AGM Information • Nov 26, 2010
AGM Information
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Company Announcement No. 7/2010
26 November 2010
With reference to company announcement no. 5/2010, Zealand Pharma A/S hereby announces that the capital increase of 4,336,047 new shares with a nominal value of DKK 1 each has been registered with the Danish Commerce and Companies Agency on 26 November 2010.
Following registration of the new shares, the share capital of Zealand Pharma A/S is nominal DKK 22,018,116 divided into 22,018,116 shares with a nominal value of DKK 1 each.
Each share of nominal DKK 1 carries one vote at general meetings in Zealand Pharma A/S.
Updated articles of association are attached.
For further information, please contact:
Zealand Pharma A/S David Solomon, President and Chief Executive Officer Tel: +45 4328 1200
M:Communications Mary-Jane Elliott / Emma Thompson / Amber Bielecka
Tel: +44(0) 20 7920 2330
Zealand Pharma is a Danish biopharmaceutical company dedicated to the discovery and development of innovative peptide drugs. The Company targets diseases where it believes existing treatments fail to adequately serve the medical needs of patients and the market potential for improved treatments through the use of peptide drugs is high.
Zealand Pharma focuses on three therapeutic areas: metabolic (diabetes and obesity), gastrointestinal and cardiovascular diseases. The Company's expertise in peptide discovery, optimization and development has resulted in a strong and growing pipeline of novel peptide drug candidates with favourable therapeutic attributes.
Since 1999, Zealand Pharma's scientists have built a pipeline that includes five compounds in clinical development, four of which have been out licensed, two of these with major pharmaceutical companies (sanofi-aventis and Helsinn Healthcare). All of Zealand Pharma's compounds emerged from the Company's own drug discovery.
Zealand Pharma is based in Copenhagen. For more information please visit the Company's web site: www.zealandpharma.com.
Disclaimer: The securities described herein may not be offered or sold in the United States unless they are registered or exempt from registration under the U.S. Securities Act of 1933, as amended (the "Securities Act") and any United States state securities laws. The securities have not been and will not be registered under the Securities Act or any United States state securities laws, and the Company does not intend to make a public offer of its securities in the United States.
This announcement and the information contained herein does and shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the securities referred to herein in the United States or any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, exemption from registration or qualification under the securities laws of any jurisdiction. This announcement is an advertisement and not a prospectus and investors should not subscribe for or purchase any securities referred to in this announcement except on the basis of information provided in the Offering Documents.
No public offer of securities has been or will be made outside of Denmark. Any offer of securities that may be deemed to be made pursuant to this communication in any EEA Member State, other than Denmark, that has implemented Directive 2003/71/EC (together with any applicable implementing measures in any Member State, the "Prospectus Directive") is only addressed to and is only directed at qualified investors in that Member State within the meaning of the Prospectus Directive.
This announcement does not constitute an offer to the public in the United Kingdom. No prospectus has been or will be approved in the United Kingdom in respect of the securities. This announcement is not made, and has not been approved, by an "authorised person" within the meaning of Section 21(2) of the Financial Services and Markets Act 2000. As a consequence, this announcement is directed only at persons who (i) are located outside the United Kingdom, (ii) have professional experience in matters relating to investments and fall within Article 19(5) ("investment professionals") of the Financial Services and Markets Act 2000 (Financial Promotions) Order 2005, (iii) are persons falling within Article 49(2)(a) to (d) ("high net worth companies, unincorporated associations, etc.") of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 or (iv) are persons to whom this communication may otherwise lawfully be communicated (all such persons together being referred to as "Relevant Persons"). The Securities are directed only at Relevant Persons and no invitation, offer or agreements to subscribe, purchase or otherwise acquire Securities may be proposed or made other than with Relevant Persons. Any person other than a Relevant Person may not act or rely on this document or any provision thereof. This announcement is not a prospectus which has been approved by the Financial Services Authority or any other United Kingdom regulatory authority for the purposes of Section 85 of the Financial Services.
ZEALAND PHARMA A/S ZEALAND PHARMA A/S
ZEALAND PHARMA A/S (CVR-nr.: 20 04 50 78)
ZEALAND PHARMA A/S (CVR no.: 20 04 50 78)
2.1 Selskabets formål er at drive forskning, produktion, handel og dermed beslægtet virksomhed, primært inden for medicinalbranchen.
3.1 Selskabets koncernsprog er engelsk.
The Company's name is Zealand Pharma A/S.
The Company's secondary name is Zealand Pharmaceuticals A/S.
The object of the Company is to engage in research, manufacture, trade and related activities, primarily within the pharmaceutical industry.
The corporate language of the Company is English.
