1. No category

VEDTÆGTER
ZEALAND PHARMA A/S
ARTICLES OF ASSOCIATION
ZEALAND PHARMA A/S
VEDTÆGTER
ARTICLES OF ASSOCIATION
ZEALAND PHARMA A/S
ZEALAND PHARMA A/S
(CVR-nr.: 20 04 50 78)
(CVR no.: 20 04 50 78)
1
Navn
Name
1.1
Selskabets navn er Zealand Pharma
The Company's name is Zealand Pharma
A/S.
A/S.
Selskabets binavn er Zealand Pharma-
The Company's secondary name is Zea-
ceuticals A/S.
land Pharmaceuticals A/S.
2
Formål
Objects
2.1
Selskabets formål er at drive forskning,
The object of the Company is to engage
produktion, handel og dermed beslæg-
in research, manufacture, trade and re-
tet virksomhed, primært inden for me-
lated
dicinalbranchen.
pharmaceutical industry.
3
Koncernsprog
Corporate language
3.1
Selskabets koncernsprog er engelsk.
The corporate language of the Company
1.2
activities,
primarily
within
the
is English.
4
Aktiekapital
Share Capital
4.1
Selskabets aktiekapital udgør DKK
The share capital of the Company is
24.112.843.
DKK 24,112,843.
Aktiekapitalen er fuldt indbetalt.
The share capital has been paid up in
4.2
full.
2
5
Aktier
Shares
5.1
Hver akties pålydende er DKK 1.
The nominal amount of each share is
DKK 1.
5.2
Aktierne er udstedt gennem VP Securi-
The shares are issued through VP Secu-
ties A/S.
rities A/S.
5.3
Aktierne er omsætningspapirer.
The shares are negotiable instruments.
5.4
Ingen aktier har særlige rettigheder.
No shares carry any special rights.
5.5
Der gælder ingen indskrænkninger i ak-
No restrictions shall apply as to the
tiernes omsættelighed.
transferability of the shares.
Ingen aktionær skal være forpligtet til at
No shareholder shall be obliged to have
lade sine aktier indløse helt eller delvist.
the shares redeemed fully or partly.
Aktierne udstedes på navn og skal note-
The shares shall be issued in the hold-
res i Selskabets ejerbog.
er's name and shall be registered in the
5.6
5.7
Company's Register of Shareholders.
5.8
Selskabets ejerbog føres af Computers-
The Register of Shareholders is handled
hare A/S, Kongevejen 418, 2840 Holte,
by
der er valgt som ejerbogsfører på Sel-
418, 2840 Holte, on behalf of the Com-
skabets vegne.
pany.
6
Udbytte
Dividend
6.1
Udbytte betales til aktionærerne ved
Dividend shall be paid out to sharehold-
overførsel gennem VP Securities A/S.
ers by transfer through VP Securities
Computershare
A/S,
Kongevejen
A/S.
6.2
Udbytte, der ikke har været hævet inden
Dividend that has not been claimed
tre år fra forfaldsdagen, tilfalder Selska-
within three years of the due date shall
bet.
accrue to the Company.
3
7
Authorization to increase the share
Bemyndigelse til kapitalforhøjelse
capital
7.1
Bestyrelsen er i perioden indtil den 29.
During the period until 29 April 2019 the
april 2019 bemyndiget til ad en eller
board of directors is authorized to in-
flere gange at forhøje Selskabets aktie-
crease at one or more times the Compa-
kapital ved udstedelse af nye aktier med
ny's share capital by issuance of new
indtil nominelt DKK 2.319.304. Forhøjel-
shares
sen af aktiekapitalen skal ske til mar-
2,319,304. The capital increase shall be
kedskurs og skal gennemføres uden for-
effected at market price and shall be im-
tegningsret for Selskabets eksisterende
plemented without pre-emption rights
aktionærer. Bestyrelsen kan bestemme,
for the Company's existing sharehold-
at forhøjelsen skal ske ved kontant ind-
ers. The board of directors may decide
betaling, apportindskud eller ved kon-
to implement the capital increase by
vertering af gæld.
way of cash contribution, by contribu-
by
up
to
nominally
DKK
tion in kind or by debt conversion.
7.2
Bestyrelsen er i perioden indtil den 29.
During the period until 29 April 2019 the
april 2019 bemyndiget til ad en eller
board of directors is authorized to in-
flere gange at forhøje Selskabets aktie-
crease at one or more times the Compa-
kapital ved udstedelse af nye aktier med
ny's share capital by issuance of new
indtil nominelt DKK 11.163.953. Forhø-
shares
jelsen af aktiekapitalen skal gennemfø-
11,163,953. The capital increase shall
res med fortegningsret for Selskabets
be implemented with pre-emption rights
eksisterende aktionærer, og den kan ske
for the Company's existing shareholders
til en favørkurs fastsat af bestyrelsen.
and the subscription price may be a fa-
Bestyrelsen kan bestemme, at forhøjel-
vourable price fixed by the board of di-
sen skal ske ved kontant indbetaling,
rectors of the Company. The board of di-
apportindskud eller ved konvertering af
rectors may decide to implement the
gæld.
capital increase by way of cash contri-
by
up
to
nominally
DKK
bution, by contribution in kind or by
debt conversion.
7.3
De kapitalforhøjelser, som bestyrelsen
The capital increases which the board of
er bemyndiget til at foretage i henhold
directors may decide upon pursuant to
til punkt 7.1 og 7.2, kan ikke overstige
articles 7.1 and 7.2 cannot exceed a to-
et
tal aggregate nominal amount of DKK
samlet
nominelt
beløb
på
DKK
4
7.4
11.163.953.
11,163,953.
De nye aktier udstedt i henhold til punkt
The new shares issued pursuant to arti-
7.1 og 7.2 skal være ligestillet med den
cles 7.1 and 7.2 shall have the same
bestående aktiekapital. De nye aktier
rights as the existing shares of the Com-
skal være omsætningspapirer og navne-
pany. The new shares shall be negotia-
aktier og skal noteres i Selskabets ejer-
ble instruments and issued in the hold-
bog. Ingen aktionær skal være forpligtet
er's name and shall be registered in the
til at lade sine aktier indløse helt eller
Company's Register of Shareholders. No
delvist. De nye aktier skal give ret til ud-
shareholder shall be obliged to have the
bytte og andre rettigheder i Selskabet
shares redeemed fully or partly. The
fra det tidspunkt, som fastsættes af be-
new shares shall give rights to dividends
styrelsen i forhøjelsesbeslutningen.
and other rights in the Company from
the time which is determined by the
board of directors in connection with the
decision to increase the share capital.
7.5
8
8.1
Bestyrelsen er bemyndiget til at fast-
The board of directors is authorized to
sætte de nærmere vilkår for kapitalfor-
stipulate detailed terms and conditions
højelser i henhold til ovennævnte be-
governing capital increases under the
myndigelser. Bestyrelsen er endvidere
authority given above. The board of di-
bemyndiget til at foretage de ændringer
rectors is also authorized to amend
i vedtægterne som måtte være nødven-
these Articles of Association as required
dige som følge af bestyrelsens udnyt-
in connection with its use of such au-
telse af ovenstående bemyndigelser.
thority.
Bemyndigelse til udstedelse af war-
Authorization to issuance of war-
rants
rants
Bestyrelsen er i perioden indtil den 2.
During the period until 2 November
november 2015 bemyndiget til ad en el-
2015 the board of directors is authorized
ler flere gange at udstede warrants med
to issue at one or more times warrants
ret til at tegne op til nominelt DKK
with a right to subscribe for shares up to
2.750.000 aktier i Selskabet. Selskabets
an aggregate amount of nominally DKK
aktionærer skal ikke have fortegningsret
2,750,000 shares in the Company. The
ved bestyrelsens udnyttelse af denne
shareholders of the Company will not
have pre-emptive subscription rights
5
bemyndigelse. De nærmere vilkår fast-
when the board of directors exercises
sættes af bestyrelsen. Bestyrelsen fast-
this authorization. The specific terms
sætter selv udnyttelseskursen samt øv-
and conditions in this respect are to be
rige vilkår for warrants, dog således at
determined by the board of directors.
udnyttelseskursen som minimum skal
The board of directors determines, at its
svare til markedskursen på tidspunktet
own discretion, the exercise price as
for udstedelsen af warrants, medmindre
well as other terms and conditions for
disse udstedes til Selskabets medarbej-
the warrants, always provided that the
dere.
exercise price as a minimum corresponds to the market price at the time
of issuance of the warrants, unless these
are issued to the Company's employees.
Bestyrelsen kan efter de til enhver tid
Pursuant to the provisions of the Danish
gældende regler i selskabsloven genan-
Companies Act in force from time to
vende eller genudstede eventuelle bort-
time, the board of directors may reapply
faldne ikke udnyttede warrants, forud-
or reissue any lapsed non-exercised
sat at genanvendelsen eller genudste-
warrants, provided that such reapplica-
delsen finder sted inden for de vilkår og
tion or reissue is made under the terms
tidsmæssige begrænsninger, der frem-
and conditions and within the time limits
går af denne bemyndigelse. Ved genan-
specified under this authority. Reappli-
vendelse forstås adgangen for bestyrel-
cation means the right of the board of
sen til at lade en anden aftalepart ind-
directors
træde i en allerede bestående aftale om
party become a party to an already ex-
warrants. Ved genudstedelse forstås be-
isting agreement on warrants. Re-issue
styrelsens
for
means the possibility for the board of di-
genudstede
rectors to re-issue new warrants under
nye warrants, hvis allerede udstedte
the same authorization if those already
warrants er bortfaldet.
issued have lapsed.
Bestyrelsen er i perioden indtil den 2.
During the period until 2 November
november 2015 endvidere bemyndiget
2015, the board of directors is also au-
til ad en eller flere gange at forhøje Sel-
thorized to increase at one or more
skabets aktiekapital med op til nominelt
times the Company's share capital by up
DKK 2.750.000 aktier ved kontant ind-
to nominally DKK 2,750,000 shares by
betaling i forbindelse med udnyttelse af
cash payment in connection with the ex-
warrants eller et sådant beløb som
ercise
samme
mulighed
bemyndigelse
for
at
inden
6
of
to
the
let
another
warrants
contractual
or
such
an
måtte følge af en eventuel regulering af
amount caused by an adjustment (if
antallet af warrants ved ændringer i Sel-
any) in the number of warrants due to
skabets kapitalforhold. Selskabets akti-
changes in the capital structure, without
onærer skal ikke have fortegningsret til
pre-emptive subscription rights for the
aktier som udstedes ved udnyttelse af
shareholders of the Company to shares
udstedte warrants.
issued by exercise of the issued warrants.
På et bestyrelsesmøde i Selskabet af-
At a meeting of the board of directors of
holdt den 2. november 2010 vedtog Sel-
the Company held on 2 November 2010,
skabets bestyrelse at udstede warrants
the board of directors of the Company
(2010
program)
resolved to issue warrants (2010 em-
svarende til nominelt DKK 595.406 ak-
ployee incentive program) correspond-
tier; og bestyrelsen vedtog samtidig at
ing to a nominal amount of DKK 595,406
forhøje Selskabets aktiekapital i over-
shares; and the board of directors at the
ensstemmelse dermed. De fuldstændige
same time resolved to increase the
vilkår for warrants er vedlagt som bilag
share capital of the Company in accord-
8.1. Bilag 8.1 udgør en integreret del af
ance therewith. The complete terms of
nærværende vedtægter. 67.012 war-
the warrants are attached as Schedule
rants er udnyttet den 11. april 2015,
8.1. Schedule 8.1 constitutes an inte-
33.506 warrants er udnyttet den 2. juni
grated part of these Articles of Associa-
2015, 33.506 warrants er udnyttet den
tion. 67,012 warrants were exercised on
20. juni, 308.582 warrants er udnyttet
11 April 2015, 33,506 warrants were ex-
den 8. september 2015, 85.788 war-
ercised on 2 June 2015, 33,506 war-
rants er udnyttet 26. september 2015,
rants were exercised on 20 June 2015,
60.843 warrants er udnyttet 4. novem-
and 308,582 warrants were exercised on
ber 2015, og herefter udestår 6.169
8 September 2015, 85,788 warrants
warrants.
were exercised on 26 September 2015,
employee
incentive
60,843 warrants were exercised on 4
November 2015, and thus 6,169 warrants are outstanding.
På et bestyrelsesmøde i Selskabet af-
At a meeting of the board of directors of
holdt den 10. februar 2011 vedtog Sel-
the Company held on 10 February 2011,
skabets bestyrelse at udstede warrants
the board of directors of the Company
(2011-1 employee incentive program)
resolved to issue warrants (2011-1 em-
7
svarende til nominelt DKK 445.500 ak-
ployee incentive program) correspond-
tier; og bestyrelsen vedtog samtidig at
ing to a nominal amount of DKK 445,500
forhøje Selskabets aktiekapital i over-
shares; and the board of directors at the
ensstemmelse dermed. De fuldstændige
same time resolved to increase the
vilkår for warrants er vedlagt som bilag
share capital of the Company in accord-
8.1.a. Bilag 8.1.a udgør en integreret
ance therewith. The complete terms of
del af nærværende vedtægter. 23.776
the warrants are attached as Schedule
warrants er udnyttet den 21. marts
8.1.a. Schedule 8.1.a constitutes an in-
2015, 30.809 warrants er udnyttet den
tegrated part of these Articles of Associ-
11. april 2015, 17.981 warrants er ud-
ation. 23,776 warrants were exercised
nyttet den 2. juni 2015, 8.265 warrants
on 21 March 2015, 30,809 warrants
er udnyttet den 20. juni 2015, 62.008
were exercised on 11 April 2015, 17,981
warrants er udnyttet den 8. september
warrants were exercised on 2 June
2015, 36.076 warrants er udnyttet den
2015, 8,265 warrants were exercised on
26. september 2015, og herefter ude-
20 June 2015, 62,008 warrants were ex-
står 266.585 warrants.
ercised on 8 September 2015, 36,076
warrants were exercised on 26 September 2015, and thus 266,585 warrants
are outstanding.
På et bestyrelsesmøde i Selskabet af-
At a meeting of the board of directors of
holdt den 17. november 2011 vedtog
the Company held on 17 November
Selskabets bestyrelse at udstede war-
2011, the board of directors of the Com-
rants (2011-2 employee incentive pro-
pany resolved to issue warrants (2011-
gram)
DKK
2 employee incentive program) corre-
227.085 aktier; og bestyrelsen vedtog
sponding to a nominal amount of DKK
samtidig at forhøje Selskabets aktieka-
227,085 shares; and the board of direc-
pital i overensstemmelse dermed. De
tors at the same time resolved to in-
fuldstændige vilkår for warrants er ved-
crease the share capital of the Company
lagt som bilag 8.1.b. Bilag 8.1.b udgør
in accordance therewith. The complete
en integreret del af nærværende ved-
terms of the warrants are attached as
tægter. 90.807 warrants er udnyttet den
Schedule 8.1.b. Schedule 8.1.b consti-
21. marts 2015, 15.641 warrants er ud-
tutes an integrated part of these Articles
nyttet den 26. september 2015, og her-
of Association. 90,807 warrants were
efter udestår 120.637 warrants.
exercised on 21 March 2015, 15,641
svarende
til
nominelt
warrants were exercised on 26 September 2015, and thus 120,637 warrants
8
are outstanding.
På et bestyrelsesmøde i Selskabet af-
At a meeting of the board of directors of
holdt den 10. februar 2012 vedtog Sel-
the Company held on 10 February 2012,
skabets bestyrelse at udstede warrants
the board of directors of the Company
(2012-1 employee incentive program)
resolved to issue warrants (2012-1 em-
svarende til nominelt DKK 240.250 ak-
ployee incentive program) correspond-
tier; og bestyrelsen vedtog samtidig at
ing to a nominal amount of DKK 240,250
forhøje Selskabets aktiekapital i over-
shares; and the board of directors at the
ensstemmelse dermed. De fuldstændige
same time resolved to increase the
vilkår for warrants er vedlagt som bilag
share capital of the Company in accord-
8.1.c. Bilag 8.1.c udgør en integreret
ance therewith. The complete terms of
del af nærværende vedtægter. 6.250
the warrants are attached as Schedule
warrants er udnyttet den 21. marts
8.1.c. Schedule 8.1.c constitutes an in-
2015, 8.399 warrants er udnyttet den
tegrated part of these Articles of Associ-
11. april 2015, 4.750 warrants er ud-
ation. 6,250 warrants were exercised on
nyttet den 20. juni 2015, 12.600 war-
21 March 2015, 8,399 warrants were ex-
rants er udnyttet den 8. september
ercised on 11 April 2015, 4,750 war-
2015, 13.197 warrants er udnyttet den
rants were exercised on 20 June 2015,
26. september 2015, og herefter ude-
12,600 warrants were exercised on 8
står 195.054 warrants.
September 2015, 13,197 warrants were
exercised on 26 September 2015, and
thus 195,054 warrants are outstanding.
På et bestyrelsesmøde i Selskabet af-
At a meeting of the board of directors of
holdt den 19. november 2012 vedtog
the Company held on 19 November
Selskabets bestyrelse at udstede war-
2012, the board of directors of the Com-
rants (2012-2 employee incentive pro-
pany resolved to issue warrants (2012-
gram)
DKK
2 employee incentive program) corre-
214.883 aktier; og bestyrelsen vedtog
sponding to a nominal amount of DKK
samtidig at forhøje Selskabets aktieka-
214,883 shares; and the board of direc-
pital i overensstemmelse dermed. De
tors at the same time resolved to in-
fuldstændige vilkår for warrants er ved-
crease the share capital of the Company
lagt som bilag 8.1.d. Bilag 8.1.d udgør
in accordance therewith. The complete
en integreret del af nærværende ved-
terms of the warrants are attached as
tægter.
Schedule 8.1.d. Schedule 8.1.d consti-
svarende
til
nominelt
tutes an integrated part of these Articles
9
of Association.
På et bestyrelsesmøde i Selskabet af-
At a meeting of the board of directors of
holdt den 8. februar 2013 vedtog Sel-
the Company held on 8 February 2013,
skabets bestyrelse at udstede warrants
the board of directors of the Company
(2013-1 employee incentive program)
resolved to issue warrants (2013-1 em-
svarende til nominelt DKK 389.762 ak-
ployee incentive program) correspond-
tier; og bestyrelsen vedtog samtidig at
ing to a nominal amount of DKK 389,762
forhøje Selskabets aktiekapital i over-
shares; and the board of directors at the
ensstemmelse dermed.
Det konkrete
same time resolved to increase the
antal warrants tildelt udgør 386.012. De
share capital of the Company in accord-
fuldstændige vilkår for warrants er ved-
ance therewith. The final number of
lagt som bilag 8.1.e. Bilag 8.1.e udgør
warrants granted is 386,012. The com-
en integreret del af nærværende ved-
plete terms of the warrants are attached
tægter.
as Schedule 8.1.e. Schedule 8.1.e constitutes an integrated part of these Articles of Association.
På et bestyrelsesmøde i Selskabet af-
At a meeting of the board of directors of
holdt den 1. april 2014 vedtog Selska-
the Company held on 1 April 2014, the
bets bestyrelse at udstede warrants
board of directors of the Company re-
(2014-1 employee incentive program)
solved to issue warrants (2014-1 em-
svarende til nominelt DKK 100.000 ak-
ployee incentive program) correspond-
tier; og bestyrelsen vedtog samtidig at
ing to a nominal amount of DKK 100,000
forhøje Selskabets aktiekapital i over-
shares; and the board of directors at the
ensstemmelse dermed.
Det konkrete
same time resolved to increase the
antal warrants tildelt udgør 100.000. De
share capital of the Company in accord-
fuldstændige vilkår for warrants er ved-
ance therewith. The final number of
lagt som bilag 8.1.f. Bilag 8.1.f udgør en
warrants granted is 100,000. The com-
integreret del af nærværende vedtæg-
plete terms of the warrants are attached
ter.
as Schedule 8.1.f. Schedule 8.1.f constitutes an integrated part of these Articles
of Association.
På et bestyrelsesmøde i Selskabet af-
At a meeting of the board of directors of
holdt den 25. marts 2015 vedtog Sel-
the Company held on 25 March 2015,
skabets bestyrelse at udstede warrants
the board of directors of the Company
10
(2015-1 employee incentive program)
resolved to issue warrants (2015-1 em-
svarende til nominelt DKK 100.000 ak-
ployee incentive program) correspond-
tier; og bestyrelsen vedtog samtidig at
ing to a nominal amount of DKK 100,000
forhøje Selskabets aktiekapital i over-
shares; and the board of directors at the
ensstemmelse dermed. Det konkrete
same time resolved to increase the
antal warrants tildelt udgør 100.000. De
share capital of the Company in accord-
fuldstændige vilkår for warrants er ved-
ance therewith. The final number of
lagt som bilag 8.1.g. Bilag 8.1.g udgør
warrants granted is 100,000. The com-
en integreret del af nærværende ved-
plete terms of the warrants are attached
tægter.
as Schedule 8.1.g. Schedule 8.1.g constitutes an integrated part of these Articles of Association.
På et bestyrelsesmøde i Selskabet af-
At a meeting of the board of directors of
holdt den 5. maj 2015 vedtog Selska-
the Company held on 5 May 2015, the
bets bestyrelse at udstede warrants
board of directors of the Company re-
(2015-4 employee incentive program)
solved to issue warrants (2015-4 em-
svarende til nominelt DKK 46.359 ak-
ployee incentive program) correspond-
tier; og bestyrelsen vedtog samtidig at
ing to a nominal amount of DKK 46,359
forhøje Selskabets aktiekapital i over-
shares; and the board of directors at the
ensstemmelse dermed.
Det konkrete
same time resolved to increase the
antal warrants tildelt udgør 46.359. De
share capital of the Company in accord-
fuldstændige vilkår for warrants er ved-
ance therewith. The final number of
lagt som bilag 8.4. Bilag 8.4 udgør en
warrants granted is 46,359. The com-
integreret del af nærværende vedtæg-
plete terms of the warrants are attached
ter.
as Schedule 8.4. Schedule 8.4 constitutes an integrated part of these Articles
of Association.
8.2
Som følge af udstedelsen af warrants er
As a result of the issuance of warrants,
det udestående antal warrants, der kan
the number of warrants available for is-
udstedes i henhold til bemyndigelsen i
suance under the authorization in this
nærværende
article 8.1 has been reduced to 394,505
§
8.1,
reduceret
til
394.505 warrants.
warrants.
Alle aktier, der ved udnyttelse af war-
The shares subscribed for by exercise of
rants udstedt i henhold til § 8.1 skal
the warrants issued pursuant to article
11
være omsætningspapirer og navneaktier
8.1 shall be negotiable instruments and
og noteres i Selskabets ejerbog.
issued in the holder's name and shall be
registered in the Company's Register of
Shareholders.
De nye aktier skal være ligestillet med
The new shares shall have the same
den bestående aktiekapital. Ingen akti-
rights as the existing shares of the Com-
onær skal være forpligtet til at lade sine
pany. No shareholder shall be obliged to
aktier indløse helt eller delvist. De nye
have
aktier skal give ret til udbytte og andre
partly. The new shares shall give rights
rettigheder i Selskabet fra det tids-
to dividends and other rights in the
punkt, som fastsættes af bestyrelsen i
Company from the time which is deter-
forhøjelsesbeslutningen.
mined by the board of directors in con-
the
shares
redeemed
fully
or
nection with the decision to increase the
share capital.
8.3
Bestyrelsen er bemyndiget til at ændre
The board of directors is authorized to
nærværende vedtægter i tilfælde af ud-
amend these Articles of Association as a
nyttelse af de givne bemyndigelser eller
consequence of applying the authoriza-
warrants.
tions granted or the exercise of warrants.
8.4
Bestyrelsen er i perioden indtil den 21.
During the period until 21 April 2020 the
april 2020 bemyndiget til ad en eller
board of directors is authorized to issue
flere gange at udstede warrants med ret
at one or more times warrants with a
til
right to subscribe for shares up to an ag-
at
tegne
op
til
nominelt
DKK
2.750.000 aktier i Selskabet. Selskabets
gregate
amount
of
nominally
DKK
aktionærer skal ikke have fortegningsret
2,750,000 shares in the Company. The
ved bestyrelsens udnyttelse af denne
shareholders of the Company will not
bemyndigelse. De nærmere vilkår fast-
have pre-emptive subscription rights
sættes af bestyrelsen. Bestyrelsen fast-
when the Board of Directors exercises
sætter selv udnyttelseskursen samt øv-
this authorization. The specific terms
rige vilkår for warrants, dog således at
and conditions in this respect are to be
udnyttelseskursen som minimum skal
determined by the Board of Directors.
svare til markedskursen på tidspunktet
The Board of Directors determines, at its
for udstedelsen af warrants, medmindre
own discretion, the exercise price as
well as other terms and conditions for
12
disse udstedes til Selskabets medarbej-
the warrants, always provided that the
dere.
exercise price as a minimum corresponds to the market price at the time
of issuance of the warrants, unless these
are issued to the Company's employees.
Pursuant to the provisions of the Danish
Bestyrelsen kan efter de til enhver tid
Companies Act in force from time to
gældende regler i selskabsloven genan-
time, the Board of Directors may reapply
vende eller genudstede eventuelle bort-
or reissue any lapsed non-exercised
faldne ikke udnyttede warrants, forudsat
warrants, provided that such reapplica-
at genanvendelsen eller genudstedelsen
tion or reissue is made under the terms
finder sted inden for de vilkår og tids-
and conditions and within the time limits
mæssige begrænsninger, der fremgår af
specified under this authority. Reappli-
denne bemyndigelse. Ved genanvendelse
cation means the right of the Board of
forstås adgangen for bestyrelsen til at
Directors
lade en anden aftalepart indtræde i en
party become a party to an already ex-
allerede bestående aftale om warrants.
isting agreement on warrants. Reissue
Ved genudstedelse forstås bestyrelsens
means the possibility for the Board of
mulighed for inden for samme bemyndi-
Directors to reissue new warrants under
gelse at genudstede nye warrants, hvis
the same authorization if those already
allerede udstedte warrants er bortfaldet.
issued have lapsed.
to
let
another
contractual
During the period until 21 April 2020,
Bestyrelsen er i perioden indtil den 21.
the Board of Directors is also authorized
april 2020 endvidere bemyndiget til ad
to increase at one or more times the
en eller flere gange at forhøje Selskabets
Company's share capital by up to nomi-
aktiekapital med op til nominelt DKK
nally DKK 2,750,000 shares by cash
2.750.000 aktier ved kontant indbetaling
payment in connection with the exercise
i forbindelse med udnyttelse af warrants
of the warrants or such an amount
eller et sådant beløb som måtte følge af
caused by an adjustment (if any) in the
en eventuel regulering af antallet af war-
number of warrants due to changes in
rants ved ændringer i Selskabets kapital-
the capital structure, without pre-emp-
forhold. Selskabets aktionærer skal ikke
tive subscription rights for the share-
have fortegningsret til aktier som udste-
holders of the Company to shares issued
des ved udnyttelse af udstedte warrants.
by exercise of the issued warrants.
13
På et bestyrelsesmøde i Selskabet af-
At a meeting of the board of directors of
holdt den 5. maj 2015 vedtog Selska-
the Company held on 5 May 2015, the
bets bestyrelse at udstede warrants
board of directors of the Company re-
(2015-2 employee incentive program)
solved to issue warrants (2015-2 em-
svarende til nominelt DKK 366.250 ak-
ployee incentive program) correspond-
tier; og bestyrelsen vedtog samtidig at
ing to a nominal amount of DKK 366,250
forhøje Selskabets aktiekapital i over-
shares; and the board of directors at the
ensstemmelse dermed.
Det konkrete
same time resolved to increase the
antal warrants tildelt udgør 366.250. De
share capital of the Company in accord-
fuldstændige vilkår for warrants er ved-
ance therewith. The final number of
lagt som bilag 8.4. Bilag 8.4 udgør en
warrants granted is 366,250. The com-
integreret del af nærværende vedtæg-
plete terms of the warrants are attached
ter.
as Schedule
8.4. Schedule 8.4 consti-
tutes an integrated part of these Articles
of Association.
På et bestyrelsesmøde i Selskabet af-
At a meeting of the board of directors of
holdt den 5. maj 2015 vedtog Selska-
the Company held on 5 May 2015, the
bets bestyrelse at udstede warrants
board of directors of the Company re-
(2015-3 employee incentive program)
solved to issue warrants (2015-3 em-
svarende til nominelt DKK 100,000 ak-
ployee incentive program) correspond-
tier; og bestyrelsen vedtog samtidig at
ing to a nominal amount of DKK 100,000
forhøje Selskabets aktiekapital i over-
shares; and the board of directors at the
ensstemmelse dermed.
Det konkrete
same time resolved to increase the
antal warrants tildelt udgør 100,000. De
share capital of the Company in accord-
fuldstændige vilkår for warrants er ved-
ance therewith. The final number of
lagt som bilag 8.4.a. Bilag 8.4.a udgør
warrants granted is 100,000. The com-
en integreret del af nærværende ved-
plete terms of the warrants are attached
tægter.
as Schedule 8.4.a. Schedule 8.4.a constitutes an integrated part of these Articles of Association.
Som følge af udstedelsen af warrants er
As a result of the issuance of warrants,
det udestående antal warrants, der kan
the number of warrants available for is-
udstedes i henhold til bemyndigelsen i
suance under the authorization in this
nærværende
article
§
8.4,
reduceret
til
14
8.4
has
been
reduced
to
8.5
2.283.750 warrants.
2,283,750 warrants.
Alle aktier, der tegnes ved udnyttelse af
The shares subscribed for by exercise of
warrants udstedt i henhold til § 8.4, skal
the warrants issued pursuant to article
være omsætningspapirer og navneaktier
8.4 shall be negotiable instruments and
og noteres i Selskabets ejerbog.
issued in the holder's name and shall be
registered in the Company's Register of
Shareholders.
De nye aktier skal være ligestillet med
The new shares shall have the same
den bestående aktiekapital. Ingen aktio-
rights as the existing shares of the Com-
nær skal være forpligtet til at lade sine
pany. No shareholder shall be obliged to
aktier indløse helt eller delvist. De nye
have
aktier skal give ret til udbytte og andre
partly. The new shares shall give rights
rettigheder i Selskabet fra det tidspunkt,
to dividends and other rights in the
som fastsættes af bestyrelsen i forhøjel-
Company from the time which is deter-
sesbeslutningen.
mined by the Board of Directors in con-
the
shares
redeemed
fully
or
nection with the decision to increase the
share capital.
8.6
Bestyrelsen er bemyndiget til at ændre
The board of directors is authorized to
nærværende vedtægter i tilfælde af ud-
amend these Articles of Association as a
nyttelse af de givne bemyndigelser eller
consequence of applying the authoriza-
warrants.
tions granted or the exercise of warrants.
9
Generalforsamling
General Meetings
9.1
Generalforsamlinger afholdes i Storkø-
General meetings of the Company shall
benhavn.
be held in Greater Copenhagen.
Ordinære generalforsamlinger skal af-
Annual general meetings shall be held
holdes i så god tid, at den reviderede og
early
godkendte årsrapport kan indsendes og
adopted annual report to be submitted
9.2
15
enough
for
the
audited
and
være modtaget i Erhvervs- og Selskabs-
to and received by the Danish Com-
styrelsen
merce and Company Agency not later
senest
fire
måneder
efter
regnskabsårets udløb.
than four months after the closing of the
financial year.
9.3
9.4
Bestyrelsen skal senest otte uger før da-
Not later than eight weeks before the
gen for den påtænkte afholdelse af den
date set for the annual general meeting
ordinære
offentlig-
the board of directors shall announce
gøre datoen for afholdelsen af general-
the date on which it intends to hold the
forsamlingen samt datoen for den sene-
general meeting as well as the date by
ste fremsættelse af krav om optagelse
which requests filed by shareholders
af et bestemt emne på dagsordenen for
wishing to have specific items included
aktionærerne, jf. punkt 9.4.
on the agenda, cf. article 9.4.
Forslag fra aktionærerne til behandling
Proposals from shareholders for consid-
på den ordinære generalforsamling skal
eration by the annual general meeting
være skriftligt fremsat til bestyrelsen
shall be submitted to the board of direc-
senest seks uger før generalforsamlin-
tors in writing not later than six weeks
gens afholdelse. Modtager bestyrelsen
before the date of the general meeting.
et forslag senere end seks uger før ge-
In the event that the board of directors
neralforsamlingens afholdelse, afgør be-
receives a proposal later than six weeks
styrelsen, om forslaget er fremsat i så
before the general meeting, the board of
god tid, at emnet alligevel kan optages
directors shall decide whether it was re-
på dagsordenen.
ceived in time for it to be included on
generalforsamling
the agenda nonetheless.
9.5
Ekstraordinær generalforsamling afhol-
An extraordinary general meeting shall
des efter en generalforsamlings beslut-
be held when decided by a general
ning, bestyrelsens beslutning, når det
meeting, the board of directors or re-
kræves af Selskabets revisor, eller når
quested by the Company's auditor as
det til behandling af et bestemt emne
well as when requested in writing by
skriftligt kræves af aktionærer, der ejer
shareholders holding at least 5 % of the
mindst 5 % af aktiekapitalen.
share capital for consideration of a specific issue.
9.6
Generalforsamlinger skal indkaldes med
General meetings shall be convened
with a maximum notice of five weeks
16
9.7
højst fem ugers og mindst tre ugers var-
and a minimum notice of three weeks.
sel. Indkaldelse til ekstraordinær gene-
An extraordinary general meeting shall
ralforsamling skal ske senest 14 dage
be convened within 14 days after a
efter, at bestyrelsen har modtaget be-
proper request has been received by the
hørig anmodning herom.
board of directors.
Bestyrelsen skal indkalde til generalfor-
The board of directors shall convene
samling ved bekendtgørelse indrykket i
general meetings by publication in the
Erhvervs- og Selskabsstyrelsens it-sy-
computer information system of the
stem samt ved offentliggørelse på Sel-
Danish
skabets hjemmeside
Agency and by posting on the Compa-
(www.zealandpharma.com).
ny's website
Commerce
and
Companies
(www.zealandpharma.com).
9.8
Indkaldelsesvarslet regnes fra den før-
The length of the notice shall be reck-
ste bekendtgørelse. Indkaldelse
sker
oned from the first advertisement. Gen-
endvidere ved meddelelse til alle note-
eral meetings shall moreover be con-
rede aktionærer i ejerbogen, som har
vened by sending a notice to all share-
fremsat
begæring
den
holders entered in the Company's Reg-
adresse,
herunder
jf.
ister of Shareholders having so re-
punkt 12, de har opgivet til Selskabet.
quested, to the address, including the e-
Er oplysningerne i ejerbogen utilstræk-
mail address, cf. article 12, informed to
kelige eller mangelfulde, har bestyrel-
the Company. If the information con-
sen ingen pligt til at søge disse berigti-
tained in the Register of Shareholders is
get eller til at indkalde på anden måde.
insufficient or incorrect, the board of di-
herom,
til
e-mailadresse,
rectors shall not be obliged to rectify the
information or to give notice in any
other way.
9.9
Indkaldelsen skal som minimum inde-
The notice shall as a minimum include:
holde:
(1)
Tid og sted for generalforsamlin-
(1) Time and place for the general
gen, samt hvilke emner der skal
meeting and the issues to be con-
behandles på generalforsamlingen.
sidered at the general meeting. If
the general meeting is to consider
17
Såfremt der på generalforsamlin-
a proposal to amend the Articles of
gen skal behandles forslag til ved-
Association, then the notice shall
tægtsændringer,
specify the material content of the
skal
forslagets
væsentligste indhold angives i ind-
proposal.
kaldelsen.
(2)
(3)
En beskrivelse af aktiekapitalens
(2) The amount of the share capital and
størrelse og aktionærernes stem-
the voting rights of the share-
meret.
holders.
