of warrants.</FONT></TD></TR>
  </TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%; padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 20pt; text-align: justify; line-height: 14pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 47.000.000 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 47,000.000. 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.</FONT></TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%; padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
        the same time, the board of directors is authorized until 1 May 2027 at one or more times to increase the company's share capital with
        up to nominal value of DKK 47,000,000 without pre-emptive rights for the company's shareholders by cash payment in order to implement
        the capital increase related to exercise of warrants. In accordance with this clause the board of directors may increase share capital
        with a minimum nominal value of DKK 1.00 and a maximum nominal value of DKK 47,000,000. The board of directors is authorized to make the
        required amendments to the Articles of Association if the authorization to increase the share capital is used and to cause such shares
        to be deposited with a depositary bank and the simultaneous issuance of American Depositary Shares.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 20pt; text-align: justify; line-height: 14pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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 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.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0in; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
        shares issued based on exercise of warrants shall be non-negotiable instruments issued in the name of the holder and registered in the
        name of the holder in the company's register of shareholders. The shares shall be subject to the same restrictions on transferability
        as the existing shares of the company and no shareholder shall be obliged to have the shares redeemed fully or partly. No partial payment
        is allowed. The shares shall be with the same rights as the existing share capital and shall not belong to a specific share class. The
        shares shall give rights to dividends and other rights in the company from the time of registration of the capital increase with the Danish
        Business Authority.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.10.1</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 20pt; text-align: justify; line-height: 14pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">I
        henhold til bemyndigelse fra generalforsamlingen i vedt&aelig;gternes punkt 2.10 har bestyrelsen den 19. september 2023 tildelt og udstedt
        i alt 150.000 warrants og truffet beslutning om den til disse warrants 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 37.500 warrants optjenes den 20. november 2023,
        37.500 warrants optjenes den 20. februar 2024, 37.500 warrants optjenes den 20. maj 2024 og 37.500 warrants optjenes den 20. august 2024.
        De tildelte og optjente warrants kan udnyttes til og med 19. september 2026. Bemyndigelsen i pkt. 2.10 er herefter nedsat til nominelt
        DKK 29.850.000.</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.10.1</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
        to the authorization from the general meeting set out in article 2.10 of the articles of association the board of directors has 19 September
        2023 granted and issued 150,000 and resolved to carry out the increase of the company's share capital relating to the warrants. The warrants
        are issued on the terms and conditions set out in appendix 5 provided, however, that 37,500 warrants vest on 20 November 2023, that 37,500
        warrants vest on 20 February 2024, that 37,500 warrants vest on 20 May 2024 and 37,500 Warrants vest on 20 August 2024. The warrants granted
        and vested may be exercised until and including 19 September 2026. The authorization in article 2.10 is hereafter reduced to 29,850,000.</FONT></TD></TR>
  </TABLE>

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<P STYLE="font: 9pt/14pt Arial, Helvetica, Sans-Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; width: 45%; padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 20pt; text-align: justify; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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
        1,50 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
        et andet antal aktier og/eller en anden tegningskurs.</FONT></TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%; padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0in; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
        warrant confers the right to subscribe for one ordinary share of nominal DKK 1.00 in the company at a subscription price of USD 1.50 converted
        into DKK using the official exchange rate between DKK and USD on the exercise day, provided, however, that the adjustment mechanisms in
        clause 6 of appendix 5 to the articles of association may result in a different number of shares and/or a different subscription price.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 20pt; text-align: justify; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
        henvisning til selskabslovens regler skal f&oslash;lgende vilk&aring;r v&aelig;re g&aelig;ldende i forbindelse med udstedelse af ovenn&aelig;vnte
        warrants og senere tegning af aktier ved udnyttelse af disse warrants:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0in; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
        reference to the Danish Companies Act, the following terms and conditions shall apply in connection with the issue of the warrants and
        subsequent subscription of shares by exercise of the warrants:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 20pt; text-align: justify; line-height: 14pt; text-indent: -20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-&nbsp;&nbsp;&#9;&#8239;&#8239;&#8239;&#8239;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 150.000, 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="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: -20pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-&#9;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
        minimum and the maximum nominal amount of the capital increase(s) that can be subscribed for on the basis of the warrants is DKK 1 and
        DKK 150,000, respectively, provided, however, that the adjustment mechanisms in clause 6 of appendix 5 to the articles of association
        may result in a different amount.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 20pt; text-align: justify; text-indent: -20pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-&nbsp;&nbsp;&nbsp;&#8239;&#8239;&#8239;&#8239;Tegningskursen
        for kapitalforh&oslash;jelsen er fastsat til USD 1,50 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="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: -20pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        The subscription will be made at a subscription price of USD 1.50 per share of nominal DKK 1.00 converted into DKK using the official
        exchange rate between DKK and USD on the exercise day, provided however that the adjustment mechanisms in clause 6 of appendix 5 to the
        articles of association may result in a different subscription price.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 20pt; text-align: justify; text-indent: -20pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        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="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: -20pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        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="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 20pt; text-align: justify; line-height: 14pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&Oslash;vrige
        vilk&aring;r for de udstedte warrants og den senere tegning af aktier ved udnyttelse af disse warrants fremg&aring;r af vedt&aelig;gternes
        bilag 5.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0in; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additional
        terms and conditions applicable to the granted warrants and subsequent subscription of shares by exercise of the warrants are set forth
        in appendix 5 to the articles of association.</FONT></TD></TR>
  </TABLE>

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<P STYLE="font: 9pt/14pt Arial, Helvetica, Sans-Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-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">2.10.2</FONT></TD>
    <TD STYLE="width: 45%; padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 20pt; text-align: justify; line-height: 14pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">I
        henhold til bemyndigelse fra generalforsamlingen i vedt&aelig;gternes punkt 2.10 har bestyrelsen den 6. december 2023 tildelt og udstedt
        i alt 9.726.898 warrants og truffet beslutning om den til disse warrants h&oslash;rende forh&oslash;jelse af selskabets aktiekapital.
        Warrants udstedes i &oslash;vrigt p&aring; de i bilag 6 angivne vilk&aring;r. Bemyndigelsen i pkt. 2.10 er herefter nedsat til nominelt
        DKK 20.123.102. Ved generalforsamlingsbeslutning den 11. januar 2024 er bemyndigelsen forh&oslash;jet til nominelt DKK 47.000.000.</FONT></TD>
    <TD STYLE="text-align: center; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.10.2</FONT></TD>
    <TD STYLE="width: 45%; padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
        to the authorization from the general meeting set out in article 2.10 of the articles of association the board of directors has 6 December
        2023 granted and issued 9,726,898 and resolved to carry out the increase of the company's share capital relating to the warrants. The
        warrants are issued on the terms and conditions set out in appendix 6. The authorization in article 2.10 is hereafter reduced to 20,123,102.
        By resolution of the general meeting on 11 January 2024 the authorization has been increased to nominal DKK 47,000,000.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 20pt; text-align: justify; line-height: 14pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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
        0,707 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.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0in; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
        warrant confers the right to subscribe for one ordinary share of nominal DKK 1.00 in the company at a subscription price of USD 0.707
        converted into DKK using the official exchange rate between DKK and USD on the exercise day, provided, however, minimum DKK 1 per share
        with a nominal value of DKK 1.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 20pt; text-align: justify; line-height: 14pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
        henvisning til selskabslovens regler skal f&oslash;lgende vilk&aring;r v&aelig;re g&aelig;ldende i forbindelse med udstedelse af ovenn&aelig;vnte
        warrants og senere tegning af aktier ved udnyttelse af disse warrants:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0in; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
        reference to the Danish Companies Act, the following terms and conditions shall apply in connection with the issue of the warrants and
        subsequent subscription of shares by exercise of the warrants:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: -20pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8239;&#8239;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 9.726.898.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: -20pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        &#8239;The minimum and the maximum nominal amount of the capital increase(s) that can be subscribed for on the basis of the warrants is
        DKK 1 and DKK 9,726,898, respectively.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: -20pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        Tegningskursen for kapitalforh&oslash;jelsen er fastsat til USD 0,707 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.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: -20pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        The subscription will be made at a subscription price of USD 0.707 per share of nominal DKK 1.00 converted into DKK using the official
        exchange rate between DKK and USD on the exercise day, however, minimum DKK 1 per share with a nominal value of DKK 1.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: -20pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        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="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: -20pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        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="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 20pt; text-align: justify; line-height: 14pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&Oslash;vrige
        vilk&aring;r for de udstedte warrants og den senere tegning af aktier ved udnyttelse af disse warrants fremg&aring;r af vedt&aelig;gternes
        bilag 6.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0in; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additional
        terms and conditions applicable to the granted warrants and subsequent subscription of shares by exercise of the warrants are set forth
        in appendix 6 to the articles of association.</FONT></TD></TR>
  </TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-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">2.10.3</FONT></TD>
    <TD STYLE="width: 45%; padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 20pt; text-align: justify; line-height: 14pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
        I henhold til bemyndigelse fra generalforsamlingen i vedt&aelig;gternes punkt 2.10 har bestyrelsen mod betaling den 1. februar 2024 tildelt
        og udstedt i alt 7.625.000 prefunded warrants, som giver ret til at tegne op til nominelt kr. 23.930.000 aktier, og truffet beslutning
        om den til disse prefunded warrants h&oslash;rende forh&oslash;jelse af selskabets aktiekapital. Prefunded warrants udstedes i &oslash;vrigt
        p&aring; de i bilag 7 angivne vilk&aring;r. Bemyndigelsen i pkt. 2.10 er herefter nedsat til nominelt DKK 39.375.000.</FONT></TD>
    <TD STYLE="text-align: center; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.10.3</FONT></TD>
    <TD STYLE="width: 45%; padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
        to the authorization from the general meeting set out in article 2.10 of the articles of association the board of directors has 1 February
        2024 against payment granted and issued 7,625,000 prefunded warrants which confer the right to subscribe for up to nominal DKK 23,930,000
        shares and resolved to carry out the increase of the company's share capital relating to the prefunded warrants. The prefunded warrants
        are issued on the terms and conditions set out in appendix 7. The authorization in article 2.10 is hereafter reduced to 39,375,000.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 20pt; text-align: justify; line-height: 14pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
        henvisning til selskabslovens regler skal f&oslash;lgende vilk&aring;r v&aelig;re g&aelig;ldende i forbindelse med udstedelse af ovenn&aelig;vnte
        prefunded warrants og senere tegning af aktier ved udnyttelse af disse prefunded warrants:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
        reference to the Danish Companies Act, the following terms and conditions shall apply in connection with the issue of the prefunded warrants
        and subsequent subscription of shares by exercise of the prefunded warrants:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 20pt; text-align: justify; text-indent: -20pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8239;&#8239;Det
        mindste og det h&oslash;jeste bel&oslash;b, hvormed aktiekapitalen skal kunne forh&oslash;jes p&aring; baggrund af de udstedte prefunded
        warrants, udg&oslash;r henholdsvis nominelt DKK 1 og DKK 7.625.000.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: -20pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        &#8239;The minimum and the maximum nominal amount of the capital increase(s) that can be subscribed for on the basis of the prefunded
        warrants is DKK 1 and DKK 7,625,000, respectively.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 20pt; text-align: justify; text-indent: -20pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        &#8239;Tegningskursen for kapitalforh&oslash;jelsen er fastsat til DKK 1 pr. aktie &aacute; nominelt DKK 1.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: -20pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        &#8239;The subscription will be made at a subscription price of DKK 1 per share of nominal DKK 1.00.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 20pt; text-align: justify; text-indent: -20pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        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="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: -20pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        &#8239;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="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 20pt; text-align: justify; line-height: 14pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&Oslash;vrige
        vilk&aring;r for de udstedte prefunded warrants og den senere tegning af aktier ved udnyttelse af disse prefunded warrants fremg&aring;r
        af vedt&aelig;gternes bilag 7.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additional
        terms and conditions applicable to the granted prefunded warrants and subsequent subscription of shares by exercise of the prefunded warrants
        are set forth in appendix 7 to the articles of association</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.10.4</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 20pt; text-align: justify; line-height: 14pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">I
        henhold til bemyndigelse fra generalforsamlingen i vedt&aelig;gternes punkt 2.10 har bestyrelsen den 1. februar 2024 tildelt og udstedt
        i alt 39.375.000 warrants og truffet beslutning om den til disse warrants h&oslash;rende forh&oslash;jelse af selskabets aktiekapital.
        Warrants udstedes i &oslash;vrigt p&aring; de i bilag 8 og 9 angivne vilk&aring;r. Bemyndigelsen i pkt. 2.10 er herefter fuldt udnyttet.</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.10.4</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
        Pursuant to the authorization from the general meeting set out in article 2.10 of the articles of association the board of directors has
        1 February 2024 granted and issued 39,375,000 warrants and resolved to carry out the increase of the company's share capital relating
        to the warrants. The warrants are issued on the terms and conditions set out in appendices 8 and 9. The authorization in article 2.10
        is hereafter fully exhausted.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 20pt; text-align: justify; line-height: 14pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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
        0,40 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.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
        warrant confers the right to subscribe for one ordinary share of nominal DKK 1.00 in the company at a subscription price of USD 0.40 converted
        into DKK using the official exchange rate between DKK and USD on the exercise day, provided, however, minimum DKK 1 per share with a nominal
        value of DKK 1.</FONT></TD></TR>
  </TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%; padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 20pt; text-align: justify; line-height: 14pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
        henvisning til selskabslovens regler skal f&oslash;lgende vilk&aring;r v&aelig;re g&aelig;ldende i forbindelse med udstedelse af ovenn&aelig;vnte
        warrants og senere tegning af aktier ved udnyttelse af disse warrants:</FONT></TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%; padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
        reference to the Danish Companies Act, the following terms and conditions shall apply in connection with the issue of the warrants and
        subsequent subscription of shares by exercise of the warrants:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 20pt; text-align: justify; text-indent: -20pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        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 39.375.000.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: -20pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8239;
        The minimum and the maximum nominal amount of the capital increase(s) that can be subscribed for on the basis of the warrants is DKK 1
        and DKK 39,375,000, respectively.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 20pt; text-align: justify; text-indent: -20pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        &#8239;Tegningskursen for kapitalforh&oslash;jelsen er fastsat til USD 0,40 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.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: -20pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        The subscription will be made at a subscription price of USD 0.40 per share of nominal DKK 1.00 converted into DKK using the official
        exchange rate between DKK and USD on the exercise day, however, minimum DKK 1 per share with a nominal value of DKK 1.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 20pt; text-align: justify; text-indent: -20pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        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="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: -20pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        &#8239;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="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 20pt; text-align: justify; line-height: 14pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&Oslash;vrige
        vilk&aring;r for de udstedte warrants og den senere tegning af aktier ved udnyttelse af disse warrants fremg&aring;r af vedt&aelig;gternes
        bilag 8 og 9.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additional
        terms and conditions applicable to the granted warrants and subsequent subscription of shares by exercise of the warrants are set forth
        in appendices 8 and 9 to the articles of association.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.11</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bestyrelsen
        er i perioden indtil 15. april 2029 bemyndiget til ad &eacute;n eller flere gange at udstede warrants til investorer, l&aring;ngivere,
        konsulenter og/eller r&aring;dgivere i selskabet eller dets datterselskaber, som giver ret til tegning af i alt op til nominelt DKK 99.950.000
        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 markedsprisen eller en fav&oslash;rkurs. Bestyrelsen fastl&aelig;gger vilk&aring;rene
        for udstedte warrants og fordelingen heraf.</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.11</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
        board of directors is until 15 April 2029 authorized at one or more times to issue warrants to investors, lenders, consultants and/or
        advisors in the company or its subsidiaries entitling the holder to subscribe for shares for a total of up to nominal value of DKK 99,950,000
        without pre-emptive subscription rights for the company's shareholders. The exercise price for the warrants issued according to this authorization
        shall at the time of issuance be determined by the board of directors at market price or at a discount price. The board of directors shall
        determine the terms for the warrants issued and the distribution hereof.</FONT></TD></TR>
  </TABLE>

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<P STYLE="font: 9pt/14pt Arial, Helvetica, Sans-Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%; padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 20pt; text-align: justify; line-height: 14pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bestyrelsen
        er samtidig bemyndiget til i perioden indtil 15. april 2029 ad &eacute;n eller flere gange at forh&oslash;je selskabets aktiekapital med
        op til i alt nominelt DKK 99.950.000 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;jelse. Bestyrelsen kan med hjemmel i
        denne bemyndigelse minimum forh&oslash;je aktiekapitalen med nominelt DKK 1.00 og maksimalt med nominelt DKK 99.950.000. 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.</FONT></TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%; padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
        the same time, the board of directors is authorized until 15 April 2029 at one or more times to increase the company's share capital with
        up to nominal value of DKK 99,950,000 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 99,950,000. 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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 20pt; text-align: justify; line-height: 14pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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 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.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
        shares issued based on exercise of warrants shall be non-negotiable instruments issued in the name of the holder and registered in the
        name of the holder in the company's register of shareholders. The shares shall be subject to the same restrictions on transferability
        as the existing shares of the company and no shareholder shall be obliged to have the shares redeemed fully or partly. No partial payment
        is allowed. The shares shall be with the same rights as the existing share capital and shall not belong to a specific share class. The
        shares shall give rights to dividends and other rights in the company from the time of registration of the capital increase with the Danish
        Business Authority.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.11.1</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 20pt; text-align: justify; line-height: 14pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">I
        henhold til bemyndigelse fra generalforsamlingen i vedt&aelig;gternes punkt 2.11 har bestyrelsen den 7. maj 2024 tildelt og udstedt i
        alt 50.000 warrants og truffet beslutning om den til disse warrants h&oslash;rende forh&oslash;jelse af selskabets aktiekapital. Warrants
        udstedes i &oslash;vrigt p&aring; de i bilag 10 angivne vilk&aring;r. Bemyndigelsen i pkt. 2.11 er herefter nedsat til nominelt DKK 99.950.000.</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.11.1</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
        to the authorization from the general meeting set out in article 2.11 of the articles of association the board of directors has on 7 May
        2024 granted and issued 50,000 warrants and resolved to carry out the increase of the company's share capital relating to the warrants.
        The warrants are issued on the terms and conditions set out in appendix 10. The authorization in article 2.11 is hereafter reduced to
        99,950,000.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 20pt; text-align: justify; line-height: 14pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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
        0,391 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.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
        warrant confers the right to subscribe for one ordinary share of nominal DKK 1.00 in the company at a subscription price of USD 0.391
        converted into DKK using the official exchange rate between DKK and USD on the exercise day, provided, however no less than DKK 1 per
        share of nominal DKK 1.</FONT></TD></TR>
  </TABLE>

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<P STYLE="font: 9pt/14pt Arial, Helvetica, Sans-Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%; padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 20pt; text-align: justify; line-height: 14pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
        henvisning til selskabslovens regler skal f&oslash;lgende vilk&aring;r v&aelig;re g&aelig;ldende i forbindelse med udstedelse af ovenn&aelig;vnte
        warrants og senere tegning af aktier ved udnyttelse af disse warrants:</FONT></TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%; padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
        reference to the Danish Companies Act, the following terms and conditions shall apply in connection with the issue of the warrants and
        subsequent subscription of shares by exercise of the warrants:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 20pt; text-align: justify; line-height: 14pt; text-indent: -20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8239;&#8239;&#8239;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 50.000.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 20pt; text-align: justify; text-indent: -20pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        &#8239;The minimum and the maximum nominal amount of the capital increase(s) that can be subscribed for on the basis of the warrants is
        DKK 1 and DKK 50,000, respectively.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 20pt; text-align: justify; line-height: 14pt; text-indent: -20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        &#8239;Tegningskursen for kapitalforh&oslash;jelsen er fastsat til USD 0,391 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.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 20pt; text-align: justify; text-indent: -20pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        The subscription will be made at a subscription price of USD 0.391 per share of nominal DKK 1.00 converted into DKK using the official
        exchange rate between DKK and USD on the exercise day, however no less than DKK 1 per share of nominal DKK 1.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 20pt; text-align: justify; line-height: 14pt; text-indent: -20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        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="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 20pt; text-align: justify; text-indent: -20pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        &#8239;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="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 20pt; text-align: justify; line-height: 14pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9;&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 10.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additional
        terms and conditions applicable to the granted warrants and subsequent subscription of shares by exercise of the warrants are set forth
        in appendix 10 to the articles of association.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>3.</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: bold; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Bemyndigelse
        til bestyrelsen &ndash; aktieudstedelse</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>3.</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: bold; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Authorization
        to the board of directors &ndash; issue of shares</B></FONT></TD></TR>
  </TABLE>

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<P STYLE="font: 9pt/14pt Arial, Helvetica, Sans-Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-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">3.1</FONT></TD>
    <TD STYLE="text-indent: 0pt; width: 45%; padding-right: 5.4pt; padding-left: 0pt">
        <P STYLE="font: 9pt/14pt Arial, Helvetica, Sans-Serif; margin: 0 0 14pt 20pt; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        &#8239;&#8239;&#8239;&#8239;Bestyrelsen er i perioden indtil 1. maj 2027 bemyndiget til ad &eacute;n eller flere gange at forh&oslash;je
        selskabets aktiekapital ved udstedelse af nye aktier med op til nominelt DKK 80.000.000 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&rsquo;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. Ved generalforsamlingsbeslutning den 16. april 2024 er bemyndigelsen forh&oslash;jet til nominelt
        DKK 80.000.000.</FONT></P>
        <P STYLE="font: 9pt/14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 14pt 20pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nominelt
        kr. 16.305.000 aktier er ved bestyrelsesbeslutning den 1. februar 2024 reserveret til udstedelse af aktier i forbindelse med udnyttelsen
        af prefunded warrants.</FONT></P></TD>
    <TD STYLE="text-align: center; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1</FONT></TD>
    <TD STYLE="text-indent: 0pt; width: 45%; padding-right: 5.4pt; padding-left: 0pt">
        <P STYLE="font: 9pt/14pt Arial, Helvetica, Sans-Serif; margin: 0 0 14pt 20pt; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        &#8239;&#8239;&#8239;&#8239;The board of directors is until 1 May 2027 authorized at one or more times to increase the company&rsquo;s
        share capital by up to nominal DKK 80,000,000 without pre-emptive subscription rights for the company&rsquo;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.
        By resolution of the general meeting on 16 April 2024 the authorization has been increased to nominal DKK 80,000,000.</FONT></P>
        <P STYLE="font: 9pt/14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 14pt 20pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nominal
        DKK 16,305,000 shares are by decision of the board of directors on 1 February 2024 reserved for the issuance of shares in connection with
        the exercise of prefunded warrants.</FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.2</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><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 11.000.000 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. Ved generalforsamlingsbeslutning den 11. januar 2024 er bemyndigelsen forh&oslash;jet til nominelt DKK 11.000.000.</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.2</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
        board of directors is until 3 January 2026 authorized at one or more times to increase the company's share capital by the issuance of
        new shares with up to nominal DKK 11,000,000 with pre-emptive subscription rights for the company's shareholders. Capital increases according
        to this authorization shall be carried out by the board of directors by way of cash contributions. The shares may be issued at market
        price or at a discount price as determined by the board of directors. By resolution of the general meeting on 11 January 2024 the authorization
        has been increased to nominal DKK 11,000,000.</FONT></TD></TR>
  </TABLE>

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<P STYLE="font: 9pt/14pt Arial, Helvetica, Sans-Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%; padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%; padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.3</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><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 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.</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.3</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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&rsquo;s shares on a relevant stock exchange in Europe or the USA. The loans shall be paid in cash.
        The terms and conditions for the convertible loan notes shall be determined by the board of directors.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 9pt/14pt Arial, Helvetica, Sans-Serif; margin: 0pt"></P>

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<P STYLE="font: 9pt/14pt Arial, Helvetica, Sans-Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%"><B>4.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></B></TD>
    <TD STYLE="width: 45%; padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: bold; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Generalforsamlinger</B></FONT></TD>
    <TD STYLE="text-align: center; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4.</B></FONT></TD>
    <TD STYLE="width: 45%; padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: bold; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>General
        meetings</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;4.2</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
        Annual General Meetings must be held each year in time for the audited and adopted annual report to be filed with the Danish Business
        Authority and received by the Authority within 5 months after expiry of the financial year.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.3</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ekstraordin&aelig;r
        generalforsamling skal indkaldes senest 2 uger efter, at bestyrelsen, revisor eller kapitalejere, der ejer mindst 5% af selskabskapital,
        har forlangt det.</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.3</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Extraordinary
        General Meetings shall be convened no later than two weeks after the Board of Directors, the Company auditor or shareholders, owning at
        least 5% of the share capital, has demanded the holding of an Extraordinary General Meeting.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.4</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alle
        generalforsamlinger afholdes p&aring; selskabets hjemstedsadresse eller i Stork&oslash;benhavn.</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.4</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
        General Meetings shall be held at the Company's home address or in Greater Copenhagen.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.5</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Generalforsamlingen
        ledes af en af bestyrelsen udpeget dirigent. Over forhandlingerne p&aring; generalforsamlingen f&oslash;res en protokol, der underskrives
        af dirigenten.</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.5</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
        chairman appointed by the board of directors shall preside over the proceedings at the general meeting. Minutes of the proceedings shall
        be signed by the chairman of the meeting.&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.6</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dagsordenen
        for den ordin&aelig;re generalforsamling skal omfatte:</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.6</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
        agenda for the Annual General Meeting shall include:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: -20pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">I.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bestyrelsens
        beretning om selskabets virksomhed i det forl&oslash;bne &aring;r</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: -20pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">I.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
        Board of Director's report on the Company's activities in the past year;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: -20pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">II.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forel&aelig;ggelse
        af &aring;rsrapport til godkendelse</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: -20pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">II.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Presentation
        of the audited annual report for adoption;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: -20pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">III.&nbsp;&nbsp;Beslutning
        om anvendelse af overskud eller d&aelig;kning af tab i henhold til den godkendte &aring;rsrapport.</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: -20pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">III.&nbsp;&nbsp;&nbsp;&nbsp;Resolution
        on allocation of profit or coverage of loss, cf. the adopted annual report;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: -20pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">IV.&nbsp;&nbsp;&nbsp;&nbsp;Valg
        af medlemmer til bestyrelsen.</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: -20pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">IV.&nbsp;&nbsp;&nbsp;&nbsp;Election
        of members to the Board of Directors;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: -20pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">V.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valg
        af revisor</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: -20pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">V.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Election
        of auditor;</FONT></TD></TR>
  </TABLE>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-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">&nbsp;</FONT></TD>
    <TD STYLE="width: 45%; padding-right: 10pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: -20pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">VI.&nbsp;&nbsp;&nbsp;&nbsp;Eventuelle
        forslag fra bestyrelsen og/eller aktion&aelig;rerne.</FONT></TD>
    <TD STYLE="text-align: center; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 45%; padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: -20pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">VI.&nbsp;&nbsp;&nbsp;&nbsp;Any
        motion from the board of directors and/or the shareholders.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: -20pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">VII.&nbsp;&nbsp;&nbsp;Eventuelt.</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: -20pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">VII.&nbsp;&nbsp;Miscellaneous</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.7</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><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: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.7</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shareholder
        motions to be dealt with at the Ordinary General Meeting must be filed with the Company no later than 6 weeks prior to the Ordinary General
        Meeting.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.8</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
        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.</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.8</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><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>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5.</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: bold; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Stemmeret</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5.</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: bold; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Voting
        rights</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><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: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><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><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.2</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><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: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.2</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
        resolutions at the General Meeting are passed by simple majority, unless The Companies Act or the Company's Articles of Association set
        out special rules regarding representation and majority. In case of parity of votes, the election of chairman of the meeting, board of
        directors, auditors and the like shall be decided by ballot.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.3</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.3</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
        A shareholder's right to attend general meetings and to vote at general meetings is determined on the basis of the shares that the shareholder
        owns on the record date. The record date shall be one week before the general meeting is held. The shares which a shareholder owns are
        calculated on the record date on the basis of the recording of ownership in the register of shareholders as well as notifications concerning
        ownership which the company has received with a view to update the register of shareholders.</FONT></TD></TR>
  </TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-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">5.4</FONT></TD>
    <TD STYLE="width: 45%; padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD>
    <TD STYLE="text-align: center; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.4</FONT></TD>
    <TD STYLE="width: 45%; padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
        shareholder who is entitled to attend the general meeting pursuant to clause 5.3 and who wishes to attend the general meeting must request
        an admission card from the company no later than three business days in advance of the general meeting.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.5</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">En
        aktion&aelig;r kan m&oslash;de personligt eller ved fuldmagt. Fuldm&aelig;gtigen skal freml&aelig;gge skriftligt og dateret fuldmagt.</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.5</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
        shareholder may attend the general meeting in person or by proxy. The proxy shall submit a written and dated power of attorney.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.6</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.6</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
        shareholder who is entitled to attend a general meeting pursuant to clause 5.3 may vote by post. Votes by post shall be received by the
        company no later than one business day in advance of the general meeting. Votes by post cannot be revoked.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6.</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: bold; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Bestyrelse</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6.</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: bold; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Board
        of directors</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.1</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.1</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
        Company is managed by a 3-7-member Board of Directors elected by the General meeting. Members of the Board of Directors are elected for
        a term of one year, subject to re-election.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.2</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bestyrelsen
        v&aelig;lger en formand og en n&aelig;stformand.</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.2</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
        Board of Directors elects a chairman and a vice-chairman.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.3</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bestyrelsen
        skal vedtage en forretningsorden om udf&oslash;relsen af sit hverv.</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.3</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
        board of directors shall adopt rules of procedure governing the performance of its duties.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.4</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Referater
        af bestyrelsesm&oslash;der skal underskrives af samtlige tilstedev&aelig;rende bestyrelsesmedlemmer.</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.4</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Minutes
        of board meetings shall be signed by all directors present at the meetings.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.5</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Selskabets
        koncernsprog er engelsk. M&oslash;der i bestyrelsen afholdes p&aring; engelsk.</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.5</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
        Company's corporate language shall be English. Board meetings be conducted in English.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>7.</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: bold; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Direktion</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>7.</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: bold; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Management
        board</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.1</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><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 STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.1</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
        board of directors shall appoint 1-7 Executive Directors to be in charge of the day-to-day operations of the Company.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>8.</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: bold; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Tegningsregel</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>8.</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: bold; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Power
        to bind the Company</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.1</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.1</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
        Company is bound by the joint signatures of the Chief Executive Director and an Executive Director, or by the joint signatures of the
        Chief Executive Director and a Board Member or by the joint signature of all of the Board Members.</FONT></TD></TR>
  </TABLE>

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<P STYLE="font: 9pt/14pt Arial, Helvetica, Sans-Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-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>9.</B></FONT></TD>
    <TD STYLE="width: 45%; padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: bold; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Revision
        og regnskabs&aring;r</B></FONT></TD>
    <TD STYLE="text-align: center; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>9.</B></FONT></TD>
    <TD STYLE="width: 45%; padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: bold; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Audit
        and financial year</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.1</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.1</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
        Company's annual reports are audited by a state-authorized public accountant or a registered accountant, elected by the General Meeting
        for a term of one year, subject to re-election.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.2</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&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.</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.2</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
        annual report is compiled in accordance with sound accounting principles and subject to obligatory and requisite depreciations and provisions.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.3</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.3</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
        financial year of the Company shall be the calendar year. The annual report may be presented in English. The first financial year runs
        from the incorporation date to 31 December 2009.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>10.</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: bold; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Elektronisk
        kommunikation</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>10.</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: bold; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Electronic
        communication</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.1</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Al
        kommunikation fra selskabet til den enkelte kapitalejer skal ske elektronisk ved e-mail, medmindre andet f&oslash;lger af lov.</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.1</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
        communication from the Company to each individual shareholder shall take place by electronic means by e-mail, unless otherwise provided
        for by law.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.2</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Det
        er aktion&aelig;rens ansvar at sikre, at selskabet er i besiddelse af den korrekte e-mailadresse.</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.2</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
        shareholders shall be responsible for ensuring that the Company has the correct e-mail address</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.3</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Al
        kommunikation fra aktion&aelig;rerne til selskabet skal ske elektronisk ved e-mail til e-mailadresse, som oplyst p&aring; selskabets hjemmeside</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.3</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
        communication from the shareholders to the Company shall take place by electronic means by e-mail to the e-mail address as set out on
        the Company&rsquo;s website.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>11.</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: bold; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Bemyndigelse
        til uddeling af ekstraordin&aelig;rt udbytte</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>11.</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: bold; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Authorization
        to distribute extraordinary dividend</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.1</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.1</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>12.</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: bold; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Uoverensstemmelse</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>12.</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: bold; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Discrepancy</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.1</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hvis
        der er uoverensstemmelser mellem den danske version og engelske version af vedt&aelig;gterne, da finder den engelske version anvendelse.</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.1</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
        case of any discrepancy between the Danish and the English version of the articles of association, the latter shall prevail.</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 9pt/14pt Arial, Helvetica, Sans-Serif; margin: 0pt"></P>

<P STYLE="font: 9pt/14pt Arial, Helvetica, Sans-Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 9pt/14pt Arial, Helvetica, Sans-Serif; margin: 0pt"></P>

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<P STYLE="font: 9pt/14pt Arial, Helvetica, Sans-Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 9pt/14pt Arial, Helvetica, Sans-Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-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>13.</B></FONT></TD>
    <TD STYLE="width: 45%; padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: bold; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Elektroniske
        generalforsamlinger</B></FONT></TD>
    <TD STYLE="text-align: center; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>13.</B></FONT></TD>
    <TD STYLE="width: 45%; padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: bold; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Electronic
        general meetings</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.1</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bestyrelsen
        er bemyndiget til at beslutte, at generalforsamlinger afholdes fuldst&aelig;ndig eller delvis elektronisk.</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.1</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
        board of directors shall be authorised to determine that general meetings shall be held electronically whether in whole or in part.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.2</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.2</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
        board of directors shall ensure that electronic general meetings are held in a secure manner and that the system used is so organised
        that legislative requirements for the holding of general meetings are complied with, including in particular shareholders&rsquo; right
        to attend, speak at and vote at the general meeting. The system shall make it possible to establish which shareholders are participating,
        the amount of the share capital and the voting rights they represent as well as the voting results.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.3</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><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="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.3</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Through
        their own links the shareholders are connected to a virtual forum at which the general meeting is held. The board of directors shall determine
        the detailed requirements for the electronic systems used at an electronic general meeting.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.4</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.4</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 20pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
        notice convening the electronic general meeting shall specify the detailed requirements for the electronic equipment to be used in attending
        the general meeting. In addition, it shall specify how to register and where the shareholders can find information about the procedure
        used in connection with the general meeting.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: center; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-
        0 -</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: center; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-
        0 -</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: center; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.
        maj 2024</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: center; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7
        May 2024</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
        numbers in these articles of association have been adjusted to take into account share split from nominal DKK 2 to nominal DKK 1 and issuance
        of bonus shares in the ratio of 17-for-1 as resolved by respectively the general meeting and the board of directors on 4 January 2021.</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 9pt/14pt Arial, Helvetica, Sans-Serif; margin: 0pt"><B>&nbsp;</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 15.9pt"></P>

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<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 15.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 -20pt; text-indent: 15.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&#8239;BILAG
1 TIL VEDT&AElig;GTER</B></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0pt; text-indent: 15.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 -20pt; text-indent: 15.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&#8239;APPENDIX
1 TO ARTICLES OF ASSOCIATION</B></FONT></P>

<P STYLE="font: 10pt/14pt Arial, Helvetica, Sans-Serif; margin: 0 155.85pt 10pt 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B></B></FONT></P>

<P STYLE="margin: 0pt 0 0pt 14.9pt; font-size: 10pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold">WARRANTAFTALE</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: left">WARRANT AGREEMENT</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; width: 10%">Mellem</TD>
    <TD STYLE="font-size: 10pt; width: 40%">Evaxion Biotech ApS</TD>
    <TD STYLE="font-size: 10pt; text-align: left; width: 10%">Between</TD>
    <TD STYLE="font-size: 10pt; text-align: left; width: 40%">Evaxion Biotech ApS</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Ole Maal&oslash;es Vej 3</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">Ole Maal&oslash;es Vej 3</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">2200 K&oslash;benhavn N</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">2200 K&oslash;benhavn N</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">og</TD>
    <TD STYLE="font-size: 10pt">[Navn]</TD>
    <TD STYLE="font-size: 10pt; text-align: left">and</TD>
    <TD STYLE="font-size: 10pt; text-align: left">[Name]</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">[Adresse] </TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">[Address]</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">[Adresse]</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">[Address]</TD></TR>
  </TABLE>

<P STYLE="font: 5pt/14pt Arial, Helvetica, Sans-Serif; margin: 0 155.85pt 0.05pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 9pt/14pt Arial, Helvetica, Sans-Serif; margin: 5pt 155.85pt 0pt 15.9pt"></P>

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

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

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

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

<P STYLE="margin: 0pt 0 0pt 15.9pt; font-size: 10pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD>1</TD>
    <TD>BAGGRUND OG OMFANG&#9;</TD>
    <TD STYLE="text-align: right">4</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 49.6pt"><FONT STYLE="font-size: 10pt">1</FONT></TD>
    <TD>BACKGROUND AND SCOPE&#9;</TD>
    <TD STYLE="text-align: right">4</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">2</FONT></TD>
    <TD>TILDELING AF WARRANTS&#9;</TD>
    <TD STYLE="text-align: right">5</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">2</FONT></TD>
    <TD>GRANT OF WARRANTS&#9;</TD>
    <TD STYLE="text-align: right">5</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">3</FONT></TD>
    <TD>TEGNINGSPRIS&#9;</TD>
    <TD STYLE="text-align: right">5</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">3</FONT></TD>
    <TD>SUBSCRIPTION PRICE&#9;</TD>
    <TD STYLE="text-align: right">5</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">4</FONT></TD>
    <TD>UDNYTTELSE AF WARRANTS&#9;</TD>
    <TD STYLE="text-align: right">6</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">4</FONT></TD>
    <TD>EXERCISE OF WARRANTS&#9;</TD>
    <TD STYLE="text-align: right">6</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">5</FONT></TD>
    <TD>VISSE BETINGELSER I RELATION TIL EXIT&#9;</TD>
    <TD STYLE="text-align: right">9</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">5</FONT></TD>
    <TD>CERTAIN CONDITIONS RELATING TO AN EXIT&#9;</TD>
    <TD STYLE="text-align: right">9</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">6</FONT></TD>
    <TD>OPSIGELSE AF ANS&AElig;TTELSESFORHOLDET&#9;</TD>
    <TD STYLE="text-align: right">12</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">6</FONT></TD>
    <TD>TERMINATION OF EMPLOYMENT&#9;</TD>
    <TD STYLE="text-align: right">12</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">7</FONT></TD>
    <TD>&AElig;NDRING I RETSSTILLING ELLER SELSKABSKAPITAL&#9;</TD>
    <TD STYLE="text-align: right">14</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">7</FONT></TD>
    <TD>CHANGE OF LEGAL STATUS OR SHARE CAPITAL&#9;</TD>
    <TD STYLE="text-align: right">14</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">8</FONT></TD>
    <TD>TEGNING AF KAPITALANDELE&#9;</TD>
    <TD STYLE="text-align: right">17</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">8</FONT></TD>
    <TD>SUBSCRIPTION OF SHARES&#9;</TD>
    <TD STYLE="text-align: right">17</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">9</FONT></TD>
    <TD>SKAT&#9;</TD>
    <TD STYLE="text-align: right">18</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">9</FONT></TD>
    <TD>TAX&#9;</TD>
    <TD STYLE="text-align: right">18</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">10</FONT></TD>
    <TD>EJERAFTALE&#9;</TD>
    <TD STYLE="text-align: right">19</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">10</FONT></TD>
    <TD>SHAREHOLDERS' AGREEMENT&#9;</TD>
    <TD STYLE="text-align: right">19</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">11</FONT></TD>
    <TD>OVERDRAGELSE AF WARRANTS&#9;</TD>
    <TD STYLE="text-align: right">20</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">11</FONT></TD>
    <TD>ASSIGNMENT OF WARRANTS&#9;</TD>
    <TD STYLE="text-align: right">20</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">12</FONT></TD>
    <TD>AFKALD&#9;</TD>
    <TD STYLE="text-align: right">21</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">12</FONT></TD>
    <TD>WAIVER&#9;</TD>
    <TD STYLE="text-align: right">21</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">13</FONT></TD>
    <TD>PANTS&AElig;TNING AF KAPITALANDELE&#9;</TD>
    <TD STYLE="text-align: right">21</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">13</FONT></TD>
    <TD>PLEDGE OF SHARES&#9;</TD>
    <TD STYLE="text-align: right">21</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">14</FONT></TD>
    <TD>FULDMAGT&#9;</TD>
    <TD STYLE="text-align: right">21</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">14</FONT></TD>
    <TD>POWER OF ATTORNEY&#9;</TD>
    <TD STYLE="text-align: right">21</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">15</FONT></TD>
    <TD>TAVSHEDSPLIGT&#9;</TD>
    <TD STYLE="text-align: right">22</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">15</FONT></TD>
    <TD>CONFIDENTIALITY&#9;</TD>
    <TD STYLE="text-align: right">22</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">16</FONT></TD>
    <TD>LOVVALG&#9;</TD>
    <TD STYLE="text-align: right">22</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">16</FONT></TD>
    <TD>GOVERNING LAW&#9;</TD>
    <TD STYLE="text-align: right">22</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">17</FONT></TD>
    <TD>TVISTER&#9;</TD>
    <TD STYLE="text-align: right">22</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">17</FONT></TD>
    <TD>DISPUTES&#9;</TD>
    <TD STYLE="text-align: right">22</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">18</FONT></TD>
    <TD>UNDERSKRIFT, HELE AFTALEN OG &AElig;NDRINGER HERTIL&#9;</TD>
    <TD STYLE="text-align: right">22</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>18</TD>
    <TD>SIGNATURES, ENTIRE AGREEMENT, AND AMENDMENTS&#9;</TD>
    <TD STYLE="text-align: right">22</TD></TR>
  </TABLE>

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

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 51%; font-size: 10pt; padding-left: 0pt">BILAGSFORTEGNELSE</TD>
    <TD STYLE="width: 49%; font-size: 10pt">INDEX OF </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-left: 0pt">EXHIBITS</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="margin: 0pt 155.85pt 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 155.85pt 0pt 0; font-size: 10pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; padding-left: 0pt; width: 51%"><FONT STYLE="font-size: 10pt">Bilag 1.2: Vedt&aelig;gter</FONT></TD>
    <TD STYLE="font-size: 10pt; padding-left: 0pt; width: 49%"><FONT STYLE="font-size: 10pt">Exhibit 1.2: Articles of Association</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 9pt/14pt Arial, Helvetica, Sans-Serif; margin: 34.9pt 155.85pt 10pt 15.9pt"><FONT STYLE="letter-spacing: 0.15pt"></FONT></P>

<P STYLE="font: 10pt/14pt Arial, Helvetica, Sans-Serif; margin: 0 155.85pt 10pt 0">&nbsp;</P>

<P STYLE="font: 7.5pt/14pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 155.85pt 0.05pt 0">&nbsp;</P>

<P STYLE="font: 9pt/14pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-indent: 0pt; font: 11pt/150% Verdana, Helvetica, Sans-Serif; padding-left: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 150%">Der
    er den 31. december 2016 indg&aring;et f&oslash;lgende warrantaftale (&quot;Aftalen&quot;) mellem:</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 11pt/150% Verdana, Helvetica, Sans-Serif; padding-right: 9.85pt; padding-left: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 150%">This
    Warrant Agreement (the &quot;Agreement&quot;) is entered into on December 31, 2016 between:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0pt; text-indent: 0pt"><P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)<FONT STYLE="letter-spacing: -1.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT STYLE="letter-spacing: -1.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                                            </FONT><FONT STYLE="letter-spacing: 0.15pt">&#8239;</FONT></P></TD>
    <TD STYLE="padding-left: 0pt; text-indent: 0pt"><P STYLE="font: 11pt/150% Verdana, Helvetica, Sans-Serif; margin: 0pt 16.15pt 0pt 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">Evaxion
Biotech </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">ApS, </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">CVR-nr:
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">31 </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">76
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">28 </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">63,
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">Ole </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">Maal&oslash;es
Vej </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">3, </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">2200
K&oslash;benhavn </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">N <FONT STYLE="letter-spacing: 0.15pt">(&quot;Selskabet&quot;)</FONT></FONT></P></TD>
    <TD STYLE="padding-left: 0pt; text-indent: 0pt"><P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT>&nbsp;</P></TD>
    <TD STYLE="padding-left: 0pt; text-indent: 0pt"><P STYLE="font: 11pt/150% Verdana, Helvetica, Sans-Serif; margin: 0pt 10pt 0pt 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="letter-spacing: 0.15pt">Evaxion Biotech </FONT><FONT STYLE="letter-spacing: 0.1pt">ApS, </FONT><FONT STYLE="letter-spacing: 0.05pt">CVR
        no: 31</FONT>76 28 63, Ole Maal&oslash;es Vej 3, 2200 K&oslash;benhavn N (the &quot;Company&quot;)</FONT></P>
        <P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0.3pt 0 0; text-align: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#8239;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0pt; text-indent: 0pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt"><B>[Navn,
                                            CPR-nr., adresse] </B></FONT></P>
                                                    <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">(&quot;Warrantindehaveren&quot;)</FONT></P>
                                                    <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">-
                                            Selskabet og Warrantindehaveren samlet ben&aelig;vnt &quot;Parterne&quot; og separat tillige
                                            en &quot;Part&quot;</FONT></P></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)&nbsp;</FONT></TD>
    <TD><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[Name, <FONT STYLE="letter-spacing: 0.1pt"><B>Civil
        </B></FONT><B><FONT STYLE="letter-spacing: 0.15pt">Reg. </FONT><FONT STYLE="letter-spacing: 0.1pt">No. </FONT><FONT STYLE="letter-spacing: 0.15pt">(CPR),
        address]</FONT></B><FONT STYLE="letter-spacing: 0.15pt">&nbsp;</FONT></FONT></P>
        <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">(the
        </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">&quot;Warrantee&quot;)</FONT></P>
        <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">-
        </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">the Company </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">and
        </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">the </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">Warrantee
        hereinafter collectively referred </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">to
        as </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">the &quot;Parties&quot;
        </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">and </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">separately
        as a &quot;Party&quot;</FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-left: 0pt; text-indent: 0pt"><P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EFTERSOM</FONT></P></TD>
    <TD COLSPAN="2"><P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS</FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0pt; width: 7%; text-indent: 0pt"><P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
                                                               <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P></TD>
    <TD STYLE="padding-left: 0pt; text-align: left; width: 43%; vertical-align: bottom; text-indent: 0pt"><P STYLE="font: 11pt/150% Verdana, Helvetica, Sans-Serif; margin: 0pt 16.1pt 0pt 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">Warrantindehaveren
                                            </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">er
                                            ansat </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">af
                                            </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">Selska</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.25pt">bet</FONT></P></TD>
    <TD STYLE="width: 7%"><P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 11pt/150% Verdana, Helvetica, Sans-Serif; margin: 0pt 10pt 0pt 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -1.15pt">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">&#8239;</FONT></P></TD>
    <TD STYLE="text-align: left; width: 43%; vertical-align: bottom"><P STYLE="font: 11pt/150% Verdana, Helvetica, Sans-Serif; margin: 0pt 10pt 0pt 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">The
                                            Warrantee </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">is
                                            </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">employed
                                            </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">by
                                            the </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">Company</FONT></P>
        <P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0.4pt 0 0"></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0pt; padding-left: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.9pt">(B)</FONT></TD>
    <TD STYLE="padding-left: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">Selskabet
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">&oslash;nsker </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">at
    <FONT STYLE="letter-spacing: 0.15pt">motivere Warrantindehaveren </FONT><FONT STYLE="letter-spacing: 0.05pt">ved </FONT>at <FONT STYLE="letter-spacing: 0.15pt">tildele
    </FONT><FONT STYLE="letter-spacing: 0.05pt">et </FONT><FONT STYLE="letter-spacing: 0.1pt">vist antal </FONT><FONT STYLE="letter-spacing: 0.15pt">warrants
    </FONT><FONT STYLE="letter-spacing: 0.1pt">til </FONT><FONT STYLE="letter-spacing: 0.15pt">Warrantindehaveren.</FONT></FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(B)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">The Company wishes </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">to
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">incentivise </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">the
    Warrantee by granting certain </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">warrants
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">to </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">the
    Warrantee.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-left: 0pt; text-indent: 0pt"><P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">HAR
        PARTERNE VEDTAGET F&Oslash;LGENDE:</FONT></P></TD>
    <TD COLSPAN="2" STYLE="font: 11pt/16pt Verdana, Helvetica, Sans-Serif; vertical-align: bottom; padding-top: 5.9pt; padding-right: 12.4pt; padding-left: 0pt; text-align: left"><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/14pt Times New Roman, Times, Serif; margin: 0 155.85pt 10pt 0"></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; text-indent: 0pt; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1&#9;</B></FONT></TD>
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; text-indent: 0pt; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt"><B>Baggrund </B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">og
</FONT></B><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">omfang</FONT></B></TD>
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; text-indent: 0pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1&#9;</B></FONT></TD>
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; text-indent: 0pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt"><B>Background </B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">and
Scope</FONT></B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1&#9;</FONT></TD>
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 <FONT STYLE="letter-spacing: 0.1pt">bedst mulige </FONT><FONT STYLE="letter-spacing: 0.15pt">v&aelig;rdiudvikling </FONT>i
<FONT STYLE="letter-spacing: 0.15pt">Selskabet.</FONT></FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 9.9pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">The
    purpose of </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">this </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">Agreement
    is&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">to </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">grant
    the Warrantee </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">warrants </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">in
    the </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">Company </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">in
    order </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">to </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">ensure
    that </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">the </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">Company
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">and </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">the
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">Warrantee&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">have
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">aligned interests </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">and
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">that </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">both
    Parties </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.2&#9;</FONT></TD>
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Selskabets vedt&aelig;gter er vedlagt denne Aftale som <U>bilag
</U>1.2. Warrantindehaveren accepterer hermed alle fremtidige &aelig;ndringer i Selskabets vedt&aelig;gter.</FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 9.9pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">The
    Company's </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">articles </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">of
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">association </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">are
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">attached </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">hereto
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">as </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt"><U>Exhibit
    </U>1.2. The Warrantee </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">hereby
    accepts </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">all </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">future
    changes </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">to </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">the
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">Company's articles </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">of
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">association.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; text-indent: 0pt; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2&#9;</B></FONT></TD>
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; text-indent: 0pt; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt"><B>Tildeling </B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">af
<FONT STYLE="letter-spacing: 0.1pt">warrants</FONT></FONT></B></TD>
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2&#9;</B></FONT></TD>
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt"><B>Grant </B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">of
</FONT></B><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">Warrants</FONT></B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.1&#9;I </FONT></TD>
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">henhold til betingelserne i denne Aftale udsteder Selskabet
hermed, og Warrantindehaveren modtager [&#9679;] warrants i Selskabet til Warrantindehaveren (&quot;Warrants&quot;).</FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 9.9pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">Subject
    to the </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">terms </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">and
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">conditions </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">set
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">out in </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">this
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">Agreement, the </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">Company
    hereby issues </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">and </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">the
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrantee <FONT STYLE="letter-spacing: 0.1pt">re</FONT><FONT STYLE="letter-spacing: 0.15pt">ceives
    </FONT><FONT STYLE="letter-spacing: 0.1pt">[&#9679;] warrants in the </FONT><FONT STYLE="letter-spacing: 0.15pt">Company </FONT><FONT STYLE="letter-spacing: 0.05pt">to
    </FONT><FONT STYLE="letter-spacing: 0.1pt">the Warrantee (the</FONT> <FONT STYLE="letter-spacing: 0.15pt">&quot;Warrants&quot;).</FONT></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">2.2&#9;</FONT></TD>
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">Hver Warrant giver </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">Warrantindehaveren
ret, </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">men ikke </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">pligt,
til </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">at <FONT STYLE="letter-spacing: 0.1pt">tegne &eacute;n
</FONT><FONT STYLE="letter-spacing: 0.15pt">kapitalandel </FONT>&agrave; <FONT STYLE="letter-spacing: 0.15pt">nominelt </FONT><FONT STYLE="letter-spacing: 0.05pt">kr.
</FONT>1 i <FONT STYLE="letter-spacing: 0.15pt">Selskabet.</FONT></FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 9.9pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">Each
    Warrant shall provide the Warrantee </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">with
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a <FONT STYLE="letter-spacing: 0.15pt">right, </FONT><FONT STYLE="letter-spacing: 0.05pt">but
    </FONT><FONT STYLE="letter-spacing: 0.1pt">not </FONT><FONT STYLE="letter-spacing: 0.05pt">an </FONT><FONT STYLE="letter-spacing: 0.15pt">obligation,
    </FONT><FONT STYLE="letter-spacing: 0.05pt">to </FONT><FONT STYLE="letter-spacing: 0.15pt">subscribe </FONT><FONT STYLE="letter-spacing: 0.05pt">for
    </FONT><FONT STYLE="letter-spacing: 0.1pt">one share </FONT><FONT STYLE="letter-spacing: 0.15pt">with </FONT>a <FONT STYLE="letter-spacing: 0.1pt">nominal
    </FONT><FONT STYLE="letter-spacing: 0.15pt">value </FONT><FONT STYLE="letter-spacing: 0.05pt">of </FONT><FONT STYLE="letter-spacing: 0.1pt">DKK
    </FONT>1 <FONT STYLE="letter-spacing: 0.1pt">in </FONT><FONT STYLE="letter-spacing: 0.15pt">the Company.</FONT></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; text-indent: 0pt; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">2.3&#9;</FONT></TD>
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; text-indent: 0pt; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">Warrants </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">tildeles
vederlagsfrit.</FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 9.9pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Warrants are granted free of charge.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.4&#9;</FONT></TD>
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt"><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;lde af en kapitalforh&oslash;jelse i Selskabet.</FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 9.9pt; padding-bottom: 14pt; padding-left: 0pt; 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-emption rights in the event of a capital
    increase of the Company.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">2.5&#9;</FONT></TD>
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">Selskabet </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">er
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">forpligtet </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">til
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">at <FONT STYLE="letter-spacing: 0.1pt">f&oslash;re en
for</FONT><FONT STYLE="letter-spacing: 0.15pt">tegnelse </FONT><FONT STYLE="letter-spacing: 0.1pt">over </FONT><FONT STYLE="letter-spacing: 0.15pt">udstedte
Warrants, </FONT><FONT STYLE="letter-spacing: 0.05pt">som </FONT><FONT STYLE="letter-spacing: 0.1pt">skal </FONT><FONT STYLE="letter-spacing: 0.15pt">opbevares
</FONT><FONT STYLE="letter-spacing: 0.1pt">sammen </FONT><FONT STYLE="letter-spacing: 0.05pt">med </FONT><FONT STYLE="letter-spacing: 0.15pt">Selskabets
ejerbog.</FONT></FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 9.9pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">The
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">Company undertakes </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">to
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">keep </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">and
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">maintain </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    register <FONT STYLE="letter-spacing: 0.1pt">of issued </FONT><FONT STYLE="letter-spacing: 0.15pt">Warrants </FONT><FONT STYLE="letter-spacing: 0.05pt">to
    be </FONT><FONT STYLE="letter-spacing: 0.1pt">kept in </FONT><FONT STYLE="letter-spacing: 0.15pt">connection with the </FONT><FONT STYLE="letter-spacing: 0.1pt">Company's
    share</FONT> <FONT STYLE="letter-spacing: 0.15pt">register.</FONT></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; text-indent: 0pt; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3&#9;</B></FONT></TD>
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; text-indent: 0pt; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt"><B>Tegningspris</B></FONT></TD>
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3&#9;</B></FONT></TD>
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt"><B>Subscription </B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">Price</FONT></B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">3.1&#9;</FONT></TD>
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">Hver Warrant giver </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">Warrantindehaveren
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">ret til </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">at
<FONT STYLE="letter-spacing: 0.15pt">tegne </FONT><FONT STYLE="letter-spacing: 0.1pt">&eacute;n </FONT><FONT STYLE="letter-spacing: 0.15pt">kapitalandel
</FONT>&agrave; <FONT STYLE="letter-spacing: 0.1pt">nomi</FONT>nelt kr. 1 i Selskabet til en pris af kr. 1 (&quot;Tegningsprisen&quot;).</FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 9.9pt; padding-bottom: 14pt; padding-left: 0pt; 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 <FONT STYLE="letter-spacing: 0.15pt">nominal </FONT><FONT STYLE="letter-spacing: 0.1pt">value
    of DKK </FONT>1 <FONT STYLE="letter-spacing: 0.1pt">in the Company </FONT><FONT STYLE="letter-spacing: 0.05pt">at </FONT>a <FONT STYLE="letter-spacing: 0.1pt">price
    of DKK </FONT>1 <FONT STYLE="letter-spacing: 0.1pt">(the </FONT><FONT STYLE="letter-spacing: 0.15pt">&quot;Subscription Price&quot;).</FONT></FONT></TD></TR>
  </TABLE>