The share capital of the Company is DKK 22,018,116.
4.2 Aktiekapitalen er fuldt indbetalt. The share capital has been paid up in full.
The nominal amount of each share is DKK 1.
The shares are issued through VP Securities A/S.
5.3 Aktierne er omsætningspapirer. The shares are negotiable instruments.
No restrictions shall apply as to the transferability of the shares.
No shareholder shall be obliged to have the shares redeemed fully or partly.
The shares shall be issued in the holder's name and shall be registered in the Company's Register of Shareholders.
The Register of Shareholders is handled by Computershare A/S, Kongevejen 418, 2840 Holte, on behalf of the Company.
Dividend shall be paid out to shareholders by transfer through VP Securities A/S.
Dividend that has not been claimed within three years of the due date shall
Selskabet. accrue to the Company.
During the period until 2 November 2015 the board of directors is authorized to increase at one or more times the Company's share capital by issuance of new shares by up to nominally DKK 15,500,000. On board meeting held 3 November 2010 the board of directors adopted a resolution to issue nominally DKK 4,336,047 shares under the authorization. The remaining authorization is nominally DKK 11,163,953.
The capital increase may be made in cash, by contribution in kind or by debt conversion.
The capital increase shall be effected at market price unless the capital increase is made in connection with a right issue in which all shareholders in the Company can participate, in which case the subscription price may be a favourable price fixed by the board of directors of the Company. If the capital increase is effected at market price, the capital increase may be without pre-emption right for existing shareholders.
The new shares shall have the same rights as the existing shares of the Company. The new shares shall be ne-
navneaktier og skal noteres i Selskabets ejerbog. Ingen aktionær skal være forpligtet til at lade sine aktier indløse helt eller delvist. De nye aktier skal give ret til udbytte og andre rettigheder i Selskabet fra det tidspunkt, som fastsættes af bestyrelsen i forhøjelsesbeslutningen.
7.5 Bestyrelsen er bemyndiget til at foretage de ændringer i vedtægterne som følger af kapitalforhøjelserne.
8.1 Bestyrelsen er i perioden indtil den 2. november 2015 bemyndiget til ad en eller flere gange at udstede warrants med ret til at tegne op til nominelt DKK 2.750.000 aktier i Selskabet. Selskabets aktionærer skal ikke have fortegningsret ved bestyrelsens udnyttelse af denne bemyndigelse. De nærmere vilkår fastsættes af bestyrelsen. Bestyrelsen fastsætter selv udnyttelseskursen samt øvrige vilkår for warrants, dog således at udnyttelseskursen som minimum skal svare til markedskursen på tidspunktet for udstedelsen af warrants, medmindre disse udstedes til Selskabets medarbejdere.
gotiable instruments and issued in the holder's name and shall be registered in the Company's Register of Shareholders. No shareholder shall be obliged to have the shares redeemed fully or partly. The new shares shall give rights to dividends 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.
The board of directors is authorized to adopt amendments to the Articles of Association as a consequence of the capital increase.
During the period until 2 November 2015 the board of directors is authorized to issue at one or more times warrants with a right to subscribe for shares up to an aggregate amount of nominally DKK 2,750,000 shares in the Company. The shareholders of the Company will not have pre-emptive subscription rights when the board of directors exercises this authorization. The specific terms and conditions in this respect are to be determined by the board of directors. The board of directors determines, at its own discretion, the exercise price as well as other terms and conditions for the warrants, always provided that the exercise price
Bestyrelsen kan efter de til enhver tid gældende regler i selskabsloven genanvende eller genudstede eventuelle bortfaldne ikke udnyttede warrants, forudsat at genanvendelsen eller genudstedelsen finder sted inden for de vilkår og tidsmæssige begrænsninger, der fremgår af denne bemyndigelse. Ved genanvendelse forstås adgangen for bestyrelsen til at lade en anden aftalepart indtræde i en allerede bestående aftale om warrants. Ved genudstedelse forstås bestyrelsens mulighed for inden for samme bemyndigelse at genudstede nye warrants, hvis allerede udstedte warrants er bortfaldet.
Bestyrelsen er i perioden indtil den 2. november 2015 endvidere bemyndiget til ad en eller flere gange at forhøje Selskabets aktiekapital med op til nominelt DKK 2.750.000 aktier ved kontant indbetaling i forbindelse med udnyttelse af warrants eller et sådant beløb som måtte følge af en eventuel regulering af antallet af warrants ved ændringer i Selskabets kapitalforhold. Selskabets aktionærer skal ikke have fortegningsret til aktier som udstedes ved udnyttelse af udstedte warrants.