Den i vedtægternes punkt 10.2
(3) The
registration
date
stated
in
nævnte registreringsdato med en
article 10.2 with a clear indication
tydeliggørelse af, at det alene er
that only companies or persons
selskaber eller personer, der på
holding shares in the Company as
denne dato er aktionærer i Sel-
at said date shall be entitled to
skabet, der har ret til at deltage i
attend and vote at the general
og stemme på generalforsamlin-
meeting.
gen.
(4)
(5)
Angivelse af hvor og hvordan den
(4) An indication of where and how to
komplette, uforkortede tekst til de
obtain the full, unbridged text of
dokumenter, der skal fremlægges
the documents to be presented at
på generalforsamlingen, dagsor-
the general meeting, the agenda
denen og de fuldstændige forslag
and
kan fås, herunder den nøjagtige
including the exact internet address
internetadresse
of the Company's website where
til
Selskabets
the
complete
hjemmeside, hvor dagsordenen og
the
de dokumenter nævnt i punkt 12.2
documents
vil blive gjort tilgængelige.
12.2 will be made available.
Proceduren
ved
for
fuldmagt,
stemmeafgivelse
og
and
the
other
in
article
mentioned
(5) The procedure for voting by proxy,
ved
by postal and by electronic means,
elektronisk stemmeafgivelse, her-
and the Company will make a proxy
under at der vil blive stillet en
form available for the shareholders
fuldmagtsblanket til rådighed for
that are entitled to vote.
enhver
brev
agenda
proposals,
stemmeberettiget
aktio-
nær.
18
(6)
Såfremt generalforsamlingen gen-
(6) If the general meeting is conducted
nemføres elektronisk eller delvis
by electronic means or partly by
elektronisk, jf. punkt 11.1, skal
electronic means, cf. article 11.1
indkaldelsen tillige indeholde op-
this shall be stated in the convening
lysninger
notice together with the details on
derom
samt
om
til-
melding og de nærmere krav til de
how
elektroniske systemer som vil blive
requirements are to the electronic
anvendt. Indkaldelsen skal angive,
systems that will be used. The
at
frem-
convening notice shall point out
gangsmåden ved elektronisk ge-
that detailed information about the
neralforsamling vil kunne findes på
procedure will be available on the
Selskabets hjemmeside.
Company's website.
oplysninger
9.10 Generalforsamlingen
om
afholdes på en-
to
sign
up
and
what
the
The general meeting is held in English
gelsk, uden at der sker simultantolkning
without
til dansk.
Danish.
simultaneous
translation
to
9.11 Senest tre uger før generalforsamlingen
Not later than three weeks prior to a
skal følgende oplysninger som minimum
general meeting the following infor-
være tilgængelige på Selskabets hjem-
mation, as minimum, shall be available
meside:
on the Company's website:
(1)
Indkaldelsen.
(1)
The notice.
(2)
Det
(2)
The total number of shares and
(3)
samlede
antal
aktier
og
stemmerettigheder på datoen for
voting rights on the date of the
indkaldelsen.
notice.
De dokumenter, der skal fremlæg-
(3)
ges på generalforsamlingen, her-
the
under for den ordinære general-
with respect to the annual general
forsamlings
meeting
vedkommende
den
reviderede årsrapport.
(4)
The documents to be submitted to
general
the
meeting,
audited
including
annual
report.
Dagsordenen og de fuldstændige
forslag.
(4)
The agenda and complete proposals.
19
(5)
De formularer, der skal anvendes
(5)
ved stemmeafgivelse ved fuldmagt
The forms to be used for voting by
proxy or postal.
og ved brev.
9.12 Dagsordenen for den ordinære generalforsamling skal omfatte:
(1)
(2)
Bestyrelsens
The agenda of the annual meeting shall
include:
beretning
om
Sel-
(1)
(4)
report
from
the
board
of
skabets virksomhed i det forløbne
directors on the Company's acti-
regnskabsår.
vities in the past financial year.
Godkendelse
af
den
reviderede
(2)
årsrapport.
(3)
A
Beslutning
Approval of the audited annual
report.
om
anvendelse
af
(3)
A resolution on the distribution of
overskud eller dækning af under-
profit or the cover of loss in
skud i henhold til den godkendte
accordance with the annual report
årsrapport.
adopted.
Valg af medlemmer til bestyrelsen.
(4)
Election of members to the board
of directors.
(5)
Valg af revisor.
(6)
Bemyndigelse
til
erhvervelse
af
(5)
Election of auditor.
(6)
Authorization
egne aktier.
(7)
to
acquire
the
Company's own shares.
Eventuelle forslag fra bestyrelse
(7)
eller aktionærer.
Any proposals submitted by the
board
of
directors
or
by
shareholders.
(8)
Eventuelt.
(8)
Any other business.
9.13 Forhandlingerne på generalforsamlingen
A chairman of the meeting appointed by
ledes af en dirigent, der udpeges af be-
the board of directors shall preside over
the proceedings at general meetings
20
styrelsen. Dirigenten afgør alle spørgs-
and decide upon all questions of proce-
mål vedrørende emnernes behandling,
dure, voting and voting results.
stemmeafgivning
og
stemmeresulta-
terne.
9.14 Et referat af generalforsamlingen indfø-
The proceedings at a general meeting
res i en protokol. Referatet skal under-
shall be recorded in a minute book and
skrives af dirigenten og af bestyrelsens
be signed by the chairman of the general
formand. Senest to uger efter general-
meeting and the chairman of the board
forsamlingens afholdelse skal general-
of directors. Not later than two weeks
forsamlingsprotokollen eller en bekræf-
after the general meeting the minute
tet udgave af denne gøres tilgængelig
book, or a certified transcript of the mi-
for Selskabets aktionærer.
nute book, shall be made available to
the Company's shareholders.
9.15 Generalforsamlingsprotokollen skal for
As a general rule, for each resolution
hver beslutning som udgangspunkt in-
made at the general meeting the minute
deholde en fuldstændig redegørelse for
book of the general meeting must set
afstemningen, derunder om (i) hvor
out at a minimum the full details of the
mange aktier, der er afgivet gyldige
voting including information on (i) the
stemmer for, (ii) den andel af aktiekapi-
total number of shares for which valid
talen, som disse stemmer repræsente-
votes were cast, (ii) the proportion of
rer, (iii) det samlede antal af stemmer
the share capital accounted for by these
for og imod hvert beslutningsforslag og
votes, (iii) the total number of valid
(v) antallet af eventuelle stemmeundla-
votes, (iv) the number of votes cast in
delser.
favour of and against each resolution,
and (v) the total number of abstentions,
if any.
9.16 Ønsker ingen af aktionærerne en fuldstændig
redegørelse
for
If no shareholder requests that the full
afstemnin-
details of the votes be included in the
gerne, er det kun nødvendigt i general-
minute book, the minute book need only
forsamlingsprotokollen
af-
to state the results of the individual
stemningsresultatet for hver beslutning.
votes. Accordingly, the Chairman of the
Dirigenten skal således i forbindelse
general meeting shall have to clarify for
med hver generalforsamlingsbeslutning
each individual vote whether or not any
at
fastslå
shareholders request the inclusion in the
21
have afklaret hvorvidt, ingen af aktio-
minute book of the full details of the
nærerne ønsker en fuldstændig redegø-
vote.
relse for afstemningen.
9.17 Senest to uger efter generalforsamlin-
Not later than two weeks after the gen-
gens afholdelse skal afstemningsresul-
eral meeting the voting results from the
tatet offentliggøres på Selskabets hjem-
general meeting shall be posted on the
meside.
Company's website.
Møderet - Stemmeret
Right of Attendance - Voting Right
10
10.1 En aktionærs ret til at deltage i og afgive
A shareholders right to attend general
stemme på en generalforsamling fast-
meetings and to vote at general meet-
sættes i forhold til de aktier, som aktio-
ings is determined on the basis of the
næren besidder på registreringsdatoen.
shares that the shareholder owns on the
registration date.
10.2 Registreringsdatoen ligger en uge før
The registration date is one week before
generalforsamlingens afholdelse. De ak-
the general meeting is held. The shares
tier, den enkelte aktionær besidder, op-
which the individual shareholder owns
gøres på registreringsdatoen på grund-
are calculated on the registration date
lag af noteringen af aktionærens ejer-
on the basis of the registration of own-
forhold i ejerbogen samt meddelelser
ership in the Company's Register of
om ejerforhold, som Selskabet har mod-
Shareholders as well as notifications
taget med henblik på indførsel i ejerbo-
concerning ownership which the Com-
gen.
pany has received with a view to update
the ownership in the Register of Shareholders.
10.3 Enhver aktionær som senest tre dage in-
Any shareholder who has notified the
den generalforsamlingens afholdelse har
Company of his participation not later
meddelt Selskabet sin deltagelse, og
than three days prior to the general
som har modtaget et adgangskort, er
meeting and who has received an ad-
berettiget til personligt eller ved fuld-
mission card shall be entitled to attend
magt at deltage i generalforsamlingen.
the general meeting, either in person or
Adgangskort udstedes til den i Selska-
by proxy. Admission card will be issued
bets ejerbog noterede aktionær.
22
to the holder registered in the Company's Register of Shareholders.
10.4 På generalforsamlingen giver hvert aktiebeløb på DKK 1 én stemme.
Each share of DKK 1 has one vote at
general meetings.
10.5 Stemmeret kan udøves i henhold til
A shareholder may vote by proxy or by
skriftlig fuldmagt eller ved brevstemme,
postal, and the Company shall not later
og Selskabet skal senest tre uger før ge-
than three weeks prior to the general
neralforsamlingen gøre formularer til
meeting make a form for this use avail-
brug herfor tilgængelige på Selskabets
able on the Company's website. A vote
hjemmeside. En brevstemme skal være
by postal must be received by the Com-
Selskabet i hænde senest tre dage før
pany not later than three days prior to
generalforsamlingens afholdelse for at
the general meeting is held in order to
blive medtaget på generalforsamlingen.
be counted at the general meeting.
10.6 Aktionæren
eller
fuldmægtigen
kan
The shareholder or the proxyholder may
møde på generalforsamlingen sammen
attend the general meeting accompa-
med en rådgiver.
nied by an advisor.
10.7 Generalforsamlingen træffer beslutning
At general meetings resolutions shall be
ved simpelt stemmeflertal, medmindre
decided by simple majority of votes un-
andet følger af lovgivningen eller af Sel-
less otherwise prescribed by law or the
skabets vedtægter.
Articles of Association.
Elektronisk generalforsamling
Electronic general meetings
11
11.1 Bestyrelsen kan, når den anser det for
When the board of directors finds it ap-
hensigtsmæssigt og generalforsamlin-
propriate and technically safe it may de-
gen kan afvikles på betryggende vis, be-
cide that the general meeting solely
stemme at generalforsamlingen udeluk-
shall be held as an electronic general
kende skal foregå elektronisk (fuldstæn-
meeting (completely electronic general
dig elektronisk generalforsamling). Be-
meeting). The board of directors may
styrelsen kan herudover under samme
also as an alternative under the same
forudsætninger vælge at tilbyde aktio-
circumstances invite shareholders to at-
nærerne at deltage elektronisk på gene-
tend by electronic means general meet-
23
ralforsamlinger, der i øvrigt gennemfø-
ings that are also attended by share-
res ved fysisk fremmøde (delvis elektro-
holders in person (partially electronic
nisk generalforsamling). Aktionærerne
general meeting). In this way, share-
kan derved elektronisk deltage i, ytre
holders will be able to attend, express
sig samt stemme på generalforsamlin-
their opinion and vote at the general
gen. Nærmere oplysninger vil til sin tid
meeting by electronic means. In due
kunne findes på Selskabets hjemmeside
course more information will be made
og i indkaldelsen til de pågældende ge-
available on the Company's website and
neralforsamlinger, ligesom de i Selska-
in the notices convening the general
bets ejerbog noterede aktionærer vil
meetings involved, and written infor-
modtage skriftlig meddelelse herom.
mation on the subject will also be sent
to shareholders listed in the Company's
Register of Shareholders.
12
Electronic communication
Elektronisk kommunikation
12.1 Bestyrelsen er bemyndiget til at indføre
The board of directors has been granted
elektronisk kommunikation mellem Sel-
authority to introduce electronic com-
skabet og dets aktionærer, således at
munication between the Company and
Selskabet kan benytte elektronisk doku-
its shareholders, meaning that the Com-
mentudveksling
post,
pany may use electronic document ex-
som nærmere angivet nedenfor i sin
change and electronic mail as specified
kommunikation med aktionærerne.
below in its communication with the
og
elektronisk
shareholders.
12.2 Indkaldelse af aktionærerne til ordinær
og
ekstraordinær
The Company shall be able to send no-
generalforsamling,
tices convening annual and extraordi-
herunder de fuldstændige forslag til
nary general meetings including the
vedtægtsændringer, tilsendelse af dags-
complete proposals for amendments to
orden, årsrapport, delårsrapport, kvar-
the articles of association, agenda, an-
talsrapport, fondsbørsmeddelelser, ge-
nual report, interim report, quarterly re-
neralforsamlingsprotokollater,
fuld-
port, stock exchange releases, minutes
magtsblanketter og adgangskort samt
and general meetings, proxy forms,
øvrige generelle oplysninger fra Selska-
mail-in voting forms, admission cards
bet til aktionærerne vil kunne sendes af
and other general information from the
Selskabet til aktionærerne via e-mail.
Company to it shareholders by means of
email.
24
12.3 Ovennævnte dokumenter, bortset fra
The above documents, to the exclusion
adgangskort til generalforsamlingen, vil
of admission cards for the general meet-
tillige blive offentliggjort på Selskabets
ing, shall also be posted on the Compa-
hjemmeside. På Selskabets hjemmeside
ny's website. The Company's website
vil der tillige kunne findes oplysning om
shall also contain information about re-
kravene til de anvendte systemer samt
quirements to the systems used and the
om fremgangsmåden i forbindelse med
procedures applying to the use of elec-
elektronisk kommunikation.
tronic communication.
12.4 Selskabet er forpligtet til at bede navne-
The Company must request registered
noterede aktionærer om en elektronisk
shareholders for an electronic address
adresse hvortil meddelelser m.v. kan
to which notices can be sent, and it is
sendes, og det er den enkelte aktionærs
the responsibility of each shareholder to
ansvar at sikre, at Selskabet er i besid-
ensure that the Company is in posses-
delse
sion of a proper electronic address.
af
den
korrekte
elektroniske
adresse.
12.5 Selskabet skal ved brev til de i ejerbo-
Once the board of directors utilizes the
gen noterede aktionærer give aktionæ-
authority to introduce electronic com-
rerne meddelelse, når bestyrelsens be-
munication, the Company shall notify
myndigelse til at indføre elektronisk
shareholders listed in the company's
kommunikation udnyttes.
register of shareholders thereof by letter.
13
Bestyrelse
Board of Directors
13.1 Til Selskabets bestyrelse vælger gene-
The general meeting shall elect at least
ralforsamlingen mindst fire og højst syv
four and not more than seven directors.
medlemmer.
13.2 Bestyrelsesmedlemmer, som er valgt af
The directors elected by the general
generalforsamlingen, afgår på hvert års
meeting shall retire from office at each
ordinære generalforsamling, men kan
annual general meeting but shall be eli-
genvælges.
gible for re-election.
13.3 Ingen, der er fyldt 70 år, kan vælges til
25
No person being elected to the board of
bestyrelsen. Et bestyrelsesmedlem skal
directors shall have reached the age of
fratræde ved afslutningen af den første
70 years. A board member shall retire at
ordinære generalforsamling, efter be-
the end of the first annual general meet-
styrelsesmedlemmet er fyldt 70 år.
ing held after the relevant board member having reached the age of 70 years.
13.4 Bestyrelsen vælger selv formanden for
bestyrelsen.
The board of directors elects the chairman of the board of directors.
13.5 Beslutninger i bestyrelsen træffes, med-
Unless otherwise decided by the board
mindre andet er aftalt, med almindelig
of directors, decisions of the board of di-
stemmeflerhed. I tilfælde af stemmelig-
rectors shall be decided by simple ma-
hed er formandens stemme afgørende.
jority of votes. The chairman shall have
a casting vote if equality of votes occurs.
13.6 Bestyrelsen træffer ved en forretningsorden nærmere bestemmelse om udfø-
The board of directors shall lay down
rules of its proceedings.
relsen af sit hverv.
13.7 Bestyrelsesmedlemmerne oppebærer et
The directors shall be remunerated an-
årligt honorar, hvis samlede størrelse
nually as prescribed in the annual report
skal fremgå af årsrapporten for det på-
for the relevant year.
gældende år.
13.8 Bestyrelsen kan meddele prokura, enkel
eller kollektiv.
The board of directors may authorize
one
person
alone
or
more
persons
jointly to sign for the Company by procuration.
14
Direktion
Executive management
14.1 Bestyrelsen ansætter en direktion be-
The board of directors shall employ at
stående af mellem en og fire direktører.
least one but not more than four man-
Hvis direktionen består af flere direktø-
agers to comprise the Company's exec-
rer, skal én af disse udnævnes til admi-
utive management. Where more than
nistrerende direktør.
one manager is employed, one of them
26
shall be appointed managing director.
15
Nomineringskomité
Nomination Committee
15.1 Hvert tredje år på den ordinære gene-
The Company's shareholders shall re-
ralforsamling skal Selskabets aktionæ-
solve whether to establish a Nomination
rer beslutte, hvorvidt der skal nedsæt-
Committee every third year at the an-
tes en nomineringskomité. Såfremt der
nual general meeting. In the event that
ikke etableres en nomineringskomité,
a Nomination Committee is not estab-
kan generalforsamlingen på enhver ef-
lished, the general meeting may resolve
terfølgende generalforsamling beslutte,
to establish a Nomination Committee at
at der skal nedsættes en nominerings-
any subsequent general meeting.
komité.
15.2 Nomineringskomitéen består af indtil
The Nomination Committee consists of
fem medlemmer. Bestyrelsesformanden
up to five members. The chairman of the
er altid medlem af nomineringskomi-
board of directors shall always be a
téen. Et medlem af nomineringskomi-
member of the Nomination Committee.
téen
generalforsamlingen
One further member of the Nomination
blandt de øvrige medlemmer af Selska-
Committee is elected by the general
bets bestyrelse, og indtil tre aktionær-
meeting among the rest of the members
repræsentanter vælges af generalfor-
of the Company's board of directors, and
samlingen. Medlemmer af Selskabets di-
up to three shareholder representatives
rektion og Selskabets medarbejdere kan
are elected by the general meeting.
ikke vælges til nomineringskomitéen.
Members of the Company's executive
vælges
af
management and the Company's employees cannot be elected to the Nomination Committee.
15.3 De generalforsamlingsvalgte medlem-
The members of the Nomination Com-
mer af nomineringskomitéen vælges for
mittee elected by the general meeting
en periode af tre år.
are elected for a term of three years.
15.4 Nomineringskomitéen har til formål at
The purpose of the Nomination Commit-
vurdere bestyrelsens sammensætning
tee is to assess the composition of the
27
og forelægge generalforsamlingen an-
board of directors and to present annual
befalinger om valg af generalforsam-
recommendations to the general meet-
lingsvalgte bestyrelsesmedlemmer. No-
ing about the election of the board
mineringskomitéen skal sikre, at alle
members to be elected by the general
kandidater til hvervet som bestyrelses-
meeting. The
medlem i Selskabet tilfredsstiller kapi-
must ensure that all candidates for the
talmarkedernes forventninger, og at be-
position as a member of the board of di-
styrelsens sammensætning opfylder an-
rectors in the Company fulfil the expec-
befalingerne for god selskabsledelse i
tations of the capital markets and that
børsnoterede
Nomine-
the composition of the board of directors
ringskomitéens anbefalinger indskræn-
fulfils the recommendations on good
ker ikke aktionærernes ret til at foreslå
corporate governance in listed compa-
andre kandidater til generalforsamlin-
nies. The recommendations of the Nom-
gen.
ination Committee do not restrict the
virksomheder.
Nomination Committee
right of shareholders to propose other
candidates to the general meeting.
15.5 Medlemmerne af nomineringskomitéen
The members of the Nomination Com-
er underlagt tavshedspligt efter samme
mittee are subject to a duty of confiden-
regler som medlemmerne af Selskabets
tiality according to the same rules as
bestyrelse.
those applying to members of the Company's board of directors.
15.6 Generalforsamlingen skal ved en forretnomineringskomitéen
procedure of the Nomination Committee
træffe nærmere bestemmelser om no-
concerning its composition and activi-
mineringskomitéens sammensætning og
ties. The Company shall ensure that the
virke. Selskabet skal sikre, at den til en-
rules of procedure of the Nomination
hver tid gældende forretningsordenen
Committee in force from time to time
for nomineringskomitéen er offentlig-
are made available at the Company's
gjort på Selskabets hjemmeside.
website.
Incitamentsaflønning
Incentive Pay
ningsorden
16
The general meeting must adopt rules of
for
16.1 Selskabet har udarbejdet overordnede
The Company has prepared a set of gen-
retningslinjer for incitamentsaflønning
eral guidelines for incentive pay to the
board of directors and the executive
28
17
af bestyrelsen og direktionen. Disse ret-
management.
These
guidelines
have
ningslinjer er forelagt og vedtaget af
been presented to and adopted by the
Selskabets generalforsamling. Retnings-
Company in general meeting. The guide-
linjerne er offentligt tilgængelige på Sel-
lines are publicly available on the Com-
skabets hjemmeside.
pany's website.
Tegningsregel
Signature Rules
17.1 Selskabet tegnes af bestyrelsens for-
The Company shall be bound by the joint
mand i forening med den administre-
signatures of the chairman of the board
rende direktør, eller af bestyrelsens for-
of directors with the managing director;
mand i forening med et bestyrelsesmed-
or the chairman of the board of directors
lem, eller af en direktør i forening med
jointly with one member of the board of
to bestyrelsesmedlemmer, eller af den
directors; or one member of the board
administrerende direktør i forening med
of managers jointly with two members
en direktør eller af den samlede besty-
of the board of directors; or the joint
relse.
signatures of the managing director and
one member of the board of managers;
or all members of the board of directors
jointly.
18
Revisor
Auditor
18.1 Selskabets årsrapport revideres af en
statsautoriseret revisor.
The Company's annual report shall be
audited by a state-authorized public accountant.
18.2 Revisor vælges af den ordinære generalforsamling for et år ad gangen.
The auditor shall be elected by the annual general meeting for one year at a
time.
19
Årsrapport
Annual Report
19.1 Selskabets regnskabsår er kalenderåret.
The financial year of the Company is the
calendar year.
19.2 Selskabets årsrapport udarbejdes og aflægges udelukkende på engelsk.
The Company's annual report shall be
29
prepared and submitted in English only.
20
Bilag
Schedules
20.1 Bilag 8.1: Warrants (2010 employee incentive
program),
jf.
vedtægternes
§ 8.1.
Schedule 8.1: Warrants (2010 employee
incentive program), cf. article 8.1 of the
Articles of Association.
20.2 Bilag 8.1a: Warrants (2011-1 employee
Schedule 8.1a: Warrants (2011-1 em-
incentive program), jf. vedtægternes
ployee incentive program), cf. article
§ 8.1.
8.1 of the Articles of Association.
20.3 Bilag 8.1b: Warrants (2011-2 employee
Schedule 8.1b: Warrants (2011-2 em-
incentive program), jf. vedtægternes
ployee incentive program), cf. article
§ 8.1.
8.1 of the Articles of Association.
20.4 Bilag 8.1c: Warrants (2012-1 employee
Schedule 8.1c: Warrants (2012-1 em-
incentive program), jf. vedtægternes
ployee incentive program), cf. article
§ 8.1.
8.1 of the Articles of Association.
20.5 Bilag 8.1d: Warrants (2012-2 employee
Schedule 8.1d: Warrants (2012-2 em-
incentive program), jf. vedtægternes
ployee incentive program), cf. article
§ 8.1.
8.1 of the Articles of Association.
20.6 Bilag 8.1e: Warrants (2013-1 employee
Schedule 8.1e: Warrants (2013-1 em-
incentive program), jf. vedtægternes
ployee incentive program), cf. article
§ 8.1.
8.1 of the Articles of Association.
20.7 Bilag 8.1f: Warrants (2014-1 employee
Schedule 8.1f: Warrants (2014-1 em-
incentive program), jf. vedtægternes
ployee incentive program), cf. article
§ 8.1.
8.1 of the Articles of Association.
20.8 Bilag 8.1g: Warrants (2015-1 employee
Schedule 8.1g: Warrants (2015-1 em-
incentive program), jf. vedtægternes
ployee incentive program), cf. article
§ 8.1.
8.1 of the Articles of Association.
30
20.9 Bilag 8.4.: Warrants (2015-2 og 2015-4
Schedule 8.4.: Warrants (2015-2 and
employee incentive program), jf. ved-
2015-4 employee incentive programs),
tægternes § 8.1 og 8.4.
cf. articles 8.1 and 8.4 of the Articles of
Association.
20.10 Bilag 8.4.a: Warrants (2015-3 employee
Schedule 8.4.a: Warrants (2015-3 em-
incentive program), jf. vedtægternes
ployee incentive program), cf. article
§ 8.4.
8.4 of the Articles of Association.
- 0 -
- 0 -
Vedtaget på bestyrelsesmøde afholdt den 4.
Approved at the Board meeting held on
november 2015.
4 November 2015.
31
BILAG 8.1 TIL VEDTÆGTER FOR
EXHIBIT 8.1 TO THE ARTICLES OF
ASSOCIATION FOR
ZEALAND PHARMA A/S
ZEALAND PHARMA A/S
INDHOLDSFORTEGNELSE/TABLE OF CONTENTS
1
FORMÅL ....................................................................................................... 4
1
PURPOSE ..................................................................................................... 4
2
TILDELING AF WARRANTS ............................................................................... 5
2
GRANT OF WARRANTS .................................................................................... 5
3
ALMINDELIG UDNYTTELSE AF WARRANTS .......................................................... 6
3
ORDINARY EXERCISE OF THE WARRANTS .......................................................... 6
4
EKSTRAORDINÆR UDNYTTELSE AF WARRANTS ................................................... 7
4
EXTRAORDINARY EXERCISE OF THE WARRANTS .................................................. 7
5
PRAKTISK UDNYTTELSE AF WARRANTS ............................................................ 12
5
PRACTICALITIES IN CONNECTION WITH EXERCISE OF THE WARRANTS ................. 12
6
TEGNINGSKURS FOR AKTIER VED UDNYTTELSE AF WARRANTS ............................ 13
6
SUBSCRIPTION PRICE FOR SHARES IN CONNECTION WITH THE EXERCISE OF
WARRANTS ................................................................................................ 13
7
REGULERING AF VILKÅR FOR WARRANTS VED VISSE DEFINEREDE ÆNDRINGER I
SELSKABETS KAPITALFORHOLD ..................................................................... 13
7
ADJUSTMENT OF THE CONDITIONS FOR WARRANTS IN CASE OF CERTAIN DEFINED
CHANGES IN THE COMPANY'S CAPITAL STRUCTURE ........................................... 13
8
OMSÆTTELIGHED ........................................................................................ 20
8
TRANSFERABILITY ....................................................................................... 20
9
VILKÅR FOR NYE AKTIER UDSTEDT VED UDNYTTELSE AF WARRANTS .................... 21
9
CONDITIONS FOR NEW SHARES ISSUED FOLLOWING EXERCISE OF THE WARRANTS
............................................................................................................... 21
10
KAPITALFORHØJELSE VED UDNYTTELSE AF WARRANTS ...................................... 23
10
CAPITAL INCREASE IN CONNECTION WITH THE EXERCISE OF THE WARRANTS ....... 23
11
OMKOSTNINGER I FORBINDELSE MED UDSTEDELSE AF AKTIER ........................... 23
11
COSTS RELATED TO THE ISSUE OF SHARES ..................................................... 23
12
LOCK-UP.................................................................................................... 23
12
LOCK-UP.................................................................................................... 23
13
OPHØR
AF
ANSÆTTELSESFORHOLDET
-
WARRANTINDEHAVERE,
DER
ER
MEDARBEJDERE .......................................................................................... 24
13
CEASE OF EMPLOYMENT STATUS - WARRANT HOLDERS WHO ARE EMPLOYEES........ 24
14
FRATRÆDEN
AF
ET
WARRANTINDEHAVERE,
AF
SOM
SELSKABETS
ER
BESTYRELSESMEDLEMMER
BESTYRELSESMEDLEMMER
VALGT
AF
GENERALFORSAMLINGEN .............................................................................. 25
14
RESIGNATION AS BOARD MEMBER OF THE COMPANY - WARRANT HOLDERS WHO
ARE BOARD MEMBERS ELECTED BY THE GENERAL MEETING ................................ 25
15
INSIDERHANDEL ......................................................................................... 26
15
INSIDER TRADING ....................................................................................... 26
16
SKATTEMÆSSIGE FORHOLD .......................................................................... 26
16
TAX IMPLICATIONS ...................................................................................... 26
17
SPROG ...................................................................................................... 27
17
LANGUAGE ................................................................................................. 27
1
Formål
1
1.1
På bestyrelsesmødet i Zealand Pharma
At the board meeting held in Zealand Pharma
A/S ("Selskabet") den 2. november 2010
A/S (the "Company") on 2 November 2010,
blev der i overensstemmelse med ved-
the following new provisions were adopted in
tægternes punkt 8.1 vedtaget følgende
accordance with Article 8.1 of the Articles of
nye bestemmelser vedrørende udstedelse
Association concerning the issue of warrants
af warrants til medlemmer af den øverste
to members of the top management, se-
ledelse, udvalgte nøglemedarbejdere og
lected key employees and members of the
medlemmer
Company's Board of Directors (the "Warrant
1.2
af
Selskabets
bestyrelse
Purpose
("Warrantindehaver") ("Warrants").
Holder") ("Warrants").
Bestyrelsen har besluttet at udstede op til
The Board of Directors has decided to issue
595.406 Warrants i Selskabet til tegning
up to 595,406 Warrants in the Company for
af op til 595.406 aktier til kr. 1,00 (nomi-
the subscription of up to 595,406 shares of
nelt kr. 595.406) i henhold til vedtægter-
DKK 1.00 (nominally DKK 595,406) accord-
nes punkt 8.1. 67.012 warrants er udnyt-
ing to Article 8.1 of the Articles of Associa-
tet den 11. april 2015, 33.506 warrants
tion. 67,012 warrants were exercised on 11
er udnyttet den 2. juni 2015, 33.506 war-
April 2015, 33,506 warrants were exercised
rants er udnyttet den 20. juni 2015,
on 2 June 2015, 33,506 warrants were exer-
308.582 warrants er udnyttet den 8. sep-
cised on 20 June 2015, 308,582 warrants
tember 2015, 85.788 warrants er udnyt-
were
tet den 26. september 2015, 60.843 war-
85,788 warrants were exercised on 26 Sep-
rants er udnyttet 4. november 2015, og
tember 2015, 60,843 warrants were exer-
herefter udestår 6.169 warrants.
cised on 4 November 2015, and thus 6,169
exercised
on
8
September
2015,
warrants are outstanding.
1.3
Aftalen er del af en incitamentsordning i
This Agreement is part of an incentive pro-
henhold til hvilken medlemmer af den
gramme according to which senior manage-
øverste ledelse, udvalgte nøglemedarbej-
ment members, selected key employees and
dere og medlemmer af Selskabets besty-
members of the Board of Directors of the
relse tilbydes muligheden for at få tildelt
Company are offered an opportunity to re-
Warrants i Selskabet med henblik på at
ceive Warrants in the Company in order to
sikre, at Selskabet og Warrantindeha-
ensure that the Company and the Warrant
verne har en fælles interesse, og at alle
Holders share common interests and that
everyone is working to ensure that the value
1.4
1.5
således gør en indsats for, at Selskabets
of the Company develops in the best possible
værdi udvikler sig bedst muligt.
way.
Tildelingen af Warrants er betinget af, at
It is a condition for the grant of Warrants
Warrantindehaveren enten er ansat i Sel-
that the Warrant Holder is either employed
skabet i uopsagt stilling på datoen for
with the Company and not under notice at
denne Aftale eller er medlem af Selska-
the date of this Agreement or is a member
bets bestyrelse
of the Board of Directors of the Company.
Warrantindehaveren tiltræder automatisk
Amendments to the Company's Articles of
ændringer i Selskabets vedtægter, i det
Association shall automatically be accepted
omfang betingelserne for en beslutning
by the Warrant Holder to the extent that the
om vedtægtsændringer er til stede.
conditions for the resolution to amend the
Articles of Association exist.
1.6
Tegning af Warrants har fundet sted ved
The subscription for Warrants has taken
underskrivelse af individuelle warrantaf-
place by signing of individual warrant agree-
taler ("Warrantaftaler"), som indeholder
ments ("Warrant Agreement"), which con-
Warrantindehaverens navn og antal til-
tain the names of the Warrant Holder and the
delte Warrants.
number of Warrants granted.
Warrants berettiger Warrantindehaveren
The Warrants entitle the Warrant Holder to
til at tegne aktier på de nedenfor anførte
subscribe the shares on the terms set out
betingelser.
below.
2
Tildeling af Warrants
2
2.1
Ligningslovens § 7H skal være gældende
Section 7H of the Danish Tax Assessment Act
i videst muligt omfang. Selskabets revisor
(in Danish "Ligningsloven") shall apply to the
skal i sin lovpligtige erklæring anføre, i
largest extent possible. The Company's au-
hvilket omfang betingelserne for anven-
ditor will in his statutory certification attest
delse af § 7H er opfyldte. De øvrige War-
to which extent the conditions for the appli-
rants skal være underlagt bestemmel-
cation of Section 7H are met. The remaining
serne i ligningslovens § 28.
Warrants shall be subject to the provisions
1.7
Grant of Warrants
of Section 28 of the Danish Tax Assessment
Act.
2.2
Tildeling af Warrants sker uden bereg-
The Warrants are granted free of charge.
ning.
2.3
Hver Warrant berettiger Warrantindeha-
Each Warrant entitles the Warrant Holder to
veren til at tegne 1 aktie à nominelt kr.
subscribe for 1 share of nominal value DKK
1,00 i Selskabet i henhold til de relevante
1.00 in the Company pursuant to the rele-
bestemmelser anført i punkt 3 - 5 til den
vant conditions as set forth in Clauses 3 - 5
i punkt 6 fastsatte tegningskurs.
and at the relevant subscription price as determined in Clause 6.
2.4
I forbindelse med Selskabets aktiebog
In connection with the Company's register of
skal der føres en fortegnelse over samt-
shareholders, a register of all issued War-
lige udstedte Warrants.
rants shall be kept.
3
Almindelig udnyttelse af Warrants
3
3.1
Udnyttelsen af Warrants er betinget af, at
It is a condition for the exercise of Warrants
Selskabet
that
3.2
er
blevet
børsnoteret
på
Ordinary Exercise of the Warrants
the
Company
has
been
listed
on
NASDAQ OMX Copenhagen A/S ("Børsno-
NASDAQ OMX Copenhagen A/S (a "Listing")
tering") senest den 30. juni 2011. Hvis
no later than on 30 June 2011. If a Listing
Børsnotering ikke er gennemført den 30.
has not been completed on 30 June 2011 all
juni 2011, bortfalder samtlige Warrants
Warrants shall automatically lapse and be-
automatisk uden yderligere varsel og/el-
come void without any further notice and/or
ler kompensation til Warrantindehaveren.
compensation to the Warrant Holder.
Forudsat at betingelserne i punkt 3.1 er
Provided that the condition set out in Clause
opfyldte, kan Warrants udnyttes i perio-
3.1 has been met, the Warrants may be ex-
den fra 3. november 2013 til og med 3.
ercised in the period from 3 November 2013
november 2015 ("Udnyttelsesperioden") i
until (and including) 3 November 2015 ("Ex-
de i punkt 3.3 anførte udnyttelses-vin-
ercise Period") within the windows set forth
duer. Warrants, der ikke er udnyttet på
in Clause 3.3. Warrants which have not been
eller før sidste dag af Udnyttelsesperio-
exercised on or before the last day of the Ex-
den, bortfalder automatisk uden yderli-
ercise Period will automatically lapse and be-
gere varsel og/eller kompensation til War-
come void without any further notice and/or
rantindehaveren.
compensation to the Warrant Holder.