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    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; text-indent: 0pt; width: 5%; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4</B></FONT></TD>
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; text-indent: 0pt; width: 45%; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt"><B>Udnyttelse
    </B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">af </FONT></B><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">Warrants</FONT></B></TD>
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; width: 5%; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4&#9;</B></FONT></TD>
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; width: 45%; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt"><B>Exercise
    </B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">of <FONT STYLE="letter-spacing: 0.1pt">Warrants</FONT></FONT></B></TD></TR>
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    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">4.1&#9;</FONT></TD>
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">Warrantindehaveren </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">kan
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">udnytte </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">alle
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">el</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">ler
en del </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">af </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">Warrants
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">(i) </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">i
<FONT STYLE="letter-spacing: 0.15pt">forbindelse </FONT><FONT STYLE="letter-spacing: 0.1pt">med en Exit </FONT><FONT STYLE="letter-spacing: 0.05pt">(se
</FONT><FONT STYLE="letter-spacing: 0.1pt">punkt&nbsp;&nbsp;</FONT><FONT STYLE="letter-spacing: 0.15pt">4.2) eller </FONT><FONT STYLE="letter-spacing: 0.1pt">(ii)
p&aring;</FONT> <FONT STYLE="letter-spacing: 0.05pt">et </FONT><FONT STYLE="letter-spacing: 0.15pt">tidspunkt, </FONT><FONT STYLE="letter-spacing: 0.1pt">der
</FONT><FONT STYLE="letter-spacing: 0.15pt">fasts&aelig;ttes </FONT>af <FONT STYLE="letter-spacing: 0.15pt">Bestyrel</FONT><FONT STYLE="letter-spacing: 0.1pt">sen
</FONT><FONT STYLE="letter-spacing: 0.05pt">(et</FONT> <FONT STYLE="letter-spacing: 0.25pt">&quot;Vindue&quot;)</FONT></FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 9.9pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">The
    Warrantee </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">may </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">exercise
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">all </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">or
    part of the Warrants (i) in </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">connection
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">with </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
    <FONT STYLE="letter-spacing: 0.1pt">Exit (see Clause </FONT><FONT STYLE="letter-spacing: 0.15pt">4.2) </FONT><FONT STYLE="letter-spacing: 0.1pt">or
    </FONT><FONT STYLE="letter-spacing: 0.15pt">(ii) </FONT>at <FONT STYLE="letter-spacing: 0.05pt">any </FONT><FONT STYLE="letter-spacing: 0.1pt">time
    </FONT><FONT STYLE="letter-spacing: 0.15pt">determined </FONT><FONT STYLE="letter-spacing: 0.1pt">by the Board </FONT><FONT STYLE="letter-spacing: 0.05pt">(a
    </FONT><FONT STYLE="letter-spacing: 0.15pt">&quot;Window&quot;).</FONT></FONT></TD></TR>
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    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2&#9;</FONT></TD>
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt"><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 <FONT STYLE="letter-spacing: 0.05pt">50 </FONT>% <FONT STYLE="letter-spacing: 0.05pt">af </FONT><FONT STYLE="letter-spacing: 0.15pt">stemmerne
</FONT>i <FONT STYLE="letter-spacing: 0.15pt">Selskabet; </FONT><FONT STYLE="letter-spacing: 0.1pt">(b) en </FONT><FONT STYLE="letter-spacing: 0.15pt">b&oslash;rsnotering
</FONT><FONT STYLE="letter-spacing: 0.05pt">af </FONT><FONT STYLE="letter-spacing: 0.15pt">Selskabets aktier; </FONT><FONT STYLE="letter-spacing: 0.05pt">(c)
</FONT><FONT STYLE="letter-spacing: 0.1pt">salg </FONT><FONT STYLE="letter-spacing: 0.15pt">eller overdragelse </FONT><FONT STYLE="letter-spacing: 0.05pt">af
</FONT><FONT STYLE="letter-spacing: 0.15pt">samtlige eller </FONT><FONT STYLE="letter-spacing: 0.1pt">en v&aelig;sentlig del </FONT><FONT STYLE="letter-spacing: 0.05pt">af
</FONT><FONT STYLE="letter-spacing: 0.15pt">Selskabet </FONT><FONT STYLE="letter-spacing: 0.1pt">aktiver; </FONT>(d) en fusion med Selskabet
som det oph&oslash;rende selskab; eller (e) en kombination af (a) - (d).</FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 9.9pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">An
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">&quot;Exit&quot; </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">shall
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">mean </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">(a)
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a <FONT STYLE="letter-spacing: 0.1pt">change of
    control in </FONT><FONT STYLE="letter-spacing: 0.15pt">the </FONT><FONT STYLE="letter-spacing: 0.1pt">Company whereby any </FONT><FONT STYLE="letter-spacing: 0.15pt">independent
    </FONT><FONT STYLE="letter-spacing: 0.1pt">third </FONT><FONT STYLE="letter-spacing: 0.15pt">party acquires </FONT><FONT STYLE="letter-spacing: 0.1pt">50%
    </FONT><FONT STYLE="letter-spacing: 0.05pt">or&nbsp;&nbsp;</FONT><FONT STYLE="letter-spacing: 0.1pt">more of the share capital in
    the </FONT><FONT STYLE="letter-spacing: 0.15pt">Company </FONT><FONT STYLE="letter-spacing: 0.1pt">or comes </FONT><FONT STYLE="letter-spacing: 0.05pt">to&nbsp;&nbsp;</FONT><FONT STYLE="letter-spacing: 0.1pt">control
    more than 50% of the votes in the Company; </FONT><FONT STYLE="letter-spacing: 0.05pt">(b) an </FONT><FONT STYLE="letter-spacing: 0.15pt">initial
    public </FONT><FONT STYLE="letter-spacing: 0.1pt">offering </FONT><FONT STYLE="letter-spacing: 0.05pt">of </FONT><FONT STYLE="letter-spacing: 0.1pt">the
    </FONT><FONT STYLE="letter-spacing: 0.15pt">Company's </FONT><FONT STYLE="letter-spacing: 0.1pt">shares </FONT><FONT STYLE="letter-spacing: 0.15pt">(&quot;IPO&quot;);
    </FONT><FONT STYLE="letter-spacing: 0.05pt">(c) </FONT><FONT STYLE="letter-spacing: 0.1pt">the sale or </FONT><FONT STYLE="letter-spacing: 0.15pt">disposition
    </FONT><FONT STYLE="letter-spacing: 0.05pt">of all&nbsp;&nbsp;</FONT><FONT STYLE="letter-spacing: 0.1pt">or </FONT>a <FONT STYLE="letter-spacing: 0.15pt">material
    </FONT><FONT STYLE="letter-spacing: 0.1pt">part of the </FONT><FONT STYLE="letter-spacing: 0.15pt">Company's </FONT><FONT STYLE="letter-spacing: 0.05pt">as</FONT><FONT STYLE="letter-spacing: 0.15pt">sets;
    </FONT><FONT STYLE="letter-spacing: 0.1pt">(d) </FONT>a <FONT STYLE="letter-spacing: 0.1pt">merger whereby </FONT><FONT STYLE="letter-spacing: 0.25pt">the
    </FONT><FONT STYLE="letter-spacing: 0.15pt">Company </FONT><FONT STYLE="letter-spacing: 0.1pt">is the </FONT><FONT STYLE="letter-spacing: 0.15pt">discontinuing
    entity; </FONT><FONT STYLE="letter-spacing: 0.1pt">or (e) </FONT>a combination <FONT STYLE="letter-spacing: 0.1pt">of </FONT><FONT STYLE="letter-spacing: 0.05pt">(a)
    </FONT>- <FONT STYLE="letter-spacing: 0.1pt">(d) above.</FONT></FONT></TD></TR>
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    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">4.3</FONT></TD>
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">I <FONT STYLE="letter-spacing: 0.15pt">tilf&aelig;lde </FONT><FONT STYLE="letter-spacing: 0.05pt">af </FONT><FONT STYLE="letter-spacing: 0.1pt">en
    Exit </FONT><FONT STYLE="letter-spacing: 0.05pt">skal </FONT><FONT STYLE="letter-spacing: 0.15pt">Selskabet </FONT><FONT STYLE="letter-spacing: 0.1pt">ud</FONT><FONT STYLE="letter-spacing: 0.15pt">stede </FONT><FONT STYLE="letter-spacing: 0.1pt">en </FONT><FONT STYLE="letter-spacing: 0.15pt">skriftlig
    meddelelse </FONT><FONT STYLE="letter-spacing: 0.1pt">herom </FONT><FONT STYLE="letter-spacing: 0.15pt">(&quot;Meddelelse </FONT><FONT STYLE="letter-spacing: 0.05pt">om </FONT><FONT STYLE="letter-spacing: 0.15pt">Exit&quot;) </FONT><FONT STYLE="letter-spacing: 0.1pt">til </FONT><FONT STYLE="letter-spacing: 0.15pt">Warrantindehaveren.
    Meddelelsen </FONT><FONT STYLE="letter-spacing: 0.05pt">om </FONT><FONT STYLE="letter-spacing: 0.1pt">Exit </FONT><FONT STYLE="letter-spacing: 0.05pt">skal </FONT><FONT STYLE="letter-spacing: 0.15pt">indeholde </FONT><FONT STYLE="letter-spacing: 0.1pt">relevante </FONT><FONT STYLE="letter-spacing: 0.15pt">oplysninger </FONT><FONT STYLE="letter-spacing: 0.1pt">om
    frem</FONT><FONT STYLE="letter-spacing: 0.15pt">gangsm&aring;den, bilagt </FONT><FONT STYLE="letter-spacing: 0.1pt">en formular </FONT><FONT STYLE="letter-spacing: 0.15pt">til </FONT><FONT STYLE="letter-spacing: 0.1pt">med</FONT><FONT STYLE="letter-spacing: 0.15pt">delelse </FONT><FONT STYLE="letter-spacing: 0.1pt">om
    udnyttelse </FONT><FONT STYLE="letter-spacing: 0.15pt">(&quot;Udnyttelsesmeddelelsen&quot;) </FONT><FONT STYLE="letter-spacing: 0.05pt">samt </FONT><FONT STYLE="letter-spacing: 0.15pt">eventuelt </FONT><FONT STYLE="letter-spacing: 0.1pt">en </FONT><FONT STYLE="letter-spacing: 0.15pt">yderli</FONT><FONT STYLE="letter-spacing: 0.1pt">gere </FONT><FONT STYLE="letter-spacing: 0.15pt">forpligtelseserkl&aelig;ring, </FONT><FONT STYLE="letter-spacing: 0.05pt">som </FONT><FONT STYLE="letter-spacing: 0.15pt">Selska</FONT><FONT STYLE="letter-spacing: 0.1pt">bet
    efter </FONT><FONT STYLE="letter-spacing: 0.15pt">eget </FONT><FONT STYLE="letter-spacing: 0.1pt">sk&oslash;n
    m&aring;tte</FONT><FONT STYLE="letter-spacing: 0.15pt">forlange (f.eks. tiltr&aelig;delsesdokument </FONT><FONT STYLE="letter-spacing: 0.1pt">til
    en aftale </FONT><FONT STYLE="letter-spacing: 0.05pt">om k&oslash;b </FONT><FONT STYLE="letter-spacing: 0.1pt">og salg </FONT><FONT STYLE="letter-spacing: 0.15pt">af
    anparter eller lignende </FONT>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 COLSPAN="2" STYLE="text-indent: 0pt; font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 9.9pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">In
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">the </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">event
    of </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">an </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">Exit,
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">the Company </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">shall
    issue </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a <FONT STYLE="letter-spacing: 0.15pt">written
    notice </FONT><FONT STYLE="letter-spacing: 0.1pt">of Exit (&quot;Exit </FONT><FONT STYLE="letter-spacing: 0.15pt">Notice&quot;) </FONT><FONT STYLE="letter-spacing: 0.05pt">to
    </FONT><FONT STYLE="letter-spacing: 0.1pt">the </FONT><FONT STYLE="letter-spacing: 0.15pt">Warrantee. </FONT><FONT STYLE="letter-spacing: 0.1pt">The
    Exit Notice shall </FONT><FONT STYLE="letter-spacing: 0.15pt">include </FONT><FONT STYLE="letter-spacing: 0.1pt">relevant </FONT><FONT STYLE="letter-spacing: 0.15pt">information
    </FONT><FONT STYLE="letter-spacing: 0.1pt">on the </FONT><FONT STYLE="letter-spacing: 0.15pt">process </FONT><FONT STYLE="letter-spacing: 0.1pt">and
    </FONT><FONT STYLE="letter-spacing: 0.05pt">be </FONT><FONT STYLE="letter-spacing: 0.1pt">accompanied </FONT><FONT STYLE="letter-spacing: 0.05pt">by
    </FONT>a <FONT STYLE="letter-spacing: 0.15pt">form </FONT><FONT STYLE="letter-spacing: 0.1pt">of </FONT>exercise <FONT STYLE="letter-spacing: 0.1pt">notice
    (the </FONT><FONT STYLE="letter-spacing: 0.15pt">&quot;Exercise Notice&quot;) together </FONT><FONT STYLE="letter-spacing: 0.1pt">with
    any </FONT><FONT STYLE="letter-spacing: 0.15pt">supplementary undertakings </FONT><FONT STYLE="letter-spacing: 0.05pt">as </FONT>may
    <FONT STYLE="letter-spacing: 0.05pt">be </FONT><FONT STYLE="letter-spacing: 0.1pt">required </FONT><FONT STYLE="letter-spacing: 0.25pt">by
    </FONT><FONT STYLE="letter-spacing: 0.1pt">the </FONT><FONT STYLE="letter-spacing: 0.15pt">Company </FONT>at <FONT STYLE="letter-spacing: 0.15pt">its
    discretion </FONT><FONT STYLE="letter-spacing: 0.1pt">(for instance adherence </FONT><FONT STYLE="letter-spacing: 0.15pt">documentation
    </FONT><FONT STYLE="letter-spacing: 0.05pt">to </FONT>a <FONT STYLE="letter-spacing: 0.1pt">share </FONT><FONT STYLE="letter-spacing: 0.05pt">sale
    and </FONT><FONT STYLE="letter-spacing: 0.1pt">purchase </FONT><FONT STYLE="letter-spacing: 0.15pt">agreement </FONT><FONT STYLE="letter-spacing: 0.05pt">or
    </FONT><FONT STYLE="letter-spacing: 0.15pt">similar undertakings </FONT><FONT STYLE="letter-spacing: 0.05pt">to </FONT><FONT STYLE="letter-spacing: 0.15pt">transfer
    </FONT><FONT STYLE="letter-spacing: 0.1pt">the shares </FONT><FONT STYLE="letter-spacing: 0.15pt">subscribed&nbsp;&nbsp;</FONT><FONT STYLE="letter-spacing: 0.05pt">for&nbsp;&nbsp;</FONT><FONT STYLE="letter-spacing: 0.1pt">by
    </FONT><FONT STYLE="letter-spacing: 0.15pt">exercise </FONT><FONT STYLE="letter-spacing: 0.1pt">of the Warrants) to be signed by
    the Warrantee (the &quot;Supplementary Undertakings&quot;).</FONT></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">4.4</FONT></TD>
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">Meddelelse
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">om </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">udnyttelse
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">af </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">Warrants
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">finder </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">sted,
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">ved </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">at
<FONT STYLE="letter-spacing: 0.15pt">Warrantindehaveren fremsender &quot;Udnyttelsesmeddelelsen&quot; </FONT><FONT STYLE="letter-spacing: 0.1pt">til
</FONT><FONT STYLE="letter-spacing: 0.15pt">Selskabet </FONT><FONT STYLE="letter-spacing: 0.05pt">med </FONT><FONT STYLE="letter-spacing: 0.15pt">oplysning
</FONT><FONT STYLE="letter-spacing: 0.05pt">om </FONT><FONT STYLE="letter-spacing: 0.1pt">det &oslash;nskede antal </FONT><FONT STYLE="letter-spacing: 0.15pt">kapitalandele
</FONT><FONT STYLE="letter-spacing: 0.1pt">samt en </FONT><FONT STYLE="letter-spacing: 0.15pt">eventuel Yderligere Forpligtelseserkl&aelig;ring.
</FONT><FONT STYLE="letter-spacing: 0.1pt">Samti</FONT><FONT STYLE="letter-spacing: 0.15pt">dig </FONT><FONT STYLE="letter-spacing: 0.05pt">med
</FONT><FONT STYLE="letter-spacing: 0.15pt">fremsendelsen </FONT><FONT STYLE="letter-spacing: 0.05pt">af </FONT><FONT STYLE="letter-spacing: 0.15pt">Udnyttelsesmeddelelsen
</FONT><FONT STYLE="letter-spacing: 0.1pt">og </FONT><FONT STYLE="letter-spacing: 0.15pt">eventuelt Yderligere Forpligtelseserkl&aelig;ring
</FONT><FONT STYLE="letter-spacing: 0.1pt">skal </FONT><FONT STYLE="letter-spacing: 0.15pt">Warrantindehaveren betale </FONT><FONT STYLE="letter-spacing: 0.05pt">et
</FONT><FONT STYLE="letter-spacing: 0.1pt">kontant </FONT><FONT STYLE="letter-spacing: 0.15pt">bel&oslash;b </FONT><FONT STYLE="letter-spacing: 0.1pt">til
Selskabet </FONT><FONT STYLE="letter-spacing: 0.15pt">svarende til </FONT><FONT STYLE="letter-spacing: 0.1pt">det </FONT><FONT STYLE="letter-spacing: 0.15pt">relevante
</FONT><FONT STYLE="letter-spacing: 0.1pt">teg</FONT><FONT STYLE="letter-spacing: 0.15pt">ningsbel&oslash;b.</FONT></FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 9.9pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">Notification
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">of exercise of the Warrants
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">takes place </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">by
    the </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">Warrantee's </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">submis</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">sion
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">to </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">the
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">Company </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">of
    the Exercise Notice stating the number of shares requested </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">together
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">with any </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">Supplementary
    Undertakings. </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">At <FONT STYLE="letter-spacing: 0.1pt">the
    </FONT><FONT STYLE="letter-spacing: 0.05pt">same </FONT><FONT STYLE="letter-spacing: 0.1pt">time of </FONT><FONT STYLE="letter-spacing: 0.15pt">submitting
    </FONT><FONT STYLE="letter-spacing: 0.1pt">the Exercise Notice </FONT><FONT STYLE="letter-spacing: 0.05pt">and </FONT><FONT STYLE="letter-spacing: 0.1pt">any
    </FONT><FONT STYLE="letter-spacing: 0.15pt">Supplementary Undertakings, </FONT><FONT STYLE="letter-spacing: 0.1pt">the Warrantee
    shall pay in </FONT>cash <FONT STYLE="letter-spacing: 0.05pt">to </FONT><FONT STYLE="letter-spacing: 0.15pt">the </FONT><FONT STYLE="letter-spacing: 0.1pt">Company
    </FONT><FONT STYLE="letter-spacing: 0.05pt">an </FONT><FONT STYLE="letter-spacing: 0.1pt">amount equal </FONT><FONT STYLE="letter-spacing: 0.05pt">to
    </FONT><FONT STYLE="letter-spacing: 0.1pt">the relevant sub</FONT><FONT STYLE="letter-spacing: 0.15pt">scription</FONT> <FONT STYLE="letter-spacing: 0.1pt">amount.</FONT></FONT></TD></TR>
  </TABLE>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; width: 5%; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">4.5&#9;</FONT></TD>
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; width: 45%; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">Medmindre Selskabet bestemmer </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">andet,
vil </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">samtlige </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">Warrants
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">automatisk bortfalde </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">uden
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">yderligere varsel </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">og
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">uden </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">kompensation,
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">hvis en </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">Udnyttelsesmeddelelse
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">og </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">en
eventuel </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">Yderligere </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">For</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">pligtelseserkl&aelig;ring
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">samt </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">betaling
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">af <FONT STYLE="letter-spacing: 0.1pt">det </FONT><FONT STYLE="letter-spacing: 0.15pt">relevante
tegningsbel&oslash;b </FONT><FONT STYLE="letter-spacing: 0.1pt">ikke </FONT><FONT STYLE="letter-spacing: 0.05pt">er </FONT><FONT STYLE="letter-spacing: 0.1pt">fremsendt
senest </FONT><FONT STYLE="letter-spacing: 0.05pt">to </FONT><FONT STYLE="letter-spacing: 0.1pt">uger </FONT><FONT STYLE="letter-spacing: 0.15pt">efter
datoen </FONT><FONT STYLE="letter-spacing: 0.05pt">for </FONT><FONT STYLE="letter-spacing: 0.15pt">Meddelelsen </FONT><FONT STYLE="letter-spacing: 0.05pt">om
</FONT><FONT STYLE="letter-spacing: 0.1pt">Exit.</FONT></FONT></TD>
    <TD STYLE="text-indent: 0pt; width: 50%; padding-right: 9.9pt; padding-bottom: 14pt; padding-left: 0pt; font: 11pt/14pt Verdana, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">Unlesss
    otherwise decided </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">by </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">the
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">Company, if </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">an
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">Exercise Notice </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">and
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">any Sup</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">plementary
    Undertakings together </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">with
    payment </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">of </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">the
    relevant </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">subscription </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">amount
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">is not </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">submitted
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">no <FONT STYLE="letter-spacing: 0.15pt">later </FONT><FONT STYLE="letter-spacing: 0.1pt">than
    two (2) weeks from the date </FONT><FONT STYLE="letter-spacing: 0.05pt">of </FONT><FONT STYLE="letter-spacing: 0.1pt">the Exit </FONT><FONT STYLE="letter-spacing: 0.15pt">Notice,
    </FONT><FONT STYLE="letter-spacing: 0.05pt">all </FONT><FONT STYLE="letter-spacing: 0.1pt">Warrants shall </FONT><FONT STYLE="letter-spacing: 0.15pt">automatically
    </FONT><FONT STYLE="letter-spacing: 0.1pt">and without further notice or </FONT><FONT STYLE="letter-spacing: 0.15pt">compensation
    lapse </FONT><FONT STYLE="letter-spacing: 0.05pt">and </FONT><FONT STYLE="letter-spacing: 0.15pt">become </FONT><FONT STYLE="letter-spacing: 0.1pt">null
    </FONT><FONT STYLE="letter-spacing: 0.05pt">and</FONT> <FONT STYLE="letter-spacing: 0.1pt">void.</FONT></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">4.6&#9;</FONT></TD>
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">Warrants, </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">der
ikke udnyttes </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">i <FONT STYLE="letter-spacing: 0.15pt">forbindelse
</FONT><FONT STYLE="letter-spacing: 0.1pt">med en Exit, </FONT><FONT STYLE="letter-spacing: 0.05pt">vil </FONT><FONT STYLE="letter-spacing: 0.15pt">automatisk
bortfalde uden kompensation </FONT><FONT STYLE="letter-spacing: 0.1pt">efter </FONT><FONT STYLE="letter-spacing: 0.15pt">gennemf&oslash;rel</FONT><FONT STYLE="letter-spacing: 0.1pt">sen
</FONT><FONT STYLE="letter-spacing: 0.05pt">af </FONT><FONT STYLE="letter-spacing: 0.1pt">den </FONT><FONT STYLE="letter-spacing: 0.15pt">relevante
begivenhed.</FONT></FONT></TD>
    <TD STYLE="text-indent: 0pt; font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 9.9pt; padding-bottom: 14pt; padding-left: 0pt; 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="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">4.7&#9;</FONT></TD>
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">S&aring;fremt der efter </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">Meddelelsen
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">om </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">Exit
ikke sker en </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">endelig gennemf&oslash;relse
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">af </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">Exit,
beholder Warrantindehaveren </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">sine
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 STYLE="text-indent: 0pt; font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 9.9pt; padding-bottom: 14pt; padding-left: 0pt; 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. <FONT STYLE="letter-spacing: 0.05pt">In </FONT><FONT STYLE="letter-spacing: 0.1pt">the event that shares
    have </FONT><FONT STYLE="letter-spacing: 0.15pt">been </FONT><FONT STYLE="letter-spacing: 0.1pt">sub- </FONT><FONT STYLE="letter-spacing: 0.15pt">scribed
    </FONT><FONT STYLE="letter-spacing: 0.1pt">for in the Company by </FONT><FONT STYLE="letter-spacing: 0.15pt">exercise </FONT><FONT STYLE="letter-spacing: 0.1pt">of
    Warrants </FONT><FONT STYLE="letter-spacing: 0.05pt">and </FONT><FONT STYLE="letter-spacing: 0.1pt">such </FONT><FONT STYLE="letter-spacing: 0.05pt">new
    </FONT><FONT STYLE="letter-spacing: 0.1pt">shares </FONT><FONT STYLE="letter-spacing: 0.05pt">have </FONT><FONT STYLE="letter-spacing: 0.15pt">been
    registered </FONT><FONT STYLE="letter-spacing: 0.1pt">with </FONT><FONT STYLE="letter-spacing: 0.15pt">the </FONT><FONT STYLE="letter-spacing: 0.1pt">Danish
    </FONT><FONT STYLE="letter-spacing: 0.15pt">Business </FONT><FONT STYLE="letter-spacing: 0.05pt">Au</FONT><FONT STYLE="letter-spacing: 0.15pt">thority,
    the </FONT><FONT STYLE="letter-spacing: 0.1pt">shares </FONT><FONT STYLE="letter-spacing: 0.15pt">subscribed </FONT><FONT STYLE="letter-spacing: 0.25pt">for
    </FONT><FONT STYLE="letter-spacing: 0.1pt">shall </FONT><FONT STYLE="letter-spacing: 0.05pt">be </FONT><FONT STYLE="letter-spacing: 0.15pt">retained
    notwithstanding </FONT>a <FONT STYLE="letter-spacing: 0.15pt">notified </FONT><FONT STYLE="letter-spacing: 0.1pt">Exit is </FONT><FONT STYLE="letter-spacing: 0.05pt">not
    </FONT><FONT STYLE="letter-spacing: 0.1pt">finally </FONT><FONT STYLE="letter-spacing: 0.15pt">completed </FONT><FONT STYLE="letter-spacing: 0.05pt">and
    </FONT><FONT STYLE="letter-spacing: 0.1pt">the </FONT><FONT STYLE="letter-spacing: 0.15pt">exercised </FONT><FONT STYLE="letter-spacing: 0.1pt">Warrants
    shall </FONT><FONT STYLE="letter-spacing: 0.05pt">not be </FONT><FONT STYLE="letter-spacing: 0.15pt">reversed; </FONT><FONT STYLE="letter-spacing: 0.1pt">however,
    </FONT><FONT STYLE="letter-spacing: 0.15pt">both </FONT><FONT STYLE="letter-spacing: 0.1pt">the </FONT><FONT STYLE="letter-spacing: 0.15pt">Company
    </FONT><FONT STYLE="letter-spacing: 0.05pt">and </FONT><FONT STYLE="letter-spacing: 0.1pt">the </FONT><FONT STYLE="letter-spacing: 0.15pt">Warrantee
    </FONT><FONT STYLE="letter-spacing: 0.1pt">may on </FONT>a <FONT STYLE="letter-spacing: 0.15pt">discretionary basis request </FONT><FONT STYLE="letter-spacing: 0.1pt">that
    the Company shall repurchase the shares </FONT><FONT STYLE="letter-spacing: 0.15pt">acquired </FONT>at <FONT STYLE="letter-spacing: 0.1pt">the
    </FONT><FONT STYLE="letter-spacing: 0.15pt">Subscription</FONT> <FONT STYLE="letter-spacing: 0.1pt">Price.</FONT></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">4.8&#9;</FONT></TD>
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">S&aring;fremt der </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">oprettes
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">et </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">Vindue,
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">skal </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">punkt
4.3 </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">- <FONT STYLE="letter-spacing: 0.1pt">4.5 </FONT><FONT STYLE="letter-spacing: 0.15pt">samtidig
</FONT><FONT STYLE="letter-spacing: 0.1pt">v&aelig;re </FONT><FONT STYLE="letter-spacing: 0.15pt">g&aelig;ldende.</FONT></FONT></TD>
    <TD STYLE="text-indent: 0pt; font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 9.9pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
    case a Window <FONT STYLE="letter-spacing: 0.15pt">is</FONT> established, Clauses <FONT STYLE="letter-spacing: 0.1pt">4.3 </FONT>-
    <FONT STYLE="letter-spacing: 0.1pt">4.5 shall </FONT><FONT STYLE="letter-spacing: 0.15pt">apply simultaneously.</FONT></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">4.9&#9;</FONT></TD>
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">Warrants, </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">der
ikke udnyttes </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">i <FONT STYLE="letter-spacing: 0.15pt">forbindelse
</FONT><FONT STYLE="letter-spacing: 0.1pt">med </FONT><FONT STYLE="letter-spacing: 0.05pt">et </FONT><FONT STYLE="letter-spacing: 0.1pt">Vindue,
</FONT><FONT STYLE="letter-spacing: 0.15pt">bortfalder automatisk uden kompensation.</FONT></FONT></TD>
    <TD STYLE="text-indent: 0pt; font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 9.9pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">Any
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">Warrants </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">that
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">are <FONT STYLE="letter-spacing: 0.1pt">not </FONT><FONT STYLE="letter-spacing: 0.15pt">exercised
    </FONT><FONT STYLE="letter-spacing: 0.1pt">in </FONT><FONT STYLE="letter-spacing: 0.15pt">connection </FONT><FONT STYLE="letter-spacing: 0.1pt">with
    </FONT>a <FONT STYLE="letter-spacing: 0.1pt">Window shall </FONT><FONT STYLE="letter-spacing: 0.15pt">automatically become </FONT><FONT STYLE="letter-spacing: 0.1pt">void
    without</FONT> <FONT STYLE="letter-spacing: 0.15pt">compensation.</FONT></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.9.1&#9;</FONT></TD>
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt"><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 STYLE="text-indent: 0pt; font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 9.9pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">In
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">the event </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">an
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">Exit </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">or
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a <FONT STYLE="letter-spacing: 0.15pt">Window </FONT><FONT STYLE="letter-spacing: 0.1pt">has
    </FONT><FONT STYLE="letter-spacing: 0.05pt">not </FONT><FONT STYLE="letter-spacing: 0.15pt">occurred </FONT><FONT STYLE="letter-spacing: 0.1pt">on
    or before</FONT> <FONT STYLE="letter-spacing: 0.15pt">December </FONT><FONT STYLE="letter-spacing: 0.05pt">31, </FONT><FONT STYLE="letter-spacing: 0.15pt">2036,
    </FONT><FONT STYLE="letter-spacing: 0.1pt">the </FONT><FONT STYLE="letter-spacing: 0.15pt">Warrants </FONT><FONT STYLE="letter-spacing: 0.1pt">shall
    </FONT><FONT STYLE="letter-spacing: 0.15pt">automatically </FONT><FONT STYLE="letter-spacing: 0.1pt">and without further notice or
    </FONT>compensation <FONT STYLE="letter-spacing: 0.15pt">lapse </FONT><FONT STYLE="letter-spacing: 0.05pt">and </FONT><FONT STYLE="letter-spacing: 0.15pt">become
    </FONT><FONT STYLE="letter-spacing: 0.1pt">null </FONT><FONT STYLE="letter-spacing: 0.05pt">and</FONT> <FONT STYLE="letter-spacing: 0.1pt">void.</FONT></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.10&#9;</FONT></TD>
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">I forbindelse med en notering af ADS&rsquo;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-indent: 0pt; font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 9.9pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">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>
  </TABLE>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt"><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&rsquo;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 COLSPAN="2" STYLE="text-indent: 0pt; font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 9.9pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">Vested
    warrants may be exercise in four annual exercise windows of two weeks each that each commence two trading days following publication
    of the </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Company&rsquo;s <FONT STYLE="letter-spacing: 0.05pt">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></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; text-indent: 0pt; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5&#9;</B></FONT></TD>
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; text-indent: 0pt; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt"><B>Visse betingelser </B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">i
<FONT STYLE="letter-spacing: 0.15pt">relation </FONT><FONT STYLE="letter-spacing: 0.05pt">til</FONT> <FONT STYLE="letter-spacing: 0.1pt">Exit</FONT></FONT></B></TD>
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5&#9;</B></FONT></TD>
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt"><B>Certain Conditions </B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">relating
</FONT></B><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">to an</FONT></B><B> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">Exit</FONT></B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">5.1&#9;</FONT></TD>
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">Efter udnyttelse </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">af
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">Warrants </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">i
<FONT STYLE="letter-spacing: 0.15pt">forbindelse </FONT><FONT STYLE="letter-spacing: 0.1pt">med en </FONT><FONT STYLE="letter-spacing: 0.15pt">b&oslash;rsnotering
</FONT><FONT STYLE="letter-spacing: 0.1pt">skal </FONT><FONT STYLE="letter-spacing: 0.25pt">Warrantinde</FONT><FONT STYLE="letter-spacing: 0.15pt">haveren
underskrive </FONT><FONT STYLE="letter-spacing: 0.05pt">og </FONT><FONT STYLE="letter-spacing: 0.15pt">tiltr&aelig;de </FONT><FONT STYLE="letter-spacing: 0.05pt">de
</FONT><FONT STYLE="letter-spacing: 0.1pt">aftaler </FONT><FONT STYLE="letter-spacing: 0.15pt">eller forpligtelser, herunder </FONT>i
<FONT STYLE="letter-spacing: 0.15pt">relation </FONT><FONT STYLE="letter-spacing: 0.1pt">til en </FONT><FONT STYLE="letter-spacing: 0.15pt">lock-up
periode eller </FONT><FONT STYLE="letter-spacing: 0.1pt">andre </FONT><FONT STYLE="letter-spacing: 0.15pt">lock-up forpligtelser, </FONT><FONT STYLE="letter-spacing: 0.1pt">som
den </FONT><FONT STYLE="letter-spacing: 0.15pt">udstedende bank </FONT><FONT STYLE="letter-spacing: 0.1pt">m&aring;tte anmode </FONT><FONT STYLE="letter-spacing: 0.05pt">om
</FONT>i <FONT STYLE="letter-spacing: 0.15pt">forbindelse </FONT><FONT STYLE="letter-spacing: 0.1pt">med en </FONT><FONT STYLE="letter-spacing: 0.15pt">b&oslash;rsnotering.</FONT></FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 9.9pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">Following
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">exercise of Warrants in </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">connection
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">with </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">an
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">IPO, </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">the
    Warrantee </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">shall </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">sign
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">and </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">accept
    such </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">agreements </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">or
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">un</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">dertakings,
    including </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">in respect </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">of
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a <FONT STYLE="letter-spacing: 0.15pt">peri</FONT><FONT STYLE="letter-spacing: 0.05pt">od
    </FONT><FONT STYLE="letter-spacing: 0.1pt">of </FONT><FONT STYLE="letter-spacing: 0.15pt">lock-up </FONT><FONT STYLE="letter-spacing: 0.05pt">and
    </FONT><FONT STYLE="letter-spacing: 0.15pt">other lock-up obligations, </FONT><FONT STYLE="letter-spacing: 0.1pt">which may </FONT><FONT STYLE="letter-spacing: 0.05pt">be
    </FONT><FONT STYLE="letter-spacing: 0.15pt">proposed </FONT><FONT STYLE="letter-spacing: 0.1pt">by the issuing </FONT><FONT STYLE="letter-spacing: 0.15pt">bank
    </FONT><FONT STYLE="letter-spacing: 0.1pt">in </FONT><FONT STYLE="letter-spacing: 0.15pt">connection </FONT><FONT STYLE="letter-spacing: 0.1pt">with
    </FONT><FONT STYLE="letter-spacing: 0.05pt">an</FONT> <FONT STYLE="letter-spacing: 0.1pt">IPO.</FONT></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">5.2&#9;</FONT></TD>
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">Selskabet </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">kan
kr&aelig;ve, og </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">Warrantindehaveren
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">skal </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">i
s&aring; <FONT STYLE="letter-spacing: 0.1pt">fald </FONT><FONT STYLE="letter-spacing: 0.15pt">acceptere, </FONT>at <FONT STYLE="letter-spacing: 0.15pt">samtli</FONT><FONT STYLE="letter-spacing: 0.05pt">ge
</FONT><FONT STYLE="letter-spacing: 0.15pt">eller </FONT><FONT STYLE="letter-spacing: 0.1pt">en del </FONT><FONT STYLE="letter-spacing: 0.05pt">af
</FONT><FONT STYLE="letter-spacing: 0.15pt">Warrants ombyttes ligeligt </FONT><FONT STYLE="letter-spacing: 0.1pt">til </FONT><FONT STYLE="letter-spacing: 0.15pt">kapitalandele,
warrants, </FONT><FONT STYLE="letter-spacing: 0.1pt">kon</FONT><FONT STYLE="letter-spacing: 0.15pt">vertible v&aelig;rdipapirer eller
</FONT><FONT STYLE="letter-spacing: 0.1pt">et andet kapi</FONT><FONT STYLE="letter-spacing: 0.15pt">talandelsbaseret instrument udstedt
</FONT><FONT STYLE="letter-spacing: 0.05pt">af&nbsp;&nbsp;</FONT><FONT STYLE="letter-spacing: 0.1pt">en k&oslash;ber </FONT><FONT STYLE="letter-spacing: 0.15pt">eller
</FONT><FONT STYLE="letter-spacing: 0.05pt">af </FONT><FONT STYLE="letter-spacing: 0.1pt">en </FONT><FONT STYLE="letter-spacing: 0.15pt">efterf&oslash;lger
</FONT>af <FONT STYLE="letter-spacing: 0.1pt">Selskabet </FONT><FONT STYLE="letter-spacing: 0.15pt">eller </FONT><FONT STYLE="letter-spacing: 0.05pt">af
</FONT><FONT STYLE="letter-spacing: 0.1pt">et </FONT>af <FONT STYLE="letter-spacing: 0.15pt">disses moderselskab eller datterselskab,
eller </FONT><FONT STYLE="letter-spacing: 0.1pt">til </FONT><FONT STYLE="letter-spacing: 0.15pt">kapitalande</FONT><FONT STYLE="letter-spacing: 0.1pt">le,
warrants, </FONT><FONT STYLE="letter-spacing: 0.15pt">konvertible v&aelig;rdipapirer el</FONT><FONT STYLE="letter-spacing: 0.1pt">ler
andet </FONT><FONT STYLE="letter-spacing: 0.15pt">kapitalandelsbaseret instru</FONT><FONT STYLE="letter-spacing: 0.1pt">ment udstedt
</FONT><FONT STYLE="letter-spacing: 0.05pt">af </FONT><FONT STYLE="letter-spacing: 0.15pt">Selskabet </FONT><FONT STYLE="letter-spacing: 0.1pt">efter
om</FONT><FONT STYLE="letter-spacing: 0.15pt">strukturering, </FONT><FONT STYLE="letter-spacing: 0.1pt">s&aring;ledes </FONT>at <FONT STYLE="letter-spacing: 0.1pt">den
</FONT><FONT STYLE="letter-spacing: 0.15pt">p&aring;g&aelig;lden</FONT><FONT STYLE="letter-spacing: 0.05pt">de </FONT><FONT STYLE="letter-spacing: 0.15pt">Warrantindehavers
Warrants </FONT><FONT STYLE="letter-spacing: 0.1pt">umid</FONT><FONT STYLE="letter-spacing: 0.15pt">delbart efter </FONT><FONT STYLE="letter-spacing: 0.1pt">en
s&aring;dan </FONT><FONT STYLE="letter-spacing: 0.15pt">ombytning </FONT><FONT STYLE="letter-spacing: 0.1pt">sammen </FONT><FONT STYLE="letter-spacing: 0.05pt">med
</FONT><FONT STYLE="letter-spacing: 0.15pt">betaling </FONT><FONT STYLE="letter-spacing: 0.05pt">af </FONT><FONT STYLE="letter-spacing: 0.1pt">en
eventuel </FONT><FONT STYLE="letter-spacing: 0.15pt">kontant godtg&oslash;relse </FONT><FONT STYLE="letter-spacing: 0.1pt">til </FONT><FONT STYLE="letter-spacing: 0.15pt">Warrantindehaveren
</FONT>i <FONT STYLE="letter-spacing: 0.1pt">alt v&aelig;sentlig </FONT>har <FONT STYLE="letter-spacing: 0.05pt">samme&nbsp;&nbsp;</FONT><FONT STYLE="letter-spacing: 0.1pt">v&aelig;rdi
som </FONT><FONT STYLE="letter-spacing: 0.15pt">Warrants, herunder </FONT><FONT STYLE="letter-spacing: 0.05pt">de&nbsp;&nbsp;</FONT><FONT STYLE="letter-spacing: 0.1pt">Warrants&nbsp;&nbsp;ejet
</FONT><FONT STYLE="letter-spacing: 0.05pt">af </FONT><FONT STYLE="letter-spacing: 0.15pt">Warrantindehaveren </FONT><FONT STYLE="letter-spacing: 0.1pt">umiddelbart
f&oslash;r en s&aring;dan </FONT><FONT STYLE="letter-spacing: 0.15pt">ombytning. </FONT><FONT STYLE="letter-spacing: 0.1pt">Uanset </FONT><FONT STYLE="letter-spacing: 0.15pt">ovenst&aring;ende
</FONT><FONT STYLE="letter-spacing: 0.1pt">er </FONT><FONT STYLE="letter-spacing: 0.15pt">Warrantindehaveren beretti</FONT><FONT STYLE="letter-spacing: 0.1pt">get
til en </FONT><FONT STYLE="letter-spacing: 0.15pt">delvis </FONT><FONT STYLE="letter-spacing: 0.1pt">kontant </FONT><FONT STYLE="letter-spacing: 0.15pt">udbetaling
</FONT>i <FONT STYLE="letter-spacing: 0.1pt">det </FONT><FONT STYLE="letter-spacing: 0.15pt">omfang, dette </FONT><FONT STYLE="letter-spacing: 0.05pt">er
</FONT><FONT STYLE="letter-spacing: 0.15pt">n&oslash;dvendigt, </FONT><FONT STYLE="letter-spacing: 0.1pt">for </FONT>at <FONT STYLE="letter-spacing: 0.1pt">War</FONT><FONT STYLE="letter-spacing: 0.15pt">rantindehaveren
</FONT><FONT STYLE="letter-spacing: 0.05pt">er </FONT>i <FONT STYLE="letter-spacing: 0.1pt">stand til </FONT>at <FONT STYLE="letter-spacing: 0.15pt">betale
</FONT>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 COLSPAN="2" STYLE="text-indent: 0pt; font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 9.9pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">The
    Company may </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">request, </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">and
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">the Warrantee shall then
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">accept, </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">that
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">all </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">or
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a <FONT STYLE="letter-spacing: 0.15pt">portion </FONT><FONT STYLE="letter-spacing: 0.1pt">of
    the Warrants shall be </FONT><FONT STYLE="letter-spacing: 0.15pt">equitably exchanged </FONT><FONT STYLE="letter-spacing: 0.05pt">for
    </FONT><FONT STYLE="letter-spacing: 0.1pt">shares, warrants, convert</FONT><FONT STYLE="letter-spacing: 0.15pt">ibles </FONT><FONT STYLE="letter-spacing: 0.05pt">or
    </FONT><FONT STYLE="letter-spacing: 0.1pt">any </FONT><FONT STYLE="letter-spacing: 0.15pt">other equity </FONT><FONT STYLE="letter-spacing: 0.1pt">based
    instrument, </FONT><FONT STYLE="letter-spacing: 0.15pt">issued </FONT><FONT STYLE="letter-spacing: 0.1pt">by any </FONT><FONT STYLE="letter-spacing: 0.15pt">purchaser
    </FONT><FONT STYLE="letter-spacing: 0.1pt">of </FONT><FONT STYLE="letter-spacing: 0.05pt">or </FONT><FONT STYLE="letter-spacing: 0.1pt">successor
    </FONT><FONT STYLE="letter-spacing: 0.05pt">to </FONT><FONT STYLE="letter-spacing: 0.15pt">the </FONT><FONT STYLE="letter-spacing: 0.1pt">Company,
    or by </FONT>a <FONT STYLE="letter-spacing: 0.1pt">parent or </FONT><FONT STYLE="letter-spacing: 0.15pt">subsidiary </FONT><FONT STYLE="letter-spacing: 0.1pt">of
    </FONT><FONT STYLE="letter-spacing: 0.15pt">either </FONT><FONT STYLE="letter-spacing: 0.1pt">of them, </FONT><FONT STYLE="letter-spacing: 0.05pt">or
    </FONT><FONT STYLE="letter-spacing: 0.15pt">shares, warrants, convertibles </FONT><FONT STYLE="letter-spacing: 0.1pt">or any </FONT><FONT STYLE="letter-spacing: 0.15pt">other
    </FONT><FONT STYLE="letter-spacing: 0.1pt">equity based instrument issued </FONT><FONT STYLE="letter-spacing: 0.05pt">by </FONT><FONT STYLE="letter-spacing: 0.15pt">the
    Company </FONT>as <FONT STYLE="letter-spacing: 0.15pt">restructured, </FONT><FONT STYLE="letter-spacing: 0.1pt">such that such </FONT><FONT STYLE="letter-spacing: 0.15pt">Warrantee's
    </FONT><FONT STYLE="letter-spacing: 0.1pt">Warrants </FONT><FONT STYLE="letter-spacing: 0.15pt">immediately </FONT><FONT STYLE="letter-spacing: 0.1pt">following
    </FONT><FONT STYLE="letter-spacing: 0.15pt">such exchange, when aggregated with </FONT><FONT STYLE="letter-spacing: 0.1pt">any cash
    </FONT><FONT STYLE="letter-spacing: 0.15pt">consideration </FONT><FONT STYLE="letter-spacing: 0.1pt">paid </FONT><FONT STYLE="letter-spacing: 0.05pt">to
    </FONT><FONT STYLE="letter-spacing: 0.1pt">such </FONT><FONT STYLE="letter-spacing: 0.15pt">Warrantee, </FONT><FONT STYLE="letter-spacing: 0.1pt">shall
    have </FONT>substantially <FONT STYLE="letter-spacing: 0.1pt">the same value </FONT>as <FONT STYLE="letter-spacing: 0.1pt">the Warrants,&nbsp;&nbsp;</FONT><FONT STYLE="letter-spacing: 0.15pt">including
    </FONT><FONT STYLE="letter-spacing: 0.1pt">any Warrants held by such </FONT><FONT STYLE="letter-spacing: 0.15pt">Warrantee immediately
    </FONT><FONT STYLE="letter-spacing: 0.1pt">prior </FONT><FONT STYLE="letter-spacing: 0.05pt">to </FONT><FONT STYLE="letter-spacing: 0.1pt">such
    </FONT><FONT STYLE="letter-spacing: 0.15pt">exchange. Notwithstanding </FONT><FONT STYLE="letter-spacing: 0.1pt">any of </FONT><FONT STYLE="letter-spacing: 0.15pt">the
    foregoing</FONT><FONT STYLE="letter-spacing: 0.25pt">, </FONT><FONT STYLE="letter-spacing: 0.1pt">the </FONT><FONT STYLE="letter-spacing: 0.15pt">Warrantee
    </FONT><FONT STYLE="letter-spacing: 0.1pt">shall be </FONT><FONT STYLE="letter-spacing: 0.15pt">entitled </FONT><FONT STYLE="letter-spacing: 0.05pt">to
    </FONT><FONT STYLE="letter-spacing: 0.1pt">partial </FONT><FONT STYLE="letter-spacing: 0.15pt">consideration </FONT><FONT STYLE="letter-spacing: 0.1pt">in
    cash </FONT><FONT STYLE="letter-spacing: 0.05pt">to </FONT><FONT STYLE="letter-spacing: 0.1pt">the extent </FONT><FONT STYLE="letter-spacing: 0.05pt">nec</FONT><FONT STYLE="letter-spacing: 0.1pt">essary
    </FONT><FONT STYLE="letter-spacing: 0.05pt">in </FONT><FONT STYLE="letter-spacing: 0.1pt">order for the </FONT><FONT STYLE="letter-spacing: 0.15pt">Warrantee
    </FONT><FONT STYLE="letter-spacing: 0.05pt">to be </FONT><FONT STYLE="letter-spacing: 0.1pt">able </FONT><FONT STYLE="letter-spacing: 0.05pt">to
    </FONT><FONT STYLE="letter-spacing: 0.1pt">pay any </FONT><FONT STYLE="letter-spacing: 0.15pt">personal income </FONT><FONT STYLE="letter-spacing: 0.05pt">or
    </FONT><FONT STYLE="letter-spacing: 0.15pt">capi</FONT><FONT STYLE="letter-spacing: 0.1pt">tal </FONT><FONT STYLE="letter-spacing: 0.15pt">gains
    </FONT><FONT STYLE="letter-spacing: 0.1pt">tax </FONT><FONT STYLE="letter-spacing: 0.15pt">immediately falling </FONT><FONT STYLE="letter-spacing: 0.05pt">due
    as </FONT>a <FONT STYLE="letter-spacing: 0.1pt">result of such exchange of</FONT> <FONT STYLE="letter-spacing: 0.15pt">securities.</FONT></FONT></TD></TR>
  </TABLE>