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 Companies Act in force from time to time, the board of directors may reapply or reissue any lapsed non-exercised warrants, provided that such reapplication or reissue is made under the terms and conditions and within the time limits specified under this authority. Reapplication means the right of the board of directors to let another contractual party become a party to an already existing agreement on warrants. Re-issue means the possibility for the board of directors to re-issue new warrants under the same authorization if those already issued have lapsed.
During the period until 2 November 2015, the board of directors is also authorized to increase at one or more times the Company's share capital by up to nominally DKK 2,750,000 shares by cash payment in connection with the exercise of the warrants or such an amount caused by an adjustment (if any) in the number of warrants due to changes in the capital structure, without pre-emptive subscription rights for the shareholders of the Company to shares issued by exercise of the issued warrants.
På et bestyrelsesmøde i Selskabet afholdt den 2. november 2010 vedtog Selskabets bestyrelse at udstede warrants (2010 employee incentive program) svarende til nominelt DKK 595.406 aktier; og bestyrelsen vedtog samtidig at forhøje Selskabets aktiekapital i overensstemmelse dermed. De fuldstændige vilkår for warrantene er vedlagt som bilag 8.1. Bilag 8.1 udgør en integreret del af nærværende vedtægter.
Som følge af udstedelsen af warrants er det udestående antal warrants, der kan udstedes i henhold til bemyndigelsen i nærværende § 8.1, reduceret til 2.154.594 warrants.
8.2 På et bestyrelsesmøde i Selskabet afholdt den 28. april 2010 vedtog Selskabets bestyrelse at udstede warrants (2009 employee incentive program) svarende til nominelt DKK 415.088 aktier; og bestyrelsen vedtog samtidig at forhøje Selskabets aktiekapital i overensstemmelse dermed. De fuldstændige vilkår for warrantene er vedlagt som bilag 8.2. Bilag 8.2 udgør en integreret del af nærværende vedtægter.
At a meeting of the board of directors of the Company held on 2 November 2010, the board of directors of the Company resolved to issue warrants (2010 employee incentive program) corresponding to a nominal amount of DKK 595,406 shares; and the board of directors at the same time resolved to increase the share capital of the Company in accordance therewith. The complete terms of the warrants are attached as Schedule 8.1. Schedule 8.1 constitutes an integrated part of these Articles of Association.
As a result of the issuance of warrants, the number of warrants available for issuance under the authorization in this article 8.1 has been reduced to 2,154,594 warrants.
At a meeting of the board of directors of the Company held on 28 April 2010, the board of directors of the Company resolved to issue warrants (2009 employee incentive program) corresponding to a nominal amount of DKK 415,088 shares; and the board of directors at the same time resolved to increase the share capital of the Company in accordance therewith. The complete terms of the warrants are attached as Schedule 8.2. Schedule 8.2 constitutes an integrated part of these Articles of Association.
8.3 På et bestyrelsesmøde i Selskabet af- At a meeting of the board of directors
holdt den 24. juni 2009 vedtog Selskabets bestyrelse at udstede warrants (2009 employee incentive program) svarende til nominelt DKK 150.000 aktier; og bestyrelsen vedtog samtidig at forhøje Selskabets aktiekapital i overensstemmelse dermed. De fuldstændige vilkår for warrantene er vedlagt som bilag 8.3. Bilag 8.3 udgør en integreret del af nærværende vedtægter.
8.4 Selskabets bestyrelse har den 15. juni 2007 besluttet at udstede incentive warrants (2007 employee incentive program) svarende til nominelt DKK 1.750.000 aktier til medlemmer af Selskabets direktion og til Selskabets medarbejdere samt visse rådgivere/konsulenter; og bestyrelsen vedtog samtidig at forhøje Selskabets aktiekapital i overensstemmelse dermed. Udstedelsen af de pågældende warrants er opdelt i to trancher: Tranche A og Tranche B. Under Tranche A blev udstedt warrants svarende til nominelt DKK 922.353. De fuldstændige vilkår for warrants udstedt under Tranche A er vedlagt som bilag 8.4. Warrants udstedt under Tranche B bortfaldt den 31. august 2008. Bilag 8.4 udgør en integreret del af nærværende vedtægter.
of the Company held on 24 June 2009, the board of directors of the Company resolved to issue warrants (2009 employee incentive program) corresponding to a nominal amount of DKK 150,000 shares; and the board of directors at the same time resolved to increase the share capital of the Company in accordance therewith. The complete terms of the warrants are attached as Schedule 8.3. Schedule 8.3 constitutes an integrated part of these Articles of Association.
