<SEC-DOCUMENT>0001104659-25-082734.txt : 20250826
<SEC-HEADER>0001104659-25-082734.hdr.sgml : 20250826
<ACCEPTANCE-DATETIME>20250826061905
ACCESSION NUMBER:		0001104659-25-082734
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20250826
FILED AS OF DATE:		20250826
DATE AS OF CHANGE:		20250826

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Cadeler A/S
		CENTRAL INDEX KEY:			0001978867
		STANDARD INDUSTRIAL CLASSIFICATION:	DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT [4412]
		ORGANIZATION NAME:           	01 Energy & Transportation
		EIN:				000000000
		STATE OF INCORPORATION:			G7
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-41889
		FILM NUMBER:		251252566

	BUSINESS ADDRESS:	
		STREET 1:		KALVEBOD BRYGGE 43
		CITY:			COPENHAGEN V
		STATE:			G7
		ZIP:			DK-1560
		BUSINESS PHONE:		45 3246 3100

	MAIL ADDRESS:	
		STREET 1:		KALVEBOD BRYGGE 43
		CITY:			COPENHAGEN V
		STATE:			G7
		ZIP:			DK-1560
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>tm2518388d2_6k.htm
<DESCRIPTION>FORM 6-K
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

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

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

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

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM&nbsp;6-K</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO
RULE 13A-16 OR 15D-16 OF THE</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>For the month of August&nbsp;2025</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Commission File Number: 001-41889</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Translation of registrant's name into English)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Kalvebod Brygge 43</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>DK-1560 Copenhagen V, Denmark</B></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Form&nbsp;20-F
</FONT><FONT STYLE="font-family: Wingdings">&#120;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&#8239;Form&nbsp;40-F&#8239;<FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #252631"><FONT STYLE="background-color: white">Press Release</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #252631"><FONT STYLE="background-color: white"><B>Interim Financial
Results 2025: Cadeler delivers financial performance above expectations</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #252631"><FONT STYLE="background-color: white"><B>Copenhagen,
26 August&nbsp;2025 &ndash; Today, Cadeler A/S (&ldquo;Cadeler&rdquo; and, together with its subsidiaries, the &ldquo;Group&rdquo;) has
published its interim financial results for the first half of 2025, reporting results above expectations and in line with its recently
increased full-year revenue and EBITDA guidance. The first half of the year was characterised by fleet growth, disciplined project execution,
and a sharpened strategic focus on Operations&nbsp;&amp; Maintenance (O&amp;M), as well as significant compensation in connection with
the termination of a long-term agreement.</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #252631"><FONT STYLE="background-color: white">Revenue for the
first six months of 2025 more than tripled to EUR 299 million, (H1 2024: EUR 82 million), marking an increase of EUR 217 million (265%)
compared to the same period in 2024. EBITDA rose to EUR 213 million (H1 2024: EUR 22 million) representing a year-on-year increase of
EUR 191 million. Profit for the period reached EUR 168 million, compared to EUR 0.2 million in the same period last year.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #252631"><FONT STYLE="background-color: white">Cadeler&rsquo;s
fleet achieved a combined utilisation rate of 67%, with seven vessels on hire around the world (including two vessels in Taiwan and two
in North America). In addition, Cadeler became entitled to significant compensation in connection with the termination of a long-term
agreement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #252631"><FONT STYLE="background-color: white">These results
are above expectations and in line with the company&rsquo;s recently-updated full-year revenue and EBITDA guidance, which was revised
on 1 July&nbsp;2025 to reflect increased earnings visibility. Cadeler today reaffirms that guidance, with full-year revenue expected to
range between EUR 588 and 628 million and EBITDA between EUR 381 and 421 million.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #252631"><FONT STYLE="background-color: white"><B>Largest and
most advanced offshore wind fleet</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #252631"><FONT STYLE="background-color: white">In the first
half of 2025, Cadeler took delivery of two newbuild Wind Turbine Installation Vessels (WTIVs), Wind Maker and Wind Pace, on or ahead of
schedule and within budget. Both vessels are now operating on projects in Taiwan and North America, respectively.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #252631"><FONT STYLE="background-color: white">In May, Cadeler
agreed to acquire Wind Keeper, a highly capable O&amp;M vessel, at a price well below its replacement cost. Cadeler took delivery of Wind
Keeper in July&nbsp;and in the same month announced a long-term contract for the vessel with Vestas for a three-year period commencing
early in 2026 (with additional options of two and a half years). The vessel is currently in transit to Europe where she will undergo tailored
upgrades in advance of commencing her work with Vestas.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #252631"><FONT STYLE="background-color: white">In the second
half of 2025, Cadeler will take delivery of an additional two WTIVs, Wind Ally and Wind Mover. The company is fully on track with its
fleet expansion strategy and, by mid-2027, Cadeler will operate a 12-vessel fleet &ndash; the largest and most versatile in the offshore
wind industry &ndash; offering greater flexibility and execution certainty for its global client base.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #252631"><FONT STYLE="background-color: white"><B>Strengthened
O&amp;M focus with the launch of Nexra</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #252631"><FONT STYLE="background-color: white">In March, Cadeler
launched Nexra - a new aftermarket division, dedicated to support the growing market for operations and maintenance solutions (O&amp;M)
in the offshore wind industry.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #252631"><FONT STYLE="background-color: white">The acquisition
of Wind Keeper further enhances Cadeler&rsquo;s ability to meet this rising demand, offering clients purpose-built solutions for turbine
servicing and major component replacement &ndash; including for turbines in the 10MW+ segment.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #252631"><FONT STYLE="background-color: white">Mikkel Gleerup,
CEO of Cadeler, comments: &ldquo;Our new service concept, Nexra, further strengthens our commitment to being a long-term partner to our