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

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; width: 5%; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">5.3&#9;</FONT></TD>
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; width: 45%; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Forud <FONT STYLE="letter-spacing: 0.1pt">for en Exit er </FONT><FONT STYLE="letter-spacing: 0.15pt">Selskabet
(eller </FONT><FONT STYLE="letter-spacing: 0.1pt">en </FONT><FONT STYLE="letter-spacing: 0.15pt">tredjemand, </FONT><FONT STYLE="letter-spacing: 0.1pt">der
</FONT><FONT STYLE="letter-spacing: 0.05pt">er </FONT><FONT STYLE="letter-spacing: 0.15pt">udpeget </FONT><FONT STYLE="letter-spacing: 0.05pt">af
</FONT><FONT STYLE="letter-spacing: 0.1pt">Selska</FONT><FONT STYLE="letter-spacing: 0.15pt">bet) berettiget </FONT><FONT STYLE="letter-spacing: 0.1pt">til
</FONT>at <FONT STYLE="letter-spacing: 0.1pt">k&oslash;be Warrants fra </FONT><FONT STYLE="letter-spacing: 0.15pt">Warrantindehaveren
</FONT><FONT STYLE="letter-spacing: 0.1pt">til </FONT><FONT STYLE="letter-spacing: 0.05pt">en </FONT><FONT STYLE="letter-spacing: 0.1pt">pris,
der fast</FONT><FONT STYLE="letter-spacing: 0.15pt">s&aelig;ttes </FONT>i <FONT STYLE="letter-spacing: 0.15pt">overensstemmelse </FONT><FONT STYLE="letter-spacing: 0.05pt">med
</FONT><FONT STYLE="letter-spacing: 0.1pt">punkt </FONT>5.5 nedenfor.</FONT></TD>
    <TD STYLE="text-indent: 0pt; width: 50%; padding-right: 9.9pt; padding-bottom: 14pt; padding-left: 0pt; font: 11pt/14pt Verdana, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">Prior
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">to an </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">Exit,
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">the Company </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">(or
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a <FONT STYLE="letter-spacing: 0.1pt">third party
    </FONT><FONT STYLE="letter-spacing: 0.15pt">appointed </FONT><FONT STYLE="letter-spacing: 0.1pt">by </FONT>the <FONT STYLE="letter-spacing: 0.15pt">Company)
    </FONT><FONT STYLE="letter-spacing: 0.1pt">shall have </FONT>a <FONT STYLE="letter-spacing: 0.1pt">right </FONT><FONT STYLE="letter-spacing: 0.05pt">to
    </FONT><FONT STYLE="letter-spacing: 0.15pt">purchase </FONT><FONT STYLE="letter-spacing: 0.1pt">the Warrants from the Warrantee </FONT><FONT STYLE="letter-spacing: 0.05pt">for
    </FONT>a <FONT STYLE="letter-spacing: 0.1pt">price </FONT><FONT STYLE="letter-spacing: 0.15pt">determined </FONT><FONT STYLE="letter-spacing: 0.05pt">in
    </FONT><FONT STYLE="letter-spacing: 0.1pt">accordance with Clause 5.5 be</FONT><FONT STYLE="letter-spacing: 0.15pt">low.</FONT></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">5.4&#9;</FONT></TD>
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">Hvis </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">Selskabet
&oslash;nsker </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">at <FONT STYLE="letter-spacing: 0.1pt">udnytte
en </FONT><FONT STYLE="letter-spacing: 0.05pt">af </FONT>sine rettigheder i henhold til denne Aftale, skal der gives skriftlig meddelelse
herom per email til Warrantindehaveren. <FONT STYLE="letter-spacing: 0.05pt">En </FONT><FONT STYLE="letter-spacing: 0.15pt">meddelelse
betragtes </FONT><FONT STYLE="letter-spacing: 0.05pt">som</FONT> <FONT STYLE="letter-spacing: 0.1pt">v&aelig;rende </FONT>kommet Warrantindehaveren
i h&aelig;nde, <FONT STYLE="letter-spacing: 0.05pt">og </FONT><FONT STYLE="letter-spacing: 0.15pt">Selskabets rettighed derved ud&oslash;vet,
</FONT><FONT STYLE="letter-spacing: 0.1pt">p&aring; </FONT><FONT STYLE="letter-spacing: 0.15pt">tidspunktet </FONT><FONT STYLE="letter-spacing: 0.1pt">for
</FONT><FONT STYLE="letter-spacing: 0.15pt">emailens afsendelse,</FONT> 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 STYLE="text-indent: 0pt; font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 9.9pt; padding-bottom: 14pt; padding-left: 0pt; 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 <FONT STYLE="letter-spacing: 0.1pt">have</FONT> 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 <FONT STYLE="letter-spacing: 0.15pt">which </FONT><FONT STYLE="letter-spacing: 0.1pt">the </FONT><FONT STYLE="letter-spacing: 0.15pt">Warrantee
    </FONT><FONT STYLE="letter-spacing: 0.05pt">has </FONT><FONT STYLE="letter-spacing: 0.15pt">informed</FONT> <FONT STYLE="letter-spacing: 0.1pt">the
    </FONT>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="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; text-indent: 0pt; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">5.5&#9;</FONT></TD>
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; text-indent: 0pt; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt"><I>K&oslash;bspris </I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">i
<FONT STYLE="letter-spacing: 0.15pt">forbindelse </FONT><FONT STYLE="letter-spacing: 0.05pt">med</FONT> <FONT STYLE="letter-spacing: 0.1pt">Exit</FONT></FONT></I></TD>
    <TD STYLE="text-indent: 0pt; font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 9.9pt; padding-bottom: 14pt; padding-left: 0pt; 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="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.5.1&#9;</FONT></TD>
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt"><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 STYLE="text-indent: 0pt; font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 9.9pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">When
    the Warrantee's Warrants are <FONT STYLE="letter-spacing: 0.1pt">purchased</FONT> in accordance with Clause 5.3, the Warrants shall
    be based on the fair <FONT STYLE="letter-spacing: 0.15pt">market </FONT><FONT STYLE="letter-spacing: 0.1pt">value </FONT>as <FONT STYLE="letter-spacing: 0.05pt">set
    </FONT><FONT STYLE="letter-spacing: 0.1pt">out</FONT> <FONT STYLE="letter-spacing: 0.15pt">below.</FONT></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.5.2&#9;</FONT></TD>
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Den rimelige markedsv&aelig;rdi af Warrants <FONT STYLE="letter-spacing: 0.15pt">beregnes
</FONT><FONT STYLE="letter-spacing: 0.05pt">af </FONT><FONT STYLE="letter-spacing: 0.15pt">Selskabet </FONT><FONT STYLE="letter-spacing: 0.1pt">p&aring;
</FONT><FONT STYLE="letter-spacing: 0.15pt">grundlag </FONT>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 STYLE="text-indent: 0pt; font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 9.9pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">The
    fair market value of </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">the
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">Warrants </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">shall
    be calculated by the Company based on the net price per share of the Company to be received by the selling <FONT STYLE="letter-spacing: 0.15pt">shareholders
    </FONT><FONT STYLE="letter-spacing: 0.1pt">in </FONT><FONT STYLE="letter-spacing: 0.05pt">an </FONT><FONT STYLE="letter-spacing: 0.1pt">Exit
    </FONT><FONT STYLE="letter-spacing: 0.15pt">deducted </FONT><FONT STYLE="letter-spacing: 0.1pt">the </FONT><FONT STYLE="letter-spacing: 0.15pt">proportionate
    </FONT><FONT STYLE="letter-spacing: 0.1pt">amount of any </FONT><FONT STYLE="letter-spacing: 0.15pt">fees </FONT><FONT STYLE="letter-spacing: 0.05pt">to
    </FONT><FONT STYLE="letter-spacing: 0.1pt">ad</FONT><FONT STYLE="letter-spacing: 0.15pt">visors </FONT><FONT STYLE="letter-spacing: 0.1pt">etc.
    When </FONT><FONT STYLE="letter-spacing: 0.15pt">calculating the </FONT><FONT STYLE="letter-spacing: 0.1pt">fair market value of
    </FONT><FONT STYLE="letter-spacing: 0.15pt">the </FONT><FONT STYLE="letter-spacing: 0.1pt">Warrants, </FONT><FONT STYLE="letter-spacing: 0.15pt">the
    </FONT><FONT STYLE="letter-spacing: 0.1pt">Company shall </FONT><FONT STYLE="letter-spacing: 0.15pt">deduct </FONT><FONT STYLE="letter-spacing: 0.1pt">from
    the fair market </FONT>value <FONT STYLE="letter-spacing: 0.05pt">an </FONT><FONT STYLE="letter-spacing: 0.1pt">amount which the
    </FONT><FONT STYLE="letter-spacing: 0.15pt">Company deems appropriate </FONT><FONT STYLE="letter-spacing: 0.1pt">when </FONT><FONT STYLE="letter-spacing: 0.15pt">considering
    </FONT><FONT STYLE="letter-spacing: 0.1pt">the </FONT><FONT STYLE="letter-spacing: 0.15pt">selling </FONT><FONT STYLE="letter-spacing: 0.1pt">shareholders'
    </FONT><FONT STYLE="letter-spacing: 0.15pt">potential liabilities </FONT><FONT STYLE="letter-spacing: 0.1pt">pursuant to </FONT><FONT STYLE="letter-spacing: 0.15pt">the
    </FONT><FONT STYLE="letter-spacing: 0.1pt">Exit.</FONT></FONT></TD></TR>
  </TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">5.5.3&#9;</FONT></TD>
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">N&aring;r <FONT STYLE="letter-spacing: 0.1pt">Warrants k&oslash;bes
</FONT>i <FONT STYLE="letter-spacing: 0.15pt">forbindelse </FONT><FONT STYLE="letter-spacing: 0.05pt">med </FONT><FONT STYLE="letter-spacing: 0.1pt">en
Exit som f&oslash;lge </FONT><FONT STYLE="letter-spacing: 0.05pt">af </FONT><FONT STYLE="letter-spacing: 0.1pt">salg </FONT><FONT STYLE="letter-spacing: 0.15pt">eller
overdragelse </FONT><FONT STYLE="letter-spacing: 0.05pt">af </FONT><FONT STYLE="letter-spacing: 0.1pt">samtlige </FONT><FONT STYLE="letter-spacing: 0.15pt">eller
</FONT><FONT STYLE="letter-spacing: 0.1pt">en </FONT><FONT STYLE="letter-spacing: 0.15pt">v&aelig;sentlig </FONT><FONT STYLE="letter-spacing: 0.1pt">del
</FONT><FONT STYLE="letter-spacing: 0.05pt">af </FONT><FONT STYLE="letter-spacing: 0.1pt">Sel</FONT><FONT STYLE="letter-spacing: 0.15pt">skabets
</FONT><FONT STYLE="letter-spacing: 0.1pt">aktiver, </FONT><FONT STYLE="letter-spacing: 0.05pt">er </FONT><FONT STYLE="letter-spacing: 0.15pt">v&aelig;rdien
</FONT><FONT STYLE="letter-spacing: 0.05pt">af </FONT><FONT STYLE="letter-spacing: 0.1pt">Warrants den </FONT><FONT STYLE="letter-spacing: 0.15pt">rimelige
markedsv&aelig;rdi </FONT><FONT STYLE="letter-spacing: 0.1pt">p&aring; </FONT><FONT STYLE="letter-spacing: 0.15pt">tidspunk</FONT><FONT STYLE="letter-spacing: 0.1pt">tet
efter </FONT><FONT STYLE="letter-spacing: 0.15pt">salget. </FONT>I <FONT STYLE="letter-spacing: 0.15pt">tilf&aelig;lde </FONT><FONT STYLE="letter-spacing: 0.05pt">af
</FONT><FONT STYLE="letter-spacing: 0.1pt">en s&aring;dan Exit </FONT><FONT STYLE="letter-spacing: 0.05pt">skal </FONT><FONT STYLE="letter-spacing: 0.1pt">der
</FONT><FONT STYLE="letter-spacing: 0.05pt">ved </FONT><FONT STYLE="letter-spacing: 0.15pt">beregningen </FONT><FONT STYLE="letter-spacing: 0.05pt">af
</FONT><FONT STYLE="letter-spacing: 0.1pt">den ri</FONT><FONT STYLE="letter-spacing: 0.15pt">melige markedsv&aelig;rdi </FONT><FONT STYLE="letter-spacing: 0.05pt">for
</FONT><FONT STYLE="letter-spacing: 0.1pt">Warrants </FONT><FONT STYLE="letter-spacing: 0.15pt">tages h&oslash;jde </FONT><FONT STYLE="letter-spacing: 0.1pt">for
den k&oslash;bspris, </FONT><FONT STYLE="letter-spacing: 0.15pt">Selskabet </FONT><FONT STYLE="letter-spacing: 0.05pt">har </FONT><FONT STYLE="letter-spacing: 0.15pt">modtaget
</FONT><FONT STYLE="letter-spacing: 0.05pt">for de </FONT><FONT STYLE="letter-spacing: 0.1pt">solgte aktiver, </FONT><FONT STYLE="letter-spacing: 0.05pt">med
</FONT><FONT STYLE="letter-spacing: 0.1pt">fradrag </FONT><FONT STYLE="letter-spacing: 0.05pt">af </FONT><FONT STYLE="letter-spacing: 0.15pt">g&aelig;ld,
</FONT><FONT STYLE="letter-spacing: 0.1pt">der ikke er </FONT><FONT STYLE="letter-spacing: 0.15pt">overdraget </FONT><FONT STYLE="letter-spacing: 0.1pt">sammen
</FONT><FONT STYLE="letter-spacing: 0.05pt">med </FONT><FONT STYLE="letter-spacing: 0.15pt">aktiverne, </FONT><FONT STYLE="letter-spacing: 0.1pt">samt
en </FONT><FONT STYLE="letter-spacing: 0.15pt">forholdsm&aelig;ssig andel </FONT><FONT STYLE="letter-spacing: 0.05pt">af </FONT><FONT STYLE="letter-spacing: 0.15pt">omkostninger,
</FONT><FONT STYLE="letter-spacing: 0.05pt">ho</FONT><FONT STYLE="letter-spacing: 0.15pt">norarer </FONT><FONT STYLE="letter-spacing: 0.1pt">m.v.
</FONT>i <FONT STYLE="letter-spacing: 0.15pt">forbindelse </FONT><FONT STYLE="letter-spacing: 0.05pt">med </FONT><FONT STYLE="letter-spacing: 0.15pt">transaktionen.</FONT></FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 9.9pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">When
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">the Warrants </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">are
    <FONT STYLE="letter-spacing: 0.1pt">purchased in </FONT><FONT STYLE="letter-spacing: 0.15pt">connection with </FONT><FONT STYLE="letter-spacing: 0.05pt">an
    </FONT>Exit <FONT STYLE="letter-spacing: 0.1pt">based on the </FONT><FONT STYLE="letter-spacing: 0.05pt">sale </FONT><FONT STYLE="letter-spacing: 0.1pt">or
    </FONT><FONT STYLE="letter-spacing: 0.15pt">disposition </FONT><FONT STYLE="letter-spacing: 0.1pt">of </FONT><FONT STYLE="letter-spacing: 0.05pt">all
    or </FONT>a <FONT STYLE="letter-spacing: 0.15pt">material </FONT><FONT STYLE="letter-spacing: 0.1pt">part of the Company's assets,
    the </FONT><FONT STYLE="letter-spacing: 0.05pt">value </FONT><FONT STYLE="letter-spacing: 0.1pt">of </FONT><FONT STYLE="letter-spacing: 0.05pt">the
    </FONT><FONT STYLE="letter-spacing: 0.1pt">Warrants shall be </FONT><FONT STYLE="letter-spacing: 0.15pt">the </FONT><FONT STYLE="letter-spacing: 0.1pt">fair
    market value </FONT><FONT STYLE="letter-spacing: 0.05pt">at </FONT><FONT STYLE="letter-spacing: 0.1pt">the time after such sale.
    </FONT><FONT STYLE="letter-spacing: 0.05pt">In </FONT><FONT STYLE="letter-spacing: 0.1pt">case of such Exit, the fair market value
    </FONT><FONT STYLE="letter-spacing: 0.25pt">of </FONT><FONT STYLE="letter-spacing: 0.1pt">the Warrants shall take into account </FONT><FONT STYLE="letter-spacing: 0.15pt">the
    </FONT><FONT STYLE="letter-spacing: 0.1pt">purchase price received by the Company </FONT><FONT STYLE="letter-spacing: 0.05pt">for
    </FONT><FONT STYLE="letter-spacing: 0.1pt">the assets </FONT><FONT STYLE="letter-spacing: 0.15pt">sold, </FONT><FONT STYLE="letter-spacing: 0.05pt">net
    </FONT><FONT STYLE="letter-spacing: 0.1pt">of any </FONT><FONT STYLE="letter-spacing: 0.15pt">debts </FONT><FONT STYLE="letter-spacing: 0.05pt">not
    </FONT><FONT STYLE="letter-spacing: 0.15pt">transferred together </FONT><FONT STYLE="letter-spacing: 0.1pt">with the assets </FONT>as
    <FONT STYLE="letter-spacing: 0.1pt">well </FONT><FONT STYLE="letter-spacing: 0.05pt">as </FONT>a <FONT STYLE="letter-spacing: 0.15pt">proportionate
    </FONT><FONT STYLE="letter-spacing: 0.1pt">part </FONT><FONT STYLE="letter-spacing: 0.05pt">of </FONT><FONT STYLE="letter-spacing: 0.1pt">any
    cost, </FONT><FONT STYLE="letter-spacing: 0.15pt">fees </FONT><FONT STYLE="letter-spacing: 0.1pt">etc. </FONT><FONT STYLE="letter-spacing: 0.15pt">related
    </FONT><FONT STYLE="letter-spacing: 0.05pt">to </FONT><FONT STYLE="letter-spacing: 0.1pt">the</FONT> <FONT STYLE="letter-spacing: 0.15pt">transaction.</FONT></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.5.4&#9;</FONT></TD>
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt"><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 COLSPAN="2" STYLE="text-indent: 0pt; font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 9.9pt; padding-bottom: 14pt; padding-left: 0pt; 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 <FONT STYLE="letter-spacing: 0.1pt">5.5.2</FONT> - <FONT STYLE="letter-spacing: 0.1pt">5.5.3
    </FONT><FONT STYLE="letter-spacing: 0.15pt">above, </FONT>as <FONT STYLE="letter-spacing: 0.15pt">applicable, </FONT><FONT STYLE="letter-spacing: 0.1pt">shall
    </FONT><FONT STYLE="letter-spacing: 0.05pt">be </FONT><FONT STYLE="letter-spacing: 0.1pt">paid </FONT><FONT STYLE="letter-spacing: 0.05pt">15
    </FONT><FONT STYLE="letter-spacing: 0.1pt">days after the </FONT><FONT STYLE="letter-spacing: 0.15pt">selling </FONT><FONT STYLE="letter-spacing: 0.1pt">share</FONT><FONT STYLE="letter-spacing: 0.15pt">holders
    </FONT><FONT STYLE="letter-spacing: 0.1pt">of </FONT><FONT STYLE="letter-spacing: 0.15pt">the </FONT><FONT STYLE="letter-spacing: 0.1pt">Company
    have received payment for their </FONT><FONT STYLE="letter-spacing: 0.15pt">shares, </FONT><FONT STYLE="letter-spacing: 0.1pt">and
    in </FONT><FONT STYLE="letter-spacing: 0.05pt">case of&nbsp;&nbsp;</FONT>a <FONT STYLE="letter-spacing: 0.15pt">purchase </FONT><FONT STYLE="letter-spacing: 0.1pt">in
    </FONT><FONT STYLE="letter-spacing: 0.15pt">connection with </FONT><FONT STYLE="letter-spacing: 0.05pt">an </FONT><FONT STYLE="letter-spacing: 0.1pt">asset
    sale, when the Company has</FONT> <FONT STYLE="letter-spacing: 0.15pt">received </FONT>payment for the assets sold.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; text-indent: 0pt; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6&#9;</B></FONT></TD>
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; text-indent: 0pt; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt"><B>Opsigelse </B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">af
<FONT STYLE="letter-spacing: 0.15pt">ans&aelig;ttelsesforholdet</FONT></FONT></B></TD>
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6&#9;</B></FONT></TD>
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt"><B>Termination </B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">of
<FONT STYLE="letter-spacing: 0.15pt">Employment</FONT></FONT></B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">6.1&#9;</FONT></TD>
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">Punkterne </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">6.2
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">- <FONT STYLE="letter-spacing: 0.1pt">6.7&nbsp;&nbsp;finder&nbsp;&nbsp;</FONT><FONT STYLE="letter-spacing: 0.15pt">anvendelse,
hvis Warrantindehaveren </FONT><FONT STYLE="letter-spacing: 0.1pt">er ansat </FONT>i <FONT STYLE="letter-spacing: 0.1pt">Sel</FONT><FONT STYLE="letter-spacing: 0.15pt">skabet:</FONT></FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 9.9pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">Clauses
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">6.2</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-
    <FONT STYLE="letter-spacing: 0.1pt">6.7 shall </FONT><FONT STYLE="letter-spacing: 0.15pt">apply provided </FONT><FONT STYLE="letter-spacing: 0.1pt">the
    Warrantee is </FONT><FONT STYLE="letter-spacing: 0.05pt">an </FONT><FONT STYLE="letter-spacing: 0.15pt">employee </FONT><FONT STYLE="letter-spacing: 0.1pt">of
    the </FONT><FONT STYLE="letter-spacing: 0.15pt">Company:</FONT></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">6.2&#9;</FONT></TD>
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">Hvis </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">Selskabet
opsiger Warrantindehave</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">rens </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">ans&aelig;ttelse
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">i <FONT STYLE="letter-spacing: 0.15pt">Selskabet </FONT><FONT STYLE="letter-spacing: 0.05pt">med
</FONT><FONT STYLE="letter-spacing: 0.1pt">en hvilken </FONT><FONT STYLE="letter-spacing: 0.05pt">som </FONT><FONT STYLE="letter-spacing: 0.1pt">helst
</FONT><FONT STYLE="letter-spacing: 0.15pt">begrundelse bortset </FONT><FONT STYLE="letter-spacing: 0.05pt">fra </FONT><FONT STYLE="letter-spacing: 0.15pt">Warrantindehaverens
misligholdelse, </FONT><FONT STYLE="letter-spacing: 0.05pt">er </FONT><FONT STYLE="letter-spacing: 0.15pt">Warrantindehaveren </FONT><FONT STYLE="letter-spacing: 0.25pt">berettiget
</FONT><FONT STYLE="letter-spacing: 0.1pt">til </FONT>at <FONT STYLE="letter-spacing: 0.1pt">ud</FONT><FONT STYLE="letter-spacing: 0.15pt">nytte
</FONT><FONT STYLE="letter-spacing: 0.1pt">Warrants </FONT><FONT STYLE="letter-spacing: 0.15pt">tildelt </FONT>i <FONT STYLE="letter-spacing: 0.1pt">henhold
</FONT><FONT STYLE="letter-spacing: 0.15pt">til </FONT><FONT STYLE="letter-spacing: 0.1pt">denne </FONT><FONT STYLE="letter-spacing: 0.15pt">Aftale
</FONT>i <FONT STYLE="letter-spacing: 0.15pt">overensstemmelse </FONT><FONT STYLE="letter-spacing: 0.05pt">med </FONT><FONT STYLE="letter-spacing: 0.1pt">vilk&aring;rene
</FONT>i <FONT STYLE="letter-spacing: 0.15pt">Aftalen, </FONT><FONT STYLE="letter-spacing: 0.1pt">som </FONT><FONT STYLE="letter-spacing: 0.05pt">om
</FONT><FONT STYLE="letter-spacing: 0.15pt">Warrantindehaveren stadig </FONT><FONT STYLE="letter-spacing: 0.05pt">var </FONT><FONT STYLE="letter-spacing: 0.1pt">ansat
</FONT>i <FONT STYLE="letter-spacing: 0.15pt">Selskabet. Dette g&aelig;l</FONT><FONT STYLE="letter-spacing: 0.1pt">der </FONT><FONT STYLE="letter-spacing: 0.15pt">ligeledes,
</FONT><FONT STYLE="letter-spacing: 0.1pt">hvis </FONT><FONT STYLE="letter-spacing: 0.15pt">ans&aelig;ttelsesforholdet bringes </FONT><FONT STYLE="letter-spacing: 0.1pt">til
</FONT><FONT STYLE="letter-spacing: 0.15pt">oph&oslash;r, </FONT><FONT STYLE="letter-spacing: 0.1pt">fordi </FONT><FONT STYLE="letter-spacing: 0.25pt">Warrantindehave</FONT><FONT STYLE="letter-spacing: 0.15pt">ren
</FONT><FONT STYLE="letter-spacing: 0.05pt">har </FONT><FONT STYLE="letter-spacing: 0.1pt">n&aring;et den </FONT><FONT STYLE="letter-spacing: 0.15pt">alder,
</FONT><FONT STYLE="letter-spacing: 0.1pt">der </FONT><FONT STYLE="letter-spacing: 0.15pt">g&aelig;lder </FONT><FONT STYLE="letter-spacing: 0.05pt">for
</FONT><FONT STYLE="letter-spacing: 0.15pt">pensionering </FONT><FONT STYLE="letter-spacing: 0.05pt">fra </FONT><FONT STYLE="letter-spacing: 0.15pt">Selskabet,
eller </FONT><FONT STYLE="letter-spacing: 0.1pt">fordi </FONT><FONT STYLE="letter-spacing: 0.15pt">Warrantindehaveren </FONT><FONT STYLE="letter-spacing: 0.1pt">kan
</FONT><FONT STYLE="letter-spacing: 0.15pt">oppeb&aelig;re </FONT><FONT STYLE="letter-spacing: 0.1pt">fol</FONT><FONT STYLE="letter-spacing: 0.15pt">kepension
eller alderspension </FONT><FONT STYLE="letter-spacing: 0.05pt">fra </FONT><FONT STYLE="letter-spacing: 0.15pt">Selskabet.</FONT></FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 9.9pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">In
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">the event the Company </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">terminates
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">the </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">Warrantee's
    employment </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">with the Com</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">pany
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">for </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">any
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">reason other than </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">due
    to </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">the </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">Warrantee's
    breach (in </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">Danish &quot;mis</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">ligholdelse&quot;),
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">the Warrantee shall have
    the right </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">to </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">exercise
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">any </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">Warrants
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">grant</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">ed
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">pursuant to </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">this
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">Agreement </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">in
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">accordance with the </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">terms
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">and </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">conditions
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">of </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">this
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">Agreement </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">as
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">if the </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">Warrantee
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">con</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">tinued
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">to be </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">employed
    <FONT STYLE="letter-spacing: 0.1pt">by the Company. The </FONT><FONT STYLE="letter-spacing: 0.05pt">same </FONT><FONT STYLE="letter-spacing: 0.15pt">applies
    </FONT><FONT STYLE="letter-spacing: 0.1pt">if the </FONT><FONT STYLE="letter-spacing: 0.15pt">employment </FONT><FONT STYLE="letter-spacing: 0.1pt">rela</FONT><FONT STYLE="letter-spacing: 0.15pt">tionship
    </FONT><FONT STYLE="letter-spacing: 0.1pt">comes </FONT><FONT STYLE="letter-spacing: 0.05pt">to an </FONT><FONT STYLE="letter-spacing: 0.1pt">end
    because the </FONT><FONT STYLE="letter-spacing: 0.15pt">Warrantee </FONT><FONT STYLE="letter-spacing: 0.05pt">has </FONT><FONT STYLE="letter-spacing: 0.1pt">reached
    the age of </FONT><FONT STYLE="letter-spacing: 0.05pt">re</FONT><FONT STYLE="letter-spacing: 0.1pt">tirement from the Company or
    is </FONT><FONT STYLE="letter-spacing: 0.15pt">entitled </FONT><FONT STYLE="letter-spacing: 0.05pt">to </FONT><FONT STYLE="letter-spacing: 0.1pt">old
    age </FONT><FONT STYLE="letter-spacing: 0.15pt">pension </FONT><FONT STYLE="letter-spacing: 0.1pt">(in </FONT><FONT STYLE="letter-spacing: 0.15pt">Danish:
    &quot;folkepension&quot;) </FONT><FONT STYLE="letter-spacing: 0.05pt">or </FONT><FONT STYLE="letter-spacing: 0.1pt">retirement </FONT><FONT STYLE="letter-spacing: 0.15pt">pension
    </FONT><FONT STYLE="letter-spacing: 0.25pt">(in </FONT><FONT STYLE="letter-spacing: 0.1pt">Danish: </FONT><FONT STYLE="letter-spacing: 0.15pt">&quot;alderspension&quot;)
    </FONT><FONT STYLE="letter-spacing: 0.1pt">from the</FONT> <FONT STYLE="letter-spacing: 0.15pt">Company.</FONT></FONT></TD></TR>
  </TABLE>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; width: 5%; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.3</FONT></TD>
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; width: 45%; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9;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="text-indent: 0pt; width: 50%; padding-right: 9.9pt; padding-bottom: 14pt; padding-left: 0pt; font: 11pt/14pt Verdana, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">In
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">the event that the </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">Company
    terminates </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">the </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">Warrantee's
    employment with </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">the </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">Company
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">due to </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">the
    Warrantee's </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">breach </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">(in
    Danish </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">&quot;misligholdelse&quot;)
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">or </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">summarily
    dismisses </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">the </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">Warrantee
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">for cause (in </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">Danish
    &quot;bortvisning&quot;), </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">all
    War</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">rants granted </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">pursuant
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">to </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">this
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">Agree</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">ment,
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">but not </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">exercised
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">at </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">the
    time </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">of </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">the
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">expiration </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">of
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">the </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">notice
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">period, </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">becomes
    null </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">and</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">void.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">6.4&#9;</FONT></TD>
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">Hvis </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">Warrantindehaveren
opsiger </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">sin an</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">s&aelig;ttelse
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">i <FONT STYLE="letter-spacing: 0.15pt">Selskabet inden
den </FONT><FONT STYLE="letter-spacing: 0.1pt">31. de</FONT>cember 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 STYLE="text-indent: 0pt; font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 9.9pt; padding-bottom: 14pt; padding-left: 0pt; 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 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="padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">6.5&#9;</FONT></TD>
    <TD STYLE="padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">Hvis </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">Warrantindehaveren
opsiger </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">sin an</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">s&aelig;ttelse
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">i <FONT STYLE="letter-spacing: 0.15pt">Selskabet </FONT><FONT STYLE="letter-spacing: 0.05pt">fra
og med </FONT><FONT STYLE="letter-spacing: 0.1pt">den 31. </FONT><FONT STYLE="letter-spacing: 0.15pt">december </FONT><FONT STYLE="letter-spacing: 0.1pt">2019
med en hvilken</FONT> <FONT STYLE="letter-spacing: 0.05pt">som </FONT><FONT STYLE="letter-spacing: 0.15pt">helst begrundelse, bortset
</FONT><FONT STYLE="letter-spacing: 0.05pt">fra </FONT><FONT STYLE="letter-spacing: 0.15pt">Selskabets </FONT><FONT STYLE="letter-spacing: 0.1pt">grove
</FONT><FONT STYLE="letter-spacing: 0.15pt">misligholdelse, </FONT><FONT STYLE="letter-spacing: 0.05pt">er </FONT><FONT STYLE="letter-spacing: 0.15pt">Warrantindehaveren
berettiget til </FONT>at <FONT STYLE="letter-spacing: 0.1pt">udnytte det antal Warrants </FONT><FONT STYLE="letter-spacing: 0.15pt">tildelt
</FONT>i <FONT STYLE="letter-spacing: 0.15pt">henhold </FONT><FONT STYLE="letter-spacing: 0.1pt">til denne Aftale, som er anf&oslash;rt
</FONT><FONT STYLE="letter-spacing: 0.15pt">nedenfor, </FONT>i <FONT STYLE="letter-spacing: 0.1pt">overens</FONT><FONT STYLE="letter-spacing: 0.15pt">stemmelse
</FONT><FONT STYLE="letter-spacing: 0.05pt">med </FONT><FONT STYLE="letter-spacing: 0.1pt">vilk&aring;rene </FONT>i <FONT STYLE="letter-spacing: 0.1pt">Aftalen,
som </FONT><FONT STYLE="letter-spacing: 0.05pt">om </FONT><FONT STYLE="letter-spacing: 0.15pt">Warrantindehaveren stadig </FONT><FONT STYLE="letter-spacing: 0.05pt">var
</FONT><FONT STYLE="letter-spacing: 0.1pt">ansat </FONT>i <FONT STYLE="letter-spacing: 0.15pt">Selskabet:</FONT></FONT></TD>
    <TD STYLE="text-indent: 0pt; font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 9.9pt; padding-bottom: 14pt; padding-left: 0pt; 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="margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Verdana, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 54%; border: black 1pt solid"><P STYLE="font: 9pt/14pt Verdana, Helvetica, Sans-Serif; margin: 0 12.45pt 14pt 7.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Dato
    for Warrantindehaverens opsigelse/</I></B></FONT></P>
    <P STYLE="font: 9pt/14pt Verdana, Helvetica, Sans-Serif; margin: 0 12.45pt 14pt 7.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt"><B>Date
    </B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">of </FONT></B><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">termination
    </FONT></B><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">notice being</FONT></B></P>
    <P STYLE="font: 9pt/14pt Verdana, Helvetica, Sans-Serif; margin: 0 12.45pt 14pt 7.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>served
    by the Warrantee</B></FONT></P></TD>
    <TD STYLE="width: 23%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid"><P STYLE="font: 9pt/14pt Verdana, Helvetica, Sans-Serif; margin: 0 12.45pt 14pt 11.15pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>%
    af Warrants</I></B></FONT></P>
    <P STYLE="font: 9pt/14pt Verdana, Helvetica, Sans-Serif; margin: 0 12.45pt 14pt 11pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>%
    of Warrants</B></FONT></P></TD>
    <TD STYLE="width: 23%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid"><P STYLE="font: 9pt/14pt Verdana, Helvetica, Sans-Serif; margin: 0 12.45pt 14pt 12.7pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Antal
    Warrants</I></B></FONT></P>
    <P STYLE="font: 9pt/14pt Verdana, Helvetica, Sans-Serif; margin: 0 12.45pt 14pt 0.15in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>No.
    of Warrants</B></FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 12.45pt; padding-bottom: 14pt; text-align: justify; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>December
    31 2019</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 33.2pt; text-align: justify; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">33,333</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 12.45pt; padding-bottom: 14pt; text-align: justify; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 12.45pt; padding-bottom: 14pt; text-align: justify; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>April
    1 2020</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 33.2pt; text-align: justify; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">41,666</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 12.45pt; padding-bottom: 14pt; text-align: justify; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 12.45pt; padding-bottom: 14pt; text-align: justify; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>July
    1 2020</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 33.2pt; text-align: justify; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">49,999</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 12.45pt; padding-bottom: 14pt; text-align: justify; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 12.45pt; padding-bottom: 14pt; text-align: justify; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>October
    1 2020</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 33.2pt; text-align: justify; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">58,332</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 12.45pt; padding-bottom: 14pt; text-align: justify; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 12.45pt; padding-bottom: 14pt; text-align: justify; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>January
    1 2021</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 33.2pt; text-align: justify; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">66,665</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 12.45pt; padding-bottom: 14pt; text-align: justify; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 12.45pt; padding-bottom: 14pt; text-align: justify; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>April
    1 2021</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 33.2pt; text-align: justify; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">74,998</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 12.45pt; padding-bottom: 14pt; text-align: justify; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 12.45pt; padding-bottom: 14pt; text-align: justify; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>July
    1 2021</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 33.2pt; text-align: justify; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">83,331</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 12.45pt; padding-bottom: 14pt; text-align: justify; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 12.45pt; padding-bottom: 14pt; text-align: justify; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>October
    31 2021</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 33.2pt; text-align: justify; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">91,664</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 12.45pt; padding-bottom: 14pt; text-align: justify; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 12.45pt; padding-bottom: 14pt; text-align: justify; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>December
    1 2021</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 33.2pt; text-align: justify; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">100</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 12.45pt; padding-bottom: 14pt; text-align: justify; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-indent: 0pt; font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><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 opsigelsesperioden, bortfalder.</FONT></P></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 9.9pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Remaining
    Warrants not exercised at the time of the expiration of the notice period, become null and void.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.6</FONT></TD>
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt"><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 COLSPAN="2" STYLE="text-indent: 0pt; font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 9.9pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt"><B>[For
    some </B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">Warrantees subject
    </FONT></B><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">to in</FONT></B><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">dividual
    agreement: Notwithstanding </FONT></B><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">the
    </FONT></B><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">above, [number] Warrants
    </FONT></B><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">shall </FONT></B><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">be
    </FONT></B><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">exercisable </FONT></B><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">in
    accordance with Clause 6.5</FONT></B><B> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">regardless
    </FONT></B><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">of the date </FONT></B><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">of
    termination <FONT STYLE="letter-spacing: 0.1pt">notice being </FONT><FONT STYLE="letter-spacing: 0.15pt">served </FONT>by <FONT STYLE="letter-spacing: 0.1pt">the
    </FONT><FONT STYLE="letter-spacing: 0.15pt">Warrantee.]</FONT></FONT></B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.7&#9;</FONT></TD>
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt"><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 COLSPAN="2" STYLE="text-indent: 0pt; font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 9.9pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">In
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">the event that the </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">Warrantee
    terminates the employment </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">with
    the Company </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">due </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">to
    the Company's </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">material <FONT STYLE="letter-spacing: 0.1pt">breach
    (in </FONT><FONT STYLE="letter-spacing: 0.15pt">Danish: </FONT><FONT STYLE="letter-spacing: 0.1pt">&quot;grov </FONT><FONT STYLE="letter-spacing: 0.15pt">misligholdelse&quot;),
    </FONT><FONT STYLE="letter-spacing: 0.1pt">the </FONT><FONT STYLE="letter-spacing: 0.05pt">War</FONT><FONT STYLE="letter-spacing: 0.1pt">rantee
    shall have the right </FONT><FONT STYLE="letter-spacing: 0.05pt">to </FONT><FONT STYLE="letter-spacing: 0.1pt">exercise any Warrants
    </FONT><FONT STYLE="letter-spacing: 0.15pt">granted </FONT><FONT STYLE="letter-spacing: 0.1pt">pursuant </FONT><FONT STYLE="letter-spacing: 0.05pt">to
    </FONT><FONT STYLE="letter-spacing: 0.1pt">this </FONT><FONT STYLE="letter-spacing: 0.15pt">Agreement </FONT><FONT STYLE="letter-spacing: 0.1pt">in
    </FONT><FONT STYLE="letter-spacing: 0.15pt">accordance </FONT><FONT STYLE="letter-spacing: 0.1pt">with the </FONT><FONT STYLE="letter-spacing: 0.15pt">terms
    </FONT><FONT STYLE="letter-spacing: 0.1pt">and </FONT><FONT STYLE="letter-spacing: 0.15pt">conditions </FONT><FONT STYLE="letter-spacing: 0.05pt">of
    </FONT><FONT STYLE="letter-spacing: 0.15pt">this Agreement </FONT>as <FONT STYLE="letter-spacing: 0.1pt">if the </FONT><FONT STYLE="letter-spacing: 0.15pt">Warrantee
    continued </FONT><FONT STYLE="letter-spacing: 0.05pt">to be </FONT><FONT STYLE="letter-spacing: 0.15pt">employed </FONT><FONT STYLE="letter-spacing: 0.1pt">by
    the</FONT> <FONT STYLE="letter-spacing: 0.15pt">Company.</FONT></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">6.8</FONT></TD>
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">I
<FONT STYLE="letter-spacing: 0.15pt">tilf&aelig;lde </FONT><FONT STYLE="letter-spacing: 0.05pt">af </FONT><FONT STYLE="letter-spacing: 0.15pt">Warrantindehaverens
d&oslash;d, </FONT><FONT STYLE="letter-spacing: 0.1pt">vil </FONT><FONT STYLE="letter-spacing: 0.15pt">Warrantindehaverens </FONT><FONT STYLE="letter-spacing: 0.05pt">bo
</FONT><FONT STYLE="letter-spacing: 0.15pt">eller </FONT><FONT STYLE="letter-spacing: 0.05pt">War</FONT><FONT STYLE="letter-spacing: 0.15pt">rantindehaverens
overlevende &aelig;gtef&aelig;lle </FONT><FONT STYLE="letter-spacing: 0.1pt">(hvis denne </FONT><FONT STYLE="letter-spacing: 0.15pt">sidder
</FONT>i <FONT STYLE="letter-spacing: 0.15pt">uskiftet </FONT><FONT STYLE="letter-spacing: 0.1pt">bo) v&aelig;re </FONT><FONT STYLE="letter-spacing: 0.15pt">berettiget
</FONT><FONT STYLE="letter-spacing: 0.1pt">til </FONT>at <FONT STYLE="letter-spacing: 0.1pt">udnytte Warrants </FONT>i <FONT STYLE="letter-spacing: 0.1pt">over</FONT><FONT STYLE="letter-spacing: 0.15pt">ensstemmelse
</FONT><FONT STYLE="letter-spacing: 0.05pt">med </FONT><FONT STYLE="letter-spacing: 0.15pt">vilk&aring;rene </FONT>i <FONT STYLE="letter-spacing: 0.1pt">denne
</FONT><FONT STYLE="letter-spacing: 0.05pt">Af</FONT><FONT STYLE="letter-spacing: 0.15pt">tale.</FONT></FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 9.9pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">In
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">the event </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">of
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">the death of the Warran</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">tee,
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">the </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">estate
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">of the </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">Warrantee
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">or </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">the
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">spouse </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">of
    the Warrantee </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">(if </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">the
    surviving </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">spouse retains
    undivided possession </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">of the
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">estate) </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">shall
    have the right to exercise any Warrants in accordance with the </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">terms
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">and </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">conditions
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">of </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">this
    Agreement.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>7&#9;</B></FONT></TD>
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt"><B>&AElig;ndring </B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">i
<FONT STYLE="letter-spacing: 0.15pt">retsstilling eller selskabskapital</FONT></FONT></B></TD>
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>7&#9;</B></FONT></TD>
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt"><B>Change </B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">of
<FONT STYLE="letter-spacing: 0.1pt">legal status </FONT><FONT STYLE="letter-spacing: 0.05pt">or </FONT><FONT STYLE="letter-spacing: 0.15pt">share
</FONT><FONT STYLE="letter-spacing: 0.1pt">capital</FONT></FONT></B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; text-indent: 0pt; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">7.1&#9;</FONT></TD>
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; text-indent: 0pt; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt"><I>&AElig;ndring </I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">i
<FONT STYLE="letter-spacing: 0.15pt">selskabskapital</FONT></FONT></I></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 9.9pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Change
    of Share Capital</I></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">7.1.1</FONT></TD>
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">&#9;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">I
<FONT STYLE="letter-spacing: 0.15pt">tilf&aelig;lde </FONT><FONT STYLE="letter-spacing: 0.05pt">af </FONT><FONT STYLE="letter-spacing: 0.15pt">&aelig;ndringer
</FONT>i <FONT STYLE="letter-spacing: 0.15pt">Selskabets</FONT> <FONT STYLE="letter-spacing: 0.1pt">sel</FONT>skabskapital, herunder men
ikke begr&aelig;nset til:</FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 9.9pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">In
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">case of </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">changes
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">in the Company&rsquo;s share
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">capital including </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">but
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">not </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">limited
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">to:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT STYLE="letter-spacing: 0.15pt">for&oslash;gelse
</FONT><FONT STYLE="letter-spacing: 0.05pt">af</FONT> <FONT STYLE="letter-spacing: 0.15pt">selskabskapitalen,</FONT></FONT></TD>
    <TD COLSPAN="2" STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-bottom: 14pt; padding-left: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT STYLE="letter-spacing: 0.15pt">increase </FONT><FONT STYLE="letter-spacing: 0.05pt">of </FONT><FONT STYLE="letter-spacing: 0.1pt">the
    share</FONT> <FONT STYLE="letter-spacing: 0.15pt">capital,</FONT></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT STYLE="letter-spacing: 0.15pt">udstedelse
</FONT><FONT STYLE="letter-spacing: 0.05pt">af </FONT><FONT STYLE="letter-spacing: 0.15pt">konvertible obligati</FONT><FONT STYLE="letter-spacing: 0.1pt">oner,</FONT></FONT></TD>
    <TD COLSPAN="2" STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-bottom: 14pt; padding-left: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT STYLE="letter-spacing: 0.1pt">issuance of </FONT><FONT STYLE="letter-spacing: 0.15pt">convertible bonds,</FONT></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)&nbsp;&nbsp;&nbsp;&nbsp; <FONT STYLE="letter-spacing: 0.15pt">udstedelse
</FONT><FONT STYLE="letter-spacing: 0.05pt">af nye </FONT><FONT STYLE="letter-spacing: 0.15pt">tegningsretter, eller</FONT></FONT></TD>
    <TD COLSPAN="2" STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 10.15pt; padding-bottom: 14pt; padding-left: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT STYLE="letter-spacing: 0.1pt">issuance of </FONT><FONT STYLE="letter-spacing: 0.05pt">new </FONT><FONT STYLE="letter-spacing: 0.15pt">subscription
    rights, </FONT><FONT STYLE="letter-spacing: 0.1pt">or</FONT></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT STYLE="letter-spacing: 0.15pt">neds&aelig;ttelse </FONT><FONT STYLE="letter-spacing: 0.05pt">af</FONT> <FONT STYLE="letter-spacing: 0.15pt">selskabskapitalen,</FONT></FONT></TD>
    <TD COLSPAN="2" STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 10.15pt; padding-bottom: 14pt; padding-left: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT STYLE="letter-spacing: 0.15pt">decrease </FONT><FONT STYLE="letter-spacing: 0.1pt">of the </FONT><FONT STYLE="letter-spacing: 0.15pt">share
    capital,</FONT></FONT></TD></TR>
  </TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; text-indent: 0pt; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; text-indent: 0pt; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">uanset </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">om
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">dette </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">sker
til en </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">kurs, </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">der
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">er </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">lig
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">med </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">markedskursen
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">for </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">Selskabets
kapitalandele, eller til </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">en
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">overkurs, eller hvis &aelig;ndringerne
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">n&aelig;vnt </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">i
<FONT STYLE="letter-spacing: 0.1pt">7.1.1</FONT> <FONT STYLE="letter-spacing: 0.15pt">(i)-(iv)</FONT> <FONT STYLE="letter-spacing: 0.1pt">sker
til </FONT><FONT STYLE="letter-spacing: 0.15pt">fav&oslash;rkurs, </FONT><FONT STYLE="letter-spacing: 0.1pt">sker der </FONT><FONT STYLE="letter-spacing: 0.15pt">ingen
</FONT><FONT STYLE="letter-spacing: 0.1pt">regulering </FONT>i <FONT STYLE="letter-spacing: 0.15pt">Warrants.</FONT></FONT></TD>
    <TD STYLE="text-indent: 0pt; font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 9.9pt; padding-bottom: 14pt; padding-left: 0pt; 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 (&ldquo;fav&oslash;rkurs&rdquo;), no regulation of Warrants shall
    occur.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">7.1.2&#9;</FONT></TD>
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">Hvis den </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">nominelle
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">v&aelig;rdi </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">af
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">Selskabets kapitalandele &aelig;ndres,
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">skal </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">antallet
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">af </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">Warrants
(antal </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">af </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">kapitalandele)
og/eller Udnyttelsesprisen tilpasses, </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">s&aring;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">ledes
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">at <FONT STYLE="letter-spacing: 0.1pt">v&aelig;rdien
</FONT>af <FONT STYLE="letter-spacing: 0.1pt">Warrants ikke </FONT><FONT STYLE="letter-spacing: 0.15pt">bliver </FONT><FONT STYLE="letter-spacing: 0.1pt">p&aring;virket
</FONT><FONT STYLE="letter-spacing: 0.05pt">af </FONT><FONT STYLE="letter-spacing: 0.15pt">s&aring;danne &aelig;ndringer.</FONT></FONT></TD>
    <TD STYLE="text-indent: 0pt; font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 9.9pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">If
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">the </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">nominal
    value of the shares of the </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">Company
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">is </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">amended,
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">the </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">number
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">of Warrants (number of shares)
    and/or the </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">Exercise </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">Price
    shall </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">be </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">adjusted,
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">so <FONT STYLE="letter-spacing: 0.1pt">that the
    value </FONT><FONT STYLE="letter-spacing: 0.05pt">of </FONT><FONT STYLE="letter-spacing: 0.1pt">the Warrants is </FONT><FONT STYLE="letter-spacing: 0.05pt">not
    </FONT><FONT STYLE="letter-spacing: 0.15pt">affected </FONT><FONT STYLE="letter-spacing: 0.1pt">by the </FONT>said <FONT STYLE="letter-spacing: 0.15pt">amendments.</FONT></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">7.1.3</FONT></TD>
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">&#9;Hvis </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">selskabskapitalen
neds&aelig;ttes til d&aelig;kning </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">af
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">tab, </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">skal
antallet </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">af </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">kapitalandele,
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">som </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">Warrantindehaveren
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">kan </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">tegne
gennem udnyttelse </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">af </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">Warrants,
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">reduceres (nedrundet) forholdsm&aelig;ssigt
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">til den </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">nominelle
reduktion </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">af </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.25pt">kapitalen
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">sammenholdt </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">med
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">Selskabets totale</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">no</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">minelle
selskabskapital f&oslash;r reduktionen</FONT></TD>
    <TD STYLE="text-indent: 0pt; font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 9.9pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
    the share capital is reduced in order to cover losses, the number of shares for which the Warrantee may subscribe by exercising the
    Warrants shall be reduced (rounded down) proportionately to the nominal reduction of the capital compared to the total nominal share
    capital of the Company before the reduction.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">7.2<I>&#9;</I></FONT></TD>
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt"><I>Andre &aelig;ndringer</I></FONT></TD>
    <TD STYLE="text-indent: 0pt; font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 10.15pt; padding-bottom: 14pt; padding-left: 0pt; 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 STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">7.2.1&#9;</FONT></TD>
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">Hvis der </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">tr&aelig;ffes
beslutning </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">om</FONT></TD>
    <TD STYLE="text-indent: 0pt; font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 10.15pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
    a resolution is made to</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;&nbsp; <FONT STYLE="letter-spacing: 0.1pt">at likvidere
eller afvikle Selskabet,</FONT></FONT></TD>
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 10.15pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;&nbsp;
    <FONT STYLE="letter-spacing: 0.15pt">liquidate or wind up the Company,</FONT></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp; <FONT STYLE="letter-spacing: 0.1pt">at spalte Selskabet
eller</FONT></FONT></TD>
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 10.15pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;
    <FONT STYLE="letter-spacing: 0.15pt">demerge the Company, or</FONT></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii) <FONT STYLE="letter-spacing: 0.1pt">at gennemf&oslash;re
en kapitalandelsombytning, der omfatter samtlige kapitalandele i Selskabet (oprettelse af et holdingselskab/apportindskud),</FONT></FONT></TD>
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 10.15pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)
    <FONT STYLE="letter-spacing: 0.15pt">effect an exchange of shares which includes all shares in the Company (establishment of a holding
    company/non-cash contribution),</FONT></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: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; text-indent: 0pt; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; text-indent: 0pt; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">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 COLSPAN="2" STYLE="text-indent: 0pt; font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 9.9pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">the
    Warrantee shall be entitled to exercise his/her Warrants on the effective date of the relevant change, see however Clause 7.2.2.
    The Company&rsquo;s Board shall give written notice to the Warrantee if one of the above resolutions is made and the Warrantee may
    exercise all such Warrants within 30 days from the date of such notice. If the Board has not received an Exercise Notice prior to
    the expiry of the 30 days' notice, the Warrants will automatically and without further no- tice be cancelled and become void without
    notice or compensation unless replaced in accordance with Clause 7.2.2.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">7.2.2&#9;</FONT></TD>
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">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 COLSPAN="2" STYLE="text-indent: 0pt; font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 9.9pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">In
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">the event of </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">contribution
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">of the Com</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">pany
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">by </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">merger,
    de-merger </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">or an </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">ex</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">change
    of shares which </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">includes
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">all </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">shares
    in the </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">Company (establishment
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">of </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    <FONT STYLE="letter-spacing: 0.15pt">holding company/non-cash </FONT><FONT STYLE="letter-spacing: 0.1pt">contribu</FONT><FONT STYLE="letter-spacing: 0.15pt">tion)
    </FONT><FONT STYLE="letter-spacing: 0.1pt">the </FONT><FONT STYLE="letter-spacing: 0.15pt">Company </FONT><FONT STYLE="letter-spacing: 0.1pt">shall
    have the right, </FONT><FONT STYLE="letter-spacing: 0.05pt">but not </FONT><FONT STYLE="letter-spacing: 0.1pt">the </FONT><FONT STYLE="letter-spacing: 0.15pt">obligation,
    </FONT><FONT STYLE="letter-spacing: 0.05pt">to </FONT><FONT STYLE="letter-spacing: 0.1pt">request that the Warrants are replaced
    by the right to subscribe to shares in the receiving </FONT>company<FONT STYLE="letter-spacing: 0.1pt">(ies) subject to written approval
    by the continuing company(ies).</FONT></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt"><B>8&#9;</B></FONT></TD>
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt"><B>Tegning af kapitalandele</B></FONT></TD>
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt"><B>8&#9;</B></FONT></TD>
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt"><B>Subscription of Shares</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">8.1&#9;</FONT></TD>
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">Ved </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">udnyttelse
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">af </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">et
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">hvilket </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">som
helst antal Warrants </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">g&aelig;lder
f&oslash;lgende </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">for </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">teg</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">ning
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">af nye</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">kapitalandele:</FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 9.9pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
    exercise of any part of the Warrants, the following will apply for the subscription of new shares:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT STYLE="letter-spacing: 0.05pt">De
</FONT><FONT STYLE="letter-spacing: 0.1pt">andre </FONT><FONT STYLE="letter-spacing: 0.15pt">kapitalejere </FONT>i <FONT STYLE="letter-spacing: 0.15pt">Selskabet
</FONT><FONT STYLE="letter-spacing: 0.1pt">har ikke </FONT><FONT STYLE="letter-spacing: 0.15pt">fortegningsret </FONT><FONT STYLE="letter-spacing: 0.1pt">med
hensyn til Warrants </FONT><FONT STYLE="letter-spacing: 0.15pt">eller kapitalandele udstedt </FONT><FONT STYLE="letter-spacing: 0.1pt">gennem
</FONT><FONT STYLE="letter-spacing: 0.15pt">udnyttelse </FONT><FONT STYLE="letter-spacing: 0.05pt">af </FONT><FONT STYLE="letter-spacing: 0.1pt">War</FONT><FONT STYLE="letter-spacing: 0.15pt">rants.</FONT></FONT></TD>
    <TD COLSPAN="2" STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 9.8pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;
    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 STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT STYLE="letter-spacing: 0.15pt">Betaling
</FONT>af <FONT STYLE="letter-spacing: 0.15pt">tegningsbel&oslash;bet </FONT><FONT STYLE="letter-spacing: 0.05pt">og </FONT><FONT STYLE="letter-spacing: 0.15pt">tegning
</FONT><FONT STYLE="letter-spacing: 0.05pt">af </FONT><FONT STYLE="letter-spacing: 0.15pt">kapitalandele </FONT><FONT STYLE="letter-spacing: 0.1pt">skal
finde sted </FONT><FONT STYLE="letter-spacing: 0.15pt">samtidigt. Warrantindehave</FONT><FONT STYLE="letter-spacing: 0.1pt">rens </FONT><FONT STYLE="letter-spacing: 0.15pt">rettigheder
</FONT><FONT STYLE="letter-spacing: 0.1pt">som </FONT><FONT STYLE="letter-spacing: 0.15pt">kapitalejer </FONT><FONT STYLE="letter-spacing: 0.1pt">efter
</FONT><FONT STYLE="letter-spacing: 0.15pt">udnyttelse </FONT><FONT STYLE="letter-spacing: 0.05pt">af </FONT><FONT STYLE="letter-spacing: 0.15pt">samtlige
</FONT><FONT STYLE="letter-spacing: 0.1pt">War</FONT><FONT STYLE="letter-spacing: 0.15pt">rants eller </FONT><FONT STYLE="letter-spacing: 0.1pt">en
del heraf </FONT><FONT STYLE="letter-spacing: 0.15pt">tr&aelig;der </FONT>i <FONT STYLE="letter-spacing: 0.15pt">kraft, </FONT><FONT STYLE="letter-spacing: 0.05pt">n&aring;r
</FONT><FONT STYLE="letter-spacing: 0.15pt">uigenkaldelig </FONT><FONT STYLE="letter-spacing: 0.1pt">kontant </FONT><FONT STYLE="letter-spacing: 0.15pt">betaling
</FONT><FONT STYLE="letter-spacing: 0.1pt">til </FONT><FONT STYLE="letter-spacing: 0.15pt">Selskabet </FONT><FONT STYLE="letter-spacing: 0.1pt">har
</FONT><FONT STYLE="letter-spacing: 0.15pt">fundet sted. Selskabet </FONT><FONT STYLE="letter-spacing: 0.1pt">skal </FONT><FONT STYLE="letter-spacing: 0.15pt">registrere
Warrantindehaveren </FONT><FONT STYLE="letter-spacing: 0.05pt">som </FONT><FONT STYLE="letter-spacing: 0.15pt">kapital</FONT><FONT STYLE="letter-spacing: 0.1pt">ejer
</FONT>i <FONT STYLE="letter-spacing: 0.15pt">Selskabets ejerbog.</FONT></FONT></TD>
    <TD COLSPAN="2" STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 9.8pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;
    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>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT STYLE="letter-spacing: 0.05pt">De
</FONT><FONT STYLE="letter-spacing: 0.1pt">nye </FONT><FONT STYLE="letter-spacing: 0.15pt">kapitalandele udstedes </FONT>i <FONT STYLE="letter-spacing: 0.15pt">kapitalandele
</FONT>&agrave; <FONT STYLE="letter-spacing: 0.1pt">nominelt kr. </FONT>1 <FONT STYLE="letter-spacing: 0.15pt">eller multipla heraf.</FONT></FONT></TD>
    <TD COLSPAN="2" STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 9.8pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)&nbsp;&nbsp;
    The new shares are issued in shares of nominally DKK 1 or multiples hereof.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)&nbsp;&nbsp;&nbsp;&nbsp; <FONT STYLE="letter-spacing: 0.05pt">&#8239;&#8239;&#8239;&#8239;De
nye kapitalandele skal udstedes p&aring; navn, indf&oslash;res i Selskabets ejerbog og er ikke-oms&aelig;ttelige.</FONT></FONT></TD>
    <TD COLSPAN="2" STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 9.8pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)&nbsp;&nbsp;
    The new shares are issued on name, shall be registered in the Company's share register and are non-negotiable shares.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT STYLE="letter-spacing: 0.05pt">&#8239;&#8239;Restriktionerne
p&aring; eksisterende kapitalandele vedr&oslash;rende oms&aelig;ttelighed g&aelig;lder ogs&aring; for de nye kapitalandele.</FONT></FONT></TD>
    <TD COLSPAN="2" STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 9.8pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)&nbsp;&nbsp;The restrictions on the current shares as to negotiability shall also apply for the new shares.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vi)&nbsp;&nbsp;&nbsp;&nbsp; <FONT STYLE="letter-spacing: 0.05pt">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.</FONT></FONT></TD>
    <TD COLSPAN="2" STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 9.8pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vi)&nbsp;&nbsp;
    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 STYLE="padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vii)&nbsp;&nbsp;&nbsp; <FONT STYLE="letter-spacing: 0.05pt">&#8239;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.</FONT></FONT></TD>
    <TD COLSPAN="2" STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 9.8pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vii)&nbsp;&#8239;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 STYLE="padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(viii)&nbsp;&nbsp; <FONT STYLE="letter-spacing: 0.15pt">Selskabet
betaler omkostningerne </FONT>i <FONT STYLE="letter-spacing: 0.15pt">forbindelse </FONT><FONT STYLE="letter-spacing: 0.05pt">med </FONT><FONT STYLE="letter-spacing: 0.15pt">udstedelse
</FONT><FONT STYLE="letter-spacing: 0.05pt">og </FONT><FONT STYLE="letter-spacing: 0.1pt">ud</FONT><FONT STYLE="letter-spacing: 0.15pt">nyttelse
</FONT><FONT STYLE="letter-spacing: 0.05pt">af</FONT> <FONT STYLE="letter-spacing: 0.1pt">Warrants.</FONT></FONT></TD>
    <TD COLSPAN="2" STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 9.8pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(viii)
    The Company shall pay the costs in connection with the issuance and exercise of Warrants.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; line-height: 14pt; text-indent: 0pt; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>9&#9;</B></FONT></TD>
    <TD STYLE="padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; line-height: 14pt; text-indent: 0pt; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt"><B>Skat</B></FONT></TD>
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>9&#9;</B></FONT></TD>
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.25pt"><B>Tax</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; line-height: 14pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">9.1&#9;</FONT></TD>
    <TD STYLE="padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; line-height: 14pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">Punkterne </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">9.2
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">- <FONT STYLE="letter-spacing: 0.1pt">9.4&nbsp;&nbsp;finder&nbsp;&nbsp;</FONT><FONT STYLE="letter-spacing: 0.15pt">anvendelse,
hvis Warrantindehaveren </FONT><FONT STYLE="letter-spacing: 0.1pt">er ansat </FONT>i <FONT STYLE="letter-spacing: 0.1pt">Sel</FONT><FONT STYLE="letter-spacing: 0.15pt">skabet:</FONT></FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 9.9pt; padding-bottom: 14pt; padding-left: 0pt; 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="padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; line-height: 14pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">9.2&#9;</FONT></TD>
    <TD STYLE="padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; line-height: 14pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">Warrants er underlagt ligningslovens
&sect; 7 P.</FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 9.9pt; padding-bottom: 14pt; padding-left: 0pt; 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="padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; line-height: 14pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">9.3&#9;</FONT></TD>
    <TD STYLE="padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; line-height: 14pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">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).</FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 9.9pt; padding-bottom: 14pt; padding-left: 0pt; 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="margin: 0">&nbsp;</P>

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


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; line-height: 14pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.4&#9;</FONT></TD>
    <TD STYLE="padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; line-height: 14pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Selskabet giver ikke Warrantindehaveren nogen garanti for,
at Warrants beskattes efter ligningslovens &sect; 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.</FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 9.9pt; padding-bottom: 14pt; padding-left: 0pt; 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="padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; line-height: 14pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">9.5&#9;</FONT></TD>
    <TD STYLE="padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; line-height: 14pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">De </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">skattem&aelig;ssige
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">konsekvenser for </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">Warrantindehaveren
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">i <FONT STYLE="letter-spacing: 0.15pt">forbindelse </FONT><FONT STYLE="letter-spacing: 0.1pt">med
</FONT><FONT STYLE="letter-spacing: 0.15pt">denne Aftale, </FONT><FONT STYLE="letter-spacing: 0.1pt">herunder </FONT><FONT STYLE="letter-spacing: 0.15pt">men
</FONT><FONT STYLE="letter-spacing: 0.1pt">ikke begr&aelig;nset til </FONT><FONT STYLE="letter-spacing: 0.15pt">erhvervelse og/eller
tildeling </FONT><FONT STYLE="letter-spacing: 0.05pt">af </FONT><FONT STYLE="letter-spacing: 0.15pt">Warrants, og/eller skattem&aelig;ssige
konsekvenser </FONT>i <FONT STYLE="letter-spacing: 0.15pt">forbindelse </FONT><FONT STYLE="letter-spacing: 0.05pt">med </FONT><FONT STYLE="letter-spacing: 0.1pt">udnyt</FONT><FONT STYLE="letter-spacing: 0.15pt">telse
</FONT><FONT STYLE="letter-spacing: 0.05pt">af </FONT><FONT STYLE="letter-spacing: 0.1pt">Warrants, </FONT><FONT STYLE="letter-spacing: 0.05pt">er
</FONT><FONT STYLE="letter-spacing: 0.15pt">Selskabet </FONT><FONT STYLE="letter-spacing: 0.1pt">uved</FONT><FONT STYLE="letter-spacing: 0.15pt">kommende.
Warrantindehaveren opfor</FONT><FONT STYLE="letter-spacing: 0.1pt">dres til </FONT>at <FONT STYLE="letter-spacing: 0.1pt">s&oslash;ge
</FONT><FONT STYLE="letter-spacing: 0.15pt">skattem&aelig;ssig r&aring;dgivning </FONT>i <FONT STYLE="letter-spacing: 0.15pt">forbindelse
</FONT><FONT STYLE="letter-spacing: 0.05pt">med </FONT><FONT STYLE="letter-spacing: 0.15pt">indg&aring;elsen </FONT><FONT STYLE="letter-spacing: 0.05pt">af
</FONT><FONT STYLE="letter-spacing: 0.1pt">denne </FONT><FONT STYLE="letter-spacing: 0.15pt">Aftale.</FONT></FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 9.9pt; padding-bottom: 14pt; padding-left: 0pt; 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="padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; line-height: 14pt; text-indent: 0pt; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt"><B>10&#9;</B></FONT></TD>
    <TD STYLE="padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; line-height: 14pt; text-indent: 0pt; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt"><B>Ejeraftale</B></FONT></TD>
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt"><B>10&#9;</B></FONT></TD>
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt"><B>Shareholders' </B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">Agreement</FONT></B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; line-height: 14pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">10.1&#9;</FONT></TD>
    <TD STYLE="padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; line-height: 14pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">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 </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt">rettigheder
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">i <FONT STYLE="letter-spacing: 0.1pt">henhold til </FONT><FONT STYLE="letter-spacing: 0.15pt">ejeraftalen.
</FONT><FONT STYLE="letter-spacing: 0.05pt">En </FONT><FONT STYLE="letter-spacing: 0.1pt">s&aring;dan </FONT><FONT STYLE="letter-spacing: 0.15pt">tiltr&aelig;delseserkl&aelig;ring
</FONT><FONT STYLE="letter-spacing: 0.1pt">skal </FONT><FONT STYLE="letter-spacing: 0.15pt">underskrives </FONT><FONT STYLE="letter-spacing: 0.1pt">senest
</FONT><FONT STYLE="letter-spacing: 0.05pt">p&aring; </FONT><FONT STYLE="letter-spacing: 0.15pt">tidspunktet </FONT><FONT STYLE="letter-spacing: 0.1pt">for
udnyt</FONT><FONT STYLE="letter-spacing: 0.15pt">telse </FONT><FONT STYLE="letter-spacing: 0.05pt">af </FONT><FONT STYLE="letter-spacing: 0.1pt">Warrants,
</FONT><FONT STYLE="letter-spacing: 0.05pt">og </FONT><FONT STYLE="letter-spacing: 0.15pt">udnyttelsen </FONT><FONT STYLE="letter-spacing: 0.05pt">af
</FONT><FONT STYLE="letter-spacing: 0.1pt">Warrants </FONT><FONT STYLE="letter-spacing: 0.05pt">skal v&aelig;re </FONT><FONT STYLE="letter-spacing: 0.15pt">betinget
</FONT><FONT STYLE="letter-spacing: 0.1pt">heraf.</FONT></FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 9.9pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">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 </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">acknowledges <FONT STYLE="letter-spacing: 0.05pt">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></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; line-height: 14pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt"><B>11&#9;</B></FONT></TD>
    <TD STYLE="padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; line-height: 14pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt"><B>Overdragelse af Warrants</B></FONT></TD>
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt"><B>11&#9;</B></FONT></TD>
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt"><B>Assignment </B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">of
</FONT></B><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">Warrants</FONT></B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; line-height: 14pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">11.1&#9;</FONT></TD>
    <TD STYLE="padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; line-height: 14pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">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.</FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 9.9pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">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: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; line-height: 14pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">11.2&#9;</FONT></TD>
    <TD STYLE="padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; line-height: 14pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">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 COLSPAN="2" STYLE="text-indent: 0pt; font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 9.9pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">Notwithstanding
    Clause 11.1, assignment to the estate left by the Warrantee and/or to his/her heir/heiress in the event of death shall be allowed.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; line-height: 14pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">11.3&#9;</FONT></TD>
    <TD STYLE="padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; line-height: 14pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">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 </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">bekr&aelig;fter
at ville respektere denne Aftale.</FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 9.9pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">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 STYLE="padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; line-height: 14pt; text-indent: 0pt; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt"><B>12&#9;</B></FONT></TD>
    <TD STYLE="padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; line-height: 14pt; text-indent: 0pt; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt"><B>Afkald&#9;</B></FONT></TD>
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt"><B>12&#9;</B></FONT></TD>
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt"><B>Waiver</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; line-height: 14pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">12.1&#9;</FONT></TD>
    <TD STYLE="padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; line-height: 14pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">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).</FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 9.9pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">The
    Warrantee undertakes not to invoke or otherwise rely upon the minority protection rule available under the Danish Companies Act,
    including Clause 73, stipulating the right to require a shareholder holding more than nineteenths of the shares to acquire the shares
    of any minority shareholder (in Danish: &quot;indl&oslash;sningsret&quot;).</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; line-height: 14pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt"><B>13&#9;</B></FONT></TD>
    <TD STYLE="padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; line-height: 14pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt"><B>Pants&aelig;tning </B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">af
<FONT STYLE="letter-spacing: 0.15pt">kapitalandele</FONT></FONT></B></TD>
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt"><B>13&#9;</B></FONT></TD>
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt"><B>Pledge of</B></FONT><B> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">Shares</FONT></B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; line-height: 14pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">13.1&#9;</FONT></TD>
    <TD STYLE="padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; line-height: 14pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">Warrantindehaveren forpligter sig herved
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">at pants&aelig;tte kapitalandele i Selskabet tegnet
gennem udnyttelse af Warrants (herunder eventuelle stemmerettigheder) <FONT STYLE="letter-spacing: 0.1pt">til </FONT><FONT STYLE="letter-spacing: 0.05pt">de
</FONT><FONT STYLE="letter-spacing: 0.1pt">andre kapitalejere</FONT> i <FONT STYLE="letter-spacing: 0.15pt">Selskabet </FONT>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.</FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 9.9pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">The
    Warrantee hereby undertakes to pledge any shares in the Company sub</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">scribed
    for by exercise of any Warrants (including voting rights (if any)) to the <FONT STYLE="letter-spacing: 0.15pt">other shareholders
    </FONT><FONT STYLE="letter-spacing: 0.1pt">of the </FONT><FONT STYLE="letter-spacing: 0.15pt">Company</FONT> <FONT STYLE="letter-spacing: 0.05pt">as
    </FONT>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 <FONT STYLE="letter-spacing: 0.1pt">in the </FONT><FONT STYLE="letter-spacing: 0.15pt">Company
    </FONT><FONT STYLE="letter-spacing: 0.1pt">held by the</FONT> <FONT STYLE="letter-spacing: 0.15pt">Warrantee.</FONT></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; line-height: 14pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt"><B>14&#9;</B></FONT></TD>
    <TD STYLE="padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; line-height: 14pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt"><B>Fuldmagt</B></FONT></TD>
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt"><B>14&#9;</B></FONT></TD>
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt"><B>Power </B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">of
<FONT STYLE="letter-spacing: 0.1pt">Attorney</FONT></FONT></B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; line-height: 14pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.1&#9;</FONT></TD>
    <TD STYLE="padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; line-height: 14pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrantindehaveren giver hermed Selskabets Bestyrelse fuldmagt
til p&aring; War<FONT STYLE="letter-spacing: 0.15pt">rantindehaverens </FONT><FONT STYLE="letter-spacing: 0.1pt">vegne </FONT>at <FONT STYLE="letter-spacing: 0.15pt">iv&aelig;rks&aelig;tte
</FONT>enhver foranstaltning, der m&aring;tte v&aelig;re <FONT STYLE="letter-spacing: 0.15pt">n&oslash;dvendig </FONT><FONT STYLE="letter-spacing: 0.1pt">til
</FONT><FONT STYLE="letter-spacing: 0.15pt">opfyldelse </FONT><FONT STYLE="letter-spacing: 0.05pt">af </FONT><FONT STYLE="letter-spacing: 0.1pt">denne
</FONT><FONT STYLE="letter-spacing: 0.15pt">Aftale.</FONT></FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 9.9pt; padding-bottom: 14pt; padding-left: 0pt; 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 Warran<FONT STYLE="letter-spacing: 0.1pt">tee
    </FONT><FONT STYLE="letter-spacing: 0.05pt">to </FONT><FONT STYLE="letter-spacing: 0.1pt">ensure </FONT><FONT STYLE="letter-spacing: 0.15pt">fulfilment
    </FONT><FONT STYLE="letter-spacing: 0.1pt">of this Agreement.</FONT></FONT></TD></TR>
  </TABLE>

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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; line-height: 14pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt"><B>15&#9;</B></FONT></TD>
    <TD STYLE="width: 45%; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; line-height: 14pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt"><B>Tavshedspligt</B></FONT></TD>
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; width: 5%; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt"><B>15&#9;</B></FONT></TD>
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; width: 45%; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt"><B>Confidentiality</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; line-height: 14pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">15.1&#9;</FONT></TD>
    <TD STYLE="padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; line-height: 14pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">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.</FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 9.9pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">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 STYLE="padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; line-height: 14pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt"><B>16&#9;</B></FONT></TD>
    <TD STYLE="padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; line-height: 14pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt"><B>Lovvalg</B></FONT></TD>
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt"><B>16&#9;</B></FONT></TD>
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt"><B>Governing law</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; line-height: 14pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">16.1&#9;</FONT></TD>
    <TD STYLE="padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; line-height: 14pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">Denne Aftale er underlagt dansk ret.</FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 9.9pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">This
    Agreement shall be governed by the laws of Denmark.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; line-height: 14pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt"><B>17&#9;</B></FONT></TD>
    <TD STYLE="padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; line-height: 14pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt"><B>Tvister</B></FONT></TD>
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt"><B>17&#9;</B></FONT></TD>
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt"><B>Disputes</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; line-height: 14pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">17.1&#9;</FONT></TD>
    <TD STYLE="padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; line-height: 14pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">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.</FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 9.9pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">The
    Parties shall primarily seek to amicably settle any dispute arising out of or in connection with this </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agreement<FONT STYLE="letter-spacing: 0.05pt">,
    including its conclusion or termination. If the Parties cannot reach an agreement, the dispute shall be settled by the Danish courts
    in Copenhagen.</FONT></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; line-height: 14pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt"><B>18&#9;</B></FONT></TD>
    <TD STYLE="padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; line-height: 14pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt"><B>Underskrift, </B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">hele
Aftalen </FONT></B><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">og </FONT></B><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">&aelig;ndringer
hertil&#9;</FONT></B></TD>
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt"><B>18&#9;</B></FONT></TD>
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.15pt"><B>Signatures, entire Agreement, and&nbsp;amendments</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; line-height: 14pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">18.1&#9;</FONT></TD>
    <TD STYLE="padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; line-height: 14pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">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.</FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 9.9pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">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-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; line-height: 14pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">18.2&#9;</FONT></TD>
    <TD STYLE="padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; line-height: 14pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">Alle meddelelser eller lignende i henhold
til eller i forbindelse med Aftalen skal foretages skriftligt fra den ene Part til den anden.</FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 9.9pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.1pt">All
    notifications, demands or similar pursuant to or relating to this Agreement shall be made in writing to the other Party.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: center; line-height: 14pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-
    0 -</FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 9.9pt; padding-bottom: 14pt; padding-left: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">-
    0 -</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; line-height: 14pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
    and on behalf of Evaxion Biotech ApS:</FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 9.9pt; padding-bottom: 14pt; padding-left: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">For
    <B>[the Warantee]:</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-indent: 0pt; padding-right: 12.45pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">____________________________<BR>
    Name: <BR> Title:</FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 9.9pt; padding-bottom: 14pt; padding-left: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">____________________________<BR>
    Name: <BR> Title:</FONT></TD></TR>
  </TABLE>


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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0pt; width: 50%; text-indent: 0pt"><P STYLE="font: 9pt/14pt Arial, Helvetica, Sans-Serif; margin: 0 12.45pt 14pt 36.4pt; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 9pt/14pt Arial, Helvetica, Sans-Serif; margin: 0pt 12.45pt 14pt 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">____________________________<BR>
        Name:<BR> Title:</FONT></P></TD>
    <TD STYLE="padding-left: 0pt; width: 50%; text-indent: 0pt"><P STYLE="font: 9pt/14pt Verdana, Helvetica, Sans-Serif; margin: 0 9.9pt 14pt 15.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 9pt/14pt Verdana, Helvetica, Sans-Serif; margin: 0pt 9.9pt 14pt 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">___________________________<BR>
        Name:<BR>
        Title:</FONT></P></TD></TR>
  </TABLE>

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

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

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





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

<P STYLE="margin: 0pt 0; font-size: 10pt"><B><B>BILAG 2 TIL VEDT&AElig;GTER</B></B></P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt"><B>APPENDIX 2 TO ARTICLES OF ASSOCIATION</B></P>

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="2" STYLE="font-size: 10pt; padding-left: 15.3pt">WARRANTAFTALE</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: left">WARRANT </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="2" STYLE="font-size: 10pt; padding-left: 15.3pt">AGREEMENT</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="2" STYLE="font-size: 10pt; padding-left: 15.3pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="2" STYLE="font-size: 10pt; padding-left: 15.3pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="2" STYLE="font-size: 10pt; padding-left: 15.3pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left"></TD>
    <TD STYLE="font-size: 10pt; text-align: left"></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-left: 15.3pt">Mellem</TD>
    <TD STYLE="font-size: 10pt; padding-left: 0pt">Evaxion Biotech ApS</TD>
    <TD STYLE="font-size: 10pt; text-align: left">Between</TD>
    <TD STYLE="font-size: 10pt; text-align: left">Evaxion Biotech ApS</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-left: 15.3pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; padding-left: 0pt">Bredgade 34 E</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">Bredgade 34 E</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-left: 15.3pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; padding-left: 0pt">1260 K&oslash;benhavn K</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">1260 Copenhagen K</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="2" STYLE="font-size: 10pt; padding-left: 15.3pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="2" STYLE="font-size: 10pt; padding-left: 15.3pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-left: 15.3pt; width: 8%">og</TD>
    <TD STYLE="font-size: 10pt; padding-left: 0pt; width: 42%"><B>[Navn]</B></TD>
    <TD STYLE="font-size: 10pt; text-align: left; width: 8%">and</TD>
    <TD STYLE="font-size: 10pt; text-align: left; width: 42%"><B>[Name]</B></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-left: 15.3pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; padding-left: 0pt"><B>[Adresse]</B></TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left"><B>[Address]</B></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Arial, Helvetica, Sans-Serif; margin: 0 155.85pt 10pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Arial, Helvetica, Sans-Serif; margin: 0 155.85pt 10pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Arial, Helvetica, Sans-Serif; margin: 0 155.85pt 10pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="margin: 0pt 0 0pt 14.9pt; font-size: 10pt"></P>

<P STYLE="margin: 0pt 0 0pt 14.9pt; font-size: 10pt">&nbsp;</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD>1</TD><TD>BAGGRUND OG OMFANG&#9;</TD>
          <TD STYLE="text-align: right">4</TD></TR>
                                                                                                                 <TR STYLE="vertical-align: top">
<TD STYLE="width: 49.6pt">1</TD><TD>BACKGROUND AND SCOPE&#9;</TD>
                                <TD STYLE="text-align: right">4</TD></TR>
<TR STYLE="vertical-align: top">
<TD>2</TD><TD>TILDELING AF WARRANTS&#9;</TD>
          <TD STYLE="text-align: right">4</TD></TR>
<TR STYLE="vertical-align: top">
<TD>2</TD><TD>GRANT OF WARRANTS&#9;</TD>
          <TD STYLE="text-align: right">4</TD></TR>
<TR STYLE="vertical-align: top">
<TD>3</TD><TD>TEGNINGSPRIS&#9;</TD>
          <TD STYLE="text-align: right">5</TD></TR>
<TR STYLE="vertical-align: top">
<TD>3</TD><TD>SUBSCRIPTION PRICE&#9;</TD>
          <TD STYLE="text-align: right">5</TD></TR>
<TR STYLE="vertical-align: top">
<TD>4</TD><TD>UDNYTTELSE AF WARRANTS&#9;</TD>
          <TD STYLE="text-align: right">5</TD></TR>
<TR STYLE="vertical-align: top">
<TD>4</TD><TD>EXERCISE OF WARRANTS&#9;</TD>
          <TD STYLE="text-align: right">5</TD></TR>
<TR STYLE="vertical-align: top">
<TD>5</TD><TD>VISSE BETINGELSER I RELATION TIL EXIT&#9;</TD>
          <TD STYLE="text-align: right">7</TD></TR>
<TR STYLE="vertical-align: top">
<TD>5</TD><TD>CERTAIN CONDITIONS RELATING TO AN EXIT&#9;</TD>
          <TD STYLE="text-align: right">7</TD></TR>
<TR STYLE="vertical-align: top">
<TD>6</TD><TD>OPSIGELSE AF ANS&AElig;TTELSESFORHOLDET&#9;</TD>
          <TD STYLE="text-align: right">8</TD></TR>
<TR STYLE="vertical-align: top">
<TD>6</TD><TD>TERMINATION OF EMPLOYMENT&#9;</TD>
          <TD STYLE="text-align: right">8</TD></TR>
<TR STYLE="vertical-align: top">
<TD>7</TD><TD>&AElig;NDRING I RETSSTILLING ELLER SELSKABSKAPITAL&#9;</TD>
          <TD STYLE="text-align: right">10</TD></TR>
<TR STYLE="vertical-align: top">
<TD>7</TD><TD>CHANGE OF LEGAL STATUS OR SHARE CAPITAL&#9;</TD>
          <TD STYLE="text-align: right">10</TD></TR>
<TR STYLE="vertical-align: top">
<TD>8</TD><TD>TEGNING AF KAPITALANDELE&#9;</TD>
          <TD STYLE="text-align: right">11</TD></TR>
<TR STYLE="vertical-align: top">
<TD>8</TD><TD>SUBSCRIPTION OF SHARES&#9;</TD>
          <TD STYLE="text-align: right">11</TD></TR>
<TR STYLE="vertical-align: top">
<TD>9</TD><TD>SKAT&#9;</TD>
          <TD STYLE="text-align: right">12</TD></TR>
<TR STYLE="vertical-align: top">
<TD>9</TD><TD>TAX&#9;</TD>
          <TD STYLE="text-align: right">12</TD></TR>
<TR STYLE="vertical-align: top">
<TD>10</TD><TD>EJERAFTALE&#9;</TD>
           <TD STYLE="text-align: right">13</TD></TR>
<TR STYLE="vertical-align: top">
<TD>10</TD><TD>SHAREHOLDERS' AGREEMENT&#9;</TD>
           <TD STYLE="text-align: right">13</TD></TR>
<TR STYLE="vertical-align: top">
<TD>11</TD><TD>OVERDRAGELSE AF WARRANTS&#9;</TD>
           <TD STYLE="text-align: right">13</TD></TR>
<TR STYLE="vertical-align: top">
<TD>11</TD><TD>ASSIGNMENT OF WARRANTS&#9;</TD>
           <TD STYLE="text-align: right">13</TD></TR>
<TR STYLE="vertical-align: top">
<TD>12</TD><TD>AFKALD&#9;</TD>
           <TD STYLE="text-align: right">14</TD></TR>
<TR STYLE="vertical-align: top">
<TD>12</TD><TD>WAIVER&#9;</TD>
           <TD STYLE="text-align: right">14</TD></TR>
<TR STYLE="vertical-align: top">
<TD>13</TD><TD>PANTS&AElig;TNING AF KAPITALANDELE&#9;</TD>
           <TD STYLE="text-align: right">14</TD></TR>
<TR STYLE="vertical-align: top">
<TD>13</TD><TD>PLEDGE OF SHARES&#9;</TD>
           <TD STYLE="text-align: right">14</TD></TR>
<TR STYLE="vertical-align: top">
<TD>14</TD><TD>FULDMAGT&#9;</TD>
           <TD STYLE="text-align: right">14</TD></TR>
<TR STYLE="vertical-align: top">
<TD>14</TD><TD>POWER OF ATTORNEY&#9;</TD>
           <TD STYLE="text-align: right">14</TD></TR>
<TR STYLE="vertical-align: top">
<TD>15</TD><TD>TAVSHEDSPLIGT&#9;</TD>
           <TD STYLE="text-align: right">14</TD></TR>
<TR STYLE="vertical-align: top">
<TD>15</TD><TD>CONFIDENTIALITY&#9;</TD>
           <TD STYLE="text-align: right">14</TD></TR>
<TR STYLE="vertical-align: top">
<TD>16</TD><TD>LOVVALG&#9;</TD>
           <TD STYLE="text-align: right">14</TD></TR>
<TR STYLE="vertical-align: top">
<TD>16</TD><TD>GOVERNING LAW&#9;</TD>
           <TD STYLE="text-align: right">14</TD></TR>
<TR STYLE="vertical-align: top">
<TD>17</TD><TD>TVISTER&#9;</TD>
           <TD STYLE="text-align: right">14</TD></TR>
<TR STYLE="vertical-align: top">
<TD>17</TD><TD>DISPUTES&#9;</TD>
           <TD STYLE="text-align: right">14</TD></TR>
<TR STYLE="vertical-align: top">
<TD>18</TD><TD>UNDERSKRIFT, HELE AFTALEN OG &AElig;NDRINGER HERTIL&#9;</TD>
           <TD STYLE="text-align: right">15</TD></TR><TR STYLE="vertical-align: top">
<TD>18</TD><TD>SIGNATURES, ENTIRE AGREEMENT, AND AMENDMENTS&#9;</TD>
           <TD STYLE="text-align: right">15</TD></TR></TABLE>

<P STYLE="font: 9pt/14pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><B>&nbsp;</B></P>

<P STYLE="font: 9pt/14pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><B>&nbsp;</B></P>

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  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt">BILAGSFORTEGNELSE</TD>
    <TD STYLE="padding-left: 40pt">INDEX OF EXHIBITS</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt">&nbsp;</TD>
    <TD STYLE="padding-left: 88.8pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Bilag 1.2: Vedt&aelig;gter</FONT></TD>
    <TD STYLE="width: 50%; padding-left: 40pt"><FONT STYLE="font-size: 10pt">Exhibit 1.2: Articles of Association</FONT></TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 9pt/14pt Arial, Helvetica, Sans-Serif; margin: 0 155.85pt 10pt 15.3pt"><B>&nbsp;</B>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Der
    er den 10. september 2017 indg&aring;et f&oslash;lgende warrantaftale (&quot;Aftalen&quot;) mellem:</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
    Warrant Agreement (the &quot;Agreement&quot;) is entered into on 10 September 2017 between:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    Evaxion Biotech ApS, CVR-nr. 31 76 28 63, <BR> Bredgade 34 E, 1260 K&oslash;benhavn K (&quot;Selskabet&quot;)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Evaxion
    Biotech ApS, CVR No. 31 76 28 63, Bredgade 34 E, 1260 Copenhagen K (the &quot;Company&quot;)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <B>[Navn, adresse]</B> (the &quot;Warrantindehaveren&quot;)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>[Name,
    address] </B>(the &quot;Warrantee&quot;)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-&#9;Selskabet
    og Warrantindehaveren samlet ben&aelig;vnt &quot;Parterne&quot; og separat tillige en &quot;Part&quot;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-
    &#9;the Company and the Warrantee hereinafter collectively referred to as the &quot;Parties&quot; and separately as a &quot;Party&quot;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EFTERSOM</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrantindehaveren
    er ansat som CEO i selskabet med virkning fra den 1. juli 2017 (&quot;Ans&aelig;ttelsesdatoen&quot;)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Warrantee is employed by the Company as CEO effective as of 1 July 2017 (the &quot;Employment Date&quot;)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Selskabet
    &oslash;nsker at motivere Warrantindehaveren ved at tildele et vist antal warrants til Warrantindehaveren.</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Company wishes to incentivise the Warrantee by granting certain warrants to the Warrantee.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">HAR
    PARTERNE VEDTAGET F&Oslash;LGENDE:</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOW
    IT IS HEREBY AGREED AS FOLLOWS:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: bold; text-align: justify; text-indent: 0pt; line-height: 14pt; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1&#9;</FONT></TD>
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: bold; text-align: justify; text-indent: 0pt; line-height: 14pt; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BAGGRUND OG OMFANG</FONT></TD>
    <TD STYLE="padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1&#9;</B></FONT></TD>
    <TD STYLE="padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt; width: 45%"><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 STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1&#9;</FONT></TD>
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    purpose of this Agreement is to grant the Warrantee warrants in the Company in order to ensure that the Company and the Warrantee
    have aligned interests and that both Parties are working to ensure that the value of the Company develops in the best possible way.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.2&#9;</FONT></TD>
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Selskabets vedt&aelig;gter er vedlagt denne Aftale som <U>bilag
1.2</U>. Warrantindehaveren accepterer hermed alle fremtidige &aelig;ndringer i Selskabets vedt&aelig;gter.</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2&#9;</B></FONT></TD>
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>TILDELING AF WARRANTS</B></FONT></TD>
    <TD STYLE="padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2&#9;</B></FONT></TD>
    <TD STYLE="padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>GRANT OF WARRANTS</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.1&#9;</FONT></TD>
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">I henhold til betingelserne i denne Aftale udsteder Selskabet
hermed, og Warrantindehaveren modtager 617.184 warrants i Selskabet til Warrantindehaveren (&quot;Warrants&quot;).</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
    to the terms and conditions set out in this Agreement, the Company hereby issues and the Warrantee receives 617,184 warrants in the
    Company to the Warrantee (the &quot;Warrants&quot;).</FONT></TD></TR>
  </TABLE>

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<P STYLE="margin: 0pt 0 0pt 14.9pt; font-size: 10pt">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.2&#9;</FONT></TD>
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hver Warrant giver Warrantindehaveren ret, men ikke pligt,
til at tegne &eacute;n kapitalandel &agrave; nominelt kr. 1 i Selskabet.</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
    Warrant shall provide the Warrantee with a right, but not an obligation, to subscribe for one share with a nominal value of DKK 1
    in the Company.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.3&#9;</FONT></TD>
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrants tildeles vederlagsfrit.</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Warrants are granted free of charge.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.4&#9;</FONT></TD>
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrants giver ikke Warrantindehaveren kapital- ejerrettigheder,
som f.eks. fondskapitalandele, eller fortegningsret i tilf&aelig;lde af en kapitalforh&oslash;jelse i Selskabet.</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Warrants shall not entitle the Warrantee to any shareholder rights such as bonus shares or pre-emption rights in the event of a capital
    increase of the Company.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.5&#9;</FONT></TD>
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Selskabet er forpligtet til at f&oslash;re en fortegnelse over
udstedte Warrants, som skal opbevares sammen med Selskabets ejerbog.</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Company undertakes to keep and maintain a register of issued Warrants to be kept in connection with the Company's share register.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3&#9;</B></FONT></TD>
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>TEGNINGSRET</B></FONT></TD>
    <TD STYLE="padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3&#9;</B></FONT></TD>
    <TD STYLE="padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt; width: 45%"><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 STYLE="padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1&#9;</FONT></TD>
    <TD STYLE="padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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;).</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><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>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4&#9;</B></FONT></TD>
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>UDNYTTELSE AF WARRANTS</B></FONT></TD>
    <TD STYLE="padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4&#9;</B></FONT></TD>
    <TD STYLE="padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>EXERCISE OF WARRANTS</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1&#9;</FONT></TD>
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><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 4.2) eller (ii) p&aring; et tidspunkt, der fasts&aelig;ttes af Bestyrelsen (et &quot;Vindue&quot;).</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><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="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2</FONT></TD>
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9;&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 COLSPAN="2" STYLE="padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><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 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.</FONT></TD></TR>
  </TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.3&#9;</FONT></TD>
    <TD STYLE="width: 45%; padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><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;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;).</FONT></TD>
    <TD STYLE="width: 50%; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
    the event of an Exit, the Company shall issue a written notice of Exit (&quot;Exit Notice&quot;) to the Warrantee. The Exit Notice
    shall include relevant information on the process and be accompanied by a form of exercise notice (the &quot;Exercise Notice&quot;)
    together with any supplementary undertakings as may be required by the Company at its discretion (for instance adherence documentation
    to a share sale and purchase agreement or similar undertakings to transfer the shares subscribed for by exercise of the Warrants)
    to be signed by the Warrantee (the &quot;Supplementary Undertakings&quot;).</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.4&#9;</FONT></TD>
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><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 STYLE="padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notification
    of exercise of the Warrants takes place by the Warrantee's submission to the Company of the Exercise Notice stating the number of
    shares requested together with any Supplementary Undertakings. At the same time of submitting the Exercise Notice and any Supplementary
    Undertakings, the Warrantee shall pay in cash to the Company an amount equal to the relevant subscription amount.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.5&#9;</FONT></TD>
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><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="padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless
    otherwise decided by the Company, if an Exercise Notice and any Supplementary Undertakings together with payment of the relevant
    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="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.6&#9;</FONT></TD>
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><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 STYLE="padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><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
    the relevant event.</FONT></TD></TR>
  </TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.7&#9;</FONT></TD>
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><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 COLSPAN="2" STYLE="padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><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="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.8&#9;</FONT></TD>
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><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 COLSPAN="2" STYLE="padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
    case a Window is established Clauses 4.3-4.5 shall apply simultaneously.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.9&#9;</FONT></TD>
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><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 COLSPAN="2" STYLE="padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
    Warrants that are not exercised in connection with a Window shall automatically become void without compensation.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.10&#9;</FONT></TD>
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><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 COLSPAN="2" STYLE="padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
    the event an Exit or a Window has not occurred on or before 31 December 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="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 16.1pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.11</FONT></TD>
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 16.1pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">I forbindelse med en notering af ADS&rsquo;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 COLSPAN="2" STYLE="padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">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: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 16.1pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9;</FONT></TD>
    <TD STYLE="font: 11pt/14pt Verdana, Helvetica, Sans-Serif; padding-right: 16.1pt; padding-bottom: 14pt; padding-left: 0pt; text-align: justify; text-indent: 0pt"><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&rsquo;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 COLSPAN="2" STYLE="padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">Vested
    warrants may be exercise in four annual exercise windows of two weeks each that each commence two trading days following publication
    of the Company&rsquo;s annual report, the 6-month report and the interim reports. The first exercise window shall, however, be at
    least 180 days following the listing by the Company of ADSs on Nasdaq, USA and in the first four exercise periods the warrant-holder
    may as a maximum exercise 25% of the warrants granted to the respective warrantholders, provided always that the warrants have vested.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5&#9;</B></FONT></TD>
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>VISSE BETINGELSER I RELATION TIL EXIT</B></FONT></TD>
    <TD STYLE="padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5&#9;</B></FONT></TD>
    <TD STYLE="padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CERTAIN
    CONDITIONS RELATING TO AN EXIT</B></FONT></TD></TR>
  </TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1&#9;</FONT></TD>
    <TD STYLE="width: 45%; padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><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 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.</FONT></TD>
    <TD STYLE="width: 50%; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Following
    exercise of Warrants in connection with an IPO, the Warrantee shall sign and accept such agreements or undertakings including in
    respect of period of lock-up and other lock-up obligations which may be proposed by the issuing bank in connection with an IPO.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.2&#9;</FONT></TD>
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><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 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.</FONT></TD>
    <TD STYLE="padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Company may request, and the Warrantee shall then accept, that all or a portion of the War- rants shall be equitably exchanged for
    shares, warrants, convertibles or any other equity based instrument, issued by any purchaser of or successor to the Company, or by
    a parent or subsidiary of either of them, or shares, warrants, convertibles or any other equity based instrument issued by the Company
    as restructured, such that such Warrantee's Warrants immediately following such exchange, when aggregated with any cash consideration
    paid to such Warrantee, shall have substantially the same value as the Warrants, including any Warrants held by such Warrantee immediately
    prior to such exchange. Notwithstanding any of the foregoing, the Warrantee shall be entitled to partial consideration in cash to
    the extent necessary in order for the Warrantee to be able to pay any personal income or capital gains tax immediately falling due
    as a result of such exchange of securities.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.3&#9;</FONT></TD>
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Forud for en Exit er Selskabet (eller en tredje- mand, der
er udpeget af Selskabet) berettiget til at k&oslash;be Warrants fra Warrantindehaveren til en pris, der fasts&aelig;ttes i overensstemmelse
med punkt 5.5 nedenfor.</FONT></TD>
    <TD STYLE="padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prior
    to an Exit, the Company (or a third party ap- pointed by the Company) shall have a right to purchase the Warrants from the Warrantee
    for a price determined in accordance with Clause 5.5 below.</FONT></TD></TR>
  </TABLE>