On 15 June 2007, the board of directors of the Company has resolved to issue incentive warrants (2007 employee incentive program) corresponding to a nominal amount of DKK 1,750,000 shares to members of the Company's board of management and to the Company's employees and certain consultants/advisors; and the board of directors at the same time resolved to increase the share capital of the Company in accordance therewith. The issuance of the warrants is split up in two tranches; Tranche A and Tranche B. Under Tranche A warrants corresponding to a nominal amount of DKK 922,353 was issued. The complete terms of the warrants issued under Tranche A are attached as Schedule 8.4. Warrants issued under Tranche B lapsed on 31 August 2008. Schedule 8.4 constitutes an integrated part of these Articles of Association
De nye aktier skal være ligestillet med den bestående aktiekapital. Ingen aktionær skal være forpligtet til at lade sine aktier indløse helt eller delvist. De nye aktier skal give ret til udbytte og andre rettigheder i Selskabet fra det tidspunkt, som fastsættes af bestyrelsen i forhøjelsesbeslutningen.
8.7 Bestyrelsen er bemyndiget til at ændre The board of directors is authorized to
At a meeting of the board of directors of the Company held on 17 October 2005, the board of directors resolved to issue incentive warrants (2005 employee incentive program) corresponding to a nominal amount of DKK 414,689 to the Company's management board and employees and the board of directors at the same time resolved to increase the share capital of the Company in accordance therewith. The complete terms of the warrants are attached as Schedule 8.5 which constitutes an integrated part of these Articles of Association.
The shares subscribed for by exercise of the warrants issued pursuant to article 8.1, article 8.2, article 8.3, article 8.4 and article 8.5 shall be negotiable instruments and issued in the holder's name and shall be registered in the Company's Register of Shareholders.
The new shares shall have the same rights as the existing shares of the Company. No shareholder shall be obliged to have the shares redeemed fully or partly. The new shares shall give rights to dividends 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.
nærværende vedtægter i tilfælde af udnyttelse af de givne bemyndigelser eller warrants.
amend these Articles of Association as a consequence of applying the authorizations granted or the exercise of warrants.
General meetings of the Company shall be held in Greater Copenhagen.
Annual general meetings shall be held early enough for the audited and adopted annual report to be submitted to and received by the Danish Commerce and Company Agency not later than four months after the closing of the financial year.
Not later than eight weeks before the date set for the annual general meeting the board of directors shall announce the date on which it intends to hold the general meeting as well as the date by which requests filed by shareholders wishing to have specific items included on the agenda, cf. article 9.4.
Proposals from shareholders for consideration by the annual general meeting shall be submitted to the board of directors in writing not later than six weeks before the date of the general meeting. In the event that the board of directors receives a proposal later than six weeks before the general meeting, the board of directors shall decide whether it was received in time for it to
9.5 Ekstraordinær generalforsamling afholdes efter en generalforsamlings beslutning, bestyrelsens beslutning, når det kræves af Selskabets revisor, eller når det til behandling af et bestemt emne skriftligt kræves af aktionærer, der ejer mindst 5 % af aktiekapitalen.
be included on the agenda nonetheless.
An extraordinary general meeting shall be held when decided by a general meeting, the board of directors or requested by the Company's auditor as well as when requested in writing by shareholders holding at least 5 % of the share capital for consideration of a specific issue.
General meetings shall be convened with a maximum notice of five weeks and a minimum notice of three weeks. An extraordinary general meeting shall be convened within 14 days after a proper request has been received by the board of directors.
The board of directors shall convene general meetings by publication in the computer information system of the Danish Commerce and Companies Agency and by posting on the Company's website (www.zealandpharma.com).
The length of the notice shall be reckoned from the first advertisement. General meetings shall moreover be convened by sending a notice to all shareholders entered in the Company's Register of Shareholders having so requested, to the address, including the e-mail address, cf. article 12, informed to the Company. If the information contained in the Register of Sharehold-
ler til at indkalde på anden måde. ers is insufficient or incorrect, the board of directors shall not be obliged to rectify the information or to give notice in any other way.
The notice shall as a minimum include:
hjemmeside, hvor dagsordenen og de dokumenter nævnt i punkt 12.2 vil blive gjort tilgængelige.
where the agenda and the other documents mentioned in article 12.2 will be made available.
The general meeting is held in English without simultaneous translation to Danish.
Not later than three weeks prior to a general meeting the following information, as minimum, shall be available on the Company's website:
stemmerettigheder på datoen for indkaldelsen.
(4) Valg af medlemmer til bestyrelsen.
(6) Bemyndigelse til erhvervelse af (6) Authorization to acquire the
voting rights on the date of the notice.
The agenda of the annual meeting shall include:
(5) Valg af revisor. (5) Election of auditor.