3.3
Inden for Udnyttelsesperioden kan War-
Within the Exercise Period, the Warrants
rants udnyttes fire gange om året i et 4
may be exercised four times a year during a
ugers udnyttelses-vindue, der begynder
4-week window starting from the time of
på tidspunktet for offentliggørelse af en-
publication of either the Company's annual
ten Selskabets årsregnskab eller periode-
report or quarterly or semi-annual reports
regnskab (henholdsvis 3, 6 eller 9 måne-
(respectively 3, 6 and 9 months).
der).
3.4
Warrantindehaveren er berettiget til at
The Warrant Holder is entitled to exercise all
udnytte alle eller en del af sine Warrants.
or part of his or her Warrants, however, the
Warrantindehaveren kan dog ikke udnytte
Warrant Holder cannot exercise less than 25
mindre end 25 procent ad gangen af det
per cent of the total number of Warrants
samlede antal Warrants, der er blevet til-
granted in accordance with this Agreement
delt Warrantindehaveren i henhold til Af-
at a time.
talen.
4
Ekstraordinær udnyttelse af Warrants
4
Extraordinary Exercise of the Warrants
4.1
Udover den almindelige
udnyttelse af
In addition to the ordinary exercise of War-
Warrants i henhold til punkt 3 kan Selska-
rants as set out in Clause 3, the Board of
bets bestyrelse efter eget skøn beslutte,
Directors of the Company may, in their sole
at en ekstraordinær udnyttelse af War-
discretion, decide that Warrants may be ex-
rants kan finde sted, herunder i overens-
traordinarily exercised including, but not
stemmelse med - men ikke begrænset til
limited to, in accordance with Clauses 4.1.1
- bestemmelserne i punkt 4.1.1 - 4.1.6.
- 4.1.6
4.1.1 Såfremt
Selskabets
generalforsamling
In the event that the Company's general
træffer beslutning om likvidation af Sel-
meeting passes a resolution to liquidate the
skabet, og bestyrelsen (efter eget skøn)
Company, and the Board of Directors (in
vedtager, at Warrants som følge deraf
their sole discretion) decide that Warrants
kan udnyttes, skal Selskabet give War-
therefore may be exercised, the Company
rantindehaveren
meddelelse
shall notify the Warrant Holder in writing to
herom. Warrantindehaveren har herefter
this effect. Following this notification, the
en frist på to uger fra datoen for afsen-
Warrant Holder shall notify the Company in
delse af meddelelsen fra Selskabet til
writing within two weeks as from the date of
skriftlig
skriftligt at meddele Selskabet, om War-
the posting of this notification from the Com-
rants ønskes udnyttet helt eller delvis.
pany whether he/she wishes to exercise the
Hvis Warrantindehaveren ikke ønsker at
Warrants wholly or partly. If the Warrant
udnytte Warrants, bortfalder disse auto-
Holder does not wish to exercise the War-
matisk og uden kompensation efter udlø-
rants, the Warrants shall automatically be-
bet af fristen, forudsat at Selskabet oplø-
come void without compensation, following
ses endeligt som følge af den meddelte
the expiry of the time-limit, provided that
beslutning. Udnyttelse af Warrants skal
the Company is finally liquidated as a result
ske i overensstemmelse med punkt 5 og
of the notified resolution. Any exercise of the
6.
Warrants
must
be
in
accordance
with
Clauses 5 and 6.
4.1.2 Såfremt generalforsamlingen træffer be-
In the event that the general meeting passes
slutning om at fusionere Selskabet, og fu-
a resolution to merge the Company and such
sionen medfører, at Selskabet ophører,
merger results in the Company being discon-
og bestyrelsen (efter eget skøn) vedta-
tinued, and the Board of Directors (in their
ger, at Warrants som følge deraf kan ud-
sole discretion) decide that Warrants there-
nyttes, skal Selskabet give Warrantinde-
fore may be exercised, the Company shall
haveren skriftlig meddelelse herom. War-
notify the Warrant Holder in writing to this
rantindehaveren har herefter en frist på
effect. Following such notification, the War-
to uger fra datoen for afsendelse af med-
rant Holder shall notify the Company in writ-
delelsen fra Selskabet til skriftligt at med-
ing within two weeks as from the date of the
dele Selskabet, om Warrants ønskes ud-
posting of this notification from the Company
nyttet helt eller delvis. Selskabet skal
whether he/she wishes to exercise the War-
håndtere
medde-
rants wholly or partly. The notice must in
lelse således, at aktierne er registreret i
such case be processed by the Company so
Warrantindehaverens depot senest fem
that the shares are registered in the Warrant
handelsdage forud for sidste handelsdag
Holder's depot at least five trading days be-
for Selskabets aktier. Hvis Warrantinde-
fore the last day of trading of the Company's
haveren ikke ønsker at udnytte Warrants,
shares. If the Warrant Holder does not wish
bortfalder disse automatisk og uden kom-
to exercise the Warrants, the Warrants shall
pensation efter udløbet af fristen, forud-
automatically become void without compen-
sat at Selskabet opløses endeligt som
sation, following the expiry of the time-limit,
følge af den meddelte beslutning. Udnyt-
provided that the Company is finally discon-
telse af Warrants skal ske i overensstem-
tinued as a result of the notified resolution.
Warrantindehaverens
melse med punkt 5 og 6.
Any exercise of the Warrants must be in accordance with Clauses 5 and 6.
4.1.3 I tilfælde af et frivilligt eller pligtmæssigt
In the event that a voluntary or mandatory
overtagelsestilbud i henhold til §§ 31 og
public offer pursuant to Section 31 and 32 of
32 i lov om værdipapirhandel, og besty-
the Danish Securities Trading Act is made,
relsen (efter eget skøn) vedtager, at War-
and the Board of Directors (in their sole dis-
rants som følge deraf kan udnyttes, skal
cretion) decide that Warrants therefore may
Selskabet
Warrantindehaveren
be exercised, the Company shall notify the
skriftlig meddelelse herom. Warrantinde-
Warrant Holder in writing to this effect. Fol-
haveren har herefter en frist på to uger
lowing such notification, the Warrant Holder
fra datoen for afsendelse af meddelelsen
shall notify the Company in writing within
fra Selskabet til skriftligt at meddele Sel-
two weeks as from the date of the posting of
skabet, om Warrants ønskes udnyttet helt
this notification from the Company whether
eller
Warrantindehaveren
he/she wishes to exercise the Warrants
ikke ønsker at udnytte Warrants, skal
wholly or partly. If the Warrant Holder does
Warrants og Aftalen fortsat være fuldt ud
not wish to exercise the Warrants, the War-
gældende. Udnyttelse af Warrants skal
rants and this Agreement will remain in full
ske i overensstemmelse med punkt 5 og
effect. Any exercise of the Warrants must be
6.
in accordance with Clauses 5 and 6.
4.1.3.1
delvis.
give
Hvis
Efter gennemførelse af et frivilligt
Following completion of a voluntary or man-
pligtmæssigt
i
datory public offer pursuant to Section 31
henhold til §§ 31 og 32 i lov om værdipa-
and 32 of the Danish Securities Trading Act,
pirhandel skal bestyrelsen træffe beslut-
the Board of Directors shall decide that War-
ning om, at Warrants kan udnyttes inden
rants may be exercised within a 4- week pe-
for en 4 ugers periode. Selskabet skal
riod. The Company shall notify the Warrant
give Warrantindehaveren skriftligt besked
Holder in writing to this effect. Following
herom. Warrantindehaveren har herefter
such notification, the Warrant Holder shall
en frist på to uger fra datoen for afsen-
notify the Company in writing within two
delse af meddelelsen fra Selskabet til
weeks as from the date of the posting of this
skriftligt at meddele Selskabet, om War-
notification
rants ønskes udnyttet helt eller delvis.
he/she wishes to exercise the Warrants
Hvis Warrantindehaveren ikke ønsker at
wholly or partly. If the Warrant Holder does
udnytte Warrants, bortfalder disse og
not wish to exercise the Warrants, the War-
denne Aftale. Udnyttelse af Warrants skal
rants and this Agreement shall lapse. Any
eller
overtagelsestilbud
from
the
Company
whether
ske i overensstemmelse med punkt 5 og
exercise of the Warrants must be in accord-
6.
ance with Clauses 5 and 6.
4.1.4 Såfremt der indledes en tvangsindløsning
In the event that a compulsory acquisition of
af Selskabets aktier i henhold til selskabs-
the Company's shares pursuant to the Dan-
loven, og bestyrelsen (efter eget skøn)
ish Companies Act is initiated, and the Board
vedtager, at Warrants som følge deraf
of Directors (in their sole discretion) decide
kan udnyttes, skal Selskabet give War-
that Warrants therefore may be exercised,
rantindehaveren
meddelelse
the Company shall notify the Warrant Holder
herom. Warrantindehaveren har herefter
in writing to this effect. Following such noti-
en frist på to uger fra datoen for afsen-
fication, the Warrant Holder shall notify the
delse af meddelelsen fra Selskabet til
Company in writing within two weeks as from
skriftligt at meddele Selskabet, om War-
the date of the posting of this notification
rants ønskes udnyttet helt eller delvis.
from the Company whether he/she wishes to
Hvis Warrantindehaveren ikke ønsker at
exercise the Warrants wholly or partly. If the
udnytte Warrants, bortfalder disse auto-
Warrant Holder does not wish to exercise the
matisk og uden kompensation efter gen-
Warrants, the Warrants shall automatically
nemførelsen af tvangsindløsningen af Sel-
become void without compensation, follow-
skabets aktier i henhold til selskabsloven.
ing the completion of the compulsory acqui-
Udnyttelse af Warrants skal ske i overens-
sition of the Company's shares pursuant to
stemmelse med punkt 5 og 6.
the Danish Companies Act. Any exercise of
skriftlig
the Warrants must be in accordance with
Clauses 5 and 6.
4.1.5 Såfremt
Selskabets
generalforsamling
In the event that the Company's general
træffer beslutning om at afnotere Selska-
meeting passes a resolution to delist the
bet fra NASDAQ OMX Copenhagen A/S, og
Company from NASDAQ OMX Copenhagen
bestyrelsen (efter eget skøn) vedtager, at
A/S, and the Board of Directors (in their sole
Warrants som følge deraf kan udnyttes,
discretion) decide that Warrants therefore
skal Selskabet give Warrantindehaveren
may be exercised, the Company shall notify
skriftlig meddelelse herom. Warrantinde-
the Warrant Holder in writing to this effect.
haveren har herefter en frist på to uger
Following
fra datoen for afsendelse af meddelelsen
Holder shall notify the Company in writing
fra Selskabet til skriftligt at meddele Sel-
within two weeks as from the date of the
skabet, om Warrants ønskes udnyttet helt
posting of this notification from the Company
eller delvis. Selskabet skal håndtere War-
whether he/she wishes to exercise the War-
rantindehaverens meddelelse således, at
rants wholly or partly. The notice must be
such
notification,
the
Warrant
aktierne er registreret i Warrantindehave-
processed by the Company so that the
rens depot senest fem handelsdage forud
shares are registered in the Warrant Holder's
for sidste handelsdag for Selskabets ak-
depot at least five trading days before the
tier. Hvis Warrantindehaveren ikke øn-
last day of trading of the Company's shares.
sker at udnytte Warrants, bortfalder disse
In so far as the Warrant Holder does not wish
automatisk og uden kompensation, efter
to exercise the Warrants, the Warrants shall
at Selskabet er blevet afnoteret. Udnyt-
automatically become void without compen-
telse af Warrants skal ske i overensstem-
sation, following the completion of the delist-
melse med punkt 5 og 6.
ing of the Company. Any exercise of the Warrants must be in accordance with Clauses 5
and 6.
4.1.5.1
Efter gennemførelse af Selskabets
Following completion of a delisting of the
afnotering fra NASDAQ OMX Copenhagen
Company from NASDAQ OMX Copenhagen
A/S skal bestyrelsen træffe beslutning
A/S, the Board of Directors shall decide that
om, at Warrants kan udnyttes to gange
Warrants may be exercised two times a year
om året inden for (den resterende del af)
within (the remaining part of) the Exercise
Udnyttelsesperioden. Udnyttelse af War-
Period. Any exercise of the Warrants must be
rants skal ske i overensstemmelse med
in accordance with Clauses 5 and 6.
punkt 5 og 6.
4.1.6 Såfremt Selskabet beslutter at sælge de
In the event that the Company decides to
mest rentable og væsentligste af Selska-
sell the most profitable and material assets
bets aktiver, og bestyrelsen (efter eget
of the Company and the Board of Directors
skøn) vedtager, at Warrants som følge
(in their sole discretion) decide that War-
deraf kan udnyttes, skal Selskabet give
rants therefore may be exercised, the Com-
Warrantindehaveren skriftlig meddelelse
pany shall notify the Warrant Holder in writ-
herom. Warrantindehaveren har herefter
ing to this effect. Following such notification,
en frist på to uger fra datoen for afsen-
the Warrant Holder shall notify the Company
delse af meddelelsen fra Selskabet til
in writing within two weeks as from the date
skriftligt at meddele Selskabet, om War-
of the posting of this notification from the
rants ønskes udnyttet helt eller delvis.
Company whether he/she wishes to exercise
Hvis Warrantindehaveren ikke ønsker at
the Warrants wholly or partly. In so far as
udnytte Warrants, skal Warrants og Afta-
the Warrant Holder does not wish to exercise
len fortsat være fuldt ud gældende. Ud-
the Warrants, the Warrants and this Agree-
nyttelse af Warrants skal ske i overens-
ment shall remain in full effect. Any exercise
stemmelse med punkt 5 og 6.
of the Warrants must be in accordance with
Clauses 5 and 6.
5
5
Praktisk udnyttelse af Warrants
Practicalities in connection with
Exercise of the Warrants
5.1
Såfremt Warrantindehaveren ønsker at
In the event that the Warrant Holder wishes
udnytte en Warrant, skal Warrantindeha-
to exercise a Warrant, the Warrant Holder
veren
skriftligt
shall - using the subscription form forwarded
herom - ved hjælp af den tegningsblan-
by the Company to the Warrant Holder - give
ket, som Selskabet har tilsendt Warrant-
written notice ("Exercise Notice") to the
indehaveren
Company.
underrette
Selskabet
("Udnyttelsesmeddelelse").
Udnyttelsesmeddelelsen
5.2
betragtes
The
Exercise
Notice
will
be
som
deemed given by the Warrant Holder if the
afgivet af Warrantindehaveren på tids-
Exercise Notice was delivered to the Com-
punktet for dets aflevering på Selskabets
pany’s address (for the attention of the
adresse (Att. bestyrelsesformanden) med
chairman of the Board of Directors) by regu-
almindelig post, anbefalet post, med fax
lar mail, registered mail, fax or courier after
eller pr. bud efter begyndelsen og før ud-
commencement and before the expiry of the
løbet af den relevante afleveringsfrist.
relevant notice period. The Exercise Notice
Udnyttelsesmeddelelsen skal være behø-
shall be duly completed. The Company is en-
rigt udfyldt. Selskabet har ret til at ændre
titled to change the practicalities in connec-
i de praktiske forhold omkring udnyttelse
tion with the exercise of the Warrants, and if
af Warrants, og Warrantindehaveren vil
so decided by the Company, the Warrant
blive underrettet skriftligt, hvis Selskabet
Holder will be notified in writing by the Com-
beslutter dette.
pany.
Samtidig med at give meddelelse om ud-
At the same time as giving notice of the ex-
nyttelse af Warrants skal Warrantindeha-
ercise of the Warrants, the Warrant Holder
veren indbetale et kontantbeløb til Sel-
shall pay in cash to the Company an amount
skabet svarende til det relevante teg-
equal to the relevant subscription amount
ningsbeløb fastsat i henhold til punkt 6.
fixed under the terms of Clause 6.
6
Tegningskurs for aktier ved udnyt-
6
Subscription Price for Shares in
connection with the Exercise of
telse af Warrants
Warrants
6.1
Hver Warrant giver Warrantindehaveren
Each Warrant entitles the Warrant Holder to
ret til at tegne 1 aktie à nominelt kr. 1,00
subscribe for 1 share in the Company of a
i Selskabet til en tegningskurs svarende
nominal value of DKK 1.00 at a subscription
til 110 procent af kursen i henhold til
price equivalent to 110 per cent of the book
bookbuilding-metoden fastsat på den før-
building price determined at the first date on
ste dag, hvor Selskabet er børsnoteret på
which the Company is listed on NASDAQ OMX
NASDAQ OMX Copenhagen A/S ("Teg-
Copenhagen A/S (the "Subscription Price").
ningskursen").
6.2
6.3
7
Tegningskursen kan reguleres som anført
The Subscription Price may be regulated as
i Aftalen.
set out in this Agreement.
Warrantindehaveren
modtager
skriftlig
The Warrant Holder receives written notice
meddelelse om den faktiske Tegningskurs
of the actual Subscription Price in DKK which
i danske kroner, som skal udgøre en inte-
shall be an integral part of the Warrant
greret del af Warrantaftalen.
Agreement.
Regulering af vilkår for Warrants ved
7
Adjustment of the Conditions for
visse definerede ændringer i Selska-
Warrants in case of certain defined
bets kapitalforhold
Changes in the Company's Capital
Structure
7.1
Såfremt der gennemføres visse define-
In case that certain defined changes are
rede ændringer i Selskabets kapitalfor-
made in the Company's capital structure
hold, som indebærer en reduktion eller en
which entail a reduction or increase of the
forøgelse af værdien af de tildelte War-
value of the Warrants granted, there shall be
rants, skal der foretages en regulering af
an adjustment of the Subscription Price
Tegningskursen og/eller antallet af aktier,
and/or the number of shares that can be
som kan tegnes ved udnyttelse af War-
subscribed for by exercising the Warrants, so
rants, således at værdien af Warrants for-
that the value of the Warrants remains the
bliver uændret med de undtagelser, der
same, with the exceptions set forth in this
er gældende i henhold til Aftalen. Teg-
Agreement. However, the Subscription Price
ningskursen kan dog ikke fastsættes til
can never be adjusted to below par value.
under nominel værdi. Herudover er det en
Further, it is a condition for any adjustment
7.2
betingelse for reguleringen af antallet af
of the number of shares that can be sub-
aktier, som kan tegnes ved udnyttelse af
scribed for by exercising the Warrants that
Warrants, at Selskabets bestyrelse har
the Board of Directors of the Company has
fået tildelt den nødvendige bemyndigelse
been granted the necessary authority by the
af generalforsamlingen til at udstede et
general meeting to issue such additional
sådant yderligere antal aktier i Selskabet.
number of shares in the Company.
Såfremt Selskabets kompetente instanser
Should the competent bodies of the Com-
træffer endelig beslutning om at udstede
pany make a final decision to issue bonus
fondsaktier
form af
shares (e.g. stock dividend) before the War-
fondsaktier), inden Warrantindehaveren
rant Holder has exercised his or her War-
har udnyttet sine Warrants, skal Teg-
rants, the Subscription Price shall be multi-
ningskursen multipliceres med følgende
plied by the following factor:
(f.eks.
udbytte
i
faktor:
 
A
(A  B)
og antallet af aktier med
 
1
and the number of shares by

hvor:
A:
er Selskabets nominelle aktiekapital
er den nominelle værdi af de fondsaktier, der udstedes.
7.3
1

where:
A:
før udstedelse af fondsaktier,
B:
A
(A  B)
is the Company's nominal share capital before the issue of bonus shares;
B:
is the nominal value of the bonus
shares to be issued.
Såfremt Selskabets kompetente instanser
Should the competent bodies of the Com-
træffer endelig beslutning om at forhøje
pany make a final decision to increase the
Selskabets aktiekapital ved tegning af
Company's share capital by subscription of
nye aktier til en kurs, der er lavere end
new shares at a price below market price be-
markedskursen, inden Warrantindehave-
fore the Warrant Holder has exercised his or
ren har udnyttes sine Warrants, skal Teg-
her Warrants, the Subscription Price shall be
ningskursen multipliceres med følgende
multiplied by the following factor:
faktor:
 
(A  k)  (B  t)
(A  B)  k
 
(A  k)  (B  t)
(A  B)  k
og antallet af aktier med
1
and the number of shares by

hvor:
A:
er Selskabets nominelle aktiekapital
A:
er den nominelle forhøjelse af aktie-
B:
is the nominal increase of the share
capital;
er aktiernes markedskurs forud for
k:
kapitalforhøjelsen
t:
is the Company's nominal share capital before the capital increase;
kapitalen,
k:

where:
forud for kapitalforhøjelsen,
B:
1
er Tegningskursen på de nye aktier.
is the market price of the shares before the capital increase;
t:
is the Subscription Price for the new
shares.
7.4
7.5
Såfremt Selskabets kompetente instanser
Should the competent bodies of the Com-
træffer endelig beslutning om at ændre
pany make a final decision to change the
aktiernes nominelle værdi i forbindelse
nominal value of the shares in connection
med en beslutning, hvorved Selskabets
with a decision whereby the share capital of
aktiekapital nedsættes ved hensættelse
the Company is reduced by allocation to a
til en særlig fond og/eller til dækning af
separate fund and/or cover of loss, before
underskud,
Warrantindehaveren
the Warrant Holder has exercised his or her
har udnyttet sine Warrants, skal der hver-
Warrants, neither the Subscription Price nor
ken ske ændringer i Tegningskursen eller
the number of shares shall be amended.
antallet af aktier. Warrantindehaveren
Consequently the Warrant Holder shall retain
beholder således sin ret til at tegne det
the right to subscribe for the same number
samme antal aktier til Tegningskursen.
of shares at the Subscription Price. However,
Hver Warrant skal dog berettige Warrant-
each
indehaveren til at tegne 1 aktie med den
Holder to subscribe for 1 share of the new
nye nominelle værdi, der er blevet beslut-
nominal value so decided by the competent
tet af Selskabets kompetente instanser.
bodies of the Company.
Såfremt Selskabets kompetente instanser
Should the competent bodies of the Com-
træffer endelig beslutning om at ændre
pany make a final decision to change the
aktiernes nominelle værdi (uden samti-
nominal value of the shares (without any
dige ændringer i Selskabets aktiekapital),
other simultaneous changes of the capital of
f.eks. i situationer, der ikke er omfattet af
the Company), e.g. in situations not com-
punkt 7.4, inden Warrantindehaveren har
prised by Clause 7.4, before the Warrant
inden
Warrant
shall
entitle
the
Warrant
Holder has exercised his or her Warrants, the
udnyttes sine Warrants, skal Tegnings-
Subscription Price shall be multiplied by the
kursen multipliceres med følgende faktor:
following factor:
 
A
B
 
og antallet af aktier med
1
and the number of shares by

hvor:
A:
B:
7.6
A
B
1

where:
er den nominelle værdi af hver enkel
A:
is the nominal value of each share af-
aktie efter ændring af aktiernes no-
ter the nominal value of the shares
minelle værdi,
has been changed;
er den nominelle værdi af hver enkel
B:
is the nominal value of each share be-
aktie før ændring af aktiernes nomi-
fore the nominal value of the shares
nelle værdi.
has been changed.
Såfremt Selskabet i et hvilket som helst
Should the Company within any year decide
år beslutter at udbetale dividende, skal
to distribute dividends, the amount shall be
det pågældende beløb betragtes som ud-
considered a distribution to the shareholders
betaling til aktionærerne, hvilket vil inde-
which shall result in an adjustment of the
bære en regulering af Tegningskursen
Subscription Price according to the following
som følger:
formula:
TK1 = TK -
u  (D  1)
D
TK 1 = TK -
hvor:
TK: er
Tegningskursen
u  (D  1)
D
where:
for
Warrants
TK:
is the Subscription Price for the War-
forud for udbetaling af dividende,
rants before the distribution of divi-
u:
er det totale dividendebeløb,
dends;
D:
det totale antal aktier i Selskabet.
u:
is the total amount of dividends;
D:
is the total number of shares in the
Company.
7.7
Såfremt Selskabets aktiekapital nedsæt-
If the share capital of the Company is re-
tes ved udbetaling til aktionærerne til en
duced by means of payment to the shareholders at a price higher than the market
højere kurs end markedskursen, skal Teg-
price, the Subscription Price shall be calcu-
ningskursen beregnes som følger:
lated as follows:
TK1 = TK -
TK 1 = TK -
B  (t  k)
A
B  (t  k)
A
where:
hvor:
TK:
TK:
er
Tegningskursen
for
Warrants
before the reduction of the share cap-
forud for nedsættelse af aktiekapitalen,
A:
Company before the reduction of the
forud for nedsættelsen af aktiekapi-
share capital;
B:
er den nominelle nedsættelse af ak-
is the nominal reduction of the share
capital;
k:
er aktiernes markedskurs forud for
kapitalnedsættelsen,
t:
is the nominal share capital of the
er Selskabets nominelle aktiekapital
tiekapitalen,
k:
ital;
A:
talen,
B:
is the Subscription Price for Warrants
is the market price of the shares before the reduction of capital;
t:
er kursen på de aktier, hvormed ak-
is the rate of the shares by which the
share capital is reduced.
tiekapitalen nedsættes.
7.8
Såfremt Selskabets aktiekapital nedsæt-
If the share capital of the Company is re-
tes ved udbetaling til aktionærerne til en
duced by payment to the shareholders at a
lavere kurs end markedskursen, skal Teg-
price lower than the market price, the Sub-
ningskursen beregnes således:
scription Price shall be calculated as follows:
TK1 = TK +
TK 1 = TK +
B  (k  t)
A
B  (k  t)
A
where:
hvor:
TK:
TK:
er
Tegningskursen
for
Warrants
before the reduction of the share cap-
forud for nedsættelsen af aktiekapitalen,
A:
is the Subscription Price for Warrants
ital;
A:
is the nominal share capital of the
er Selskabets nominelle aktiekapital
Company before the reduction of the
forud for nedsættelsen af aktiekapi-
share capital;
talen,
B:
is the nominal reduction of the share
B:
er den nominelle nedsættelse af aktiekapitalen,
k:
k:
er aktiernes markedskurs forud for
kapitalnedsættelsen,
t:
capital;
is the market price of the shares before the reduction of capital;
t:
er kursen på de aktier, hvormed ak-
is the rate of the shares by which the
share capital is reduced.
tiekapitalen nedsættes.
7.9
Såfremt Selskabet fusionerer som det
If the Company participates in a merger as
fortsættende selskab, foretages ingen re-
the continuing company, there shall be no
gulering af Tegningskursen eller af antal-
adjustment of the Subscription Price or the
let af aktier, der kan tegnes.
number of shares that may be subscribed
for.
7.10 Såfremt generalforsamlingen træffer be-
In the event that the general meeting passes
slutning om at spalte Selskabet, skal War-
a resolution to demerge the Company, the
rantindehaveren efter spaltningen have et
Warrant Holder shall – after the demerger –
antal Warrants med ret til at tegne aktier
have the number of Warrants that shall en-
i det fortsættende selskab, som Warrant-
title him/her to subscribe for shares in the
indehaveren er eller ville have været an-
receiving company by which the Warrant
sat i, eller, hvis Warrantindehaveren ikke
Holder is or would have been employed or,
er eller har været ansat i Selskabet, i det
in the event that the Warrant Holder is not
selskab,
er
or has not been employed by the Company,
nærmest knyttet til. Antallet af Warrants
the company with which the Warrant Holder
skal give Warrantindehaveren adgang til
has the closest relation. The number of War-
potentielt samme ejerandel, som en ud-
rants shall entitle the Warrant Holder to the
nyttelse af alle Warrants forud for spalt-
same potential stake that an exercise of all
ningen ville have givet, justeret med for-
Warrants prior to the demerger would have
holdet mellem værdien af de forskellige
resulted in, adjusted by the ratio between
fortsættende selskaber. Herudover skal
the values of the different surviving compa-
vilkårene for de fortsættende Warrants
nies. Moreover, the terms applying to the
være de samme som anført i denne Af-
surviving Warrants shall be the same as the
tale.
terms stipulated in this Agreement.
som
Warrantindehaveren
7.11 I andre tilfælde, hvor Selskabets kapital-
In other cases of changes in the capital
forhold ændres, herunder ved udstedelse
structure of the Company, including issuance
af warrants, konvertible gældsbreve eller
of warrants, convertible debt instruments or
lignende, således at værdien af de ud-
the like, resulting in a change of the value of
stedte Warrants påvirkes, skal Tegnings-
the issued Warrants, the Subscription Price
kursen for de tildelte Warrants så vidt
for the granted Warrants shall to the extent
muligt reguleres, således at værdien ikke
possible be adjusted, so that the value is not
forringes eller forøges, jf. dog punkt 7.14
reduced or increased, subject, however, to
forneden.
Clause 7.14 below.
7.12 Tegningskursen kan ikke reduceres til en
lavere
værdi
end
aktiernes
The Subscription Price shall not be reduced
nominelle
to a price lower than the nominal value of
værdi (kurs pari). Såfremt en regulering
the shares (par). If an adjustment of the
af Warrants, de skal sikre disses værdi,
Warrants to preserve their value would re-
medfører, at kursen skal reduceres til un-
sult in the price being reduced to below par,
der kurs pari, bortfalder Warrants, med-
the Warrants shall lapse, unless the Warrant
mindre Warrantindehaveren accepterer,
Holder accepts that the Subscription Price is
at Tegningskursen forhøjes til kurs pari
increased to par without compensation.
uden kompensation.
7.13 Såfremt
aktiekapitalen
nedsættes
til
If the share capital is reduced in order to
dækning af underskud, skal antallet af ak-
cover losses, the number of shares that the
tier, som Warrantindehaveren kan tegne
Warrant Holder may subscribe for by exer-
ved udnyttelse af Warrants, reduceres
cising
(nedrundet) i et forhold svarende til for-
(rounded down) proportionately to the nom-
holdet mellem den nominelle kapitalned-
inal reduction of the capital, compared to the
sættelse og Selskabets samlede nomi-
total nominal share capital of the Company
nelle aktiekapital før nedsættelsen.
before the reduction.
the
Warrants
shall
be
reduced
7.14 Ved følgende ændringer i Selskabets ka-
The following changes in the capital struc-
pitalforhold skal der ikke foretages regu-
ture of the Company shall not result in any
lering af Tegningskursen eller antallet af
adjustment of the Subscription Price or the
aktier,
number of shares that the Warrant Holder
tegne:
som
Warrantindehaveren
kan
may subscribe for:
(i)
An increase or reduction of the Company's capital at market price, including issue of shares according to Clause
(i)
Forhøjelse eller nedsættelse af Sel-
7.1 in the Articles of Association of the
skabets
Company.
aktiekapital
til
markeds-
kurs, herunder udstedelse af aktier i
henhold til punkt 7.1 i Selskabets
(ii)
vedtægter.
Issue of shares, options, warrants or
the like to employees of the Company
or to employees of a group-related
(ii)
Udstedelse af aktier, optioner, war-
company and/or their fully owned
rants eller lignende til medarbejdere
companies for some or more of the
af Selskabet eller medarbejdere af
employees, possibly at a favourable
et koncernforbundet selskab og/el-
price, including but not limited to the
ler af disses helejede selskaber til
issue of shares according to Clause
enkelte
8.1 in the Articles of Association of the
eller
flere
medarbejdere,
eventuelt til en favørkurs, herunder,
Company concerning warrants.
men ikke begrænset til udstedelse af
aktier i henhold til punkt 8.1 i Selskabets vedtægter vedrørende war-
(iii) Issue of warrants, convertible debt in-
rants.
struments or the like to third parties
on usual market terms as part of mez-
(iii)
Udstedelse af warrants, konvertible
zanine financing or similar financing.
gældsbreve eller lignende til tredjemand på sædvanlige markedsvilkår
som led i mezzaninfinansiering eller
dertil svarende finansiering.
7.15 Såfremt antallet af nye aktier, som kan
If the number of new shares that may be
tegnes ved udnyttelse af Warrants, for-
subscribed for by exercise of the Warrants is
øges
dette
adjusted upwards in accordance with this
punkt 7, skal Selskabets højeste aktieka-
Clause 7, the Company's maximum share
pital forøges tilsvarende.
capital shall be increased similarly.
8
Omsættelighed
8
8.1
De enkelte Warrants er ikke-omsættelige
Each Warrant is a non-negotiable instru-
instrumenter. Enhver form for overdra-
ment. Any transfer, pledging or other assign-
gelse, pantsætning eller anden afståelse
ment of a Warrant shall be subject to the
af en Warrant kan kun finde sted, hvis der
prior written consent of the Board of Direc-
i
overensstemmelse
med
Transferability
tors of the Company, which may be granted,
indhentes
forudgående
skriftligt
sam-
denied or conditioned in the absolute discre-
tykke fra Selskabets bestyrelse, og kan
tion of the Board of Directors of the Company
blive tilladt, nægtet eller gøres betinget
(with the exception of a transfer due to the
efter bestyrelsens absolutte skøn (med
death of the Warrant Holder, in which case
undtagelse af overdragelse i tilfælde af
the Board of Directors shall approve a trans-
Warrantindehaverens død, i hvilket til-
fer mortis causa to the Warrant Holder’s
fælde bestyrelsen skal godkende overdra-
closest relatives).
gelse til Warrantindehaverens nærmeste
slægtninge).
8.2
9
Warrants må ikke
underkastes nogen
The Warrants may not be subject to enforce-
form for tvangsfuldbyrdelse og må ikke
ment of any kind and may not be lodged as
stilles som sikkerhed over for tredjepart.
security towards a third party.
Vilkår for nye aktier udstedt ved ud-
9
nyttelse af Warrants
9.1
Conditions for New Shares issued
following Exercise of the Warrants
Følgende vilkår skal være gældende for
The following terms and conditions shall ap-
nye aktier tegnet ved udnyttelse af War-
ply to the new shares issued by the exercise
rants under denne Aftale:
of Warrants covered by this Agreement,
(i)
(i)
the existing shareholders shall not
for de nye aktier gælder der ikke for-
have any pre-emptive right to the new
tegningsret for de eksisterende akti-
shares;
onærer,
(ii)
(ii)
the new shares issued on the basis of
de nye aktier udstedt på grundlag af
exercised Warrants shall be paid up in
udnyttede Warrants indbetales kon-
cash at the same date as the Exercise
tant samtidig med fremsendelse af
Notice is forwarded;
Udnyttelsesmeddelelse,
(iii)
(iii)
the new shares shall be issued in the
de nye aktier skal udstedes på navn
holder's name and shall be registered
og skal registreres i Warrantindeha-
in the name of the Warrant Holder in
verens navn i Selskabets ejerbog,
the Company's register of shareholders;
(iv)
de nye aktier skal være omsætningspapirer,
(iv)
the new shares shall be negotiable
shares;
(v)
(vi)
de nye aktier skal være frit omsættelige,
(v)
the new shares are freely transferable;
for de nye aktier skal der ikke gælde
(vi)
the
pre-emptive
right
of
the
new
indskrænkninger i fortegningsretten
shares in connection with future capital
ved fremtidige kapitalforhøjelser,
increases shall not be limited;
(vii) de nye aktier skal give ret til udbytte
og andre rettigheder i Selskabet fra
(vii) the new shares shall carry a right to
tidspunktet for den relevante kapi-
dividend and other rights in the Com-
talforhøjelses registrering hos Er-
pany as from the time when the rele-
hvervs- og Selskabsstyrelsen,
vant capital increase has been registered by the Danish Commerce and
(viii) i tilfælde af generelle ændringer i
Companies Agency;
aktiernes rettigheder skal de nye aktier give samme rettigheder som
(viii) in case of any general changes in the
Selskabets øvrige aktier på udnyt-
rights of the shares in the Company,
telsestidspunktet, og
the new shares shall carry the same
rights as the other shares in the Com-
(ix)
Selskabet skal afholde omkostnin-
pany at the time of exercise; and
gerne i forbindelse med udstedelse
af Warrants i henhold til Aftalen og
(ix)
the Company shall pay the costs in
omkostningerne forbundet med ef-
connection with the issue of Warrants
terfølgende udnyttelse af Warrants.
pursuant to this Agreement and the
Selskabets omkostninger i forbin-
costs in connection with the subse-
delse med udstedelse af Warrants i
quent exercise of the Warrants. The
henhold til Aftalen og den dertil hø-
Company's costs in connection with
rende kapitalforhøjelse anslås til at
the issue of Warrants pursuant to this
andrage højst kr. 200.000.