<P STYLE="margin: 0pt 0 0pt 14.9pt; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 0 0pt 14.9pt; font-size: 10pt">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="width: 45%; padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><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 STYLE="width: 50%; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><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="padding-right: 13.3pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.5&#9;</FONT></TD>
    <TD STYLE="padding-right: 13.3pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>K&oslash;bspris i forbindelse med Exit</B></FONT></TD>
    <TD STYLE="padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Purchase
    Price in connection with an Exit</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.5.1&#9;</FONT></TD>
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD>
    <TD STYLE="padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">When
    the Warrantee's Warrants are purchased in accordance with Clause 5.3, the Warrants shall be based on the fair market value as set
    out below.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.5.2&#9;</FONT></TD>
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><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 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.</FONT></TD>
    <TD STYLE="padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    fair market value of the Warrants shall be calculated by the Company based on the net price per share of the Company to be received
    by the selling shareholders in an Exit deducted the proportionate amount of any fees to advisors etc. When calculating the fair market
    value of the Warrants, the Company shall deduct from the fair market value an amount which the Company deems appropriate when considering
    the selling shareholders' potential liabilities pursuant to the Exit.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.5.3&#9;</FONT></TD>
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><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 STYLE="padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">When
    the Warrants are purchased in connection with an Exit based on the sale or disposition of all or a material part of the Company's
    assets, the value of the Warrants shall be the fair market value at the time after such sale. In case of such Exit, the fair market
    value of the Warrants shall take into account the purchase price received by the Company for the assets sold, net of any debts not
    transferred together with the assets as well as a proportionate part of any cost, fees etc. related to the transaction.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.5.4&#9;</FONT></TD>
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><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 STYLE="padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><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 a purchase in connection with an asset
    sale, when the Company has received payment for the assets sold.</FONT></TD></TR>
  </TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6&#9;</B></FONT></TD>
    <TD STYLE="width: 45%; padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>OPSIGELSE AF ANS&AElig;TTELSESFORHOLDET</B></FONT></TD>
    <TD STYLE="width: 5%; padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6&#9;</B></FONT></TD>
    <TD STYLE="width: 45%; padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>TERMINATION OF EMPLOYMENT</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 13.3pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.1&#9;</FONT></TD>
    <TD STYLE="padding-right: 13.3pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><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 COLSPAN="2" STYLE="padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
    the event the Company terminates the Warrantee's employment with the Company for any rea- son other than due to the Warrantee's breach
    (in Danish &quot;misligholdelse&quot;), the Warrantee shall have the right to exercise any Warrants granted pursuant to this Agreement
    in accordance with the terms and conditions of this Agreement as if the Warrantee continued to be employed by the Company. The same
    applies if the employment relationship comes to an end because the Warrantee has reached the age of retirement from the Company or
    is entitled to old age pension (in Danish: &quot;folkepension&quot;) or retirement pension (in Danish: &quot;alderspension&quot;)
    from the Company.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.2&#9;</FONT></TD>
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><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 COLSPAN="2" STYLE="padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
    the event that the Company terminates the Warrantee's employment with the Company due to the Warrantee's breach (in Danish &quot;misligholdelse&quot;)
    or summarily dismisses the Warrantee for cause (in Danish &quot;bortvisning&quot;), all Warrants granted pursuant to this Agreement,
    but not exercised at the time of the expiration of the notice period, become null and void.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.3&#9;</FONT></TD>
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
    the Warrantee terminates the employment with the Company for any reason other than due the Company's material breach (in Danish:
    &quot;grov misligholdelse&quot;) the Warrantee shall have the right to exercise such percentage of the Warrants granted pursuant
    to this Agreement as set out below in accordance with the terms and conditions of this Agreement as if the Warrantee continued to
    be employed by the Company:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.3.1&#9;</FONT></TD>
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hvis Warrantindehaveren opsiger sin ans&aelig;ttelse inden
udl&oslash;bet af 1 &aring;r efter Ans&aelig;ttelsesdatoen: ingen Warrants.</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
    the Warrantee serves notice of termination before the first anniversary of the Employment Date<I>: </I>no Warrants;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.3.2&#9;</FONT></TD>
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hvis Warrantindehaveren opsiger sin ans&aelig;ttelse inden
udl&oslash;bet af 2 &aring;r efter Ans&aelig;ttelsesdatoen: 20% af tildelte Warrants.</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
    the Warrantee serves notice of termination on the first anniversary and up to the day prior to the second anniversary of the Employment
    Date<I>: </I>twenty per cent (20 %) of the Warrants;</FONT></TD></TR>
  </TABLE>

<P STYLE="margin: 0pt 0 0pt 14.9pt; font-size: 10pt">&nbsp;</P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.3.3&#9;</FONT></TD>
    <TD STYLE="width: 45%; padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hvis Warrantindehaveren opsiger sin ans&aelig;ttelse inden
udl&oslash;bet af 3 &aring;r efter Ans&aelig;ttelsesdatoen: 40% af tildelte Warrants.</FONT></TD>
    <TD STYLE="width: 50%; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
    the Warrantee serves notice of termination on the second anniversary and up to the day prior to the third anniversary of the Employment
    Date<I>: </I>forty per cent (40 %) of the Warrants;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.3.4&#9;</FONT></TD>
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hvis Warrantindehaveren opsiger sin ans&aelig;ttelse inden
udl&oslash;bet af 3 &aring;r efter Ans&aelig;ttelsesdatoen: 60% af tildelte Warrants.</FONT></TD>
    <TD STYLE="padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
    the Warrantee serves notice of termination on the third anniversary and up to the day prior to the fourth anniversary of the Employment
    Date<I>: </I>sixty per cent (60 %) of the Warrants;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.3.5&#9;</FONT></TD>
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hvis Warrantindehaveren opsiger sin ans&aelig;ttelse inden
udl&oslash;bet af 4 &aring;r efter Ans&aelig;ttelsesdatoen: 80% af tildelte Warrants.</FONT></TD>
    <TD STYLE="padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
    the Warrantee serves notice of termination on the fourth anniversary and up to the day prior to the fifth anniversary of the Employment
    Date<I>: </I>eighty per cent (80 %) of the Warrants; and</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.3.6&#9;</FONT></TD>
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hvis Warrantindehaveren opsiger sin ans&aelig;ttelse inden
udl&oslash;bet af 5 &aring;r efter Ans&aelig;ttelsesdatoen: 100% af tildelte Warrants.</FONT></TD>
    <TD STYLE="padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
    the Warrantee serves notice of termination on or after the fifth anniversary of the Employment Date: one hundred per cent (100 %)
    of the Warrants.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9;</FONT></TD>
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Resterende Warrants, der ikke er udnyttet ved udl&oslash;bet
af opsigelsesperioden, bortfalder.</FONT></TD>
    <TD STYLE="padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Remaining
    Warrants not exercised at the time of the expiration of the notice period, become null and void.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 13.3pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.4&#9;</FONT></TD>
    <TD STYLE="padding-right: 13.3pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><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 STYLE="padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
    the event that the Warrantee terminates the employment with the Company due to the Company's material breach (in Danish: &quot;grov
    misligholdelse&quot;), the Warrantee shall have the right to exercise any Warrants granted pursuant to this Agreement in accordance
    with the terms and conditions of this Agreement as if the Warrantee continued to be employed by the Company.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.5&#9;</FONT></TD>
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><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 STYLE="padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><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>

<P STYLE="margin: 0pt 0 0pt 14.9pt; font-size: 10pt">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; padding-right: 13.3pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>7&#9;</B></FONT></TD>
    <TD STYLE="width: 45%; padding-right: 13.3pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><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: 5%; padding-right: 13.3pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>7&#9;</B></FONT></TD>
    <TD STYLE="width: 45%; padding-right: 13.3pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CHANGE OF LEGAL STATUS OR SHARECAPITAL</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 13.3pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.1&#9;</FONT></TD>
    <TD STYLE="padding-right: 13.3pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&AElig;ndring i selskabskapital</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Change
    of Share Capital</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.1.1</FONT></TD>
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9;I tilf&aelig;lde af &aelig;ndringer i Selskabets selskabskapital,
herunder men ikke begr&aelig;nset til:</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
    case of changes in the Company's share capital including but not limited to</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
for&oslash;gelse af selskabskapitalen,</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;
    increase of the share capital,</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
udstedelse af konvertible obligationer,</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;
    issuance of convertible bonds,</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; udstedelse
af nye tegningsretter, eller</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)&nbsp;&nbsp;
    issuance of new subscription rights, or</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; neds&aelig;ttelse
af selskabskapitalen,</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)&nbsp;&nbsp;decrease of the share capital,</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><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 COLSPAN="2" STYLE="padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><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 (&quot;fav&oslash;rkurs&quot;) no regulation of Warrants shall occur.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.1.2&#9;</FONT></TD>
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><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 COLSPAN="2" STYLE="padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
    the nominal value of the shares of the Company is amended, the number of Warrants (number of shares) and/or the Exercise Price shall
    be adjusted, so that the value of the Warrants is not affected by the said amendments.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.1.3&#9;</FONT></TD>
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><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 COLSPAN="2" STYLE="padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
    the share capital is reduced in order to cover losses, the number of shares for which the Warrantee may subscribe by exercising the
    Warrants shall be reduced (rounded down) proportionately to the nominal reduction of the capital compared to the total nominal share
    capital of the Company before the reduction.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.2&#9;</FONT></TD>
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Andre &aelig;ndringer</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Other
    Changes</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.2.1&#9;</FONT></TD>
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hvis der tr&aelig;ffes beslutning om</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><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="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;at likvidere eller afvikle Selskabet,</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;
    liquidate or wind up the Company,</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;at spalte Selskabet eller</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;
    demerge the Company, or</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;at gennemf&oslash;re en kapitalandelsombytning, der omfatter samtlige kapitalandele i Selskabet (oprettelse af et holdingselskab/apportindskud),</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)&nbsp;&nbsp;&nbsp;&nbsp;effect an exchange of shares which includes all shares in the Company (establishment of a holding company/non-cash contribution),</FONT></TD></TR>
  </TABLE>

<P STYLE="margin: 0pt 0 0pt 14.9pt; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 0 0pt 14.9pt; font-size: 10pt"></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><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 COLSPAN="2" STYLE="padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    Warrantee shall be entitled to exercise their Warrants on the effective date of the relevant change, see however Clause 7.2.2. The
    Company's Board shall give written notice to the Warrantee if one of the above resolutions is made and the Warrantee may exercise
    all such Warrants within 30 days from the date of such notice. If the Board has not received an Exercise Notice prior to the expiry
    of the 30 days' notice the Warrants will automatically and without further notice be cancelled and become void without notice or
    compensation unless replaced in accordance with Clause 7.2.2.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.2.2</FONT></TD>
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9;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 COLSPAN="2" STYLE="padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
    the event of contribution of the Company by merger, de-merger or an exchange of shares which includes all shares in the Company (establishment
    of a holding company/non-cash contribution) the Company shall have the right, but not the obligation, to request that the Warrants
    are replaced by the right to subscribe to shares in the receiving company(ies) subject to written approval by the continuing company(ies).</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 13.3pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>8&#9;</B></FONT></TD>
    <TD STYLE="padding-right: 13.3pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>TEGNING AF KAPITALANDELE</B></FONT></TD>
    <TD STYLE="padding-right: 13.3pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>8&#9;</B></FONT></TD>
    <TD STYLE="padding-right: 13.3pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SUBSCRIPTION OF SHARES</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><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 COLSPAN="2" STYLE="padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
    exercise of any part of the Warrants, the following will apply for the subscription of new shares:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; De andre kapitalejere
i Selskabet har ikke fortegningsret med hensyn til Warrants eller kapitalandele udstedt gennem udnyttelse af Warrants.</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;
    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>
  </TABLE>


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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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 COLSPAN="2" STYLE="padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;
    Payment of the subscription amount and subscription of shares shall take place simultaneously. The Warrantee's rights as a shareholder
    following exercise of the Warrants or part thereof shall come into force when an irrevocable cash payment has been made to the Company.
    The Company shall register the Warrantee as a shareholder in the Company's share register.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)&nbsp;&nbsp;&nbsp;&nbsp; De nye kapitalandele udstedes
i kapitalandele &agrave; nominelt kr. 1 eller multipla heraf.</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)&nbsp;&nbsp;
    The new shares are issued in shares of nominally DKK 1 or multiples hereof.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)&nbsp;&nbsp;&nbsp;&nbsp; De nye kapitalandele skal udstedes
p&aring; navn, indf&oslash;res i Selskabets ejerbog og er ikke-oms&aelig;ttelige.</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)&nbsp;&nbsp;
    The new shares are issued on name, shall be registered in the Company's share register and are non-negotiable shares.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restriktionerne p&aring;
eksisterende kapitalandele vedr&oslash;rende oms&aelig;ttelighed g&aelig;lder ogs&aring; for de nye kapitalandele.</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)&nbsp;&nbsp;&nbsp;
    The restrictions on the current shares as to negotiability shall also apply for the new shares.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vi)&nbsp;&nbsp;&nbsp;&nbsp; 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.</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vi)&nbsp;&nbsp;
    The pre-emptive rights of the new shares in connection with future capital increases shall be limited in connection with the issuance
    of warrants or subscription of shares by exercising such warrants or other events as decided by the general meeting of the Company.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vii)&nbsp;&nbsp;&nbsp; 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.</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vii)&nbsp;
    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 STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(viii)&nbsp;&nbsp; Selskabet betaler omkostningerne i forbindelse
med udstedelse og udnyttelse af Warrants.</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(viii)
    The Company shall pay the costs in connection with the issuance and exercise of Warrants.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 13.3pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>9&#9;</B></FONT></TD>
    <TD STYLE="padding-right: 13.3pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SKAT</B></FONT></TD>
    <TD STYLE="padding-right: 13.3pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>9&#9;</B></FONT></TD>
    <TD STYLE="padding-right: 13.3pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt; width: 45%"><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="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.1&#9;</FONT></TD>
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Punkterne 9.2 - 9.4 finder anvendelse, hvis Warrantindehaveren
er ansat i Selskabet:</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><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="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.2&#9;</FONT></TD>
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrants er underlagt ligningslovens &sect; 7 P.</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Warrants shall to the extent possible be subject to Section 7 P of the Danish Tax Assessment Act.</FONT></TD></TR>
  </TABLE>


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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.3&#9;</FONT></TD>
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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).</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Company has assessed the value of each granted warrant as DKK 1,074.72 (before adjustment for bonus shares and share split adopted
    on 4 January 2021).</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.4&#9;</FONT></TD>
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Selskabet giver ikke Warrantindehaveren nogen garanti for,
at Warrants beskattes efter ligningslovens &sect; 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.</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><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="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.5&#9;</FONT></TD>
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><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="padding-right: 13.3pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>10&#9;</B></FONT></TD>
    <TD STYLE="padding-right: 13.3pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>EJERAFTALE</B></FONT></TD>
    <TD STYLE="padding-right: 13.3pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>10&#9;</B></FONT></TD>
    <TD STYLE="padding-right: 13.3pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SHAREHOLDERS&rsquo; AGREEMENT</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.1&#9;</FONT></TD>
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><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="padding-right: 13.3pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>11&#9;</B></FONT></TD>
    <TD STYLE="padding-right: 13.3pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>OVERDRAGELSE AF WARRANTS</B></FONT></TD>
    <TD STYLE="padding-right: 13.3pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>11&#9;</B></FONT></TD>
    <TD STYLE="padding-right: 13.3pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ASSIGNMENT OF WARRANTS</B></FONT></TD></TR>
  </TABLE>


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<P STYLE="margin: 0pt 0 0pt 14.9pt; font-size: 10pt"></P>

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<P STYLE="margin: 0pt 0 0pt 14.9pt; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 0 0pt 14.9pt; font-size: 10pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.1&#9;</FONT></TD>
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrants og andre rettigheder og/eller forpligtelser af Warrantindehaveren
i henhold til denne Af- tale m&aring; ikke v&aelig;re genstand for udl&aelig;g (pant, sikkerhed eller lignende), erhverves eller p&aring;
anden m&aring;de overdrages af Warrantindehaveren.</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Warrants and any other rights and/or obligations granted to the Warrantee under this Agreement cannot be subject to any encumbrance
    (as pledge, security or similar), assignment or in any other way be transferred by the Warrantee.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.2&#9;</FONT></TD>
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><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 COLSPAN="2" STYLE="padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding
    Clause 11.1, assignment to the estate left by the Warrantee and/or to his/her heir/heiress in the event of death shall be allowed.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.3&#9;</FONT></TD>
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><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 STYLE="padding-right: 13.3pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>12&#9;</B></FONT></TD>
    <TD STYLE="padding-right: 13.3pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>AFKALD</B></FONT></TD>
    <TD STYLE="padding-right: 13.3pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>12&#9;</B></FONT></TD>
    <TD STYLE="padding-right: 13.3pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WAIVER</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.1&#9;</FONT></TD>
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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).</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Warrantee undertakes not to invoke or other- wise rely upon the minority protection rule 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;).</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 13.3pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>13&#9;</B></FONT></TD>
    <TD STYLE="padding-right: 13.3pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PANTS&AElig;TNING AF KAPITALANDELE </B></FONT></TD>
    <TD STYLE="padding-right: 13.3pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>13&#9;</B></FONT></TD>
    <TD STYLE="padding-right: 13.3pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PLEDGE OF SHARES</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.1&#9;</FONT></TD>
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><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>
  </TABLE>


<P STYLE="margin: 0pt 0 0pt 14.9pt; font-size: 10pt"></P>

<P STYLE="margin: 0pt 0 0pt 14.9pt; font-size: 10pt">&nbsp;</P>



<P STYLE="margin: 0pt 0 0pt 14.9pt; font-size: 10pt"></P>

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

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<P STYLE="margin: 0pt 0 0pt 14.9pt; font-size: 10pt"></P>



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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; padding-right: 13.3pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>14&#9;</B></FONT></TD>
    <TD STYLE="width: 45%; padding-right: 13.3pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>FULDMAGT</B></FONT></TD>
    <TD STYLE="width: 5%; padding-right: 13.3pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>14&#9;</B></FONT></TD>
    <TD STYLE="width: 45%; padding-right: 13.3pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>POWER OF ATTORNEY</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.1&#9;</FONT></TD>
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><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>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 13.3pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>15&#9;</B></FONT></TD>
    <TD STYLE="padding-right: 13.3pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>TAVSHEDSPLIGT</B></FONT></TD>
    <TD STYLE="padding-right: 13.3pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>15&#9;</B></FONT></TD>
    <TD STYLE="padding-right: 13.3pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><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="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.1&#9;</FONT></TD>
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Parterne forpligter sig til at behandle indholdet af denne
Aftale og betingelserne for Aftalen fortroligt. En Part 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.</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><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 request from a public authority that has a legal right to require
    this information or if such disclosure follows from statutory law.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 13.3pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>16&#9;</B></FONT></TD>
    <TD STYLE="padding-right: 13.3pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>LOVVALG</B></FONT></TD>
    <TD STYLE="padding-right: 13.3pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>16&#9;</B></FONT></TD>
    <TD STYLE="padding-right: 13.3pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>GOVERNING LAW</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16.1&#9;</FONT></TD>
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Denne Aftale er underlagt dansk ret.</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><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 STYLE="padding-right: 13.3pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>17&#9;</B></FONT></TD>
    <TD STYLE="padding-right: 13.3pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>TVISTER</B></FONT></TD>
    <TD STYLE="padding-right: 13.3pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>17&#9;</B></FONT></TD>
    <TD STYLE="padding-right: 13.3pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>DISPUTES</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17.1&#9;</FONT></TD>
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><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 STYLE="padding-right: 13.3pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>18&#9;</B></FONT></TD>
    <TD STYLE="padding-right: 13.3pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>UNDERSKRIFT, HELE AFTALEN OG &AElig;NDRINGER HERTIL</B></FONT></TD>
    <TD STYLE="padding-right: 13.3pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>18&#9;</B></FONT></TD>
    <TD STYLE="padding-right: 13.3pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SIGNATURES, ENTIRE AGREEMENT, AND AMENDMENTS</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18.1&#9;</FONT></TD>
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><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-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18.2&#9;</FONT></TD>
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alle meddelelser eller lignende i henhold til eller i forbindelse
med Aftalen skal foretages skriftligt fra den ene Part til den anden.</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
    notifications, demands or similar pursuant to or relating to this Agreement shall be made in writing to the other Party.</FONT></TD></TR>
  </TABLE>



<P STYLE="font: 9pt/14pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 9pt/14pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"></P>




<P STYLE="margin: 0pt 0 0pt 14.9pt; font-size: 10pt"></P>

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<P STYLE="margin: 0pt 0 0pt 14.9pt; font-size: 10pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 55%"><P STYLE="font: 9pt/14pt Arial, Helvetica, Sans-Serif; margin: 0pt 13.35pt 14pt 0pt; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-
        0 -</FONT></P>
        <P STYLE="font: 9pt/14pt Arial, Helvetica, Sans-Serif; margin: 0 13.35pt 14pt 7.7pt; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></TD>
    <TD STYLE="width: 45%; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: center; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-
    0 -</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
    and on behalf of Evaxion Biotech ApS:</FONT></TD>
    <TD STYLE="padding-bottom: 14pt; padding-left: 0pt; font-weight: normal; text-align: justify; text-indent: 0in; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
    the Warantee:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">____________________________</FONT></P></TD>
    <TD><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">____________________________</FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0pt; font: 11pt/149% Verdana, Helvetica, Sans-Serif; padding-top: 2.75pt; padding-right: 180.1pt; padding-left: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 149%">Name:
    <BR> Title:</FONT></TD>
    <TD STYLE="text-indent: 0pt; font: 11pt/149% Verdana, Helvetica, Sans-Serif; padding-top: 2.75pt; padding-right: 125.3pt; padding-left: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 149%">Name:
    <BR> Title:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">____________________________</FONT></P></TD>
    <TD STYLE="font: 11pt Verdana, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></P>
        <P STYLE="font: 9pt/9.95pt Arial, Helvetica, Sans-Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></P></TD>
    <TD STYLE="font: 11pt Verdana, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt/14pt Arial, Helvetica, Sans-Serif; margin: 0 155.85pt 10pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="margin: 0pt 0 0pt 14.9pt; font-size: 10pt"></P>

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<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><B></B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>



<P STYLE="margin: 0"></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"><B>BILAG 3 TIL VEDT&AElig;GTER</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 155.85pt 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 155.85pt 0pt 0; font-size: 10pt"><B>APPENDIX 3 TO ARTICLES OF ASSOCIATION</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 155.85pt 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 155.85pt 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 155.85pt 0pt 0">&nbsp;</P>

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

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0 0pt 14.9pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 155.85pt 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 155.85pt 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 155.85pt 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 155.85pt 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 55%; font-size: 10pt">WARRANTAFTALE</TD>
    <TD STYLE="width: 45%; font-size: 10pt; text-align: left">WARRANT AGREEMENT</TD></TR>
  </TABLE>


<P STYLE="font-size: 10pt; margin: 0pt 42.45pt 0pt 15.3pt">&nbsp;</P>

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

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

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

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; width: 10%">Mellem&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom; width: 35%">Evaxion Biotech ApS&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 10%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left; width: 10%">Between&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 35%">Evaxion Biotech ApS&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Bredgade 34 E</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Bredgade 34 E</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">1260 K&oslash;benhavn K</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">1260 Copenhagen K</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">og&nbsp;</TD>
    <TD STYLE="text-align: left; font-weight: bold; vertical-align: bottom">[Navn]</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">and&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom">[Name]</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left">[Adresse]</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left">[Address]</TD></TR>
  </TABLE>

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

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

<P STYLE="font-size: 10pt; margin: 0pt 155.85pt 0pt 14.9pt"><B>&nbsp;</B></P>


<P STYLE="font-size: 10pt; margin: 0pt 155.85pt 0pt 14.9pt">&nbsp;</P>

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

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


<P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">INDHOLDSFORTEGNELSE/TABLE OF CONTENTS</P>

<P STYLE="font-size: 10pt; margin: 0pt 155.85pt 0pt 15.9pt">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; width: 10%">1</TD>
    <TD STYLE="text-align: left; width: 80%"><FONT STYLE="letter-spacing: 0.1pt">BAGGRUND OG OMFANG</FONT></TD>
    <TD STYLE="text-align: left; width: 10%">4</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">1</TD>
    <TD STYLE="text-align: left">BACKGROUND AND SCOPE</TD>
    <TD STYLE="text-align: left">4</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left"><FONT STYLE="letter-spacing: 0.1pt">2</FONT></TD>
    <TD STYLE="text-align: left">TILDELING AF WARRANTS</TD>
    <TD STYLE="text-align: left">4</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">2</TD>
    <TD STYLE="text-align: left">GRANT OF WARRANTS</TD>
    <TD STYLE="text-align: left">4</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left"><FONT STYLE="letter-spacing: 0.1pt">3</FONT></TD>
    <TD STYLE="text-align: left">TEGNINGSPRIS</TD>
    <TD STYLE="text-align: left">5</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">3</TD>
    <TD STYLE="text-align: left">SUBSCRIPTION PRICE</TD>
    <TD STYLE="text-align: left">5</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left"><FONT STYLE="letter-spacing: 0.1pt">4</FONT></TD>
    <TD STYLE="text-align: left">UDNYTTELSE AF WARRANTS</TD>
    <TD STYLE="text-align: left">5</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">4</TD>
    <TD STYLE="text-align: left">EXERCISE OF WARRANTS</TD>
    <TD STYLE="text-align: left">5</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left"><FONT STYLE="letter-spacing: 0.15pt">5</FONT></TD>
    <TD STYLE="text-align: left">VISSE BETINGELSER I RELATION TIL EXIT</TD>
    <TD STYLE="text-align: left">6</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">5</TD>
    <TD STYLE="text-align: left">CERTAIN CONDITIONS RELATING TO AN EXIT</TD>
    <TD STYLE="text-align: left">6</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left"><FONT STYLE="letter-spacing: 0.1pt">6</FONT></TD>
    <TD STYLE="text-align: left">OPSIGELSE AF ANS&AElig;TTELSESFORHOLDET</TD>
    <TD STYLE="text-align: left"><FONT STYLE="letter-spacing: 0.25pt">8</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">6</TD>
    <TD STYLE="text-align: left">TERMINATION OF EMPLOYMENTS</TD>
    <TD STYLE="text-align: left"><FONT STYLE="letter-spacing: 0.25pt">8</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left"><FONT STYLE="letter-spacing: 0.1pt">7</FONT></TD>
    <TD STYLE="text-align: left">&AElig;NDRING I RETSSTILLING ELLER SELSKABSKAPITAL</TD>
    <TD STYLE="text-align: left"><FONT STYLE="letter-spacing: 0.25pt">10</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">7</TD>
    <TD STYLE="text-align: left">CHANGE OF LEGAL STATUS OR SHARE CAPITAL</TD>
    <TD STYLE="text-align: left"><FONT STYLE="letter-spacing: 0.25pt">10</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left"><FONT STYLE="letter-spacing: 0.1pt">8</FONT></TD>
    <TD STYLE="text-align: left">TEGNING AF KAPITALANDELE</TD>
    <TD STYLE="text-align: left"><FONT STYLE="letter-spacing: 0.25pt">11</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">8</TD>
    <TD STYLE="text-align: left">SUBACRIPTION OF SHARES</TD>
    <TD STYLE="text-align: left"><FONT STYLE="letter-spacing: 0.25pt">11</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left"><FONT STYLE="letter-spacing: 0.1pt">9</FONT></TD>
    <TD STYLE="text-align: left">SKAT</TD>
    <TD STYLE="text-align: left"><FONT STYLE="letter-spacing: 0.25pt">12</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left"><FONT STYLE="letter-spacing: 0.15pt">9</FONT></TD>
    <TD STYLE="text-align: left">TAX</TD>
    <TD STYLE="text-align: left"><FONT STYLE="letter-spacing: 0.25pt">12</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">10</TD>
    <TD STYLE="text-align: left">EJERAFTALE</TD>
    <TD STYLE="text-align: left"><FONT STYLE="letter-spacing: 0.25pt">13</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">10</TD>
    <TD STYLE="text-align: left">SHAREHOLDERS&rsquo; AGREEMENT</TD>
    <TD STYLE="text-align: left"><FONT STYLE="letter-spacing: 0.25pt">13</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">11</TD>
    <TD STYLE="text-align: left">OVERDRAGELSE AF WARRANTS</TD>
    <TD STYLE="text-align: left"><FONT STYLE="letter-spacing: 0.25pt">13</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">11</TD>
    <TD STYLE="text-align: left">ASSIGNMENT OF WARRANTS</TD>
    <TD STYLE="text-align: left"><FONT STYLE="letter-spacing: 0.25pt">13</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left"><FONT STYLE="letter-spacing: 0.1pt">12</FONT></TD>
    <TD STYLE="text-align: left">AFKALD</TD>
    <TD STYLE="text-align: left"><FONT STYLE="letter-spacing: 0.25pt">13</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">12</TD>
    <TD STYLE="text-align: left">WAIVER</TD>
    <TD STYLE="text-align: left"><FONT STYLE="letter-spacing: 0.25pt">13</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left"><FONT STYLE="letter-spacing: 0.1pt">13</FONT></TD>
    <TD STYLE="text-align: left">PANTS&AElig;TNING AF KAPITALANDELE</TD>
    <TD STYLE="text-align: left"><FONT STYLE="letter-spacing: 0.25pt">14</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">13</TD>
    <TD STYLE="text-align: left">PLEDGE OF SHARES</TD>
    <TD STYLE="text-align: left"><FONT STYLE="letter-spacing: 0.25pt">14</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left"><FONT STYLE="letter-spacing: 0.1pt">14</FONT></TD>
    <TD STYLE="text-align: left">FULDMAGT</TD>
    <TD STYLE="text-align: left"><FONT STYLE="letter-spacing: 0.25pt">14</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">14</TD>
    <TD STYLE="text-align: left">POWER OF ATTORNEY</TD>
    <TD STYLE="text-align: left"><FONT STYLE="letter-spacing: 0.25pt">14</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left"><FONT STYLE="letter-spacing: 0.15pt">15</FONT></TD>
    <TD STYLE="text-align: left">TAVSHEDSPLIGT</TD>
    <TD STYLE="text-align: left"><FONT STYLE="letter-spacing: 0.25pt">14</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">15</TD>
    <TD STYLE="text-align: left">CONFIDENTIALITY</TD>
    <TD STYLE="text-align: left"><FONT STYLE="letter-spacing: 0.25pt">14</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left"><FONT STYLE="letter-spacing: 0.15pt">16</FONT></TD>
    <TD STYLE="text-align: left">LOVVALG</TD>
    <TD STYLE="text-align: left"><FONT STYLE="letter-spacing: 0.25pt">14</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">16</TD>
    <TD STYLE="text-align: left">GOVERNING LAW</TD>
    <TD STYLE="text-align: left"><FONT STYLE="letter-spacing: 0.25pt">14</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left"><FONT STYLE="letter-spacing: 0.1pt">17</FONT></TD>
    <TD STYLE="text-align: left">TVISTER</TD>
    <TD STYLE="text-align: left"><FONT STYLE="letter-spacing: 0.25pt">14</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">17</TD>
    <TD STYLE="text-align: left">DISPUTES</TD>
    <TD STYLE="text-align: left"><FONT STYLE="letter-spacing: 0.25pt">14</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left"><FONT STYLE="letter-spacing: 0.1pt">18</FONT></TD>
    <TD STYLE="text-align: left">UNDERSKRIFT, HELE AFTALEN OG &AElig;NDRINGER HERTIL</TD>
    <TD STYLE="text-align: left"><FONT STYLE="letter-spacing: 0.25pt">14</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">18</TD>
    <TD STYLE="text-align: left">SIGNATURES, ENTIRE AGREEMENT AND AMENDMENTS</TD>
    <TD STYLE="text-align: left"><FONT STYLE="letter-spacing: 0.25pt">14</FONT></TD></TR>
  </TABLE>

<P STYLE="margin: 0pt 155.85pt 0pt 15.9pt; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 155.85pt 0pt 14.9pt"><B>&nbsp;</B></P>

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<P STYLE="font-size: 10pt; margin: 0pt 155.85pt 0pt 14.9pt"><B>&nbsp;</B></P>

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<P STYLE="font-size: 10pt; margin: 0pt 155.85pt 0pt 14.9pt"><B>&nbsp;</B></P>

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<P STYLE="font-size: 10pt; margin: 0pt 155.85pt 0pt 14.9pt"><B>&nbsp;</B></P>

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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">BILAGSFORTEGNELSE</TD>
    <TD STYLE="width: 50%">
    <P STYLE="font-size: 10pt; margin: 0pt 1.35pt 0pt 0">INDEX OF EXHIBITS</P>
    <P STYLE="font-size: 10pt; margin: 0pt 155.85pt 0pt 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Bilag 1.2: Vedt&aelig;gter</TD>
    <TD STYLE="padding-left: 99.25pt; text-indent: -99.25pt">Exhibit 1.2: Company's articles of association</TD></TR>
  </TABLE>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">Der er den 31. december 2017 indg&aring;et f&oslash;lgende warrantaftale (&quot;Aftalen&quot;) mellem:</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">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">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; width: 5%">(1)</TD>
    <TD STYLE="font-weight: normal; text-align: justify; width: 42%">Evaxion Biotech ApS, CVR-nr. 31 76 28 63, Bredgade 34 E, 1260 K&oslash;benhavn
K, Danmark (&quot;Selskabet&quot;)</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 5%">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify; width: 42%">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="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">(2)</TD>
    <TD STYLE="font-weight: normal; text-align: justify"><B>[Navn, CPR-nr., adresse]</B> (&quot;Warrantindehaveren&quot;)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD 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="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="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="text-align: left">-</TD>
    <TD 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="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">EFTERSOM</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">WHEREAS</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">(A)</TD>
    <TD STYLE="font-weight: normal; text-align: justify">Warrantindehaveren er ansat i selskabet.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">(A) The Warrantee is employed by the Company.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="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="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">(B) The Company wishes to incentivise the Warrantee by granting certain
    warrants to the Warrantee.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">HAR PARTERNE VEDTAGET F&Oslash;LGENDE:</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">NOW IT IS HEREBY AGREED AS FOLLOWS:</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>1&nbsp;</B></TD>
    <TD STYLE="font-weight: bold; text-align: justify">BAGGRUND OG OMFANG</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><B>1.</B></TD>
    <TD STYLE="font-weight: bold; text-align: justify">BACKGROUND AND SCOPE</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="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="text-align: left">1.1</TD>
    <TD 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="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="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="text-align: left">1.2</TD>
    <TD 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="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="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="text-align: left"><B>2.</B></TD>
    <TD STYLE="font-weight: bold; text-align: justify">GRANT OF WARRANTS</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">2.1&nbsp;</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="text-align: left">2.1</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 [&#9679;] warrants in the Company to the Warrantee (the &quot;Warrants&quot;).</TD></TR>
</TABLE>

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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">2.2&#9;</TD>
    <TD STYLE="font-weight: normal; text-align: justify; width: 42%">Hver Warrant giver Warrantindehaveren ret, men ikke pligt, til at tegne &eacute;n kapitalandel &agrave; nominelt kr. 1 i Selskabet.</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 5%">2.2</TD>
    <TD STYLE="font-weight: normal; text-align: justify; width: 42%">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>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>2.3&#9;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">Warrants tildeles vederlagsfrit.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">2.3</TD>
    <TD STYLE="font-weight: normal; text-align: justify">The Warrants are granted free of
charge.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>2.4&#9;</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="text-align: left">2.4</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>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>2.5&#9;</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="text-align: left">2.5</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>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><B>3&#9;</B></TD>
    <TD STYLE="font-weight: normal; text-align: justify"><B>TEGNINGSRET</B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><B>3.</B></TD>
    <TD STYLE="font-weight: bold; text-align: justify">SUBSCRIPTION PRICE</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>3.1&#9;</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="text-align: left">3.1</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>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><B>4&#9;</B></TD>
    <TD STYLE="font-weight: normal; text-align: justify"><B>UDNYTTELSE AF WARRANTS</B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><B>4.</B></TD>
    <TD STYLE="font-weight: bold; text-align: justify">EXERCISE OF 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 STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>4.1&#9;</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="text-align: left">4.1</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>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>4.2&#9;</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="text-align: left">4.2</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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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">4.3&#9;</TD>
    <TD STYLE="font-weight: normal; text-align: justify; width: 42%">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: 6%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 5%">4.3</TD>
    <TD STYLE="font-weight: normal; text-align: justify; width: 42%">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>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>4.4&#9;</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="text-align: left">4.4</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>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>4.5&#9;</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="text-align: left">4.5</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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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">4.6&#9;</TD>
    <TD STYLE="font-weight: normal; text-align: justify; width: 42%">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: 6%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 5%">4.6</TD>
    <TD STYLE="font-weight: normal; text-align: justify; width: 42%">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>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>4.7&#9;</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="text-align: left">4.7</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>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>4.8&#9;</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="text-align: left">4.8</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>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>4.9&#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="text-align: left">4.9</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>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>4.10&#9;</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="text-align: left">4.10</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>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>4.11&#9;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">I forbindelse med en notering af ADS&rsquo;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="text-align: left">4.11</TD>
    <TD STYLE="font-weight: normal; text-align: justify"><FONT STYLE="letter-spacing: 0.05pt">In connection with a listing of ADSs on
Nasdaq, USA, the board of directors has resolved, </FONT>pursuant <FONT STYLE="letter-spacing: 0.05pt">to clause 4.1, to determine the
exercise windows for issued warrants as follows: &nbsp;</FONT></TD></TR>
</TABLE>

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    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify; width: 42%">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&rsquo;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 STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 5%">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify; width: 42%"><FONT STYLE="letter-spacing: 0.05pt">&#9;Vested warrants may be exercise in four annual exercise windows of two weeks each that each commence two trading days following publication of the Company&rsquo;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>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><B>5&#9;</B></TD>
    <TD STYLE="font-weight: normal; text-align: justify"><B>VISSE BETINGELSER I RELATION TIL EXIT</B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><B>5.</B></TD>
    <TD STYLE="font-weight: bold; text-align: justify">CERTAIN CONDITIONS RELATING TO AN EXIT</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>5.1&#9;</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="text-align: left">5.1</TD>
    <TD 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 a 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>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>5.2&#9;</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="text-align: left">5.2</TD>
    <TD STYLE="font-weight: normal; text-align: justify">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.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
</TABLE>

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    <TD STYLE="text-align: left; width: 5%">5.3</TD>
    <TD STYLE="font-weight: normal; text-align: justify; width: 42%">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: 6%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 5%">5.3</TD>
    <TD STYLE="font-weight: normal; text-align: justify; width: 42%">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="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">5.4</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="text-align: left">5.4</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="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">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="text-align: left">5.5</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="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">5.5.1&#9;</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="text-align: left">5.5.1</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="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
      <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">5.5.2&#9;</TD>
    <TD STYLE="font-weight: normal; text-align: justify; width: 42%">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 STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 5%">5.5.2</TD>
    <TD STYLE="font-weight: normal; text-align: justify; width: 42%">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>
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    <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>5.5.3&#9;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">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>&nbsp;</TD>
    <TD>5.5.3</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>
  <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>5.5.4&#9;</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>5.5.4</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>&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%"><B>6&#9;</B></TD>
    <TD STYLE="font-weight: normal; text-align: justify; width: 42%"><B>OPSIGELSE AF ANS&AElig;TTELSES-FORHOLDET</B></TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 5%"><B>6.</B></TD>
    <TD STYLE="font-weight: bold; text-align: justify; width: 42%">TERMINATION OF EMPLOYMENT</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>6.1&#9;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: 0.15pt">Punkterne 6.2 -6.6</FONT> <FONT STYLE="letter-spacing: 0.1pt">finder </FONT><FONT STYLE="letter-spacing: 0.15pt">anvendelse, hvis Warrantindehaveren </FONT><FONT STYLE="letter-spacing: 0.1pt">er ansat </FONT>i <FONT STYLE="letter-spacing: 0.1pt">Sel</FONT><FONT STYLE="letter-spacing: 0.15pt">skabet</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">6.1</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>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>6.2&#9;</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="text-align: left">6.2</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>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
</TABLE>

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

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 42%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 5%">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify; width: 42%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>6.3&#9;</TD>
    <TD STYLE="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 STYLE="text-align: left">6.3</TD>
    <TD 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, becomes null and void.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>6.4&#9;</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="text-align: left">6.4</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>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>6.5&#9;</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="text-align: left">6.5</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>

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

<DIV STYLE="float: left; width: 46%">
<TABLE CELLSPACING="0" CELLPADDING="3" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
<TD STYLE="width: 50%; border: Black 1pt solid; text-align: justify"><B><I>Dato for <BR>
Warrantindehaverens <BR>
opsigelse</I></B></TD>
    <TD STYLE="width: 50%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify"><B>% of Warrants</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify">31. december 2020</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify">33.333</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify">1. april 2021</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify">41.666</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify">1. juli 2021</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify">49.999</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify">1. oktober 2021</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify">58.332</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify">1. januar 2022</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify">66.665</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify">1. april 2022</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify">74.998</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify">1. juli 2022</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify">83.331</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify">1. oktober 2022</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify">91.664</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify">30. december 2022</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify">100</TD></TR>
  </TABLE>

</DIV>

<DIV STYLE="float: right; width: 46%">
<TABLE CELLSPACING="0" CELLPADDING="3" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; border: Black 1pt solid; text-align: justify"><B>Date of termination <BR>
notice being served by <BR>
the Warrantee</B></TD>
    <TD STYLE="width: 50%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify"><B>% of Warrants</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify">December 31 2020</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify">33.333</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify">April 1 2021</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify">41.666</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify">July 1 2021</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify">49.999</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify">October 1 2021</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify">58.332</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify">January 1 2022</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify">66.665</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify">April 1 2022</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify">74.998</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify">July 1 2022</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify">83.331</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify">October 1 2022</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify">91.664</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify">December 30 2022</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify">100</TD></TR>
  </TABLE>
</DIV>
<br clear="all">
<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 42%">Resterende Warrants, som ikke er udnyttet p&aring; tidspunktet for udl&oslash;bet af opsigelsesperioden, bortfalder.</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 5%">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify; width: 42%">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>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>6.6&#9;</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="text-align: left">6.6</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>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="letter-spacing: 0.1pt">6.7&#9;</FONT></TD>
    <TD STYLE="text-align: justify">I <FONT STYLE="letter-spacing: 0.15pt">tilf&aelig;lde </FONT><FONT STYLE="letter-spacing: 0.05pt">af
</FONT><FONT STYLE="letter-spacing: 0.15pt">Warrantindehaverens d&oslash;d, </FONT><FONT STYLE="letter-spacing: 0.1pt">vil </FONT><FONT STYLE="letter-spacing: 0.15pt">Warrantindehaverens
</FONT><FONT STYLE="letter-spacing: 0.05pt">bo </FONT><FONT STYLE="letter-spacing: 0.15pt">eller </FONT><FONT STYLE="letter-spacing: 0.05pt">War</FONT><FONT STYLE="letter-spacing: 0.15pt">rantindehaverens
overlevende &aelig;gtef&aelig;lle </FONT><FONT STYLE="letter-spacing: 0.1pt">(hvis denne </FONT><FONT STYLE="letter-spacing: 0.15pt">sidder
</FONT>i <FONT STYLE="letter-spacing: 0.15pt">uskiftet </FONT><FONT STYLE="letter-spacing: 0.1pt">bo) </FONT>v&aelig;re <FONT STYLE="letter-spacing: 0.15pt">berettiget
</FONT><FONT STYLE="letter-spacing: 0.1pt">til </FONT>at <FONT STYLE="letter-spacing: 0.1pt">udnytte Warrants </FONT>i <FONT STYLE="letter-spacing: 0.1pt">over</FONT><FONT STYLE="letter-spacing: 0.15pt">ensstemmelse
</FONT><FONT STYLE="letter-spacing: 0.05pt">med </FONT><FONT STYLE="letter-spacing: 0.15pt">vilk&aring;rene </FONT>i <FONT STYLE="letter-spacing: 0.1pt">denne
</FONT><FONT STYLE="letter-spacing: 0.05pt">Af</FONT><FONT STYLE="letter-spacing: 0.15pt">tale.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">6.7</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%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%"><B>7&#9;</B></TD>
    <TD STYLE="font-weight: normal; text-align: justify; width: 42%"><B>&AElig;NDRING I RETSSTILLING ELLER SELSKABSKAPITAL</B></TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 5%"><B>7.</B></TD>
    <TD STYLE="font-weight: bold; text-align: justify; width: 42%">CHANGE OF LEGAL STATUS OR SHARE CAPITAL</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>7.1&#9;</TD>
    <TD STYLE="text-align: justify"><I>&AElig;ndring i selskabskapital</I></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">7.1</TD>
    <TD STYLE="font-weight: normal; text-align: justify">Change of Share Capital</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>7.1.1&#9;</TD>
    <TD 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="text-align: left">7.1.1</TD>
    <TD STYLE="font-weight: normal; text-align: justify">In case of changes in the Company&rsquo;s share capital including but not limited
to</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&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">(i)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp; </FONT>for&oslash;gelse af selskabskapitalen,</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">(i)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp; </FONT>increase of the share capital,</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&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">(ii)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp; </FONT>udstedelse af konvertible obligationer, </TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">(ii)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp; </FONT>issuance of convertible bonds,</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&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">(iii)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp; </FONT>udstedelse af nye tegningsretter, eller</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">(iii)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp; </FONT>issuance of new subscription rights, or</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&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">(iv)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp; </FONT>neds&aelig;ttelse af selskabskapitalen,</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">(iv)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp; </FONT>decrease of the share capital,</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&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">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="text-align: left">&nbsp;</TD>
    <TD 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 (&ldquo;fav&oslash;rkurs&rdquo;) no regulation of Warrants shall occur.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>7.1.2&#9;</TD>
    <TD 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="text-align: left">7.1.2</TD>
    <TD 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>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>7.1.3&#9;</TD>
    <TD 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="text-align: left">7.1.3</TD>
    <TD 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>
</TABLE>

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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">7.2&#9;</TD>
    <TD STYLE="font-weight: normal; text-align: justify; width: 42%"><I>Andre &aelig;ndringer</I></TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 5%">7.2</TD>
    <TD STYLE="font-weight: normal; text-align: justify; width: 42%"><I>Other Changes</I></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>7.2.1&#9;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">Hvis der tr&aelig;ffes beslutning om</TD>
    <TD>&nbsp;</TD>
    <TD>7.2.1</TD>
    <TD STYLE="font-weight: normal; text-align: justify">If a resolution is made to</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-indent: -30pt; padding-left: 30pt; font-weight: normal; text-align: justify">(i)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp; </FONT>at likvidere eller afvikle Selskabet,</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: -30pt; padding-left: 30pt; font-weight: normal; text-align: justify">(i)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp; </FONT>liquidate or wind up 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="text-indent: -30pt; padding-left: 30pt; font-weight: normal; text-align: justify">(ii)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp; </FONT>at spalte Selskabet eller</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: -30pt; padding-left: 30pt; font-weight: normal; text-align: justify">(ii)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp; </FONT>demerge the Company, or</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-indent: -30pt; padding-left: 30pt; font-weight: normal; text-align: justify">(iii)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp; </FONT>at gennemf&oslash;re en kapitalandelsombytning, der omfatter samtlige kapitalandele i Selskabet (oprettelse af et holdingselskab/apportindskud),</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: -30pt; padding-left: 30pt; font-weight: normal; text-align: justify">(iii)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp; </FONT>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>&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">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>&nbsp;</TD>
    <TD 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&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.</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>7.2.2&#9;</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>7.2.2</TD>
    <TD STYLE="font-weight: normal; text-align: justify">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).</TD></TR>
</TABLE>

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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%"><B>8&#9;</B></TD>
    <TD STYLE="font-weight: normal; text-align: justify; width: 42%"><B>TEGNING AF KAPITALANDELE</B></TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 5%"><B>8.</B></TD>
    <TD STYLE="font-weight: bold; text-align: justify; width: 42%">SUBSCRIPTION OF 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 STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>8.1&#9;</TD>
    <TD 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 STYLE="text-align: left">8.1</TD>
    <TD 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>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: -30pt; padding-left: 30pt; font-weight: normal; text-align: justify">(i)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp; </FONT>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="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: -30pt; padding-left: 30pt; font-weight: normal; text-align: justify">(i)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp; </FONT>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>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: -30pt; padding-left: 30pt; font-weight: normal; text-align: justify">(ii)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp; </FONT>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="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: -30pt; padding-left: 30pt; font-weight: normal; text-align: justify">(ii)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp; </FONT>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>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: -30pt; padding-left: 30pt; font-weight: normal; text-align: justify">(iii)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp; </FONT>De nye kapitalandele udstedes i kapitalandele &agrave; nominelt kr. 1 eller multipla heraf.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: -30pt; padding-left: 30pt; font-weight: normal; text-align: justify">(iii)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp; </FONT>The new shares are issued in shares of nominally DKK 1 or multiples 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 STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: -30pt; padding-left: 30pt; font-weight: normal; text-align: justify">(iv)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp; </FONT>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="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: -30pt; padding-left: 30pt; font-weight: normal; text-align: justify">(iv)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp; </FONT>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>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: -30pt; padding-left: 30pt; font-weight: normal; text-align: justify">(v)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp; </FONT>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: left">&nbsp;</TD>
    <TD STYLE="text-indent: -30pt; padding-left: 30pt; font-weight: normal; text-align: justify">(v)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp; </FONT>The restrictions on the current shares as to negotiability shall also apply for the new 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 STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: -30pt; padding-left: 30pt; font-weight: normal; text-align: justify">(vi)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp; </FONT>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: left">&nbsp;</TD>
    <TD STYLE="text-indent: -30pt; padding-left: 30pt; font-weight: normal; text-align: justify">(vi)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp; </FONT>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>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
</TABLE>

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    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="text-indent: -30pt; padding-left: 30pt; font-weight: normal; text-align: justify; width: 42%">(vii)<FONT STYLE="font-size: 10pt">&nbsp; </FONT>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: 6%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 5%">&nbsp;</TD>
    <TD STYLE="text-indent: -30pt; padding-left: 30pt; font-weight: normal; text-align: justify; width: 42%">(vii)<FONT STYLE="font-size: 10pt">&nbsp; </FONT>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="text-indent: -30pt; padding-left: 30pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: -30pt; padding-left: 30pt; font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: -30pt; padding-left: 30pt; font-weight: normal; text-align: justify">(viii) Selskabet betaler omkostningerne i forbindelse med udstedelse og udnyttelse af Warrants.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: -30pt; padding-left: 30pt; font-weight: normal; text-align: justify">(viii) The Company shall pay the costs in connection with the issuance and exercise of Warrants.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: -30pt; padding-left: 30pt; font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: -30pt; padding-left: 30pt; font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><B>9&#9;</B></TD>
    <TD STYLE="font-weight: normal; text-align: justify"><B>SKAT</B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><B>9.</B></TD>
    <TD STYLE="font-weight: bold; text-align: justify">TAX</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>9.1&#9;</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 STYLE="text-align: left">9.1</TD>
    <TD 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>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>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="text-align: left">9.2</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>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>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="text-align: left">9.3</TD>
    <TD STYLE="font-weight: normal; text-align: justify">The Company has assessed the value of each granted warrants as DKK 1,901 (before
adjustment for bonus shares and share split of 4 January 2021).</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>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="text-align: left">9.4</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>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>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="text-align: left">9.5</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="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%"><B>10&#9;</B></TD>
    <TD STYLE="font-weight: normal; text-align: justify; width: 42%"><B>EJERAFTALE</B></TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 5%"><B>10.</B></TD>
    <TD STYLE="font-weight: bold; text-align: justify; width: 42%">SHAREHOLDERS&rsquo; AGREEMENT</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>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 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 STYLE="text-align: left">10.1</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>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><B>11&#9;</B></TD>
    <TD STYLE="font-weight: normal; text-align: justify"><B>OVERDRAGELSE AF WARRANTS</B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><B>11.</B></TD>
    <TD STYLE="font-weight: bold; text-align: justify">ASSIGNMENT OF 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 STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>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="text-align: left">11.1</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>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>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="text-align: left">11.2</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>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>11.3&#9;</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 STYLE="text-align: left">11.3</TD>
    <TD 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>
</TABLE>

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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%"><B>12&#9;</B></TD>
    <TD STYLE="font-weight: normal; text-align: justify; width: 42%"><B>AFKALD</B></TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 5%"><B>12.</B></TD>
    <TD STYLE="font-weight: bold; text-align: justify; width: 42%">WAIVER</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>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="text-align: left">12.1</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>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><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="text-align: left"><B>13.</B></TD>
    <TD STYLE="font-weight: bold; text-align: justify">PLEDGE OF 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 STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>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="text-align: left">13.1</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>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><B>14&#9;</B></TD>
    <TD STYLE="font-weight: normal; text-align: justify"><B>FULDMAGT</B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><B>14.</B></TD>
    <TD STYLE="font-weight: bold; text-align: justify">POWER OF ATTORNEY</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>14.1&#9;</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 STYLE="text-align: left">14.1</TD>
    <TD 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>
</TABLE>

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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">15&#9;</TD>
    <TD STYLE="font-weight: normal; text-align: justify; width: 42%"><B>TAVSHEDSPLIGT</B></TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 5%">15.</TD>
    <TD STYLE="font-weight: bold; text-align: justify; width: 42%">CONFIDENTIALITY</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>15.1&#9;</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 STYLE="text-align: left">15.1</TD>
    <TD 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 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>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><B>16&#9;</B></TD>
    <TD STYLE="font-weight: normal; text-align: justify"><B>LOVVALG</B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><B>16.</B></TD>
    <TD STYLE="font-weight: bold; text-align: justify">GOVERNING 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 STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>16.1&#9;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">Denne Aftale er underlagt dansk ret.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">16.1</TD>
    <TD 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>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><B>17&#9;</B></TD>
    <TD STYLE="font-weight: normal; text-align: justify"><B>VISTER</B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><B>17.</B></TD>
    <TD STYLE="font-weight: bold; text-align: justify">DISPUTES</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>17.1&#9;</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 STYLE="text-align: left">17.1</TD>
    <TD 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>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><B>18&#9;</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="text-align: left"><B>18.</B></TD>
    <TD STYLE="font-weight: bold; text-align: justify">SIGNATURES, ENTIRE AGREEMENT, AND AMENDMENTS</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>18.1&#9;</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 STYLE="text-align: left">18.1</TD>
    <TD 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>&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>18.2&#9;</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 STYLE="text-align: left">18.2</TD>
    <TD 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>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 36.05pt; font-weight: normal; text-align: center; text-indent: -28.35pt; width: 30%">- 0 -</TD>
    <TD STYLE="width: 20%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 30%">- 0 -</TD>
    <TD STYLE="width: 20%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 36.05pt; font-weight: normal; text-align: center; text-indent: -28.35pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal">For og p&aring; vegne af Evaxion
         Biotech ApS:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">For and on behalf of Evaxion Biotech ApS:</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold; text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</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"> &nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-weight: normal">Navn: Lars Staal Wegner</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>Name: Lars Staal Wegner</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-weight: normal">Titel: CEO</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>Title: CEO</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold; text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD> For <B>[the Warantee]</B>:</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">For <B>[the Warantee]</B>:</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</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"> &nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Navn:</TD>
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Titel:</TD>
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; margin: 0pt 155.85pt 0pt 0">&nbsp;</P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 9%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 91%; text-align: justify"><FONT STYLE="font-size: 12pt"><B>Schedule 4</B></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-size: 10pt">Evaxion Biotech A/S</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-size: 10pt">Warrant Terms</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">1.</TD>
    <TD STYLE="font-weight: bold; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">RESOLUTION</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: justify; text-indent: 0in">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: left">1.1</TD>
    <TD STYLE="font-weight: normal; text-align: justify; text-indent: 0in"><FONT STYLE="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&rsquo;s (the &ldquo;Company&rdquo;) articles of association, determined that the following terms and conditions (the &ldquo;Warrant Terms&rdquo;) shall apply to warrants (the &ldquo;Warrants&rdquo;) issued to the European Investment Bank (the &ldquo;Warrant Holder&rdquo;) according to the authorisation. </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">2.</TD>
    <TD STYLE="font-weight: bold; text-align: justify; text-indent: 0in"><FONT STYLE="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="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; text-indent: 0in"><FONT STYLE="font-size: 10pt">The Warrants are issued to the Warrant Holder in connection with the disbursement of loans according to the loan facility entered into between the Warrant Holder and the Company. In connection with each issuance of Warrants the Warrant Holder shall sign a warrant certificate (the &ldquo;Warrant Certificate&rdquo;). 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="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: left">2.2</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="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="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: left">2.3</TD>
    <TD STYLE="font-weight: normal; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">The Company will, along with the Company&rsquo;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="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold; text-align: left">3.</TD>
    <TD STYLE="font-weight: bold; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">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">3.1</TD>
    <TD STYLE="font-weight: normal; text-align: justify; text-indent: 0in"><FONT STYLE="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="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: left">3.2</TD>
    <TD STYLE="font-weight: normal; text-align: justify; text-indent: 0in"><FONT STYLE="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="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: left">3.3</TD>
    <TD STYLE="font-weight: normal; text-align: justify; text-indent: 0in"><FONT STYLE="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="text-align: justify">&nbsp;</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"><FONT STYLE="font-size: 10pt">The Warrant Holder agrees and accepts to be bound by a customary lock-up agreement in the event of an IPO according to which Warrants may not be exercised/or settled for cash within 180 days from the date of completion of an initial public offering and official listing of shares of the Company (or the shares in any company or vehicle created by the Company's shareholders for such purpose) on a stock exchange or regulated market, including but not limited to a listing of American Depositary Shares (ADS') in the United States (here and elsewhere in this document referred to as an &ldquo;IPO&rdquo;). 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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

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  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: left; width: 9%">3.6</TD>
    <TD STYLE="font-weight: normal; text-align: justify; width: 91%"><FONT STYLE="font-size: 10pt">The Parties agree that the lock-up agreement as set out in clause 3.4 shall cease to be effective and shall become null and void in the event that there is a materially adverse event relating to the Company and thereby affecting the Company in a materially adverse manner during the lock-up period described in clause 3.4, including but not limited to if the Company or its management is subject to a criminal investigation or is involved in any kind of fraudulent activities, money laundering activities, terror financing tax evasion and tax havens. The definition of a materially adverse event shall be determined according to ordinary principles of Danish law taking into account specifically the Company. </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: 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; text-indent: 0in"><FONT STYLE="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; text-indent: 0in"><FONT STYLE="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; text-indent: 0in"><FONT STYLE="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; text-indent: 0in"><FONT STYLE="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; text-indent: 0in"><FONT STYLE="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; text-indent: 0in"><FONT STYLE="font-size: 10pt">Changes in the Company&rsquo;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; text-indent: 0in"><FONT STYLE="font-size: 10pt">Adjustments shall be made so that the potential possibility of gain attached to a Warrant, in so far as possible, shall remain the same before and after the occurrence of the incident causing the adjustment. The adjustment shall be carried out by the Company&rsquo;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>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: left; width: 9%">5.3</TD>
    <TD STYLE="font-weight: normal; text-align: justify; text-indent: 0in; width: 91%"><FONT STYLE="font-size: 10pt">Warrants shall not be adjusted as a result of the Company&rsquo;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&rsquo; and others&rsquo; 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; text-indent: 0in"><FONT STYLE="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; text-indent: 0in"><FONT STYLE="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; text-indent: 0in"><FONT STYLE="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; text-indent: 0in"><FONT STYLE="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; text-indent: 0in"><FONT STYLE="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>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold; text-align: left; width: 9%">7.</TD>
    <TD STYLE="font-weight: bold; text-align: justify; text-indent: 0in; width: 91%"><FONT STYLE="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; text-indent: 0in"><FONT STYLE="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; letter-spacing: 0.3pt">(a) </TD>
    <TD STYLE="text-align: justify"><FONT STYLE="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; letter-spacing: 0.3pt">(b) </TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">any mandatory or voluntary prepayment in whole or in part of the Company&rsquo;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-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; letter-spacing: 0.3pt">(c) </TD>
    <TD STYLE="text-align: justify"><FONT STYLE="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; letter-spacing: 0.3pt">(d) </TD>
    <TD STYLE="text-align: justify"><FONT STYLE="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; letter-spacing: 0.3pt">(e) </TD>
    <TD STYLE="text-align: justify"><FONT STYLE="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; letter-spacing: 0.3pt">(f) </TD>
    <TD STYLE="text-align: justify"><FONT STYLE="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; text-indent: 0in"><FONT STYLE="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>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

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  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: left; width: 9%">7.2</TD>
    <TD STYLE="font-weight: normal; text-align: justify; text-indent: 0in; width: 91%"><FONT STYLE="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; text-indent: 0in"><FONT STYLE="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; text-indent: 0in"><FONT STYLE="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; text-indent: 0in"><FONT STYLE="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; text-indent: 0in"><FONT STYLE="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; text-indent: 0in"><FONT STYLE="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; text-indent: 0in"><FONT STYLE="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; letter-spacing: 0.3pt">(a) </TD>
    <TD STYLE="text-align: justify"><FONT STYLE="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; letter-spacing: 0.3pt">(b) </TD>
    <TD STYLE="text-align: justify"><FONT STYLE="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; letter-spacing: 0.3pt">(c) </TD>
    <TD STYLE="text-align: justify"><FONT STYLE="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; letter-spacing: 0.3pt">(d) </TD>
    <TD STYLE="text-align: justify"><FONT STYLE="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>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

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  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: left; width: 9%">8.2</TD>
    <TD STYLE="font-weight: normal; text-align: justify; text-indent: 0in; width: 91%"><FONT STYLE="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: left">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: left">8.3</TD>
    <TD STYLE="font-weight: normal; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">Following an IPO the Fair Market Value shall mean the average VWAP of the Company&rsquo;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&rsquo;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: left">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: left">8.4</TD>
    <TD STYLE="font-weight: normal; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">For the purposes of this clause 8, &ldquo;Orderly Transaction&rdquo; 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: left">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold; text-align: left">9.</TD>
    <TD STYLE="font-weight: bold; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">TERMS OF THE ISSUE OF SHARES</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">9.1</TD>
    <TD STYLE="font-weight: normal; text-align: justify; text-indent: 0in"><FONT STYLE="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: left">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; letter-spacing: 0.3pt">(a) </TD>
    <TD STYLE="text-align: justify"><FONT STYLE="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: left">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; letter-spacing: 0.3pt">(b) </TD>
    <TD STYLE="text-align: justify"><FONT STYLE="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: left">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; letter-spacing: 0.3pt">(c) </TD>
    <TD STYLE="text-align: justify"><FONT STYLE="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: left">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; letter-spacing: 0.3pt">(d) </TD>
    <TD STYLE="text-align: justify"><FONT STYLE="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: left">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; letter-spacing: 0.3pt">(e) </TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the new shares shall be registered in the name of the shareholders and be registered in the shareholders&rsquo; register;</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; letter-spacing: 0.3pt">(f) </TD>
    <TD STYLE="text-align: justify"><FONT STYLE="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: left">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; letter-spacing: 0.3pt">(g) </TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the new shares are entitled to dividends, and other rights in the Company according to the provisions in the Company&rsquo;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: left">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; letter-spacing: 0.3pt">(h) </TD>
    <TD STYLE="text-align: justify"><FONT STYLE="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: left">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

