Zealand Pharma

Pre-Annual General Meeting Information • Dec 1, 2011

LAW FIRM

BILAG 3/EXHIBIT 3

ZEALAND PHARMA A/S ZEALAND PHARMA A/S

BILAG 8.1.B TIL VEDTÆGTER FOR EXHIBIT 8.1.B TO THE ARTICLES OF ASSOCIATION FOR

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 7
14	TAX IMPLICATIONS 7
15	SPROG 7
15	LANGUAGE 7

• 1.1 På bestyrelsesmødet i Zealand Pharma A/S ("Selskabet") den 17. november 2011 blev der i overensstemmelse med vedtægternes punkt 8.1 vedtaget følgende nye bestemmelser vedrørende udstedelse af warrants til visse af Selskabets medarbejdere ("Warrantindehaver") ("Warrants").
• 1.2 Bestyrelsen har besluttet at udstede op til 227.085 warrants i Selskabet til tegning af op til 227.085 aktier til kr. 1,00 (nominelt kr. 227.085) i henhold til vedtægternes punkt 8.1.
• 1.3 Tegning af Warrants har fundet sted ved underskrivelse af warrantaftaler ("Warrantaftaler").
• 1.4 Warrants berettiger Warrantindehaveren til at tegne aktier på de i bilag 8.1.A til Selskabets vedtægter anførte vilkår, dog gælder følgende modifikationer til bilag 8.1.A:

2 Tildeling af Warrants 2 Grant of Warrants

2.1 Se bilag 8.1.A (ingen ændringer). See exhibit 8.1.A (no changes).

3.1 Warrants kan udnyttes i perioden fra 17. november 2014 til og med 17. november

1 Formål 1 Purpose

At the board meeting held in Zealand Pharma A/S (the "Company") on 17 November, the following new provisions were adopted in accordance with Article 8.1 of the Articles of Association concerning the issuing of warrants to certain employees of the Company (the "Warrant Holder") ("Warrants").

The Board of Directors has decided to issue up to 227,085 Warrants in the Company for the subscription of up to 227,085 shares of DKK 1.00 (nominally DKK 227,085) according to Article 8.1 of the Articles of Association.

The subscription of Warrants took place by signing of warrant agreements (the "Warrant Agreements")

The Warrants entitle the Warrant Holder to subscribe for shares on the terms and conditions stipulated in exhibit 8.1.A of the Articles of Association of the Company. However, the following amendments to exhibit 8.1.A shall apply:

3 Almindelig udnyttelse af Warrants 3 Ordinary Exercise of the Warrants

The Warrants may be exercised in the period from 17 November 2014 until (and in2016 ("Udnyttelsesperioden") i de i punkt 3.2 anførte udnyttelses-vinduer. Warrants, der ikke er udnyttet på eller før sidste dag af Udnyttelsesperioden, bortfalder automatisk uden yderligere varsel og/eller kompensation til Warrantindehaveren.

• 3.2 Inden for Udnyttelsesperioden kan Warrants udnyttes fire gange om året i et 4 ugers udnyttelses-vindue, der begynder på tidspunktet for offentliggørelse af enten Selskabets årsregnskab eller perioderegnskab (henholdsvis 3, 6 eller 9 måneder).
• 3.3 Warrantindehaveren er berettiget til at udnytte alle eller en del af sine Warrants. Warrantindehaveren kan dog ikke udnytte mindre end 25 procent ad gangen af det samlede antal Warrants, der er blevet tildelt Warrantindehaveren i henhold til Aftalen.

4 Ekstraordinær udnyttelse af Warrants

4.1 Se bilag 8.1.A (ingen ændringer). See exhibit 8.1.A (no changes).

5.1 Såfremt Warrantindehaveren ønsker at udnytte en Warrant, skal Warrantindehaveren underrette Selskabet elektronisk herom ved hjælp af det IT-system, der er tilgængelig i cluding) 17 November 2016 ("Exercise Period") within the windows set forth in Clause 3.2. Warrants which have not been exercised on or before the last day of the Exercise Period will automatically lapse and become void without any further notice and/or compensation to the Warrant Holder.

Within the Exercise Period, the Warrants may be exercised four times a year during a 4-week window starting from the time of publication of either the Company's annual report or quarterly or semi-annual reports (respectively 3, 6 and 9 months).

The Warrant Holder is entitled to exercise all or part of his or her Warrants, however, the Warrant Holder cannot exercise less than 25 per cent of the total number of Warrants granted in accordance with this Agreement at a time.