Agreement and the related capital increase are estimated at maximum DKK
200,000.
10
Kapitalforhøjelse ved udnyttelse af
10
Warrants
Capital
Increase
in
connection
with the Exercise of the Warrants
10.1 Såfremt Warrantindehaveren giver retti-
In the event that the Warrant Holder gives
dig meddelelse om udnyttelse af War-
notification on time of the exercise of the
rants, skal Selskabet gennemføre den
Warrants, the Company shall carry out the
dertil hørende kapitalforhøjelse.
relating increase of capital.
10.2 Størstebeløbet af den kapital, der kan
The maximum increase of capital that may
tegnes på grundlag af Warrants er nomi-
be subscribed on basis of Warrants is nomi-
nelt kr. 595.406 (op til 595.406 aktier à
nally DKK 595,406 (up to 595,406 shares at
kr. 1,00) og mindstebeløbet er kr. 1,00 (1
DKK 1.00 each) and the minimum amount is
aktie à kr. 1,00) Størstebeløbet kan for-
DKK 1.00 (1 share at DKK 1.00) The maxi-
øges eller reduceres i henhold til bestem-
mum amount may be increased or reduced
melserne om regulering i punkt 7.
in accordance with the provisions on adjustment set forth in Clause 7.
11
Omkostninger i forbindelse med ud-
11
stedelse af aktier
Costs
related
to
the
Issue
of
Shares
11.1 Selskabet bærer samtlige omkostninger
All costs related to the stockbroker and set-
til børsmægler samt afregningshonorar
tlement fees charged in connection with the
forbundet med Warrantindehaverens ud-
Warrant Holder's exercise of the Warrants
nyttelse af Warrants.
shall be borne by the Company.
Lock-up
12
12
Lock-up
12.1 Warrantindehaveren forpligter sig til at
The Warrant Holder undertakes to enter into
acceptere en lock-up periode for 50 pro-
a lock-up period in respect of 50 per cent of
cent af de aktier, Warrantindehaveren er-
the shares acquired when exercising the
hverver ved udnyttelse af Warrants ("Be-
Warrants ("Restricted Shares"). During the
tingede Aktier"). I lock-up perioden må de
lock-up period, the Restricted Shares may
Betingede Aktier ikke sælges eller på an-
not be sold or otherwise transferred. The
den måde overdrages. Lock-up perioden
lock-up period shall last 6 months from the
skal vare i 6 måneder fra datoen for regi-
registration date of said shares in the Com-
streringen af ovennævnte aktier i Selska-
pany's share register. The lock-up obligation
bets aktiebog. Lock-up forpligtelsen gæl-
applies to each individual exercise of War-
der for hver enkelt udnyttelse af War-
rants. The Board of Directors of the Company
rants. Selskabets bestyrelse kan efter
is, in their sole discretion, entitled to extend
eget skøn forlænge lock-up perioden og
the lock-up period and to decide that further
beslutte, at yderligere aktier, der erhver-
shares acquired when exercising the War-
ves ved udnyttelse af Warrants, skal være
rants shall be comprised by the Restricted
omfattet af Betingede Aktier, hvis det an-
Shares if it is deemed necessary to conduct
ses for nødvendigt at foretage kapital-
capital transactions in the interest of the
transaktioner
Company, e.g. in a rights offering.
i
Selskabets
interesse,
f.eks. ved en fortegningsretsemission.
13
Ophør af ansættelsesforholdet - War-
13
rantindehavere, der er medarbejdere
Cease of Employment Status - Warrant Holders who are Employees
13.1 Med forbehold af bestemmelserne i punkt
Subject to Clause 13.2 below, and if the War-
13.2 forneden og i tilfælde af, at Warrant-
rant Holder’s employment with the Company
indehaverens ansættelsesforhold hos Sel-
is terminated prior to the exercise of the (re-
skabet ophører forud for udnyttelse af
maining) Warrants for one of the following
(resterende) Warrants som følge af en af
reasons:
følgende grunde:
(i)
(ii)
Warrantindehaverens
fratrædelse
(i)
the Warrant Holder's retirement at the
ved opnåelse af den fratrædelsesal-
age provided for in the Warrant Hold-
der, der er fastlagt i Warrantindeha-
er's service contract, or because the
verens
eller
Warrant Holder is entitled to the Dan-
fordi Warrantindehaveren bliver be-
ish State Retirement Pension (in Dan-
rettiget til folkepension,
ish: "folkepension");
ansættelseskontrakt,
(ii)
the Warrant Holder's termination of
Warrantindehaverens
opsigelse
af
ansættelsesforholdet,
forudsat
at
the employment relationship, provided
opsigelsen skyldes Selskabets grove
such termination is due to the Compa-
misligholdelse
ny's material breach (in Danish "grov
af
ansættelseskon-
misligholdelse") of the service con-
trakten,
tract;
(iii)
Selskabets opsigelse af ansættelsesforholdet uden varsel, forudsat
(iii)
the Company's termination without notice of the employment relationship,
at opsigelsen ikke skyldes Warrant-
provided such termination is not due to
indehaverens misligholdelse af an-
the Warrant Holder's breach (in Danish
sættelseskontrakten, eller
"misligholdelse") of the service contract; or
(iv)
Warrantindehaverens død,
(iv)
the Warrant Holder's death;
er Warrantindehaveren/ Warrantindeha-
then the Warrant Holder/the estate of the
verens bo berettiget til at beholde sine
Warrant Holder shall be allowed to keep his
Warrants.
or her Warrants.
13.2 Samtlige Warrants bortfalder automatisk
All of the Warrants shall lapse automatically
og uden kompensation i tilfælde af, at
and without compensation if the Warrant
Warrantindehaverens ansættelsesforhold
Holder's employment with the Company is
hos Selskabet ophører forud for udnyttel-
terminated prior to the exercise of the War-
sen af Warrants af andre grunde end dem,
rants for reasons other than the reasons
der er nævnt i punkt 13.1, (i) - (iv) for-
listed in Clause 13.1, item (i) to (iv) above.
oven.
14
Fratræden af et af Selskabets besty-
14
Resignation as Board Member of
relsesmedlemmer - Warrantindeha-
the Company - Warrant Holders
vere, som er bestyrelsesmedlemmer
who are Board Members elected by
valgt af generalforsamlingen
the General Meeting
14.1 I tilfælde af at en Warrantindehaver, som
If a Warrant Holder who is a board member
er et bestyrelsesmedlem valgt af Selska-
elected by the general meeting of the Com-
bets generalforsamling, selv fratræder
pany resigns him- or herself prior to the
forud for begyndelsen af Udnyttelsesperi-
commencement of the Exercise Period, all
oden, bortfalder samtlige Warrants uden
his or her Warrants shall automatically lapse
yderligere varsel og/eller kompensation
and become void without any further notice
til Warrantindehaveren.
and/or compensation to the Warrant Holder.
14.2 Hvis en Warrantindehaver, der er et be-
If a Warrant Holder who is a board member
styrelsesmedlem valgt af generalforsam-
elected by the general meeting is not re-
lingen, ikke bliver genvalgt af generalfor-
elected by the general meeting and conse-
samlingen og som følge heraf fratræder
quently resigns prior to the commencement
forud for begyndelsen af Udnyttelsesperi-
of the Exercise Period, such Warrant Holder
shall be entitled to retain a proportionate
oden, er denne Warrantindehaver beretti-
part of his/her Warrants calculated on the
get til at beholde en forholdsmæssig an-
basis of the time of service within the 3-year
del af sine Warrants beregnet i henhold til
period prior to the commencement of the Ex-
sin tjenestetid inden for en 3-års periode
ercise Period. The remaining part of his/her
forud for begyndelsen af Udnyttelsesperi-
Warrants shall automatically lapse and be-
oden. Den resterende del af Warrants
come void without any compensation.
bortfalder automatisk uden kompensation.
15
Insiderhandel
15
Insider Trading
15.1 Warrantindehaverne har bekræftet, at de
The Warrant Holders have confirmed that
ikke er i besiddelse af nogen insiderviden
they are not in possession of any insider
på datoen for dette bilag.
knowledge at the date of this exhibit.
15.2 Salg af aktier, der er tegnet gennem ud-
Sale of shares subscribed for by any exercise
nyttelse af Warrants er underlagt de til
of Warrants is subject to the provisions on
enhver tid gældende bestemmelser om
insider trading applicable at any time, in-
insiderhandel, herunder Selskabets in-
cluding the Company's internal rules govern-
terne regler om handel med værdipapirer
ing trade in securities issued by the Com-
udstedt af Selskabet.
pany.
Skattemæssige forhold
16
16
Tax Implications
16.1 Det er aftalt, at ligningslovens § 7H skal
It has been agreed that Section 7H of the
være gældende for Warrants i videst mu-
Danish Tax Assessment Act (in Danish:
ligt omfang, jf. punkt 2.1. Ellers skal War-
"Ligningsloven") shall apply to the Warrants
rants være underlagt bestemmelserne i
to the largest extent possible, cf. Clause 2.1.
ligningslovens § 28, jf. punkt 2.1
Otherwise, the Warrants shall be subject to
the provisions of Section 28 of the Danish
Tax Assessment Act, cf. Clause 2.1.
16.2 Selskabet forpligter sig til at anmode re-
The Company undertakes to request the au-
visor om at attestere, i hvilket omfang,
ditor of the Company to certify to which ex-
dvs. for hvilket antal af Warrants, lig-
tent, i.e. to which amount of Warrants, Sec-
ningslovens § 7H er gældende. Desuden
tion 7H of the Danish Tax Assessment Act is
forpligter Selskabet sig til at fremsende
applicable. The Company further undertakes
to send the auditor's statement regarding
revisorens erklæring vedrørende opfyl-
fulfilment of the conditions under Section 7H
delse af betingelserne i ligningslovens §
of the Danish Tax Assessment Act as well as
7H samt en kopi af Warrantaftalerne til de
a copy of the Warrant Agreements to the
danske skattemyndigheder.
Danish Tax Authorities.
16.3 Samtlige skattemæssige forpligtelser og
konsekvenser
Warrantindehaverne
Warrant Holders resulting from the Warrant
som følge af Warrantaftalerne, de ud-
Agreements, the Warrants issued or the
stedte Warrants eller de erhvervede ak-
shares acquired by the exercise of such War-
tier gennem udnyttelse af disse Warrants
rants, are the sole responsibility of the War-
er alene Warrantindehavernes ansvar og
rant Holders and of no concern to the Com-
er Selskabet uvedkommende, herunder
pany, including the situation where the tax
det
skattemyndighederne
authorities should find that the conditions for
måtte finde, at betingelserne for, at lig-
Section 7H of the Danish Tax Assessment Act
ningslovens § 7H er gældende, ikke er op-
being applicable are not fulfilled.
forhold,
for
All tax obligations and consequences to the
at
fyldt.
16.4 Warrantindehaverne er kraftigt opfordret
The Warrant Holders are strongly encour-
til at søge skattemæssig rådgivning i for-
aged to seek tax advice in connection with
bindelse med indgåelsen af Warrantafta-
entering into the Warrant Agreements.
lerne.
17
Sprog
17
Language
17.1 I tilfælde af uoverensstemmelser mellem
In case of disagreements between the Dan-
den danske og den engelske version af
ish and the English version of this exhibit,
dette bilag skal den danske version være
the Danish version shall prevail
gældende.
70066590\3563724v1 * 25 January 2011
BILAG 8.1.A TIL VEDTÆGTER FOR
EXHIBIT 8.1.A TO THE ARTICLES OF
ASSOCIATION FOR
ZEALAND PHARMA A/S
ZEALAND PHARMA A/S
INDHOLDSFORTEGNELSE/TABLE OF CONTENTS
1
FORMÅL ....................................................................................................... 3
1
PURPOSE ..................................................................................................... 3
2
TILDELING AF WARRANTS ............................................................................... 4
2
GRANT OF WARRANTS .................................................................................... 4
3
ALMINDELIG UDNYTTELSE AF WARRANTS .......................................................... 5
3
ORDINARY EXERCISE OF THE WARRANTS .......................................................... 5
4
EKSTRAORDINÆR UDNYTTELSE AF WARRANTS ................................................... 6
4
EXTRAORDINARY EXERCISE OF THE WARRANTS .................................................. 6
5
PRAKTISK UDNYTTELSE AF WARRANTS ............................................................ 10
5
PRACTICALITIES IN CONNECTION WITH EXERCISE OF THE WARRANTS ................. 10
6
TEGNINGSKURS FOR AKTIER VED UDNYTTELSE AF WARRANTS ............................ 11
6
SUBSCRIPTION PRICE FOR SHARES IN CONNECTION WITH THE EXERCISE OF
WARRANTS ................................................................................................ 11
7
REGULERING AF VILKÅR FOR WARRANTS VED VISSE DEFINEREDE ÆNDRINGER I
SELSKABETS KAPITALFORHOLD ..................................................................... 11
7
ADJUSTMENT OF THE CONDITIONS FOR WARRANTS IN CASE OF CERTAIN DEFINED
CHANGES IN THE COMPANY'S CAPITAL STRUCTURE ........................................... 11
8
OMSÆTTELIGHED ........................................................................................ 18
8
TRANSFERABILITY ....................................................................................... 18
9
VILKÅR FOR NYE AKTIER UDSTEDT VED UDNYTTELSE AF WARRANTS .................... 19
9
CONDITIONS FOR NEW SHARES ISSUED FOLLOWING EXERCISE OF THE WARRANTS
10
KAPITALFORHØJELSE VED UDNYTTELSE AF WARRANTS ...................................... 20
10
CAPITAL INCREASE IN CONNECTION WITH THE EXERCISE OF THE WARRANTS ....... 20
11
OMKOSTNINGER I FORBINDELSE MED UDSTEDELSE AF AKTIER ........................... 21
11
COSTS RELATED TO THE ISSUE OF SHARES ..................................................... 21
12
OPHØR
............................................................................................................... 19
AF
ANSÆTTELSESFORHOLDET
-
WARRANTINDEHAVERE,
DER
ER
MEDARBEJDERE .......................................................................................... 21
12
CEASE OF EMPLOYMENT STATUS - WARRANT HOLDERS WHO ARE EMPLOYEES........ 21
13
INSIDERHANDEL ......................................................................................... 22
13
INSIDER TRADING ....................................................................................... 22
14
SKATTEMÆSSIGE FORHOLD .......................................................................... 23
14
TAX IMPLICATIONS ...................................................................................... 23
15
SPROG ...................................................................................................... 24
15
LANGUAGE ................................................................................................. 24
2
1
Formål
1
1.1
På bestyrelsesmødet i Zealand Pharma
At the board meeting held in Zealand Pharma
A/S ("Selskabet") den 10. februar 2011
A/S (the "Company") on February 2011, the
blev der i overensstemmelse med ved-
following new provisions were adopted in ac-
tægternes punkt 8.1 vedtaget følgende
cordance with Article 8.1 of the Articles of
nye bestemmelser vedrørende udstedelse
Association concerning the issuing of war-
af warrants til visse af Selskabets medar-
rants to certain employees of the Company
bejdere
(the "Warrant Holder") ("Warrants").
("Warrantindehaver")
("War-
Purpose
rants").
Bestyrelsen har besluttet at udstede op til
The Board of Directors has decided to issue
445.500 Warrants i Selskabet til tegning
up to 445,500 Warrants in the Company for
af op til 445.500 aktier til kr. 1,00 (nomi-
the subscription of up to 445,500 shares of
nelt kr. 445.500) i henhold til vedtægter-
DKK 1.00 (nominally DKK 445,500) accord-
nes punkt 8.1. 23.776 warrants er udnyt-
ing to Article 8.1 of the Articles of Associa-
tet den 21. marts 2015, 30.809 warrants
tion. 23,776 warrants were exercised on 21
er udnyttet den 11. april 2015, 17.981
March 2015, 30,809 warrants were exercised
warrants er udnyttet den 2. juni 2015,
on 11 April 2015, 17,981 warrants were ex-
8.265 warrants er udnyttet den 20. juni
ercised on 2 June 2015, 8,265 warrants were
2015, 62.008 warrants er udnyttet den 8.
exercised on 20 June 2015, 62,008 warrants
september 2015, 36.076 warrants er ud-
were
nyttet den 26. september 2015, og heref-
36,076 warrants were exercised on 26 Sep-
ter udestår 266.585 warrants.
tember 2015, and thus 266,585 warrants are
exercised
on
8
September
2015,
outstanding.
1.2
Aftalen er del af en incitamentsordning, i
The Agreement is part of an incentive pro-
henhold til hvilken visse af Selskabets
gramme according to which certain employ-
medarbejdere tilbydes muligheden for at
ees of the Company are offered an oppor-
få tildelt Warrants i Selskabet med hen-
tunity to receive Warrants in the Company in
blik på at sikre, at Selskabet og Warrant-
order to ensure that the Company and the
indehaverne har en fælles interesse, og at
Warrant Holders share common interests
alle således gør en indsats for, at Selska-
and that everyone is working to ensure that
bets værdi udvikler sig bedst muligt.
the value of the Company develops in the
best possible way.
1.3
Tildelingen af Warrants er betinget af, at
3
It is a condition for the grant of Warrants
1.4
Warrantindehaveren enten er ansat i Sel-
that the Warrant Holder is either employed
skabet i uopsagt stilling på datoen for
with the Company and not under notice at
denne Aftale eller er medlem af Selska-
the date of this Agreement or is a member
bets bestyrelse
of the Board of Directors of the Company.
Warrantindehaveren tiltræder automatisk
Amendments to the Company's Articles of
ændringer i Selskabets vedtægter, i det
Association shall automatically be accepted
omfang betingelserne for en beslutning
by the Warrant Holder to the extent that the
om vedtægtsændringer er til stede.
conditions for the resolution to amend the
Articles of Association exist.
1.5
Tegning af Warrants har fundet sted ved
The subscription for Warrants has taken
underskrivelse af individuelle warrantaf-
place by signing of individual warrant agree-
taler ("Warrantaftaler"), som indeholder
ments ("Warrant Agreement"), which con-
Warrantindehaverens navn og antal til-
tain the names of the Warrant Holder and the
delte Warrants.
number of Warrants granted.
Warrants berettiger Warrantindehaveren
The Warrants entitle the Warrant Holder to
til at tegne aktier på de nedenfor anførte
subscribe the shares on the terms set out
betingelser.
below.
2
Tildeling af Warrants
2
2.1
Ligningslovens § 7H skal være gældende
Section 7H of the Danish Tax Assessment Act
i videst muligt omfang. Selskabets revisor
(in Danish "Ligningsloven") shall apply to the
skal i sin lovpligtige erklæring anføre, i
largest extent possible. The Company's au-
hvilket omfang betingelserne for anven-
ditor will in his statutory certification attest
delse af § 7H er opfyldte. De øvrige War-
to which extent the conditions for the appli-
rants skal være underlagt bestemmel-
cation of Section 7H are met. The remaining
serne i ligningslovens § 28.
Warrants shall be subject to the provisions
1.6
Grant of Warrants
of Section 28 of the Danish Tax Assessment
Act.
2.2
Tildeling af Warrants sker uden bereg-
The Warrants are granted free of charge.
ning.
2.3
Hver Warrant berettiger Warrantindeha-
Each Warrant entitles the Warrant Holder to
veren til at tegne 1 aktie à nominelt kr.
subscribe for 1 share of nominal value DKK
4
1,00 i Selskabet i henhold til de relevante
1.00 in the Company pursuant to the rele-
bestemmelser anført i punkt 3 - 5 til den
vant conditions as set forth in Clauses 3 - 5
i punkt 6 fastsatte tegningskurs.
and at the relevant subscription price as determined in Clause 6.
2.4
I forbindelse med Selskabets ejerbog skal
In connection with the Company's register of
der føres en fortegnelse over samtlige ud-
owners, a register of all issued Warrants
stedte Warrants.
shall be kept.
3
Almindelig udnyttelse af Warrants
3
3.1
Warrants kan udnyttes i perioden fra 10.
The Warrants may be exercised in the period
februar 2014 til og med 10. februar 2016
from 10 February 2014 until (and including)
("Udnyttelsesperioden") i de i punkt 3.2
10 February 2016 ("Exercise Period") within
anførte
Warrants,
the windows set forth in Clause 3.2. War-
der ikke er udnyttet på eller før sidste dag
rants which have not been exercised on or
af Udnyttelsesperioden, bortfalder auto-
before the last day of the Exercise Period will
matisk uden yderligere varsel og/eller
automatically lapse and become void without
kompensation til Warrantindehaveren.
any further notice and/or compensation to
udnyttelses-vinduer.
Ordinary Exercise of the Warrants
the Warrant Holder.
3.2
Inden for Udnyttelsesperioden kan War-
Within the Exercise Period, the Warrants
rants udnyttes fire gange om året i et 4
may be exercised four times a year during a
ugers udnyttelses-vindue, der begynder
4-week window starting from the time of
på tidspunktet for offentliggørelse af en-
publication of either the Company's annual
ten Selskabets årsregnskab eller periode-
report or quarterly or semi-annual reports
regnskab (henholdsvis 3, 6 eller 9 måne-
(respectively 3, 6 and 9 months).
der).
3.3
Warrantindehaveren er berettiget til at
The Warrant Holder is entitled to exercise all
udnytte alle eller en del af sine Warrants.
or part of his or her Warrants, however, the
Warrantindehaveren kan dog ikke udnytte
Warrant Holder cannot exercise less than 25
mindre end 25 procent ad gangen af det
per cent of the total number of Warrants
samlede antal Warrants, der er blevet til-
granted in accordance with this Agreement
delt Warrantindehaveren i henhold til Af-
at a time.
talen.
5
4
Ekstraordinær udnyttelse af Warrants
4
Extraordinary Exercise of the Warrants
4.1
Udover den almindelige
udnyttelse af
In addition to the ordinary exercise of War-
Warrants i henhold til punkt 3 kan Selska-
rants as set out in Clause 3, the Board of
bets bestyrelse efter eget skøn beslutte,
Directors of the Company may, in their sole
at en ekstraordinær udnyttelse af War-
discretion, decide that Warrants may be ex-
rants kan finde sted, herunder i overens-
traordinarily exercised including, but not
stemmelse med - men ikke begrænset til
limited to, in accordance with Clauses 4.1.1
- bestemmelserne i punkt 4.1.1 - 4.1.6.
- 4.1.6
4.1.1 Såfremt
Selskabets
generalforsamling
In the event that the Company's general
træffer beslutning om likvidation af Sel-
meeting passes a resolution to liquidate the
skabet, og bestyrelsen (efter eget skøn)
Company, and the Board of Directors (in
vedtager, at Warrants som følge deraf
their sole discretion) decide that Warrants
kan udnyttes, skal Selskabet give War-
therefore may be exercised, the Company
rantindehaveren
meddelelse
shall notify the Warrant Holder in writing to
herom. Warrantindehaveren har herefter
this effect. Following this notification, the
en frist på to uger fra datoen for afsen-
Warrant Holder shall notify the Company in
delse af meddelelsen fra Selskabet til
writing within two weeks as from the date of
skriftligt at meddele Selskabet, om War-
the posting of this notification from the Com-
rants ønskes udnyttet helt eller delvis.
pany whether he/she wishes to exercise the
Hvis Warrantindehaveren ikke ønsker at
Warrants wholly or partly. If the Warrant
udnytte Warrants, bortfalder disse auto-
Holder does not wish to exercise the War-
matisk og uden kompensation efter udlø-
rants, the Warrants shall automatically be-
bet af fristen, forudsat at Selskabet oplø-
come void without compensation, following
ses endeligt som følge af den meddelte
the expiry of the time-limit, provided that
beslutning. Udnyttelse af Warrants skal
the Company is finally liquidated as a result
ske i overensstemmelse med punkt 5 og
of the notified resolution. Any exercise of the
6.
Warrants
skriftlig
must
be
in
accordance
with
Clauses 5 and 6.
4.1.2 Såfremt generalforsamlingen træffer be-
In the event that the general meeting passes
slutning om at fusionere Selskabet, og fu-
a resolution to merge the Company and such
sionen medfører, at Selskabet ophører,
merger results in the Company being discon-
og bestyrelsen (efter eget skøn) vedta-
tinued, and the Board of Directors (in their
ger, at Warrants som følge deraf kan ud-
sole discretion) decide that Warrants therefore may be exercised, the Company shall
6
nyttes, skal Selskabet give Warrantinde-
notify the Warrant Holder in writing to this
haveren skriftlig meddelelse herom. War-
effect. Following such notification, the War-
rantindehaveren har herefter en frist på
rant Holder shall notify the Company in writ-
to uger fra datoen for afsendelse af med-
ing within two weeks as from the date of the
delelsen fra Selskabet til skriftligt at med-
posting of this notification from the Company
dele Selskabet, om Warrants ønskes ud-
whether he/she wishes to exercise the War-
nyttet helt eller delvis. Selskabet skal
rants wholly or partly. The notice must in
håndtere
medde-
such case be processed by the Company so
lelse således, at aktierne er registreret i
that the shares are registered in the Warrant
Warrantindehaverens depot senest fem
Holder's depot at least five trading days be-
handelsdage forud for sidste handelsdag
fore the last day of trading of the Company's
for Selskabets aktier. Hvis Warrantinde-
shares. If the Warrant Holder does not wish
haveren ikke ønsker at udnytte Warrants,
to exercise the Warrants, the Warrants shall
bortfalder disse automatisk og uden kom-
automatically become void without compen-
pensation efter udløbet af fristen, forud-
sation, following the expiry of the time-limit,
sat at Selskabet opløses endeligt som
provided that the Company is finally discon-
følge af den meddelte beslutning. Udnyt-
tinued as a result of the notified resolution.
telse af Warrants skal ske i overensstem-
Any exercise of the Warrants must be in ac-
melse med punkt 5 og 6.
cordance with Clauses 5 and 6.
Warrantindehaverens
4.1.3 I tilfælde af et frivilligt eller pligtmæssigt
In the event that a voluntary or mandatory
overtagelsestilbud i henhold til §§ 31 og
public offer pursuant to Section 31 and 32 of
32 i lov om værdipapirhandel, og besty-
the Danish Securities Trading Act is made,
relsen (efter eget skøn) vedtager, at War-
and the Board of Directors (in their sole dis-
rants som følge deraf kan udnyttes, skal
cretion) decide that Warrants therefore may
Selskabet
Warrantindehaveren
be exercised, the Company shall notify the
skriftlig meddelelse herom. Warrantinde-
Warrant Holder in writing to this effect. Fol-
haveren har herefter en frist på to uger
lowing such notification, the Warrant Holder
fra datoen for afsendelse af meddelelsen
shall notify the Company in writing within
fra Selskabet til skriftligt at meddele Sel-
two weeks as from the date of the posting of
skabet, om Warrants ønskes udnyttet helt
this notification from the Company whether
eller
Warrantindehaveren
he/she wishes to exercise the Warrants
ikke ønsker at udnytte Warrants, skal
wholly or partly. If the Warrant Holder does
Warrants og Aftalen fortsat være fuldt ud
not wish to exercise the Warrants, the War-
gældende. Udnyttelse af Warrants skal
rants and this Agreement will remain in full
ske i overensstemmelse med punkt 5 og
effect. Any exercise of the Warrants must be
6.
in accordance with Clauses 5 and 6.
delvis.
give
Hvis
7
4.1.3.1
Efter gennemførelse af et frivilligt
Following completion of a voluntary or man-
pligtmæssigt
i
datory public offer pursuant to Section 31
henhold til §§ 31 og 32 i lov om værdipa-
and 32 of the Danish Securities Trading Act,
pirhandel skal bestyrelsen træffe beslut-
the Board of Directors shall decide that War-
ning om, at Warrants kan udnyttes inden
rants may be exercised within a 4- week pe-
for en 4 ugers periode. Selskabet skal
riod. The Company shall notify the Warrant
give Warrantindehaveren skriftligt besked
Holder in writing to this effect. Following
herom. Warrantindehaveren har herefter
such notification, the Warrant Holder shall
en frist på to uger fra datoen for afsen-
notify the Company in writing within two
delse af meddelelsen fra Selskabet til
weeks as from the date of the posting of this
skriftligt at meddele Selskabet, om War-
notification
rants ønskes udnyttet helt eller delvis.
he/she wishes to exercise the Warrants
Hvis Warrantindehaveren ikke ønsker at
wholly or partly. If the Warrant Holder does
udnytte Warrants, bortfalder disse og
not wish to exercise the Warrants, the War-
denne Aftale. Udnyttelse af Warrants skal
rants and this Agreement shall lapse. Any
ske i overensstemmelse med punkt 5 og
exercise of the Warrants must be in accord-
6.
ance with Clauses 5 and 6.
eller
overtagelsestilbud
from
the
Company
whether
4.1.4 Såfremt der indledes en tvangsindløsning
In the event that a compulsory acquisition of
af Selskabets aktier i henhold til selskabs-
the Company's shares pursuant to the Dan-
loven, og bestyrelsen (efter eget skøn)
ish Companies Act is initiated, and the Board
vedtager, at Warrants som følge deraf
of Directors (in their sole discretion) decide
kan udnyttes, skal Selskabet give War-
that Warrants therefore may be exercised,
rantindehaveren
meddelelse
the Company shall notify the Warrant Holder
herom. Warrantindehaveren har herefter
in writing to this effect. Following such noti-
en frist på to uger fra datoen for afsen-
fication, the Warrant Holder shall notify the
delse af meddelelsen fra Selskabet til
Company in writing within two weeks as from
skriftligt at meddele Selskabet, om War-
the date of the posting of this notification
rants ønskes udnyttet helt eller delvis.
from the Company whether he/she wishes to
Hvis Warrantindehaveren ikke ønsker at
exercise the Warrants wholly or partly. If the
udnytte Warrants, bortfalder disse auto-
Warrant Holder does not wish to exercise the
matisk og uden kompensation efter gen-
Warrants, the Warrants shall automatically
nemførelsen af tvangsindløsningen af Sel-
become void without compensation, follow-
skabets aktier i henhold til selskabsloven.
ing the completion of the compulsory acqui-
Udnyttelse af Warrants skal ske i overens-
sition of the Company's shares pursuant to
stemmelse med punkt 5 og 6.
the Danish Companies Act. Any exercise of
skriftlig
8
the Warrants must be in accordance with
Clauses 5 and 6.
4.1.5 Såfremt
Selskabets
generalforsamling
In the event that the Company's general
træffer beslutning om at afnotere Selska-
meeting passes a resolution to delist the
bet fra NASDAQ OMX Copenhagen A/S, og
Company from NASDAQ OMX Copenhagen
bestyrelsen (efter eget skøn) vedtager, at
A/S, and the Board of Directors (in their sole
Warrants som følge deraf kan udnyttes,
discretion) decide that Warrants therefore
skal Selskabet give Warrantindehaveren
may be exercised, the Company shall notify
skriftlig meddelelse herom. Warrantinde-
the Warrant Holder in writing to this effect.
haveren har herefter en frist på to uger
Following
fra datoen for afsendelse af meddelelsen
Holder shall notify the Company in writing
fra Selskabet til skriftligt at meddele Sel-
within two weeks as from the date of the
skabet, om Warrants ønskes udnyttet helt
posting of this notification from the Company
eller delvis. Selskabet skal håndtere War-
whether he/she wishes to exercise the War-
rantindehaverens meddelelse således, at
rants wholly or partly. The notice must be
aktierne er registreret i Warrantindehave-
processed by the Company so that the
rens depot senest fem handelsdage forud
shares are registered in the Warrant Holder's
for sidste handelsdag for Selskabets ak-
depot at least five trading days before the
tier. Hvis Warrantindehaveren ikke øn-
last day of trading of the Company's shares.
sker at udnytte Warrants, bortfalder disse
In so far as the Warrant Holder does not wish
automatisk og uden kompensation, efter
to exercise the Warrants, the Warrants shall
at Selskabet er blevet afnoteret. Udnyt-
automatically become void without compen-
telse af Warrants skal ske i overensstem-
sation, following the completion of the delist-
melse med punkt 5 og 6.
ing of the Company. Any exercise of the War-
such
notification,
the
Warrant
rants must be in accordance with Clauses 5
and 6.
4.1.5.1
Efter gennemførelse af Selskabets
Following completion of a delisting of the
afnotering fra NASDAQ OMX Copenhagen
Company from NASDAQ OMX Copenhagen
A/S skal bestyrelsen træffe beslutning
A/S, the Board of Directors shall decide that
om, at Warrants kan udnyttes to gange
Warrants may be exercised two times a year
om året inden for (den resterende del af)
within (the remaining part of) the Exercise
Udnyttelsesperioden. Udnyttelse af War-
Period. Any exercise of the Warrants must be
rants skal ske i overensstemmelse med
in accordance with Clauses 5 and 6.
punkt 5 og 6.
4.1.6 Såfremt Selskabet beslutter at sælge de
In the event that the Company decides to
sell the most profitable and material assets
9
5
mest rentable og væsentligste af Selska-
of the Company and the Board of Directors
bets aktiver, og bestyrelsen (efter eget
(in their sole discretion) decide that War-
skøn) vedtager, at Warrants som følge
rants therefore may be exercised, the Com-
deraf kan udnyttes, skal Selskabet give
pany shall notify the Warrant Holder in writ-
Warrantindehaveren skriftlig meddelelse
ing to this effect. Following such notification,
herom. Warrantindehaveren har herefter
the Warrant Holder shall notify the Company
en frist på to uger fra datoen for afsen-
in writing within two weeks as from the date
delse af meddelelsen fra Selskabet til
of the posting of this notification from the
skriftligt at meddele Selskabet, om War-
Company whether he/she wishes to exercise
rants ønskes udnyttet helt eller delvis.
the Warrants wholly or partly. In so far as
Hvis Warrantindehaveren ikke ønsker at
the Warrant Holder does not wish to exercise
udnytte Warrants, skal Warrants og Afta-
the Warrants, the Warrants and this Agree-
len fortsat være fuldt ud gældende. Ud-
ment shall remain in full effect. Any exercise
nyttelse af Warrants skal ske i overens-
of the Warrants must be in accordance with
stemmelse med punkt 5 og 6.
Clauses 5 and 6.
Praktisk udnyttelse af Warrants
5
Practicalities in connection with
Exercise of the Warrants
5.1
Såfremt Warrantindehaveren ønsker at
In the event that the Warrant Holder wishes
udnytte en Warrant, skal Warrantindeha-
to exercise a Warrant, the Warrant Holder
veren
skriftligt
shall - using the subscription form forwarded
herom - ved hjælp af den tegningsblan-
by the Company to the Warrant Holder - give
ket, som Selskabet har tilsendt Warrant-
written notice ("Exercise Notice") to the
indehaveren
Company.
underrette
Selskabet
("Udnyttelsesmeddelelse").
Udnyttelsesmeddelelsen
betragtes
The
Exercise
Notice
will
be
som
deemed given by the Warrant Holder if the
afgivet af Warrantindehaveren på tids-
Exercise Notice was delivered to the Com-
punktet for dets aflevering på Selskabets
pany’s address (for the attention of the
adresse (Att. bestyrelsesformanden) med
chairman of the Board of Directors) by regu-
almindelig post, anbefalet post, med fax
lar mail, registered mail, fax or courier after
eller pr. bud efter begyndelsen og før ud-
commencement and before the expiry of the
løbet af den relevante afleveringsfrist.
relevant notice period. The Exercise Notice
Udnyttelsesmeddelelsen skal være behø-
shall be duly completed. The Company is en-
rigt udfyldt. Selskabet har ret til at ændre
titled to change the practicalities in connec-
i de praktiske forhold omkring udnyttelse
tion with the exercise of the Warrants, and if
af Warrants, og Warrantindehaveren vil
so decided by the Company, the Warrant
blive underrettet skriftligt, hvis Selskabet
beslutter dette.