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  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold; text-align: left; width: 9%">10.</TD>
    <TD STYLE="font-weight: bold; text-align: justify; text-indent: 0in; width: 91%"><FONT STYLE="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; text-indent: 0in"><FONT STYLE="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; text-indent: 0in"><FONT STYLE="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; text-indent: 0in"><FONT STYLE="font-size: 10pt">Any communication by the Warrant Holder to the Company regarding all matters in these Warrant Terms shall be conducted via e-mail to the chairman of the Company&rsquo;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; text-indent: 0in"><FONT STYLE="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; text-indent: 0in"><FONT STYLE="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; text-indent: 0in"><FONT STYLE="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; text-indent: 0in"><FONT STYLE="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; text-indent: 0in">&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; text-indent: 0in"><FONT STYLE="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-size: 10pt; margin: 0pt 0 0pt 59.55pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"> ---oOo---</P>



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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 49%">
    <P STYLE="font-size: 13pt; text-transform: uppercase; letter-spacing: 0.6pt; text-align: justify; margin: 0pt 0">bilag 5 til selskabets
    vedt&aelig;gter</P>
    <P STYLE="font-size: 10pt; text-transform: uppercase; letter-spacing: 0.3pt; text-align: justify; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font-size: 10pt; text-transform: uppercase; letter-spacing: 0.3pt; text-align: justify; margin: 0pt 0">eVAXION BIOTECH A/S</P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="letter-spacing: 0.3pt">(&quot;<B>Selskabet</B>&quot;)</FONT></P></TD>
    <TD STYLE="width: 2%; padding-left: 0.25in; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 42%">
    <P STYLE="font-size: 13pt; text-transform: uppercase; letter-spacing: 0.6pt; text-align: justify; margin: 0pt 0">appendix 5 to articles
    of association</P>
    <P STYLE="font-size: 10pt; text-transform: uppercase; letter-spacing: 0.3pt; text-align: justify; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font-size: 10pt; text-transform: uppercase; letter-spacing: 0.3pt; text-align: justify; margin: 0pt 0">eVAXION BIOTECH A/S</P>
    <P STYLE="font-size: 10pt; text-transform: uppercase; letter-spacing: 0.3pt; text-align: justify; margin: 0pt 0">(<FONT STYLE="font-size: 10pt; text-transform: none">the
    <B>&quot;Company&quot;</B></FONT>)</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.7pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt"><B>INTRODUKTION</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt"><B>INTRODUCTION</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.7pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt">Bestyrelsen har den 17. december 2020 bestemt, at f&oslash;lgende vilk&aring;r og betingelser skal v&aelig;re g&aelig;ldende for visse warrants, der udstedes til bestyrelse, direktion, &oslash;vrige medarbejdere samt r&aring;dgivere/konsulenter i henhold til bemyndigelsen i vedt&aelig;gternes pkt. 2.5:</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt">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="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-indent: -0.25in"><B>1.</B></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt"><B>GENERELT</B></FONT></TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt"><B>GENERAL</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>1.1.</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt">Selskabet har besluttet at indf&oslash;re et incitamentsprogram for bestyrelse, direktion, &oslash;vrige medarbejdere samt r&aring;dgivere/konsulenter (herefter samlet ben&aelig;vnt &rdquo;Warrantindehavere&rdquo;) i/for Selskabet og dets eventuelle datterselskaber (herefter ben&aelig;vnt &rdquo;Selskabet&rdquo;). Programmet er baseret p&aring; vederlagsfri tildeling af warrants.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt">The Company has decided to introduce an incentive program for board members, management, other employees and advisors/consultants (hereinafter collectively referred to as &ldquo;Warrant-holders&rdquo;) in/on behalf of the Company and its subsidiaries (collectively the &ldquo;Company&rdquo;). The program is based on grant of warrants without payment. </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>1.2.</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt">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-size: 10pt; letter-spacing: 0.3pt">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>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD></TR>
</TABLE>

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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%">1.3.</TD>
    <TD STYLE="text-align: justify; width: 49%"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt">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: 42%"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt">Warrants are offered at the discretion of the board of directors. </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-indent: -0.25in"><B>2.</B></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt"><B>TILDELING AF WARRANTS</B></FONT></TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt"><B>GRANT OF WARRANTS</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>2.1.</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt">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-size: 10pt; letter-spacing: 0.3pt">The individual Warrantholder&rsquo;s warrant agreement shall describe how many warrants have been granted to the Warrantholder and the exercise price for the warrants.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>2.2.</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt">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-size: 10pt; letter-spacing: 0.3pt">The grant of warrants shall not be subject to payment from the Warrantholders.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>2.3.</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt">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-size: 10pt; letter-spacing: 0.3pt">The Company or the Company&rsquo;s proxy shall keep records of granted warrants and update the records at regular intervals.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-indent: -0.25in"><B>3.</B></TD>
    <TD STYLE="padding-left: 1.7pt; text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt"><B>OPTJENING</B></FONT></TD>
    <TD STYLE="padding-left: 1.7pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.7pt; text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt"><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>3.1.</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt">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-size: 10pt; letter-spacing: 0.3pt">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="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>3.2.</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt">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-size: 10pt; letter-spacing: 0.3pt">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>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-indent: -0.25in; width: 7%"><B>4.</B></TD>
    <TD STYLE="padding-left: 1.7pt; text-align: justify; width: 49%"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt"><B>UDNYTTELSE</B></FONT></TD>
    <TD STYLE="padding-left: 1.7pt; text-align: justify; width: 2%">&nbsp;</TD>
    <TD STYLE="padding-left: 1.7pt; text-align: justify; width: 42%"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt"><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>4.1.</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt">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; letter-spacing: 0.3pt">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&rsquo;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="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>4.2.</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt">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-size: 10pt; letter-spacing: 0.3pt">If the last day of an exercise period is a Saturday or Sunday, the exercise period shall also include the first weekday immediately following the stipulated period.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>4.3.</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt">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-size: 10pt; letter-spacing: 0.3pt">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>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD></TR>
</TABLE>

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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%">4.4.</TD>
    <TD STYLE="text-align: justify; width: 49%"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt">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="text-align: justify; width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 42%"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt">Warrants not exercised by the Warrantholder during the last exercise period shall become null and void without further notice and without compensation or payment of any kind to the Warrantholder.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>4.5.</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt">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-size: 10pt; letter-spacing: 0.3pt">The Warrantholder&rsquo;s exercise of warrants shall generally require that the Warrantholder is employed by the Company or any affiliated group company at the time of exercise. In the event of termination of the employment the terms and conditions included in clause 5 below shall apply.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>4.6.</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt">Selskabets bestyrelse er i tilf&aelig;lde af at Selskabet b&oslash;rsnoteres eller der noteres ADS&rsquo;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-size: 10pt; letter-spacing: 0.3pt">In the event of a listing of the Company&rsquo;s shares, or an ADS listing on a stock exchange, the Company&rsquo;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&rsquo; report.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>4.7.</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt">I forbindelse med en notering af ADS&rsquo;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-size: 10pt; letter-spacing: 0.3pt">In connection with a listing of ADSs on Nasdaq, USA, the board of directors has resolved, pursuant to clause 4.1, to determine the exercise windows for issued warrants as follows:&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt">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&rsquo;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="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt">Vested warrants may be exercise in four annual exercise windows of two weeks each that each commence two trading days following publication of the Company&rsquo;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="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD></TR>
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    <TD STYLE="padding-left: 0.25in; text-indent: -0.25in; width: 7%"><B>5.</B></TD>
    <TD STYLE="text-align: justify; width: 49%"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt"><B>FRATR&AElig;DEN</B></FONT></TD>
    <TD STYLE="text-align: justify; width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 42%"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt"><B>RESIGNATION</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>5.1.</TD>
    <TD STYLE="text-align: justify; letter-spacing: 0.3pt">Warrantindehaverens udnyttelse af optjente warrants er reguleret ovenfor i punkt 4. </TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify; letter-spacing: 0.3pt">The Warrantholder&rsquo;s exercise of vested warrants is regulated above in section 4. </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="text-indent: 0in; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: justify; letter-spacing: 0.3pt">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; letter-spacing: 0.3pt">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 STYLE="padding-left: 0.25in">&nbsp;</TD>
    <TD STYLE="padding-left: 1.7pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.7pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.7pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>5.2.</TD>
    <TD STYLE="text-align: justify; letter-spacing: 0.3pt">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; letter-spacing: 0.3pt">Irrespective of the above, if the Company terminates the board membership or employment contract due to the Warrantholder&rsquo;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>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in">&nbsp;</TD>
    <TD STYLE="padding-left: 1.7pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.7pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.7pt; text-align: justify">&nbsp;</TD></TR>
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    <TD STYLE="padding-left: 0.25in; text-indent: -0.25in; width: 7%"><B>6.</B></TD>
    <TD STYLE="padding-left: 1.7pt; text-align: justify; width: 49%"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt"><B>JUSTERING AF WARRANTS</B></FONT></TD>
    <TD STYLE="padding-left: 1.7pt; text-align: justify; width: 2%">&nbsp;</TD>
    <TD STYLE="padding-left: 1.7pt; text-align: justify; width: 42%"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt"><B>ADJUSTMENT OF WARRANTS</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in">&nbsp;</TD>
    <TD STYLE="padding-left: 1.7pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.7pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.7pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>6.1.</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt">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-size: 10pt; letter-spacing: 0.3pt">Changes in the Company&rsquo;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="text-indent: 0in; 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>6.2.</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt">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-size: 10pt; letter-spacing: 0.3pt">Adjustments shall be made so that the potential possibility of gain attached to a warrant, in so far as possible, shall remain the same before and after the occurrence of the incident causing the adjustment. The adjustment shall be carried out with the assistance of the Company&rsquo;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="text-indent: 0in; 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>6.3.</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt">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="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt">Warrants shall not be adjusted as a result of the Company&rsquo;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&rsquo; and others&rsquo; 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="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD></TR>
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    <TD STYLE="padding-left: 0.25in; text-align: justify; width: 7%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 49%"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt">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="padding-left: 1.95pt; text-align: justify; width: 2%">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify; width: 42%"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt">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="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>6.4.</TD>
    <TD STYLE="font-weight: normal; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; letter-spacing: 0.5pt"><U>Fondsaktier:</U></FONT></TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt"><U>Bonus Shares</U></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt">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-size: 10pt; letter-spacing: 0.3pt">If it is decided to issue bonus shares in the Company, warrants shall be adjusted as follows:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt">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-size: 10pt; letter-spacing: 0.3pt">The exercise price for each warrant not yet exercised shall be multiplied by the factor:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="font-family: Symbol; letter-spacing: 0.3pt">a</FONT> <FONT STYLE="letter-spacing: 0.3pt">=
    __<U>A</U>___ </FONT></P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="letter-spacing: 0.3pt">(A+B)</FONT></P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="letter-spacing: 0.3pt">&nbsp;</FONT></P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="letter-spacing: 0.3pt">og antallet af endnu ikke udnyttede
    warrants ganges med faktoren:</FONT></P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="letter-spacing: 0.3pt">&nbsp;</FONT></P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="letter-spacing: 0.3pt">&nbsp;</FONT></P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="letter-spacing: 0.3pt"><U>1</U></FONT></P>
    <P STYLE="font: 10pt Symbol; text-align: justify; margin: 0pt 0"><FONT STYLE="letter-spacing: 0.3pt">a</FONT></P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="letter-spacing: 0.3pt">&nbsp;</FONT></P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="letter-spacing: 0.3pt">hvor:</FONT></P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="letter-spacing: 0.3pt">&nbsp;</FONT></P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="letter-spacing: 0.3pt">A = den nominelle aktiekapital f&oslash;r
    udstedelsen af fondsaktier, og</FONT></P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="letter-spacing: 0.3pt">&nbsp;</FONT></P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="letter-spacing: 0.3pt">B = den samlede nominelle v&aelig;rdi
    p&aring; fondsaktierne.</FONT></P></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="font-family: Symbol; letter-spacing: 0.3pt">a</FONT> <FONT STYLE="letter-spacing: 0.3pt">=
    ___<U>A</U>___ </FONT></P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="letter-spacing: 0.3pt">(A+B)</FONT></P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="letter-spacing: 0.3pt">&nbsp;</FONT></P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="letter-spacing: 0.3pt">and the number of warrants not yet
    exercised shall be multiplied by the factor:</FONT></P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="letter-spacing: 0.3pt">&nbsp;</FONT></P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="letter-spacing: 0.3pt"><U>1</U></FONT></P>
    <P STYLE="font: 10pt Symbol; text-align: justify; margin: 0pt 0"><FONT STYLE="letter-spacing: 0.3pt">a</FONT></P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="letter-spacing: 0.3pt">&nbsp;</FONT></P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="letter-spacing: 0.3pt">where:</FONT></P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="letter-spacing: 0.3pt">&nbsp;</FONT></P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="letter-spacing: 0.3pt">A = the nominal share capital before
    issue of bonus shares, and</FONT></P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="letter-spacing: 0.3pt">&nbsp;</FONT></P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="letter-spacing: 0.3pt">B = the total nominal value of bonus
    shares.</FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt">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">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt">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="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD></TR>
</TABLE>

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

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%">6.5.</TD>
    <TD STYLE="text-align: justify; width: 49%"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt"><U>Kapital&aelig;ndringer til en anden kurs end markedskursen:</U></FONT></TD>
    <TD STYLE="text-align: justify; width: 2%"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; width: 42%"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt"><U>Changes of capital at a price different from the market price:</U></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt">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-size: 10pt; letter-spacing: 0.3pt">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="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt">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-size: 10pt; letter-spacing: 0.3pt">The exercise price for each non-exercised warrants shall be multiplied by the factor:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="font-family: Symbol; letter-spacing: 0.3pt">a</FONT> <FONT STYLE="letter-spacing: 0.3pt">=
    <U>(A_x K) + (B x T) </U></FONT></P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; text-indent: 0.75in"><FONT STYLE="letter-spacing: 0.3pt">(A+B) x K</FONT></P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="letter-spacing: 0.3pt">&nbsp;</FONT></P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="letter-spacing: 0.3pt">og antallet af endnu ikke udnyttede
    warrants ganges med faktoren</FONT></P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="letter-spacing: 0.3pt">&nbsp;</FONT></P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="letter-spacing: 0.3pt"><U>1</U></FONT></P>
    <P STYLE="font: 10pt Symbol; text-align: justify; margin: 0pt 0"><FONT STYLE="letter-spacing: 0.3pt">a</FONT></P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="letter-spacing: 0.3pt">&nbsp;</FONT></P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="letter-spacing: 0.3pt">hvor:</FONT></P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="letter-spacing: 0.3pt">&nbsp;</FONT></P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="letter-spacing: 0.3pt">A = den nominelle aktiekapital f&oslash;r
    &aelig;ndringen i kapitalen</FONT></P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="letter-spacing: 0.3pt">&nbsp;</FONT></P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="letter-spacing: 0.3pt">B = den nominelle &aelig;ndring i aktiekapitalen</FONT></P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="letter-spacing: 0.3pt">&nbsp;</FONT></P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="letter-spacing: 0.3pt">K = aktiens markedskurs / lukkekurs
    dagen forinden annoncering af &aelig;ndringen i aktiekapitalen, og</FONT></P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="letter-spacing: 0.3pt">&nbsp;</FONT></P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="letter-spacing: 0.3pt">&nbsp;</FONT></P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="letter-spacing: 0.3pt">T = tegningskurs/neds&aelig;ttelseskurs
    ved &aelig;ndringen i aktiekapitalen</FONT></P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="letter-spacing: 0.3pt">&nbsp;</FONT></P></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="font-family: Symbol; letter-spacing: 0.3pt">a</FONT> <FONT STYLE="letter-spacing: 0.3pt">=
    (<U>A_x K) + (B x T)</U></FONT></P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; text-indent: 0.75in"><FONT STYLE="letter-spacing: 0.3pt">(A+B) x K</FONT></P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="letter-spacing: 0.3pt">&nbsp;</FONT></P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="letter-spacing: 0.3pt">and the number of non-exercised warrants
    shall be multiplied by the factor:</FONT></P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="letter-spacing: 0.3pt">&nbsp;</FONT></P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="letter-spacing: 0.3pt"><U>1</U></FONT></P>
    <P STYLE="font: 10pt Symbol; text-align: justify; margin: 0pt 0"><FONT STYLE="letter-spacing: 0.3pt">a</FONT></P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="letter-spacing: 0.3pt">&nbsp;</FONT></P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="letter-spacing: 0.3pt">where:</FONT></P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="letter-spacing: 0.3pt">&nbsp;</FONT></P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="letter-spacing: 0.3pt">A = nominal share capital before the
    change in capital</FONT></P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="letter-spacing: 0.3pt">&nbsp;</FONT></P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="letter-spacing: 0.3pt">B = nominal change in the share capital</FONT></P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="letter-spacing: 0.3pt">&nbsp;</FONT></P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="letter-spacing: 0.3pt">K = market price / closing price of
    the share on the day prior to the announcement of the change in the share capital, and</FONT></P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="letter-spacing: 0.3pt">&nbsp;</FONT></P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="letter-spacing: 0.3pt">T = subscription price/reduction price
    in relation to the change in the share capital</FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify; width: 7%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 49%"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt">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: 42%"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt">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="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt">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-size: 10pt; letter-spacing: 0.3pt">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="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>6.6.</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt"><U>&AElig;ndringer i den enkelte aktie p&aring;lydende v&aelig;rdi:</U></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt"><U>Changes in the nominal value of each individual share:</U></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt">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-size: 10pt; letter-spacing: 0.3pt">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="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="letter-spacing: 0.3pt">Udnyttelsesprisen p&aring; enhver endnu
    ikke udnyttet warrant ganges med faktoren:</FONT></P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="letter-spacing: 0.3pt">&nbsp;</FONT></P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="letter-spacing: 0.3pt">&nbsp;</FONT></P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="font-family: Symbol; letter-spacing: 0.3pt">a</FONT> <FONT STYLE="letter-spacing: 0.3pt">=
    __<U>A</U>____ </FONT></P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; text-indent: 0.75in"><FONT STYLE="letter-spacing: 0.3pt">B</FONT></P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="letter-spacing: 0.3pt">og antallet af endnu ikke udnyttede
    warrants ganges med faktoren:</FONT></P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="letter-spacing: 0.3pt">&nbsp;</FONT></P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="letter-spacing: 0.3pt"><U>1</U></FONT></P>
    <P STYLE="font: 10pt Symbol; text-align: justify; margin: 0pt 0"><FONT STYLE="letter-spacing: 0.3pt">a</FONT></P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="letter-spacing: 0.3pt">&nbsp;</FONT></P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="letter-spacing: 0.3pt">hvor:</FONT></P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="letter-spacing: 0.3pt">&nbsp;</FONT></P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="letter-spacing: 0.3pt">A = den enkelte aktie nominelle v&aelig;rdi
    efter &aelig;ndringen, og</FONT></P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="letter-spacing: 0.3pt">&nbsp;</FONT></P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="letter-spacing: 0.3pt">B = den enkelte aktie nominelle v&aelig;rdi
    f&oslash;r &aelig;ndringen.</FONT></P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="letter-spacing: 0.3pt">&nbsp;</FONT></P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="letter-spacing: 0.3pt">Hvis det justerede antal aktier ikke
    er et helt tal, skal der afrundes nedad til det n&aelig;rmeste hele tal.</FONT></P></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="letter-spacing: 0.3pt">The exercise price for each non-exercised
    warrant shall be multiplied by the factor:</FONT></P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="letter-spacing: 0.3pt">&nbsp;</FONT></P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="font-family: Symbol; letter-spacing: 0.3pt">a</FONT> <FONT STYLE="letter-spacing: 0.3pt">=
    __<U>A</U>____ </FONT></P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; text-indent: 0.75in"><FONT STYLE="letter-spacing: 0.3pt">B</FONT></P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="letter-spacing: 0.3pt">and the number of non-exercised warrants
    shall be multiplied by the factor:</FONT></P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="letter-spacing: 0.3pt">&nbsp;</FONT></P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="letter-spacing: 0.3pt"><U>1</U></FONT></P>
    <P STYLE="font: 10pt Symbol; text-align: justify; margin: 0pt 0"><FONT STYLE="letter-spacing: 0.3pt">a</FONT></P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="letter-spacing: 0.3pt">&nbsp;</FONT></P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="letter-spacing: 0.3pt">where:</FONT></P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="letter-spacing: 0.3pt">&nbsp;</FONT></P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="letter-spacing: 0.3pt">A = nominal value of each share after
    the change, and</FONT></P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="letter-spacing: 0.3pt">&nbsp;</FONT></P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="letter-spacing: 0.3pt">B = nominal value of each share before
    the change.</FONT></P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="letter-spacing: 0.3pt">&nbsp;</FONT></P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="letter-spacing: 0.3pt">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></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%">6.7.</TD>
    <TD STYLE="text-align: justify; width: 49%"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt"><U>Udbetaling af udbytte:</U></FONT></TD>
    <TD STYLE="text-align: justify; width: 2%"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; width: 42%"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt"><U>Payment of dividend:</U></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt">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-size: 10pt; letter-spacing: 0.3pt">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="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="letter-spacing: 0.3pt">E2 = E1 - <U>U &ndash; Umax</U></FONT></P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; text-indent: 1in"><FONT STYLE="letter-spacing: 0.3pt">A</FONT></P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="letter-spacing: 0.3pt">hvor:</FONT></P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="letter-spacing: 0.3pt">&nbsp;</FONT></P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="letter-spacing: 0.3pt">E2 = den justerede udnyttelsespris</FONT></P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="letter-spacing: 0.3pt">&nbsp;</FONT></P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="letter-spacing: 0.3pt">E1 = den oprindelige udnyttelsespris</FONT></P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="letter-spacing: 0.3pt">&nbsp;</FONT></P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="letter-spacing: 0.3pt">U = det udbetalte udbytte</FONT></P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="letter-spacing: 0.3pt">&nbsp;</FONT></P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="letter-spacing: 0.3pt">Umax = 10 % af egenkapitalen, og</FONT></P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="letter-spacing: 0.3pt">&nbsp;</FONT></P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="letter-spacing: 0.3pt">&nbsp;</FONT></P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="letter-spacing: 0.3pt">A = det samlede antal aktier i Selskabet.</FONT></P></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="letter-spacing: 0.3pt">E2 = E1 - <U>U &ndash; Umax</U></FONT></P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; text-indent: 0.75in"><FONT STYLE="letter-spacing: 0.3pt">A</FONT></P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="letter-spacing: 0.3pt">where:</FONT></P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="letter-spacing: 0.3pt">&nbsp;</FONT></P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="letter-spacing: 0.3pt">E2 = the adjusted exercise price</FONT></P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="letter-spacing: 0.3pt">&nbsp;</FONT></P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="letter-spacing: 0.3pt">E1 = the original exercise price</FONT></P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="letter-spacing: 0.3pt">&nbsp;</FONT></P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="letter-spacing: 0.3pt">U = dividends paid out</FONT></P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="letter-spacing: 0.3pt">&nbsp;</FONT></P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="letter-spacing: 0.3pt">Umax = 10 per cent of the equity capital,
    and</FONT></P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="letter-spacing: 0.3pt">&nbsp;</FONT></P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="letter-spacing: 0.3pt">A = total number of shares in the Company.</FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt">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-size: 10pt; letter-spacing: 0.3pt">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>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%">6.8.</TD>
    <TD STYLE="text-align: justify; width: 49%"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt"><U>Andre &aelig;ndringer i Selskabets kapitalforhold:</U></FONT></TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify; width: 2%"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; letter-spacing: 0.3pt; width: 42%"><U>Other changes in the Company&rsquo;s capital position:</U></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 14.15pt; text-align: justify; letter-spacing: 0.3pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt">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-size: 10pt; letter-spacing: 0.3pt">In the event of other changes in the Company&rsquo;s capital position causing changes to the financial value of warrants, warrants shall (unless otherwise indicated above) be adjusted in order to ensure that the changes do not influence the financial value of the warrants.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt">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-size: 10pt; letter-spacing: 0.3pt">The calculation method to be applied to the adjustment shall be decided by an external advisor appointed by the board of directors.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt">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-size: 10pt; letter-spacing: 0.3pt">It is emphasized that increase or decrease of the Company&rsquo;s share capital at market price does not lead to an adjustment of the subscription price or the number of shares to be subscribed.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>6.9.</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt"><U>Likvidation:</U></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt"><U>Liquidation:</U></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt">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-size: 10pt; letter-spacing: 0.3pt">Should the Company be liquidated, the vesting time, if any, for all non-exercised warrants shall be changed so that the Warrantholder may exercise his/her warrants in an extraordinary exercise period immediately preceding the relevant transaction.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>6.10.</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt"><U>Fusion og spaltning:</U></FONT></TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; letter-spacing: 0.3pt"><U>Merger and split:</U></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt">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-size: 10pt; letter-spacing: 0.3pt">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>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify; width: 7%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 49%"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt">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; width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 42%"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt">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="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD>
    <P STYLE="font-size: 10pt; text-align: justify; text-indent: -0.25in; margin: 0pt 0 0pt 0.5in"><FONT STYLE="letter-spacing: 0.3pt">a)&nbsp;&nbsp;&nbsp;
    Warrantindehaveren kan umiddelbart inden fusionen/spaltningen udnytte alle ikke udnyttede warrants, der ikke er bortfaldet (inklusive
    warrants der endnu ikke er optjent), eller</FONT></P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="letter-spacing: 0.3pt">&nbsp;</FONT></P>
    <P STYLE="font-size: 10pt; text-align: justify; text-indent: -0.25in; margin: 0pt 0 0pt 0.5in"><FONT STYLE="letter-spacing: 0.3pt">b)&nbsp;&nbsp;&nbsp;
    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.</FONT></P></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>
    <P STYLE="font-size: 10pt; text-align: justify; text-indent: -0.25in; margin: 0pt 0 0pt 0.5in"><FONT STYLE="letter-spacing: 0.3pt">a)&nbsp;&nbsp;&nbsp;
    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 </FONT></P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"><FONT STYLE="letter-spacing: 0.3pt">&nbsp;</FONT></P>
    <P STYLE="font-size: 10pt; text-align: justify; text-indent: -0.25in; margin: 0pt 0 0pt 0.5in"><FONT STYLE="letter-spacing: 0.3pt">b)&nbsp;&nbsp;&nbsp;
    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.</FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>6.11.</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt"><U>Salg og aktieombytning:</U></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt"><U>Sale and exchange of shares:</U></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt">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 STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt">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="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 24.2pt; text-align: justify; text-indent: -24.2pt"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt">a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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="padding-left: 25.3pt; text-align: justify; text-indent: -21.25pt"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt">a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Warrantholder may exercise all non-exercised warrants that are not declared null and void (inclusive of warrants not yet vested) immediately before the sale/swap of shares. Furthermore, the Warrantholder shall undertake an obligation to sell the subscribed shares on the same conditions as the other shareholders (when selling)</FONT></TD></TR>
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    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
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    <TD STYLE="padding-left: 0.25in; text-align: justify; width: 7%">&nbsp;</TD>
    <TD STYLE="padding-left: 24.2pt; text-align: justify; text-indent: -24.2pt; width: 49%"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt">b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tildelte warrants erstattes af aktieinstrumenter i det erhvervende selskab af tilsvarende &oslash;konomisk v&aelig;rdi f&oslash;r skat.</FONT></TD>
    <TD STYLE="text-align: justify; width: 2%">&nbsp;</TD>
    <TD STYLE="padding-left: 25.3pt; text-align: justify; text-indent: -21.25pt; width: 42%"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt">b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 24.2pt; text-align: justify; text-indent: -24.2pt"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt">c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tildelte warrants forts&aelig;tter u&aelig;ndret.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt">a)&nbsp;&nbsp;&nbsp; Granted warrants continue unchanged.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>6.12.</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt"><U>F&aelig;lles bestemmelser vedr&oslash;rende 6.9&ndash;6.11:</U></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt"><U>Common provisions regarding 6.9-6.11:</U></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt">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 &ndash; i de tilf&aelig;lde, hvor Warrantindehaveren ekstraordin&aelig;rt kan udnytte warrants, jf. 6.9-6.11 &ndash; 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-size: 10pt; letter-spacing: 0.3pt">If one of the transactions mentioned above is made, the Company shall inform the Warrantholder hereof by written notice. Upon receipt of the written notice, the Warrantholder shall &ndash; in cases where the Warrantholder may extraordinarily exercise warrants, see 6.9-6.11 &ndash; 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>
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    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt">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-size: 10pt; letter-spacing: 0.3pt">The Warrantholder&rsquo;s rights in connection with decisions made by any competent company body, see clause 6.9-6.11, shall be contingent on subsequent registration of the relevant decision with the Danish Business Authority provided that registration is a condition of its validity.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-indent: -0.25in"><B>7.</B></TD>
    <TD STYLE="font-weight: bold; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; text-transform: uppercase; letter-spacing: 0.5pt">Overdragelse, pants&aelig;tning og kreditorforf&oslash;lgning</FONT></TD>
    <TD STYLE="padding-left: 1.7pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; text-transform: uppercase; letter-spacing: 0.5pt">Transfer, pledge and enforcement</FONT></TD></TR>
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    <TD STYLE="padding-left: 0.25in">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-left: 1.7pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify; text-indent: 0in">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>7.1.</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt">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-size: 10pt; letter-spacing: 0.3pt">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&rsquo;s warrants may, however, be transferred to the Warrantholder&rsquo;s spouse/cohabitant and/or issue in the event of the Warrantholder&rsquo;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&rsquo; agreement.</FONT></TD></TR>
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    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD></TR>
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    <TD STYLE="padding-left: 0.25in; text-indent: -0.25in; width: 7%"><B>8.</B></TD>
    <TD STYLE="font-weight: bold; text-align: justify; text-indent: 0in; width: 49%"><FONT STYLE="font-size: 10pt; text-transform: uppercase; letter-spacing: 0.5pt">Tegning af nye aktier ved udnyttelse af warrants</FONT></TD>
    <TD STYLE="padding-left: 1.7pt; text-align: justify; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify; text-indent: 0in; width: 42%"><FONT STYLE="font-size: 10pt; text-transform: uppercase; letter-spacing: 0.5pt">Subscription for new shares by exercise of warrants</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-left: 1.7pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify; text-indent: 0in">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>8.1.</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt">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-size: 10pt; letter-spacing: 0.3pt">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>
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    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>8.2.</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt">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-size: 10pt; letter-spacing: 0.3pt">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>
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    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD></TR>
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    <TD STYLE="width: 7%">8.3.</TD>
    <TD STYLE="text-align: justify; width: 49%"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt">De warrants, som Warrantindehaveren ikke har udnyttet i den sidste udnyttelsesperiode, bortfalder uden yderligere varsel og uden kompensation. </FONT></TD>
    <TD STYLE="text-align: justify; width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 42%"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt">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="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>8.4.</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt">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-size: 10pt; letter-spacing: 0.3pt">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>
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    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>8.5.</TD>
    <TD STYLE="text-align: justify; letter-spacing: 0.3pt">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="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify; letter-spacing: 0.3pt">Prior to exercise of warrants, the Warrantholder shall adhere to the Company&rsquo;s shareholders&rsquo; agreement or a separate shareholders&rsquo; 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="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt">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="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt">The Warrantholder accepts and acknowledges that the above-mentioned shareholders&rsquo; agreement may contain i) obligations to sell shares upon termination of the Warrantholder&rsquo;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="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-indent: -0.25in"><B>9.</B></TD>
    <TD STYLE="font-weight: bold; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; text-transform: uppercase; letter-spacing: 0.5pt">De nye ordin&aelig;re aktiers rettigheder</FONT></TD>
    <TD STYLE="padding-left: 1.7pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; text-transform: uppercase; letter-spacing: 0.5pt">The rights of new ordinary shares</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-left: 1.7pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify; text-indent: 0in">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>9.1.</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt">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-size: 10pt; letter-spacing: 0.3pt">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>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; 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>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify; width: 7%">&nbsp;</TD>
    <TD STYLE="padding-left: 24.75pt; text-align: justify; text-indent: -0.25in; width: 49%"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; De nye aktier udstedes i aktier &agrave; DKK 1,00 eller multipla heraf,</FONT></TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify; width: 2%">&nbsp;</TD>
    <TD STYLE="padding-left: 24.75pt; text-align: justify; text-indent: -0.25in; width: 42%"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The new shares will be divided into shares of nominal DKK 1.00 or multiples hereof; </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 24.75pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; De nye aktier skal give ret til udbytte i selskabet for det l&oslash;bende regnskabs&aring;r, hvori aktierne tegnes, p&aring; lige fod med de eksisterende aktier og andre rettigheder i selskabet fra og med datoen for tegningen af aktierne,</FONT></TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 24.75pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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; </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 24.75pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; De nye aktier skal tilh&oslash;re samme aktieklasse, som de eksisterende aktier i selskabet,</FONT></TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 24.75pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The new shares shall belong to the same share class as the existing shares in the company;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 24.75pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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,</FONT></TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 24.75pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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&rsquo;s or its subsidiaries&rsquo; members of the management or other employees;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 24.75pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Der skal ikke g&aelig;lde indskr&aelig;nkninger i den til de nye aktier knyttede fortegningsret ved fremtidige kapitalforh&oslash;jelser,</FONT></TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 24.75pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The pre-emption rights attached to the new shares shall not be subject to any restrictions in the event of future capital increases;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 24.75pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fristen for tegning af de nye aktier beregnes p&aring; baggrund af bestemmelserne ovenfor,</FONT></TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 24.75pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The deadline for subscription of the new shares shall be calculated pursuant to the provisions set forth above;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 24.75pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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</FONT></TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 24.75pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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</FONT></TD></TR>
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    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD></TR>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify; width: 7%">&nbsp;</TD>
    <TD STYLE="padding-left: 24.75pt; text-align: justify; text-indent: -0.25in; width: 49%"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; De nye aktier skal lyde p&aring; navn, noteres i selskabets ejerbog og v&aelig;re ikke-oms&aelig;tningspapirer.</FONT></TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify; width: 2%">&nbsp;</TD>
    <TD STYLE="padding-left: 24.75pt; text-align: justify; text-indent: -0.25in; width: 42%"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The new shares shall be made out in the name of the holder, be recorded in the company&rsquo;s register of shareholders and be non-negotiable instruments.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>9.2.</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt">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">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt">The Company shall pay all costs connected with granting of warrants and later exercise thereof. The Company&rsquo;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="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-indent: -0.25in"><B>10.</B></TD>
    <TD STYLE="padding-left: 1.7pt; text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt"><B>ANDRE BESTEMMELSER</B></FONT></TD>
    <TD STYLE="padding-left: 1.7pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.7pt; text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt"><B>OTHER PROVISIONS</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 21.35pt; text-align: justify; text-indent: -21.35pt">&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>10.1.</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt">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-size: 10pt; letter-spacing: 0.3pt">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="padding-left: 21.35pt; text-align: justify; text-indent: -21.35pt">&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>10.2.</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt">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-size: 10pt; letter-spacing: 0.3pt">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="padding-left: 21.35pt; text-align: justify; text-indent: -21.35pt">&nbsp;</TD>
    <TD STYLE="padding-left: 42.55pt; font-weight: normal; text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-left: 21.35pt; text-align: justify; text-indent: -21.35pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-indent: -0.25in"><B>11.</B></TD>
    <TD STYLE="padding-left: 1.7pt; text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt"><B>SKATTEM&AElig;SSIGE KONSEKVENSER</B></FONT></TD>
    <TD STYLE="padding-left: 1.7pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.7pt; text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt"><B>TAX CONSEQUENCES</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 21.35pt; text-align: justify; text-indent: -21.35pt">&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>11.1.</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt">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-size: 10pt; letter-spacing: 0.3pt">The personal tax implications connected to the Warrantholder&rsquo;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="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-indent: -0.25in"><B>12.</B></TD>
    <TD STYLE="padding-left: 1.7pt; text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt"><B>LOVVALG OG V&AElig;RNETING </B></FONT></TD>
    <TD STYLE="padding-left: 1.7pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.7pt; text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt"><B>LAW AND VENUE</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 21.35pt; text-align: justify; text-indent: -21.35pt">&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>12.1.</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt">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="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt">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>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD></TR>
</TABLE>

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    <TD STYLE="width: 7%">12.2.</TD>
    <TD STYLE="text-align: justify; width: 49%"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt">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="text-align: justify; width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 42%"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt">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="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>12.3.</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt">Hvis parterne ikke kan opn&aring; enighed, skal eventuelle tvister afg&oslash;res ved de almindelige danske domstole.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt">If the parties fail to reach consensus, any disputes shall be settled by the ordinary Danish courts.</FONT></TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; text-align: justify; text-indent: -51.05pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: -51.05pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"> ---oOo---</P>

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  <TR STYLE="vertical-align: top">
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<DIV STYLE="padding: 16pt 0in 14pt; border-top: #F0553C 1pt solid; border-bottom: #F0553C 1pt solid">

    <P STYLE="font-size: 13pt; margin: 0pt 0; color: #656565"><FONT STYLE="text-transform: uppercase; letter-spacing: 1pt">Bilag 6 / appendix
    6</FONT></P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #656565"><FONT STYLE="text-transform: uppercase; letter-spacing: 1pt">til
    selskabets vedt&aelig;gter / to the articles of association</FONT></P>
</DIV></TD>
    <TD STYLE="width: 30%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The English part of this parallel document in Danish and English is an
unofficial translation of the original Danish text. In the event of disputes or misunderstandings arising from the interpretation of the
translation, the Danish language shall prevail.</P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; text-align: left"><B>&nbsp;</B></TD>
    <TD STYLE="width: 47%">
    <P STYLE="font-size: 13pt; text-align: justify; margin: 0pt 0"><FONT STYLE="text-transform: uppercase; letter-spacing: 0.6pt">bilag 6
    til selskabets vedt&aelig;gter </FONT></P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="text-transform: uppercase">Evaxion biotech A/S</FONT></P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="text-transform: uppercase">(CVR-nr. 31762863)</FONT></P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">(&quot;<B>Selskabet</B>&quot;)</P></TD>
    <TD STYLE="width: 2%; padding-left: 0.25in; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 44%">
    <P STYLE="font-size: 13pt; text-align: justify; margin: 0pt 0"><FONT STYLE="text-transform: uppercase; letter-spacing: 0.6pt">appendix
    6 to articles of association </FONT></P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="text-transform: uppercase">Evaxion biotech A/S</FONT></P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="text-transform: uppercase">(Company reg. no. (CBR) 31762863)</FONT></P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">(the &quot;<B>Company</B>&quot;)</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD STYLE="padding-left: 1.7pt; 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: left"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>INTRODUKTION</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>INTRODUCTION</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">I henhold til bemyndigelse i vedt&aelig;gternes punkt 2.10 har bestyrelsen bestemt, at f&oslash;lgende vilk&aring;r og betingelser skal v&aelig;re g&aelig;ldende for op til <FONT STYLE="text-transform: uppercase; letter-spacing: 0.6pt">9.726.898</FONT> warrants (&quot;<B>Warrants</B>&quot;), der er udstedt til investorer (&rdquo;<B>Warrantindehavere</B>&rdquo;) i forbindelse med tegning af aktier og warrants (&rdquo;<B>Udbudte V&aelig;rdipapirer</B>&rdquo;) i forbindelse med den rettede emission gennemf&oslash;rt <FONT STYLE="text-transform: uppercase; letter-spacing: 0.6pt">21. </FONT></FONT><FONT STYLE="font-size: 10pt; letter-spacing: 0.6pt">december <FONT STYLE="text-transform: uppercase">2023.</FONT></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Pursuant to the authorisation in article 2.10 of the articles of association, the Board of Directors has resolved that the following terms and conditions shall apply to up to <FONT STYLE="text-transform: uppercase; letter-spacing: 0.6pt">9,726,898 </FONT>warrants (the &ldquo;<B>Warrants</B>&rdquo;) which have been granted to investors (&ldquo;<B>Warrantholders</B>&rdquo;) in connection with the subscription of ordinary shares and warrants (together, the &ldquo;<B>Offer Securities</B>&rdquo;) in the private placement directed issue carried out <FONT STYLE="text-transform: uppercase; letter-spacing: 0.6pt">21 d</FONT></FONT><FONT STYLE="font-size: 10pt; letter-spacing: 0.6pt">ecember <FONT STYLE="text-transform: uppercase">2023.</FONT></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold; text-align: left"><B>1.</B></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>GENERELT</B></FONT></TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>GENERAL</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">En warrant er en ret, men ikke en pligt, til i en n&aelig;rmere fastlagt periode (udnyttelsesperiode) at tegne nye aktier i Selskabet til USD <FONT STYLE="text-transform: uppercase; letter-spacing: 0.6pt">0,707</FONT> (&rdquo;<B>Udnyttelsesprisen</B>&rdquo;), omregnet til DKK til den officielle vekselkurs mellem DKK/USD som er g&aelig;ldende p&aring; udnyttelsesdagen, dog minimum DKK 1 pr. aktie &agrave; nominelt kr. 1. &Eacute;n warrant giver ret til at tegne &eacute;n ordin&aelig;r aktie i Selskabet &aacute; nominelt DKK <FONT STYLE="text-transform: uppercase; letter-spacing: 0.6pt">1</FONT>.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">A warrant is a right, but not an obligation, during a fixed period (exercise period) to subscribe for new ordinary shares in the Company at USD 0.707 (the &ldquo;<B>Exercise Price</B>&rdquo;), converted into DKK using the official exchange rate between DKK and USD on the exercise day, however no less than DKK 1 per share of nominal DKK 1. Each warrant carries the right to subscribe for nominal DKK <FONT STYLE="text-transform: uppercase; letter-spacing: 0.6pt">1</FONT> ordinary share in the Company. </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD></TR>
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    <TD STYLE="text-align: left; width: 7%"><B>2.</B></TD>
    <TD STYLE="text-align: justify; width: 47%"><FONT STYLE="font-size: 10pt"><B>TILDELING AF WARRANTS</B></FONT></TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify; width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 44%"><FONT STYLE="font-size: 10pt"><B>GRANT OF WARRANTS</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>&nbsp;</B></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: left"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Warrants er tildelt i forbindelse med tegning af Udbudte V&aelig;rdipapirer. </FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The Warrantholder is granted warrants in connection with subscription of Offer Securities.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>3.</B></TD>
    <TD STYLE="padding-left: 1.7pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>OPTJENING</B></FONT></TD>
    <TD STYLE="padding-left: 1.7pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.7pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>VESTING</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Alle Warrants anses for optjent og kan udnyttes straks p&aring; tildelingstidspunktet.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">All Warrants shall be deemed vested and immediately exercisable as per the grant date.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>4.</B></TD>
    <TD STYLE="padding-left: 1.7pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>UDNYTTELSE</B></FONT></TD>
    <TD STYLE="padding-left: 1.7pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.7pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>EXERCISE</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Warrants kan udnyttes i perioden begyndende 15. december 2023 og indtil 15. december 2026:</FONT></TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Warrants may be exercised in the period commencing 15 December 2023 until 15 December 2026:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">(&quot;<B>Udnyttelsesperioden</B>&quot;).</FONT></TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">(the &ldquo;<B>Warrant Exercise Period</B>&rdquo;).</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Warrantindehaveren kan i Udnyttelsesperioden frit udnytte alle eller en del af sine Warrants p&aring; alle dage, hvor The Nasdaq Capital Market eller anden US handelsplads, hvor selskabets v&aelig;rdipapirer er noterede er &aring;ben for handel (&rdquo;<B>Handelsdag</B>&rdquo;) med virkning fra den dag, hvor en Warrant Udnyttelsesmeddelelse leveres til Selskabet (<B>&quot;Udnyttelsesdagen&quot;</B>) under Warrant Udnyttelsesperioden.</FONT></TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The Warrantholder may exercise all or part of its Warrants on any day The Nasdaq Capital Market or any other U.S. trading market on which the securities of the Company are listed is open for business (&ldquo;<B>Trading Day</B>&rdquo;) of its choice effective at the date of its delivery of a Warrant Exercise Notice (the &quot;<B>Warrant Exercise Date</B>&quot;) during the Warrant Exercise Period.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">P&aring; hver valgt Udnyttelsesdag kan Warrantindehaveren udnytte alle eller en del af sine Warrants ved at give meddelelse til Udstederen (<B>&quot;Warrant Udnyttelsesmeddelelsen&quot;</B>) og kontant betale den modsvarende Udnyttelsespris, herunder ved bankoverf&oslash;rsel.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">On each chosen Warrant Exercise Date, the Warrantholder shall exercise all or part of its Warrants by giving notice to the Company (the &ldquo;<B>Warrant Exercise Notice</B>&rdquo;) and pay the corresponding Exercise Price in cash (including by wire transfer).</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD></TR>
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    <TD STYLE="text-align: left; width: 7%"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify; width: 47%"><FONT STYLE="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; width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 44%"><FONT STYLE="font-size: 10pt">If the last day of the Warrant Exercise Period is a Saturday or Sunday, the Warrant Exercise Period shall also include the first Trading Day immediately following the stipulated period.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">De Warrants, som Warrantindehaveren ikke udnytter i Udnyttelsesperioden, bortfalder uden yderligere varsel og uden kompensation eller vederlag af nogen art til Warrantindehaveren.</FONT></TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Warrants not exercised by the Warrant-holder during the Warrant 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: left"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Selskabet skal indenfor fem (5) Handelsdage fra udl&oslash;bet af Udnyttelsesperioden, iv&aelig;rks&aelig;tte registrering enhver relateret og p&aring;kr&aelig;vet registrering hos Erhvervsstyrelsen. </FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The Company shall, within five (5) Trading Days from the expiration of the Warrant Exercise Period, initiate any related required filing with the Danish Business Authority. </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD STYLE="padding-left: 1.7pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.7pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.7pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>5.</B></TD>
    <TD STYLE="padding-left: 1.7pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>JUSTERING AF WARRANTS</B></FONT></TD>
    <TD STYLE="padding-left: 1.7pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>ADJUSTMENT OF WARRANTS</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Hvis der sker &aelig;ndringer i Selskabets kapitalforhold (herunder men ikke begr&aelig;nset til aktiesplit, omvendt aktiesplit, sammenl&aelig;gning eller anden lignende begivenhed, som giver anledning til s&aring;dan &aelig;ndring), der medf&oslash;rer en &aelig;ndring af v&aelig;rdien af en warrant, skal Warrants justeres i henhold til n&aelig;rv&aelig;rende punkt 5.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Changes in the Company&rsquo;s capital structure (including, but not limited to a stock splits, reverse stock split, consolidation or other similar event giving rise to such change) causing a change of the value of a Warrant shall require an adjustment of the Warrants in accordance with this clause 5.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>&nbsp;</B></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: left"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">En justering skal ske, s&aring;ledes at den potentielle gevinstmulighed, der er knyttet til en warrant, for s&aring; vidt ang&aring;r de underliggende aktier, 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 en ekstern uafh&aelig;ngig r&aring;dgiver, som v&aelig;lges af Selskabets bestyrelse. 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-size: 10pt">Adjustments shall be made so that the change of the value of a Warrant with respect to the underlying ordinary shares of the Company shall remain the same before and after the occurrence of the event causing the adjustment. The adjustment shall be carried out with the assistance of an external independent advisor appointed by the Company&rsquo;s board of directors. The adjustment may be completed either by an increase or decrease of the number of shares that can be issued following an exercise of a warrant and/or an increase or decrease of the Exercise Price.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; width: 7%"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify; width: 47%"><FONT STYLE="font-size: 10pt">Selskabets udstedelse af medarbejderaktier, aktieoptioner og/eller warrants som led i medarbejderaktieordninger (herunder til bestyrelsesmedlemmer, r&aring;dgivere og konsulenter) 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 i) som f&oslash;lge af Warrantindehaverne udnyttelse af warrants i Selskabet eller ii) Warrantindehaverens udnyttelse af konvertible obligationer, medf&oslash;rer heller ikke justering af warrants.</FONT></TD>
    <TD STYLE="text-align: justify; width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 44%"><FONT STYLE="font-size: 10pt">Warrants shall not be adjusted solely as a result of the Company&rsquo;s issue of employee shares, share options and/or warrants as part of employee share option schemes (including options to Directors, advisors and consultants) as well as future exercise of such options and/or warrants. Warrants shall, furthermore, not be adjusted solely as a result of i) capital increases following the Warrantholders&rsquo; exercise of Warrants in the Company or ii) the Warrantholder&rsquo;s conversion of convertible notes issued by the Company.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Enhver regulering af Udnyttelseskursen og/eller det antal aktier som kan tegnes ved udnyttelse af Warrants i henhold til dette pkt. 5 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="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify"><FONT STYLE="font-size: 10pt">Any adjustments of the Exercise Price and/or the number of shares that can be subscribed for by exercising the Warrants pursuant to this clause 5 shall only apply to Warrants not exercised by the Warrantholder at the time of the event triggering the adjustment. No adjustment shall affect already exercised Warrants. </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>5.3</B></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: 0.5pt"><B>Fondsaktier:</B></FONT></TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Treasury Shares</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>&nbsp;</B></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: left"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="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-size: 10pt">If it is decided to issue treasury shares in the Company, Warrants shall be adjusted as follows:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>&nbsp;</B></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: left"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="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-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: left"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD>
    <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><FONT STYLE="font-family: Symbol">a</FONT> = ___<U>A</U>___</P>
    <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0; text-indent: 0.5in">(A+B)</P></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>
    <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><FONT STYLE="font-family: Symbol">a</FONT> = ___<U>A</U>___</P>
    <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0; text-indent: 0.5in">(A+B)</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; width: 7%"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify; width: 47%"><FONT STYLE="font-size: 10pt">og antallet af endnu ikke udnyttede Warrants ganges med faktoren:</FONT></TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify; width: 2%">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify; width: 44%"><FONT STYLE="font-size: 10pt">and the number of Warrants not yet exercised shall be multiplied by the factor:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD>
    <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><U>1</U></P>
    <P STYLE="font: 10pt Symbol; text-align: center; margin: 0pt 0">a</P></TD>
    <TD STYLE="padding-left: 1.95pt; text-align: center">&nbsp;</TD>
    <TD>
    <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><U>1</U></P>
    <P STYLE="font: 10pt Symbol; text-align: center; margin: 0pt 0">a</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">hvor:</FONT></TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify"><FONT STYLE="font-size: 10pt">where:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD STYLE="padding-left: 25.5pt; text-align: justify; text-indent: -25.5pt"><FONT STYLE="font-size: 10pt">A&#9;=&#9;den nominelle aktiekapital f&oslash;r &#9;udstedelsen af fondsaktier, og</FONT></TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 25.5pt; text-align: justify; text-indent: -25.5pt"><FONT STYLE="font-size: 10pt">A&#9;=&#9;the nominal share capital be-&#9;fore issue of treasury shares, &#9;and</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD STYLE="padding-left: 25.5pt; text-align: justify; text-indent: -25.5pt"><FONT STYLE="font-size: 10pt">B&#9;=&#9;den samlede nominelle v&aelig;rdi p&aring; &#9;fondsaktierne.</FONT></TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 25.5pt; text-align: justify; text-indent: -25.5pt"><FONT STYLE="font-size: 10pt">B&#9;=&#9;the total nominal value of &#9;treasury shares.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="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">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="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: left"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>5.4</B></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Kapital&aelig;ndringer til en anden kurs end markedskursen:</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Changes of capital at a price different from the market price:</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="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), eller nye warrants med en udnyttelsespris under markedskursen for Selskabets aktier (undtagen medarbejderincitaments programmer) skal Warrants justeres s&aring;ledes:</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="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), or if new warrants with an exercise price below market price of the Company&rsquo;s shares are issued to third parties (not including warrant incentive programs) Warrants shall be adjusted as follows:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>&nbsp;</B></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: left"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="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-size: 10pt">The Exercise Price for each non-exercised Warrant shall be multiplied by the factor:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; width: 7%"><B>&nbsp;</B></TD>
    <TD STYLE="width: 47%">
    <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><FONT STYLE="font-family: Symbol">a</FONT> = (<U>A_x K) + (B x T)</U></P>
    <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0; text-indent: 0.5in">(A+B) x K</P></TD>
    <TD STYLE="text-align: justify; width: 2%">&nbsp;</TD>
    <TD STYLE="width: 44%">
    <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><FONT STYLE="font-family: Symbol">a</FONT> = (<U>A_x K) + (B x T)</U></P>
    <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0; text-indent: 0.5in">(A+B) x K</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>&nbsp;</B></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: left"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">og antallet af endnu ikke udnyttede Warrants ganges med faktoren:</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">and the number of non-exercised Warrants shall be multiplied by the factor:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>&nbsp;</B></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: left"><B>&nbsp;</B></TD>
    <TD>
    <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><U>1</U></P>
    <P STYLE="font: 10pt Symbol; text-align: center; margin: 0pt 0">a</P></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>
    <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><U>1</U></P>
    <P STYLE="font: 10pt Symbol; text-align: center; margin: 0pt 0">a</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>&nbsp;</B></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: left"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">hvor:</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">where:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>&nbsp;</B></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: left"><B>&nbsp;</B></TD>
    <TD STYLE="padding-left: 25.5pt; text-align: justify; text-indent: -25.5pt"><FONT STYLE="font-size: 10pt">A&#9;=&#9;den nominelle aktiekapital f&oslash;r &#9;&aelig;ndringen i kapitalen</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 25.5pt; text-align: justify; text-indent: -25.5pt"><FONT STYLE="font-size: 10pt">A&#9;=&#9;nominal share capital before &#9;the change in capital</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 25.5pt; text-align: justify; text-indent: -25.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD STYLE="padding-left: 25.5pt; text-align: justify; text-indent: -25.5pt"><FONT STYLE="font-size: 10pt">B&#9;=&#9;den nominelle &aelig;ndring i aktie-&#9;kapitalen</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 25.5pt; text-align: justify; text-indent: -25.5pt"><FONT STYLE="font-size: 10pt">B&#9;=&#9;nominal change in the share &#9;capital</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>&nbsp;</B></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: left"><B>&nbsp;</B></TD>
    <TD STYLE="padding-left: 25.5pt; text-align: justify; text-indent: -25.5pt"><FONT STYLE="font-size: 10pt">K&#9;=&#9;aktiens markedskurs / lukkekurs &#9;dagen forinden annoncering af &#9;&aelig;ndringen i aktiekapitalen, og</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 25.5pt; text-align: justify; text-indent: -25.5pt"><FONT STYLE="font-size: 10pt">K&#9;=&#9;market price / closing price of &#9;the share on the day prior to &#9;the announcement of the &#9;change in the share capital, &#9;and</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>&nbsp;</B></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: left"><B>&nbsp;</B></TD>
    <TD STYLE="padding-left: 25.5pt; text-align: justify; text-indent: -25.5pt"><FONT STYLE="font-size: 10pt">T&#9;=&#9;tegningskurs/neds&aelig;ttelseskurs &#9;ved &aelig;ndringen i aktiekapitalen</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 25.5pt; text-align: justify; text-indent: -25.5pt"><FONT STYLE="font-size: 10pt">T&#9;=&#9;subscription price/reduction &#9;price in relation to the change &#9;in the share capital</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>&nbsp;</B></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: left"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="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. Der skal uanset ovenst&aring;ende ikke ske regulering af Warrants, s&aring;fremt Selskabet gennemf&oslash;rer rettede emissioner p&aring; markedsvilk&aring;r uanset at der i den forbindelse sker tegning til under den noterede kurs.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="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. Irrespective of the above no regulation shall take place to the extent that the Company carries out directed issuances of securities on market terms irrespective of whether shares in connection therewith are subscribed below the listed price.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; width: 7%"><B>5.5</B></TD>
    <TD STYLE="text-align: justify; width: 47%"><FONT STYLE="font-size: 10pt"><B>&AElig;ndringer i den enkelte akties p&aring;lydende v&aelig;rdi:</B></FONT></TD>
    <TD STYLE="text-align: justify; width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 44%"><FONT STYLE="font-size: 10pt"><B>Changes in the nominal value of each individual share:</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="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-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: left"><B>&nbsp;</B></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: left"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="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-size: 10pt">The Exercise Price for each non-exercised Warrant shall be multiplied by the factor:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>&nbsp;</B></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: left"><B>&nbsp;</B></TD>
    <TD>
    <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><FONT STYLE="font-family: Symbol">a</FONT> = __<U>A</U>____</P>
    <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">B</P></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>
    <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><FONT STYLE="font-family: Symbol">a</FONT> = __<U>A</U>____</P>
    <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0; text-indent: 0.25in">B</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>&nbsp;</B></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: left"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">og antallet af endnu ikke udnyttede warrants ganges med faktoren:</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">and the number of non-exercised Warrants shall be multiplied by the factor:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>&nbsp;</B></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: left"><B>&nbsp;</B></TD>
    <TD>
    <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><U>1</U></P>
    <P STYLE="font: 10pt Symbol; text-align: center; margin: 0pt 0">a</P></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>
    <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><U>1</U></P>
    <P STYLE="font: 10pt Symbol; text-align: center; margin: 0pt 0">a</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>&nbsp;</B></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: left"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">hvor:</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">where:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font-size: 10pt; text-align: justify; text-indent: -25.5pt; margin: 0pt 0 0pt 25.5pt">A&#9;= &#9;den enkelte akties nominelle
    &#9;v&aelig;rdi efter &aelig;ndringen, og</P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font-size: 10pt; text-align: justify; text-indent: -25.5pt; margin: 0pt 0 0pt 25.5pt">A&#9;=&#9;nominal value of each share
    af-&#9;ter the change, and</P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD STYLE="padding-left: 25.5pt; text-align: justify; text-indent: -25.5pt"><FONT STYLE="font-size: 10pt">B&#9;=&#9;&#9;den enkelte akties nominelle &#9;&#9;v&aelig;rdi f&oslash;r &aelig;ndringen.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 25.5pt; text-align: justify; text-indent: -25.5pt"><FONT STYLE="font-size: 10pt">B&#9;=&#9;nominal value of each share &#9;before the change.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>&nbsp;</B></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: left"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="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">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="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: left"><B>&nbsp;</B></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: left"><B>5.6</B></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Udbetaling af udbytte:</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Payment of dividend:</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="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-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: left"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

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  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; width: 7%"><B>&nbsp;</B></TD>
    <TD STYLE="width: 47%">
    <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">E2 = E1 - <U>U &ndash; Umax</U></P>
    <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">A</P></TD>
    <TD STYLE="text-align: justify; width: 2%">&nbsp;</TD>
    <TD STYLE="width: 44%">
    <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">E2 = E1 - <U>U &ndash; Umax</U></P>
    <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">A</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>&nbsp;</B></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: left"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">hvor:</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">where:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>&nbsp;</B></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: left"><B>&nbsp;</B></TD>
    <TD STYLE="padding-left: 25.5pt; text-align: justify; text-indent: -25.5pt"><FONT STYLE="font-size: 10pt">E2&#9;=&#9;den justerede Udnyttelsespris</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 25.5pt; text-align: justify; text-indent: -25.5pt"><FONT STYLE="font-size: 10pt">E2&#9;=&#9;the adjusted Exercise Price</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>&nbsp;</B></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: left"><B>&nbsp;</B></TD>
    <TD STYLE="padding-left: 25.5pt; text-align: justify; text-indent: -25.5pt"><FONT STYLE="font-size: 10pt">E1&#9;=&#9;den oprindelige Udnyttelsespris</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 25.5pt; text-align: justify; text-indent: -25.5pt"><FONT STYLE="font-size: 10pt">E1&#9;=&#9;the original Exercise Price</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>&nbsp;</B></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: left"><B>&nbsp;</B></TD>
    <TD STYLE="padding-left: 25.5pt; text-align: justify; text-indent: -25.5pt"><FONT STYLE="font-size: 10pt">U&#9;=&#9;det udbetalte udbytte</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 25.5pt; text-align: justify; text-indent: -25.5pt"><FONT STYLE="font-size: 10pt">U&#9;=&#9;dividends paid out</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>&nbsp;</B></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: left"><B>&nbsp;</B></TD>
    <TD STYLE="padding-left: 25.5pt; text-align: justify; text-indent: -25.5pt"><FONT STYLE="font-size: 10pt">Umax&#9;=&#9;10 % af egenkapitalen, og</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 25.5pt; text-align: justify; text-indent: -25.5pt"><FONT STYLE="font-size: 10pt">Umax&#9;=&#9;10 per cent of the equity capi-&#9;tal, and</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>&nbsp;</B></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: left"><B>&nbsp;</B></TD>
    <TD STYLE="padding-left: 25.5pt; text-align: justify; text-indent: -25.5pt"><FONT STYLE="font-size: 10pt">A&#9;=&#9;det samlede antal aktier i Sel-&#9;skabet.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 25.5pt; text-align: justify; text-indent: -25.5pt"><FONT STYLE="font-size: 10pt">A&#9;=&#9;total number of shares in the &#9;Company.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>&nbsp;</B></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: left"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="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-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>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>&nbsp;</B></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: left"><B>5.7</B></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Andre &aelig;ndringer i Selskabets kapitalforhold:</B></FONT></TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Other changes in the Company&rsquo;s capital position:</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 14.15pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Hvis der sker andre &aelig;ndringer i Selskabets kapitalforhold, der medf&oslash;rer en &aelig;ndring i Warrants 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-size: 10pt">In the event of other changes in the Company&rsquo;s capital position causing changes to the value of Warrants, Warrants shall (unless otherwise indicated above) be adjusted in order to ensure that the changes do not influence the financial value of the Warrants.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; width: 7%"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify; width: 47%"><FONT STYLE="font-size: 10pt">Den beregningsmetode, der skal anvendes ved justeringen, fasts&aelig;ttes af en af bestyrelsen valgt ekstern uafh&aelig;ngig r&aring;dgiver.</FONT></TD>
    <TD STYLE="text-align: justify; width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 44%"><FONT STYLE="font-size: 10pt">The calculation method to be applied to the adjustment shall be decided by an external independent advisor appointed by the Board of Directors.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>&nbsp;</B></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: left"><B>5.8</B></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Likvidation:</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Liquidation or Winding-up:</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>&nbsp;</B></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: left"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Hvis Selskabet bliver likvideret, kan Warrantindehaveren 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-size: 10pt">Should the Company be liquidated 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: left"><B>&nbsp;</B></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: left"><B>5.9</B></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Fusion og spaltning:</B></FONT></TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Merger and demerger:</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>&nbsp;</B></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: left"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="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 ovenst&aring;ende.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="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 the above.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>&nbsp;</B></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: left"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Hvis Selskabet fusionerer som det oph&oslash;rende selskab eller bliver spaltet, kan det forts&aelig;ttende selskab v&aelig;lge &eacute;n af disse muligheder:</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">If the Company merges as the terminating company or is demerged, the continuing company may choose one of the following possibilities:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>&nbsp;</B></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: left"><B>&nbsp;</B></TD>
    <TD STYLE="padding-left: 24.75pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) Warrantindehaveren kan umiddelbart inden fusionen/spaltningen udnytte alle ikke udnyttede Warrants, der ikke er bortfaldet (inklusive Warrants der endnu ikke er optjent), eller (b) Warrants bliver erstattet af nye aktie/aktieinstrumenter i de(t) 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 aktier/aktieinstrumenter.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 24.75pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) The Warrantholder may exercise all non-exercised Warrants that are not declared null and void (inclusive of Warrants not yet vested) immediately before the merger/demerger, or (b) new share instruments in the continuing company/companies of a corresponding financial pre-tax value shall replace the Warrants. Upon demerger, the continuing companies may decide in which company/companies the Warrantholders shall receive the new shares or share instruments.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
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    <TD STYLE="text-align: left; width: 7%"><B>5.10</B></TD>
    <TD STYLE="text-align: justify; width: 47%"><FONT STYLE="font-size: 10pt"><B>Salg og aktieombytning:</B></FONT></TD>
    <TD STYLE="text-align: justify; width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 44%"><FONT STYLE="font-size: 10pt"><B>Sale and exchange of shares:</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Hvis mere end 50% af aktiekapitalen i Selskabet bliver solgt (ikke tegnet eller udstedt) eller indg&aring;r i en aktieombytning,</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="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,</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>&nbsp;</B></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: left"><B>&nbsp;</B></TD>
    <TD STYLE="padding-left: 24.75pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; kan Warrantindehaveren umiddelbart inden salget/aktieombytningen udnytte alle ikke-udnyttede Warrants, der ikke er bortfaldet. S&aring;fremt det erhvervende selskab tilbyder aktieinstrumenter i det erhvervende selskab af tilsvarende &oslash;konomisk v&aelig;rdi f&oslash;r skat kan Warrantindehaveren v&aelig;lge i stedet at modtage s&aring;danne aktieinstrumenter.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 24.75pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the Warrantholder may exercise all non-exercised Warrants that are not declared null and void immediately before the sale/swap of shares. In the event that the acquiring company offers share instruments of a corresponding pre-tax value the Warrantholder may elect instead to replace the issued Warrants with such share instrument.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>&nbsp;</B></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: left"><B>5.11</B></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>F&aelig;lles bestemmelser vedr&oslash;rende 5.8-5.10:</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Common provisions regarding 5.8-5.10:</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>&nbsp;</B></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: left"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="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 &ndash; i de tilf&aelig;lde, hvor Warrantindehaveren ekstraordin&aelig;rt kan udnytte Warrants, jf. 5.8-5.10 &ndash; 2 uger til skriftligt at informere Selskabet om, hvorvidt Warrantindehaveren 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. Udnyttelsesprisen 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-size: 10pt">If one of the transactions mentioned above is made, the Company shall inform the Warrantholder hereof by written notice. Upon receipt of the written notice, the Warrantholder shall &ndash; in cases where the Warrantholder may extraordinarily exercise Warrants, see 5.8-5.10 &ndash;inform the Company in writing whether the Warrantholder will make use of the offer. If the Warrant-holder has not answered the Company in writing within 2 weeks or fails to pay within the fixed time, Warrants shall become null and void without further notice or compensation. The Exercise Price cannot go below the nominal value of the shares.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
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    <TD STYLE="text-align: left; width: 7%"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify; width: 47%"><FONT STYLE="font-size: 10pt">Warrantindehaverens rettigheder i anledning af en beslutning truffet af et kompetent organ i selskabet, jf. 5.10-5.12, er betinget af, at den relevante beslutning efterf&oslash;lgende registreres i Erhvervsstyrelsen, hvis registrering er en gyldighedsbetingelse.</FONT></TD>
    <TD STYLE="text-align: justify; width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 44%"><FONT STYLE="font-size: 10pt">The Warrantholder&rsquo;s rights in connection with decisions made by any competent company body, see clause 5.10-5.12, shall be contingent on subsequent registration of the relevant decision with the Danish Business Authority provided that registration is a condition of its validity.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>6.</B></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase; letter-spacing: 0.5pt"><B>Tegning af nye aktier ved udnyttelse af warrants</B></FONT></TD>
    <TD STYLE="padding-left: 1.7pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase; letter-spacing: 0.5pt"><B>Subscription for new shares by exercise of warrants</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.7pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Tegning af nye aktier ved udnyttelse af tildelte Warrants finder sted ved, at Warrantindehaveren senest kl. 16:00 CET den sidste dag i Udnyttelsesperioden den 15. december 2026,</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Subscription for new shares by exercise of issued Warrants must be made by the Warrantholder&rsquo;s at the latest at 16:00 CET on 15 December 2026,</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD STYLE="padding-left: 25.5pt; text-align: justify; text-indent: -25.5pt"><FONT STYLE="font-size: 10pt">(i)&#9;giver meddelelse til Selskabet eller Selskabets kontof&oslash;rende institut herom ved indgivelse af Warrant Udnyttelsesmeddelelse udarbejdet af Selskabet eller Selskabets kontof&oslash;rende institut indeholdende angivelse af hvor mange aktier, der &oslash;nskes tegnet, og </FONT></TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 25.5pt; text-align: justify; text-indent: -25.5pt"><FONT STYLE="font-size: 10pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; submission to the Company or the Company&rsquo;s custodian bank of a Warrant Exercise Notice made available by the Company or the Company&rsquo;s custodian bank including information about the number of shares to be subscribed, and</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD STYLE="padding-left: 25.5pt; text-align: justify; text-indent: -25.5pt"><FONT STYLE="font-size: 10pt">(ii)&#9;foretager betaling til en af Selskabet eller Selskabets kontof&oslash;rende institut angivet konto.</FONT></TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 25.5pt; text-align: justify; text-indent: -25.5pt"><FONT STYLE="font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; payment of the Exercise Price by the Warrantholder to the Company or the Company&rsquo;s custodian bank.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD></TR>
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    <TD STYLE="text-align: left; width: 7%"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify; width: 47%"><FONT STYLE="font-size: 10pt">Warrant Udnyttelsesmeddelelsen skal afgives og betaling skal ske i overensstemmelse hermed. </FONT></TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify; width: 2%">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify; width: 44%"><FONT STYLE="font-size: 10pt">The submission of the Warrant Exercise Notice and the payment of the Exercise Price must be made in accordance herewith. </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Hvis den i punkt. 6.1 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-size: 10pt">If the limitation period set forth in clause 6.1 expires as a result of the Company not having received the filled -in Warrant Exercise Notice or the payment by 16:00 of the last day of the Warrant Exercise Period, the subscription shall be deemed invalid, and in this situation the Warrantholder shall not be considered as having exercised his/her/its Warrants for a possible subsequent Warrant Exercise Period.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">De warrants, som Warrantindehaveren ikke har udnyttet i den sidste dag i Udnyttelsesperioden, bortfalder uden yderligere varsel og uden kompensation. </FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Warrants not exercised by the Warrantholder prior to the last day in the Warrant Exercise Period shall become null and void without further notice and without compensation.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>7.</B></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase; letter-spacing: 0.5pt"><B>De nye ordin&aelig;re aktiers rettigheder</B></FONT></TD>
    <TD STYLE="padding-left: 1.7pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase; letter-spacing: 0.5pt"><B>The rights of new ordinary shares</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.7pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="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-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>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>&nbsp;</B></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: left"><B>&nbsp;</B></TD>
    <TD STYLE="padding-left: 24.75pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; De nye aktier udstedes i aktier &agrave; DKK <FONT STYLE="text-transform: uppercase; letter-spacing: 0.6pt">1 </FONT>eller multipla heraf,</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 24.75pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The new shares will be divided into shares of nominally DKK <FONT STYLE="text-transform: uppercase; letter-spacing: 0.6pt">1 </FONT>or multiples hereof;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>&nbsp;</B></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: left"><B>&nbsp;</B></TD>
    <TD STYLE="padding-left: 24.75pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; De nye aktier skal give ret til udbytte i selskabet for det l&oslash;bende regnskabs&aring;r, hvori aktierne tegnes, p&aring; lige fod med de eksisterende aktier og andre rettigheder i selskabet fra og med datoen for tegningen af aktierne, </FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 24.75pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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; </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; width: 7%"><B>&nbsp;</B></TD>
    <TD STYLE="padding-left: 24.75pt; text-align: justify; text-indent: -0.25in; width: 47%"><FONT STYLE="font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; De nye aktier skal tilh&oslash;re samme aktieklasse, som de eksisterende aktier i selskabet,</FONT></TD>
    <TD STYLE="text-align: justify; width: 2%">&nbsp;</TD>
    <TD STYLE="padding-left: 24.75pt; text-align: justify; text-indent: -0.25in; width: 44%"><FONT STYLE="font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The new shares shall belong to the same share class as the existing shares in the company;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>&nbsp;</B></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: left"><B>&nbsp;</B></TD>
    <TD STYLE="padding-left: 24.75pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kapitalforh&oslash;jelsen sker uden fortegningsret for de eksisterende aktion&aelig;rer, idet tegningen sker p&aring; baggrund af Warrants udstedt til Warrantindehaveren,</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 24.75pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The capital increase shall be made without any pre-emption rights for the existing shareholders, given that the subscription is based on Warrants issued to the Warrantholder;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>&nbsp;</B></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: left"><B>&nbsp;</B></TD>
    <TD STYLE="padding-left: 24.75pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Der skal ikke g&aelig;lde indskr&aelig;nkninger i den til de nye aktiers knyttede fortegningsret ved fremtidige kapitalforh&oslash;jelser, </FONT></TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 24.75pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The pre-emption rights attached to the new shares shall not be subject to any restrictions in the event of future capital increases;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD STYLE="padding-left: 24.75pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fristen for tegning af de nye aktier beregnes p&aring; baggrund af bestemmelserne ovenfor,</FONT></TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 24.75pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The deadline for subscription of the new shares shall be calculated pursuant to the provisions set forth above;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD STYLE="padding-left: 24.75pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Det fulde bel&oslash;b til tegning af det antal aktier, som &oslash;nskes tegnet, skal indbetales kontant og senest samtidig med tegningen af de p&aring;g&aelig;ldende aktier, og</FONT></TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 24.75pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The full subscription amount for the number of shares which are to be subscribed, shall be paid in cash no later than on the day of subscription of the shares in question; and</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD STYLE="padding-left: 24.75pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; De nye aktier skal lyde p&aring; navn, noteres i selskabets ejerbog og v&aelig;re oms&aelig;tningspapirer.</FONT></TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 24.75pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The new shares shall be made out in the name of the holder, be recorded in the company&rsquo;s register of shareholders and be negotiable instruments.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="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 10.000.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The Company shall pay all costs connected with granting of Warrants and later exercise thereof. The Company&rsquo;s costs in connection with issue of Warrants and the related capital increase are estimated to DKK 10,000.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