(7) Eventuelle forslag fra bestyrelse eller aktionærer.
egne aktier. Company's own shares.
A chairman of the meeting appointed by the board of directors shall preside over the proceedings at general meetings and decide upon all questions of procedure, voting and voting results.
The proceedings at a general meeting shall be recorded in a minute book and be signed by the chairman of the general meeting and the chairman of the board of directors. Not later than two weeks after the general meeting the minute book, or a certified transcript of the minute book, shall be made available to the Company's shareholders.
As a general rule, for each resolution made at the general meeting the minute book of the general meeting must set out at a minimum the full details of the voting including information on (i) the total number of shares for which valid votes were cast, (ii) the proportion of the share capital accounted for by these votes, (iii) the total number of valid votes, (iv) the number of votes cast in favour of and against each resolution, and (v) the total number of ab-
If no shareholder requests that the full details of the votes be included in the minute book, the minute book need only to state the results of the individual votes. Accordingly, the Chairman of the general meeting shall have to clarify for each individual vote whether or not any shareholders request the inclusion in the minute book of the full details of the vote.
Not later than two weeks after the general meeting the voting results from the general meeting shall be posted on the Company's website.
A shareholders right to attend general meetings and to vote at general meetings is determined on the basis of the shares that the shareholder owns on the registration date.
The registration date is one week before the general meeting is held. The shares which the individual shareholder owns are calculated on the registration date on the basis of the registration of ownership in the Company's Register of Shareholders as well as notifications concerning ownership which the Company has received with a view to update the ownership in the Register of
Any shareholder who has notified the Company of his participation not later than three days prior to the general meeting and who has received an admission card shall be entitled to attend the general meeting, either in person or by proxy. Admission card will be issued to the holder registered in the Company's Register of Shareholders.
Each share of DKK 1 has one vote at general meetings.
A shareholder may vote by proxy or by postal, and the Company shall not later than three weeks prior to the general meeting make a form for this use available on the Company's website. A vote by postal must be received by the Company not later than three days prior to the general meeting is held in order to be counted at the general meeting.
The shareholder or the proxyholder may attend the general meeting accompanied by an advisor.
At general meetings resolutions shall be decided by simple majority of votes unless otherwise prescribed by law or the Articles of Association.
11.1 Bestyrelsen kan, når den anser det for hensigtsmæssigt og generalforsamlingen kan afvikles på betryggende vis, bestemme at generalforsamlingen udelukkende skal foregå elektronisk (fuldstændig elektronisk generalforsamling). Bestyrelsen kan herudover under samme forudsætninger vælge at tilbyde aktionærerne at deltage elektronisk på generalforsamlinger, der i øvrigt gennemføres ved fysisk fremmøde (delvis elektronisk generalforsamling). Aktionærerne kan derved elektronisk deltage i, ytre sig samt stemme på generalforsamlingen. Nærmere oplysninger vil til sin tid kunne findes på Selskabets hjemmeside og i indkaldelsen til de pågældende generalforsamlinger, ligesom de i Selskabets ejerbog noterede aktionærer vil modtage skriftlig meddelelse herom.
When the board of directors finds it appropriate and technically safe it may decide that the general meeting solely shall be held as an electronic general meeting (completely electronic general meeting). The board of directors may also as an alternative under the same circumstances invite shareholders to attend by electronic means general meetings that are also attended by shareholders in person (partially electronic general meeting). In this way, shareholders will be able to attend, express their opinion and vote at the general meeting by electronic means. In due course more information will be made available on the Company's website and in the notices convening the general meetings involved, and written information on the subject will also be sent to shareholders listed in the Company's Register of Shareholders.
The board of directors has been granted authority to introduce electronic communication between the Company and its shareholders, meaning that the Company may use electronic document exchange and electronic mail as specified below in its communication with the shareholders.
The Company shall be able to send notices convening annual and extraordinary general meetings including the
vedtægtsændringer, tilsendelse af dagsorden, årsrapport, delårsrapport, kvartalsrapport, fondsbørsmeddelelser, generalforsamlingsprotokollater, fuldmagtsblanketter og adgangskort samt øvrige generelle oplysninger fra Selskabet til aktionærerne vil kunne sendes af Selskabet til aktionærerne via email.
complete proposals for amendments to the articles of association, agenda, annual report, interim report, quarterly report, stock exchange releases, minutes and general meetings, proxy forms, mail-in voting forms, admission cards and other general information from the Company to it shareholders by means of email.
The above documents, to the exclusion of admission cards for the general meeting, shall also be posted on the Company's website. The Company's website shall also contain information about requirements to the systems used and the procedures applying to the use of electronic communication.