10
Holder will be notified in writing by the Company.
5.2
6
Samtidig med at give meddelelse om ud-
At the same time as giving notice of the ex-
nyttelse af Warrants skal Warrantindeha-
ercise of the Warrants, the Warrant Holder
veren indbetale et kontantbeløb til Sel-
shall pay in cash to the Company an amount
skabet svarende til det relevante teg-
equal to the relevant subscription amount
ningsbeløb fastsat i henhold til punkt 6.
fixed under the terms of Clause 6.
Tegningskurs for aktier ved udnyt-
6
Subscription Price for Shares in
connection with the Exercise of
telse af Warrants
Warrants
6.1
Hver Warrant giver Warrantindehaveren
Each Warrant entitles the Warrant Holder to
ret til at tegne 1 aktie à nominelt kr. 1,00
subscribe for 1 share in the Company of a
i Selskabet til en tegningspris på kr. 77,00
nominal value of DKK 1.00 at a subscription
("Tegningskursen").
price
of
DKK
77.00
(the
"Subscription
Price").
6.2
7
Tegningskursen kan reguleres som anført
The Subscription Price may be regulated as
i Aftalen.
set out in this Agreement.
Regulering af vilkår for Warrants ved
7
Adjustment of the Conditions for
visse definerede ændringer i Selska-
Warrants in case of certain defined
bets kapitalforhold
Changes in the Company's Capital
Structure
7.1
Såfremt der gennemføres visse define-
In case that certain defined changes are
rede ændringer i Selskabets kapitalfor-
made in the Company's capital structure
hold, som indebærer en reduktion eller en
which entail a reduction or increase of the
forøgelse af værdien af de tildelte War-
value of the Warrants granted, there shall be
rants, skal der foretages en regulering af
an adjustment of the Subscription Price
Tegningskursen og/eller antallet af aktier,
and/or the number of shares that can be
som kan tegnes ved udnyttelse af War-
subscribed for by exercising the Warrants, so
rants, således at værdien af Warrants for-
that the value of the Warrants remains the
bliver uændret med de undtagelser, der
same, with the exceptions set forth in this
er gældende i henhold til Aftalen. Teg-
Agreement. However, the Subscription Price
ningskursen kan dog ikke fastsættes til
can never be adjusted to below par value.
11
7.2
under nominel værdi. Herudover er det en
Further, it is a condition for any adjustment
betingelse for reguleringen af antallet af
of the number of shares that can be sub-
aktier, som kan tegnes ved udnyttelse af
scribed for by exercising the Warrants that
Warrants, at Selskabets bestyrelse har
the Board of Directors of the Company has
fået tildelt den nødvendige bemyndigelse
been granted the necessary authority by the
af generalforsamlingen til at udstede et
general meeting to issue such additional
sådant yderligere antal aktier i Selskabet.
number of shares in the Company.
Såfremt Selskabets kompetente instanser
Should the competent bodies of the Com-
træffer endelig beslutning om at udstede
pany make a final decision to issue bonus
fondsaktier
af
shares (e.g. stock dividend) before the War-
fondsaktier), inden Warrantindehaveren
rant Holder has exercised his or her War-
har udnyttet sine Warrants, skal Teg-
rants, the Subscription Price shall be multi-
ningskursen multipliceres med følgende
plied by the following factor:
(f.eks.
udbytte
i
form
faktor:
α =
A
(A + B)
α =
A
(A + B)
1
og antallet af aktier med
1
α
and the number of shares by
hvor:
A:
where:
er Selskabets nominelle aktiekapital
A:
før udstedelse af fondsaktier,
B:
is the Company's nominal share capital before the issue of bonus shares;
er den nominelle værdi af de fondsaktier, der udstedes.
7.3
α
B:
is the nominal value of the bonus
shares to be issued.
Såfremt Selskabets kompetente instanser
Should the competent bodies of the Com-
træffer endelig beslutning om at forhøje
pany make a final decision to increase the
Selskabets aktiekapital ved tegning af
Company's share capital by subscription of
nye aktier til en kurs, der er lavere end
new shares at a price below market price be-
markedskursen, inden Warrantindehave-
fore the Warrant Holder has exercised his or
ren har udnyttes sine Warrants, skal Teg-
her Warrants, the Subscription Price shall be
ningskursen multipliceres med følgende
multiplied by the following factor:
faktor:
12
α =
(A × k) + (B × t)
(A + B) × k
α =
(A × k) + (B × t)
(A + B) × k
1
og antallet af aktier med
1
α
and the number of shares by
hvor:
A:
where:
er Selskabets nominelle aktiekapital
A:
forud for kapitalforhøjelsen,
B:
er den nominelle forhøjelse af aktie-
B:
is the nominal increase of the share
capital;
er aktiernes markedskurs forud for
k:
kapitalforhøjelsen
t:
is the Company's nominal share capital before the capital increase;
kapitalen,
k:
α
is the market price of the shares before the capital increase;
er Tegningskursen på de nye aktier.
t:
is the Subscription Price for the new
shares.
7.4
7.5
Såfremt Selskabets kompetente instanser
Should the competent bodies of the Com-
træffer endelig beslutning om at ændre
pany make a final decision to change the
aktiernes nominelle værdi i forbindelse
nominal value of the shares in connection
med en beslutning, hvorved Selskabets
with a decision whereby the share capital of
aktiekapital nedsættes ved hensættelse
the Company is reduced by allocation to a
til en særlig fond og/eller til dækning af
separate fund and/or cover of loss, before
underskud,
Warrantindehaveren
the Warrant Holder has exercised his or her
har udnyttet sine Warrants, skal der hver-
Warrants, neither the Subscription Price nor
ken ske ændringer i Tegningskursen eller
the number of shares shall be amended.
antallet af aktier. Warrantindehaveren
Consequently the Warrant Holder shall retain
beholder således sin ret til at tegne det
the right to subscribe for the same number
samme antal aktier til Tegningskursen.
of shares at the Subscription Price. However,
Hver Warrant skal dog berettige Warrant-
each
indehaveren til at tegne 1 aktie med den
Holder to subscribe for 1 share of the new
nye nominelle værdi, der er blevet beslut-
nominal value so decided by the competent
tet af Selskabets kompetente instanser.
bodies of the Company.
Såfremt Selskabets kompetente instanser
Should the competent bodies of the Com-
træffer endelig beslutning om at ændre
pany make a final decision to change the
aktiernes nominelle værdi (uden samti-
nominal value of the shares (without any
dige ændringer i Selskabets aktiekapital),
other simultaneous changes of the capital of
inden
f.eks. i situationer, der ikke er omfattet af
13
Warrant
shall
entitle
the
Warrant
punkt 7.4, inden Warrantindehaveren har
the Company), e.g. in situations not com-
udnyttes sine Warrants, skal Tegnings-
prised by Clause 7.4, before the Warrant
kursen multipliceres med følgende faktor:
Holder has exercised his or her Warrants, the
Subscription Price shall be multiplied by the
α =
following factor:
A
B
α =
1
og antallet af aktier med
α
A
B
1
hvor:
and the number of shares by
A:
er den nominelle værdi af hver enkel
α
where:
aktie efter ændring af aktiernes nominelle værdi,
B:
A:
is the nominal value of each share af-
er den nominelle værdi af hver enkel
ter the nominal value of the shares
aktie før ændring af aktiernes nomi-
has been changed;
nelle værdi.
B:
is the nominal value of each share before the nominal value of the shares
has been changed.
7.6
Såfremt Selskabet i et hvilket som helst
Should the Company within any year decide
år beslutter at udbetale dividende, skal
to distribute dividends, the amount shall be
det pågældende beløb betragtes som ud-
considered a distribution to the shareholders
betaling til aktionærerne, hvilket vil inde-
which shall result in an adjustment of the
bære en regulering af Tegningskursen
Subscription Price according to the following
som følger:
formula:
TK1 = TK -
u − (D × 1)
D
TK1 = TK -
hvor:
TK: er
Tegningskursen
u − (D × 1)
D
where:
for
Warrants
TK:
is the Subscription Price for the War-
forud for udbetaling af dividende,
rants before the distribution of divi-
u:
er det totale dividendebeløb,
dends;
D:
det totale antal aktier i Selskabet.
u:
is the total amount of dividends;
D:
is the total number of shares in the
Company.
14
7.7
Såfremt Selskabets aktiekapital nedsæt-
If the share capital of the Company is re-
tes ved udbetaling til aktionærerne til en
duced by means of payment to the share-
højere kurs end markedskursen, skal Teg-
holders at a price higher than the market
ningskursen beregnes som følger:
price, the Subscription Price shall be calculated as follows:
TK1 = TK -
B × (t − k)
A
TK1 = TK -
hvor:
TK:
A:
B:
er
where:
Tegningskursen
for
Warrants
TK:
before the reduction of the share cap-
len,
ital;
er Selskabets nominelle aktiekapital
A:
Company before the reduction of the
talen,
share capital;
er den nominelle nedsættelse af ak-
B:
is the nominal reduction of the share
capital;
er aktiernes markedskurs forud for
k:
is the market price of the shares before the reduction of capital;
er kursen på de aktier, hvormed ak-
t:
tiekapitalen nedsættes.
7.8
is the nominal share capital of the
forud for nedsættelsen af aktiekapi-
kapitalnedsættelsen,
t:
is the Subscription Price for Warrants
forud for nedsættelse af aktiekapita-
tiekapitalen,
k:
B × (t − k)
A
is the rate of the shares by which the
share capital is reduced.
Såfremt Selskabets aktiekapital nedsæt-
If the share capital of the Company is re-
tes ved udbetaling til aktionærerne til en
duced by payment to the shareholders at a
lavere kurs end markedskursen, skal Teg-
price lower than the market price, the Sub-
ningskursen beregnes således:
scription Price shall be calculated as follows:
TK1 = TK +
B × (k − t)
A
TK1 = TK +
B × (k − t)
A
where:
hvor:
TK:
TK:
er
Tegningskursen
for
Warrants
before the reduction of the share cap-
forud for nedsættelsen af aktiekapitalen,
A:
ital;
A:
er Selskabets nominelle aktiekapital
is the Subscription Price for Warrants
is the nominal share capital of the
Company before the reduction of the
share capital;
15
forud for nedsættelsen af aktiekapi-
B:
talen,
B:
capital;
er den nominelle nedsættelse af ak-
k:
tiekapitalen,
k:
is the market price of the shares before the reduction of capital;
er aktiernes markedskurs forud for
t:
kapitalnedsættelsen,
t:
is the nominal reduction of the share
is the rate of the shares by which the
share capital is reduced.
er kursen på de aktier, hvormed aktiekapitalen nedsættes.
7.9
Såfremt Selskabet fusionerer som det
If the Company participates in a merger as
fortsættende selskab, foretages ingen re-
the continuing company, there shall be no
gulering af Tegningskursen eller af antal-
adjustment of the Subscription Price or the
let af aktier, der kan tegnes.
number of shares that may be subscribed
for.
7.10 Såfremt generalforsamlingen træffer be-
In the event that the general meeting passes
slutning om at spalte Selskabet, skal War-
a resolution to demerge the Company, the
rantindehaveren efter spaltningen have et
Warrant Holder shall – after the demerger –
antal Warrants med ret til at tegne aktier
have the number of Warrants that shall en-
i det fortsættende selskab, som Warrant-
title him/her to subscribe for shares in the
indehaveren er eller ville have været an-
receiving company by which the Warrant
sat i, eller, hvis Warrantindehaveren ikke
Holder is or would have been employed or,
er eller har været ansat i Selskabet, i det
in the event that the Warrant Holder is not
selskab,
er
or has not been employed by the Company,
nærmest knyttet til. Antallet af Warrants
the company with which the Warrant Holder
skal give Warrantindehaveren adgang til
has the closest relation. The number of War-
potentielt samme ejerandel, som en ud-
rants shall entitle the Warrant Holder to the
nyttelse af alle Warrants forud for spalt-
same potential stake that an exercise of all
ningen ville have givet, justeret med for-
Warrants prior to the demerger would have
holdet mellem værdien af de forskellige
resulted in, adjusted by the ratio between
fortsættende selskaber. Herudover skal
the values of the different surviving compa-
vilkårene for de fortsættende Warrants
nies. Moreover, the terms applying to the
være de samme som anført i denne Af-
surviving Warrants shall be the same as the
tale.
terms stipulated in this Agreement.
som
Warrantindehaveren
16
7.11 I andre tilfælde, hvor Selskabets kapital-
In other cases of changes in the capital
forhold ændres, herunder ved udstedelse
structure of the Company, including issuance
af warrants, konvertible gældsbreve eller
of warrants, convertible debt instruments or
lignende, således at værdien af de ud-
the like, resulting in a change of the value of
stedte Warrants påvirkes, skal Tegnings-
the issued Warrants, the Subscription Price
kursen for de tildelte Warrants så vidt
for the granted Warrants shall to the extent
muligt reguleres, således at værdien ikke
possible be adjusted, so that the value is not
forringes eller forøges, jf. dog punkt 7.14
reduced or increased, subject, however, to
forneden.
Clause 7.14 below.
7.12 Tegningskursen kan ikke reduceres til en
lavere
værdi
end
aktiernes
The Subscription Price shall not be reduced
nominelle
to a price lower than the nominal value of
værdi (kurs pari). Såfremt en regulering
the shares (par). If an adjustment of the
af Warrants, de skal sikre disses værdi,
Warrants to preserve their value would re-
medfører, at kursen skal reduceres til un-
sult in the price being reduced to below par,
der kurs pari, bortfalder Warrants, med-
the Warrants shall lapse, unless the Warrant
mindre Warrantindehaveren accepterer,
Holder accepts that the Subscription Price is
at Tegningskursen forhøjes til kurs pari
increased to par without compensation.
uden kompensation.
7.13 Såfremt
aktiekapitalen
nedsættes
til
If the share capital is reduced in order to
dækning af underskud, skal antallet af ak-
cover losses, the number of shares that the
tier, som Warrantindehaveren kan tegne
Warrant Holder may subscribe for by exer-
ved udnyttelse af Warrants, reduceres
cising
(nedrundet) i et forhold svarende til for-
(rounded down) proportionately to the nom-
holdet mellem den nominelle kapitalned-
inal reduction of the capital, compared to the
sættelse og Selskabets samlede nomi-
total nominal share capital of the Company
nelle aktiekapital før nedsættelsen.
before the reduction.
the
Warrants
shall
be
reduced
7.14 Ved følgende ændringer i Selskabets ka-
The following changes in the capital struc-
pitalforhold skal der ikke foretages regu-
ture of the Company shall not result in any
lering af Tegningskursen eller antallet af
adjustment of the Subscription Price or the
aktier,
number of shares that the Warrant Holder
som
Warrantindehaveren
kan
tegne:
may subscribe for:
(i)
(i)
An increase or reduction of the Com-
Forhøjelse eller nedsættelse af Sel-
pany's capital at market price, includ-
skabets
markeds-
ing issue of shares according to Clause
kurs, herunder udstedelse af aktier i
7.1 in the Articles of Association of the
aktiekapital
til
17
henhold til punkt 7.1 i Selskabets
Company.
vedtægter.
(ii)
(ii)
Issue of shares, options, warrants or
Udstedelse af aktier, optioner, war-
the like to employees of the Company
rants eller lignende til medarbejdere
or to employees of a group-related
af Selskabet eller medarbejdere af
company and/or their fully owned
et koncernforbundet selskab og/el-
companies for some or more of the
ler af disses helejede selskaber til
employees, possibly at a favourable
enkelte
medarbejdere,
price, including but not limited to the
eventuelt til en favørkurs, herunder,
issue of shares according to Clause
men ikke begrænset til udstedelse af
8.1 in the Articles of Association of the
aktier i henhold til punkt 8.1 i Sel-
Company concerning warrants.
eller
flere
skabets vedtægter vedrørende warrants.
(iii)
Udstedelse af warrants, konvertible
(iii) Issue of warrants, convertible debt in-
gældsbreve eller lignende til tredje-
struments or the like to third parties
mand på sædvanlige markedsvilkår
on usual market terms as part of mez-
som led i mezzaninfinansiering eller
zanine financing or similar financing.
dertil svarende finansiering.
7.15 Såfremt antallet af nye aktier, som kan
If the number of new shares that may be
tegnes ved udnyttelse af Warrants, for-
subscribed for by exercise of the Warrants is
øges
dette
adjusted upwards in accordance with this
punkt 7, skal Selskabets højeste aktieka-
Clause 7, the Company's maximum share
pital forøges tilsvarende.
capital shall be increased similarly.
8
Omsættelighed
8
8.1
De enkelte Warrants er ikke-omsættelige
Each Warrant is a non-negotiable instru-
instrumenter. Enhver form for overdra-
ment. Any transfer, pledging or other assign-
gelse, pantsætning eller anden afståelse
ment of a Warrant shall be subject to the
af en Warrant kan kun finde sted, hvis der
prior written consent of the Board of Direc-
indhentes
sam-
tors of the Company, which may be granted,
tykke fra Selskabets bestyrelse, og kan
denied or conditioned in the absolute discre-
blive tilladt, nægtet eller gøres betinget
tion of the Board of Directors of the Company
efter bestyrelsens absolutte skøn (med
(with the exception of a transfer due to the
undtagelse af overdragelse i tilfælde af
death of the Warrant Holder, in which case
i
overensstemmelse
forudgående
med
skriftligt
18
Transferability
Warrantindehaverens død, i hvilket til-
the Board of Directors shall approve a trans-
fælde bestyrelsen skal godkende overdra-
fer mortis causa to the Warrant Holder’s
gelse til Warrantindehaverens nærmeste
closest relatives).
slægtninge).
8.2
9
Warrants må ikke underkastes nogen
The Warrants may not be subject to enforce-
form for tvangsfuldbyrdelse og må ikke
ment of any kind and may not be lodged as
stilles som sikkerhed over for tredjepart.
security towards a third party.
Vilkår for nye aktier udstedt ved ud-
9
nyttelse af Warrants
9.1
Conditions for New Shares issued
following Exercise of the Warrants
Følgende vilkår skal være gældende for
The following terms and conditions shall ap-
nye aktier tegnet ved udnyttelse af War-
ply to the new shares issued by the exercise
rants under denne Aftale:
of Warrants covered by this Agreement,
(i)
(i)
the existing shareholders shall not
for de nye aktier gælder der ikke for-
have any pre-emptive right to the new
tegningsret for de eksisterende akti-
shares;
onærer,
(ii)
(ii)
the new shares issued on the basis of
de nye aktier udstedt på grundlag af
exercised Warrants shall be paid up in
udnyttede Warrants indbetales kon-
cash at the same date as the Exercise
tant samtidig med fremsendelse af
Notice is forwarded;
Udnyttelsesmeddelelse,
(iii)
(iii)
the new shares shall be issued in the
de nye aktier skal udstedes på navn
holder's name and shall be registered
og skal registreres i Warrantindeha-
in the name of the Warrant Holder in
verens navn i Selskabets ejerbog,
the Company's register of shareholders;
(iv)
de nye aktier skal være omsæt-
(iv)
ningspapirer,
(v)
the new shares shall be negotiable
shares;
de nye aktier skal være frit omsæt-
(v)
the new shares are freely transferable;
(vi)
the
telige,
(vi)
for de nye aktier skal der ikke gælde
19
pre-emptive
right
of
the
new
shares in connection with future capital
indskrænkninger i fortegningsretten
increases shall not be limited;
ved fremtidige kapitalforhøjelser,
(vii) de nye aktier skal give ret til udbytte
(vii) the new shares shall carry a right to
og andre rettigheder i Selskabet fra
dividend and other rights in the Com-
tidspunktet for den relevante kapi-
pany as from the time when the rele-
talforhøjelses registrering hos Er-
vant capital increase has been regis-
hvervs- og Selskabsstyrelsen,
tered by the Danish Commerce and
Companies Agency;
(viii) i tilfælde af generelle ændringer i
aktiernes rettigheder skal de nye ak-
(viii) in case of any general changes in the
tier give samme rettigheder som
rights of the shares in the Company,
Selskabets øvrige aktier på udnyt-
the new shares shall carry the same
telsestidspunktet, og
rights as the other shares in the Company at the time of exercise; and
(ix)
Selskabet skal afholde omkostningerne i forbindelse med udstedelse
(ix)
the Company shall pay the costs in
af Warrants i henhold til Aftalen og
connection with the issue of Warrants
omkostningerne forbundet med ef-
pursuant to this Agreement and the
terfølgende udnyttelse af Warrants.
costs in connection with the subse-
Selskabets omkostninger i forbin-
quent exercise of the Warrants. The
delse med udstedelse af Warrants i
Company's costs in connection with
henhold til Aftalen og den dertil hø-
the issue of Warrants pursuant to this
rende kapitalforhøjelse anslås til at
Agreement and the related capital in-
andrage højst kr. 200.000.
crease are estimated at maximum DKK
200,000.
10
Kapitalforhøjelse ved udnyttelse af
Warrants
10
Capital
Increase
in
connection
with the Exercise of the Warrants
10.1 Såfremt Warrantindehaveren giver retti-
In the event that the Warrant Holder gives
dig meddelelse om udnyttelse af War-
notification on time of the exercise of the
rants, skal Selskabet gennemføre den
Warrants, the Company shall carry out the
dertil hørende kapitalforhøjelse.
relating increase of capital.
10.2 Størstebeløbet af den kapital, der kan
The maximum increase of capital that may
tegnes på grundlag af Warrants er nomi-
be subscribed on basis of Warrants is nomi-
nelt kr. 445.500 (op til 445.500 aktier à
nally DKK 445,500 (up to 445,500 shares at
20
kr. 1,00) og mindstebeløbet er kr. 1,00 (1
DKK 1.00 each) and the minimum amount is
aktie à kr. 1,00) Størstebeløbet kan for-
DKK 1.00 (1 share at DKK 1.00) The maxi-
øges eller reduceres i henhold til bestem-
mum amount may be increased or reduced
melserne om regulering i punkt 7.
in accordance with the provisions on adjustment set forth in Clause 7.
11
Omkostninger i forbindelse med ud-
11
stedelse af aktier
Costs
related
to
the
Issue
of
Shares
11.1 Selskabet bærer samtlige omkostninger
All costs related to the stockbroker and set-
til børsmægler samt afregningshonorar
tlement fees charged in connection with the
forbundet med Warrantindehaverens ud-
Warrant Holder's exercise of the Warrants
nyttelse af Warrants.
shall be borne by the Company.
Ophør af ansættelsesforholdet - War-
12
12
rantindehavere, der er medarbejdere
Cease of Employment Status - Warrant Holders who are Employees
12.1 Med forbehold af bestemmelserne i punkt
Subject to Clause 12.2 below, and if the War-
12.2 forneden og i tilfælde af, at Warrant-
rant Holder’s employment with the Company
indehaverens ansættelsesforhold hos Sel-
is terminated prior to the exercise of the (re-
skabet ophører forud for udnyttelse af
maining) Warrants for one of the following
(resterende) Warrants som følge af en af
reasons:
følgende grunde:
(i)
(ii)
Warrantindehaverens
fratrædelse
(i)
the Warrant Holder's retirement at the
ved opnåelse af den fratrædelsesal-
age provided for in the Warrant Hold-
der, der er fastlagt i Warrantindeha-
er's service contract, or because the
verens
eller
Warrant Holder is entitled to the Dan-
fordi Warrantindehaveren bliver be-
ish State Retirement Pension (in Dan-
rettiget til folkepension,
ish: "folkepension");
ansættelseskontrakt,
(ii)
the Warrant Holder's termination of
Warrantindehaverens
opsigelse
af
ansættelsesforholdet,
forudsat
at
the employment relationship, provided
opsigelsen skyldes Selskabets grove
such termination is due to the Compa-
misligholdelse
ny's material breach (in Danish "grov
af
ansættelseskon-
misligholdelse") of the service con-
trakten,
tract;
21
(iii)
Selskabets opsigelse af ansættel-
(iii)
the Company's termination without no-
sesforholdet uden varsel, forudsat
tice of the employment relationship,
at opsigelsen ikke skyldes Warrant-
provided such termination is not due to
indehaverens misligholdelse af an-
the Warrant Holder's breach (in Danish
sættelseskontrakten, eller
"misligholdelse") of the service contract; or
(iv)
Warrantindehaverens død,
(iv)
the Warrant Holder's death;
er Warrantindehaveren/ Warrantindeha-
then the Warrant Holder/the estate of the
verens bo berettiget til at beholde sine
Warrant Holder shall be allowed to keep his
Warrants.
or her Warrants.
12.2 Samtlige Warrants bortfalder automatisk
All of the Warrants shall lapse automatically
og uden kompensation i tilfælde af, at
and without compensation if the Warrant
Warrantindehaverens ansættelsesforhold
Holder's employment with the Company is
hos Selskabet ophører forud for udnyttel-
terminated prior to the exercise of the War-
sen af Warrants af andre grunde end dem,
rants for reasons other than the reasons
der er nævnt i punkt 12.1, (i) - (iv) for-
listed in Clause 12.1, item (i) to (iv) above.
oven.
13
Insiderhandel
13
Insider Trading
13.1 Salg af aktier, der er tegnet gennem ud-
Sale of shares subscribed for by any exercise
nyttelse af Warrants er underlagt de til
of Warrants is subject to the provisions on
enhver tid gældende bestemmelser om
insider trading applicable at any time, in-
insiderhandel, herunder Selskabets in-
cluding the Company's internal rules govern-
terne regler om handel med værdipapirer
ing trade in securities issued by the Com-
udstedt af Selskabet.
pany.
22
14
Skattemæssige forhold
14
Tax Implications
14.1 Det er aftalt, at ligningslovens § 7H skal
It has been agreed that Section 7H of the
være gældende for Warrants i videst mu-
Danish Tax Assessment Act (in Danish:
ligt omfang, jf. punkt 2.1. Ellers skal War-
"Ligningsloven") shall apply to the Warrants
rants være underlagt bestemmelserne i
to the largest extent possible, cf. Clause 2.1.
ligningslovens § 28, jf. punkt 2.1
Otherwise, the Warrants shall be subject to
the provisions of Section 28 of the Danish
Tax Assessment Act, cf. Clause 2.1.
14.2 Selskabet forpligter sig til at anmode re-
The Company undertakes to request the au-
visor om at attestere, i hvilket omfang,
ditor of the Company to certify to which ex-
dvs. for hvilket antal af Warrants, lig-
tent, i.e. to which amount of Warrants, Sec-
ningslovens § 7H er gældende. Desuden
tion 7H of the Danish Tax Assessment Act is
forpligter Selskabet sig til at fremsende
applicable. The Company further undertakes
revisorens erklæring vedrørende opfyl-
to send the auditor's statement regarding
delse af betingelserne i ligningslovens §
fulfilment of the conditions under Section 7H
7H samt en kopi af Warrantaftalerne til de
of the Danish Tax Assessment Act as well as
danske skattemyndigheder.
a copy of the Warrant Agreements to the
Danish Tax Authorities.
14.3 Samtlige skattemæssige forpligtelser og
konsekvenser
Warrantindehaverne
Warrant Holders resulting from the Warrant
som følge af Warrantaftalerne, de ud-
Agreements, the Warrants issued or the
stedte Warrants eller de erhvervede ak-
shares acquired by the exercise of such War-
tier gennem udnyttelse af disse Warrants
rants, are the sole responsibility of the War-
er alene Warrantindehavernes ansvar og
rant Holders and of no concern to the Com-
er Selskabet uvedkommende, herunder
pany, including the situation where the tax
det
skattemyndighederne
authorities should find that the conditions for
måtte finde, at betingelserne for, at lig-
Section 7H of the Danish Tax Assessment Act
ningslovens § 7H er gældende, ikke er op-
being applicable are not fulfilled.
forhold,
for
All tax obligations and consequences to the
at
fyldt.
14.4 Warrantindehaverne er kraftigt opfordret
The Warrant Holders are strongly encour-
til at søge skattemæssig rådgivning i for-
aged to seek tax advice in connection with
bindelse med indgåelsen af Warrantafta-
entering into the Warrant Agreements.
lerne.
23
15
Sprog
15
Language
15.1 I tilfælde af uoverensstemmelser mellem
In case of disagreements between the Dan-
den danske og den engelske version af
ish and the English version of this exhibit,
dette bilag skal den danske version være
the Danish version shall prevail
gældende.
70066590\3557428v1 *
24
BILAG 8.1.B TIL VEDTÆGTER FOR
EXHIBIT 8.1.B TO THE ARTICLES OF
ASSOCIATION FOR
ZEALAND PHARMA A/S
ZEALAND PHARMA A/S
INDHOLDSFORTEGNELSE/TABLE OF CONTENTS
1
FORMÅL ....................................................................................................... 3
1
PURPOSE ..................................................................................................... 3
2
TILDELING AF WARRANTS ............................................................................... 3
2
GRANT OF WARRANTS .................................................................................... 3
3
ALMINDELIG UDNYTTELSE AF WARRANTS .......................................................... 3
3
ORDINARY EXERCISE OF THE WARRANTS .......................................................... 3
4
EKSTRAORDINÆR UDNYTTELSE AF WARRANTS ................................................... 4
4
EXTRAORDINARY EXERCISE OF THE WARRANTS .................................................. 4
5
PRAKTISK UDNYTTELSE AF WARRANTS .............................................................. 4
5
PRACTICALITIES IN CONNECTION WITH EXERCISE OF THE WARRANTS ................... 4
6
TEGNINGSKURS FOR AKTIER VED UDNYTTELSE AF WARRANTS .............................. 5
6
SUBSCRIPTION PRICE FOR SHARES IN CONNECTION WITH THE EXERCISE OF
WARRANTS .................................................................................................. 5
7
REGULERING AF VILKÅR FOR WARRANTS VED VISSE DEFINEREDE ÆNDRINGER I
SELSKABETS KAPITALFORHOLD ....................................................................... 5
7
ADJUSTMENT OF THE CONDITIONS FOR WARRANTS IN CASE OF CERTAIN DEFINED
CHANGES IN THE COMPANY'S CAPITAL STRUCTURE ............................................. 5
8
OMSÆTTELIGHED .......................................................................................... 5
8
TRANSFERABILITY ......................................................................................... 5
9
VILKÅR FOR NYE AKTIER UDSTEDT VED UDNYTTELSE AF WARRANTS ...................... 6
9
CONDITIONS FOR NEW SHARES ISSUED FOLLOWING EXERCISE OF THE WARRANTS
................................................................................................................. 6
10
KAPITALFORHØJELSE VED UDNYTTELSE AF WARRANTS ........................................ 6
10
CAPITAL INCREASE IN CONNECTION WITH THE EXERCISE OF THE WARRANTS ......... 6
11
OMKOSTNINGER I FORBINDELSE MED UDSTEDELSE AF AKTIER ............................. 6
11
COSTS RELATED TO THE ISSUE OF SHARES ....................................................... 6
12
OPHØR
AF
ANSÆTTELSESFORHOLDET
-
WARRANTINDEHAVERE,
DER
ER
MEDARBEJDERE ............................................................................................ 6
12
CEASE OF EMPLOYMENT STATUS - WARRANT HOLDERS WHO ARE EMPLOYEES.......... 6
13
INSIDERHANDEL ........................................................................................... 6
13
INSIDER TRADING ......................................................................................... 6
14
SKATTEMÆSSIGE FORHOLD ............................................................................ 6
14
TAX IMPLICATIONS ........................................................................................ 6
15
SPROG ........................................................................................................ 7
15
LANGUAGE ................................................................................................... 7
2
1
Formål
1
1.1
På bestyrelsesmødet i Zealand Pharma
At the board meeting held in Zealand Pharma
A/S ("Selskabet") den 17. november 2011
A/S (the "Company") on 17 November, the
blev der i overensstemmelse med ved-
following new provisions were adopted in ac-
tægternes punkt 8.1 vedtaget følgende
cordance with Article 8.1 of the Articles of
nye bestemmelser vedrørende udstedelse
Association concerning the issuing of war-
af warrants til visse af Selskabets medar-
rants to certain employees of the Company
bejdere
(the "Warrant Holder") ("Warrants").
("Warrantindehaver")
("War-
Purpose
rants").
1.2
Bestyrelsen har besluttet at udstede op til
The Board of Directors has decided to issue
227.085 warrants i Selskabet til tegning
up to 227,085 Warrants in the Company for
af op til 227.085 aktier til kr. 1,00 (nomi-
the subscription of up to 227,085 shares of
nelt kr. 227.085) i henhold til vedtægter-
DKK 1.00 (nominally DKK 227,085) accord-
nes punkt 8.1. 90.807 warrants er udnyt-
ing to Article 8.1 of the Articles of Associa-
tet den 21. marts 2015, 15.641 warrants
tion. 90,807 warrants were exercised on 21
er udnyttet den 26. september 2015, og
March 2015, 15,641 warrants were exercised
herefter udestår 120.637 warrants.
on 26 September 2015, and thus 120,637
warrants are outstanding.
1.3
1.4
Tegning af Warrants har fundet sted ved
The subscription of Warrants took place by
underskrivelse af warrantaftaler ("War-
signing of warrant agreements (the "Warrant
rantaftaler").
Agreements")
Warrants berettiger Warrantindehaveren
The Warrants entitle the Warrant Holder to
til at tegne aktier på de i bilag 8.1.A til
subscribe for shares on the terms and condi-
Selskabets vedtægter anførte vilkår, dog
tions stipulated in exhibit 8.1.A of the Arti-
gælder følgende modifikationer til bilag
cles of Association of the Company. How-
8.1.A:
ever, the following amendments to exhibit
8.1.A shall apply:
2
Tildeling af Warrants
2
2.1
Se bilag 8.1.A (ingen ændringer).
See exhibit 8.1.A (no changes).
3
Almindelig udnyttelse af Warrants
3
3
Grant of Warrants
Ordinary Exercise of the Warrants
3.1
3.2
Warrants kan udnyttes i perioden fra 17.
The Warrants may be exercised in the period
november 2014 til og med 17. november
from 17 November 2014 until (and including)
2016 ("Udnyttelsesperioden") i de i punkt
17
3.2
War-
within the windows set forth in Clause 3.2.
rants, der ikke er udnyttet på eller før sid-
Warrants which have not been exercised on
ste dag af Udnyttelsesperioden, bortfal-
or before the last day of the Exercise Period
der automatisk uden yderligere varsel
will automatically lapse and become void
og/eller kompensation til Warrantindeha-
without any further notice and/or compensa-
veren.
tion to the Warrant Holder.
Inden for Udnyttelsesperioden kan War-
Within the Exercise Period, the Warrants
rants udnyttes fire gange om året i et 4
may be exercised four times a year during a
ugers udnyttelses-vindue, der begynder
4-week window starting from the time of
på tidspunktet for offentliggørelse af en-
publication of either the Company's annual
ten Selskabets årsregnskab eller periode-
report or quarterly or semi-annual reports
regnskab (henholdsvis 3, 6 eller 9 måne-
(respectively 3, 6 and 9 months).
anførte
udnyttelses-vinduer.
November
2016
("Exercise
Period")
der).
3.3
Warrantindehaveren er berettiget til at
The Warrant Holder is entitled to exercise all
udnytte alle eller en del af sine Warrants.
or part of his or her Warrants, however, the
Warrantindehaveren kan dog ikke udnytte
Warrant Holder cannot exercise less than 25
mindre end 25 procent ad gangen af det
per cent of the total number of Warrants
samlede antal Warrants, der er blevet til-
granted in accordance with this Agreement
delt Warrantindehaveren i henhold til Af-
at a time.
talen.
4
Ekstraordinær udnyttelse af Warrants
4
Extraordinary Exercise of the Warrants
4.1
Se bilag 8.1.A (ingen ændringer).
See exhibit 8.1.A (no changes).