clients, not just during installation but throughout the operational lifetime of a wind farm. With Nexra, we are building a world map
of opportunities, where we can meet the growing demand for O&amp;M services and better cater to the needs of our clients, while at the
same time filling gaps in between larger installation projects to improve utilisation and drive recurring income.&rdquo;</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #252631"><FONT STYLE="background-color: white"><B>Commitment
to sustainability and innovation</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #252631"><FONT STYLE="background-color: white">Cadeler continues
to invest in energy-efficient vessel design and operational optimisation in order to reduce emissions intensity. The company is also evaluating
the use of greener marine fuels and is establishing improvement programs around circularity and marine ecosystem protection.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #252631"><FONT STYLE="background-color: white"><B>Robust order
book and international project pipeline</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #252631"><FONT STYLE="background-color: white">As of 26 August&nbsp;2025,
Cadeler&rsquo;s total contract backlog stood at EUR 2.5 billion, providing strong earnings visibility into 2026 and beyond. The order
book reflects continued strong demand across regions and includes firm contracts signed this year for Wind Mover, Wind Pace, Wind Keeper
and Wind Maker for work in Europe, Asia, and the United States. Cadeler continues to operate across key offshore wind markets, with its
vessels currently deployed on projects in Europe, Asia-Pacific, and North America.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #252631"><FONT STYLE="background-color: white">CEO Mikkel Gleerup
comments: &ldquo;This first half-year demonstrates the strength of our strategic focus and our ability to deliver, both operationally
and financially, as we scale in a global market. Our expanding fleet, combined with the launch of Nexra, positions us to support the offshore
wind sector&rsquo;s growing need for both installation and long-term servicing. We are grateful to our partners, clients and shareholders
for their trust in Cadeler&rsquo;s vision, and above all, to our people, whose dedication drives every success we achieve.&rdquo;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #252631"><FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white"><B>Earnings
call</B></FONT><B><FONT STYLE="background-color: white">&#8239;&#8239;</FONT></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #252631"><FONT STYLE="background-color: white">In connection
with the release of its H1 2025 Financial Report, Cadeler will host a live video webcast presentation for the investment community. Mikkel
Gleerup, Chief Executive Officer, and Peter Brogaard Hansen, Chief Financial Officer, will present live from New York.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #252631"><FONT STYLE="background-color: white"><B>Date</B>:
26 August&nbsp;2025</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #252631"><FONT STYLE="background-color: white"><B>Time</B>:
08:00 AM EDT / 1:00 PM UK / 2:00 PM CET</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #252631"><FONT STYLE="background-color: white">The Interim Report
presentation is open to all interested parties and may include forward-looking information. Please register in advance here: https://cadeler-H1-2025-earnings-presentation.open-exchange.net/</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #252631"><FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white">A
replay of the webcast and the presentation slides will be made available on Cadeler&rsquo;s Investor Relations website following the presentation.
Find it here: http://www.cadeler.com/investor</FONT><FONT STYLE="background-color: white">&#8239;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #252631"><FONT STYLE="background-color: white"><B>For further
information, please contact:</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #252631"><FONT STYLE="background-color: white">Cadeler Press
Office</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #252631"><FONT STYLE="background-color: white">press@cadeler.com</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #252631"><FONT STYLE="background-color: white">Mikkel Gleerup<BR>
CEO, Cadeler<BR>
+45 3246 3102<BR>
mikkel.gleerup@cadeler.com</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #252631"><FONT STYLE="background-color: white">Alexander Simmonds<BR>
EVP&nbsp;&amp; CLO, Cadeler<BR>
+44 7376 174172<BR>
alexander.simmonds@cadeler.com</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #252631"><FONT STYLE="background-color: white"><B>About Cadeler:</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #252631"><FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white">Cadeler
is a global leader in offshore wind installation, operations, and maintenance services. Cadeler is a pure play company, operating solely
in the offshore wind industry with an uncompromising focus on safety and the environment. Cadeler owns and operates the industry&rsquo;s
largest fleet of jack-up offshore wind installation vessels and has for more than 10 years been a key supplier in the development of offshore
wind energy to power millions of households. Cadeler&rsquo;s fleet, expertise and capacity to handle the largest and most complex next-generation
offshore wind installation projects positions the company to deliver exceptional services to the industry. Cadeler is committed to</FONT><FONT STYLE="background-color: white">&#8239;<FONT STYLE="font-family: Times New Roman, Times, Serif">being</FONT>&#8239;<FONT STYLE="font-family: Times New Roman, Times, Serif">at
the forefront of sustainable wind farm installation and to enable the global energy transition towards a future built on renewable energy.
Cadeler is listed on the New York Stock Exchange (ticker: CDLR) and the Oslo Stock Exchange (ticker: CADLR). For more information, please
visit www.cadeler.com</FONT></FONT></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Date: August&nbsp;26, 2025</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">CADELER A/S</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in"><FONT STYLE="font-size: 10pt">(Registrant)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%"><FONT STYLE="font-size: 10pt">By: </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%"><FONT STYLE="font-size: 10pt">/s/ Mikkel Gleerup</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Mikkel Gleerup&#8239;</FONT></TD></TR>
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    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title:&#8239;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Chief Executive Officer</FONT></TD></TR>
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