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

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; width: 7%"><B>8.</B></TD>
    <TD STYLE="padding-left: 1.7pt; text-align: justify; width: 47%"><FONT STYLE="font-size: 10pt"><B>SKATTEM&AElig;SSIGE KONUSDVENSER</B></FONT></TD>
    <TD STYLE="padding-left: 1.7pt; text-align: justify; width: 2%">&nbsp;</TD>
    <TD STYLE="padding-left: 1.7pt; text-align: justify; width: 44%"><FONT STYLE="font-size: 10pt"><B>TAX CONSEQUENCES</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">De 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-size: 10pt">The tax implications connected to the Warrantholder&rsquo;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: left"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>9.</B></TD>
    <TD STYLE="padding-left: 1.7pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>LOVVALG OG V&AElig;RNETING </B></FONT></TD>
    <TD STYLE="padding-left: 1.7pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.7pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>LAW AND VENUE</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="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="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="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>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="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="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Any disagreement between the Warrant-holder and the Company in relation to the understanding or implementation of the warrant scheme shall be settled amicably by negotiation between the parties.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>&nbsp;</B></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: left"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="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="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="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-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

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

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

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"><B>Form of Warrant Exercise Notice</B></P>

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">E-mail: ms@msoegaard.dk</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">cka@evaxion-biotech.com</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">llj@mazanti.dk</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%; font-size: 10pt">Date: <FONT STYLE="background-color: Silver">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  </TABLE>


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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The undersigned warrantholder hereby gives notice to Evaxion Biotech
A/S that the undersigned wishes to exercise [insert number] warrants, issued on terms and conditions set out in Appendix 6
(&ldquo;Appendix 6&rdquo;) in Evaxion Biotech A/S&rsquo;s articles of association, a copy of which was filed by Evaxion Biotech A/S
with the U.S. Securities and Exchange Commission on <FONT STYLE="background-color: Silver">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
December 2023, against cash payment of an exercise price of [insert amount corresponding to number of warrants multiplied by the
exercise price] to an account designated in writing (no later than one Trading Day (as such term is defined in Appendix 6) after the
date hereof) by Evaxion Biotech A/S.</P>

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; text-indent: 252.85pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">[insert name of warrantholder]</P>

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



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

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: right"><B></B>Appendix 7&#9;</P>

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

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

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>PREFUNDED WARRANT TO SUBSCRIBE FOR ORDINARY SHARES </B></P>

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

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>REPRESENTED BY AMERICAN DEPOSITARY SHARES</B></P>

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

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><FONT STYLE="text-transform: uppercase"><B>EVAXION BIOTECH A/S</B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%; font-size: 10pt; text-align: left">Warrant ADSs: 2,992,500</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 49%; font-size: 10pt">Initial Exercise Date: February 5, 2024</TD></TR>
  </TABLE>


<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 3.5in; text-indent: 1in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 3.5in; text-indent: 1in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">THIS PREFUNDED WARRANT TO SUBSCRIBE FOR ORDINARY SHARES
REPRESENTED BY AMERICAN DEPOSITARY SHARES (the &#8220;<U>Warrant</U>&#8221;) certifies that, for value received, ______ or its assigns
(the &#8220;<U>Holder</U>&#8221;) is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter
set forth, at any time on or after the date hereof (the &#8220;<U>Initial Exercise Date</U>&#8221;) until this Warrant is exercised in
full (the &#8220;<U>Termination Date</U>&#8221;) but not thereafter, to subscribe for and purchase from Evaxion Biotech A/S, a public
limited liability company incorporated under the laws of the Kingdom of Denmark (the &#8220;<U>Company</U>&#8221;), up to 29,925,000 Ordinary
Shares (the &#8220;<U>Warrant Shares</U>&#8221;) represented by 2,992,500 ADSs (the &#8220;<U>Warrant ADSs</U>&#8221;), as subject to
adjustment hereunder. The subscription price of one Warrant ADS under this Warrant shall be equal to the Exercise Price, as defined in
Section 2(b).</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0"><U>Section 1</U>.&#9;<U>Definitions</U>. In addition
to the terms defined elsewhere in this Warrant, the following terms have the meanings indicated in this Section 1:</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 0pt 0.5in">&#8220;<U>ADS(s)</U>&#8221; means American
Depositary Shares issued pursuant to the Deposit Agreement, each representing ten (10) Ordinary Shares.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&#8220;<U>Affiliate</U>&#8221; means any
Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common control with a
Person, as such terms are used in and construed under Rule 405 under the Securities Act.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&#8220;<U>Board of Directors</U>&#8221; means
the board of directors of the Company.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&#8220;<U>Business Day</U>&#8221; means any
day except any Saturday, any Sunday, any day which is a federal legal or national holiday in the United States or Denmark or any day on
which banking institutions in the State of New York or Denmark are authorized or required by law to remain closed; provided, however,
for clarification, commercial banks shall not be deemed to be authorized or required by law to remain closed due to &#8220;stay at home&#8221;,
&#8220;shelter-in-place&#8221;, &#8220;non-essential employee&#8221;&nbsp; or any other similar orders or restrictions or the closure
of any physical branch locations at the direction of any governmental authority so long as the electronic funds transfer systems (including
for wire transfers) of commercial banks in The City of New York and Copenhagen, Denmark are generally open for use by customers on such
day or other governmental action to close.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&#8220;<U>Commission</U>&#8221; means the
United States Securities and Exchange Commission.</P>

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

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&#8220;<U>Company Danish Counsel</U>&#8221;
means Mazanti-Andersen, Amaliegade 10 1256 Copenhagen K, Denmark, or any successor Danish counsel to the Company.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&#8220;<U>Deposit Agreement</U>&#8221; means
the Deposit Agreement, dated as of February 4, 2021, among the Company, The Bank of New York Mellon as Depositary and the owners and holders
of ADSs from time to time, as such agreement may be amended or supplemented.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&#8220;<U>Depositary</U>&#8221; means The
Bank of New York Mellon and any successor depositary of the Company.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&#8220;<U>Exchange Act</U>&#8221; means the
Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&#8220;<U>Liens</U>&#8221; means a lien,
charge, pledge, security interest, encumbrance, right of first refusal, preemptive right or other restriction.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&#8220;<U>Ordinary Share(s)</U>&#8221; means
the ordinary shares of the Company, DKK 1 nominal value per share, and any other class of securities into which such securities may hereafter
be reclassified or changed.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&#8220;<U>Person</U>&#8221; means an individual
or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability company, joint stock
company, government (or an agency or subdivision thereof) or other entity of any kind.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&#8220;<U>Proceeding</U>&#8221; means an
action, claim, suit, investigation or proceeding (including, without limitation, an informal investigation or partial proceeding, such
as a deposition), whether commenced or threatened.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&#8220;<U>Purchase Agreement</U>&#8221; means
the securities purchase agreement, dated as of February 1, 2024, by and between the Company and each of the purchasers signatory thereto.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&#8220;<U>Registration Statement</U>&#8221;
means the Company&#8217;s registration statement on Form F-1 (File No. 333-276505).</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&#8220;<U>Securities Act</U>&#8221; means
the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&#8220;<U>Subsidiary</U>&#8221; means any
subsidiary of the Company and shall, where applicable, also include any direct or indirect subsidiary of the Company formed or acquired
after the date hereof.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&#8220;<U>Trading Day</U>&#8221; means a
day on which the principal Trading Market is open for trading.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&#8220;<U>Trading Market</U>&#8221; means
any of the following markets or exchanges on which the Ordinary Shares and/or ADSs are listed or quoted for trading on the date in question:
the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, or the New York Stock Exchange
(or any successors to any of the foregoing).</P>

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

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&#8220;<U>Transfer Agent</U>&#8221; means
Computershare A/S, the current transfer agent of the Company, with a mailing address of Lottenborgvej 26 D, 1., DK-2800 Kgs. Lyngby, Denmark
and company registration number (CVR) no. 27088899, and any successor transfer agent of the Company.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&#8220;<U>VWAP</U>&#8221; means, for any
date, the price determined by the first of the following clauses that applies: (a) if the ADSs are then listed or quoted on a Trading
Market, the daily volume weighted average price of the ADSs for such date (or the nearest preceding date) on the Trading Market on which
the ADSs are then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m.
(New York City time)), (b)&nbsp; if OTCQB Venture Market (&#8220;<U>OTCQB</U>&#8221;) or OTCQX Best Market (&#8220;<U>OTCQX</U>&#8221;)
is not a Trading Market, the volume weighted average price of the ADSs for such date (or the nearest preceding date) on OTCQB or OTCQX
as applicable, (c) if the ADSs are not then listed or quoted for trading on OTCQB or OTCQX and if prices for the ADSs are then reported
in the &#8220;Pink&#8221; Open Market (&#8220;<U>Pink Market</U>&#8221;) operated by OTC Markets, Inc. (or a similar organization or agency
succeeding to its functions of reporting prices), the most recent bid price per ADS so reported, or (d)&nbsp;in all other cases, the fair
market value of an ADS as determined by an independent appraiser selected in good faith by the Holders of a majority in interest of the
Warrants then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0"><U>Section 2</U>.&#9;<U>Exercise</U>.</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 0pt 0.5in">a)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Exercise of Warrant</U>. This Warrant may be exercised, in whole or in part, at any time or times on or after the Initial Exercise
Date and on or before the Termination Date by delivery to the Company of a duly executed PDF copy submitted by e-mail (or e-mail attachment)
of the Notice of Exercise in the form annexed hereto (the &#8220;<U>Notice of Exercise</U>&#8221;). On the Trading Day (based on New York
City time) on which the delivery of the Notice of Exercise occurs, the Holder shall deliver to the Company Danish Counsel the aggregate
Exercise Price for the Warrant ADSs specified in the applicable Notice of Exercise by wire transfer to the Company Danish Counsel pursuant
to the bank wire transfer instructions set forth on the Notice of Exercise attached hereto. No ink-original Notice of Exercise shall be
required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of Exercise be required. Notwithstanding
anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company until the Holder
has subscribed for all of the Warrant ADSs available hereunder and the Warrant has been exercised in full, in which case, the Holder shall
surrender this Warrant to the Company for cancellation as soon as reasonably practicable following the date on which the final Notice
of Exercise is delivered to the Company. Partial exercises of this Warrant resulting in the subscription of a portion of the total number
of Warrant ADSs available hereunder shall have the effect of reducing the outstanding number of Warrant ADSs purchasable hereunder in
an amount equal to the applicable number of Warrant ADSs subscribed. The Company shall record the number of Warrants issued to the Holder
and the number of Warrant ADSs subscribed through exercise and the date of such subscription of the Warrant ADSs. The Company shall deliver
any objection to any Notice of Exercise within one (1) Trading Day of receipt of such notice. The Holder and any assignee, by acceptance
of this Warrant, acknowledge and agree that, by reason of the provisions of this paragraph, following the subscription for a portion of
the Warrant ADSs hereunder, the number of Warrant ADSs available for subscription hereunder at any given time may be less than the amount
stated on the face hereof.</P>

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

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">b)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Exercise Price</U>. The aggregate exercise price of this Warrant, except for a nominal exercise price of $1.4537 per Warrant
ADS, was pre-funded to the Company on or prior to the Initial Exercise Date and, consequently, no additional consideration (other than
the nominal exercise price of $1.4537 per Warrant ADS) shall be required to be paid by the Holder to any Person to effect any exercise
of this Warrant. The Holder shall not be entitled to the return or refund of all, or any portion, of such pre-paid aggregate exercise
price under any circumstance or for any reason whatsoever. The remaining unpaid exercise price per Warrant ADS under this Warrant shall
be $1.4537, subject to adjustment hereunder (the &#8220;<U>Exercise Price</U>&#8221;), <U>provided</U>, <U>however</U>, that in no event
shall the Exercise Price paid by the Holder be less than the amount in US dollars (rounded to four decimal places) equal to 10 Danish
Krone, at the exchange rate published by the Danish National Bank, on the date of the Holder&#8217;s delivery of the Notice of Exercise.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">c)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Unavailability of Registration Statement</U>. Notwithstanding anything to the contrary contained herein, if there is no effective
registration statement registering, or the prospectus contained therein is not available for, the sale of all of Warrant ADSs, representing
the underlying Warrant Shares, issuable under this Warrant at any time following the Initial Exercise Date and ending on the Termination
Date, the Holder shall be permitted to exercise this Warrant by delivery of a Notice of Exercise to the Company, and, within one (1) Trading
Day (based on New York City time) following the delivery of such Notice of Exercise, deliver to the Company Danish Counsel the aggregate
Exercise Price with respect to such exercise of this Warrant.&nbsp; Upon delivery by the Holder of a Notice of Exercise during a Registration
Failure Period (as defined below) and the timely payment by the Holder of the aggregate Exercise Price, the Company shall be required
to (1) pay in cash to the Holder on each Trading Day during the Registration Failure Period an amount equal to 1.0% of the product of
(A) the number of Warrant ADSs subject to the exercise by the Holder pursuant to the immediately preceding sentence and (B) the VWAP of
the ADSs on the date of delivery of the Notice of Exercise to the Company, and (2) on the Trading Day immediately following the date on
which the Registration Failure Period ends, deliver all of the Warrant ADSs required to be delivered pursuant to such Notice of Exercise
by crediting the account of the Holder&#8217;s prime broker with The Depository Trust Company through DWAC (as defined below).&nbsp; The
Company shall pay any cash amounts owed pursuant to clause (1) of the immediately preceding sentence on each corresponding Trading Day
during the Registration Failure Period. As used herein, &#8220;<U>Registration Failure Period</U>&#8221; means the period (x) beginning
on the date of delivery of a Notice of Exercise at a time when there is no registration statement registering, or the prospectus contained
therein is not available for, the sale of all of the Warrant ADSs, representing the underlying Warrant Shares, issuable under this Warrant,
and (y) ending on the later of (A) the date that there is an effective registration statement registering, and the prospectus contained
therein is available for, the sale of all of the Warrant ADSs, representing the underlying Warrant Shares, issuable hereunder and (B)
the date of delivery of all of the Warrant ADSs required to be delivered pursuant to the Notice of Exercise by crediting the account of
the Holder&#8217;s prime broker with The Depository Trust Company through DWAC.</P>

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

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<P STYLE="margin: 0pt 0 0pt 0.5in; font-size: 10pt; text-align: justify; text-indent: 0.5in"> d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Mechanics of Exercise</U>.</P>



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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 117pt">i.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Delivery of Warrant ADSs Upon Exercise</U>. Upon the exercise of this Warrant, the Company shall enter the Warrant Shares in
the name of the Holder in the Company&#8217;s share register, deposit the Warrant Shares in connection with such exercise with the Depositary
for the ADSs, and instruct the Depositary to transmit the Warrant ADSs purchased hereunder to the Holder by crediting the account of the
Holder&#8217;s or its designee&#8217;s balance account with The Depository Trust Company through its Deposit/Withdrawal At Custodian system
(&#8220;<U>DWAC</U>&#8221;) if the Depositary is then a participant in such system and there is an effective registration statement permitting
the issuance of the Warrant ADSs, representing the underlying Warrant Shares, to the Holder, by the date that is the earlier of (i) two
(2) Trading Days after the delivery to the Company of the Notice of Exercise and (ii) the number of Trading Days comprising the Standard
Settlement Period after the delivery to the Company of the Notice of Exercise (such date, the &#8220;<U>Warrant ADS Delivery Date</U>&#8221;),
provided that the Company shall not be obligated to deliver the Warrant ADSs hereunder unless the Company Danish Counsel has received
the aggregate Exercise Price on or before the Trading Day (based on New York City time) immediately prior to the Warrant ADS Delivery
Date. Upon delivery of the Notice of Exercise, the Holder shall be deemed for all corporate purposes to have become the holder of record
of the Warrant ADSs with respect to which this Warrant has been exercised, irrespective of the date of delivery of the Warrant ADSs, provided
that payment of the aggregate Exercise Price is received by the Warrant ADS Delivery Date. If the Company fails for any reason to cause
the Depositary to deliver to the Holder the Warrant ADSs subject to a Notice of Exercise by the Warrant ADS Delivery Date, the Company
shall pay to the Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant ADSs subject to such exercise
(based on the VWAP of the ADSs on the date of the applicable Notice of Exercise), $10 per Trading Day (increasing to $20 per Trading Day
on the third Trading Day after the Warrant ADS Delivery Date) for each Trading Day after such Warrant ADS Delivery Date until such Warrant
ADSs are delivered or the Holder rescinds such exercise. The Company agrees to maintain a depositary and a transfer agent that each are
a participant in the FAST program so long as this Warrant remains outstanding and exercisable. As used herein, &#8220;<U>Standard Settlement
Period</U>&#8221; means the standard settlement period, expressed in a number of Trading Days, on the Company&#8217;s primary Trading
Market with respect to the ADSs as in effect on the date of delivery of the Notice of Exercise. Notwithstanding the foregoing, with respect
to any Notice(s) of Exercise delivered on or prior to 12:00 p.m. (New York City time) on the Trading Day prior to the Initial Exercise
Date, which may be delivered at any time after the time of execution of the Purchase Agreement, the Company agrees to deliver the Warrant
ADSs subject to such notice(s) by 4:00 p.m. (New York City time) on the Initial Exercise Date and the Initial Exercise Date shall be the
Warrant ADS Delivery Date for purposes hereunder, provided that payment of the aggregate Exercise Price is delivered to Company Danish
Counsel by 12:00 p.m. (New York City time) on the Trading Day prior to the Initial Exercise Date.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 117pt">&nbsp;</P>

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<P STYLE="margin: 0pt 0 0pt 117pt; font-size: 10pt; text-align: justify"></P>

<P STYLE="margin: 0pt 0 0pt 117pt; font-size: 10pt; text-align: justify; text-indent: 0.5in">ii.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Delivery of New Warrants Upon Exercise</U>. If this Warrant shall have been exercised in part, the Company shall, at the request
of a Holder and upon surrender of this Warrant certificate, at the time of delivery of the Warrant ADSs, deliver to the Holder a new Warrant
certificate evidencing the rights of the Holder to subscribe for the unsubscribed Warrant ADSs called for by this Warrant, which new Warrant
shall in all other respects be identical with this Warrant.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 31.5pt; margin: 0pt 0 0pt 117pt">&nbsp;</P>

<P STYLE="margin: 0pt 0 0pt 117pt; font-size: 10pt; text-align: justify; text-indent: 0.5in">iii.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Rescission Rights</U>. If the Company fails to cause the Depositary to transmit to the Holder the Warrant ADSs pursuant to Section
2(d)(i) by the Warrant ADS Delivery Date, then the Holder will have the right to rescind such exercise prior to the delivery of such Warrant
ADSs hereunder (with the effect that the Holder&#8217;s right to acquire such Warrant ADSs pursuant to this Warrant shall be restored)
and the Company shall return to the Holder the aggregate Exercise Price paid to the Company Danish Counsel for such Warrant ADSs.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 117pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 117pt">iv.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Compensation for Buy-In on Failure to Timely Deliver Warrant ADSs Upon Exercise</U>. In addition to any other rights available
to the Holder, if the Company fails to cause the Depositary to deliver to the Holder the Warrant ADSs in accordance with the provisions
of Section 2(d)(i) above pursuant to an exercise on or before the Warrant ADS Delivery Date, and if after such date the Holder is required
by its broker to purchase (in an open market transaction or otherwise) or the Holder&#8217;s brokerage firm otherwise purchases, ADSs
to deliver in satisfaction of a sale by the Holder of the Warrant ADSs which the Holder anticipated receiving upon such exercise (a &#8220;<U>Buy-In</U>&#8221;),
then the Company shall (A) pay in cash to the Holder the amount, if any, by which (x) the Holder&#8217;s total purchase price (including
brokerage commissions, if any) for the ADSs so purchased exceeds (y) the amount obtained by multiplying (1) the number of Warrant ADSs
that the Company failed to deliver to the Holder in connection with the exercise at issue by (2) the price at which the sell order giving
rise to such purchase obligation was executed, and (B) at the option of the Holder, either reinstate the portion of the Warrant in respect
of the equivalent number of Warrant ADSs for which such exercise was not honored and return any amount received by the Company Danish
Counsel in respect of the Exercise Price for those Warrant ADSs (in which case such exercise shall be deemed rescinded) or deliver to
the Holder the number of Warrant ADSs that would have been issued had the Company timely complied with its exercise and delivery obligations
hereunder. For example, if the Holder purchases ADSs having a total purchase price of $11,000 to cover a Buy-In with respect to an attempted
exercise of Warrants for ADSs with an aggregate sale price giving rise to such purchase obligation of $10,000, under clause (A) of the
immediately preceding sentence the Company shall be required to pay the Holder $1,000. The Holder shall provide the Company written notice
indicating the amounts payable to the Holder in respect of the Buy-In and, upon request of the Company, evidence of the amount of such
loss. Nothing herein shall limit a Holder&#8217;s right to pursue any other remedies available to it hereunder, at law or in equity including,
without limitation, a decree of specific performance and/or injunctive relief with respect to the Company&#8217;s failure to timely deliver
Warrant ADSs upon exercise of the Warrant as required pursuant to the terms hereof.</P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 117pt">v.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Fractional Ordinary Shares or Warrant ADSs</U>. No fractional Warrant Shares or Warrant ADSs shall be issued upon the exercise
of this Warrant. As to any fraction of a Warrant ADS which the Holder would otherwise be entitled to subscribe upon such exercise, the
Company shall, at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction multiplied
by the Exercise Price or round up to the next whole ADS, provided that the fraction of an ADS shall not be rounded up to the next whole
ADS if such rounding would result in the issue price being lower than the nominal value of the Ordinary Shares.</P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 117pt">vi.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Charges, Taxes and Expenses</U>. Issuance of Warrant ADSs shall be made without charge to the Holder for any issue or transfer
tax or other incidental expense in respect of the issuance of such Warrant ADSs, all of which taxes and expenses shall be paid by the
Company, and such Warrant ADSs shall be issued in the name of the Holder or in such name or names as may be directed by the Holder; <U>provided</U>,
<U>however</U>, that, in the event that Warrant ADSs are to be issued in a name other than the name of the Holder, this Warrant when surrendered
for exercise shall be accompanied by the Assignment Form attached hereto duly executed by the Holder and the Company may require, as a
condition thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental thereto. The Company shall pay all
Depositary and Transfer Agent fees required for same-day processing of any Notice of Exercise and all fees to the Depository Trust Company
(or another established clearing corporation performing similar functions) required for same-day electronic issuance and delivery of the
Warrant ADSs. The Company shall pay all applicable fees and expenses of the Depositary and Transfer Agent in connection with the issuance
of the Warrants ADSs hereunder.</P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 117pt">vii.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Closing of Books</U>. The Company will not close its shareholder books or records in any manner which prevents the timely exercise
of this Warrant, pursuant to the terms hereof.</P>

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<P STYLE="margin: 0pt 0 0pt 0.5in; font-size: 10pt; text-align: justify; text-indent: 0.5in">e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Holder&#8217;s
Exercise Limitations</U>. The Company shall not effect any exercise of this Warrant, and a Holder shall not have the right to exercise
any portion of this Warrant, pursuant to Section 2 or otherwise, to the extent that after giving effect to such issuance after exercise
as set forth on the applicable Notice of Exercise, the Holder (together with the Holder&#8217;s Affiliates, and any other Persons acting
as a group together with the Holder or any of the Holder&#8217;s Affiliates (such Persons, &#8220;<U>Attribution Parties</U>&#8221;)),
would beneficially own in excess of the Beneficial Ownership Limitation (as defined below).&nbsp; For purposes of the foregoing sentence,
the number of Ordinary Shares beneficially owned by the Holder and its Affiliates and Attribution Parties shall include the number of
Ordinary Shares underlying such Warrant ADSs issuable upon exercise of this Warrant with respect to which such determination is being
made, but shall exclude the number of Ordinary Shares underlying Warrant ADSs which would be issuable upon (i) exercise of the remaining,
nonexercised portion of this Warrant beneficially owned by the Holder or any of its Affiliates or Attribution Parties and (ii) exercise
or conversion of the unexercised or nonconverted portion of any other securities of the Company (including, without limitation, any other
Ordinary Share Equivalents) subject to a limitation on conversion or exercise analogous to the limitation contained herein beneficially
owned by the Holder or any of its Affiliates or Attribution Parties.&nbsp; Except as set forth in the preceding sentence, for purposes
of this Section 2(e), beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act and the rules and
regulations promulgated thereunder, it being acknowledged by the Holder that the Company is not representing to the Holder that such calculation
is in compliance with Section 13(d) of the Exchange Act and the Holder is solely responsible for any schedules required to be filed in
accordance therewith. To the extent that the limitation contained in this Section 2(e) applies, the determination of whether this Warrant
is exercisable (in relation to other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which
portion of this Warrant is exercisable shall be in the sole discretion of the Holder, and the submission of a Notice of Exercise shall
be deemed to be the Holder&#8217;s determination of whether this Warrant is exercisable (in relation to other securities owned by the
Holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable, in each case subject
to the Beneficial Ownership Limitation, and the Company shall have no obligation to verify or confirm the accuracy of such determination.
In addition, a determination as to any group status as contemplated above shall be determined in accordance with Section 13(d) of the
Exchange Act and the rules and regulations promulgated thereunder. For purposes of this Section 2(e), in determining the number of outstanding
Ordinary Shares, a Holder may rely on the number of outstanding Ordinary Shares as reflected in (A) the Company&#8217;s most recent annual
report on Form 20-F, Report on Form 6-K or other public filings filed with the Commission, as the case may be, (B) a more recent public
announcement by the Company or (C) a more recent written notice by the Company or the Depositary or the Transfer Agent setting forth the
number of Ordinary Shares outstanding.&nbsp; Upon the written or oral request of a Holder, the Company shall within one (1) Trading Day
confirm orally and in writing to the Holder the number of Ordinary Shares then outstanding.&nbsp; In any case, the number of outstanding
Ordinary Shares shall be determined after giving effect to the conversion or exercise of securities of the Company, including this Warrant,
by the Holder or its Affiliates or Attribution Parties since the date as of which such number of outstanding Ordinary Shares was reported.
The &#8220;<U>Beneficial Ownership Limitation</U>&#8221; shall be 9.99% of the number of Ordinary Shares outstanding immediately after
giving effect to the issuance of the Ordinary Shares issuable upon exercise of this Warrant. The Holder, upon notice to the Company, may
increase or decrease the Beneficial Ownership Limitation provisions of this Section 2(e), provided that the Beneficial Ownership Limitation
in no event exceeds 9.99% of the number of Ordinary Shares outstanding immediately after giving effect to the issuance of Ordinary Shares
upon exercise of this Warrant held by the Holder and the provisions of this Section 2(e) shall continue to apply. Any increase in the
Beneficial Ownership Limitation will not be effective until the 61<SUP>st</SUP> day after such notice is delivered to the Company. The
provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this
Section 2(e) to correct this paragraph (or any portion hereof) which may be defective or inconsistent with the intended Beneficial Ownership
Limitation herein contained or to make changes or supplements necessary or desirable to properly give effect to such limitation. The limitations
contained in this paragraph shall apply to a successor holder of this Warrant.</P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0"><U>Section 3</U>.&#9;<U>Certain Adjustments</U>.</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 0pt 0.5in">a)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Share Dividends and Splits</U>. If the Company, at any time while this Warrant is outstanding: (i) pays a share dividend or
otherwise makes a distribution or distributions on its ADSs or Ordinary Shares or any other equity or equity equivalent securities payable
in ADSs or Ordinary Shares (which, for avoidance of doubt, shall not include any Warrant Shares or Warrant ADSs issued by the Company
upon exercise of this Warrant), (ii) subdivides outstanding Ordinary Shares or ADSs into a larger number of Ordinary Shares or ADSs, as
applicable, (iii) combines (including by way of reverse share split) outstanding ADSs or Ordinary Shares into a smaller number of Ordinary
Shares or ADSs, as applicable, or (iv) issues by reclassification of ADSs, Ordinary Shares or any shares of capital stock of the Company,
then in each case the Exercise Price shall be multiplied by a fraction of which the numerator shall be the number of Ordinary Shares or
ADSs as applicable (excluding treasury Ordinary Shares, if any) outstanding immediately before such event and of which the denominator
shall be the number of Ordinary Shares or ADSs, as applicable, outstanding immediately after such event, and the number of ADSs issuable
upon exercise of this Warrant shall be proportionately adjusted such that the aggregate Exercise Price of this Warrant shall remain unchanged,
provided that any reduction in the nominal value of the Ordinary Shares without any dividend or distribution shall not lead to any such
adjustment and provided, further, that the Exercise Price cannot be adjusted to a price that is less than the nominal value of the Ordinary
Shares. Any adjustment made pursuant to this Section 3(a) shall become effective immediately after the record date for the determination
of shareholders entitled to receive such dividend or distribution and shall become effective immediately after the effective date in the
case of a subdivision, combination or re&#45;classification.</P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">b)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> <U>Fundamental Transaction</U>. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in
one or more related transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company or any
Subsidiary, directly or indirectly, effects any sale, lease, exclusive license, assignment, transfer, conveyance or other disposition
of all or substantially all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender
offer or exchange offer (whether by the Company or another Person) is completed pursuant to which holders of Ordinary Shares (including
Ordinary Shares underlying the ADSs) are permitted to sell, tender or exchange their shares for other securities, cash or property and
has been accepted by the holders of 50% or more of the outstanding Ordinary Shares (including Ordinary Shares underlying the ADSs) or
50% or more of the voting power of the common equity of the Company, (iv) the Company, directly or indirectly, in one or more related
transactions effects any reclassification, reorganization or recapitalization of the Ordinary Shares or any compulsory share exchange
pursuant to which the Ordinary Shares effectively converted into or exchanged for other securities, cash or property, or (v) the Company,
directly or indirectly, in one or more related transactions consummates a share purchase agreement or other business combination (including,
without limitation, a reorganization, recapitalization, spin-off, merger or scheme of arrangement) with another Person or group of Persons
whereby such other Person or group acquires 50% or more of the outstanding Ordinary Shares (including Ordinary Shares underlying the ADSs)
or 50% or more of the voting power of the common equity of the Company (each a &#8220;<U>Fundamental Transaction</U>&#8221;), then, upon
any subsequent exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share represented by the Warrant
ADSs that would have been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option
of the Holder (without regard to any limitation in Section 2(e) on the exercise of this Warrant), the number of shares of capital stock
of the successor or acquiring corporation or of the Company, if the Company is the surviving corporation, and any additional consideration
(the &#8220;<U>Alternate Consideration</U>&#8221;) receivable as a result of such Fundamental Transaction by a holder of the number of
Warrant Shares represented by the Warrant ADSs for which this Warrant is exercisable immediately prior to such Fundamental Transaction
(without regard to any limitation in Section 2(e) on the exercise of this Warrant). For purposes of any such exercise, the determination
of the Exercise</P>

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<P STYLE="margin: 0pt 0 0pt 0.5in; font-size: 10pt; text-align: justify">Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration
issuable in respect of one Ordinary Share (including any Warrant Shares underlying the ADSs), in such Fundamental Transaction, and the
Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable manner reflecting the relative value of any
different components of the Alternate Consideration. If holders of Ordinary Shares are given any choice as to the securities, cash or
property to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration
it receives upon any exercise of this Warrant following such Fundamental Transaction. The Company shall cause any successor entity in
a Fundamental Transaction in which the Company is not the survivor (the &#8220;<U>Successor Entity</U>&#8221;) to assume in writing all
of the obligations of the Company under this Warrant in accordance with the provisions of this Section 3(b) pursuant to written agreements
in form and substance reasonably satisfactory to the Holder and approved by the Holder (without unreasonable delay) prior to such Fundamental
Transaction and shall, at the option of the Holder, deliver to the Holder in exchange for this Warrant, a security of the Successor Entity
evidenced by a written instrument substantially similar in form and substance to this Warrant which is exercisable for a corresponding
number of shares of capital stock of such Successor Entity (or its parent entity) equivalent to the Warrant Shares underlying the Warrant
ADSs acquirable and receivable upon exercise of this Warrant (without regard to any limitations on the exercise of this Warrant) prior
to such Fundamental Transaction, and with an exercise price which applies the exercise price hereunder to such shares of capital stock
(but taking into account the relative value of the Ordinary Shares underlying the Warrant ADSs pursuant to such Fundamental Transaction
and the value of such shares of capital stock, such number of shares of capital stock and such exercise price being for the purpose of
protecting the economic value of this Warrant immediately prior to the consummation of such Fundamental Transaction), and which is reasonably
satisfactory in form and substance to the Holder. Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall
be added to the term &#8220;Company&#8221; under this Warrant (so that from and after the occurrence or consummation of such Fundamental
Transaction, each and every provision of this Warrant referring to the &#8220;Company&#8221; shall refer instead to each of the Company
and the Successor Entity or Successor Entities, jointly and severally), and the Successor Entity or Successor Entities, jointly and severally
with the Company, may exercise every right and power of the Company prior thereto and the Successor Entity or Successor Entities shall
assume all of the obligations of the Company prior thereto under this Warrant with the same effect as if the Company and such Successor
Entity or Successor Entities, jointly and severally, had been named as the Company herein. For the avoidance of doubt, the Holder shall
be entitled to the benefits of the provisions of this Section 3(b) regardless of (i) whether the Company has sufficient authorized Ordinary
Shares for the issuance of Warrant Shares represented by Warrant ADSs and/or (ii) whether a Fundamental Transaction occurs prior to the
Initial Exercise Date.</P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">c)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Calculations</U>. All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of an ADS,
as the case may be. For purposes of this Section 3, the number of Ordinary Shares deemed to be issued and outstanding as of a given date
shall be the sum of the number of Ordinary Shares (including Ordinary Shares underlying ADSs, but excluding treasury shares, if any) issued
and outstanding.</P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">d)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Notice to Holder</U>.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 1.5in">i.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Adjustment to Exercise Price</U>. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3, the Company
shall promptly deliver to the Holder by email a notice setting forth the Exercise Price after such adjustment and any resulting adjustment
to the number of Warrant ADSs and setting forth a brief statement of the facts requiring such adjustment.</P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 1.5in">ii.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Notice to Allow Exercise by Holder</U>. If (A) the Company shall declare a dividend (or any other distribution in whatever form)
on the Ordinary Shares or ADSs, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Ordinary
Shares or ADSs, (C) the Company shall authorize the granting to all holders of the Ordinary Shares or ADSs rights or warrants to subscribe
for or purchase any shares of capital stock of any class or of any rights, (D) the approval of any shareholders of the Company shall be
required in connection with any reclassification of the Ordinary Shares or ADSs, any consolidation or merger to which the Company is a
party, any sale or transfer of all or substantially all of the assets of the Company, or any compulsory share exchange whereby the Ordinary
Shares are converted into other securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution,
liquidation or winding up of the affairs of the Company, then, in each case, the Company shall cause to be delivered by email to the Holder
at its last email address as it shall appear upon the Warrant Register of the Company, at least 20 calendar days prior to the applicable
record or effective date hereinafter specified, a notice stating (x) the date on which a record is to be taken for the purpose of such
dividend, distribution, redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of the Ordinary
Shares or ADSs of record to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined or (y) the
date on which such reclassification, consolidation, merger, sale, transfer, share exchange or action is expected to become effective or
close, and the date as of which it is expected that holders of the Ordinary Shares (including Warrant Shares underlying Warrant ADSs)
of record shall be entitled to exchange their Ordinary Shares for securities, cash or other property deliverable upon such reclassification,
consolidation, merger, sale, transfer, share exchange or action; provided that the failure to deliver such notice or any defect therein
or in the delivery thereof shall not affect the validity of the corporate action required to be specified in such notice. To the extent
that any notice provided in this Warrant constitutes, or contains, material, non-public information regarding the Company or any of the
Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a Report on Form 6-K. The Holder shall
remain entitled to exercise this Warrant during the period commencing on the date of such notice to the effective date of the event triggering
such notice except as may otherwise be expressly set forth herein.</P>

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<P STYLE="margin: 0pt 0 0pt 0.5in; font-size: 10pt; text-align: justify; text-indent: 0.5in"> e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Company shall take no action that would result in the Exercise Price per ADS being adjusted hereunder to less than ten (10) Danish Krone, the nominal amount per share of the Ordinary Shares for ten (10) Ordinary Shares, as expressed in United States dollars at the applicable exchange rate published by the Danish National Bank.</P>



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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0"><U>Section 4</U>.&#9;<U>Transfer of Warrant</U>.</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 0pt 0.5in">a)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Transferability</U>. This Warrant and all rights hereunder are transferable, in whole or in part, upon surrender of this Warrant
at the principal office of the Company or its designated agent, together with a written assignment of this Warrant substantially in the
form attached hereto duly executed by the Holder or its agent or attorney and funds sufficient to pay any transfer taxes payable upon
the making of such transfer. Upon such surrender and, if required, such payment, the Company shall execute and deliver a new Warrant or
Warrants in the name of the assignee or assignees, as applicable, and in the denomination or denominations specified in such instrument
of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant
shall promptly be cancelled. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender
this Warrant to the Company unless the Holder has assigned this Warrant in full, in which case, the Holder shall surrender this Warrant
to the Company within three (3) Trading Days of the date on which the Holder delivers an assignment form to the Company assigning this
Warrant in full. The Warrant, if properly assigned in accordance herewith, may be exercised by a new holder for the subscription for Warrant
ADSs without having a new Warrant issued.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">b)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>New Warrants</U>. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office
of the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by
the Holder or its agent or attorney. Subject to compliance with Section 4(a), as to any transfer which may be involved in such division
or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided
or combined in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated the Initial Exercise Date and
shall be identical with this Warrant except as to the number of Warrant ADSs issuable pursuant thereto.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">c)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Warrant Register</U>. The Company shall register this Warrant, upon records to be maintained by the Company for that purpose
(the &#8220;<U>Warrant Register</U>&#8221;), in the name of the record Holder hereof from time to time. The Company may deem and treat
the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder,
and for all other purposes, absent actual notice to the contrary.</P>

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

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0"><U>Section 5</U>.&#9;<U>Miscellaneous</U>.</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 0pt 0.5in">a)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Rights as Shareholder Until Exercise; No Settlement in Cash</U>. This Warrant does not entitle the Holder to any voting rights,
dividends or other rights as a shareholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i), except as expressly
set forth in Section 3. Without limiting any rights of a Holder to receive cash payments pursuant to Section 2(d)(i) and Section 2(d)(iv)
herein, in no event shall the Company be required to net cash settle an exercise of this Warrant.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">b)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Loss, Theft, Destruction or Mutilation of Warrant</U>. The Company covenants that upon receipt by the Company of evidence reasonably
satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant ADSs,
and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case of the Warrant,
shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate, if mutilated, the
Company will make and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation, in lieu of such Warrant
or stock certificate.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">c)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Saturdays, Sundays, Holidays, etc</U>. If the last or appointed day for the taking of any action or the expiration of any right
required or granted herein shall not be a Business Day, then such action may be taken or such right may be exercised on the next succeeding
Business Day.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">d)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Authorized Shares</U>.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 1in">The Company covenants that, during the period
that the Warrant is outstanding, it shall allot a sufficient number of shares to provide for the issuance of the Warrant ADSs and the
underlying Ordinary Shares upon the exercise of any subscription rights under this Warrant. The Company further covenants that its issuance
of this Warrant shall constitute full authority to its officers who are charged with the duty of issuing the requisite Warrant Shares
for the Depositary to issue the necessary Warrant ADSs upon the exercise of the subscription rights under this Warrant. The Company will
take all such reasonable action as may be necessary to assure that such Warrant Shares and Warrant ADSs may be issued as provided herein
without violation of any applicable law or regulation, or of any requirements of the Trading Market upon which the ADSs and/or Ordinary
Shares may be listed. The Company covenants that all Warrant Shares represented by Warrant ADSs which may be issued upon the exercise
of the subscription rights represented by this Warrant will, upon exercise of the subscription rights represented by this Warrant and
payment for such Warrant ADSs in accordance herewith, be duly authorized, validly issued, fully paid and nonassessable and free from all
taxes, liens and charges created by the Company in respect of the issue thereof (other than any taxes in respect of any transfer occurring
contemporaneously with such issue).</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 1in">&nbsp;</P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 1in">Except and to the extent as waived or consented
to by the Holder, the Company shall not by any action, including, without limitation, amending its articles of association or through
any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action,
avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but will at all times in good faith assist in
the carrying out of all such terms and in the taking of all such actions as may be necessary or appropriate to protect the rights of Holder
as set forth in this Warrant against impairment. Without limiting the generality of the foregoing, the Company will (i) not increase the
nominal value of any Warrant Shares represented by Warrant ADSs above the amount payable therefor upon such exercise immediately prior
to such increase in nominal value, (ii) take all such action as may be necessary or appropriate in order that the Company may validly
and legally issue fully paid and nonassessable Warrant Shares represented by Warrant ADSs upon the exercise of this Warrant and (iii)
use commercially reasonable efforts to obtain all such authorizations, exemptions or consents from any public regulatory body having jurisdiction
thereof, as may be, necessary to enable the Company to perform its obligations under this Warrant.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 1in">Before taking any action which would result
in an adjustment in the number of Warrant ADSs for which this Warrant is exercisable or in the Exercise Price, the Company shall obtain
all such authorizations or exemptions thereof, or consents thereto, as may be necessary from any public regulatory body or bodies having
jurisdiction thereof.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">e)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Governing Law</U>. All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall
be governed by and construed and enforced in accordance with the internal laws of the Kingdom of Denmark, without regard to the principles
of conflict of laws thereof. Each party agrees that all legal proceedings concerning the interpretation, enforcement and defense of this
Warrant shall be commenced in the state and federal courts sitting in the City of New York, Borough of Manhattan (the &#8220;<U>New York
Courts</U>&#8221;). Each party hereto hereby irrevocably submits to the exclusive jurisdiction of the New York Courts for the adjudication
of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably
waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of
such New York Courts, or such New York Courts are improper or inconvenient venue for such proceeding. Each party hereto hereby irrevocably
waives, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or
relating to this Warrant. Each party hereby irrevocably waives personal service of process and consents to process being served in any
such suit, action or proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery)
to such party at the address in effect for notices to it under this Warrant and agrees that such service shall constitute good and sufficient
service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any
other manner permitted by law. If any party shall commence an action or proceeding to enforce any provisions of this Warrant, then the
prevailing party in such action or proceeding shall be reimbursed by the other party for its attorneys&#8217; fees and other costs and
expenses incurred in the investigation, preparation and prosecution of such action or proceeding.</P>

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

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">f)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Restrictions</U>. The Holder acknowledges that the Warrant Shares represented by Warrant ADSs acquired upon the exercise of
this Warrant, if not registered, will have restrictions upon resale imposed by state and federal securities laws.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">g)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Nonwaiver and Expenses</U>. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder
shall operate as a waiver of such right or otherwise prejudice the Holder&#8217;s rights, powers or remedies. Without limiting any other
provision of this Warrant, if the Company willfully and knowingly fails to comply with any provision of this Warrant, which results in
any material damages to the Holder, the Company shall pay to the Holder such amounts as shall be sufficient to cover any costs and expenses
including, but not limited to, reasonable attorneys&#8217; fees, including those of appellate proceedings, incurred by the Holder in collecting
any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies hereunder.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">h)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Notices</U>. Any and all notices or other communications or deliveries to be provided by the Holders hereunder including, without
limitation, any Notice of Exercise, shall be in writing and delivered personally, by email, or sent by a nationally recognized overnight
courier service, addressed to the Company, at Dr. Neergaards Vej 5f, DK-2970 Hoersholm, Denmark, Attention: <B>Anne-Sofie Wiemann </B>and
<B>Susanne Bech</B>, email addresses <B>awi@evaxion-biotech.com</B> and <B>sbe@evaxion-biotech.com</B> and <B>investor@evaxion-biotech.com</B>
or such other email address or address as the Company may specify for such purposes by notice to the Holders. Any and all notices or other
communications or deliveries to be provided by the Company hereunder shall be in writing and delivered personally, by email, or sent by
a nationally recognized overnight courier service addressed to each Holder at the email number or address of such Holder appearing on
the books of the Company, or if no such email number or address appears on the books of the Company, then to the most recent email, number
or address such Holder has provided to Company. Any notice or other communication or deliveries hereunder shall be deemed given and effective
on the earliest of (i) the time of transmission, if such notice or communication is delivered via email at the email address set forth
in this Section prior to 5:30 p.m. (New York City time) on any date, (ii) the next Trading Day after the time of transmission, if such
notice or communication is delivered via email at the email address set forth in this Section on a day that is not a Trading Day or later
than 5:30 p.m. (New York City time) on any Trading Day, (iii) the second Trading Day following the date of mailing, if sent by U.S. nationally
recognized overnight courier service, or (iv) upon actual receipt by the party to whom such notice is required to be given.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">i)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Limitation of Liability</U>. No provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant
to subscribe for Warrant ADSs, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of
the Holder for the subscription price of any Warrant Shares or Warrant ADSs or as a shareholder of the Company, whether such liability
is asserted by the Company or by creditors of the Company.</P>

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

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">j)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Remedies</U>. The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages,
will be entitled to specific performance of its rights under this Warrant. The Company agrees that monetary damages would not be adequate
compensation for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to waive and not to
assert the defense in any action for specific performance that a remedy at law would be adequate.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">k)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Successors and Assigns</U>. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby
shall inure to the benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted
assigns of Holder. The provisions of this Warrant are intended to be for the benefit of any Holder from time to time of this Warrant and
shall be enforceable by the Holder or holder of Warrant ADSs.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">l)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Company Acknowledgement; Notice of Successor Danish Counsel; Payment of Aggregate Exercise Price</U>. The Company acknowledges
and agrees that the Holder&#8217;s payment of the aggregate Exercise Price to Company Danish Counsel in connection with any exercise hereunder
shall be deemed to be the delivery by the Holder of the aggregate Exercise Price to the Company and shall satisfy the Holder&#8217;s obligations
under this Warrant for the payment of the aggregate Exercise Price in connection with any exercise hereunder and shall require the Company
to deliver the Warrant ADSs upon such exercise to the Holder pursuant to the terms hereunder. If the Company changes its Company Danish
Counsel after the Initial Exercise Date, the Company shall promptly deliver notice of the successor Company Danish Counsel (including
the bank wire transfer instructions of such successor Company Danish Counsel) to the Holder (including, without limitation, any successor
holder of this Warrant) on Company letterhead and executed by the Chief Executive Officer or Chief Financial Officer of the Company, with
instructions in writing to pay the aggregate Exercise Price of this Warrant to such successor Company Danish Counsel. The Company acknowledges
that, if the Company Danish Counsel has received from the Holder the aggregate Exercise Price of the Warrant ADSs issuable upon exercise
of this Warrant pursuant to Section 2.2(b)(ii) of the Purchase Agreement, the Company Danish Counsel shall convert such aggregate Exercise
Price of this Warrant into Danish Krone on the Initial Exercise Date and shall hold such amount in trust for the Holder and shall release
the applicable portion of such amount to the Company to apply it in connection with exercises of this Warrant pursuant to Section 2 herein
by the Holder or any subsequent assignee of this Warrant.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">m)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Reimbursement</U>. The Company shall reimburse the Holder for any fees charged to the Holder by the Depositary in connection
with the issuance or holding or sale of the Warrant ADSs.</P>

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

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">n)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Amendment</U>. This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company
and the Holder.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">o)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Severability</U>. Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective and
valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision
shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining
provisions of this Warrant.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">p)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Headings</U>. The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be
deemed a part of this Warrant.</P>

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

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

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

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

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

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: center; text-indent: 0in"><I>(Signature Page Follows)</I></P>

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

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

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

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

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">IN WITNESS WHEREOF, the Company has caused this Warrant
to be executed by its officer thereunto duly authorized as of the date first above indicated.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; text-indent: 2.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="text-transform: uppercase"><B>EVAXION BIOTECH A/S</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 45%"> &nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:</TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0; text-indent: 2.5in">&nbsp;</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: center; margin: 0pt 0"></P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"><B>NOTICE OF EXERCISE</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="text-transform: uppercase">To:</FONT></TD><TD STYLE="width: 0"></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>EVAXION BIOTECH A/S</B></FONT></TD>
</TR></TABLE>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">(1)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp; </FONT>The
undersigned hereby elects to subscribe for ________ Warrant ADSs of the Company pursuant to the terms of the attached Warrant (only if
exercised in full), and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes, if any.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">(2)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp; </FONT>Payment
shall take the form of lawful money of the United States to be delivered to Company Danish Counsel (as defined in the Warrant) pursuant
to the following bank wire transfer instructions:</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0 0pt 1in"><U>Bank Name</U>: Danske Bank</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0 0pt 1in"><U>Bank Address</U>: Holmens Kanal 2, 1092 Copenhagen
K, Denmark</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0 0pt 1in"><U>Bank Account Name</U>: Mazanti-Andersen main
client account</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0 0pt 1in"><U>Bank Account Number</U>: 4777175572</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0 0pt 1in"><U>IBAN</U>: DK7130004777175572</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0 0pt 1in"><U>SWIFT-BIC</U>: DABADKKK</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0 0pt 1in"><U>Reference</U>: Evaxion Biotech A/S</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0 0pt 1in"><U>Contact Person and Telephone Number</U>: Lars
L&uuml;thjohan. Ph. no.: +4540283536 E-mail: LLJ@mazanti.dk</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">(3)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp; </FONT>Please
issue said Warrant ADSs in the name of the undersigned or in such other name as is specified below:</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 1.5in">DTC Participant name and number: ________________________</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 1.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 1.5in">Contact of DTC Participant: _______________________</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 1.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 1.5in">Telephone Number of DTC Participant Contact: _____________________</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="text-transform: uppercase">[SIGNATURE OF HOLDER]</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt">Name of Investing Entity:</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 98%">&nbsp;</TD></TR>
  </TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; font-style: italic">Signature of Authorized Signatory of Investing Entity:</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 98%">&nbsp;</TD></TR>
  </TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt">Name of Authorized Signatory:</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 98%">&nbsp;</TD></TR>
  </TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt">Title of Authorized Signatory:</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 98%">&nbsp;</TD></TR>
  </TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt">Date:</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 98%">&nbsp;</TD></TR>
  </TABLE>


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

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

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">&nbsp;</P>

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: right">&#9;<B>EXHIBIT B</B></P>

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

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">ASSIGNMENT FORM</FONT></P>

<P STYLE="font-size: 10pt; text-indent: 10.5pt; margin: 0pt 0"><I>(To assign the foregoing Warrant, execute this form and supply required
information. Do not use this form to subscribe for Warrant ADSs.)</I></P>

<P STYLE="font-size: 10pt; text-indent: 10.5pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 10.5pt; margin: 0pt 0">FOR VALUE RECEIVED, the foregoing Warrant and all rights evidenced thereby
are hereby assigned to</P>

<P STYLE="font-size: 10pt; text-indent: 10.5pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font-size: 10pt; text-align: justify">Name:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 50%; font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify">(Please Print)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: justify">Address:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD></TD>
    <TD> (Please Print)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Phone Number:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Email Address:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: justify">Dated: _______________ __, ______</TD>
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: justify; width: 8%">Holder&#8217;s Signature:</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: justify; width: 31%">&nbsp;</TD>
    <TD STYLE="width: 60%">&nbsp;</TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: justify; width: 8%">Holder&#8217;s Address:</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: justify; width: 31%">&nbsp;</TD>
    <TD STYLE="width: 60%">&nbsp;</TD></TR>
  </TABLE>
<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">&nbsp;</P>

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

<!-- Field: Page; Sequence: 21 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt">
  <TR>
    <TD>
    <P STYLE="margin: 0pt 8.35pt 0pt 0; font-size: 10pt; text-align: right">Appendix 8</P></TD></TR>
  </TABLE>
<P STYLE="margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; text-indent: 5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>SERIES A WARRANT TO SUBSCRIBE FOR ORDINARY SHARES </B></P>

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

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>REPRESENTED BY AMERICAN DEPOSITARY SHARES</B></P>

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

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><FONT STYLE="text-transform: uppercase"><B>EVAXION BIOTECH A/S</B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%; font-size: 10pt; text-align: left">Warrant ADSs: 3,750,000</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 49%; font-size: 10pt">Initial Exercise Date: February 5, 2024</TD></TR>
  </TABLE>


<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 3.5in; text-indent: 1in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 3.5in; text-indent: 1in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">THIS SERIES A WARRANT TO SUBSCRIBE FOR ORDINARY SHARES
REPRESENTED BY AMERICAN DEPOSITARY SHARES (the &#8220;<U>Warrant</U>&#8221;) certifies that, for value received, _____ or its assigns
(the &#8220;<U>Holder</U>&#8221;) is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter
set forth, at any time on or after the date hereof (the &#8220;<U>Initial Exercise Date</U>&#8221;) and on or prior to 5:00 p.m. (New
York City time) on February 5, 2029 (the &#8220;<U>Termination Date</U>&#8221;) but not thereafter, to subscribe for and purchase from
Evaxion Biotech A/S, a public limited liability company incorporated under the laws of the Kingdom of Denmark (the &#8220;<U>Company</U>&#8221;),
up to 37,500,000 Ordinary Shares (the &#8220;<U>Warrant Shares</U>&#8221;) represented by 3,750,000 ADSs (the &#8220;<U>Warrant ADSs</U>&#8221;),
as subject to adjustment hereunder. The subscription price of one Warrant ADS under this Warrant shall be equal to the Exercise Price,
as defined in Section 2(b).</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0"><U>Section 1</U>.&#9;<U>Definitions</U>. In addition
to the terms defined elsewhere in this Warrant, the following terms have the meanings indicated in this Section 1:</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 0pt 0.5in">&#8220;<U>ADS(s)</U>&#8221; means American
Depositary Shares issued pursuant to the Deposit Agreement, each representing ten (10) Ordinary Shares.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&#8220;<U>Affiliate</U>&#8221; means any
Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common control with a
Person, as such terms are used in and construed under Rule 405 under the Securities Act.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&#8220;<U>Board of Directors</U>&#8221; means
the board of directors of the Company.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&#8220;<U>Business Day</U>&#8221; means any
day except any Saturday, any Sunday, any day which is a federal legal or national holiday in the United States or Denmark or any day on
which banking institutions in the State of New York or Denmark are authorized or required by law to remain closed; provided, however,
for clarification, commercial banks shall not be deemed to be authorized or required by law to remain closed due to &#8220;stay at home&#8221;,
&#8220;shelter-in-place&#8221;, &#8220;non-essential employee&#8221;&nbsp; or any other similar orders or restrictions or the closure
of any physical branch locations at the direction of any governmental authority so long as the electronic funds transfer systems (including
for wire transfers) of commercial banks in The City of New York and Copenhagen, Denmark are generally open for use by customers on such
day or other governmental action to close.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&#8220;<U>Commission</U>&#8221; means the
United States Securities and Exchange Commission.</P>

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

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

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&#8220;<U>Company Danish Counsel</U>&#8221;
means Mazanti-Andersen, Amaliegade 10 1256 Copenhagen K, Denmark, or any successor Danish counsel to the Company.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&#8220;<U>Deposit Agreement</U>&#8221; means
the Deposit Agreement, dated as of February 4, 2021, among the Company, The Bank of New York Mellon as Depositary and the owners and holders
of ADSs from time to time, as such agreement may be amended or supplemented.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&#8220;<U>Depositary</U>&#8221; means The
Bank of New York Mellon and any successor depositary of the Company.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&#8220;<U>Exchange Act</U>&#8221; means the
Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&#8220;<U>Liens</U>&#8221; means a lien,
charge, pledge, security interest, encumbrance, right of first refusal, preemptive right or other restriction.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&#8220;<U>Ordinary Share(s)</U>&#8221; means
the ordinary shares of the Company, DKK 1 nominal value per share, and any other class of securities into which such securities may hereafter
be reclassified or changed.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&#8220;<U>Person</U>&#8221; means an individual
or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability company, joint stock
company, government (or an agency or subdivision thereof) or other entity of any kind.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&#8220;<U>Proceeding</U>&#8221; means an
action, claim, suit, investigation or proceeding (including, without limitation, an informal investigation or partial proceeding, such
as a deposition), whether commenced or threatened.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&#8220;<U>Purchase Agreement</U>&#8221; means
the securities purchase agreement, dated as of February 1, 2024, by and between the Company and each of the purchasers signatory thereto.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&#8220;<U>Registration Statement</U>&#8221;
means the Company&#8217;s registration statement on Form F-1 (File No. 333-276505).</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&#8220;<U>Securities Act</U>&#8221; means
the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&#8220;<U>Subsidiary</U>&#8221; means any
subsidiary of the Company and shall, where applicable, also include any direct or indirect subsidiary of the Company formed or acquired
after the date hereof.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&#8220;<U>Trading Day</U>&#8221; means a
day on which the principal Trading Market is open for trading.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&#8220;<U>Trading Market</U>&#8221; means
any of the following markets or exchanges on which the Ordinary Shares and/or ADSs are listed or quoted for trading on the date in question:
the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, or the New York Stock Exchange
(or any successors to any of the foregoing).</P>

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

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&#8220;<U>Transfer Agent</U>&#8221; means
Computershare A/S, the current transfer agent of the Company, with a mailing address of Lottenborgvej 26 D, 1., DK-2800 Kgs. Lyngby, Denmark
and company registration number (CVR) no. 27088899, and any successor transfer agent of the Company.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&#8220;<U>VWAP</U>&#8221; means, for any
date, the price determined by the first of the following clauses that applies: (a) if the ADSs are then listed or quoted on a Trading
Market, the daily volume weighted average price of the ADSs for such date (or the nearest preceding date) on the Trading Market on which
the ADSs are then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m.
(New York City time)), (b)&nbsp; if OTCQB Venture Market (&#8220;<U>OTCQB</U>&#8221;) or OTCQX Best Market (&#8220;<U>OTCQX</U>&#8221;)
is not a Trading Market, the volume weighted average price of the ADSs for such date (or the nearest preceding date) on OTCQB or OTCQX
as applicable, (c) if the ADSs are not then listed or quoted for trading on OTCQB or OTCQX and if prices for the ADSs are then reported
in the &#8220;Pink&#8221; Open Market (&#8220;<U>Pink Market</U>&#8221;) operated by OTC Markets, Inc. (or a similar organization or agency
succeeding to its functions of reporting prices), the most recent bid price per ADS so reported, or (d)&nbsp;in all other cases, the fair
market value of an ADS as determined by an independent appraiser selected in good faith by the Holders of a majority in interest of the
Warrants then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0"><U>Section 2</U>.&#9;<U>Exercise</U>.</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 0pt 0.5in">a)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Exercise of Warrant</U>. This Warrant may be exercised, in whole or in part, at any time or times on or after the Initial Exercise
Date and on or before the Termination Date by delivery to the Company of a duly executed PDF copy submitted by e-mail (or e-mail attachment)
of the Notice of Exercise in the form annexed hereto (the &#8220;<U>Notice of Exercise</U>&#8221;). On the Trading Day (based on New York
City time) on which the delivery of the Notice of Exercise occurs, the Holder shall deliver to the Company Danish Counsel the aggregate
Exercise Price for the Warrant ADSs specified in the applicable Notice of Exercise by wire transfer to the Company Danish Counsel pursuant
to the bank wire transfer instructions set forth on the Notice of Exercise attached hereto. No ink-original Notice of Exercise shall be
required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of Exercise be required. Notwithstanding
anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company until the Holder
has subscribed for all of the Warrant ADSs available hereunder and the Warrant has been exercised in full, in which case, the Holder shall
surrender this Warrant to the Company for cancellation as soon as reasonably practicable following the date on which the final Notice
of Exercise is delivered to the Company. Partial exercises of this Warrant resulting in the subscription of a portion of the total number
of Warrant ADSs available hereunder shall have the effect of reducing the outstanding number of Warrant ADSs purchasable hereunder in
an amount equal to the applicable number of Warrant ADSs subscribed. The Company shall record the number of Warrants issued to the Holder
and the number of Warrant ADSs subscribed through exercise and the date of such subscription of the Warrant ADSs. The Company shall deliver
any objection to any Notice of Exercise within one (1) Trading Day of receipt of such notice. The Holder and any assignee, by acceptance
of this Warrant, acknowledge and agree that, by reason of the provisions of this paragraph, following the subscription for a portion of
the Warrant ADSs hereunder, the number of Warrant ADSs available for subscription hereunder at any given time may be less than the amount
stated on the face hereof.</P>