5
Praktisk udnyttelse af Warrants
5
Practicalities in connection with
Exercise of the Warrants
5.1
Såfremt Warrantindehaveren ønsker at
In the event that the Warrant Holder wishes
udnytte en Warrant, skal Warrantindeha-
to exercise Warrants, the Warrant Holder
veren underrette Selskabet elektronisk
shall electronically give notice to the Com-
herom ved hjælp af det IT-system, der er
pany by using the IT system available on
4
5.2
6
tilgængelig i "Aktionærportalen" på Sel-
"Aktionærportalen" on the Company's web-
skabets hjemmeside. Selskabet har ret til
site. The Company is entitled to change the
at ændre i de praktiske forhold omkring
practicalities in connection with exercise of
udnyttelse af Warrants, og Warrantinde-
the Warrants and if so decided by the Com-
haveren vil blive underrettet skriftligt,
pany. The Warrant Holder will be notified in
hvis Selskabet beslutter dette.
writing by the Company.
Samtidig med at give meddelelse om ud-
At the same time as giving notice of the ex-
nyttelse af Warrants skal Warrantindeha-
ercise of the Warrants, the Warrant Holder
veren indbetale et kontantbeløb til Sel-
shall pay in cash to the Company an amount
skabet svarende til det relevante teg-
equal to the relevant subscription amount
ningsbeløb fastsat i henhold til punkt 6.
fixed under the terms of Clause 6.
Tegningskurs for aktier ved udnyt-
6
Subscription Price for Shares in
connection with the Exercise of
telse af Warrants
Warrants
6.1
Hver Warrant giver Warrantindehaveren
Each Warrant entitles the Warrant Holder to
ret til at tegne 1 aktie à nominelt kr. 1,00
subscribe for 1 share in the Company of a
i Selskabet til en tegningspris på kr. 50,27
nominal value of DKK 1.00 at a subscription
("Tegningskursen").
price
of
DKK
50,27
(the
"Subscription
Price").
6.2
7
Tegningskursen kan reguleres som anført
The Subscription Price may be regulated as
i Aftalen.
set out in this Agreement.
Regulering af vilkår for Warrants ved
7
Adjustment of the Conditions for
visse definerede ændringer i Selska-
Warrants in case of certain defined
bets kapitalforhold
Changes in the Company's Capital
Structure
7.1
Se bilag 8.1.A (ingen ændringer).
See exhibit 8.1.A (no changes).
8
Omsættelighed
8
8.1
Se bilag 8.1.A (ingen ændringer).
See exhibit 8.1.A (no changes).
5
Transferability
9
Vilkår for nye aktier udstedt ved ud-
9
nyttelse af Warrants
Conditions for New Shares issued
following Exercise of the Warrants
9.1
Se bilag 8.1.A (ingen ændringer).
See exhibit 8.1.A (no changes).
10
Kapitalforhøjelse ved udnyttelse af
10
Warrants
Capital
Increase
in
connection
with the Exercise of the Warrants
10.1 Såfremt Warrantindehaveren giver retti-
In the event that the Warrant Holder gives
dig meddelelse om udnyttelse af War-
notification on time of the exercise of the
rants, skal Selskabet gennemføre den
Warrants, the Company shall carry out the
dertil hørende kapitalforhøjelse.
relating increase of capital.
10.2 Størstebeløbet af den kapital, der kan
The maximum increase of capital that may
tegnes på grundlag af Warrants er nomi-
be subscribed on basis of Warrants is nomi-
nelt kr. (op 227.085 til 227.085 aktier à
nally DKK 227,085 (up to 227,085 shares at
kr. 1,00) og mindstebeløbet er kr. 1,00 (1
DKK 1.00 each) and the minimum amount is
aktie à kr. 1,00) Størstebeløbet kan for-
DKK 1.00 (1 share at DKK 1.00) The maxi-
øges eller reduceres i henhold til bestem-
mum amount may be increased or reduced
melserne om regulering i punkt 7.
in accordance with the provisions on adjustment set forth in Clause 7.
11
Omkostninger i forbindelse med ud-
11
stedelse af aktier
Costs
related
to
the
Issue
of
Shares
11.1 Se bilag 8.1.A (ingen ændringer).
12
Ophør af ansættelsesforholdet - War-
12
rantindehavere, der er medarbejdere
Cease of Employment Status - Warrant Holders who are Employees
12.1 Se bilag 8.1.A (ingen ændringer).
See exhibit 8.1.A (no changes).
13
13
Insiderhandel
Insider Trading
13.1 Se bilag 8.1.A (ingen ændringer).
See exhibit 8.1.A (no changes).
14
14
Skattemæssige forhold
6
Tax Implications
14.1 Se bilag 8.1.A (ingen ændringer).
See exhibit 8.1.A (no changes).
15
15
Sprog
15.1 Se bilag 8.1.A (ingen ændringer).
Language
See exhibit 8.1.A (no changes).
70066590\3557427v1 *
7
BILAG 8.1.C TIL VEDTÆGTER FOR
EXHIBIT 8.1.C TO THE ARTICLES OF
ASSOCIATION FOR
ZEALAND PHARMA A/S
ZEALAND PHARMA A/S
INDHOLDSFORTEGNELSE/TABLE OF CONTENTS
INDHOLDSFORTEGNELSE/TABLE OF CONTENTS .................................................................. 2
1
FORMÅL ....................................................................................................... 3
1
PURPOSE ..................................................................................................... 3
2
TILDELING AF WARRANTS ............................................................................... 3
2
GRANT OF WARRANTS .................................................................................... 3
3
ALMINDELIG UDNYTTELSE AF WARRANTS .......................................................... 4
3
ORDINARY EXERCISE OF THE WARRANTS .......................................................... 4
4
EKSTRAORDINÆR UDNYTTELSE AF WARRANTS ................................................... 5
4
EXTRAORDINARY EXERCISE OF THE WARRANTS .................................................. 5
5
PRAKTISK UDNYTTELSE AF WARRANTS .............................................................. 5
5
PRACTICALITIES IN CONNECTION WITH EXERCISE OF THE WARRANTS ................... 5
6
TEGNINGSKURS FOR AKTIER VED UDNYTTELSE AF WARRANTS .............................. 5
6
SUBSCRIPTION PRICE FOR SHARES IN CONNECTION WITH THE EXERCISE OF
WARRANTS .................................................................................................. 5
7
REGULERING AF VILKÅR FOR WARRANTS VED VISSE DEFINEREDE ÆNDRINGER I
SELSKABETS KAPITALFORHOLD ....................................................................... 6
7
ADJUSTMENT OF THE CONDITIONS FOR WARRANTS IN CASE OF CERTAIN DEFINED
CHANGES IN THE COMPANY'S CAPITAL STRUCTURE ............................................. 6
8
OMSÆTTELIGHED .......................................................................................... 6
8
TRANSFERABILITY ......................................................................................... 6
9
VILKÅR FOR NYE AKTIER UDSTEDT VED UDNYTTELSE AF WARRANTS ...................... 6
9
CONDITIONS FOR NEW SHARES ISSUED FOLLOWING EXERCISE OF THE WARRANTS
10
KAPITALFORHØJELSE VED UDNYTTELSE AF WARRANTS ........................................ 6
10
CAPITAL INCREASE IN CONNECTION WITH THE EXERCISE OF THE WARRANTS ......... 6
11
OMKOSTNINGER I FORBINDELSE MED UDSTEDELSE AF AKTIER ............................. 7
11
COSTS RELATED TO THE ISSUE OF SHARES ....................................................... 7
12
OPHØR
................................................................................................................. 6
AF
ANSÆTTELSESFORHOLDET
-
WARRANTINDEHAVERE,
DER
ER
MEDARBEJDERE ............................................................................................ 7
12
CEASE OF EMPLOYMENT STATUS - WARRANT HOLDERS WHO ARE EMPLOYEES.......... 7
13
INSIDERHANDEL ........................................................................................... 7
13
INSIDER TRADING ......................................................................................... 7
14
SKATTEMÆSSIGE FORHOLD ............................................................................ 7
14
TAX IMPLICATIONS ........................................................................................ 7
15
SPROG ........................................................................................................ 7
15
LANGUAGE ................................................................................................... 7
2
1
Formål
1
1.1
På bestyrelsesmødet i Zealand Pharma
At the board meeting held in Zealand Pharma
A/S ("Selskabet") den 10. februar 2012
A/S (the "Company") on 10 February 2012,
blev der i overensstemmelse med ved-
the following new provisions were adopted in
tægternes punkt 8.1 vedtaget følgende
accordance with Article 8.1 of the Articles of
nye bestemmelser vedrørende udstedelse
Association concerning the issuing of war-
af warrants til visse af Selskabets medar-
rants to certain employees of the Company
bejdere
(the "Warrant Holder") ("Warrants").
("Warrantindehaver")
("War-
Purpose
rants").
Bestyrelsen har besluttet at udstede op
The Board of Directors has decided to issue
til 240.250 warrants i Selskabet til teg-
up to 240,250 Warrants in the Company for
ning af op til 240.250 aktier til kr. 1,00
the subscription of up to 240,250 shares of
(nominelt kr. 240.250) i henhold til ved-
DKK 1.00 (nominally DKK 240,250) accord-
tægternes punkt 8.1. 6.250 warrants er
ing to Article 8.1 of the Articles of Associa-
udnyttet den 21. marts 2015, 8.399 war-
tion. 6,250 warrants were exercised on 21
rants er udnyttet den 11. april 2015,
March 2015, 8,399 warrants were exercised
4.750 warrants er udnyttet den 20. juni
on 11 April 2015, 4,750 warrants were exer-
2015, 12.600 warrants er udnyttet den 8.
cised on 20 June 2015, 12,600 warrants
september 2015, 13.197 warrants er ud-
were
nyttet den 26. september 2015, og her-
13,197 warrants were exercised on 26 Sep-
efter udestår 195.054 warrants.
tember 2015, and thus 195,054 warrants are
exercised
on
8
September
2015,
outstanding.
1.2
1.3
Tegning af Warrants har fundet sted ved
The subscription of Warrants took place by
elektronisk underskrivelse af warrantafta-
electronically signing of warrant agreements
ler ("Warrantaftaler").
(the "Warrant Agreements")
Warrants berettiger Warrantindehaveren
The Warrants entitle the Warrant Holder to
til at tegne aktier på de i bilag 8.1.A til
subscribe for shares on the terms and condi-
Selskabets vedtægter anførte vilkår, dog
tions stipulated in exhibit 8.1.A of the Arti-
gælder følgende modifikationer til bilag
cles of Association of the Company. How-
8.1.A:
ever, the following amendments to exhibit
8.1.A shall apply:
2
Tildeling af Warrants
2
2.1
Hver Warrantindehaver har fået tildelt det
Each Warrant Holder has been granted such
antal warrants i Selskabet, som er anført
number of warrants in the Company as set
3
Grant of Warrants
i Selskabets meddelelse til Warrantinde-
out in the message from the Company to the
haveren i "Aktionærportalen" på Selska-
Warrant Holder made available at "Aktionær-
bets hjemmeside, som vil være tilgænge-
portalen" at the website of the Company on
lig den 10. februar 2012 ("Warrants") i
10 February 2012 (the "Warrants") in ac-
overensstemmelse med vilkårene i Afta-
cordance with the terms set forth in this
len og Selskabets vedtægter.
Agreement and the Company's Articles of Association.
2.2
Tildeling af Warrants sker uden bereg-
The Warrants are granted free of charge.
ning.
2.3
Hver Warrant berettiger Warrantindeha-
Each Warrant entitles the Warrant Holder to
veren til at tegne 1 aktie à nominelt kr.
subscribe for 1 share of nominal value DKK
1,00 i Selskabet i henhold til de relevante
1.00 in the Company pursuant to the rele-
bestemmelser anført i punkt - 5 til den i
vant conditions as set forth in Clauses 3 - 5
punkt 6 fastsatte tegningskurs.
and at the relevant subscription price as determined in Clause 6.
2.4
I forbindelse med Selskabets aktiebog
In connection with the Company's register of
skal der føres en fortegnelse over samt-
shareholders, a register of all issued War-
lige udstedte Warrants.
rants shall be kept.
3
Almindelig udnyttelse af Warrants
3
3.1
Warrants kan udnyttes i perioden fra 10.
The Warrants may be exercised in the period
februar 2015 til og med 10. februar 2017
from 10 February 2015 until (and including)
("Udnyttelseseprioden") inden for de ud-
10 February 2017 ("Exercise Period") within
nyttelsesvinduer anført i punkt 3.2. War-
the windows set forth in Clause 3.2. War-
rants, der ikke er blevet udnyttet på eller
rants which have not been exercised on or
inden den sidste dag i Udnyttelsesperio-
before the last day of the Exercise Period will
den, bortfalder automatisk og bliver ugyl-
automatically lapse and become void without
dige uden yderligere varsel og/eller kom-
any further notice and/or compensation to
pensation til Warrantindehaveren.
the Warrant Holder.
Inden for Udnyttelsesperioden kan War-
Within the Exercise Period, the Warrants
rants udnyttes fire gange om året i et 4
may be exercised four times a year during a
ugers udnyttelses-vindue, der begynder
4-week window starting from the time of
på tidspunktet for offentliggørelse af en-
publication of either the Company's annual
ten Selskabets årsregnskab eller periode-
report or quarterly or semi-annual reports
3.2
4
Ordinary Exercise of the Warrants
regnskab (henholdsvis 3, 6 eller 9 måne-
(respectively 3, 6 and 9 months).
der).
3.3
Warrantindehaveren er berettiget til at
The Warrant Holder is entitled to exercise all
udnytte alle eller en del af sine Warrants.
or part of his or her Warrants, however, the
Warrantindehaveren kan dog ikke udnytte
Warrant Holder cannot exercise less than 25
mindre end 25 procent ad gangen af det
per cent of the total number of Warrants
samlede antal Warrants, der er blevet til-
granted in accordance with this Agreement
delt Warrantindehaveren i henhold til Af-
at a time.
talen.
4
Ekstraordinær udnyttelse af Warrants
4
Extraordinary Exercise of the Warrants
4.1
Se bilag 8.1.A (ingen ændringer).
See exhibit 8.1.A (no changes).
5
Praktisk udnyttelse af Warrants
5
Practicalities in connection with
Exercise of the Warrants
5.1
5.2
6
Såfremt Warrantindehaveren ønsker at
In the event that the Warrant Holder wishes
udnytte en Warrant, skal Warrantindeha-
to exercise Warrants, the Warrant Holder
veren underrette Selskabet elektronisk
shall electronically give notice to the Com-
herom ved hjælp af det IT-system, der er
pany by using the IT system available on
tilgængelig i "Aktionærportalen" på Sel-
"Aktionærportalen" on the Company's web-
skabets hjemmeside. Selskabet har ret til
site. The Company is entitled to change the
at ændre i de praktiske forhold omkring
practicalities in connection with exercise of
udnyttelse af Warrants, og Warrantinde-
the Warrants and if so decided by the Com-
haveren vil blive underrettet skriftligt,
pany. The Warrant Holder will be notified in
hvis Selskabet beslutter dette.
writing by the Company.
Samtidig med at give meddelelse om ud-
At the same time as giving notice of the ex-
nyttelse af Warrants skal Warrantindeha-
ercise of the Warrants, the Warrant Holder
veren indbetale et kontantbeløb til Sel-
shall pay in cash to the Company an amount
skabet svarende til det relevante teg-
equal to the relevant subscription amount
ningsbeløb fastsat i henhold til punkt 6.
fixed under the terms of Clause 6.
Tegningskurs for aktier ved udnyt-
6
Subscription Price for Shares in
connection with the Exercise of
telse af Warrants
Warrants
5
6.1
Hver Warrant giver Warrantindehaveren
Each Warrant entitles the Warrant Holder to
ret til at tegne 1 aktie à nominelt kr. 1,00
subscribe for 1 share in the Company of a
i Selskabet til en tegningspris på kr. 77,00
nominal value of DKK 1.00 at a subscription
("Tegningskursen").
price
of
DKK
77.00
(the
"Subscription
Price").
6.2
7
Tegningskursen kan reguleres som anført
The Subscription Price may be regulated as
i Aftalen.
set out in this Agreement.
Regulering af vilkår for Warrants ved
7
Adjustment of the Conditions for
visse definerede ændringer i Selska-
Warrants in case of certain defined
bets kapitalforhold
Changes in the Company's Capital
Structure
7.1
Se bilag 8.1.A (ingen ændringer).
See exhibit 8.1.A (no changes).
8
Omsættelighed
8
8.1
Se bilag 8.1.A (ingen ændringer).
See exhibit 8.1.A (no changes).
9
Vilkår for nye aktier udstedt ved ud-
9
nyttelse af Warrants
Transferability
Conditions for New Shares issued
following Exercise of the Warrants
9.1
Se bilag 8.1.A (ingen ændringer).
See exhibit 8.1.A (no changes).
10
Kapitalforhøjelse ved udnyttelse af
10
Warrants
Capital
Increase
in
connection
with the Exercise of the Warrants
10.1 Såfremt Warrantindehaveren giver retti-
In the event that the Warrant Holder gives
dig meddelelse om udnyttelse af War-
notification on time of the exercise of the
rants, skal Selskabet gennemføre den
Warrants, the Company shall carry out the
dertil hørende kapitalforhøjelse.
relating increase of capital.
10.2 Størstebeløbet af den kapital, der kan
The maximum increase of capital that may
tegnes på grundlag af Warrants er nomi-
be subscribed on basis of Warrants is nomi-
nelt kr. 240.250 (op til 240.250 aktier à
nally DKK 240,250 (up to 240,250 shares at
kr. 1,00) og mindstebeløbet er kr. 1,00 (1
DKK 1.00 each) and the minimum amount is
aktie à kr. 1,00) Størstebeløbet kan for-
DKK 1.00 (1 share at DKK 1.00) The maxi-
øges eller reduceres i henhold til bestem-
mum amount may be increased or reduced
melserne om regulering i punkt 7.
6
in accordance with the provisions on adjustment set forth in Clause 7.
11
Omkostninger i forbindelse med ud-
11
stedelse af aktier
Costs
related
to
the
Issue
of
Shares
11.1 Se bilag 8.1.A (ingen ændringer).
See exhibit 8.1.A (no changes)
12
12
Ophør af ansættelsesforholdet - Warrantindehavere, der er medarbejdere
Cease of Employment Status - Warrant Holders who are Employees
12.1 Se bilag 8.1.A (ingen ændringer).
See exhibit 8.1.A (no changes).
13
13
Insiderhandel
Insider Trading
13.1 Se bilag 8.1.A (ingen ændringer).
See exhibit 8.1.A (no changes).
14
14
Skattemæssige forhold
14.1 Warrants skal være underlagt bestemmelserne i ligningslovens § 28.
Tax Implications
Warrants shall be subject to the provisions
of Section 28 of the Danish Tax Assessment
Act.
14.2 Samtlige skattemæssige forpligtelser og
konsekvenser
for
All tax obligations and consequences to the
Warrantindehaverne
Warrant Holder resulting from this Agree-
som følge af Warrantaftalerne, de ud-
ment, the Warrants issued or the shares ac-
stedte Warrants eller de erhvervede ak-
quired by the exercise of such Warrants, are
tier gennem udnyttelse af disse Warrants
the sole responsibility of the Warrant Holder
er alene Warrantindehavernes ansvar og
and of no concern to the Company.
er Selskabet uvedkommende.
14.3 Warrantindehaverne er kraftigt opfordret
The Warrant Holder is strongly encouraged
til at søge skattemæssig rådgivning i for-
to seek tax advice in connection with enter-
bindelse med indgåelsen af Warrantafta-
ing into this Agreement.
lerne.
15
Sprog
15
15.1 Se bilag 8.1.A (ingen ændringer)
Language
See exhibit 8.1.A (no changes).
7
70066590\3563662v2 *
8
BILAG 8.1.D TIL VEDTÆGTER FOR
EXHIBIT 8.1.D TO THE ARTICLES OF
ASSOCIATION FOR
ZEALAND PHARMA A/S
ZEALAND PHARMA A/S
INDHOLDSFORTEGNELSE/TABLE OF CONTENTS
1
FORMÅL ....................................................................................................... 3
1
PURPOSE ..................................................................................................... 3
2
TILDELING AF WARRANTS ............................................................................... 3
2
GRANT OF WARRANTS .................................................................................... 3
3
ALMINDELIG UDNYTTELSE AF WARRANTS .......................................................... 4
3
ORDINARY EXERCISE OF THE WARRANTS .......................................................... 4
4
EKSTRAORDINÆR UDNYTTELSE AF WARRANTS ................................................... 5
4
EXTRAORDINARY EXERCISE OF THE WARRANTS .................................................. 5
5
PRAKTISK UDNYTTELSE AF WARRANTS .............................................................. 5
5
PRACTICALITIES IN CONNECTION WITH EXERCISE OF THE WARRANTS ................... 5
6
TEGNINGSKURS FOR AKTIER VED UDNYTTELSE AF WARRANTS .............................. 5
6
SUBSCRIPTION PRICE FOR SHARES IN CONNECTION WITH THE EXERCISE OF
WARRANTS .................................................................................................. 5
7
REGULERING AF VILKÅR FOR WARRANTS VED VISSE DEFINEREDE ÆNDRINGER I
SELSKABETS KAPITALFORHOLD ....................................................................... 5
7
ADJUSTMENT OF THE CONDITIONS FOR WARRANTS IN CASE OF CERTAIN DEFINED
CHANGES IN THE COMPANY'S CAPITAL STRUCTURE ............................................. 5
8
OMSÆTTELIGHED .......................................................................................... 6
8
TRANSFERABILITY ......................................................................................... 6
9
VILKÅR FOR NYE AKTIER UDSTEDT VED UDNYTTELSE AF WARRANTS ...................... 6
9
CONDITIONS
FOR
NEW
SHARES
ISSUED
FOLLOWING
EXERCISE
OF
THE
WARRANTS .................................................................................................. 6
10
KAPITALFORHØJELSE VED UDNYTTELSE AF WARRANTS ........................................ 6
10
CAPITAL INCREASE IN CONNECTION WITH THE EXERCISE OF THE WARRANTS ......... 6
11
OMKOSTNINGER I FORBINDELSE MED UDSTEDELSE AF AKTIER ............................. 6
11
COSTS RELATED TO THE ISSUE OF SHARES ....................................................... 6
12
OPHØR
AF
ANSÆTTELSESFORHOLDET
-
WARRANTINDEHAVERE,
DER
ER
MEDARBEJDERE ............................................................................................ 6
12
CEASE OF EMPLOYMENT STATUS - WARRANT HOLDERS WHO ARE EMPLOYEES.......... 6
13
INSIDERHANDEL ........................................................................................... 7
13
INSIDER TRADING ......................................................................................... 7
14
SKATTEMÆSSIGE FORHOLD ............................................................................ 7
14
TAX IMPLICATIONS ........................................................................................ 7
15
SPROG ........................................................................................................ 7
15
LANGUAGE ................................................................................................... 7
2
1
Formål
1
1.1
På bestyrelsesmødet i Zealand Pharma
At
A/S
november
Pharma A/S (the "Company") on 19 No-
2012 blev der i overensstemmelse med
vember 2012, the following new provisions
vedtægternes punkt 8.1 vedtaget føl-
were adopted in accordance with Article 8.1
gende nye bestemmelser vedrørende ud-
of the Articles of Association concerning the
stedelse af warrants til visse af Selska-
issuing of warrants to certain employees of
bets medarbejdere ("Warrantindehaver")
the Company (the "Warrant Holder") ("War-
("Warrants").
rants").
Bestyrelsen har besluttet at udstede op
The Board of Directors has decided to issue
til 214.883 warrants i Selskabet til teg-
up to 214,883 Warrants in the Company for
ning af op til 214.883 aktier til kr. 1,00
the subscription of up to 214,883 shares of
(nominelt kr. 214.883) i henhold til ved-
DKK 1.00 (nominally DKK 214,883) accord-
tægternes punkt 8.1.
ing to Article 8.1 of the Articles of Associa-
1.2
("Selskabet")
den
19.
Purpose
the
board
meeting
held
in
Zealand
tion.
1.3
Tegning af Warrants har fundet sted ved
The subscription of Warrants took place by
elektronisk underskrivelse af warrantaf-
electronically
taler ("Warrantaftaler").
ments (the "Warrant Agreements")
Warrants berettiger Warrantindehaveren
The Warrants entitle the Warrant Holder to
til at tegne aktier på de i bilag 8.1.A som
subscribe for shares on the terms and con-
modificeret ved bilag 8.1.C til Selskabets
ditions
vedtægter anførte vilkår, således
gæl-
amended by exhibit 8.1.C of the Articles of
der endvidere følgende modifikationer til
Association of the Company. Furthermore,
bilag 8.1.A som modificeret ved bilag
the following amendments to exhibit 8.1.A,
8.1.C:
as amended by exhibit 8.1.C shall apply:
2
Tildeling af Warrants
2
2.1
Hver Warrantindehaver har fået tildelt
Each Warrant Holder has been granted such
det antal warrants i Selskabet, som er
number of warrants in the Company as set
anført i Selskabets meddelelse til War-
out in the message from the Company to
rantindehaveren i "Aktionærportalen" på
the Warrant Holder made available at "Ak-
Selskabets hjemmeside, som vil være
tionærportalen" at the website of the Com-
tilgængelig
pany on 19 November 2012 (the "War-
1.4
den
19.
november
2012
3
signing
stipulated
in
of
warrant
exhibit
agree-
8.1.A,
as
Grant of Warrants
("Warrants") i
2.2
overensstemmelse med
rants") in accordance with the terms set
vilkårene i Aftalen og Selskabets ved-
forth in this Agreement and the Company's
tægter.
Articles of Association.
Tildeling af Warrants sker uden bereg-
The Warrants are granted free of charge.
ning.
2.3
Hver Warrant berettiger Warrantindeha-
Each Warrant entitles the Warrant Holder to
veren til at tegne 1 aktie à nominelt kr.
subscribe for 1 share of nominal value DKK
1,00 i Selskabet i henhold til de relevan-
1.00 in the Company pursuant to the rele-
te bestemmelser anført i punkt - 5 til
vant conditions as set forth in Clauses 3 - 5
den i punkt 6 fastsatte tegningskurs.
and at the relevant subscription price as
determined in Clause 6.
2.4
I forbindelse med Selskabets aktiebog
In connection with the Company's register
skal der føres en fortegnelse over samt-
of shareholders, a register of all issued
lige udstedte Warrants.
Warrants shall be kept.
3
Almindelig udnyttelse af Warrants
3
3.1
Warrants kan udnyttes i perioden fra 19.
The Warrants may be exercised in the peri-
november 2015 til og med 19. november
od from 19
2017 ("Udnyttelseseprioden") inden for
cluding) 19 November 2017 ("Exercise Peri-
de udnyttelsesvinduer anført i punkt 3.2.
od") within the windows set forth in Clause
Warrants, der ikke er blevet udnyttet på
3.2. Warrants which have not been exer-
eller inden den sidste dag i Udnyttelses-
cised on or before the last day of the Exer-
perioden, bortfalder automatisk og bliver
cise Period will automatically lapse and be-
ugyldige uden yderligere varsel og/eller
come void without any further notice and/or
kompensation til Warrantindehaveren.
compensation to the Warrant Holder.
Inden for Udnyttelsesperioden kan War-
Within the Exercise Period, the Warrants
rants udnyttes fire gange om året i et 4
may be exercised four times a year during a
ugers udnyttelses-vindue, der begynder
4-week window starting from the time of
på tidspunktet for offentliggørelse af en-
publication of either the Company's annual
ten Selskabets årsregnskab eller perio-
report or quarterly or semi-annual reports
deregnskab (henholdsvis 3, 6 eller 9
(respectively 3, 6 and 9 months).
3.2
måneder).
4
Ordinary Exercise of the Warrants
November 2015 until (and in-
3.3
Warrantindehaveren er berettiget til at
The Warrant Holder is entitled to exercise
udnytte alle eller en del af sine War-
all or part of his or her Warrants, however,
rants. Warrantindehaveren kan dog ikke
the Warrant Holder cannot exercise less
udnytte mindre end 25 procent ad gan-
than 25 per cent of the total number of
gen af det samlede antal Warrants, der
Warrants granted in accordance with this
er blevet tildelt Warrantindehaveren i
Agreement at a time.
henhold til Aftalen.
4
Ekstraordinær
udnyttelse
af
War-
4
rants
Extraordinary
Exercise
of
the
Warrants
4.1
Se bilag 8.1.A (ingen ændringer).
See exhibit 8.1.A (no changes).
5
Praktisk udnyttelse af Warrants
5
Practicalities in connection with
Exercise of the Warrants
5.1
Se bilag 8.1.C (ingen ændringer).
See exhibit 8.1.C (no changes).
6
Tegningskurs for aktier ved udnyt-
6
Subscription Price for Shares in
connection with the Exercise of
telse af Warrants
Warrants
6.1
Hver Warrant giver Warrantindehaveren
Each Warrant entitles the Warrant Holder to
ret til at tegne 1 aktie à nominelt kr.
subscribe for 1 share in the Company of a
1,00 i Selskabet til en tegningspris på kr.
nominal value of DKK 1.00 at a subscription
113,30 ("Tegningskursen").
price of
DKK
113.30
(the
"Subscription
Price").
6.2
7
Tegningskursen kan reguleres som an-
The Subscription Price may be regulated as
ført i Aftalen.
set out in this Agreement.
Regulering af vilkår for Warrants ved
7
visse definerede ændringer i Selska-
Adjustment of the Conditions for
Warrants in case of certain defined Changes in the Company's
5
bets kapitalforhold
Capital Structure
7.1
Se bilag 8.1.A (ingen ændringer).
See exhibit 8.1.A (no changes).
8
Omsættelighed
8
8.1
Se bilag 8.1.A (ingen ændringer).
See exhibit 8.1.A (no changes).
9
Vilkår for nye aktier udstedt ved ud-
9
nyttelse af Warrants
Transferability
Conditions for New Shares issued
following Exercise of the Warrants
9.1
Se bilag 8.1.A (ingen ændringer).
See exhibit 8.1.A (no changes).
10
Kapitalforhøjelse ved udnyttelse af
10
Warrants
Capital
Increase
in
connection
with the Exercise of the Warrants
10.1 Såfremt Warrantindehaveren giver retti-
In the event that the Warrant Holder gives
dig meddelelse om udnyttelse af War-
notification on time of the exercise of the
rants, skal Selskabet gennemføre den
Warrants, the Company shall carry out the
dertil hørende kapitalforhøjelse.
relating increase of capital.
10.2 Størstebeløbet af den kapital, der kan
The maximum increase of capital that may
tegnes på grundlag af Warrants er nomi-
be subscribed on basis of Warrants is nomi-
nelt kr. 214.883 (op til 214.883 aktier à
nally DKK 214,883 (up to 214,883 shares at
kr. 1,00) og mindstebeløbet er kr. 1,00
DKK 1.00 each) and the minimum amount
(1 aktie à kr. 1,00) Størstebeløbet kan
is DKK 1.00 (1 share at DKK 1.00) The
forøges eller reduceres i henhold til be-
maximum amount may be increased or re-
stemmelserne om regulering i punkt 7.
duced in accordance with the provisions on
adjustment set forth in Clause 7.
11
Omkostninger i forbindelse med ud-
11
stedelse af aktier
Ophør
af
ansættelsesforholdet
Warrantindehavere,
related
to
the
Issue
of
Shares
11.1 Se bilag 8.1.A (ingen ændringer).
12
Costs
der
See exhibit 8.1.A (no changes)
-
er medar-
6
12
Cease
of
Employment
Status
-
Warrant Holders who are Employ-
bejdere
ees
12.1 Se bilag 8.1.A (ingen ændringer).
See exhibit 8.1.A (no changes).
13
13
Insiderhandel
Insider Trading
13.1 Se bilag 8.1.A (ingen ændringer).
See exhibit 8.1.A (no changes).
14
14
Skattemæssige forhold
14.1 Warrants skal være underlagt bestemmelserne i ligningslovens § 28.
Tax Implications
Warrants shall be subject to the provisions
of Section 28 of the Danish Tax Assessment
Act.
14.2 Samtlige skattemæssige forpligtelser og
konsekvenser
for
All tax obligations and consequences to the
Warrantindehaverne
Warrant Holder resulting from this Agree-
som følge af Warrantaftalerne, de ud-
ment, the Warrants issued or the shares
stedte Warrants eller de erhvervede ak-
acquired by the exercise of such Warrants,
tier gennem udnyttelse af disse Warrants
are the sole responsibility of the Warrant
er alene Warrantindehavernes ansvar og
Holder and of no concern to the Company.
er Selskabet uvedkommende.
14.3 Warrantindehaverne er kraftigt opfordret
The Warrant Holder is strongly encouraged
til at søge skattemæssig rådgivning i
to seek tax advice in connection with enter-
forbindelse med indgåelsen af Warrant-
ing into this Agreement.
aftalerne.
15
Sprog
15
15.1 Se bilag 8.1.A (ingen ændringer)
Language
See exhibit 8.1.A (no changes).
70070788\4313646v1 * 8 May 2013
7
BILAG 8.1.E TIL VEDTÆGTER FOR
EXHIBIT 8.1.E TO THE ARTICLES OF
ASSOCIATION FOR
ZEALAND PHARMA A/S
ZEALAND PHARMA A/S
INDHOLDSFORTEGNELSE/TABLE OF CONTENTS
1
FORMÅL ....................................................................................................... 3
1
PURPOSE ..................................................................................................... 3
2
TILDELING AF WARRANTS ............................................................................... 3
2
GRANT OF WARRANTS .................................................................................... 3
3
ALMINDELIG UDNYTTELSE AF WARRANTS .......................................................... 4
3
ORDINARY EXERCISE OF THE WARRANTS .......................................................... 4
4
EKSTRAORDINÆR UDNYTTELSE AF WARRANTS ................................................... 5
4
EXTRAORDINARY EXERCISE OF THE WARRANTS .................................................. 5
5
PRAKTISK UDNYTTELSE AF WARRANTS .............................................................. 5
5
PRACTICALITIES IN CONNECTION WITH EXERCISE OF THE WARRANTS ................... 5
6
TEGNINGSKURS FOR AKTIER VED UDNYTTELSE AF WARRANTS .............................. 5
6
SUBSCRIPTION PRICE FOR SHARES IN CONNECTION WITH THE EXERCISE OF
WARRANTS .................................................................................................. 5
7
REGULERING AF VILKÅR FOR WARRANTS VED VISSE DEFINEREDE ÆNDRINGER I
SELSKABETS KAPITALFORHOLD ....................................................................... 6
7
ADJUSTMENT OF THE CONDITIONS FOR WARRANTS IN CASE OF CERTAIN DEFINED
CHANGES IN THE COMPANY'S CAPITAL STRUCTURE ............................................. 6
8
OMSÆTTELIGHED .......................................................................................... 6
8
TRANSFERABILITY ......................................................................................... 6
9
VILKÅR FOR NYE AKTIER UDSTEDT VED UDNYTTELSE AF WARRANTS ...................... 6
9
CONDITIONS
FOR
NEW
SHARES
ISSUED
FOLLOWING
EXERCISE
OF
THE
WARRANTS .................................................................................................. 6
10
KAPITALFORHØJELSE VED UDNYTTELSE AF WARRANTS ........................................ 6
10
CAPITAL INCREASE IN CONNECTION WITH THE EXERCISE OF THE WARRANTS ......... 6
11
OMKOSTNINGER I FORBINDELSE MED UDSTEDELSE AF AKTIER ............................. 7
11
COSTS RELATED TO THE ISSUE OF SHARES ....................................................... 7
12
OPHØR
AF
ANSÆTTELSESFORHOLDET
-
WARRANTINDEHAVERE,
DER
ER
MEDARBEJDERE ............................................................................................ 7
12
CEASE OF EMPLOYMENT STATUS - WARRANT HOLDERS WHO ARE EMPLOYEES.......... 7
13
INSIDERHANDEL ........................................................................................... 7
13
INSIDER TRADING ......................................................................................... 7
14
SKATTEMÆSSIGE FORHOLD ............................................................................ 7
14
TAX IMPLICATIONS ........................................................................................ 7
15
SPROG ........................................................................................................ 7
15
LANGUAGE ................................................................................................... 7
2
1
Formål
1
1.1
På bestyrelsesmødet i Zealand Pharma
At
A/S ("Selskabet") den 8. februar 2013
Pharma A/S (the "Company") on 8 February
blev der i overensstemmelse med ved-
2013, the following new provisions were
tægternes punkt 8.1 vedtaget følgende
adopted in accordance with Article 8.1 of
nye bestemmelser vedrørende udstedel-
the Articles of Association concerning the
se af warrants til visse af Selskabets
issuing of warrants to certain employees of
medarbejdere
the Company (the "Warrant Holder") ("War-
1.2
("Warrantindehaver")
Purpose
the
board
meeting
held
in
Zealand
("Warrants").
rants").