The Company must request registered shareholders for an electronic address to which notices can be sent, and it is the responsibility of each shareholder to ensure that the Company is in possession of a proper electronic address.
Once the board of directors utilizes the authority to introduce electronic communication, the Company shall notify shareholders listed in the company's register of shareholders thereof by letter.
The general meeting shall elect at least four and not more than seven directors.
The directors elected by the general meeting shall retire from office at each annual general meeting but shall be eligible for re-election.
No person being elected to the board of directors shall have reached the age of 70 years. A board member shall retire at the end of the first annual general meeting held after the relevant board member having reached the age of 70 years.
The board of directors elects the chairman of the board of directors.
Unless otherwise decided by the board of directors, decisions of the board of directors shall be decided by simple majority of votes. The chairman shall have a casting vote if equality of votes occurs.
The board of directors shall lay down rules of its proceedings.
The directors shall be remunerated annually as prescribed in the annual report for the relevant year.
13.8 Bestyrelsen kan meddele prokura, enkel eller kollektiv.
14.1 Bestyrelsen ansætter en direktion bestående af mellem en og fire direktører. Hvis direktionen består af flere direktører, skal én af disse udnævnes til administrerende direktør.
15.1 Selskabet har udarbejdet overordnede retningslinjer for incitamentsaflønning af bestyrelsen og direktionen. Disse retningslinjer er forelagt og vedtaget af Selskabets generalforsamling. Retningslinjerne er offentligt tilgængelige på Selskabets hjemmeside.
16.1 Selskabet tegnes af bestyrelsens formand i forening med den administrerende direktør, eller af bestyrelsens formand i forening med et bestyrelsesmedlem, eller af en direktør i forening med to bestyrelsesmedlemmer, eller af den administrerende direktør i forening med en direktør eller af den samlede bestyrelse.
The board of directors may authorize one person alone or more persons jointly to sign for the Company by procuration.
The board of directors shall employ at least one but not more than four managers to comprise the Company's management board. Where more than one manager is employed, one of them shall be appointed managing director.
The Company has prepared a set of general guidelines for incentive pay to the board of directors and the management board. These guidelines have been presented to and adopted by the Company in general meeting. The guidelines are publicly available on the Company's website.
The Company shall be bound by the joint signatures of the chairman of the board of directors with the managing director; or the chairman of the board of directors jointly with one member of the board of directors; or one member of the board of managers jointly with two members of the board of directors; or the joint signatures of the managing
director and one member of the board of managers; or all members of the board of directors jointly.
The Company's annual report shall be audited by a state-authorized public accountant.
The auditor shall be elected by the annual general meeting for one year at a time.
The financial year of the Company is the calendar year.
Schedule 8.1: Warrants (2010 employee incentive program), cf. article 8.1 of the Articles of Association.
Schedule 8.2: Warrants (2009 employee incentive program), cf. article 8.2 of the Articles of Association.
Schedule 8.3: Warrants (2009 employee incentive program), cf. article 8.3 of the Articles of Association.
Schedule 8.4: Warrants (2007 employee incentive program), cf. article 8.4 of the Articles of Association (Tranche A).
18.1 Selskabets regnskabsår er kalenderåret.
19.5 Bilag 8.5: Warrants (2005 employee incentive program), jf. vedtægternes § 8.5.
Schedule 8.5: Warrants (2005 employee incentive program), cf. article 8.5 of the Articles of Association.
Vedtaget på Selskabets generalforsamling den 2. november 2010 og ændret den 2. november 2010 i forbindelse med bestyrelsens udnyttelse af bemyndigelsen til udstedelse af warrants, jf. vedtægternes § 8.1, samt ved bestyrelsesmøde den 3. november 2010.
Approved at the Company's General Meeting held on 2 November 2010 and amended 2 November 2010 in connection with the board of directors' exercise of the authorization to issue warrants, ref clause 8.1 of the Articles of Association, and on board meeting dated 3 November 2010.