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

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">b)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Exercise Price</U>. The exercise price per ADS under this Warrant shall be <B>$4.00</B>, subject to adjustment hereunder (the
&#8220;<U>Exercise Price</U>&#8221;).</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">c)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Unavailability of Registration Statement</U>. Notwithstanding anything to the contrary contained herein, if there is no effective
registration statement registering, or the prospectus contained therein is not available for, the sale of all of Warrant ADSs, representing
the underlying Warrant Shares, issuable under this Warrant at any time following the Initial Exercise Date and ending on the Termination
Date, the Holder shall be permitted to exercise this Warrant by delivery of a Notice of Exercise to the Company, and, within one (1) Trading
Day (based on New York City time) following the delivery of such Notice of Exercise, deliver to the Company Danish Counsel the aggregate
Exercise Price with respect to such exercise of this Warrant.&nbsp; Upon delivery by the Holder of a Notice of Exercise during a Registration
Failure Period (as defined below) and the timely payment by the Holder of the aggregate Exercise Price, the Company shall be required
to (1) pay in cash to the Holder on each Trading Day during the Registration Failure Period an amount equal to 1.0% of the product of
(A) the number of Warrant ADSs subject to the exercise by the Holder pursuant to the immediately preceding sentence and (B) the VWAP of
the ADSs on the date of delivery of the Notice of Exercise to the Company, and (2) on the Trading Day immediately following the date on
which the Registration Failure Period ends, deliver all of the Warrant ADSs required to be delivered pursuant to such Notice of Exercise
by crediting the account of the Holder&#8217;s prime broker with The Depository Trust Company through DWAC (as defined below).&nbsp; The
Company shall pay any cash amounts owed pursuant to clause (1) of the immediately preceding sentence on each corresponding Trading Day
during the Registration Failure Period. As used herein, &#8220;<U>Registration Failure Period</U>&#8221; means the period (x) beginning
on the date of delivery of a Notice of Exercise at a time when there is no registration statement registering, or the prospectus contained
therein is not available for, the sale of all of the Warrant ADSs, representing the underlying Warrant Shares, issuable under this Warrant,
and (y) ending on the later of (A) the date that there is an effective registration statement registering, and the prospectus contained
therein is available for, the sale of all of the Warrant ADSs, representing the underlying Warrant Shares, issuable hereunder and (B)
the date of delivery of all of the Warrant ADSs required to be delivered pursuant to the Notice of Exercise by crediting the account of
the Holder&#8217;s prime broker with The Depository Trust Company through DWAC.</P>

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

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<P STYLE="margin: 0pt 0 0pt 0.5in; font-size: 10pt; text-align: justify; text-indent: 0.5in"> d)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Mechanics of Exercise</U>.</P>



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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 31.5pt; margin: 0pt 0 0pt 117pt">i.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Delivery of Warrant ADSs Upon Exercise</U>. Upon the exercise of this Warrant, the Company shall enter the Warrant Shares in
the name of the Holder in the Company&#8217;s share register, deposit the Warrant Shares in connection with such exercise with the Depositary
for the ADSs, and instruct the Depositary to transmit the Warrant ADSs purchased hereunder to the Holder by crediting the account of the
Holder&#8217;s or its designee&#8217;s balance account with The Depository Trust Company through its Deposit/Withdrawal At Custodian system
(&#8220;<U>DWAC</U>&#8221;) if the Depositary is then a participant in such system and there is an effective registration statement permitting
the issuance of the Warrant ADSs, representing the underlying Warrant Shares, to the Holder, by the date that is the earlier of (i) two
(2) Trading Days after the delivery to the Company of the Notice of Exercise and (ii) the number of Trading Days comprising the Standard
Settlement Period after the delivery to the Company of the Notice of Exercise (such date, the &#8220;<U>Warrant ADS Delivery Date</U>&#8221;),
provided that the Company shall not be obligated to deliver the Warrant ADSs hereunder unless the Company Danish Counsel has received
the aggregate Exercise Price on or before the Trading Day (based on New York City time) immediately prior to the Warrant ADS Delivery
Date. Upon delivery of the Notice of Exercise, the Holder shall be deemed for all corporate purposes to have become the holder of record
of the Warrant ADSs with respect to which this Warrant has been exercised, irrespective of the date of delivery of the Warrant ADSs, provided
that payment of the aggregate Exercise Price is received by the Warrant ADS Delivery Date. If the Company fails for any reason to cause
the Depositary to deliver to the Holder the Warrant ADSs subject to a Notice of Exercise by the Warrant ADS Delivery Date, the Company
shall pay to the Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant ADSs subject to such exercise
(based on the VWAP of the ADSs on the date of the applicable Notice of Exercise), $10 per Trading Day (increasing to $20 per Trading Day
on the third Trading Day after the Warrant ADS Delivery Date) for each Trading Day after such Warrant ADS Delivery Date until such Warrant
ADSs are delivered or the Holder rescinds such exercise. The Company agrees to maintain a depositary and a transfer agent that each are
a participant in the FAST program so long as this Warrant remains outstanding and exercisable. As used herein, &#8220;<U>Standard Settlement
Period</U>&#8221; means the standard settlement period, expressed in a number of Trading Days, on the Company&#8217;s primary Trading
Market with respect to the ADSs as in effect on the date of delivery of the Notice of Exercise. Notwithstanding the foregoing, with respect
to any Notice(s) of Exercise delivered on or prior to 12:00 p.m. (New York City time) on the Trading Day prior to the Initial Exercise
Date, which may be delivered at any time after the time of execution of the Purchase Agreement, the Company agrees to deliver the Warrant
ADSs subject to such notice(s) by 4:00 p.m. (New York City time) on the Initial Exercise Date and the Initial Exercise Date shall be the
Warrant ADS Delivery Date for purposes hereunder, provided that payment of the aggregate Exercise Price is delivered to Company Danish
Counsel by 12:00 p.m. (New York City time) on the Trading Day prior to the Initial Exercise Date.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 31.5pt; margin: 0pt 0 0pt 117pt">&nbsp;</P>

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<P STYLE="margin: 0pt 0 0pt 117pt; font-size: 10pt; text-align: justify; text-indent: 31.5pt">ii.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Delivery of New Warrants Upon Exercise</U>. If this Warrant shall have been exercised in part, the Company shall, at the request
of a Holder and upon surrender of this Warrant certificate, at the time of delivery of the Warrant ADSs, deliver to the Holder a new Warrant
certificate evidencing the rights of the Holder to subscribe for the unsubscribed Warrant ADSs called for by this Warrant, which new Warrant
shall in all other respects be identical with this Warrant.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 31.5pt; margin: 0pt 0 0pt 117pt">&nbsp;</P>

<P STYLE="margin: 0pt 0 0pt 117pt; font-size: 10pt; text-align: justify; text-indent: 31.5pt">iii.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Rescission Rights</U>. If the Company fails to cause the Depositary to transmit to the Holder the Warrant ADSs pursuant to Section
2(d)(i) by the Warrant ADS Delivery Date, then the Holder will have the right to rescind such exercise prior to the delivery of such Warrant
ADSs hereunder (with the effect that the Holder&#8217;s right to acquire such Warrant ADSs pursuant to this Warrant shall be restored)
and the Company shall return to the Holder the aggregate Exercise Price paid to the Company Danish Counsel for such Warrant ADSs.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 117pt">&nbsp;</P>

<P STYLE="margin: 0pt 0 0pt 117pt; font-size: 10pt; text-align: justify; text-indent: 31.5pt">iv.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Compensation for Buy-In on Failure to Timely Deliver Warrant ADSs Upon Exercise</U>. In addition to any other rights available
to the Holder, if the Company fails to cause the Depositary to deliver to the Holder the Warrant ADSs in accordance with the provisions
of Section 2(d)(i) above pursuant to an exercise on or before the Warrant ADS Delivery Date, and if after such date the Holder is required
by its broker to purchase (in an open market transaction or otherwise) or the Holder&#8217;s brokerage firm otherwise purchases, ADSs
to deliver in satisfaction of a sale by the Holder of the Warrant ADSs which the Holder anticipated receiving upon such exercise (a &#8220;<U>Buy-In</U>&#8221;),
then the Company shall (A) pay in cash to the Holder the amount, if any, by which (x) the Holder&#8217;s total purchase price (including
brokerage commissions, if any) for the ADSs so purchased exceeds (y) the amount obtained by multiplying (1) the number of Warrant ADSs
that the Company failed to deliver to the Holder in connection with the exercise at issue by (2) the price at which the sell order giving
rise to such purchase obligation was executed, and (B) at the option of the Holder, either reinstate the portion of the Warrant in respect
of the equivalent number of Warrant ADSs for which such exercise was not honored and return any amount received by the Company Danish
Counsel in respect of the Exercise Price for those Warrant ADSs (in which case such exercise shall be deemed rescinded) or deliver to
the Holder the number of Warrant ADSs that would have been issued had the Company timely complied with its exercise and delivery obligations
hereunder. For example, if the Holder purchases ADSs having a total purchase price of $11,000 to cover a Buy-In with respect to an attempted
exercise of Warrants for ADSs with an aggregate sale price giving rise to such purchase obligation of $10,000, under clause (A) of the
immediately preceding sentence the Company shall be required to pay the Holder $1,000. The Holder shall provide the Company written notice
indicating the amounts payable to the Holder in respect of the Buy-In and, upon request of the Company, evidence of the amount of such
loss. Nothing herein shall limit a Holder&#8217;s right to pursue any other remedies available to it hereunder, at law or in equity including,
without limitation, a decree of specific performance and/or injunctive relief with respect to the Company&#8217;s failure to timely deliver
Warrant ADSs upon exercise of the Warrant as required pursuant to the terms hereof.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 117pt">&nbsp;</P>

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<P STYLE="margin: 0pt 0 0pt 117pt; font-size: 10pt; text-align: justify; text-indent: 31.5pt">v.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Fractional Ordinary Shares or Warrant ADSs</U>. No fractional Warrant Shares or Warrant ADSs shall be issued upon the exercise
of this Warrant. As to any fraction of a Warrant ADS which the Holder would otherwise be entitled to subscribe upon such exercise, the
Company shall, at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction multiplied
by the Exercise Price or round up to the next whole ADS, provided that the fraction of an ADS shall not be rounded up to the next whole
ADS if such rounding would result in the issue price being lower than the nominal value of the Ordinary Shares.</P>

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<P STYLE="margin: 0pt 0 0pt 117pt; font-size: 10pt; text-align: justify; text-indent: 31.5pt">vi.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Charges, Taxes and Expenses</U>. Issuance of Warrant ADSs shall be made without charge to the Holder for any issue or transfer
tax or other incidental expense in respect of the issuance of such Warrant ADSs, all of which taxes and expenses shall be paid by the
Company, and such Warrant ADSs shall be issued in the name of the Holder or in such name or names as may be directed by the Holder; <U>provided</U>,
<U>however</U>, that, in the event that Warrant ADSs are to be issued in a name other than the name of the Holder, this Warrant when surrendered
for exercise shall be accompanied by the Assignment Form attached hereto duly executed by the Holder and the Company may require, as a
condition thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental thereto. The Company shall pay all
Depositary and Transfer Agent fees required for same-day processing of any Notice of Exercise and all fees to the Depository Trust Company
(or another established clearing corporation performing similar functions) required for same-day electronic issuance and delivery of the
Warrant ADSs. The Company shall pay all applicable fees and expenses of the Depositary and Transfer Agent in connection with the issuance
of the Warrants ADSs hereunder.</P>

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<P STYLE="margin: 0pt 0 0pt 117pt; font-size: 10pt; text-align: justify; text-indent: 31.5pt">vii.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Closing of Books</U>. The Company will not close its shareholder books or records in any manner which prevents the timely exercise
of this Warrant, pursuant to the terms hereof.</P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 1in">e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Holder&#8217;s
Exercise Limitations</U>. The Company shall not effect any exercise of this Warrant, and a Holder shall not have the right to exercise
any portion of this Warrant, pursuant to Section 2 or otherwise, to the extent that after giving effect to such issuance after exercise
as set forth on the applicable Notice of Exercise, the Holder (together with the Holder&#8217;s Affiliates, and any other Persons acting
as a group together with the Holder or any of the Holder&#8217;s Affiliates (such Persons, &#8220;<U>Attribution Parties</U>&#8221;)),
would beneficially own in excess of the Beneficial Ownership Limitation (as defined below).&nbsp; For purposes of the foregoing sentence,
the number of Ordinary Shares beneficially owned by the Holder and its Affiliates and Attribution Parties shall include the number of
Ordinary Shares underlying such Warrant ADSs issuable upon exercise of this Warrant with respect to which such determination is being
made, but shall exclude the number of Ordinary Shares underlying Warrant ADSs which would be issuable upon (i) exercise of the remaining,
nonexercised portion of this Warrant beneficially owned by the Holder or any of its Affiliates or Attribution Parties and (ii) exercise
or conversion of the unexercised or nonconverted portion of any other securities of the Company (including, without limitation, any other
Ordinary Share Equivalents) subject to a limitation on conversion or exercise analogous to the limitation contained herein beneficially
owned by the Holder or any of its Affiliates or Attribution Parties.&nbsp; Except as set forth in the preceding sentence, for purposes
of this Section 2(e), beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act and the rules and
regulations promulgated thereunder, it being acknowledged by the Holder that the Company is not representing to the Holder that such calculation
is in compliance with Section 13(d) of the Exchange Act and the Holder is solely responsible for any schedules required to be filed in
accordance therewith. To the extent that the limitation contained in this Section 2(e) applies, the determination of whether this Warrant
is exercisable (in relation to other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which
portion of this Warrant is exercisable shall be in the sole discretion of the Holder, and the submission of a Notice of Exercise shall
be deemed to be the Holder&#8217;s determination of whether this Warrant is exercisable (in relation to other securities owned by the
Holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable, in each case subject
to the Beneficial Ownership Limitation, and the Company shall have no obligation to verify or confirm the accuracy of such determination.
In addition, a determination as to any group status as contemplated above shall be determined in accordance with Section 13(d) of the
Exchange Act and the rules and regulations promulgated thereunder. For purposes of this Section 2(e), in determining the number of outstanding
Ordinary Shares, a Holder may rely on the number of outstanding Ordinary Shares as reflected in (A) the Company&#8217;s most recent annual
report on Form 20-F, Report on Form 6-K or other public filings filed with the Commission, as the case may be, (B) a more recent public
announcement by the Company or (C) a more recent written notice by the Company or the Depositary or the Transfer Agent setting forth the
number of Ordinary Shares outstanding.&nbsp; Upon the written or oral request of a Holder, the Company shall within one (1) Trading Day
confirm orally and in writing to the Holder the number of Ordinary Shares then outstanding.&nbsp; In any case, the number of outstanding
Ordinary Shares shall be determined after giving effect to the conversion or exercise of securities of the Company, including this Warrant,
by the Holder or its Affiliates or Attribution Parties since the date as of which such number of outstanding Ordinary Shares was reported.
The &#8220;<U>Beneficial Ownership Limitation</U>&#8221; shall be 4.99% of the number of Ordinary Shares outstanding immediately after
giving effect to the issuance of the Ordinary Shares issuable upon exercise of this Warrant. The Holder, upon notice to the Company, may
increase or decrease the Beneficial Ownership Limitation provisions of this Section 2(e), provided that the Beneficial Ownership Limitation
in no event exceeds 9.99% of the number of Ordinary Shares outstanding immediately after giving effect to the issuance of Ordinary Shares
upon exercise of this Warrant held by the Holder and the provisions of this Section 2(e) shall continue to apply. Any increase in the
Beneficial Ownership Limitation will not be effective until the 61<SUP>st</SUP> day after such notice is delivered to the Company. The
provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this
Section 2(e) to correct this paragraph (or any portion hereof) which may be defective or inconsistent with the intended Beneficial Ownership
Limitation herein contained or to make changes or supplements necessary or desirable to properly give effect to such limitation. The limitations
contained in this paragraph shall apply to a successor holder of this Warrant.</P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0"><U>Section 3</U>.&#9;<U>Certain Adjustments</U>.</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 0pt 0.5in">a)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Share Dividends and Splits</U>. If the Company, at any time while this Warrant is outstanding: (i) pays a share dividend or
otherwise makes a distribution or distributions on its ADSs or Ordinary Shares or any other equity or equity equivalent securities payable
in ADSs or Ordinary Shares (which, for avoidance of doubt, shall not include any Warrant Shares or Warrant ADSs issued by the Company
upon exercise of this Warrant), (ii) subdivides outstanding Ordinary Shares or ADSs into a larger number of Ordinary Shares or ADSs, as
applicable, (iii) combines (including by way of reverse share split) outstanding ADSs or Ordinary Shares into a smaller number of Ordinary
Shares or ADSs, as applicable, or (iv) issues by reclassification of ADSs, Ordinary Shares or any shares of capital stock of the Company,
then in each case the Exercise Price shall be multiplied by a fraction of which the numerator shall be the number of Ordinary Shares or
ADSs as applicable (excluding treasury Ordinary Shares, if any) outstanding immediately before such event and of which the denominator
shall be the number of Ordinary Shares or ADSs, as applicable, outstanding immediately after such event, and the number of ADSs issuable
upon exercise of this Warrant shall be proportionately adjusted such that the aggregate Exercise Price of this Warrant shall remain unchanged,
provided that any reduction in the nominal value of the Ordinary Shares without any dividend or distribution shall not lead to any such
adjustment and provided, further, that the Exercise Price cannot be adjusted to a price that is less than the nominal value of the Ordinary
Shares. Any adjustment made pursuant to this Section 3(a) shall become effective immediately after the record date for the determination
of shareholders entitled to receive such dividend or distribution and shall become effective immediately after the effective date in the
case of a subdivision, combination or re&#45;classification.</P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">b)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> <U>Fundamental Transaction</U>. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in
one or more related transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company or any
Subsidiary, directly or indirectly, effects any sale, lease, exclusive license, assignment, transfer, conveyance or other disposition
of all or substantially all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender
offer or exchange offer (whether by the Company or another Person) is completed pursuant to which holders of Ordinary Shares (including
Ordinary Shares underlying the ADSs) are permitted to sell, tender or exchange their shares for other securities, cash or property and
has been accepted by the holders of 50% or more of the outstanding Ordinary Shares (including Ordinary Shares underlying the ADSs) or
50% or more of the voting power of the common equity of the Company, (iv) the Company, directly or indirectly, in one or more related
transactions effects any reclassification, reorganization or recapitalization of the Ordinary Shares or any compulsory share exchange
pursuant to which the Ordinary Shares effectively converted into or exchanged for other securities, cash or property, or (v) the Company,
directly or indirectly, in one or more related transactions consummates a share purchase agreement or other business combination (including,
without limitation, a reorganization, recapitalization, spin-off, merger or scheme of arrangement) with another Person or group of Persons
whereby such other Person or group acquires 50% or more of the outstanding Ordinary Shares (including Ordinary Shares underlying the ADSs)
or 50% or more of the voting power of the common equity of the Company (each a &#8220;<U>Fundamental Transaction</U>&#8221;), then, upon
any subsequent exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share represented by the Warrant
ADSs that would have been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option
of the Holder (without regard to any limitation in Section 2(e) on the exercise of this Warrant), the number of shares of capital stock
of the successor or acquiring corporation or of the Company, if the Company is the surviving corporation, and any additional consideration
(the &#8220;<U>Alternate Consideration</U>&#8221;) receivable as a result of such Fundamental Transaction by a holder of the number of
Warrant Shares represented by the Warrant ADSs for which this Warrant is exercisable immediately prior to such Fundamental Transaction
(without regard to any limitation in Section 2(e) on the exercise of this Warrant). For purposes of any such exercise, the determination
of the Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration
issuable in respect of one Ordinary Share (including any Warrant Shares underlying the ADSs), in such Fundamental Transaction, and the
Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable manner reflecting the relative value of any
different components of the Alternate Consideration. If holders of Ordinary Shares are given any choice as to the securities, cash or
property to be received in a Fundamental Transaction, then the Holder </P>

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<P STYLE="margin: 0pt 0 0pt 0.5in; font-size: 10pt; text-align: justify">shall be given the same choice as to the Alternate Consideration
it receives upon any exercise of this Warrant following such Fundamental Transaction. Notwithstanding anything to the contrary, in the
event of a Fundamental Transaction, the Company or any Successor Entity (as defined below) shall, at the Holder&#8217;s option, exercisable
at any time concurrently with, or within 30 days after, the consummation of the Fundamental Transaction (or, if later, the date of the
public announcement of the applicable Fundamental Transaction), purchase this Warrant from the Holder by paying to the Holder an amount
of cash equal to the Black Scholes Value (as defined below) of the remaining unexercised portion of this Warrant on the date of the consummation
of such Fundamental Transaction; <U>provided</U>, <U>however</U>, that, if the Fundamental Transaction is not within the Company's control,
including not approved by the Company's Board of Directors, the Holder shall only be entitled to receive from the Company or any Successor
Entity the same type or form of consideration (and in the same proportion), at the Black Scholes Value of the unexercised portion of this
Warrant, that is being offered and paid to the holders of Ordinary Shares (including Ordinary Shares underlying ADSs) of the Company in
connection with the Fundamental Transaction, whether that consideration be in the form of cash, shares or any combination thereof, or
whether the holders of Ordinary Shares (including Ordinary Shares underlying ADSs) are given the choice to receive from among alternative
forms of consideration in connection with the Fundamental Transaction; <U>provided</U>, <U>further</U>, that, if holders of Ordinary Shares
(including any Ordinary Shares underlying ADSs) of the Company are not offered or paid any consideration in such Fundamental Transaction,
such holders of Ordinary Shares (including any Ordinary Shares underlying ADSs) will be deemed to have received common equity of the Successor
Entity (which Successor Entity may be the Company following such Fundamental Transaction) in such Fundamental Transaction. &#8220;<U>Black
Scholes Value</U>&#8221; means the value of this Warrant based on the Black-Scholes Option Pricing Model obtained from the &#8220;OV&#8221;
function on Bloomberg determined as of the day of consummation of the applicable Fundamental Transaction for pricing purposes and reflecting
(A) a risk-free interest rate corresponding to the U.S. Treasury rate for a period equal to the time between the date of the public announcement
of the applicable contemplated Fundamental Transaction and the Termination Date, (B) an expected volatility equal to the greater of 100%
and the 100 day volatility obtained from the HVT function on Bloomberg (determined utilizing a 365 day annualization factor) as of the
Trading Day immediately following the public announcement of the applicable contemplated Fundamental Transaction, (C) the underlying price
per share used in such calculation shall be the greater of (i) the sum of the price per Ordinary Share being offered in cash, if any,
plus the value of any non-cash consideration, if any, being offered in such Fundamental Transaction and (ii) the highest VWAP during the
period beginning on the Trading Day immediately preceding the public announcement of the applicable contemplated Fundamental Transaction
(or the consummation of the applicable Fundamental Transaction, if earlier) and ending on the Trading Day of the Holder&#8217;s request
pursuant to this Section 3(b), (D) a remaining option time equal to the time between the date of the public announcement of the applicable
contemplated Fundamental Transaction and the Termination Date and (E) a zero cost of borrow. The payment of the Black Scholes Value will
be made by wire transfer of immediately available funds (or such other consideration) within the later of (i) five Business Days of </P>

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<P STYLE="margin: 0pt 0 0pt 0.5in; font-size: 10pt; text-align: justify">the
Holder&#8217;s election and (ii) the date of consummation of the Fundamental Transaction. The Company shall cause any successor entity
in a Fundamental Transaction in which the Company is not the survivor (the &#8220;<U>Successor Entity</U>&#8221;) to assume in writing
all of the obligations of the Company under this Warrant in accordance with the provisions of this Section 3(b) pursuant to written agreements
in form and substance reasonably satisfactory to the Holder and approved by the Holder (without unreasonable delay) prior to such Fundamental
Transaction and shall, at the option of the Holder, deliver to the Holder in exchange for this Warrant, a security of the Successor Entity
evidenced by a written instrument substantially similar in form and substance to this Warrant which is exercisable for a corresponding
number of shares of capital stock of such Successor Entity (or its parent entity) equivalent to the Warrant Shares underlying the Warrant
ADSs acquirable and receivable upon exercise of this Warrant (without regard to any limitations on the exercise of this Warrant) prior
to such Fundamental Transaction, and with an exercise price which applies the exercise price hereunder to such shares of capital stock
(but taking into account the relative value of the Ordinary Shares underlying the Warrant ADSs pursuant to such Fundamental Transaction
and the value of such shares of capital stock, such number of shares of capital stock and such exercise price being for the purpose of
protecting the economic value of this Warrant immediately prior to the consummation of such Fundamental Transaction), and which is reasonably
satisfactory in form and substance to the Holder. Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall
be added to the term &#8220;Company&#8221; under this Warrant (so that from and after the occurrence or consummation of such Fundamental
Transaction, each and every provision of this Warrant referring to the &#8220;Company&#8221; shall refer instead to each of the Company
and the Successor Entity or Successor Entities, jointly and severally), and the Successor Entity or Successor Entities, jointly and severally
with the Company, may exercise every right and power of the Company prior thereto and the Successor Entity or Successor Entities shall
assume all of the obligations of the Company prior thereto under this Warrant with the same effect as if the Company and such Successor
Entity or Successor Entities, jointly and severally, had been named as the Company herein. For the avoidance of doubt, the Holder shall
be entitled to the benefits of the provisions of this Section 3(b) regardless of (i) whether the Company has sufficient authorized Ordinary
Shares for the issuance of Warrant Shares represented by Warrant ADSs and/or (ii) whether a Fundamental Transaction occurs prior to the
Initial Exercise Date.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">c)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Calculations</U>. All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of an ADS,
as the case may be. For purposes of this Section 3, the number of Ordinary Shares deemed to be issued and outstanding as of a given date
shall be the sum of the number of Ordinary Shares (including Ordinary Shares underlying ADSs, but excluding treasury shares, if any) issued
and outstanding.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">d)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Notice to Holder</U>.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 1.5in">i.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Adjustment to Exercise Price</U>. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3, the Company
shall promptly deliver to the Holder by email a notice setting forth the Exercise Price after such adjustment and any resulting adjustment
to the number of Warrant ADSs and setting forth a brief statement of the facts requiring such adjustment.</P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 1.5in">ii.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Notice to Allow Exercise by Holder</U>. If (A) the Company shall declare a dividend (or any other distribution in whatever form)
on the Ordinary Shares or ADSs, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Ordinary
Shares or ADSs, (C) the Company shall authorize the granting to all holders of the Ordinary Shares or ADSs rights or warrants to subscribe
for or purchase any shares of capital stock of any class or of any rights, (D) the approval of any shareholders of the Company shall be
required in connection with any reclassification of the Ordinary Shares or ADSs, any consolidation or merger to which the Company is a
party, any sale or transfer of all or substantially all of the assets of the Company, or any compulsory share exchange whereby the Ordinary
Shares are converted into other securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution,
liquidation or winding up of the affairs of the Company, then, in each case, the Company shall cause to be delivered by email to the Holder
at its last email address as it shall appear upon the Warrant Register of the Company, at least 20 calendar days prior to the applicable
record or effective date hereinafter specified, a notice stating (x) the date on which a record is to be taken for the purpose of such
dividend, distribution, redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of the Ordinary
Shares or ADSs of record to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined or (y) the
date on which such reclassification, consolidation, merger, sale, transfer, share exchange or action is expected to become effective or
close, and the date as of which it is expected that holders of the Ordinary Shares (including Warrant Shares underlying Warrant ADSs)
of record shall be entitled to exchange their Ordinary Shares for securities, cash or other property deliverable upon such reclassification,
consolidation, merger, sale, transfer, share exchange or action; provided that the failure to deliver such notice or any defect therein
or in the delivery thereof shall not affect the validity of the corporate action required to be specified in such notice. To the extent
that any notice provided in this Warrant constitutes, or contains, material, non-public information regarding the Company or any of the
Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a Report on Form 6-K. The Holder shall
remain entitled to exercise this Warrant during the period commencing on the date of such notice to the effective date of the event triggering
such notice except as may otherwise be expressly set forth herein.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 1.5in">&nbsp;</P>

<P STYLE="margin: 0pt 0 0pt 0.5in; font-size: 10pt; text-align: justify; text-indent: 0.5in"> e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Voluntary Adjustment By Company</U>. Subject to the rules and regulations of the Trading Market, the Company may at any time during the term of this Warrant reduce the then current Exercise Price to any amount and for any period of time deemed appropriate by the board of directors of the Company.</P>



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

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<P STYLE="margin: 0pt 0 0pt 0.5in; font-size: 10pt; text-align: justify; text-indent: 0.5in"> f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Company shall take no action that would result in the Exercise Price per ADS being adjusted hereunder to less than ten (10) Danish Krone, the nominal amount per share of the Ordinary Shares for ten (10) Ordinary Shares, as expressed in United States dollars at the applicable exchange rate published by the Danish National Bank.</P>



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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0"><U>Section 4</U>.&#9;<U>Transfer of Warrant</U>.</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 0pt 0.5in">a)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Transferability</U>. This Warrant and all rights hereunder are transferable, in whole or in part, upon surrender of this Warrant
at the principal office of the Company or its designated agent, together with a written assignment of this Warrant substantially in the
form attached hereto duly executed by the Holder or its agent or attorney and funds sufficient to pay any transfer taxes payable upon
the making of such transfer. Upon such surrender and, if required, such payment, the Company shall execute and deliver a new Warrant or
Warrants in the name of the assignee or assignees, as applicable, and in the denomination or denominations specified in such instrument
of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant
shall promptly be cancelled. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender
this Warrant to the Company unless the Holder has assigned this Warrant in full, in which case, the Holder shall surrender this Warrant
to the Company within three (3) Trading Days of the date on which the Holder delivers an assignment form to the Company assigning this
Warrant in full. The Warrant, if properly assigned in accordance herewith, may be exercised by a new holder for the subscription for Warrant
ADSs without having a new Warrant issued.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">b)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>New Warrants</U>. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office
of the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by
the Holder or its agent or attorney. Subject to compliance with Section 4(a), as to any transfer which may be involved in such division
or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided
or combined in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated the Initial Exercise Date and
shall be identical with this Warrant except as to the number of Warrant ADSs issuable pursuant thereto.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">c)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Warrant Register</U>. The Company shall register this Warrant, upon records to be maintained by the Company for that purpose
(the &#8220;<U>Warrant Register</U>&#8221;), in the name of the record Holder hereof from time to time. The Company may deem and treat
the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder,
and for all other purposes, absent actual notice to the contrary.</P>

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

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0"><U>Section 5</U>.&#9;<U>Miscellaneous</U>.</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 0pt 0.5in">a)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Rights as Shareholder Until Exercise; No Settlement in Cash</U>. This Warrant does not entitle the Holder to any voting rights,
dividends or other rights as a shareholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i), except as expressly
set forth in Section 3. Without limiting any rights of a Holder to receive cash payments pursuant to Section 2(d)(i) and Section 2(d)(iv)
herein, in no event shall the Company be required to net cash settle an exercise of this Warrant.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">b)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Loss, Theft, Destruction or Mutilation of Warrant</U>. The Company covenants that upon receipt by the Company of evidence reasonably
satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant ADSs,
and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case of the Warrant,
shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate, if mutilated, the
Company will make and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation, in lieu of such Warrant
or stock certificate.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">c)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Saturdays, Sundays, Holidays, etc</U>. If the last or appointed day for the taking of any action or the expiration of any right
required or granted herein shall not be a Business Day, then such action may be taken or such right may be exercised on the next succeeding
Business Day.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">d)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Authorized Shares</U>.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 1in">The Company covenants that, during the period
that the Warrant is outstanding, it shall allot a sufficient number of shares to provide for the issuance of the Warrant ADSs and the
underlying Ordinary Shares upon the exercise of any subscription rights under this Warrant. The Company further covenants that its issuance
of this Warrant shall constitute full authority to its officers who are charged with the duty of issuing the requisite Warrant Shares
for the Depositary to issue the necessary Warrant ADSs upon the exercise of the subscription rights under this Warrant. The Company will
take all such reasonable action as may be necessary to assure that such Warrant Shares and Warrant ADSs may be issued as provided herein
without violation of any applicable law or regulation, or of any requirements of the Trading Market upon which the ADSs and/or Ordinary
Shares may be listed. The Company covenants that all Warrant Shares represented by Warrant ADSs which may be issued upon the exercise
of the subscription rights represented by this Warrant will, upon exercise of the subscription rights represented by this Warrant and
payment for such Warrant ADSs in accordance herewith, be duly authorized, validly issued, fully paid and nonassessable and free from all
taxes, liens and charges created by the Company in respect of the issue thereof (other than any taxes in respect of any transfer occurring
contemporaneously with such issue).</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 1in">&nbsp;</P>

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<P STYLE="margin: 0pt 0 0pt 1in; font-size: 10pt; text-align: justify"></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 1in">Except and to the extent as waived or consented
to by the Holder, the Company shall not by any action, including, without limitation, amending its articles of association or through
any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action,
avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but will at all times in good faith assist in
the carrying out of all such terms and in the taking of all such actions as may be necessary or appropriate to protect the rights of Holder
as set forth in this Warrant against impairment. Without limiting the generality of the foregoing, the Company will (i) not increase the
nominal value of any Warrant Shares represented by Warrant ADSs above the amount payable therefor upon such exercise immediately prior
to such increase in nominal value, (ii) take all such action as may be necessary or appropriate in order that the Company may validly
and legally issue fully paid and nonassessable Warrant Shares represented by Warrant ADSs upon the exercise of this Warrant and (iii)
use commercially reasonable efforts to obtain all such authorizations, exemptions or consents from any public regulatory body having jurisdiction
thereof, as may be, necessary to enable the Company to perform its obligations under this Warrant.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 1in">Before taking any action which would result
in an adjustment in the number of Warrant ADSs for which this Warrant is exercisable or in the Exercise Price, the Company shall obtain
all such authorizations or exemptions thereof, or consents thereto, as may be necessary from any public regulatory body or bodies having
jurisdiction thereof.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">e)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Governing Law</U>. All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall
be governed by and construed and enforced in accordance with the internal laws of the Kingdom of Denmark, without regard to the principles
of conflict of laws thereof. Each party agrees that all legal proceedings concerning the interpretation, enforcement and defense of this
Warrant shall be commenced in the state and federal courts sitting in the City of New York, Borough of Manhattan (the &#8220;<U>New York
Courts</U>&#8221;). Each party hereto hereby irrevocably submits to the exclusive jurisdiction of the New York Courts for the adjudication
of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably
waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of
such New York Courts, or such New York Courts are improper or inconvenient venue for such proceeding. Each party hereto hereby irrevocably
waives, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or
relating to this Warrant. Each party hereby irrevocably waives personal service of process and consents to process being served in any
such suit, action or proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery)
to such party at the address in effect for notices to it under this Warrant and agrees that such service shall constitute good and sufficient
service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any
other manner permitted by law. If any party shall commence an action or proceeding to enforce any provisions of this Warrant, then the
prevailing party in such action or proceeding shall be reimbursed by the other party for its attorneys&#8217; fees and other costs and
expenses incurred in the investigation, preparation and prosecution of such action or proceeding.</P>

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

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">f)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Restrictions</U>. The Holder acknowledges that the Warrant Shares represented by Warrant ADSs acquired upon the exercise of
this Warrant, if not registered, will have restrictions upon resale imposed by state and federal securities laws.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">g)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Nonwaiver and Expenses</U>. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder
shall operate as a waiver of such right or otherwise prejudice the Holder&#8217;s rights, powers or remedies. Without limiting any other
provision of this Warrant, if the Company willfully and knowingly fails to comply with any provision of this Warrant, which results in
any material damages to the Holder, the Company shall pay to the Holder such amounts as shall be sufficient to cover any costs and expenses
including, but not limited to, reasonable attorneys&#8217; fees, including those of appellate proceedings, incurred by the Holder in collecting
any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies hereunder.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">h)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Notices</U>. Any and all notices or other communications or deliveries to be provided by the Holders hereunder including, without
limitation, any Notice of Exercise, shall be in writing and delivered personally, by email, or sent by a nationally recognized overnight
courier service, addressed to the Company, at Dr. Neergaards Vej 5f, DK-2970 Hoersholm, Denmark, Attention: <B>Anne-Sofie Wiemann </B>and
<B>Susanne Bech</B>, email addresses <B>awi@evaxion-biotech.com</B> and <B>sbe@evaxion-biotech.com</B> and <B>investor@evaxion-biotech.com</B>
or such other email address or address as the Company may specify for such purposes by notice to the Holders. Any and all notices or other
communications or deliveries to be provided by the Company hereunder shall be in writing and delivered personally, by email, or sent by
a nationally recognized overnight courier service addressed to each Holder at the email, number or address of such Holder appearing on
the books of the Company, or if no such email, number or address appears on the books of the Company, then to the most recent email, number
or address such Holder has provided to Company. Any notice or other communication or deliveries hereunder shall be deemed given and effective
on the earliest of (i) the time of transmission, if such notice or communication is delivered via email at the email address set forth
in this Section prior to 5:30 p.m. (New York City time) on any date, (ii) the next Trading Day after the time of transmission, if such
notice or communication is delivered via email at the email address set forth in this Section on a day that is not a Trading Day or later
than 5:30 p.m. (New York City time) on any Trading Day, (iii) the second Trading Day following the date of mailing, if sent by U.S. nationally
recognized overnight courier service, or (iv) upon actual receipt by the party to whom such notice is required to be given.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">i)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Limitation of Liability</U>. No provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant
to subscribe for Warrant ADSs, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of
the Holder for the subscription price of any Warrant Shares or Warrant ADSs or as a shareholder of the Company, whether such liability
is asserted by the Company or by creditors of the Company.</P>

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

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">j)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Remedies</U>. The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages,
will be entitled to specific performance of its rights under this Warrant. The Company agrees that monetary damages would not be adequate
compensation for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to waive and not to
assert the defense in any action for specific performance that a remedy at law would be adequate.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">k)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Successors and Assigns</U>. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby
shall inure to the benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted
assigns of Holder. The provisions of this Warrant are intended to be for the benefit of any Holder from time to time of this Warrant and
shall be enforceable by the Holder or holder of Warrant ADSs.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">l)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Company Acknowledgement; Notice of Successor Danish Counsel</U>. The Company acknowledges and agrees that the Holder&#8217;s
payment of the aggregate Exercise Price to Company Danish Counsel in connection with any exercise hereunder shall be deemed to be the
delivery by the Holder of the aggregate Exercise Price to the Company and shall satisfy the Holder&#8217;s obligations under this Warrant
for the payment of the aggregate Exercise Price in connection with any exercise hereunder and shall require the Company to deliver the
Warrant ADSs upon such exercise to the Holder pursuant to the terms hereunder. If the Company changes its Company Danish Counsel after
the Initial Exercise Date, the Company shall promptly deliver notice of the successor Company Danish Counsel ((including the bank wire
transfer instructions of such successor Company Danish Counsel) to the Holder (including, without limitation, any successor holder of
this Warrant) on Company letterhead and executed by the Chief Executive Officer or Chief Financial Officer of the Company, with instructions
in writing to pay the aggregate Exercise Price of this Warrant to such successor Company Danish Counsel.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">m)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Reimbursement</U>. The Company shall reimburse the Holder for any fees charged to the Holder by the Depositary in connection
with the issuance or holding or sale of the Warrant ADSs.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">n)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Amendment</U>. This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company
and the Holder.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">o)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Severability</U>. Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective and
valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision
shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining
provisions of this Warrant.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">p)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Headings</U>. The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be
deemed a part of this Warrant.</P>

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

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

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

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

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: center; text-indent: 0in"><I>(Signature Page Follows)</I></P>

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

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

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

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

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

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

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

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

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0"></P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">IN WITNESS WHEREOF, the Company has caused this Warrant
to be executed by its officer thereunto duly authorized as of the date first above indicated.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; text-indent: 2.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="text-transform: uppercase"><B>EVAXION BIOTECH A/S</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 45%"> </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD> Name:</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD> Title:</TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0; text-indent: 2.5in">&nbsp;</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: center; margin: 0pt 0"></P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"><B>NOTICE OF EXERCISE</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="text-transform: uppercase">To:</FONT></TD><TD></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>EVAXION BIOTECH A/S</B></FONT></TD>
</TR></TABLE>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">(1)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp; </FONT>The
undersigned hereby elects to subscribe for ________ Warrant ADSs of the Company pursuant to the terms of the attached Warrant (only if
exercised in full), and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes, if any.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">(2)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp; </FONT>Payment
shall take the form of lawful money of the United States to be delivered to Company Danish Counsel (as defined in the Warrant) pursuant
to the following bank wire transfer instructions:</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0 0pt 1in"><U>Bank Name</U>: Danske Bank</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0 0pt 1in"><U>Bank Address</U>: Holmens Kanal 2, 1092 Copenhagen
K, Denmark</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0 0pt 1in"><U>Bank Account Name</U>: Mazanti-Andersen main
client account</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0 0pt 1in"><U>Bank Account Number</U>: 4777175572</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0 0pt 1in"><U>IBAN</U>: DK7130004777175572</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0 0pt 1in"><U>SWIFT-BIC</U>: DABADKKK</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0 0pt 1in"><U>Reference</U>: Evaxion Biotech A/S</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0 0pt 1in"><U>Contact Person and Telephone Number</U>: Lars
L&uuml;thjohan. Ph. no.: +4540283536 E-mail: LLJ@mazanti.dk</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">(3)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp; </FONT>Please
issue said Warrant ADSs in the name of the undersigned or in such other name as is specified below:</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 1.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 1.5in">DTC Participant name and number: ________________________</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 1.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 1.5in">Contact of DTC Participant: _______________________</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 1.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 1.5in">Telephone Number of DTC Participant Contact: _____________________</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="text-transform: uppercase">[SIGNATURE OF HOLDER]</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt">Name of Investing Entity:</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 98%">&nbsp;</TD></TR>
  </TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; font-style: italic">Signature of Authorized Signatory of Investing Entity:</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 98%">&nbsp;</TD></TR>
  </TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt">Name of Authorized Signatory:</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 98%">&nbsp;</TD></TR>
  </TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt">Title of Authorized Signatory:</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 98%">&nbsp;</TD></TR>
  </TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt">Date:</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 98%">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 1in">&nbsp;</P>

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: right">&#9;<B>EXHIBIT B</B></P>

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

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">ASSIGNMENT FORM</FONT></P>

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

<P STYLE="font-size: 10pt; text-indent: 10.5pt; margin: 0pt 0"><I>(To assign the foregoing Warrant, execute this form and supply required
information. Do not use this form to subscribe for Warrant ADSs.)</I></P>

<P STYLE="font-size: 10pt; text-indent: 10.5pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 10.5pt; margin: 0pt 0">FOR VALUE RECEIVED, the foregoing Warrant and all rights evidenced thereby
are hereby assigned to</P>

<P STYLE="font-size: 10pt; text-indent: 10.5pt; margin: 0pt 0">&nbsp;</P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font-size: 10pt; text-align: justify">Name:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 50%; font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify">(Please Print)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: justify">Address:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD></TD>
    <TD> (Please Print)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Phone Number:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Email Address:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: justify">Dated: _______________ __, ______</TD>
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: justify; width: 8%">Holder&#8217;s Signature:</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: justify; width: 31%">&nbsp;</TD>
    <TD STYLE="width: 60%">&nbsp;</TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: justify; width: 8%">Holder&#8217;s Address:</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: justify; width: 31%">&nbsp;</TD>
    <TD STYLE="width: 60%">&nbsp;</TD></TR>
  </TABLE>
<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">&nbsp;</P>

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

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

<!-- Field: Page; Sequence: 43 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt">
  <TR>
    <TD>
    <P STYLE="margin: 0pt 8.35pt 0pt 0; font-size: 10pt; text-align: right">Appendix 9</P></TD></TR>
  </TABLE>
<P STYLE="margin: 0pt 0">&nbsp;</P>

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

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

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>PLACEMENT AGENT WARRANT TO SUBSCRIBE FOR ORDINARY SHARES </B></P>

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

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>REPRESENTED BY AMERICAN DEPOSITARY SHARES</B></P>

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

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><FONT STYLE="text-transform: uppercase"><B>EVAXION BIOTECH A/S</B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%; font-size: 10pt; text-align: left">Warrant ADSs: ______</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 49%; font-size: 10pt">Initial Exercise Date: February 5, 2024</TD></TR>
  </TABLE>


<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 3.5in; text-indent: 1in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 3.5in; text-indent: 1in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">THIS PLACEMENT AGENT WARRANT TO SUBSCRIBE FOR ORDINARY
SHARES REPRESENTED BY AMERICAN DEPOSITARY SHARES (the &#8220;<U>Warrant</U>&#8221;) certifies that, for value received, ______ or its
assigns (the &#8220;<U>Holder</U>&#8221;) is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter
set forth, at any time on or after the date hereof (the &#8220;<U>Initial Exercise Date</U>&#8221;) and on or prior to 5:00 p.m. (New
York City time) on February 1, 2029 (the &#8220;<U>Termination Date</U>&#8221;) but not thereafter, to subscribe for and purchase from
Evaxion Biotech A/S, a public limited liability company incorporated under the laws of the Kingdom of Denmark (the &#8220;<U>Company</U>&#8221;),
up to ______ Ordinary Shares (the &#8220;<U>Warrant Shares</U>&#8221;) represented by _______ ADSs (the &#8220;<U>Warrant ADSs</U>&#8221;),
as subject to adjustment hereunder. The subscription price of one Warrant ADS under this Warrant shall be equal to the Exercise Price,
as defined in Section 2(b). This Warant is being issued pursuant to that certain Engagement Agreement, dated as of September 27, 2023,
as amended, by and between the Company and ______.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0"><U>Section 1</U>.&#9;<U>Definitions</U>. In addition
to the terms defined elsewhere in this Warrant, the following terms have the meanings indicated in this Section 1:</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 0pt 0.5in">&#8220;<U>ADS(s)</U>&#8221; means American
Depositary Shares issued pursuant to the Deposit Agreement, each representing ten (10) Ordinary Shares.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&#8220;<U>Affiliate</U>&#8221; means any
Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common control with a
Person, as such terms are used in and construed under Rule 405 under the Securities Act.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&#8220;<U>Board of Directors</U>&#8221; means
the board of directors of the Company.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&#8220;<U>Business Day</U>&#8221; means any
day except any Saturday, any Sunday, any day which is a federal legal or national holiday in the United States or Denmark or any day on
which banking institutions in the State of New York or Denmark are authorized or required by law to remain closed; provided, however,
for clarification, commercial banks shall not be deemed to be authorized or required by law to remain closed due to &#8220;stay at home&#8221;,
&#8220;shelter-in-place&#8221;, &#8220;non-essential employee&#8221;&nbsp; or any other similar orders or restrictions or the closure
of any physical branch locations at the direction of any governmental authority so long as the electronic funds transfer systems (including
for wire transfers) of commercial banks in The City of New York and Copenhagen, Denmark are generally open for use by customers on such
day or other governmental action to close.</P>

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

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&#8220;<U>Commission</U>&#8221; means the
United States Securities and Exchange Commission.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&#8220;<U>Company Danish Counsel</U>&#8221;
means Mazanti-Andersen, Amaliegade 10 1256 Copenhagen K, Denmark, or any successor Danish counsel to the Company.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&#8220;<U>Deposit Agreement</U>&#8221; means
the Deposit Agreement, dated as of February 4, 2021, among the Company, The Bank of New York Mellon as Depositary and the owners and holders
of ADSs from time to time, as such agreement may be amended or supplemented.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&#8220;<U>Depositary</U>&#8221; means The
Bank of New York Mellon and any successor depositary of the Company.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&#8220;<U>Exchange Act</U>&#8221; means the
Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&#8220;<U>Liens</U>&#8221; means a lien,
charge, pledge, security interest, encumbrance, right of first refusal, preemptive right or other restriction.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&#8220;<U>Ordinary Share(s)</U>&#8221; means
the ordinary shares of the Company, DKK 1 nominal value per share, and any other class of securities into which such securities may hereafter
be reclassified or changed.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&#8220;<U>Person</U>&#8221; means an individual
or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability company, joint stock
company, government (or an agency or subdivision thereof) or other entity of any kind.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&#8220;<U>Proceeding</U>&#8221; means an
action, claim, suit, investigation or proceeding (including, without limitation, an informal investigation or partial proceeding, such
as a deposition), whether commenced or threatened.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&#8220;<U>Purchase Agreement</U>&#8221; means
the securities purchase agreement, dated as of February 1, 2024, by and between the Company and each of the purchasers signatory thereto.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&#8220;<U>Registration Statement</U>&#8221;
means the Company&#8217;s registration statement on Form F-1 (File No. 333-276505).</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&#8220;<U>Securities Act</U>&#8221; means
the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&#8220;<U>Subsidiary</U>&#8221; means any
subsidiary of the Company and shall, where applicable, also include any direct or indirect subsidiary of the Company formed or acquired
after the date hereof.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&#8220;<U>Trading Day</U>&#8221; means a
day on which the principal Trading Market is open for trading.</P>

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

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&#8220;<U>Trading Market</U>&#8221; means
any of the following markets or exchanges on which the Ordinary Shares and/or ADSs are listed or quoted for trading on the date in question:
the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, or the New York Stock Exchange
(or any successors to any of the foregoing).</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&#8220;<U>Transfer Agent</U>&#8221; means
Computershare A/S, the current transfer agent of the Company, with a mailing address of Lottenborgvej 26 D, 1., DK-2800 Kgs. Lyngby, Denmark
and company registration number (CVR) no. 27088899, and any successor transfer agent of the Company.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&#8220;<U>VWAP</U>&#8221; means, for any
date, the price determined by the first of the following clauses that applies: (a) if the ADSs are then listed or quoted on a Trading
Market, the daily volume weighted average price of the ADSs for such date (or the nearest preceding date) on the Trading Market on which
the ADSs are then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m.
(New York City time)), (b)&nbsp; if OTCQB Venture Market (&#8220;<U>OTCQB</U>&#8221;) or OTCQX Best Market (&#8220;<U>OTCQX</U>&#8221;)
is not a Trading Market, the volume weighted average price of the ADSs for such date (or the nearest preceding date) on OTCQB or OTCQX
as applicable, (c) if the ADSs are not then listed or quoted for trading on OTCQB or OTCQX and if prices for the ADSs are then reported
in the &#8220;Pink&#8221; Open Market (&#8220;<U>Pink Market</U>&#8221;) operated by OTC Markets, Inc. (or a similar organization or agency
succeeding to its functions of reporting prices), the most recent bid price per ADS so reported, or (d)&nbsp;in all other cases, the fair
market value of an ADS as determined by an independent appraiser selected in good faith by the Holders of a majority in interest of the
Warrants then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0"><U>Section 2</U>.&#9;<U>Exercise</U>.</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 0pt 0.5in">a)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Exercise of Warrant</U>. This Warrant may be exercised, in whole or in part, at any time or times on or after the Initial Exercise
Date and on or before the Termination Date by delivery to the Company of a duly executed PDF copy submitted by e-mail (or e-mail attachment)
of the Notice of Exercise in the form annexed hereto (the &#8220;<U>Notice of Exercise</U>&#8221;). On the Trading Day (based on New York
City time) on which the delivery of the Notice of Exercise occurs, the Holder shall deliver to the Company Danish Counsel the aggregate
Exercise Price for the Warrant ADSs specified in the applicable Notice of Exercise by wire transfer to the Company Danish Counsel pursuant
to the bank wire transfer instructions set forth on the Notice of Exercise attached hereto. No ink-original Notice of Exercise shall be
required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of Exercise be required. Notwithstanding
anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company until the Holder
has subscribed for all of the Warrant ADSs available hereunder and the Warrant has been exercised in full, in which case, the Holder shall
surrender this Warrant to the Company for cancellation as soon as reasonably practicable following the date on which the final Notice
of Exercise is delivered to the Company. Partial exercises of this Warrant resulting in the subscription of a portion of the total number
of Warrant ADSs available hereunder shall have the effect of reducing the outstanding number of Warrant ADSs purchasable hereunder in
an amount equal to the applicable number of Warrant ADSs subscribed. The Company shall record the number of Warrants issued to the Holder
and the number of Warrant ADSs subscribed through exercise and the date of such subscription of the Warrant ADSs. The Company shall deliver
any objection to any Notice of Exercise within one (1) Trading Day of receipt of such notice. The Holder and any assignee, by acceptance
of this Warrant, acknowledge and agree that, by reason of the provisions of this paragraph, following the subscription for a portion of
the Warrant ADSs hereunder, the number of Warrant ADSs available for subscription hereunder at any given time may be less than the amount
stated on the face hereof.</P>

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

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">b)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Exercise Price</U>. The exercise price per ADS under this Warrant shall be <B>$5.40</B>, subject to adjustment hereunder (the
&#8220;<U>Exercise Price</U>&#8221;).</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">c)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Unavailability of Registration Statement</U>. Notwithstanding anything to the contrary contained herein, if there is no effective
registration statement registering, or the prospectus contained therein is not available for, the sale of all of Warrant ADSs, representing
the underlying Warrant Shares, issuable under this Warrant at any time following the Initial Exercise Date and ending on the Termination
Date, the Holder shall be permitted to exercise this Warrant by delivery of a Notice of Exercise to the Company, and, within one (1) Trading
Day (based on New York City time) following the delivery of such Notice of Exercise, deliver to the Company Danish Counsel the aggregate
Exercise Price with respect to such exercise of this Warrant.&nbsp; Upon delivery by the Holder of a Notice of Exercise during a Registration
Failure Period (as defined below) and the timely payment by the Holder of the aggregate Exercise Price, the Company shall be required
to (1) pay in cash to the Holder on each Trading Day during the Registration Failure Period an amount equal to 1.0% of the product of
(A) the number of Warrant ADSs subject to the exercise by the Holder pursuant to the immediately preceding sentence and (B) the VWAP of
the ADSs on the date of delivery of the Notice of Exercise to the Company, and (2) on the Trading Day immediately following the date on
which the Registration Failure Period ends, deliver all of the Warrant ADSs required to be delivered pursuant to such Notice of Exercise
by crediting the account of the Holder&#8217;s prime broker with The Depository Trust Company through DWAC (as defined below).&nbsp; The
Company shall pay any cash amounts owed pursuant to clause (1) of the immediately preceding sentence on each corresponding Trading Day
during the Registration Failure Period. As used herein, &#8220;<U>Registration Failure Period</U>&#8221; means the period (x) beginning
on the date of delivery of a Notice of Exercise at a time when there is no registration statement registering, or the prospectus contained
therein is not available for, the sale of all of the Warrant ADSs, representing the underlying Warrant Shares, issuable under this Warrant,
and (y) ending on the later of (A) the date that there is an effective registration statement registering, and the prospectus contained
therein is available for, the sale of all of the Warrant ADSs, representing the underlying Warrant Shares, issuable hereunder and (B)
the date of delivery of all of the Warrant ADSs required to be delivered pursuant to the Notice of Exercise by crediting the account of
the Holder&#8217;s prime broker with The Depository Trust Company through DWAC.</P>

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

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

<P STYLE="margin: 0pt 0 0pt 0.5in; font-size: 10pt; text-align: justify; text-indent: 0.5in"> d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Mechanics of Exercise</U>.</P>



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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 99pt"></TD><TD STYLE="width: 30pt">i.</TD><TD STYLE="margin: 0pt 0 0pt 0.5in; font-size: 10pt; text-align: justify; text-indent: 0.5in"><U>Delivery of Warrant ADSs Upon Exercise</U>. Upon the exercise of this Warrant, the Company shall enter
the Warrant Shares in the name of the Holder in the Company&#8217;s share register, deposit the Warrant Shares in connection with such
exercise with the Depositary for the ADSs, and instruct the Depositary to transmit the Warrant ADSs purchased hereunder to the Holder
by crediting the account of the Holder&#8217;s or its designee&#8217;s balance account with The Depository Trust Company through its Deposit/Withdrawal
At Custodian system (&#8220;<U>DWAC</U>&#8221;) if the Depositary is then a participant in such system and there is an effective registration
statement permitting the issuance of the Warrant ADSs, representing the underlying Warrant Shares, to the Holder, by the date that is
the earlier of (i) two (2) Trading Days after the delivery to the Company of the Notice of Exercise and (ii) the number of Trading Days
comprising the Standard Settlement Period after the delivery to the Company of the Notice of Exercise (such date, the &#8220;<U>Warrant
ADS Delivery Date</U>&#8221;), provided that the Company shall not be obligated to deliver the Warrant ADSs hereunder unless the Company
Danish Counsel has received the aggregate Exercise Price on or before the Trading Day (based on New York City time) immediately prior
to the Warrant ADS Delivery Date. Upon delivery of the Notice of Exercise, the Holder shall be deemed for all corporate purposes to have
become the holder of record of the Warrant ADSs with respect to which this Warrant has been exercised, irrespective of the date of delivery
of the Warrant ADSs, provided that payment of the aggregate Exercise Price is received by the Warrant ADS Delivery Date. If the Company
fails for any reason to cause the Depositary to deliver to the Holder the Warrant ADSs subject to a Notice of Exercise by the Warrant
ADS Delivery Date, the Company shall pay to the Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant
ADSs subject to such exercise (based on the VWAP of the ADSs on the date of the applicable Notice of Exercise), $10 per Trading Day (increasing
to $20 per Trading Day on the third Trading Day after the Warrant ADS Delivery Date) for each Trading Day after such Warrant ADS Delivery
Date until such Warrant ADSs are delivered or the Holder rescinds such exercise. The Company agrees to maintain a depositary and a transfer
agent that each are a participant in the FAST program so long as this Warrant remains outstanding and exercisable. As used herein, &#8220;<U>Standard
Settlement Period</U>&#8221; means the standard settlement period, expressed in a number of Trading Days, on the Company&#8217;s primary
Trading Market with respect to the ADSs as in effect on the date of delivery of the Notice of Exercise. Notwithstanding the foregoing,
with respect to any Notice(s) of Exercise delivered on or prior to 12:00 p.m. (New York City time) on the Trading Day prior to the Initial
Exercise Date, which may be delivered at any time after the time of execution of the Purchase Agreement, the Company agrees to deliver
the Warrant ADSs subject to such notice(s) by 4:00 p.m. (New York City time) on the Initial Exercise Date and the Initial Exercise Date
shall be the Warrant ADS Delivery Date for purposes hereunder, provided that payment of the aggregate Exercise Price is delivered to Company
Danish Counsel by 12:00 p.m. (New York City time) on the Trading Day prior to the Initial Exercise Date.</TD></TR></TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 99pt"></TD><TD STYLE="width: 30pt">ii.</TD><TD STYLE="margin: 0pt 0 0pt 0.5in; font-size: 10pt; text-align: justify; text-indent: 0.5in"><U>Delivery of New Warrants Upon Exercise</U>. If this Warrant shall have been exercised in part, the
Company shall, at the request of a Holder and upon surrender of this Warrant certificate, at the time of delivery of the Warrant ADSs,
deliver to the Holder a new Warrant certificate evidencing the rights of the Holder to subscribe for the unsubscribed Warrant ADSs called
for by this Warrant, which new Warrant shall in all other respects be identical with this Warrant.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 99pt"></TD><TD STYLE="width: 30pt">iii.</TD><TD STYLE="margin: 0pt 0 0pt 0.5in; font-size: 10pt; text-align: justify; text-indent: 0.5in"><U>Rescission Rights</U>. If the Company fails to cause the Depositary to transmit to the Holder the Warrant
ADSs pursuant to Section 2(d)(i) by the Warrant <U>ADS</U> Delivery Date, then the Holder will have the right to rescind such exercise
prior to the delivery of such Warrant ADSs hereunder (with the effect that the Holder&#8217;s right to acquire such Warrant ADSs pursuant
to this Warrant shall be restored) and the Company shall return to the Holder the aggregate Exercise Price paid to the Company Danish
Counsel for such Warrant ADSs.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 99pt"></TD><TD STYLE="width: 30pt">iv.</TD><TD STYLE="margin: 0pt 0 0pt 0.5in; font-size: 10pt; text-align: justify; text-indent: 0.5in"><U>Compensation for Buy-In on Failure to Timely Deliver Warrant ADSs Upon Exercise</U>. In addition to
any other rights available to the Holder, if the Company fails to cause the Depositary to deliver to the Holder the Warrant ADSs in accordance
with the provisions of Section 2(d)(i) above pursuant to an exercise on or before the Warrant ADS Delivery Date, and if after such date
the Holder is required by its broker to purchase (in an open market transaction or otherwise) or the Holder&#8217;s brokerage firm otherwise
purchases, ADSs to deliver in satisfaction of a sale by the Holder of the Warrant ADSs which the Holder anticipated receiving upon such
exercise (a &#8220;<U>Buy-In</U>&#8221;), then the Company shall (A) pay in cash to the Holder the amount, if any, by which (x) the Holder&#8217;s
total purchase price (including brokerage commissions, if any) for the ADSs so purchased exceeds (y) the amount obtained by multiplying
(1) the number of Warrant ADSs that the Company failed to deliver to the Holder in connection with the exercise at issue by (2) the price
at which the sell order giving rise to such purchase obligation was executed, and (B) at the option of the Holder, either reinstate the
portion of the Warrant in respect of the equivalent number of Warrant ADSs for which such exercise was not honored and return any amount
received by the Company Danish Counsel in respect of the Exercise Price for those Warrant ADSs (in which case such exercise shall be deemed
rescinded) or deliver to the Holder the number of Warrant ADSs that would have been issued had the Company timely complied with its exercise
and delivery obligations hereunder. For example, if the Holder purchases ADSs having a total purchase price of $11,000 to cover a Buy-In
with respect to an attempted exercise of Warrants for ADSs with an aggregate sale price giving rise to such purchase obligation of $10,000,
under clause (A) of the immediately preceding sentence the Company shall be required to pay the Holder $1,000. The Holder shall provide
the Company written notice indicating the amounts payable to the Holder in respect of the Buy-In and, upon request of the Company, evidence
of the amount of such loss. Nothing herein shall limit a Holder&#8217;s right to pursue any other remedies available to it hereunder,
at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief with respect to the Company&#8217;s
failure to timely deliver Warrant ADSs upon exercise of the Warrant as required pursuant to the terms hereof.</TD></TR></TABLE>

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<TD STYLE="width: 99pt"></TD><TD STYLE="width: 30pt">v.</TD><TD STYLE="margin: 0pt 0 0pt 0.5in; font-size: 10pt; text-align: justify; text-indent: 0.5in"><U>No Fractional Ordinary Shares or Warrant ADSs</U>. No fractional Warrant Shares or Warrant ADSs shall
be issued upon the exercise of this Warrant. As to any fraction of a Warrant ADS which the Holder would otherwise be entitled to subscribe
upon such exercise, the Company shall, at its election, either pay a cash adjustment in respect of such final fraction in an amount equal
to such fraction multiplied by the Exercise Price or round up to the next whole ADS, provided that the fraction of an ADS shall not be
rounded up to the next whole ADS if such rounding would result in the issue price being lower than the nominal value of the Ordinary Shares.</TD></TR></TABLE>

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<TD STYLE="width: 99pt"></TD><TD STYLE="width: 30pt">vi.</TD><TD STYLE="margin: 0pt 0 0pt 0.5in; font-size: 10pt; text-align: justify; text-indent: 0.5in"><U>Charges, Taxes and Expenses</U>. Issuance of Warrant ADSs shall be made without charge to the Holder
for any issue or transfer tax or other incidental expense in respect of the issuance of such Warrant ADSs, all of which taxes and expenses
shall be paid by the Company, and such Warrant ADSs shall be issued in the name of the Holder or in such name or names as may be directed
by the Holder; <U>provided</U>, <U>however</U>, that, in the event that Warrant ADSs are to be issued in a name other than the name of
the Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto duly executed by the
Holder and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental
thereto. The Company shall pay all Depositary and Transfer Agent fees required for same-day processing of any Notice of Exercise and all
fees to the Depository Trust Company (or another established clearing corporation performing similar functions) required for same-day
electronic issuance and delivery of the Warrant ADSs. The Company shall pay all applicable fees and expenses of the Depositary and Transfer
Agent in connection with the issuance of the Warrants ADSs hereunder.</TD></TR></TABLE>