Bestyrelsen har besluttet at udstede op
The Board of Directors has decided to issue
til 389.762 warrants i Selskabet til teg-
up to 389,762 Warrants in the Company for
ning af op til 389.762 aktier til kr. 1,00
the subscription of up to 389,762 shares of
(nominelt kr. 389.762) i henhold til ved-
DKK 1.00 (nominally DKK 389,762) accord-
tægternes punkt 8.1. Det konkrete antal
ing to Article 8.1 of the Articles of Associa-
warrants tildelt udgør 386.012.
tion. The final number of warrants granted
is 386,012.
1.3
Tegning af Warrants har fundet sted ved
The subscription of Warrants took place by
elektronisk underskrivelse af warrantaf-
electronically
taler ("Warrantaftaler").
ments (the "Warrant Agreements")
Warrants berettiger Warrantindehaveren
The Warrants entitle the Warrant Holder to
til at tegne aktier på de i bilag 8.1.A som
subscribe for shares on the terms and con-
modificeret ved bilag 8.1.C til Selskabets
ditions
vedtægter anførte vilkår, således
gæl-
amended by exhibit 8.1.C of the Articles of
der endvidere følgende modifikationer til
Association of the Company. Furthermore,
bilag 8.1.A som modificeret ved bilag
the following amendments to exhibit 8.1.A,
8.1.C:
as amended by exhibit 8.1.C shall apply:
2
Tildeling af Warrants
2
2.1
Hver Warrantindehaver har fået tildelt
Each Warrant Holder has been granted such
det antal warrants i Selskabet, som er
number of warrants in the Company as set
anført i Selskabets meddelelse til War-
out in the message from the Company to
rantindehaveren i "Aktionærportalen" på
the Warrant Holder made available at "Ak-
Selskabets hjemmeside, som vil være
tionærportalen" at the website of the Com-
1.4
3
signing
stipulated
in
of
warrant
exhibit
agree-
8.1.A,
as
Grant of Warrants
tilgængelig den 11. februar 2013 ("War-
pany on 11 February 2013 (the "Warrants")
rants") i overensstemmelse med vilkåre-
in accordance with the terms set forth in
ne i Aftalen og Selskabets vedtægter.
this Agreement and the Company's Articles
of Association.
2.2
Tildeling af Warrants sker uden bereg-
The Warrants are granted free of charge.
ning.
2.3
Hver Warrant berettiger Warrantindeha-
Each Warrant entitles the Warrant Holder to
veren til at tegne 1 aktie à nominelt kr.
subscribe for 1 share of nominal value DKK
1,00 i Selskabet i henhold til de relevan-
1.00 in the Company pursuant to the rele-
te bestemmelser anført i punkt - 5 til
vant conditions as set forth in Clauses 3 - 5
den i punkt 6 fastsatte tegningskurs.
and at the relevant subscription price as
determined in Clause 6.
2.4
I forbindelse med Selskabets aktiebog
In connection with the Company's register
skal der føres en fortegnelse over samt-
of shareholders, a register of all issued
lige udstedte Warrants.
Warrants shall be kept.
3
Almindelig udnyttelse af Warrants
3
3.1
Warrants kan udnyttes i perioden fra 10.
The Warrants may be exercised in the peri-
februar 2016 til og med 10. februar 2018
od from 10 February 2016 until (and includ-
("Udnyttelsesperioden") inden for de ud-
ing) 10 February 2018 ("Exercise Period")
nyttelsesvinduer anført i punkt 3.2. War-
within the windows set forth in Clause 3.2.
rants, der ikke er blevet udnyttet på el-
Warrants which have not been exercised on
ler inden den sidste dag i Udnyttelsespe-
or before the last day of the Exercise Period
rioden, bortfalder automatisk og bliver
will automatically lapse and become void
ugyldige uden yderligere varsel og/eller
without any further notice and/or compen-
kompensation til Warrantindehaveren.
sation to the Warrant Holder.
Inden for Udnyttelsesperioden kan War-
Within the Exercise Period, the Warrants
rants udnyttes fire gange om året i et 4
may be exercised four times a year during a
ugers udnyttelses-vindue, der begynder
4-week window starting from the time of
på tidspunktet for offentliggørelse af en-
publication of either the Company's annual
ten Selskabets årsregnskab eller perio-
report or quarterly or semi-annual reports
deregnskab (henholdsvis 3, 6 eller 9
(respectively 3, 6 and 9 months).
3.2
måneder).
4
Ordinary Exercise of the Warrants
3.3
Warrantindehaveren er berettiget til at
The Warrant Holder is entitled to exercise
udnytte alle eller en del af sine War-
all or part of his or her Warrants, however,
rants. Warrantindehaveren kan dog ikke
the Warrant Holder cannot exercise less
udnytte mindre end 25 procent ad gan-
than 25 per cent of the total number of
gen af det samlede antal Warrants, der
Warrants granted in accordance with this
er blevet tildelt Warrantindehaveren i
Agreement at a time.
henhold til Aftalen.
4
Ekstraordinær
udnyttelse
af
War-
4
rants
Extraordinary
Exercise
of
the
Warrants
4.1
Se bilag 8.1.A (ingen ændringer).
See exhibit 8.1.A (no changes).
5
Praktisk udnyttelse af Warrants
5
Practicalities in connection with
Exercise of the Warrants
5.1
Se bilag 8.1.C (ingen ændringer).
See exhibit 8.1.C (no changes).
6
Tegningskurs for aktier ved udnyt-
6
Subscription Price for Shares in
connection with the Exercise of
telse af Warrants
Warrants
6.1
Hver Warrant giver Warrantindehaveren
Each Warrant entitles the Warrant Holder to
ret til at tegne 1 aktie à nominelt kr.
subscribe for 1 share in the Company of a
1,00 i Selskabet til en tegningspris på kr.
nominal value of DKK 1.00 at a subscription
87,45 ("Tegningskursen").
price
of
DKK
87.45
(the
"Subscription
Price").
6.2
Tegningskursen kan reguleres som an-
The Subscription Price may be regulated as
ført i Aftalen.
set out in this Agreement.
5
7
Regulering af vilkår for Warrants ved
7
Adjustment of the Conditions for
visse definerede ændringer i Selska-
Warrants in case of certain de-
bets kapitalforhold
fined Changes in the Company's
Capital Structure
7.1
Se bilag 8.1.A (ingen ændringer).
See exhibit 8.1.A (no changes).
8
Omsættelighed
8
8.1
Se bilag 8.1.A (ingen ændringer).
See exhibit 8.1.A (no changes).
9
Vilkår for nye aktier udstedt ved ud-
9
nyttelse af Warrants
Transferability
Conditions for New Shares issued
following Exercise of the Warrants
9.1
Se bilag 8.1.A (ingen ændringer).
See exhibit 8.1.A (no changes).
10
Kapitalforhøjelse ved udnyttelse af
10
Warrants
Capital
Increase
in
connection
with the Exercise of the Warrants
10.1 Såfremt Warrantindehaveren giver retti-
In the event that the Warrant Holder gives
dig meddelelse om udnyttelse af War-
notification on time of the exercise of the
rants, skal Selskabet gennemføre den
Warrants, the Company shall carry out the
dertil hørende kapitalforhøjelse.
relating increase of capital.
10.2 Størstebeløbet af den kapital, der kan
The maximum increase of capital that may
tegnes på grundlag af Warrants er nomi-
be subscribed on basis of Warrants is nomi-
nelt kr. 389.762 (op til 389.762 aktier à
nally DKK 389,762 (up to 389,762 shares at
kr. 1,00) og mindstebeløbet er kr. 1,00
DKK 1.00 each) and the minimum amount
(1 aktie à kr. 1,00) Størstebeløbet kan
is DKK 1.00 (1 share at DKK 1.00) The
forøges eller reduceres i henhold til be-
maximum amount may be increased or re-
stemmelserne om regulering i punkt 7. I
duced in accordance with the provisions on
henhold til punkt 1.2 udgør det konkrete
adjustment set forth in Clause 7. According
antal tildelte warrants 386.012.
to Clause 1.2 the final number of warrants
granted is 386,012.
6
11
Omkostninger i forbindelse med ud-
11
stedelse af aktier
Ophør
af
related
to
the
Issue
of
Shares
11.1 Se bilag 8.1.A (ingen ændringer).
12
Costs
ansættelsesforholdet
Warrantindehavere,
der
See exhibit 8.1.A (no changes)
-
12
er medar-
Cease
of
Employment
Status
-
Warrant Holders who are Employ-
bejdere
ees
12.1 Se bilag 8.1.A (ingen ændringer).
See exhibit 8.1.A (no changes).
13
13
Insiderhandel
Insider Trading
13.1 Se bilag 8.1.A (ingen ændringer).
See exhibit 8.1.A (no changes).
14
14
Skattemæssige forhold
14.1 Warrants skal være underlagt bestemmelserne i ligningslovens § 28.
Tax Implications
Warrants shall be subject to the provisions
of Section 28 of the Danish Tax Assessment
Act.
14.2 Samtlige skattemæssige forpligtelser og
konsekvenser
for
All tax obligations and consequences to the
Warrantindehaverne
Warrant Holder resulting from this Agree-
som følge af Warrantaftalerne, de ud-
ment, the Warrants issued or the shares
stedte Warrants eller de erhvervede ak-
acquired by the exercise of such Warrants,
tier gennem udnyttelse af disse Warrants
are the sole responsibility of the Warrant
er alene Warrantindehavernes ansvar og
Holder and of no concern to the Company.
er Selskabet uvedkommende.
14.3 Warrantindehaverne er kraftigt opfordret
The Warrant Holder is strongly encouraged
til at søge skattemæssig rådgivning i
to seek tax advice in connection with enter-
forbindelse med indgåelsen af Warrant-
ing into this Agreement.
aftalerne.
15
Sprog
15
15.1 Se bilag 8.1.A (ingen ændringer)
Language
See exhibit 8.1.A (no changes).
70070788\4313646v1 * 8 May 2013
7
BILAG 8.1.F TIL VEDTÆGTER FOR
EXHIBIT 8.1.F TO THE ARTICLES OF
ASSOCIATION FOR
ZEALAND PHARMA A/S
ZEALAND PHARMA A/S
INDHOLDSFORTEGNELSE/TABLE OF CONTENTS
1
FORMÅL ....................................................................................................... 3
1
PURPOSE ..................................................................................................... 3
2
TILDELING AF WARRANTS ............................................................................... 3
2
GRANT OF WARRANTS .................................................................................... 3
3
ALMINDELIG UDNYTTELSE AF WARRANTS .......................................................... 4
3
ORDINARY EXERCISE OF THE WARRANTS .......................................................... 4
4
EKSTRAORDINÆR UDNYTTELSE AF WARRANTS ................................................... 5
4
EXTRAORDINARY EXERCISE OF THE WARRANTS .................................................. 5
5
PRAKTISK UDNYTTELSE AF WARRANTS .............................................................. 5
5
PRACTICALITIES IN CONNECTION WITH EXERCISE OF THE WARRANTS ................... 5
6
TEGNINGSKURS FOR AKTIER VED UDNYTTELSE AF WARRANTS .............................. 5
6
SUBSCRIPTION PRICE FOR SHARES IN CONNECTION WITH THE EXERCISE OF
WARRANTS .................................................................................................. 5
7
REGULERING AF VILKÅR FOR WARRANTS VED VISSE DEFINEREDE ÆNDRINGER I
SELSKABETS KAPITALFORHOLD ....................................................................... 5
7
ADJUSTMENT OF THE CONDITIONS FOR WARRANTS IN CASE OF CERTAIN DEFINED
CHANGES IN THE COMPANY'S CAPITAL STRUCTURE ............................................. 5
8
OMSÆTTELIGHED .......................................................................................... 6
8
TRANSFERABILITY ......................................................................................... 6
9
VILKÅR FOR NYE AKTIER UDSTEDT VED UDNYTTELSE AF WARRANTS ...................... 6
9
CONDITIONS
FOR
NEW
SHARES
ISSUED
FOLLOWING
EXERCISE
OF
THE
WARRANTS .................................................................................................. 6
10
KAPITALFORHØJELSE VED UDNYTTELSE AF WARRANTS ........................................ 6
10
CAPITAL INCREASE IN CONNECTION WITH THE EXERCISE OF THE WARRANTS ......... 6
11
OMKOSTNINGER I FORBINDELSE MED UDSTEDELSE AF AKTIER ............................. 6
11
COSTS RELATED TO THE ISSUE OF SHARES ....................................................... 6
12
OPHØR
AF
ANSÆTTELSESFORHOLDET
-
WARRANTINDEHAVERE,
DER
ER
MEDARBEJDERE ............................................................................................ 6
12
CEASE OF EMPLOYMENT STATUS - WARRANT HOLDERS WHO ARE EMPLOYEES.......... 6
13
INSIDERHANDEL ........................................................................................... 7
13
INSIDER TRADING ......................................................................................... 7
14
SKATTEMÆSSIGE FORHOLD ............................................................................ 7
14
TAX IMPLICATIONS ........................................................................................ 7
15
SPROG ........................................................................................................ 7
15
LANGUAGE ................................................................................................... 7
2
1
Formål
1
1.1
På bestyrelsesmødet i Zealand Pharma
At
in
Zealand
A/S ("Selskabet") den 1. april 2014 blev
Pharma A/S (the "Company") on
1 April
der i overensstemmelse med vedtægter-
2014, the following new provisions were
nes punkt 8.1 vedtaget følgende nye be-
adopted in accordance with Article 8.1 of
stemmelser
af
the Articles of Association concerning the
warrants til visse af Selskabets medarbej-
issuing of warrants to certain employees of
dere ("Warrantindehaver") ("Warrants").
the Company (the "Warrant Holder") ("War-
vedrørende
udstedelse
Purpose
the
board
meeting
held
rants").
1.2
Bestyrelsen har besluttet at udstede op
The Board of Directors has decided to issue
til 100.000 warrants i Selskabet til teg-
up to 100,000 Warrants in the Company for
ning af op til 100.000 aktier til kr. 1,00
the subscription of up to 100,000 shares of
(nominelt kr. 100.000) i henhold til ved-
DKK 1.00 (nominally DKK 100,000) accord-
tægternes punkt 8.1.
ing to Article 8.1 of the Articles of Association.
1.3
Tegning af Warrants har fundet sted ved
The subscription of Warrants took place by
elektronisk underskrivelse af warrantaf-
electronically signing of warrant agreement
tale ("Warrantaftale").
(the "Warrant Agreement")
Warrants berettiger Warrantindehaveren
The Warrants entitle the Warrant Holder to
til at tegne aktier på de i bilag 8.1.A som
subscribe for shares on the terms and con-
modificeret ved bilag 8.1.C til Selskabets
ditions
vedtægter anførte vilkår, således
gæl-
amended by exhibit 8.1.C of the Articles of
der endvidere følgende modifikationer til
Association of the Company. Furthermore,
bilag 8.1.A som modificeret ved bilag
the following amendments to exhibit 8.1.A,
8.1.C:
as amended by exhibit 8.1.C shall apply:
2
Tildeling af Warrants
2
2.1
Hver Warrantindehaver har fået tildelt
Each Warrant Holder has been granted such
det antal warrants i Selskabet, som er
number of warrants in the Company as set
anført i Selskabets meddelelse til War-
out in the message from the Company to
rantindehaveren i "Aktionærportalen" på
the Warrant Holder made available at "Ak-
Selskabets hjemmeside, som vil være
tionærportalen" at the website of the Com-
tilgængelig den 1. april 2014 ("War-
pany on 1 April 2014 (the "Warrants") in
1.4
3
stipulated
in
exhibit
8.1.A,
as
Grant of Warrants
rants") i overensstemmelse med vilkåre-
accordance with the terms set forth in this
ne i Aftalen og Selskabets vedtægter.
Agreement and the Company's Articles of
Association.
2.2
Tildeling af Warrants sker uden bereg-
The Warrants are granted free of charge.
ning.
2.3
Hver Warrant berettiger Warrantindeha-
Each Warrant entitles the Warrant Holder to
veren til at tegne 1 aktie à nominelt kr.
subscribe for 1 share of nominal value DKK
1,00 i Selskabet i henhold til de relevan-
1.00 in the Company pursuant to the rele-
te bestemmelser anført i punkt - 5 til
vant conditions as set forth in Clauses 3 - 5
den i punkt 6 fastsatte tegningskurs.
and at the relevant subscription price as
determined in Clause 6.
2.4
I forbindelse med Selskabets aktiebog
In connection with the Company's register
skal der føres en fortegnelse over samt-
of shareholders, a register of all issued
lige udstedte Warrants.
Warrants shall be kept.
3
Almindelig udnyttelse af Warrants
3
3.1
Warrants kan udnyttes i perioden fra 1.
The Warrants may be exercised in the peri-
april 2017 til og med 1. april 2019 ("Ud-
od from 1 April 2017 until (and including) 1
nyttelsesperioden") inden for de udnyt-
April 2019 ("Exercise Period") within the
telsesvinduer anført i punkt 3.2. War-
windows set forth in Clause 3.2. Warrants
rants, der ikke er blevet udnyttet på el-
which have not been exercised on or before
ler inden den sidste dag i Udnyttelsespe-
the last day of the Exercise Period will au-
rioden, bortfalder automatisk og bliver
tomatically lapse and become void without
ugyldige uden yderligere varsel og/eller
any further notice and/or compensation to
kompensation til Warrantindehaveren.
the Warrant Holder.
Inden for Udnyttelsesperioden kan War-
Within the Exercise Period, the Warrants
rants udnyttes fire gange om året i et 4
may be exercised four times a year during a
ugers udnyttelses-vindue, der begynder
4-week window starting from the time of
på tidspunktet for offentliggørelse af en-
publication of either the Company's annual
ten Selskabets årsregnskab eller perio-
report or quarterly or semi-annual reports
deregnskab (henholdsvis 3, 6 eller 9
(respectively 3, 6 and 9 months).
3.2
måneder).
4
Ordinary Exercise of the Warrants
3.3
Warrantindehaveren er berettiget til at
The Warrant Holder is entitled to exercise
udnytte alle eller en del af sine War-
all or part of his or her Warrants, however,
rants. Warrantindehaveren kan dog ikke
the Warrant Holder cannot exercise less
udnytte mindre end 25 procent ad gan-
than 25 per cent of the total number of
gen af det samlede antal Warrants, der
Warrants granted in accordance with this
er blevet tildelt Warrantindehaveren i
Agreement at a time.
henhold til Aftalen.
4
Ekstraordinær
udnyttelse
af
War-
4
rants
Extraordinary
Exercise
of
the
Warrants
4.1
Se bilag 8.1.A (ingen ændringer).
See exhibit 8.1.A (no changes).
5
Praktisk udnyttelse af Warrants
5
Practicalities in connection with
Exercise of the Warrants
5.1
Se bilag 8.1.C (ingen ændringer).
See exhibit 8.1.C (no changes).
6
Tegningskurs for aktier ved udnyt-
6
Subscription Price for Shares in
connection with the Exercise of
telse af Warrants
Warrants
6.1
Hver Warrant giver Warrantindehaveren
Each Warrant entitles the Warrant Holder to
ret til at tegne 1 aktie à nominelt kr.
subscribe for 1 share in the Company of a
1,00 i Selskabet til en tegningspris på kr.
nominal value of DKK 1.00 at a subscription
75,90 ("Tegningskursen").
price
of
DKK
75.90
(the
"Subscription
Price").
6.2
7
Tegningskursen kan reguleres som an-
The Subscription Price may be regulated as
ført i Aftalen.
set out in this Agreement.
Regulering af vilkår for Warrants ved
7
Adjustment of the Conditions for
visse definerede ændringer i Selska-
Warrants in case of certain de-
bets kapitalforhold
fined Changes in the Company's
Capital Structure
7.1
Se bilag 8.1.A (ingen ændringer).
See exhibit 8.1.A (no changes).
5
8
Omsættelighed
8
8.1
Se bilag 8.1.A (ingen ændringer).
See exhibit 8.1.A (no changes).
9
Vilkår for nye aktier udstedt ved ud-
9
nyttelse af Warrants
Transferability
Conditions for New Shares issued
following Exercise of the Warrants
9.1
Se bilag 8.1.A (ingen ændringer).
See exhibit 8.1.A (no changes).
10
Kapitalforhøjelse ved udnyttelse af
10
Warrants
Capital
Increase
in
connection
with the Exercise of the Warrants
10.1 Såfremt Warrantindehaveren giver retti-
In the event that the Warrant Holder gives
dig meddelelse om udnyttelse af War-
notification on time of the exercise of the
rants, skal Selskabet gennemføre den
Warrants, the Company shall carry out the
dertil hørende kapitalforhøjelse.
relating increase of capital.
10.2 Størstebeløbet af den kapital, der kan
The maximum increase of capital that may
tegnes på grundlag af Warrants er nomi-
be subscribed on basis of Warrants is nomi-
nelt kr. 100.000 (op til 100.000 aktier à
nally DKK 100,000 (up to 100,000 shares at
kr. 1,00) og mindstebeløbet er kr. 1,00
DKK 1.00 each) and the minimum amount
(1 aktie à kr. 1,00) Størstebeløbet kan
is DKK 1.00 (1 share at DKK 1.00) The
forøges eller reduceres i henhold til be-
maximum amount may be increased or re-
stemmelserne om regulering i punkt 7.
duced in accordance with the provisions on
adjustment set forth in Clause 7.
11
Omkostninger i forbindelse med ud-
11
stedelse af aktier
Ophør
af
ansættelsesforholdet
Warrantindehavere,
related
to
the
Issue
of
Shares
11.1 Se bilag 8.1.A (ingen ændringer).
12
Costs
der
er
See exhibit 8.1.A (no changes)
-
medar-
bejdere
12
Cease
of
Employment
See exhibit 8.1.A (no changes).
6
-
Warrant Holders who are Employees
12.1 Se bilag 8.1.A (ingen ændringer).
Status
13
Insiderhandel
13
Insider Trading
13.1 Se bilag 8.1.A (ingen ændringer).
See exhibit 8.1.A (no changes).
14
14
Skattemæssige forhold
14.1 Warrants skal være underlagt bestemmelserne i ligningslovens § 28.
Tax Implications
Warrants shall be subject to the provisions
of Section 28 of the Danish Tax Assessment
Act.
14.2 Samtlige skattemæssige forpligtelser og
konsekvenser
for
All tax obligations and consequences to the
Warrantindehaveren-
Warrant Holder resulting from this Agree-
som følge af Warrantaftalen, de udstedte
ment, the Warrants issued or the shares
Warrants eller de erhvervede aktier gen-
acquired by the exercise of such Warrants,
nem udnyttelse af disse Warrants er ale-
are the sole responsibility of the Warrant
ne Warrantindehaverens ansvar og er
Holder and of no concern to the Company.
Selskabet uvedkommende.
14.3 Warrantindehaveren er kraftigt opfordret
The Warrant Holder is strongly encouraged
til at søge skattemæssig rådgivning i
to seek tax advice in connection with enter-
forbindelse med indgåelsen af Warrant-
ing into this Agreement.
aftalen.
15
Sprog
15
15.1 Se bilag 8.1.A (ingen ændringer)
Language
See exhibit 8.1.A (no changes).
70076035\5231256v5 * 4 April 2014
7
BILAG 8.1.G TIL VEDTÆGTER FOR
EXHIBIT 8.1.G TO THE ARTICLES OF
ASSOCIATION FOR
ZEALAND PHARMA A/S
ZEALAND PHARMA A/S
INDHOLDSFORTEGNELSE/TABLE OF CONTENTS
1
FORMÅL ....................................................................................................... 3
1
PURPOSE ..................................................................................................... 3
2
TILDELING AF WARRANTS ............................................................................... 3
2
GRANT OF WARRANTS .................................................................................... 3
3
ALMINDELIG UDNYTTELSE AF WARRANTS .......................................................... 4
3
ORDINARY EXERCISE OF THE WARRANTS .......................................................... 4
4
EKSTRAORDINÆR UDNYTTELSE AF WARRANTS ................................................... 5
4
EXTRAORDINARY EXERCISE OF THE WARRANTS .................................................. 5
5
PRAKTISK UDNYTTELSE AF WARRANTS .............................................................. 5
5
PRACTICALITIES IN CONNECTION WITH EXERCISE OF THE WARRANTS ................... 5
6
TEGNINGSKURS FOR AKTIER VED UDNYTTELSE AF WARRANTS .............................. 5
6
SUBSCRIPTION PRICE FOR SHARES IN CONNECTION WITH THE EXERCISE OF
WARRANTS .................................................................................................. 5
7
ADJUSTMENT OF THE CONDITIONS FOR WARRANTS IN CASE OF CERTAIN DEFINED
CHANGES IN THE COMPANY'S CAPITAL STRUCTURE ............................................. 6
8
OMSÆTTELIGHED .......................................................................................... 6
8
TRANSFERABILITY ......................................................................................... 6
9
VILKÅR FOR NYE AKTIER UDSTEDT VED UDNYTTELSE AF WARRANTS ...................... 6
9
CONDITIONS FOR NEW SHARES ISSUED FOLLOWING EXERCISE OF THE WARRANTS
10
KAPITALFORHØJELSE VED UDNYTTELSE AF WARRANTS ........................................ 6
10
CAPITAL INCREASE IN CONNECTION WITH THE EXERCISE OF THE WARRANTS ......... 6
11
OMKOSTNINGER I FORBINDELSE MED UDSTEDELSE AF AKTIER ............................. 6
11
COSTS RELATED TO THE ISSUE OF SHARES ....................................................... 6
12
OPHØR
................................................................................................................. 6
AF
ANSÆTTELSESFORHOLDET
-
WARRANTINDEHAVERE,
DER
ER
MEDARBEJDERE ............................................................................................ 7
12
CEASE OF EMPLOYMENT STATUS - WARRANT HOLDERS WHO ARE EMPLOYEES.......... 7
13
INSIDERHANDEL ........................................................................................... 7
13
INSIDER TRADING ......................................................................................... 7
14
SKATTEMÆSSIGE FORHOLD ............................................................................ 7
14
TAX IMPLICATIONS ........................................................................................ 7
15
SPROG ........................................................................................................ 7
15
LANGUAGE ................................................................................................... 7
2
1
Formål
1
1.1
På bestyrelsesmødet i Zealand Pharma
At the board meeting held in Zealand Pharma
A/S ("Selskabet") den 25. marts 2015
A/S (the "Company") on 25 March 2015, the
blev der i overensstemmelse med ved-
following new provisions were adopted in ac-
tægternes punkt 8.1 vedtaget følgende
cordance with Article 8.1 of the Articles of
nye bestemmelser vedrørende udstedelse
Association concerning the issuing of war-
af warrants til visse af Selskabets medar-
rants to certain employees of the Company
bejdere
(the "Warrant Holder") ("Warrants").
("Warrantindehaver")
("War-
Purpose
rants").
1.2
Bestyrelsen har besluttet at udstede op til
The Board of Directors has decided to issue
100.000 warrants i Selskabet til tegning
up to 100,000 Warrants in the Company for
af op til 100.000 aktier til kr. 1,00 (nomi-
the subscription of up to 100,000 shares of
nelt kr. 100.000) i henhold til vedtægter-
DKK 1.00 (nominally DKK 100,000) accord-
nes punkt 8.1.
ing to Article 8.1 of the Articles of Association.
1.3
1.4
Tegning af Warrants har fundet sted ved
The subscription of Warrants took place by
elektronisk underskrivelse af warrantaf-
electronically signing of warrant agreement
tale ("Warrantaftale").
(the "Warrant Agreement")
Warrants berettiger Warrantindehaveren
The Warrants entitle the Warrant Holder to
til at tegne aktier på de i bilag 8.1.A som
subscribe for shares on the terms and condi-
modificeret ved bilag 8.1.C til Selskabets
tions stipulated in exhibit 8.1.A, as amended
vedtægter anførte vilkår, således gælder
by exhibit 8.1.C of the Articles of Association
endvidere følgende modifikationer til bi-
of the Company. Furthermore, the following
lag 8.1.A som modificeret ved bilag 8.1.C:
amendments to exhibit 8.1.A, as amended
by exhibit 8.1.C shall apply:
2
Tildeling af Warrants
2
2.1
Hver Warrantindehaver har fået tildelt det
Each Warrant Holder has been granted such
antal warrants i Selskabet, som er anført
number of warrants in the Company as set
i Selskabets meddelelse til Warrantinde-
out in the message from the Company to the
haveren i "Aktionærportalen" på Selska-
Warrant Holder made available at "Aktionær-
bets hjemmeside, som vil være tilgænge-
portalen" at the website of the Company on
lig den 25. marts 2015 ("Warrants") i
3
Grant of Warrants
overensstemmelse med vilkårene i Afta-
25 March 2015 (the "Warrants") in accord-
len og Selskabets vedtægter.
ance with the terms set forth in this Agreement and the Company's Articles of Association.
2.2
Tildeling af Warrants sker uden bereg-
The Warrants are granted free of charge.
ning.
2.3
Hver Warrant berettiger Warrantindeha-
Each Warrant entitles the Warrant Holder to
veren til at tegne 1 aktie à nominelt kr.
subscribe for 1 share of nominal value DKK
1,00 i Selskabet i henhold til de relevante
1.00 in the Company pursuant to the rele-
bestemmelser anført i punkt - 5 til den i
vant conditions as set forth in Clauses 3 - 5
punkt 6 fastsatte tegningskurs.
and at the relevant subscription price as determined in Clause 6.
2.4
I forbindelse med Selskabets aktiebog
In connection with the Company's register of
skal der føres en fortegnelse over samt-
shareholders, a register of all issued War-
lige udstedte Warrants.
rants shall be kept.
3
Almindelig udnyttelse af Warrants
3
3.1
Warrants kan udnyttes i perioden fra 25.
The Warrants may be exercised in the period
marts 2018 til og med 25. marts 2020
from 25 March 2018 until (and including) 25
("Udnyttelsesperioden") inden for de ud-
March 2020 ("Exercise Period") within the
nyttelsesvinduer anført i punkt 3.2. War-
windows set forth in Clause 3.2. Warrants
rants, der ikke er blevet udnyttet på eller
which have not been exercised on or before
inden den sidste dag i Udnyttelsesperio-
the last day of the Exercise Period will auto-
den, bortfalder automatisk og bliver ugyl-
matically lapse and become void without any
dige uden yderligere varsel og/eller kom-
further notice and/or compensation to the
pensation til Warrantindehaveren.
Warrant Holder.
Inden for Udnyttelsesperioden kan War-
Within the Exercise Period, the Warrants
rants udnyttes fire gange om året i et 4
may be exercised four times a year during a
ugers udnyttelses-vindue, der begynder
4-week window starting from the time of
på tidspunktet for offentliggørelse af en-
publication of either the Company's annual
ten Selskabets årsregnskab eller periode-
report or quarterly or semi-annual reports
regnskab (henholdsvis 3, 6 eller 9 måne-
(respectively 3, 6 and 9 months).
3.2
der).
4
Ordinary Exercise of the Warrants
3.3
Warrantindehaveren er berettiget til at
The Warrant Holder is entitled to exercise all
udnytte alle eller en del af sine Warrants.
or part of his or her Warrants, however, the
Warrantindehaveren kan dog ikke udnytte
Warrant Holder cannot exercise less than 25
mindre end 25 procent ad gangen af det
per cent of the total number of Warrants
samlede antal Warrants, der er blevet til-
granted in accordance with this Agreement
delt Warrantindehaveren i henhold til Af-
at a time.
talen.
4
Ekstraordinær udnyttelse af Warrants
4
Extraordinary Exercise of the Warrants
4.1
Se bilag 8.1.A (ingen ændringer).
See exhibit 8.1.A (no changes).
5
Praktisk udnyttelse af Warrants
5
Practicalities in connection with
Exercise of the Warrants
5.1
Se bilag 8.1.C (ingen ændringer).
See exhibit 8.1.C (no changes).
6
Tegningskurs for aktier ved udnyt-
6
Subscription Price for Shares in
connection with the Exercise of
telse af Warrants
Warrants
6.1
Hver Warrant giver Warrantindehaveren
Each Warrant entitles the Warrant Holder to
ret til at tegne 1 aktie à nominelt kr. 1,00
subscribe for 1 share in the Company of a
i Selskabet til en tegningspris på kr.
nominal value of DKK 1.00 at a subscription
127,05 ("Tegningskursen").
price of DKK
127,05
(the
"Subscription
Price").
6.2
Tegningskursen kan reguleres som anført
The Subscription Price may be regulated as
i Aftalen.
set out in this Agreement.
5
7
Regulering af vilkår for Warrants ved
7
Adjustment of the Conditions for
visse definerede ændringer i Selska-
Warrants in case of certain defined
bets kapitalforhold
Changes in the Company's Capital
Structure
7.1
Se bilag 8.1.A (ingen ændringer).
See exhibit 8.1.A (no changes).
8
Omsættelighed
8
8.1
Se bilag 8.1.A (ingen ændringer).
See exhibit 8.1.A (no changes).
9
Vilkår for nye aktier udstedt ved ud-
9
nyttelse af Warrants
Transferability
Conditions for New Shares issued
following Exercise of the Warrants
9.1
Se bilag 8.1.A (ingen ændringer).
See exhibit 8.1.A (no changes).
10
Kapitalforhøjelse ved udnyttelse af
10
Warrants
Capital
Increase
in
connection
with the Exercise of the Warrants
10.1 Såfremt Warrantindehaveren giver retti-
In the event that the Warrant Holder gives
dig meddelelse om udnyttelse af War-
notification on time of the exercise of the
rants, skal Selskabet gennemføre den
Warrants, the Company shall carry out the
dertil hørende kapitalforhøjelse.
relating increase of capital.
10.2 Størstebeløbet af den kapital, der kan
The maximum increase of capital that may
tegnes på grundlag af Warrants er nomi-
be subscribed on basis of Warrants is nomi-
nelt kr. 100.000 (op til 100.000 aktier à
nally DKK 100,000 (up to 100,000 shares at
kr. 1,00) og mindstebeløbet er kr. 1,00 (1
DKK 1.00 each) and the minimum amount is
aktie à kr. 1,00) Størstebeløbet kan for-
DKK 1.00 (1 share at DKK 1.00) The maxi-
øges eller reduceres i henhold til bestem-
mum amount may be increased or reduced
melserne om regulering i punkt 7.
in accordance with the provisions on adjustment set forth in Clause 7.
11
Omkostninger i forbindelse med udstedelse af aktier
11
Costs
Shares
6
related
to
the
Issue
of
11.1 Se bilag 8.1.A (ingen ændringer).
See exhibit 8.1.A (no changes)
12
12
Ophør af ansættelsesforholdet - Warrantindehavere, der er medarbejdere
Cease of Employment Status - Warrant Holders who are Employees
12.1 Se bilag 8.1.A (ingen ændringer).
See exhibit 8.1.A (no changes).
13
13
Insiderhandel
Insider Trading
13.1 Se bilag 8.1.A (ingen ændringer).
See exhibit 8.1.A (no changes).
14
14
Skattemæssige forhold
14.1 Warrants skal være underlagt bestemmelserne i ligningslovens § 28.
Tax Implications
Warrants shall be subject to the provisions
of Section 28 of the Danish Tax Assessment
Act.
14.2 Samtlige skattemæssige forpligtelser og
konsekvenser
for
All tax obligations and consequences to the
Warrantindehaveren-
Warrant Holder resulting from this Agree-
som følge af Warrantaftalen, de udstedte
ment, the Warrants issued or the shares ac-
Warrants eller de erhvervede aktier gen-
quired by the exercise of such Warrants, are
nem udnyttelse af disse Warrants er alene
the sole responsibility of the Warrant Holder
Warrantindehaverens ansvar og er Sel-
and of no concern to the Company.
skabet uvedkommende.