ZEALAND PHARMA A/S ZEALAND PHARMA A/S
BILAG 8.1 TIL VEDTÆGTER FOR EXHIBIT 8.1 TO THE ARTICLES OF ASSOCIATION FOR
| 1 | FORMÅL4 |
|---|---|
| 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 WARRANTS7 |
| 5 | PRAKTISK UDNYTTELSE AF WARRANTS 12 |
| 5 | PRACTICALITIES IN CONNECTION WITH EXERCISE OF THE WARRANTS 12 |
| 6 | TEGNINGSKURS FOR AKTIER VED UDNYTTELSE AF WARRANTS 12 |
| 6 | SUBSCRIPTION PRICE FOR SHARES IN CONNECTION WITH THE EXERCISE OF |
| WARRANTS 12 | |
| 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 22 |
| 10 | CAPITAL INCREASE IN CONNECTION WITH THE EXERCISE OF THE WARRANTS 22 |
| 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 AF SELSKABETS BESTYRELSESMEDLEMMER - |
| WARRANTINDEHAVERE, SOM ER 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 |
| SKATTEMÆSSIGE FORHOLD 26 | |
|---|---|
| TAX IMPLICATIONS 26 | |
| SPROG 27 | |
| LANGUAGE 27 | |
At the board meeting held in Zealand Pharma A/S (the "Company") on 2 November 2010, the following new provisions were adopted in accordance with Article 8.1 of the Articles of Association concerning the issue of warrants to members of the top management, selected key employees and members of the Company's Board of Directors (the "Warrant Holder") ("Warrants").
The Board of Directors has decided to issue up to 595,406 Warrants in the Company for the subscription of up to 595,406 shares of DKK 1.00 (nominally DKK 595,406) according to Article 8.1 of the Articles of Association.
This Agreement is part of an incentive programme according to which senior management members, selected key employees and members of the Board of Directors of the Company are offered an opportunity to receive Warrants in the Company in order to ensure that the Company and the Warrant Holders share common interests and that everyone is working to ensure that the value of the Company develops in the best possible way.
It is a condition for the grant of Warrants that the Warrant Holder is either employed with the Company and not under notice at
denne Aftale eller er medlem af Selskabets bestyrelse
the date of this Agreement or is a member of the Board of Directors of the Company.
Amendments to the Company's Articles of Association shall automatically be accepted by the Warrant Holder to the extent that the conditions for the resolution to amend the Articles of Association exist.
The subscription for Warrants has taken place by signing of individual warrant agreements ("Warrant Agreement"), which contain the names of the Warrant Holder and the number of Warrants granted.
The Warrants entitle the Warrant Holder to subscribe the shares on the terms set out below.
Section 7H of the Danish Tax Assessment Act (in Danish "Ligningsloven") shall apply to the largest extent possible. The Company's auditor will in his statutory certification attest to which extent the conditions for the application of Section 7H are met. The remaining Warrants shall be subject to the provisions of Section 28 of the Danish Tax Assessment Act.
The Warrants are granted free of charge.
Each Warrant entitles the Warrant Holder to subscribe for 1 share of nominal value DKK 1.00 in the Company pursuant to the rele-
te bestemmelser anført i punkt 3 - 5 til den i punkt 6 fastsatte tegningskurs.
2.4 I forbindelse med Selskabets aktiebog skal der føres en fortegnelse over samtlige udstedte Warrants.
vant conditions as set forth in Clauses 3 - 5 and at the relevant subscription price as determined in Clause 6.
In connection with the Company's register of shareholders, a register of all issued Warrants shall be kept.
It is a condition for the exercise of Warrants that the Company has been listed on NASDAQ OMX Copenhagen A/S (a "Listing") no later than on 30 June 2011. If a Listing has not been completed on 30 June 2011 all Warrants shall automatically lapse and become void without any further notice and/or compensation to the Warrant Holder.
Provided that the condition set out in Clause 3.1 has been met, the Warrants may be exercised in the period from 3 November 2013 until (and including) 3 November 2015 ("Exercise Period") within the windows set forth in Clause 3.3. 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
deregnskab (henholdsvis 3, 6 eller 9 måneder).
3.4 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.
(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.
In addition to the ordinary exercise of Warrants as set out in Clause 3, the Board of Directors of the Company may, in their sole discretion, decide that Warrants may be extraordinarily exercised including, but not limited to, in accordance with Clauses 4.1.1 - 4.1.6
In the event that the Company's general meeting passes a resolution to liquidate the Company, and the Board of Directors (in their sole discretion) decide that Warrants therefore may be exercised, the Company shall notify the Warrant Holder in writing to this effect. Following this notification, the Warrant Holder shall notify the Company in writing within two weeks as from the date of the posting of this notification from the Company whether he/she wishes to exercise the Warrants wholly or partly. If the Warrant Holder does not wish to exercise the Warrants, the Warrants shall automati-
løbet af fristen, forudsat at Selskabet opløses endeligt som følge af den meddelte beslutning. Udnyttelse af Warrants skal ske i overensstemmelse med punkt 5 og 6.