4 Extraordinary Exercise of the Warrants

5 Praktisk udnyttelse af Warrants 5 Practicalities in connection with Exercise of the Warrants

In the event that the Warrant Holder wishes to exercise Warrants, the Warrant Holder shall electronically give notice to the Company by using the IT system available on "Aktionærportalen" on the Company's web"Aktionærportalen" på Selskabets hjemmeside. Selskabet har ret til at ændre i de praktiske forhold omkring udnyttelse af Warrants, og Warrantindehaveren vil blive underrettet skriftligt, hvis Selskabet beslutter dette.

• 5.2 Samtidig med at give meddelelse om udnyttelse af Warrants skal Warrantindehaveren indbetale et kontantbeløb til Selskabet svarende til det relevante tegningsbeløb fastsat i henhold til punkt 6.
• 6 Tegningskurs for aktier ved udnyttelse af Warrants
• 6.1 Hver Warrant giver Warrantindehaveren ret til at tegne 1 aktie à nominelt kr. 1,00 i Selskabet til en tegningspris på kr. 50,27 ("Tegningskursen").
• 6.2 Tegningskursen kan reguleres som anført i Aftalen.
• 7 Regulering af vilkår for Warrants ved visse definerede ændringer i Selskabets kapitalforhold
• 7.1 Se bilag 8.1.A (ingen ændringer). See exhibit 8.1.A (no changes).
• 8 Omsættelighed 8 Transferability
• 8.1 Se bilag 8.1.A (ingen ændringer). See exhibit 8.1.A (no changes).

site. The Company is entitled to change the practicalities in connection with exercise of the Warrants and if so decided by the Company. The Warrant Holder will be notified in writing by the Company.

At the same time as giving notice of the exercise of the Warrants, the Warrant Holder shall pay in cash to the Company an amount equal to the relevant subscription amount fixed under the terms of Clause 6.

6 Subscription Price for Shares in connection with the Exercise of Warrants

Each Warrant entitles the Warrant Holder to subscribe for 1 share in the Company of a nominal value of DKK 1.00 at a subscription price of DKK 50,27 (the "Subscription Price").

The Subscription Price may be regulated as set out in this Agreement.

7 Adjustment of the Conditions for Warrants in case of certain defined Changes in the Company's Capital Structure

9 Vilkår for nye aktier udstedt ved udnyttelse af Warrants

9.1 Se bilag 8.1.A (ingen ændringer). See exhibit 8.1.A (no changes).

10 Kapitalforhøjelse ved udnyttelse af Warrants

• 10.1 Såfremt Warrantindehaveren giver rettidig meddelelse om udnyttelse af Warrants, skal Selskabet gennemføre den dertil hørende kapitalforhøjelse.
• 10.2 Størstebeløbet af den kapital, der kan tegnes på grundlag af Warrants er nominelt kr. (op 227.085 til 227.085 aktier à kr. 1,00) og mindstebeløbet er kr. 1,00 (1 aktie à kr. 1,00) Størstebeløbet kan forøges eller reduceres i henhold til bestemmelserne om regulering i punkt 7.

11 Omkostninger i forbindelse med udstedelse af aktier

• 11.1 Se bilag 8.1.A (ingen ændringer).
• 12 Ophør af ansættelsesforholdet Warrantindehavere, der er medarbejdere
• 12.1 Se bilag 8.1.A (ingen ændringer). See exhibit 8.1.A (no changes).

13.1 Se bilag 8.1.A (ingen ændringer). See exhibit 8.1.A (no changes).

9 Conditions for New Shares issued following Exercise of the Warrants

10 Capital Increase in connection with the Exercise of the Warrants

In the event that the Warrant Holder gives notification on time of the exercise of the Warrants, the Company shall carry out the relating increase of capital.

The maximum increase of capital that may be subscribed on basis of Warrants is nominally DKK 227,085 (up to 227,085 shares at DKK 1.00 each) and the minimum amount is DKK 1.00 (1 share at DKK 1.00) The maximum amount may be increased or reduced in accordance with the provisions on adjustment set forth in Clause 7.

11 Costs related to the Issue of Shares

12 Cease of Employment Status - Warrant Holders who are Employees

13 Insiderhandel 13 Insider Trading

14 Skattemæssige forhold 14 Tax Implications

15.1 Se bilag 8.1.A (ingen ændringer). See exhibit 8.1.A (no changes).

14.1 Se bilag 8.1.A (ingen ændringer). See exhibit 8.1.A (no changes).

15 Sprog 15 Language