14.3 Warrantindehaveren er kraftigt opfordret
The Warrant Holder is strongly encouraged
til at søge skattemæssig rådgivning i for-
to seek tax advice in connection with enter-
bindelse med indgåelsen af Warrantafta-
ing into this Agreement.
len.
15
Sprog
15
15.1 Se bilag 8.1.A (ingen ændringer)
Language
See exhibit 8.1.A (no changes).
* 24 March 2015
7
BILAG 8.4 TIL VEDTÆGTER FOR
EXHIBIT 8.4 TO THE ARTICLES OF
ASSOCIATION FOR
ZEALAND PHARMA A/S
ZEALAND PHARMA A/S
INDHOLDSFORTEGNELSE/TABLE OF CONTENTS
1
FORMÅL ....................................................................................................... 3
1
PURPOSE ..................................................................................................... 3
2
TILDELING AF WARRANTS ............................................................................... 3
2
GRANT OF WARRANTS .................................................................................... 3
3
ALMINDELIG UDNYTTELSE AF WARRANTS .......................................................... 4
3
ORDINARY EXERCISE OF THE WARRANTS .......................................................... 4
4
EKSTRAORDINÆR UDNYTTELSE AF WARRANTS ................................................... 5
4
EXTRAORDINARY EXERCISE OF THE WARRANTS .................................................. 5
5
PRAKTISK UDNYTTELSE AF WARRANTS .............................................................. 5
5
PRACTICALITIES IN CONNECTION WITH EXERCISE OF THE WARRANTS ................... 5
6
TEGNINGSKURS FOR AKTIER VED UDNYTTELSE AF WARRANTS .............................. 5
6
SUBSCRIPTION PRICE FOR SHARES IN CONNECTION WITH THE EXERCISE OF
WARRANTS .................................................................................................. 5
7
REGULERING AF VILKÅR FOR WARRANTS VED VISSE DEFINEREDE ÆNDRINGER I
SELSKABETS KAPITALFORHOLD ....................................................................... 7
7
ADJUSTMENT OF THE CONDITIONS FOR WARRANTS IN CASE OF CERTAIN DEFINED
CHANGES IN THE COMPANY'S CAPITAL STRUCTURE ............................................. 7
8
OMSÆTTELIGHED .......................................................................................... 7
8
TRANSFERABILITY ......................................................................................... 7
9
VILKÅR FOR NYE AKTIER UDSTEDT VED UDNYTTELSE AF WARRANTS ...................... 7
9
CONDITIONS FOR NEW SHARES ISSUED FOLLOWING EXERCISE OF THE WARRANTS
................................................................................................................. 7
10
KAPITALFORHØJELSE VED UDNYTTELSE AF WARRANTS ........................................ 7
10
CAPITAL INCREASE IN CONNECTION WITH THE EXERCISE OF THE WARRANTS ......... 7
11
OMKOSTNINGER I FORBINDELSE MED UDSTEDELSE AF AKTIER ............................. 7
11
COSTS RELATED TO THE ISSUE OF SHARES ....................................................... 7
12
OPHØR
AF
ANSÆTTELSESFORHOLDET
-
WARRANTINDEHAVERE,
DER
ER
MEDARBEJDERE ............................................................................................ 8
12
CEASE OF EMPLOYMENT STATUS - WARRANT HOLDERS WHO ARE EMPLOYEES.......... 8
13
INSIDERHANDEL ........................................................................................... 8
13
INSIDER TRADING ......................................................................................... 8
14
SKATTEMÆSSIGE FORHOLD ............................................................................ 8
14
TAX IMPLICATIONS ........................................................................................ 8
15
SPROG ........................................................................................................ 8
15
LANGUAGE ................................................................................................... 8
2
1
Formål
1
1.1
På bestyrelsesmødet i Zealand Pharma
At the board meeting held in Zealand Pharma
A/S ("Selskabet") den 5. maj 2015 blev
A/S (the "Company") on 5 May2015, the fol-
der i overensstemmelse med vedtægter-
lowing new provisions were adopted in ac-
nes punkt 8.1 og 8.4 vedtaget følgende
cordance with Articles 8.1 and 8.4 of the Ar-
nye bestemmelser vedrørende udstedelse
ticles of Association concerning the issuing
af warrants til visse af Selskabets medar-
of warrants to certain employees of the Com-
bejdere
pany (the "Warrant Holder") ("Warrants").
("Warrantindehaver")
("War-
Purpose
rants").
1.2
Bestyrelsen har besluttet at udstede op til
The Board of Directors has decided to issue
412.609 warrants i Selskabet til tegning
up to 412,609 Warrants in the Company for
af op til 412.609 aktier til kr. 1,00 (nomi-
the subscription of up to 412,609 shares of
nelt kr. 412.609) i henhold til vedtægter-
DKK 1.00 (nominally DKK 412,609) accord-
nes punkt 8.1 og 8.4.
ing to Articles 8.1 and 8.4 of the Articles of
Association.
1.3
Tegning af Warrants har fundet sted ved
The subscription of Warrants took place by
elektronisk underskrivelse af warrantaf-
electronically signing of warrant agreement
tale ("Warrantaftale").
(the "Warrant Agreement")
Warrants berettiger Warrantindehaveren
The Warrants entitle the Warrant Holder to
til at tegne aktier på de i bilag 8.1.A, som
subscribe for shares on the terms and condi-
modificeret ved bilag 8.1.C, til Selskabets
tions stipulated in exhibit 8.1.A, as amended
vedtægter anførte vilkår, således gælder
by exhibit 8.1.C of the Articles of Association
endvidere følgende modifikationer til bi-
of the Company. Furthermore, the following
lag 8.1.A, som modificeret ved bilag
amendments to exhibit 8.1.A, as amended
8.1.C:
by exhibit 8.1.C shall apply:
2
Tildeling af Warrants
2
2.1
Hver Warrantindehaver har fået tildelt det
Each Warrant Holder has been granted such
antal warrants i Selskabet, som er anført
number of warrants in the Company as set
i Selskabets meddelelse til Warrantinde-
out in the message from the Company to the
haveren i "Aktionærportalen" på Selska-
Warrant Holder made available at "Aktionær-
1.4
Grant of Warrants
portalen" at the website of the Company on
3
bets hjemmeside, som vil være tilgænge-
5 May 2015 (the "Warrants") in accordance
lig den 5. maj 2015 ("Warrants") i over-
with the terms set forth in this Agreement
ensstemmelse med vilkårene i Aftalen og
and the Company's Articles of Association.
Selskabets vedtægter.
2.2
Tildeling af Warrants sker uden bereg-
The Warrants are granted free of charge.
ning.
2.3
Hver Warrant berettiger Warrantindeha-
Each Warrant entitles the Warrant Holder to
veren til at tegne 1 aktie à nominelt kr.
subscribe for 1 share of nominal value DKK
1,00 i Selskabet i henhold til de relevante
1.00 in the Company pursuant to the rele-
bestemmelser anført i punkt - 5 til den i
vant conditions as set forth in Clauses 3 - 5
punkt 6 fastsatte tegningskurs.
and at the relevant subscription price as determined in Clause 6.
2.4
I forbindelse med Selskabets aktiebog
In connection with the Company's register of
skal der føres en fortegnelse over samt-
shareholders, a register of all issued War-
lige udstedte Warrants.
rants shall be kept.
3
Almindelig udnyttelse af Warrants
3
3.1
Warrants kan udnyttes i perioden fra 5.
The Warrants may be exercised in the period
maj 2018 til og med 5. maj 2020 ("Udnyt-
from 5 May 2018 until (and including) 5 May
telsesperioden") inden for de udnyttelses-
2020 ("Exercise Period") within the windows
vinduer, der er anført i punkt 3.2. War-
set forth in Clause 3.2. Warrants which have
rants, der ikke er blevet udnyttet på eller
not been exercised on or before the last day
inden den sidste dag i Udnyttelsesperio-
of the Exercise Period will automatically
den, bortfalder automatisk og bliver ugyl-
lapse and become void without any further
dige uden yderligere varsel og/eller kom-
notice and/or compensation to the Warrant
pensation til Warrantindehaveren.
Holder.
Inden for Udnyttelsesperioden kan War-
Within the Exercise Period, the Warrants
rants udnyttes fire gange om året i et 4
may be exercised four times a year during a
ugers udnyttelses-vindue, der begynder
4-week window starting from the time of
på tidspunktet for offentliggørelse af en-
publication of either the Company's annual
ten Selskabets årsregnskab eller periode-
report or quarterly or semi-annual reports
3.2
4
Ordinary Exercise of the Warrants
regnskab (henholdsvis 3, 6 eller 9 måne-
(respectively 3, 6 and 9 months).
der).
3.3
Warrantindehaveren er berettiget til at
The Warrant Holder is entitled to exercise all
udnytte alle eller en del af sine Warrants.
or part of his or her Warrants. However, the
Warrantindehaveren kan dog ikke udnytte
Warrant Holder cannot exercise less than 25
mindre end 25 procent ad gangen af det
per cent of the total number of Warrants
samlede antal Warrants, der er blevet til-
granted in accordance with this Agreement
delt Warrantindehaveren i henhold til Af-
at a time.
talen.
4
Ekstraordinær udnyttelse af Warrants
4
Extraordinary Exercise of the Warrants
4.1
Se bilag 8.1.A (ingen ændringer).
See exhibit 8.1.A (no changes).
5
Praktisk udnyttelse af Warrants
5
Practicalities in connection with
Exercise of the Warrants
5.1
Se bilag 8.1.C (ingen ændringer).
See exhibit 8.1.C (no changes).
6
Tegningskurs for aktier ved udnyt-
6
Subscription Price for Shares in
connection with the Exercise of
telse af Warrants
Warrants
6.1
Hver Warrant giver Warrantindehaveren
Each Warrant entitles the Warrant Holder to
ret til at tegne 1 aktie à nominelt kr. 1,00
subscribe for 1 share in the Company of a
i Selskabet til en tegningspris på kr.
nominal value of DKK 1.00 at a subscription
101,20 ("Tegningskursen").
price of DKK
101.20
(the
"Subscription
Price").
6.2
6.3
Tegningskursen kan reguleres som anført
The Subscription Price may be regulated as
i Aftalen.
set out in the Agreement.
Uanset bestemmelserne i Aftalen, kan
Notwithstanding anything set out in the
Selskabet i tilfælde af, at Warrantindeha-
Agreement, in the event that the Warrant
veren ønsker at udnytte Warrants, efter
Holder gives notice that the Warrant Holder
wishes to exercise Warrants, the Company
5
6.4
eget skøn beslutte at foretage kontant af-
may at its sole discretion decide to make the
regning i stedet for at udstede aktier i
settlement in cash instead of issuing shares
Selskabet til Warrantindehaveren. I så
in the Company to the Warrant Holder. Con-
fald skal Selskabet automatisk tilbage-
sequently, the Company will in such situation
købe de pågældende Warrants fra War-
automatically buy back the relevant War-
rantindehaveren.
rants from the Warrant Holder.
Såfremt Selskabet beslutter at tilbage-
If the Company decides to buy back War-
købe Warrants, skal Selskabet tilbagebe-
rants, the Company shall repay the relevant
tale det relevante tegningsbeløb, som
subscription amount paid to the Company by
Warrantindehaveren har betalt til Selska-
the Warrant Holder in connection with the
bet i forbindelse med afgivelsen af udnyt-
delivery of the exercise notice. Further, the
telsesmeddelelsen. Herudover skal Sel-
Company shall pay to the Warrant Holder a
skabet
et
cash amount for each Warrant exercised by
kontant beløb for hver Warrant, som ud-
the Warrant Holder equivalent to the aver-
nyttes af Warrantindehaveren, svarende
age market price per Share on the date on
til den gennemsnitlige markedskurs per
which the exercise notice has been served by
aktie på tidspunktet for Warrantindehave-
the Warrant Holder deducted an amount
rens afgivelse af udnyttelsesmeddelelsen
equivalent to the Subscription Price (the
med fradrag af et beløb svarende til Teg-
"Cash Amount"). The Cash Amount shall be
ningskursen ("Kontantbeløbet"). Kontant-
paid after deduction of income tax ("A-tax")
beløbet betales efter fradrag af A-skat og
and other statutory amounts to be withheld
andre lovpligtige beløb, der skal indehol-
by the Company. Upon such payment the
des af Selskabet. Efter betaling er gen-
relevant Warrants shall be considered trans-
nemført, skal de relevante Warrants be-
ferred back to the Company and the Warrant
tragtes som værende overdraget tilbage
Holder shall consequently have no further
til Selskabet, og Warrantindehaveren har
rights with respect to such Warrants.
således
betale
ingen
Warrantindehaveren
rettigheder
vedrørende
med disse Warrants.
6.5
Såfremt Selskabet beslutter at tilbage-
If the Company decides to buy back War-
købe Warrants og foretage kontant afreg-
rants and make the settlement in cash in-
ning i stedet for at udstede aktier i Sel-
stead of delivering shares in the Company,
skabet, skal Selskabet underrette War-
the
rantindehaveren herom inden 30 dage ef-
Holder hereof within 30 days after having re-
ter modtagelsen af udnyttelsesmeddelel-
ceived the exercise notice.
sen.
6
Company
must
inform
the
Warrant
7
Regulering af vilkår for Warrants ved
7
Adjustment of the Conditions for
visse definerede ændringer i Selska-
Warrants in case of certain defined
bets kapitalforhold
Changes in the Company's Capital
Structure
7.1
Se bilag 8.1.A (ingen ændringer).
See exhibit 8.1.A (no changes).
8
Omsættelighed
8
8.1
Se bilag 8.1.A (ingen ændringer).
See exhibit 8.1.A (no changes).
9
Vilkår for nye aktier udstedt ved ud-
9
nyttelse af Warrants
Transferability
Conditions for New Shares issued
following Exercise of the Warrants
9.1
Se bilag 8.1.A (ingen ændringer).
See exhibit 8.1.A (no changes).
10
Kapitalforhøjelse ved udnyttelse af
10
Warrants
Capital
Increase
in
connection
with the Exercise of the Warrants
10.1 Såfremt Warrantindehaveren giver retti-
In the event that the Warrant Holder gives
dig meddelelse om udnyttelse af War-
notification on time of the exercise of the
rants, skal Selskabet gennemføre den
Warrants, the Company shall carry out the
dertil hørende kapitalforhøjelse.
relating increase of capital.
10.2 Størstebeløbet af den kapital, der kan
The maximum increase of capital that may
tegnes på grundlag af Warrants er nomi-
be subscribed on basis of Warrants is nomi-
nelt kr. 412.609 (op til 412.609 aktier à
nally DKK 412,609 (up to 412,609 shares at
kr. 1,00) og mindstebeløbet er kr. 1,00 (1
DKK 1.00 each) and the minimum amount is
aktie à kr. 1,00) Størstebeløbet kan for-
DKK 1.00 (1 share at DKK 1.00) The maxi-
øges eller reduceres i henhold til bestem-
mum amount may be increased or reduced
melserne om regulering i punkt 7.
in accordance with the provisions on adjustment set forth in Clause 7.
11
Omkostninger i forbindelse med udstedelse af aktier
11
Costs
related
to
the
Shares
11.1 Se bilag 8.1.A (ingen ændringer).
See exhibit 8.1.A (no changes)
7
Issue
of
12
Ophør af ansættelsesforholdet - War-
12
rantindehavere, der er medarbejdere
Cease of Employment Status - Warrant Holders who are Employees
12.1 Se bilag 8.1.A (ingen ændringer).
See exhibit 8.1.A (no changes).
13
13
Insiderhandel
Insider Trading
13.1 Se bilag 8.1.A (ingen ændringer).
See exhibit 8.1.A (no changes).
14
14
Skattemæssige forhold
14.1 Warrants skal være underlagt bestemmelserne i ligningslovens § 28.
Tax Implications
Warrants shall be subject to the provisions
of Section 28 of the Danish Tax Assessment
Act.
14.2 Samtlige skattemæssige forpligtelser og
konsekvenser
for
All tax obligations and consequences to the
Warrantindehaveren-
Warrant Holder resulting from this Agree-
som følge af Warrantaftalen, de udstedte
ment, the Warrants issued or the shares ac-
Warrants eller de erhvervede aktier gen-
quired by the exercise of such Warrants, are
nem udnyttelse af disse Warrants er alene
the sole responsibility of the Warrant Holder
Warrantindehaverens ansvar og er Sel-
and of no concern to the Company.
skabet uvedkommende.
14.3 Warrantindehaveren er kraftigt opfordret
The Warrant Holder is strongly encouraged
til at søge skattemæssig rådgivning i for-
to seek tax advice in connection with enter-
bindelse med indgåelsen af Warrantafta-
ing into this Agreement.
len.
15
Sprog
15
15.1 Se bilag 8.1.A (ingen ændringer)
Language
See exhibit 8.1.A (no changes).
* 11 May 2015
8
BILAG 8.4.A TIL VEDTÆGTER FOR
EXHIBIT 8.4.A TO THE ARTICLES OF
ASSOCIATION FOR
ZEALAND PHARMA A/S
ZEALAND PHARMA A/S
INDHOLDSFORTEGNELSE/TABLE OF CONTENTS
1
FORMÅL ....................................................................................................... 3
1
PURPOSE ..................................................................................................... 3
2
TILDELING AF WARRANTS ............................................................................... 3
2
GRANT OF WARRANTS .................................................................................... 3
3
ALMINDELIG UDNYTTELSE AF WARRANTS .......................................................... 4
3
ORDINARY EXERCISE OF THE WARRANTS .......................................................... 4
4
EKSTRAORDINÆR UDNYTTELSE AF WARRANTS ................................................... 5
4
EXTRAORDINARY EXERCISE OF THE WARRANTS .................................................. 5
5
PRAKTISK UDNYTTELSE AF WARRANTS .............................................................. 5
5
PRACTICALITIES IN CONNECTION WITH EXERCISE OF THE WARRANTS ................... 5
6
TEGNINGSKURS FOR AKTIER VED UDNYTTELSE AF WARRANTS .............................. 5
6
SUBSCRIPTION PRICE FOR SHARES IN CONNECTION WITH THE EXERCISE OF
WARRANTS .................................................................................................. 5
7
REGULERING AF VILKÅR FOR WARRANTS VED VISSE DEFINEREDE ÆNDRINGER I
SELSKABETS KAPITALFORHOLD ....................................................................... 7
7
ADJUSTMENT OF THE CONDITIONS FOR WARRANTS IN CASE OF CERTAIN DEFINED
CHANGES IN THE COMPANY'S CAPITAL STRUCTURE ............................................. 7
8
OMSÆTTELIGHED .......................................................................................... 7
8
TRANSFERABILITY ......................................................................................... 7
9
VILKÅR FOR NYE AKTIER UDSTEDT VED UDNYTTELSE AF WARRANTS ...................... 7
9
CONDITIONS FOR NEW SHARES ISSUED FOLLOWING EXERCISE OF THE WARRANTS
................................................................................................................. 7
10
KAPITALFORHØJELSE VED UDNYTTELSE AF WARRANTS ........................................ 7
10
CAPITAL INCREASE IN CONNECTION WITH THE EXERCISE OF THE WARRANTS ......... 7
11
OMKOSTNINGER I FORBINDELSE MED UDSTEDELSE AF AKTIER ............................. 7
11
COSTS RELATED TO THE ISSUE OF SHARES ....................................................... 7
12
OPHØR AF ANSÆTTELSESFORHOLDET ............................................................... 8
12
CEASE OF EMPLOYMENT STATUS ...................................................................... 8
13
INSIDERHANDEL ........................................................................................... 9
13
INSIDER TRADING ......................................................................................... 9
14
SKATTEMÆSSIGE FORHOLD ............................................................................ 9
14
TAX IMPLICATIONS ........................................................................................ 9
15
SPROG ........................................................................................................ 9
15
LANGUAGE ................................................................................................... 9
2
1
Formål
1
1.1
På bestyrelsesmødet i Zealand Pharma
At the board meeting held in Zealand Pharma
A/S ("Selskabet") den 5. maj 2015 blev
A/S (the "Company") on 5 May 2015, the fol-
der i overensstemmelse med vedtægter-
lowing new provisions were adopted in ac-
nes punkt 8.4 vedtaget følgende nye be-
cordance with Article 8.4 of the Articles of
stemmelser
af
Association concerning the issuing of war-
warrants til visse af Selskabets medarbej-
rants to certain employees of the Company
dere ("Warrantindehaver") ("Warrants").
(the "Warrant Holder") ("Warrants").
Bestyrelsen har besluttet at udstede op til
The Board of Directors has decided to issue
100.000 warrants i Selskabet til tegning
up to 100,000 Warrants in the Company for
af op til 100.000 aktier til kr. 1,00 (nomi-
the subscription of up to 100,000 shares of
nelt kr. 100.000) i henhold til vedtægter-
DKK 1.00 (nominally DKK 100,000) accord-
nes punkt 8.4.
ing to Article 8.4 of the Articles of Associa-
1.2
vedrørende
udstedelse
Purpose
tion.
1.3
1.4
Tegning af Warrants har fundet sted ved
The subscription of Warrants took place by
elektronisk underskrivelse af warrantaf-
electronically signing of warrant agreement
tale ("Warrantaftale").
(the "Warrant Agreement")
Warrants berettiger Warrantindehaveren
The Warrants entitle the Warrant Holder to
til at tegne aktier på de i bilag 8.1.A, som
subscribe for shares on the terms and condi-
modificeret ved bilag 8.1.C til Selskabets
tions stipulated in exhibit 8.1.A, as amended
vedtægter anførte vilkår, således gælder
by exhibit 8.1.C of the Articles of Association
endvidere følgende modifikationer til bi-
of the Company. Furthermore, the following
lag 8.1.A som modificeret ved bilag 8.1.C:
amendments to exhibit 8.1.A, as amended
by exhibit 8.1.C shall apply:
2
Tildeling af Warrants
2
2.1
Hver Warrantindehaver har fået tildelt det
Each Warrant Holder has been granted such
antal warrants i Selskabet, som er anført
number of warrants in the Company as set
i Selskabets meddelelse til Warrantinde-
out in the message from the Company to the
haveren i "Aktionærportalen" på Selska-
Warrant Holder made available at "Aktionær-
bets hjemmeside, som vil være tilgænge-
portalen" at the website of the Company on
lig den 5. maj 2015 ("Warrants") i over-
5 May 2015 (the "Warrants") in accordance
ensstemmelse med vilkårene i Aftalen og
with the terms set forth in this Agreement
3
Grant of Warrants
2.2
Selskabets vedtægter.
and the Company's Articles of Association.
Tildeling af Warrants sker uden bereg-
The Warrants are granted free of charge.
ning.
2.3
Hver Warrant berettiger Warrantindeha-
Each Warrant entitles the Warrant Holder to
veren til at tegne 1 aktie à nominelt kr.
subscribe for 1 share of nominal value DKK
1,00 i Selskabet i henhold til de relevante
1.00 in the Company pursuant to the rele-
bestemmelser anført i punkt - 5 til den i
vant conditions as set forth in Clauses 3 - 5
punkt 6 fastsatte tegningskurs.
and at the relevant subscription price as determined in Clause 6.
2.4
I forbindelse med Selskabets aktiebog
In connection with the Company's register of
skal der føres en fortegnelse over samt-
shareholders, a register of all issued War-
lige udstedte Warrants.
rants shall be kept.
3
Almindelig udnyttelse af Warrants
3
3.1
Warrants kan udnyttes i perioden fra 5.
The Warrants may be exercised in the period
maj 2016 til og med 5. maj 2020 ("Udnyt-
from 5 May 2016 until (and including) 5 May
telsesperioden") inden for de udnyttelses-
2020 ("Exercise Period") within the windows
vinduer, der er anført i punkt 3.2. War-
set forth in Clause 3.2. Warrants which have
rants, der ikke er blevet udnyttet på eller
not been exercised on or before the last day
inden den sidste dag i Udnyttelsesperio-
of the Exercise Period will automatically
den, bortfalder automatisk og bliver ugyl-
lapse and become void without any further
dige uden yderligere varsel og/eller kom-
notice and/or compensation to the Warrant
pensation til Warrantindehaveren.
Holder.
Inden for Udnyttelsesperioden kan War-
Within the Exercise Period, the Warrants
rants udnyttes fire gange om året i et 4
may be exercised four times a year during a
ugers udnyttelses-vindue, der begynder
4-week window starting from the time of
på tidspunktet for offentliggørelse af en-
publication of either the Company's annual
ten Selskabets årsregnskab eller periode-
report or quarterly or semi-annual reports
regnskab (henholdsvis 3, 6 eller 9 måne-
(respectively 3, 6 and 9 months).
3.2
Ordinary Exercise of the Warrants
der).
3.3
Warrantindehaveren er berettiget til at
The Warrant Holder is entitled to exercise all
udnytte alle eller en del af sine Warrants.
or part of his or her Warrants, however, the
4
Warrantindehaveren kan dog ikke udnytte
Warrant Holder cannot exercise less than 25
mindre end 25 procent ad gangen af det
per cent of the total number of Warrants
samlede antal Warrants, der er blevet til-
granted in accordance with this Agreement
delt Warrantindehaveren i henhold til Af-
at a time.
talen.
4
Ekstraordinær udnyttelse af Warrants
4
Extraordinary Exercise of the Warrants
4.1
Se bilag 8.1.A (ingen ændringer).
See exhibit 8.1.A (no changes).
5
Praktisk udnyttelse af Warrants
5
Practicalities in connection with
Exercise of the Warrants
5.1
Se bilag 8.1.C (ingen ændringer).
See exhibit 8.1.C (no changes).
6
Tegningskurs for aktier ved udnyt-
6
Subscription Price for Shares in
connection with the Exercise of
telse af Warrants
Warrants
6.1
Hver Warrant giver Warrantindehaveren
Each Warrant entitles the Warrant Holder to
ret til at tegne 1 aktie à nominelt kr. 1,00
subscribe for 1 share in the Company of a
i Selskabet til en tegningspris på kr.
nominal value of DKK 1.00 at a subscription
101,20 ("Tegningskursen").
price of DKK
101.20
(the
"Subscription
Price").
6.2
6.3
Tegningskursen kan reguleres som anført
The Subscription Price may be regulated as
i Aftalen.
set out in the Agreement.
Uanset bestemmelserne i Aftalen, kan
Notwithstanding anything set out in the
Selskabet i tilfælde af, at Warrantindeha-
Agreement, in the event that the Warrant
veren ønsker at udnytte Warrants, efter
Holder gives notice that the Warrant Holder
eget skøn beslutte at foretage kontant af-
wishes to exercise Warrants, the Company
regning i stedet for at udstede aktier i
may at its sole discretion decide to make the
Selskabet til Warrantindehaveren. I så
settlement in cash instead of issuing shares
fald skal Selskabet automatisk tilbage-
in the Company to the Warrant Holder. Consequently, the Company will in such situation
5
6.4
købe de pågældende Warrants fra War-
automatically buy back the relevant War-
rantindehaveren.
rants from the Warrant Holder
Såfremt Selskabet beslutter at tilbage-
If the Company decides to buy back War-
købe Warrants, skal Selskabet tilbagebe-
rants, the Company shall repay the relevant
tale det relevante tegningsbeløb, som
subscription amount paid to the Company by
Warrantindehaveren har betalt til Selska-
the Warrant Holder in connection with the
bet i forbindelse med afgivelsen af udnyt-
delivery of the exercise notice. Further, the
telsesmeddelelsen. Herudover skal Sel-
Company shall pay to the Warrant Holder a
skabet
et
cash amount for each Warrant exercised by
kontant beløb for hver Warrant, som ud-
the Warrant Holder equivalent to the aver-
nyttes af Warrantindehaveren, svarende
age market price per Share on the date on
til den gennemsnitlige markedskurs per
which the exercise notice has been served by
aktie på tidspunktet for Warrantindehave-
the Warrant Holder deducted an amount
rens afgivelse af udnyttelsesmeddelelsen
equivalent to the Subscription Price (the
med fradrag af et beløb svarende til Teg-
"Cash Amount"). The Cash Amount shall be
ningskursen ("Kontantbeløbet"). Kontant-
paid after deduction of income tax ("A-tax")
beløbet betales efter fradrag af A-skat og
and other statutory amounts to be withheld
andre lovpligtige beløb, der skal indehol-
by the Company. Upon such payment the
des af Selskabet. Efter betaling er gen-
relevant Warrants shall be considered trans-
nemført, skal de relevante Warrants be-
ferred back to the Company and the Warrant
tragtes som værende overdraget tilbage
Holder shall consequently have no further
til Selskabet, og Warrantindehaveren har
rights with respect to such Warrants.
således
betale
ingen
Warrantindehaveren
rettigheder
vedrørende
med disse Warrants.
6.5
Såfremt Selskabet beslutter at tilbage-
If the Company decides to buy back War-
købe Warrants og foretage kontant afreg-
rants and make the settlement in cash in-
ning i stedet for at udstede aktier i Sel-
stead of delivering shares in the Company,
skabet, skal Selskabet underrette War-
the
rantindehaveren herom inden 30 dage ef-
Holder hereof within 30 days after having re-
ter modtagelsen af udnyttelsesmeddelel-
ceived the exercise notice.
sen.
6
Company
must
inform
the
Warrant
7
Regulering af vilkår for Warrants ved
7
Adjustment of the Conditions for
visse definerede ændringer i Selska-
Warrants in case of certain defined
bets kapitalforhold
Changes in the Company's Capital
Structure
7.1
Se bilag 8.1.A (ingen ændringer).
See exhibit 8.1.A (no changes).
8
Omsættelighed
8
8.1
Se bilag 8.1.A (ingen ændringer).
See exhibit 8.1.A (no changes).
9
Vilkår for nye aktier udstedt ved ud-
9
nyttelse af Warrants
Transferability
Conditions for New Shares issued
following Exercise of the Warrants
9.1
Se bilag 8.1.A (ingen ændringer).
See exhibit 8.1.A (no changes).
10
Kapitalforhøjelse ved udnyttelse af
10
Warrants
Capital
Increase
in
connection
with the Exercise of the Warrants
10.1 Såfremt Warrantindehaveren giver retti-
In the event that the Warrant Holder gives
dig meddelelse om udnyttelse af War-
notification on time of the exercise of the
rants, skal Selskabet gennemføre den
Warrants, the Company shall carry out the
dertil hørende kapitalforhøjelse.
relating increase of capital.
10.2 Størstebeløbet af den kapital, der kan
The maximum increase of capital that may
tegnes på grundlag af Warrants er nomi-
be subscribed on basis of Warrants is nomi-
nelt kr. 100.000 (op til 100.000 aktier à
nally DKK 100,000 (up to 100,000 shares at
kr. 1,00) og mindstebeløbet er kr. 1,00 (1
DKK 1.00 each) and the minimum amount is
aktie à kr. 1,00) Størstebeløbet kan for-
DKK 1.00 (1 share at DKK 1.00) The maxi-
øges eller reduceres i henhold til bestem-
mum amount may be increased or reduced
melserne om regulering i punkt 7.
in accordance with the provisions on adjustment set forth in Clause 7.
11
Omkostninger i forbindelse med udstedelse af aktier
11
Costs
related
to
the
Shares
11.1 Se bilag 8.1.A (ingen ændringer).
See exhibit 8.1.A (no changes)
7
Issue
of
12
Ophør af ansættelsesforholdet
12
Cease of Employment Status
12.1 Hvis Warrantindehaveren opsiger direk-
If the Warrant Holder terminates the Exec-
tørkontrakten, der er indgået med Selska-
utive Service Contract entered into with the
bet, hvis direktørkontrakten opsiges af
Company, if the Executive Service Contract
Selskabet begrundet i Warrantindehave-
is terminated by the Company due to the
rens grove misligholdelse af ansættelses-
Warrant Holder's material breach of the em-
forholdet, eller hvis Warrantindehaveren
ployment relationship or if the Warrant
har givet anledning til at blive lovligt bort-
Holder has been dismissed summarily in a
vist, bortfalder samtlige uudnyttede War-
legitimate way due to cause, all un-exer-
rants - uanset om de kan udnyttes eller ej
cised warrants - whether the Warrants have
(er "modnede" - se punkt 3.1) - straks og
become exercisable or not ("vested" - see
uden kompensation.
Clause
Error!
Reference
source
not
found.) - will lapse immediately without
any compensation being payable.
12.2 Hvis Selskabet opsiger direktørkontrak-
If the Company terminates the Executive
ten, og opsigelsen ikke skyldes Warrant-
Service Contract and this is not due to the
indehaverens grove misligholdelse af an-
Warrant Holder's material breach of the em-
sættelsesforholdet eller lovlig bortvisning
ployment relationship or to the Warrant
af Warrantindehaveren eller Warrantinde-
Holder having been dismissed summarily in
haverens død, kan Warrants, som er mod-
a legitimate way or if the Warrant Holder
nede på tidspunktet for udløbet af opsi-
dies, Warrants that have vested on the date
gelsesperioden, udnyttes senest inden for
of expiry of the period of notice may be ex-
det førstkommende ordinære udnyttel-
ercised at the latest in the first ordinary ex-
sesvindue efter udløbet af opsigelsesperi-
ercise window following the expiry of the pe-
oden. Warrants, der ikke udnyttes som
riod of notice. Warrants not exercised as set
beskrevet i dette punkt Error! Reference
out in this Clause Error! Reference source
source not found., bortfalder uden kom-
not found. will lapse without any compen-
pensation. Det præciseres, at Warrants,
sation being payable. For the avoidance of
som ikke er modnede ved opsigelsesperi-
doubt, Warrants that are not vested on the
odens udløb, bortfalder uden kompensa-
date of expiry of the period of notice shall
tion til Warrantindehaveren.
lapse without any compensation being payable to the Warrant Holder.
12.3 Hvis Warrantindehaveren opsiger kon-
If the Warrant Holder terminates the Con-
trakten, og opsigelsen skyldes grov mis-
tract and the termination is due to the material breach by the Company, the Warrant
8
ligholdelse fra Selskabets side, er War-
Holder is entitled to exercise Warrants in ac-
rantindehaveren berettiget til at udnytte
cordance with the terms set out in this
Warrrants i henhold til betingelserne i Af-
Agreement as if the Warrant Holder was still
talen, som om Warrantindehaveren stadig
employed with the Company.
var ansat i Selskabet.
12.4 Såfremt
det efter tildelingstidspunktet
If, after the date of grant, it is established
konstateres, at Warrants er blevet tildelt
that the Warrants, were granted mistakenly,
ved en fejl, kan Selskabet undtagelsesvist
the Company can in exceptional cases re-
kræve sådanne Warrants helt eller delvis
claim the Warrants in full or in part.
tilbage.
13
Insiderhandel
13
Insider Trading
13.1 Se bilag 8.1.A (ingen ændringer).
See exhibit 8.1.A (no changes).
14
14
Skattemæssige forhold
14.1 Warrants skal være underlagt bestemmelserne i ligningslovens § 28.
Tax Implications
Warrants shall be subject to the provisions
of Section 28 of the Danish Tax Assessment
Act.
14.2 Samtlige skattemæssige forpligtelser og
konsekvenser
for
All tax obligations and consequences to the
Warrantindehaveren-
Warrant Holder resulting from this Agree-
som følge af Warrantaftalen, de udstedte
ment, the Warrants issued or the shares ac-
Warrants eller de erhvervede aktier gen-
quired by the exercise of such Warrants, are
nem udnyttelse af disse Warrants er alene
the sole responsibility of the Warrant Holder
Warrantindehaverens ansvar og er Sel-
and of no concern to the Company.
skabet uvedkommende.
14.3 Warrantindehaveren er kraftigt opfordret
The Warrant Holder is strongly encouraged
til at søge skattemæssig rådgivning i for-
to seek tax advice in connection with enter-
bindelse med indgåelsen af Warrantafta-
ing into this Agreement.
len.
15
Sprog
15
15.1 Se bilag 8.1.A (ingen ændringer)
Language
See exhibit 8.1.A (no changes).
* 11 May 2015
9