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<TD STYLE="width: 99pt"></TD><TD STYLE="width: 30pt">vii.</TD><TD STYLE="margin: 0pt 0 0pt 0.5in; font-size: 10pt; text-align: justify; text-indent: 0.5in"><U>Closing of Books</U>. The Company will not close its shareholder books or records in <U>any</U> manner
which prevents the timely exercise of this Warrant, pursuant to the terms hereof.</TD></TR></TABLE>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 1in">e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Holder&#8217;s
Exercise Limitations</U>. The Company shall not effect any exercise of this Warrant, and a Holder shall not have the right to exercise
any portion of this Warrant, pursuant to Section 2 or otherwise, to the extent that after giving effect to such issuance after exercise
as set forth on the applicable Notice of Exercise, the Holder (together with the Holder&#8217;s Affiliates, and any other Persons acting
as a group together with the Holder or any of the Holder&#8217;s Affiliates (such Persons, &#8220;<U>Attribution Parties</U>&#8221;)),
would beneficially own in excess of the Beneficial Ownership Limitation (as defined below).&nbsp; For purposes of the foregoing sentence,
the number of Ordinary Shares beneficially owned by the Holder and its Affiliates and Attribution Parties shall include the number of
Ordinary Shares underlying such Warrant ADSs issuable upon exercise of this Warrant with respect to which such determination is being
made, but shall exclude the number of Ordinary Shares underlying Warrant ADSs which would be issuable upon (i) exercise of the remaining,
nonexercised portion of this Warrant beneficially owned by the Holder or any of its Affiliates or Attribution Parties and (ii) exercise
or conversion of the unexercised or nonconverted portion of any other securities of the Company (including, without limitation, any other
Ordinary Share Equivalents) subject to a limitation on conversion or exercise analogous to the limitation contained herein beneficially
owned by the Holder or any of its Affiliates or Attribution Parties.&nbsp; Except as set forth in the preceding sentence, for purposes
of this Section 2(e), beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act and the rules and
regulations promulgated thereunder, it being acknowledged by the Holder that the Company is not representing to the Holder that such calculation
is in compliance with Section 13(d) of the Exchange Act and the Holder is solely responsible for any schedules required to be filed in
accordance therewith. To the extent that the limitation contained in this Section 2(e) applies, the determination of whether this Warrant
is exercisable (in relation to other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which
portion of this Warrant is exercisable shall be in the sole discretion of the Holder, and the submission of a Notice of Exercise shall
be deemed to be the Holder&#8217;s determination of whether this Warrant is exercisable (in relation to other securities owned by the
Holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable, in each case subject
to the Beneficial Ownership Limitation, and the Company shall have no obligation to verify or confirm the accuracy of such determination.
In addition, a determination as to any group status as contemplated above shall be determined in accordance with Section 13(d) of the
Exchange Act and the rules and regulations promulgated thereunder. For purposes of this Section 2(e), in determining the number of outstanding
Ordinary Shares, a Holder may rely on the number of outstanding Ordinary Shares as reflected in (A) the Company&#8217;s most recent annual
report on Form 20-F, Report on Form 6-K or other public filings filed with the Commission, as the case may be, (B) a more recent public
announcement by the Company or (C) a more recent written notice by the Company or the Depositary or the Transfer Agent setting forth the
number of Ordinary Shares outstanding.&nbsp; Upon the written or oral request of a Holder, the Company shall within one (1) Trading Day
confirm orally and in writing to the Holder the number of Ordinary Shares then outstanding.&nbsp; In any case, the number of outstanding
Ordinary Shares shall be determined after giving effect to the conversion or exercise of securities of the Company, including this Warrant,
by the Holder or its Affiliates or Attribution Parties since the date as of which such number of outstanding Ordinary Shares was reported.
The &#8220;<U>Beneficial Ownership Limitation</U>&#8221; shall be 4.99% (or, upon election by a Holder prior to the issuance of any Warrants,
9.99%) of the number of Ordinary Shares outstanding immediately after giving effect to the issuance of the Ordinary Shares issuable upon
exercise of this Warrant. The Holder, upon notice to the Company, may increase or decrease the Beneficial Ownership Limitation provisions
of this Section 2(e), provided that the Beneficial Ownership Limitation in no event exceeds 9.99% of the number of Ordinary Shares outstanding
immediately after giving effect to the issuance of Ordinary Shares upon exercise of this Warrant held by the Holder and the provisions
of this Section 2(e) shall continue to apply. Any increase in the Beneficial Ownership Limitation will not be effective until the 61<SUP>st</SUP>
day after such notice is delivered to the Company. The provisions of this paragraph shall be construed and implemented in a manner otherwise
than in strict conformity with the terms of this Section 2(e) to correct this paragraph (or any portion hereof) which may be defective
or inconsistent with the intended Beneficial Ownership Limitation herein contained or to make changes or supplements necessary or desirable
to properly give effect to such limitation. The limitations contained in this paragraph shall apply to a successor holder of this Warrant.</P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0"><U>Section 3</U>.&#9;<U>Certain Adjustments</U>.</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 0pt 0.5in">a)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Share Dividends and Splits</U>. If the Company, at any time while this Warrant is outstanding: (i) pays a share dividend or
otherwise makes a distribution or distributions on its ADSs or Ordinary Shares or any other equity or equity equivalent securities payable
in ADSs or Ordinary Shares (which, for avoidance of doubt, shall not include any Warrant Shares or Warrant ADSs issued by the Company
upon exercise of this Warrant), (ii) subdivides outstanding Ordinary Shares or ADSs into a larger number of Ordinary Shares or ADSs, as
applicable, (iii) combines (including by way of reverse share split) outstanding ADSs or Ordinary Shares into a smaller number of Ordinary
Shares or ADSs, as applicable, or (iv) issues by reclassification of ADSs, Ordinary Shares or any shares of capital stock of the Company,
then in each case the Exercise Price shall be multiplied by a fraction of which the numerator shall be the number of Ordinary Shares or
ADSs as applicable (excluding treasury Ordinary Shares, if any) outstanding immediately before such event and of which the denominator
shall be the number of Ordinary Shares or ADSs, as applicable, outstanding immediately after such event, and the number of ADSs issuable
upon exercise of this Warrant shall be proportionately adjusted such that the aggregate Exercise Price of this Warrant shall remain unchanged,
provided that any reduction in the nominal value of the Ordinary Shares without any dividend or distribution shall not lead to any such
adjustment and provided, further, that the Exercise Price cannot be adjusted to a price that is less than the nominal value of the Ordinary
Shares. Any adjustment made pursuant to this Section 3(a) shall become effective immediately after the record date for the determination
of shareholders entitled to receive such dividend or distribution and shall become effective immediately after the effective date in the
case of a subdivision, combination or re&#45;classification.</P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">b)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> <U>Fundamental Transaction</U>. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in
one or more related transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company or any
Subsidiary, directly or indirectly, effects any sale, lease, exclusive license, assignment, transfer, conveyance or other disposition
of all or substantially all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender
offer or exchange offer (whether by the Company or another Person) is completed pursuant to which holders of Ordinary Shares (including
Ordinary Shares underlying the ADSs) are permitted to sell, tender or exchange their shares for other securities, cash or property and
has been accepted by the holders of 50% or more of the outstanding Ordinary Shares (including Ordinary Shares underlying the ADSs) or
50% or more of the voting power of the common equity of the Company, (iv) the Company, directly or indirectly, in one or more related
transactions effects any reclassification, reorganization or recapitalization of the Ordinary Shares or any compulsory share exchange
pursuant to which the Ordinary Shares effectively converted into or exchanged for other securities, cash or property, or (v) the Company,
directly or indirectly, in one or more related transactions consummates a share purchase agreement or other business combination (including,
without limitation, a reorganization, recapitalization, spin-off, merger or scheme of arrangement) with another Person or group of Persons
whereby such other Person or group acquires 50% or more of the outstanding Ordinary Shares (including Ordinary Shares underlying the ADSs)
or 50% or more of the voting power of the common equity of the Company (each a &#8220;<U>Fundamental Transaction</U>&#8221;), then, upon
any subsequent exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share represented by the Warrant
ADSs that would have been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option
of the Holder (without regard to any limitation in Section 2(e) on the exercise of this Warrant), the number of shares of capital stock
of the successor or acquiring corporation or of the Company, if the Company is the surviving corporation, and any additional consideration
(the &#8220;<U>Alternate Consideration</U>&#8221;) receivable as a result of such Fundamental Transaction by a holder of the number of
Warrant Shares represented by the Warrant ADSs for which this Warrant is exercisable immediately prior to such Fundamental Transaction
(without regard to any limitation in Section 2(e) on the exercise of this Warrant). For purposes of any such exercise, the determination
of the Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration
issuable in respect of one Ordinary Share (including any Warrant Shares underlying the ADSs), in such Fundamental Transaction, and the
Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable manner reflecting the relative value of any
different components of the Alternate Consideration. If holders of Ordinary Shares are given any choice as to the securities, cash or
property to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration
it receives upon any exercise of this Warrant following such Fundamental Transaction. Notwithstanding anything to the contrary, in the
event of a Fundamental Transaction, the Company or any </P>

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<P STYLE="margin: 0pt 0 0pt 0.5in; font-size: 10pt; text-align: justify">Successor Entity (as defined below) shall, at the Holder&#8217;s option, exercisable
at any time concurrently with, or within 30 days after, the consummation of the Fundamental Transaction (or, if later, the date of the
public announcement of the applicable Fundamental Transaction), purchase this Warrant from the Holder by paying to the Holder an amount
of cash equal to the Black Scholes Value (as defined below) of the remaining unexercised portion of this Warrant on the date of the consummation
of such Fundamental Transaction; <U>provided</U>, <U>however</U>, that, if the Fundamental Transaction is not within the Company's control,
including not approved by the Company's Board of Directors, the Holder shall only be entitled to receive from the Company or any Successor
Entity the same type or form of consideration (and in the same proportion), at the Black Scholes Value of the unexercised portion of this
Warrant, that is being offered and paid to the holders of Ordinary Shares (including Ordinary Shares underlying ADSs) of the Company in
connection with the Fundamental Transaction, whether that consideration be in the form of cash, shares or any combination thereof, or
whether the holders of Ordinary Shares (including Ordinary Shares underlying ADSs) are given the choice to receive from among alternative
forms of consideration in connection with the Fundamental Transaction; <U>provided</U>, <U>further</U>, that, if holders of Ordinary Shares
(including any Ordinary Shares underlying ADSs) of the Company are not offered or paid any consideration in such Fundamental Transaction,
such holders of Ordinary Shares (including any Ordinary Shares underlying ADSs) will be deemed to have received common equity of the Successor
Entity (which Successor Entity may be the Company following such Fundamental Transaction) in such Fundamental Transaction. &#8220;<U>Black
Scholes Value</U>&#8221; means the value of this Warrant based on the Black-Scholes Option Pricing Model obtained from the &#8220;OV&#8221;
function on Bloomberg determined as of the day of consummation of the applicable Fundamental Transaction for pricing purposes and reflecting
(A) a risk-free interest rate corresponding to the U.S. Treasury rate for a period equal to the time between the date of the public announcement
of the applicable contemplated Fundamental Transaction and the Termination Date, (B) an expected volatility equal to the greater of 100%
and the 100 day volatility obtained from the HVT function on Bloomberg (determined utilizing a 365 day annualization factor) as of the
Trading Day immediately following the public announcement of the applicable contemplated Fundamental Transaction, (C) the underlying price
per share used in such calculation shall be the greater of (i) the sum of the price per Ordinary Share being offered in cash, if any,
plus the value of any non-cash consideration, if any, being offered in such Fundamental Transaction and (ii) the highest VWAP during the
period beginning on the Trading Day immediately preceding the public announcement of the applicable contemplated Fundamental Transaction
(or the consummation of the applicable Fundamental Transaction, if earlier) and ending on the Trading Day of the Holder&#8217;s request
pursuant to this Section 3(b), (D) a remaining option time equal to the time between the date of the public announcement of the applicable
contemplated Fundamental Transaction and the Termination Date and (E) a zero cost of borrow. The payment of the Black Scholes Value will
be made by wire transfer of immediately available funds (or such other consideration) within the later of (i) five Business Days of the
Holder&#8217;s election and (ii) the date of consummation of the Fundamental Transaction. The Company shall cause any successor entity
in a Fundamental Transaction in which the Company is not the survivor (the &#8220;<U>Successor Entity</U>&#8221;) to assume in writing
all of the </P>

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<P STYLE="margin: 0pt 0 0pt 0.5in; font-size: 10pt; text-align: justify">obligations of the Company under this Warrant in accordance with the provisions of this Section 3(b) pursuant to written agreements
in form and substance reasonably satisfactory to the Holder and approved by the Holder (without unreasonable delay) prior to such Fundamental
Transaction and shall, at the option of the Holder, deliver to the Holder in exchange for this Warrant, a security of the Successor Entity
evidenced by a written instrument substantially similar in form and substance to this Warrant which is exercisable for a corresponding
number of shares of capital stock of such Successor Entity (or its parent entity) equivalent to the Warrant Shares underlying the Warrant
ADSs acquirable and receivable upon exercise of this Warrant (without regard to any limitations on the exercise of this Warrant) prior
to such Fundamental Transaction, and with an exercise price which applies the exercise price hereunder to such shares of capital stock
(but taking into account the relative value of the Ordinary Shares underlying the Warrant ADSs pursuant to such Fundamental Transaction
and the value of such shares of capital stock, such number of shares of capital stock and such exercise price being for the purpose of
protecting the economic value of this Warrant immediately prior to the consummation of such Fundamental Transaction), and which is reasonably
satisfactory in form and substance to the Holder. Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall
be added to the term &#8220;Company&#8221; under this Warrant (so that from and after the occurrence or consummation of such Fundamental
Transaction, each and every provision of this Warrant referring to the &#8220;Company&#8221; shall refer instead to each of the Company
and the Successor Entity or Successor Entities, jointly and severally), and the Successor Entity or Successor Entities, jointly and severally
with the Company, may exercise every right and power of the Company prior thereto and the Successor Entity or Successor Entities shall
assume all of the obligations of the Company prior thereto under this Warrant with the same effect as if the Company and such Successor
Entity or Successor Entities, jointly and severally, had been named as the Company herein. For the avoidance of doubt, the Holder shall
be entitled to the benefits of the provisions of this Section 3(b) regardless of (i) whether the Company has sufficient authorized Ordinary
Shares for the issuance of Warrant Shares represented by Warrant ADSs and/or (ii) whether a Fundamental Transaction occurs prior to the
Initial Exercise Date.</P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">c)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Calculations</U>. All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of an ADS,
as the case may be. For purposes of this Section 3, the number of Ordinary Shares deemed to be issued and outstanding as of a given date
shall be the sum of the number of Ordinary Shares (including Ordinary Shares underlying ADSs, but excluding treasury shares, if any) issued
and outstanding.</P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">d)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Notice to Holder</U>.</P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 1.5in">i.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Adjustment to Exercise Price</U>. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3, the Company
shall promptly deliver to the Holder by email a notice setting forth the Exercise Price after such adjustment and any resulting adjustment
to the number of Warrant ADSs and setting forth a brief statement of the facts requiring such adjustment.</P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 1.5in">ii.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Notice to Allow Exercise by Holder</U>. If (A) the Company shall declare a dividend (or any other distribution in whatever form)
on the Ordinary Shares or ADSs, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Ordinary
Shares or ADSs, (C) the Company shall authorize the granting to all holders of the Ordinary Shares or ADSs rights or warrants to subscribe
for or purchase any shares of capital stock of any class or of any rights, (D) the approval of any shareholders of the Company shall be
required in connection with any reclassification of the Ordinary Shares or ADSs, any consolidation or merger to which the Company is a
party, any sale or transfer of all or substantially all of the assets of the Company, or any compulsory share exchange whereby the Ordinary
Shares are converted into other securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution,
liquidation or winding up of the affairs of the Company, then, in each case, the Company shall cause to be delivered by email to the Holder
at its last email address as it shall appear upon the Warrant Register of the Company, at least 20 calendar days prior to the applicable
record or effective date hereinafter specified, a notice stating (x) the date on which a record is to be taken for the purpose of such
dividend, distribution, redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of the Ordinary
Shares or ADSs of record to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined or (y) the
date on which such reclassification, consolidation, merger, sale, transfer, share exchange or action is expected to become effective or
close, and the date as of which it is expected that holders of the Ordinary Shares (including Warrant Shares underlying Warrant ADSs)
of record shall be entitled to exchange their Ordinary Shares for securities, cash or other property deliverable upon such reclassification,
consolidation, merger, sale, transfer, share exchange or action; provided that the failure to deliver such notice or any defect therein
or in the delivery thereof shall not affect the validity of the corporate action required to be specified in such notice. To the extent
that any notice provided in this Warrant constitutes, or contains, material, non-public information regarding the Company or any of the
Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a Report on Form 6-K. The Holder shall
remain entitled to exercise this Warrant during the period commencing on the date of such notice to the effective date of the event triggering
such notice except as may otherwise be expressly set forth herein.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 1.5in">&nbsp;</P>

<P STYLE="margin: 0pt 0 0pt 0.5in; font-size: 10pt; text-align: justify; text-indent: 0.5in"> e)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Voluntary Adjustment By Company</U>. Subject to the rules and regulations of the Trading Market, the Company may at any time during the term of this Warrant reduce the then current Exercise Price to any amount and for any period of time deemed appropriate by the board of directors of the Company.</P>



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

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<P STYLE="margin: 0pt 0 0pt 0.5in; font-size: 10pt; text-align: justify; text-indent: 0.5in"> f)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company shall take no action that would result in the Exercise Price per ADS being adjusted hereunder to less than ten (10) Danish Krone, the nominal amount per share of the Ordinary Shares for ten (10) Ordinary Shares, as expressed in United States dollars at the applicable exchange rate published by the Danish National Bank.</P>



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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0"><U>Section 4</U>.&#9;<U>Transfer of Warrant</U>.</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 0pt 0.5in">a)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Transferability</U>. This Warrant and all rights hereunder are transferable, in whole or in part, upon surrender of this Warrant
at the principal office of the Company or its designated agent, together with a written assignment of this Warrant substantially in the
form attached hereto duly executed by the Holder or its agent or attorney and funds sufficient to pay any transfer taxes payable upon
the making of such transfer. Upon such surrender and, if required, such payment, the Company shall execute and deliver a new Warrant or
Warrants in the name of the assignee or assignees, as applicable, and in the denomination or denominations specified in such instrument
of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant
shall promptly be cancelled. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender
this Warrant to the Company unless the Holder has assigned this Warrant in full, in which case, the Holder shall surrender this Warrant
to the Company within three (3) Trading Days of the date on which the Holder delivers an assignment form to the Company assigning this
Warrant in full. The Warrant, if properly assigned in accordance herewith, may be exercised by a new holder for the subscription for Warrant
ADSs without having a new Warrant issued.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">b)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>New Warrants</U>. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office
of the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by
the Holder or its agent or attorney. Subject to compliance with Section 4(a), as to any transfer which may be involved in such division
or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided
or combined in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated the Initial Exercise Date and
shall be identical with this Warrant except as to the number of Warrant ADSs issuable pursuant thereto.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">c)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Warrant Register</U>. The Company shall register this Warrant, upon records to be maintained by the Company for that purpose
(the &#8220;<U>Warrant Register</U>&#8221;), in the name of the record Holder hereof from time to time. The Company may deem and treat
the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder,
and for all other purposes, absent actual notice to the contrary.</P>

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

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0"><U>Section 5</U>.&#9;<U>Miscellaneous</U>.</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 0pt 0.5in">a)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Rights as Shareholder Until Exercise; No Settlement in Cash</U>. This Warrant does not entitle the Holder to any voting rights,
dividends or other rights as a shareholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i), except as expressly
set forth in Section 3. Without limiting any rights of a Holder to receive cash payments pursuant to Section 2(d)(i) and Section 2(d)(iv)
herein, in no event shall the Company be required to net cash settle an exercise of this Warrant.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">b)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Loss, Theft, Destruction or Mutilation of Warrant</U>. The Company covenants that upon receipt by the Company of evidence reasonably
satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant ADSs,
and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case of the Warrant,
shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate, if mutilated, the
Company will make and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation, in lieu of such Warrant
or stock certificate.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">c)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Saturdays, Sundays, Holidays, etc</U>. If the last or appointed day for the taking of any action or the expiration of any right
required or granted herein shall not be a Business Day, then such action may be taken or such right may be exercised on the next succeeding
Business Day.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">d)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Authorized Shares</U>.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 1in">The Company covenants that, during the period
that the Warrant is outstanding, it shall allot a sufficient number of shares to provide for the issuance of the Warrant ADSs and the
underlying Ordinary Shares upon the exercise of any subscription rights under this Warrant. The Company further covenants that its issuance
of this Warrant shall constitute full authority to its officers who are charged with the duty of issuing the requisite Warrant Shares
for the Depositary to issue the necessary Warrant ADSs upon the exercise of the subscription rights under this Warrant. The Company will
take all such reasonable action as may be necessary to assure that such Warrant Shares and Warrant ADSs may be issued as provided herein
without violation of any applicable law or regulation, or of any requirements of the Trading Market upon which the ADSs and/or Ordinary
Shares may be listed. The Company covenants that all Warrant Shares represented by Warrant ADSs which may be issued upon the exercise
of the subscription rights represented by this Warrant will, upon exercise of the subscription rights represented by this Warrant and
payment for such Warrant ADSs in accordance herewith, be duly authorized, validly issued, fully paid and nonassessable and free from all
taxes, liens and charges created by the Company in respect of the issue thereof (other than any taxes in respect of any transfer occurring
contemporaneously with such issue).</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 1in">&nbsp;</P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 1in">Except and to the extent as waived or consented
to by the Holder, the Company shall not by any action, including, without limitation, amending its articles of association or through
any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action,
avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but will at all times in good faith assist in
the carrying out of all such terms and in the taking of all such actions as may be necessary or appropriate to protect the rights of Holder
as set forth in this Warrant against impairment. Without limiting the generality of the foregoing, the Company will (i) not increase the
nominal value of any Warrant Shares represented by Warrant ADSs above the amount payable therefor upon such exercise immediately prior
to such increase in nominal value, (ii) take all such action as may be necessary or appropriate in order that the Company may validly
and legally issue fully paid and nonassessable Warrant Shares represented by Warrant ADSs upon the exercise of this Warrant and (iii)
use commercially reasonable efforts to obtain all such authorizations, exemptions or consents from any public regulatory body having jurisdiction
thereof, as may be, necessary to enable the Company to perform its obligations under this Warrant.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 1in">Before taking any action which would result
in an adjustment in the number of Warrant ADSs for which this Warrant is exercisable or in the Exercise Price, the Company shall obtain
all such authorizations or exemptions thereof, or consents thereto, as may be necessary from any public regulatory body or bodies having
jurisdiction thereof.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">e)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Governing Law</U>. All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall
be governed by and construed and enforced in accordance with the internal laws of the Kingdom of Denmark, without regard to the principles
of conflict of laws thereof. Each party agrees that all legal proceedings concerning the interpretation, enforcement and defense of this
Warrant shall be commenced in the state and federal courts sitting in the City of New York, Borough of Manhattan (the &#8220;<U>New York
Courts</U>&#8221;). Each party hereto hereby irrevocably submits to the exclusive jurisdiction of the New York Courts for the adjudication
of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably
waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of
such New York Courts, or such New York Courts are improper or inconvenient venue for such proceeding. Each party hereto hereby irrevocably
waives, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or
relating to this Warrant. Each party hereby irrevocably waives personal service of process and consents to process being served in any
such suit, action or proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery)
to such party at the address in effect for notices to it under this Warrant and agrees that such service shall constitute good and sufficient
service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any
other manner permitted by law. If any party shall commence an action or proceeding to enforce any provisions of this Warrant, then the
prevailing party in such action or proceeding shall be reimbursed by the other party for its attorneys&#8217; fees and other costs and
expenses incurred in the investigation, preparation and prosecution of such action or proceeding.</P>

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

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">f)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Restrictions</U>. The Holder acknowledges that the Warrant Shares represented by Warrant ADSs acquired upon the exercise of
this Warrant, if not registered, will have restrictions upon resale imposed by state and federal securities laws.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">g)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Nonwaiver and Expenses</U>. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder
shall operate as a waiver of such right or otherwise prejudice the Holder&#8217;s rights, powers or remedies. Without limiting any other
provision of this Warrant, if the Company willfully and knowingly fails to comply with any provision of this Warrant, which results in
any material damages to the Holder, the Company shall pay to the Holder such amounts as shall be sufficient to cover any costs and expenses
including, but not limited to, reasonable attorneys&#8217; fees, including those of appellate proceedings, incurred by the Holder in collecting
any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies hereunder.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">h)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Notices</U>. Any and all notices or other communications or deliveries to be provided by the Holders hereunder including, without
limitation, any Notice of Exercise, shall be in writing and delivered personally, by email, or sent by a nationally recognized overnight
courier service, addressed to the Company, at Dr. Neergaards Vej 5f, DK-2970 Hoersholm, Denmark, Attention: <B>Anne-Sofie Wiemann </B>and
<B>Susanne Bech</B>, email addresses <B>awi@evaxion-biotech.com</B> and <B>sbe@evaxion-biotech.com</B> and <B>investor@evaxion-biotech.com</B>
or such other email address or address as the Company may specify for such purposes by notice to the Holders. Any and all notices or other
communications or deliveries to be provided by the Company hereunder shall be in writing and delivered personally, by email, or sent by
a nationally recognized overnight courier service addressed to each Holder at the email, number or address of such Holder appearing on
the books of the Company, or if no such email, number or address appears on the books of the Company, then to the most recent email, number
or address such Holder has provided to Company. Any notice or other communication or deliveries hereunder shall be deemed given and effective
on the earliest of (i) the time of transmission, if such notice or communication is delivered via email at the email address set forth
in this Section prior to 5:30 p.m. (New York City time) on any date, (ii) the next Trading Day after the time of transmission, if such
notice or communication is delivered via email at the email address set forth in this Section on a day that is not a Trading Day or later
than 5:30 p.m. (New York City time) on any Trading Day, (iii) the second Trading Day following the date of mailing, if sent by U.S. nationally
recognized overnight courier service, or (iv) upon actual receipt by the party to whom such notice is required to be given.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">i)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Limitation of Liability</U>. No provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant
to subscribe for Warrant ADSs, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of
the Holder for the subscription price of any Warrant Shares or Warrant ADSs or as a shareholder of the Company, whether such liability
is asserted by the Company or by creditors of the Company.</P>

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

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">j)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Remedies</U>. The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages,
will be entitled to specific performance of its rights under this Warrant. The Company agrees that monetary damages would not be adequate
compensation for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to waive and not to
assert the defense in any action for specific performance that a remedy at law would be adequate.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">k)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Successors and Assigns</U>. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby
shall inure to the benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted
assigns of Holder. The provisions of this Warrant are intended to be for the benefit of any Holder from time to time of this Warrant and
shall be enforceable by the Holder or holder of Warrant ADSs.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">l)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Company Acknowledgement; Notice of Successor Danish Counsel</U>. The Company acknowledges and agrees that the Holder&#8217;s
payment of the aggregate Exercise Price to Company Danish Counsel in connection with any exercise hereunder shall be deemed to be the
delivery by the Holder of the aggregate Exercise Price to the Company and shall satisfy the Holder&#8217;s obligations under this Warrant
for the payment of the aggregate Exercise Price in connection with any exercise hereunder and shall require the Company to deliver the
Warrant ADSs upon such exercise to the Holder pursuant to the terms hereunder. If the Company changes its Company Danish Counsel after
the Initial Exercise Date, the Company shall promptly deliver notice of the successor Company Danish Counsel ((including the bank wire
transfer instructions of such successor Company Danish Counsel) to the Holder (including, without limitation, any successor holder of
this Warrant) on Company letterhead and executed by the Chief Executive Officer or Chief Financial Officer of the Company, with instructions
in writing to pay the aggregate Exercise Price of this Warrant to such successor Company Danish Counsel.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">m)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Reimbursement</U>. The Company shall reimburse the Holder for any fees charged to the Holder by the Depositary in connection
with the issuance or holding or sale of the Warrant ADSs.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">n)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Amendment</U>. This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company
and the Holder.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">o)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Severability</U>. Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective and
valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision
shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining
provisions of this Warrant.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">p)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Headings</U>. The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be
deemed a part of this Warrant.</P>

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="margin: 0pt 0 0pt 0.5in; font-size: 10pt; text-align: justify"></P>

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

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: center; text-indent: 0in"><I>(Signature Page Follows)</I></P>

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">IN WITNESS WHEREOF, the Company has caused this Warrant
to be executed by its officer thereunto duly authorized as of the date first above indicated.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; text-indent: 2.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="text-transform: uppercase"><B>EVAXION BIOTECH A/S</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 45%"> &nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD> Name:</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD> Title:</TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0; text-indent: 2.5in">&nbsp;</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: center; margin: 0pt 0"><B></B></P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"><B>NOTICE OF EXERCISE</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="text-transform: uppercase">To:</FONT></TD><TD></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>EVAXION BIOTECH A/S</B></FONT></TD>
</TR></TABLE>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">(1)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp; </FONT>The
undersigned hereby elects to subscribe for ________ Warrant ADSs of the Company pursuant to the terms of the attached Warrant (only if
exercised in full), and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes, if any.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">(2)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp; </FONT>Payment
shall take the form of lawful money of the United States to be delivered to Company Danish Counsel (as defined in the Warrant) pursuant
to the following bank wire transfer instructions:</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0 0pt 1in"><U>Bank Name</U>: Danske Bank</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0 0pt 1in"><U>Bank Address</U>: Holmens Kanal 2, 1092 Copenhagen
K, Denmark</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0 0pt 1in"><U>Bank Account Name</U>: Mazanti-Andersen main
client account</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0 0pt 1in"><U>Bank Account Number</U>: 4777175572</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0 0pt 1in"><U>IBAN</U>: DK7130004777175572</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0 0pt 1in"><U>SWIFT-BIC</U>: DABADKKK</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0 0pt 1in"><U>Reference</U>: Evaxion Biotech A/S</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0 0pt 1in"><U>Contact Person and Telephone Number</U>: Lars
L&uuml;thjohan. Ph. no.: +4540283536 E-mail: LLJ@mazanti.dk</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">(3)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp; </FONT>Please
issue said Warrant ADSs in the name of the undersigned or in such other name as is specified below:</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 1.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 1.5in">DTC Participant name and number: ________________________</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 1.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 1.5in">Contact of DTC Participant: _______________________</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 1.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 1.5in">Telephone Number of DTC Participant Contact: _____________________</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="text-transform: uppercase">[SIGNATURE OF HOLDER]</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt">Name of Investing Entity:</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 98%">&nbsp;</TD></TR>
  </TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; font-style: italic">Signature of Authorized Signatory of Investing Entity:</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 98%">&nbsp;</TD></TR>
  </TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt">Name of Authorized Signatory:</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 98%">&nbsp;</TD></TR>
  </TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt">Title of Authorized Signatory:</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 98%">&nbsp;</TD></TR>
  </TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt">Date:</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 98%">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">&nbsp;</P>

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: right">&#9;<B>EXHIBIT B</B></P>

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

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">ASSIGNMENT FORM</FONT></P>

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

<P STYLE="font-size: 10pt; text-indent: 10.5pt; margin: 0pt 0"><I>(To assign the foregoing Warrant, execute this form and supply required
information. Do not use this form to subscribe for Warrant ADSs.)</I></P>

<P STYLE="font-size: 10pt; text-indent: 10.5pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 10.5pt; margin: 0pt 0">FOR VALUE RECEIVED, the foregoing Warrant and all rights evidenced thereby
are hereby assigned to</P>

<P STYLE="font-size: 10pt; text-indent: 10.5pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font-size: 10pt; text-align: justify">Name:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 50%; font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify">(Please Print)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: justify">Address:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD></TD>
    <TD> (Please Print)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Phone Number:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Email Address:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: justify">Dated: _______________ __, ______</TD>
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: justify; width: 8%">Holder&#8217;s Signature:</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: justify; width: 31%">&nbsp;</TD>
    <TD STYLE="width: 60%">&nbsp;</TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: justify; width: 8%">Holder&#8217;s Address:</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: justify; width: 31%">&nbsp;</TD>
    <TD STYLE="width: 60%">&nbsp;</TD></TR>
  </TABLE>
<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">&nbsp;</P>

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

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

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

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

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

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

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

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0">&nbsp;<IMG SRC="ma_logo.jpg" ALT=""></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 40%">
<DIV STYLE="padding: 16pt 0in 14pt; border-top: #F0553C 1pt solid; border-bottom: #F0553C 1pt solid">

    <P STYLE="font-size: 13pt; text-align: left; margin: 0pt 0; color: #656565"><FONT STYLE="text-transform: uppercase; letter-spacing: 1pt">Bilag
    10 / appendix 10</FONT></P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #656565"><FONT STYLE="text-transform: uppercase; letter-spacing: 1pt">til
    selskabets vedt&aelig;gter / to the articles of association</FONT></P>
</DIV></TD>
    <TD STYLE="width: 30%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; text-align: justify"><B>&nbsp;</B></TD>
    <TD STYLE="width: 47%">
    <P STYLE="font-size: 13pt; text-align: justify; margin: 0pt 0"><FONT STYLE="text-transform: uppercase; letter-spacing: 0.6pt">bilag 10
    til selskabets vedt&aelig;gter </FONT></P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="text-transform: uppercase">Evaxion biotech A/S</FONT></P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">(&quot;<B>Selskabet</B>&quot;)</P></TD>
    <TD STYLE="width: 2%; padding-left: 0.25in; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 45%">
    <P STYLE="font-size: 13pt; text-align: justify; margin: 0pt 0"><FONT STYLE="text-transform: uppercase; letter-spacing: 0.6pt">appendix
    10 to articles of association </FONT></P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="text-transform: uppercase">Evaxion biotech A/S</FONT></P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">(the &quot;<B>Company</B>&quot;)</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>&nbsp;</B></TD>
    <TD STYLE="padding-left: 1.7pt; 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"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>INTRODUKTION</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>INTRODUCTION</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">I henhold til bemyndigelse i vedt&aelig;gternes punkt 2.11 har bestyrelsen bestemt, at f&oslash;lgende vilk&aring;r og betingelser skal v&aelig;re g&aelig;ldende for warrants (&quot;<B>Warrants</B>&quot;), der er udstedt til en konsulent (&#8221;<B>Warrantindehaver</B>&#8221;) i forbindelse med indg&aring;else af en konsulentaftale den 7. maj 2024.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Pursuant to the authorisation in article 2.11 of the articles of association, the Board of Directors has resolved that the following terms and conditions shall apply to warrants (the &#8220;<B>Warrants</B>&#8221;) which have been granted to a consultant (&#8220;<B>Warrantholder</B>&#8221;) in connection with entering into a consultancy agreement of 7 May 2024<FONT STYLE="text-transform: uppercase; letter-spacing: 0.6pt">.</FONT></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify"><B>1.</B></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>GENERELT</B></FONT></TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>GENERAL</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">En warrant er en ret, men ikke en pligt, til i en n&aelig;rmere fastlagt periode (udnyttelsesperiode) at tegne nye aktier i Selskabet til en udnyttelsespris svarende til markedsprisen p&aring; tidspunktet for udstedelsen (&#8221;<B>Udnyttelsesprisen</B>&#8221;), omregnet til DKK til den officielle vekselkurs mellem DKK/USD som er g&aelig;ldende p&aring; udnyttelsesdagen, dog minimum DKK 1 pr. aktie &agrave; nominelt kr. 1. &Eacute;n warrant giver ret til at tegne &eacute;n ordin&aelig;r aktie i Selskabet &aacute; nominelt DKK <FONT STYLE="text-transform: uppercase; letter-spacing: 0.6pt">1</FONT>.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">A warrant is a right, but not an obligation, during a fixed period (exercise period) to subscribe for new ordinary shares in the Company at an exercise price equal to market price at the time of issuance (the &#8220;<B>Exercise Price</B>&#8221;), converted into DKK using the official exchange rate between DKK and USD on the exercise day, however no less than DKK 1 per share of nominal DKK 1. Each warrant carries the right to subscribe for nominal DKK <FONT STYLE="text-transform: uppercase; letter-spacing: 0.6pt">1</FONT> ordinary share in the Company. </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify; width: 6%"><B>2.</B></TD>
    <TD STYLE="text-align: justify; width: 47%"><FONT STYLE="font-size: 10pt"><B>TILDELING AF WARRANTS</B></FONT></TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify; width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 45%"><FONT STYLE="font-size: 10pt"><B>GRANT OF WARRANTS</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>&nbsp;</B></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"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Warrants er tildelt i forbindelse med indg&aring;else af en konsulentaftale. </FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The Warrantholder is granted warrants in connection with the entering into a consultancy agreement.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify"><B>3.</B></TD>
    <TD STYLE="padding-left: 1.7pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>OPTJENING</B></FONT></TD>
    <TD STYLE="padding-left: 1.7pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.7pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>VESTING</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Alle Warrants anses for optjent og kan udnyttes straks p&aring; tildelingstidspunktet.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">All Warrants shall be deemed vested and immediately exercisable as per the grant date.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify"><B>4.</B></TD>
    <TD STYLE="padding-left: 1.7pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>UDNYTTELSE</B></FONT></TD>
    <TD STYLE="padding-left: 1.7pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.7pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>EXERCISE</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Warrants kan udnyttes i en periode p&aring; 12 m&aring;neder fra tidspunktet for udstedelsen:</FONT></TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Warrants may be exercised in a period of 12 months from the date of issuance:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">(&quot;<B>Udnyttelsesperioden</B>&quot;).</FONT></TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">(the &#8220;<B>Warrant Exercise Period</B>&#8221;).</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Warrantindehaveren kan i Udnyttelsesperioden frit udnytte alle eller en del af sine Warrants p&aring; alle dage, hvor The Nasdaq Capital Market eller anden US handelsplads, hvor selskabets v&aelig;rdipapirer er noterede, er &aring;ben for handel (&#8221;<B>Handelsdag</B>&#8221;) med virkning fra den dag, hvor en Warrant Udnyttelsesmeddelelse leveres til Selskabet (<B>&quot;Udnyttelsesdagen&quot;</B>).</FONT></TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The Warrantholder may exercise all or part of its Warrants on any day The Nasdaq Capital Market or any other U.S. trading market on which the securities of the Company are listed is open for business (&#8220;<B>Trading Day</B>&#8221;) of its choice effective at the date of its delivery of a Warrant Exercise Notice (the &quot;<B>Warrant Exercise Date</B>&quot;) during the Warrant Exercise Period.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">P&aring; hver valgt Udnyttelsesdag kan Warrantindehaveren udnytte alle eller en del af sine Warrants ved at give meddelelse til Selskabet (<B>&quot;Warrant Udnyttelsesmeddelelsen&quot;</B>) og kontant betale til Selskabet den modsvarende Udnyttelsespris, herunder ved bankoverf&oslash;rsel.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">On each chosen Warrant Exercise Date, the Warrantholder shall exercise all or part of its Warrants by giving notice to the Company (the &#8220;<B>Warrant Exercise Notice</B>&#8221;) and pay to the Companythe corresponding Exercise Price in cash (including by wire transfer).</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD></TR>
</TABLE>

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  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 6%"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify; width: 47%"><FONT STYLE="font-size: 10pt">Hvis den sidste dag i Udnyttelsesperioden 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; width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 45%"><FONT STYLE="font-size: 10pt">If the last day of the Warrant Exercise Period is a Saturday or Sunday, the Warrant Exercise Period shall also include the first Trading Day immediately following the stipulated period.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">De Warrants, som Warrantindehaveren ikke udnytter i Udnyttelsesperioden, bortfalder uden yderligere varsel og uden kompensation eller vederlag af nogen art til Warrantindehaveren.</FONT></TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Warrants not exercised by the Warrant-holder during the Warrant 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"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Selskabet vil s&aring; hurtigt som det praktisk er muligt efter at have modtaget en Warrant Udnyttelsesmeddelelse og den modsvarende kontante Udnyttelsespris iv&aelig;rks&aelig;tte registrering af Warrant udnyttelsen hos Erhvervsstyrelsen. </FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The Company will as soon as practically possible after having received a Warrant Exercise Notice and having received the corresponding Exercise Price in cash initiate registration of the Warrant exercise with the Danish Business Authority. </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>&nbsp;</B></TD>
    <TD STYLE="padding-left: 1.7pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.7pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.7pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify"><B>5.</B></TD>
    <TD STYLE="padding-left: 1.7pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>JUSTERING AF WARRANTS</B></FONT></TD>
    <TD STYLE="padding-left: 1.7pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>ADJUSTMENT OF WARRANTS</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Hvis der sker &aelig;ndringer i Selskabets kapitalforhold (herunder men ikke begr&aelig;nset til aktiesplit, omvendt aktiesplit, sammenl&aelig;gning eller anden lignende begivenhed, som giver anledning til s&aring;dan &aelig;ndring), der medf&oslash;rer en &aelig;ndring af v&aelig;rdien af en warrant, skal Warrants justeres i henhold til n&aelig;rv&aelig;rende punkt 5.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Changes in the Company&#8217;s capital structure (including, but not limited to a stock splits, reverse stock split, consolidation or other similar event giving rise to such change) causing a change of the value of a Warrant shall require an adjustment of the Warrants in accordance with this clause 5.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>&nbsp;</B></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"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">En justering skal ske, s&aring;ledes at den potentielle gevinstmulighed, der er knyttet til en Warrant, for s&aring; vidt ang&aring;r de underliggende aktier, 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 en ekstern uafh&aelig;ngig r&aring;dgiver, som v&aelig;lges af Selskabets bestyrelse. 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-size: 10pt">Adjustments shall be made so that the change of the value of a Warrant with respect to the underlying ordinary shares of the Company shall remain the same before and after the occurrence of the event causing the adjustment. The adjustment shall be carried out with the assistance of an external independent advisor appointed by the Company&#8217;s board of directors. The adjustment may be completed either by an increase or decrease of the number of shares that can be issued following an exercise of a warrant and/or an increase or decrease of the Exercise Price.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
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  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 6%"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify; width: 47%"><FONT STYLE="font-size: 10pt">Selskabets udstedelse af medarbejderaktier, aktieoptioner og/eller warrants som led i medarbejderaktieordninger (herunder til bestyrelsesmedlemmer, r&aring;dgivere og konsulenter) 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 i) som f&oslash;lge af Warrantindehaverne udnyttelse af warrants i Selskabet eller ii) Warrantindehaverens udnyttelse af konvertible obligationer, medf&oslash;rer heller ikke justering af warrants.</FONT></TD>
    <TD STYLE="text-align: justify; width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 45%"><FONT STYLE="font-size: 10pt">Warrants shall not be adjusted solely as a result of the Company&#8217;s issue of employee shares, share options and/or warrants as part of employee share option schemes (including options to Directors, advisors and consultants) as well as future exercise of such options and/or warrants. Warrants shall, furthermore, not be adjusted solely as a result of i) capital increases following the Warrantholders&#8217; exercise of Warrants in the Company or ii) the Warrantholder&#8217;s conversion of convertible notes issued by the Company.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Enhver regulering af Udnyttelseskursen og/eller det antal aktier som kan tegnes ved udnyttelse af Warrants i henhold til dette pkt. 5 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="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify"><FONT STYLE="font-size: 10pt">Any adjustments of the Exercise Price and/or the number of shares that can be subscribed for by exercising the Warrants pursuant to this clause 5 shall only apply to Warrants not exercised by the Warrantholder at the time of the event triggering the adjustment. No adjustment shall affect already exercised Warrants. </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>5.3.</B></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: 0.5pt"><B>Fondsaktier:</B></FONT></TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Bonus Shares</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>&nbsp;</B></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"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="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-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"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

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

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 6%"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify; width: 47%"><FONT STYLE="font-size: 10pt">Udnyttelsesprisen p&aring; enhver endnu ikke udnyttet Warrant ganges med faktoren:</FONT></TD>
    <TD STYLE="text-align: justify; width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 45%"><FONT STYLE="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"><B>&nbsp;</B></TD>
    <TD>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>&nbsp;</B></TD>
    <TD>
    <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><FONT STYLE="font-family: Symbol">a</FONT> = ___<U>A</U>___</P>
    <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0; text-indent: 0.5in">(A+B)</P></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>
    <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><FONT STYLE="font-family: Symbol">a</FONT> = ___<U>A</U>___</P>
    <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0; text-indent: 0.5in">(A+B)</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">og antallet af endnu ikke udnyttede Warrants ganges med faktoren:</FONT></TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify"><FONT STYLE="font-size: 10pt">and the number of Warrants not yet exercised shall be multiplied by the factor:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>&nbsp;</B></TD>
    <TD>
    <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><U>1</U></P>
    <P STYLE="font: 10pt Symbol; text-align: center; margin: 0pt 0">a</P></TD>
    <TD STYLE="padding-left: 1.95pt; text-align: center">&nbsp;</TD>
    <TD>
    <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><U>1</U></P>
    <P STYLE="font: 10pt Symbol; text-align: center; margin: 0pt 0">a</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">hvor:</FONT></TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify"><FONT STYLE="font-size: 10pt">where:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>&nbsp;</B></TD>
    <TD STYLE="padding-left: 25.5pt; text-align: justify; text-indent: -25.5pt"><FONT STYLE="font-size: 10pt">A&#9;=&#9;den nominelle aktiekapital f&oslash;r &#9;udstedelsen af fondsaktier, og</FONT></TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 25.5pt; text-align: justify; text-indent: -25.5pt"><FONT STYLE="font-size: 10pt">A&#9;=&#9;the nominal share capital before &#9;issue of bonus shares, and</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>&nbsp;</B></TD>
    <TD STYLE="padding-left: 25.5pt; text-align: justify; text-indent: -25.5pt"><FONT STYLE="font-size: 10pt">B&#9;=&#9;den samlede nominelle v&aelig;rdi p&aring; &#9;fondsaktierne.</FONT></TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 25.5pt; text-align: justify; text-indent: -25.5pt"><FONT STYLE="font-size: 10pt">B&#9;=&#9;the total nominal value of &#9;bonus shares.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="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">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="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"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>5.4.</B></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Kapital&aelig;ndringer til en anden kurs end markedskursen:</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Changes of capital at a price different from the market price:</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="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), eller nye warrants med en udnyttelsespris under markedskursen for Selskabets aktier (undtagen medarbejderincitaments programmer) skal Warrants justeres s&aring;ledes:</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="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), or if new warrants with an exercise price below market price of the Company&#8217;s shares are issued to third parties (not including warrant incentive programs) Warrants shall be adjusted as follows:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 6%"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify; width: 47%"><FONT STYLE="font-size: 10pt">Udnyttelsesprisen p&aring; enhver endnu ikke udnyttet warrant ganges med faktoren:</FONT></TD>
    <TD STYLE="text-align: justify; width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 45%"><FONT STYLE="font-size: 10pt">The Exercise Price for each non-exercised Warrant shall be multiplied by the factor:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>&nbsp;</B></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"><B>&nbsp;</B></TD>
    <TD>
    <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><FONT STYLE="font-family: Symbol">a</FONT> = (<U>A_x K) + (B x T)</U></P>
    <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0; text-indent: 0.25in">(A+B) x K</P></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>
    <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><FONT STYLE="font-family: Symbol">a</FONT> = (<U>A_x K) + (B x T)</U></P>
    <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0; text-indent: 0.5in">(A+B) x K</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>&nbsp;</B></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"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">og antallet af endnu ikke udnyttede Warrants ganges med faktoren:</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">and the number of non-exercised Warrants shall be multiplied by the factor:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>&nbsp;</B></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: center"><B>&nbsp;</B></TD>
    <TD>
    <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><U>1</U></P>
    <P STYLE="font: 10pt Symbol; text-align: center; margin: 0pt 0">a</P></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>
    <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><U>1</U></P>
    <P STYLE="font: 10pt Symbol; text-align: center; margin: 0pt 0">a</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>&nbsp;</B></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"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">hvor:</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">where:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>&nbsp;</B></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"><B>&nbsp;</B></TD>
    <TD STYLE="padding-left: 25.5pt; text-align: justify; text-indent: -25.5pt"><FONT STYLE="font-size: 10pt">A&#9;=&#9;den nominelle aktiekapital f&oslash;r &#9;&aelig;ndringen i kapitalen</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 25.5pt; text-align: justify; text-indent: -25.5pt"><FONT STYLE="font-size: 10pt">A&#9;=&#9;nominal share capital before the &#9;change in capital</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 25.5pt; text-align: justify; text-indent: -25.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>&nbsp;</B></TD>
    <TD STYLE="padding-left: 25.5pt; text-align: justify; text-indent: -25.5pt"><FONT STYLE="font-size: 10pt">B&#9;=&#9;den nominelle &aelig;ndring i aktie-&#9;kapitalen</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 25.5pt; text-align: justify; text-indent: -25.5pt"><FONT STYLE="font-size: 10pt">B&#9;=&#9;nominal change in the share &#9;capital</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>&nbsp;</B></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"><B>&nbsp;</B></TD>
    <TD STYLE="padding-left: 25.5pt; text-align: justify; text-indent: -25.5pt"><FONT STYLE="font-size: 10pt">K&#9;=&#9;aktiens markedskurs / lukkekurs &#9;dagen forinden annoncering af &#9;&aelig;ndringen i aktiekapitalen, og</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 25.5pt; text-align: justify; text-indent: -25.5pt"><FONT STYLE="font-size: 10pt">K&#9;=&#9;market price / closing price of &#9;the share on the day prior to the &#9;announcement of the &#9;change in the share capital, and</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>&nbsp;</B></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"><B>&nbsp;</B></TD>
    <TD STYLE="padding-left: 25.5pt; text-align: justify; text-indent: -25.5pt"><FONT STYLE="font-size: 10pt">T&#9;=&#9;tegningskurs/neds&aelig;ttelseskurs ved &#9;&aelig;ndringen i aktiekapitalen</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 25.5pt; text-align: justify; text-indent: -25.5pt"><FONT STYLE="font-size: 10pt">T&#9;=&#9;subscription price/reduction price &#9;in relation to the change in the &#9;share capital</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>&nbsp;</B></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"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="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. Der skal uanset ovenst&aring;ende ikke ske regulering af Warrants, s&aring;fremt Selskabet gennemf&oslash;rer rettede emissioner p&aring; markedsvilk&aring;r uanset at der i den forbindelse sker tegning til under den noterede kurs.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="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. Irrespective of the above no regulation shall take place to the extent that the Company carries out directed issuances of securities on market terms irrespective of whether shares in connection therewith are subscribed below the listed price.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 6%"><B>5.5.</B></TD>
    <TD STYLE="text-align: justify; width: 47%"><FONT STYLE="font-size: 10pt"><B>&AElig;ndringer i den enkelte akties p&aring;lydende v&aelig;rdi:</B></FONT></TD>
    <TD STYLE="text-align: justify; width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 45%"><FONT STYLE="font-size: 10pt"><B>Changes in the nominal value of each individual share:</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="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-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"><B>&nbsp;</B></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"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="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-size: 10pt">The Exercise Price for each non-exercised Warrant shall be multiplied by the factor:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>&nbsp;</B></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"><B>&nbsp;</B></TD>
    <TD>
    <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><FONT STYLE="font-family: Symbol">a</FONT> = __<U>A</U>____</P>
    <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">B</P></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>
    <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><FONT STYLE="font-family: Symbol">a</FONT> = __<U>A</U>____</P>
    <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0; text-indent: 0.25in">B</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>&nbsp;</B></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"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">og antallet af endnu ikke udnyttede warrants ganges med faktoren:</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">and the number of non-exercised Warrants shall be multiplied by the factor:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>&nbsp;</B></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"><B>&nbsp;</B></TD>
    <TD>
    <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><U>1</U></P>
    <P STYLE="font: 10pt Symbol; text-align: center; margin: 0pt 0">a</P></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>
    <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><U>1</U></P>
    <P STYLE="font: 10pt Symbol; text-align: center; margin: 0pt 0">a</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>&nbsp;</B></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"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">hvor:</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">where:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>&nbsp;</B></TD>
    <TD>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font-size: 10pt; text-align: justify; text-indent: -25.5pt; margin: 0pt 0 0pt 25.5pt">A&#9;= &#9;den enkelte akties nominelle
    v&aelig;rdi &#9;efter &aelig;ndringen, og</P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font-size: 10pt; text-align: justify; text-indent: -25.5pt; margin: 0pt 0 0pt 25.5pt">A&#9;=&#9;nominal value of each share
    af-&#9;ter the change, and</P>
    <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>&nbsp;</B></TD>
    <TD STYLE="padding-left: 25.5pt; text-align: justify; text-indent: -25.5pt"><FONT STYLE="font-size: 10pt">B&#9;=&#9;den enkelte akties nominelle v&aelig;rdi &#9;f&oslash;r &aelig;ndringen.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 25.5pt; text-align: justify; text-indent: -25.5pt"><FONT STYLE="font-size: 10pt">B&#9;=&#9;nominal value of each share &#9;before the change.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>&nbsp;</B></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"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="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">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="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"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

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

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 6%"><B>5.6.</B></TD>
    <TD STYLE="text-align: justify; width: 47%"><FONT STYLE="font-size: 10pt"><B>Udbetaling af udbytte:</B></FONT></TD>
    <TD STYLE="text-align: justify; width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 45%"><FONT STYLE="font-size: 10pt"><B>Payment of dividend:</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="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-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"><B>&nbsp;</B></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: center"><B>&nbsp;</B></TD>
    <TD>
    <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">E2 = E1 - <U>U &#8211; Umax</U></P>
    <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0; text-indent: 0.5in">A</P></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>
    <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">E2 = E1 - <U>U &#8211; Umax</U></P>
    <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0; text-indent: 0.5in">A</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>&nbsp;</B></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"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">hvor:</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">where:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>&nbsp;</B></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"><B>&nbsp;</B></TD>
    <TD STYLE="padding-left: 25.5pt; text-align: justify; text-indent: -25.5pt"><FONT STYLE="font-size: 10pt">E2&#9;=&#9;den justerede Udnyttelsespris</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 25.5pt; text-align: justify; text-indent: -25.5pt"><FONT STYLE="font-size: 10pt">E2&#9;=&#9;the adjusted Exercise Price</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>&nbsp;</B></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"><B>&nbsp;</B></TD>
    <TD STYLE="padding-left: 25.5pt; text-align: justify; text-indent: -25.5pt"><FONT STYLE="font-size: 10pt">E1&#9;=&#9;den oprindelige Udnyttelsespris</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 25.5pt; text-align: justify; text-indent: -25.5pt"><FONT STYLE="font-size: 10pt">E1&#9;=&#9;the original Exercise Price</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>&nbsp;</B></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"><B>&nbsp;</B></TD>
    <TD STYLE="padding-left: 25.5pt; text-align: justify; text-indent: -25.5pt"><FONT STYLE="font-size: 10pt">U&#9;=&#9;det udbetalte udbytte</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 25.5pt; text-align: justify; text-indent: -25.5pt"><FONT STYLE="font-size: 10pt">U&#9;=&#9;dividends paid out</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>&nbsp;</B></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"><B>&nbsp;</B></TD>
    <TD STYLE="padding-left: 25.5pt; text-align: justify; text-indent: -25.5pt"><FONT STYLE="font-size: 10pt">Umax&#9;=&#9;10 % af egenkapitalen, og</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 25.5pt; text-align: justify; text-indent: -25.5pt"><FONT STYLE="font-size: 10pt">Umax&#9;=&#9;10 per cent of the equity capi-&#9;tal, and</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>&nbsp;</B></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"><B>&nbsp;</B></TD>
    <TD STYLE="padding-left: 25.5pt; text-align: justify; text-indent: -25.5pt"><FONT STYLE="font-size: 10pt">A&#9;=&#9;det samlede antal aktier i Sel-&#9;skabet.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 25.5pt; text-align: justify; text-indent: -25.5pt"><FONT STYLE="font-size: 10pt">A&#9;=&#9;total number of shares in the &#9;Company.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>&nbsp;</B></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"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="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-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>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

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

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 6%"><B>5.7.</B></TD>
    <TD STYLE="text-align: justify; width: 47%"><FONT STYLE="font-size: 10pt"><B>Andre &aelig;ndringer i Selskabets kapitalforhold:</B></FONT></TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify; width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 45%"><FONT STYLE="font-size: 10pt"><B>Other changes in the Company&#8217;s capital position:</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 14.15pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Hvis der sker andre &aelig;ndringer i Selskabets kapitalforhold, der medf&oslash;rer en &aelig;ndring i Warrants 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-size: 10pt">In the event of other changes in the Company&#8217;s capital position causing changes to the value of Warrants, Warrants shall (unless otherwise indicated above) be adjusted in order to ensure that the changes do not influence the financial value of the Warrants.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>&nbsp;</B></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"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Den beregningsmetode, der skal anvendes ved justeringen, fasts&aelig;ttes af en af bestyrelsen valgt ekstern uafh&aelig;ngig r&aring;dgiver.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The calculation method to be applied to the adjustment shall be decided by an external independent advisor appointed by the Board of Directors.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>&nbsp;</B></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"><B>5.8.</B></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Likvidation:</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Liquidation or Winding-up:</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>&nbsp;</B></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"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Hvis Selskabet bliver likvideret, kan Warrantindehaveren 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-size: 10pt">Should the Company be liquidated 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"><B>&nbsp;</B></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"><B>5.9.</B></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Fusion og spaltning:</B></FONT></TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Merger and demerger:</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>&nbsp;</B></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"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="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 ovenst&aring;ende.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="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 the above.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>&nbsp;</B></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"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Hvis Selskabet fusionerer som det oph&oslash;rende selskab eller bliver spaltet, kan det forts&aelig;ttende selskab v&aelig;lge &eacute;n af disse muligheder:</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">If the Company merges as the terminating company or is demerged, the continuing company may choose one of the following possibilities:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
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    <TD STYLE="text-align: justify; width: 6%"><B>&nbsp;</B></TD>
    <TD STYLE="padding-left: 24.75pt; text-align: justify; text-indent: -0.25in; width: 47%"><FONT STYLE="font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) Warrantindehaveren kan umiddelbart inden fusionen/spaltningen udnytte alle ikke udnyttede Warrants, der ikke er bortfaldet (inklusive Warrants der endnu ikke er optjent), eller (b) Warrants bliver erstattet af nye aktie/aktieinstrumenter i de(t) 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 aktier/aktieinstrumenter.</FONT></TD>
    <TD STYLE="text-align: justify; width: 2%">&nbsp;</TD>
    <TD STYLE="padding-left: 24.75pt; text-align: justify; text-indent: -0.25in; width: 45%"><FONT STYLE="font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) The Warrantholder may exercise all non-exercised Warrants that are not declared null and void (inclusive of Warrants not yet vested) immediately before the merger/demerger, or (b) new share instruments in the continuing company/companies of a corresponding financial pre-tax value shall replace the Warrants. Upon demerger, the continuing companies may decide in which company/companies the Warrantholders shall receive the new shares or share instruments.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>&nbsp;</B></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"><B>5.10.</B></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Salg og aktieombytning:</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Sale and exchange of shares:</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Hvis mere end 50% af aktiekapitalen i Selskabet bliver solgt (ikke tegnet eller udstedt) eller indg&aring;r i en aktieombytning,</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="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,</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>&nbsp;</B></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"><B>&nbsp;</B></TD>
    <TD STYLE="padding-left: 24.75pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; kan Warrantindehaveren umiddelbart inden salget/aktieombytningen udnytte alle ikke-udnyttede Warrants, der ikke er bortfaldet. S&aring;fremt det erhvervende selskab tilbyder aktieinstrumenter i det erhvervende selskab af tilsvarende &oslash;konomisk v&aelig;rdi f&oslash;r skat kan Warrantindehaveren v&aelig;lge i stedet at modtage s&aring;danne aktieinstrumenter.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 24.75pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the Warrantholder may exercise all non-exercised Warrants that are not declared null and void immediately before the sale/swap of shares. In the event that the acquiring company offers share instruments of a corresponding pre-tax value the Warrantholder may elect instead to replace the issued Warrants with such share instrument.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
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    <TD STYLE="text-align: justify; width: 6%"><B>5.11.</B></TD>
    <TD STYLE="text-align: justify; width: 47%"><FONT STYLE="font-size: 10pt"><B>F&aelig;lles bestemmelser vedr&oslash;rende 5.8-5.10:</B></FONT></TD>
    <TD STYLE="text-align: justify; width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 45%"><FONT STYLE="font-size: 10pt"><B>Common provisions regarding 5.8-5.10:</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>&nbsp;</B></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"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="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. 5.8-5.10 &#8211; 2 uger til skriftligt at informere Selskabet om, hvorvidt Warrantindehaveren 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. Udnyttelsesprisen 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-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 5.8-5.10 &#8211;inform the Company in writing whether the Warrantholder will make use of the offer. If the Warrant-holder has not answered the Company in writing within 2 weeks or fails to pay within the fixed time, Warrants shall become null and void without further notice or compensation. The Exercise Price cannot go below the nominal value of the shares.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>&nbsp;</B></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"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Warrantindehaverens rettigheder i anledning af en beslutning truffet af et kompetent organ i selskabet, jf. 5.10-5.12, er betinget af, at den relevante beslutning 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-size: 10pt">The Warrantholder&#8217;s rights in connection with decisions made by any competent company body, see clause 5.10-5.12, shall be contingent on subsequent registration of the relevant decision with the Danish Business Authority provided that registration is a condition of its validity.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify"><B>6.</B></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase; letter-spacing: 0.5pt"><B>Tegning af nye aktier ved udnyttelse af warrants</B></FONT></TD>
    <TD STYLE="padding-left: 1.7pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase; letter-spacing: 0.5pt"><B>Subscription for new shares by exercise of warrants</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.7pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt">Tegning af nye aktier ved udnyttelse af tildelte warrants finder sted ved, at Warrantindehaveren afleverer en af Selskabet udarbejdet udnyttelsesmeddelelse til Selskabet senest kl. 16:00 CET den sidste dag i Udnyttelsesperioden. Udnyttelsesmeddelelsen skal 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 </FONT><FONT STYLE="font-size: 10pt">p&aring; en af Selskabet angivet konto <FONT STYLE="letter-spacing: 0.3pt">senest p&aring; den sidste dag i Udnyttelsesperioden.</FONT></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: 0.3pt">Subscription for new shares by exercise of granted warrants must be made through submission by the Warrantholder no later than the last day of the Exercise Period at 16:00 CET to the Company of an exercise notice drafted by the Company. The exercise notice shall be filled in with all information. The Company must have received the exercise price for the new shares, payable as a cash contribution on an account specified by the Company, by the last day of the Warrant Exercise period.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD></TR>
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    <TD STYLE="text-align: justify; width: 6%"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify; width: 47%"><FONT STYLE="font-size: 10pt">Hvis den i punkt. 6.1 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.</FONT></TD>
    <TD STYLE="text-align: justify; width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 45%"><FONT STYLE="font-size: 10pt">If the limitation period set forth in clause 6.1 expires as a result of the Company not having received the filled -in Warrant Exercise Notice or the payment by 16:00 of the last day of the Warrant Exercise Period, the subscription shall be deemed invalid, and in this situation the Warrantholder shall not be considered as having exercised his/her/its Warrants.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">De warrants, som Warrantindehaveren ikke har udnyttet i den sidste dag i Udnyttelsesperioden, bortfalder uden yderligere varsel og uden kompensation. </FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Warrants not exercised by the Warrantholder prior to the last day in the Warrant Exercise Period shall become null and void without further notice and without compensation.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify"><B>7.</B></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase; letter-spacing: 0.5pt"><B>De nye ordin&aelig;re aktiers rettigheder</B></FONT></TD>
    <TD STYLE="padding-left: 1.7pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase; letter-spacing: 0.5pt"><B>The rights of new ordinary shares</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.7pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="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-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>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>&nbsp;</B></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"><B>&nbsp;</B></TD>
    <TD STYLE="padding-left: 24.75pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; De nye aktier udstedes i aktier &agrave; DKK <FONT STYLE="text-transform: uppercase; letter-spacing: 0.6pt">1 </FONT>eller multipla heraf,</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 24.75pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The new shares will be divided into shares of nominally DKK <FONT STYLE="text-transform: uppercase; letter-spacing: 0.6pt">1 </FONT>or multiples hereof;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
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    <TD STYLE="text-align: justify; width: 6%"><B>&nbsp;</B></TD>
    <TD STYLE="padding-left: 24.75pt; text-align: justify; text-indent: -0.25in; width: 47%"><FONT STYLE="font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; De nye aktier skal give ret til udbytte i selskabet for det l&oslash;bende regnskabs&aring;r, hvori aktierne tegnes, p&aring; lige fod med de eksisterende aktier og andre rettigheder i selskabet fra og med datoen for tegningen af aktierne, </FONT></TD>
    <TD STYLE="text-align: justify; width: 2%">&nbsp;</TD>
    <TD STYLE="padding-left: 24.75pt; text-align: justify; text-indent: -0.25in; width: 45%"><FONT STYLE="font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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; </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>&nbsp;</B></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"><B>&nbsp;</B></TD>
    <TD STYLE="padding-left: 24.75pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; De nye aktier skal tilh&oslash;re samme aktieklasse, som de eksisterende aktier i selskabet,</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 24.75pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The new shares shall belong to the same share class as the existing shares in the company;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>&nbsp;</B></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"><B>&nbsp;</B></TD>
    <TD STYLE="padding-left: 24.75pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kapitalforh&oslash;jelsen sker uden fortegningsret for de eksisterende aktion&aelig;rer, idet tegningen sker p&aring; baggrund af Warrants udstedt til Warrantindehaveren,</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 24.75pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The capital increase shall be made without any pre-emption rights for the existing shareholders, given that the subscription is based on Warrants issued to the Warrantholder;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>&nbsp;</B></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"><B>&nbsp;</B></TD>
    <TD STYLE="padding-left: 24.75pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Der skal ikke g&aelig;lde indskr&aelig;nkninger i den til de nye aktiers knyttede fortegningsret ved fremtidige kapitalforh&oslash;jelser, </FONT></TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 24.75pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The pre-emption rights attached to the new shares shall not be subject to any restrictions in the event of future capital increases;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>&nbsp;</B></TD>
    <TD STYLE="padding-left: 24.75pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fristen for tegning af de nye aktier beregnes p&aring; baggrund af bestemmelserne ovenfor,</FONT></TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 24.75pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The deadline for subscription of the new shares shall be calculated pursuant to the provisions set forth above;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>&nbsp;</B></TD>
    <TD STYLE="padding-left: 24.75pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Det fulde bel&oslash;b til tegning af det antal aktier, som &oslash;nskes tegnet, skal indbetales kontant og senest samtidig med tegningen af de p&aring;g&aelig;ldende aktier, og</FONT></TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 24.75pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The full subscription amount for the number of shares which are to be subscribed, shall be paid in cash no later than on the day of subscription of the shares in question; and</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD></TR>
</TABLE>

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

<!-- Field: Page; Sequence: 79 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 6%"><B>&nbsp;</B></TD>
    <TD STYLE="padding-left: 24.75pt; text-align: justify; text-indent: -0.25in; width: 47%"><FONT STYLE="font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; De nye aktier skal lyde p&aring; navn, noteres i selskabets ejerbog og v&aelig;re ikke-oms&aelig;tningspapirer.</FONT></TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify; width: 2%">&nbsp;</TD>
    <TD STYLE="padding-left: 24.75pt; text-align: justify; text-indent: -0.25in; width: 45%"><FONT STYLE="font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="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 10.000.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="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 10,000.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>&nbsp;</B></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: normal; text-align: justify"><B>8.</B></TD>
    <TD STYLE="padding-left: 1.7pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>SKATTEM&AElig;SSIGE KONSEKVENSER</B></FONT></TD>
    <TD STYLE="padding-left: 1.7pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.7pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>TAX CONSEQUENCES</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">De 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-size: 10pt">The 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"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify"><B>9.</B></TD>
    <TD STYLE="padding-left: 1.7pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>LOVVALG OG V&AElig;RNETING </B></FONT></TD>
    <TD STYLE="padding-left: 1.7pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.7pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>LAW AND VENUE</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="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="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="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>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="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="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Any disagreement between the Warrant-holder and the Company in relation to the understanding or implementation of the warrant scheme shall be settled amicably by negotiation between the parties.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

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

<!-- Field: Page; Sequence: 80 -->
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  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 6%"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify; width: 47%"><FONT STYLE="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="text-align: justify; width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 45%"><FONT STYLE="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-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

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

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<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><B></B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