4.1.2 Såfremt generalforsamlingen træffer beslutning om at fusionere Selskabet, og fusionen medfører, at Selskabet ophører, og bestyrelsen (efter eget skøn) vedtager, at Warrants som følge deraf kan udnyttes, skal Selskabet give Warrantindehaveren skriftlig meddelelse herom. Warrantindehaveren har herefter en frist på to uger fra datoen for afsendelse af meddelelsen fra Selskabet til skriftligt at meddele Selskabet, om Warrants ønskes udnyttet helt eller delvis. Selskabet skal håndtere Warrantindehaverens meddelelse således, at aktierne er registreret i Warrantindehaverens depot senest fem handelsdage forud for sidste handelsdag for Selskabets aktier. Hvis Warrantindehaveren ikke ønsker at udnytte Warrants, bortfalder disse automatisk og uden kompensation efter udløbet af fristen, forudsat at Selskabet opløses endeligt som følge af den meddelte beslutning. Udnyttelse af Warrants skal ske i overensstemmelse med punkt 5 og 6.
cally become void without compensation, following the expiry of the time-limit, provided that the Company is finally liquidated as a result of the notified resolution. Any exercise of the Warrants must be in accordance with Clauses 5 and 6.
In the event that the general meeting passes a resolution to merge the Company and such merger results in the Company being discontinued, and the Board of Directors (in their sole discretion) decide that Warrants therefore may be exercised, the Company shall notify the Warrant Holder in writing to this effect. Following such notification, the Warrant Holder shall notify the Company in writing within two weeks as from the date of the posting of this notification from the Company whether he/she wishes to exercise the Warrants wholly or partly. The notice must in such case be processed by the Company so that the shares are registered in the Warrant Holder's depot at least five trading days before the last day of trading of the Company's shares. If the Warrant Holder does not wish to exercise the Warrants, the Warrants shall automatically become void without compensation, following the expiry of the time-limit, provided that the Company is finally discontinued as a result of the notified resolution. Any exercise of the Warrants must be in accordance with Clauses 5 and 6.
4.1.3 I tilfælde af et frivilligt eller pligtmæssigt overtagelsestilbud i henhold til §§ 31 og In the event that a voluntary or mandatory public offer pursuant to Section 31 and 32
32 i lov om værdipapirhandel, og bestyrelsen (efter eget skøn) vedtager, at Warrants som følge deraf kan udnyttes, skal Selskabet give Warrantindehaveren skriftlig meddelelse herom. Warrantindehaveren har herefter en frist på to uger fra datoen for afsendelse af meddelelsen fra Selskabet til skriftligt at meddele Selskabet, om Warrants ønskes udnyttet helt eller delvis. Hvis Warrantindehaveren ikke ønsker at udnytte Warrants, skal Warrants og Aftalen fortsat være fuldt ud gældende. Udnyttelse af Warrants skal ske i overensstemmelse med punkt 5 og 6.
of the Danish Securities Trading Act is made, and the Board of Directors (in their sole discretion) decide that Warrants therefore may be exercised, the Company shall notify the Warrant Holder in writing to this effect. Following such notification, the Warrant Holder shall notify the Company in writing within two weeks as from the date of the posting of this notification from the Company whether he/she wishes to exercise the Warrants wholly or partly. If the Warrant Holder does not wish to exercise the Warrants, the Warrants and this Agreement will remain in full effect. Any exercise of the Warrants must be in accordance with Clauses 5 and 6.
Following completion of a voluntary or mandatory public offer pursuant to Section 31 and 32 of the Danish Securities Trading Act, the Board of Directors shall decide that Warrants may be exercised within a 4 week period. The Company shall notify the Warrant Holder in writing to this effect. Following such notification, the Warrant Holder shall notify the Company in writing within two weeks as from the date of the posting of this notification from the Company whether he/she wishes to exercise the Warrants wholly or partly. If the Warrant Holder does not wish to exercise the Warrants, the Warrants and this Agreement shall lapse. Any exercise of the Warrants must be in accordance with Clauses 5 and 6.
In the event that a compulsory acquisition of the Company's shares pursuant to the
skabsloven, og bestyrelsen (efter eget skøn) vedtager, at Warrants som følge deraf kan udnyttes, skal Selskabet give Warrantindehaveren skriftlig meddelelse herom. Warrantindehaveren har herefter en frist på to uger fra datoen for afsendelse af meddelelsen fra Selskabet til skriftligt at meddele Selskabet, om Warrants ønskes udnyttet helt eller delvis. Hvis Warrantindehaveren ikke ønsker at udnytte Warrants, bortfalder disse automatisk og uden kompensation efter gennemførelsen af tvangsindløsningen af Selskabets aktier i henhold til selskabsloven. Udnyttelse af Warrants skal ske i overensstemmelse med punkt 5 og 6.
4.1.5 Såfremt Selskabets generalforsamling træffer beslutning om at afnotere Selskabet fra NASDAQ OMX Copenhagen A/S, og bestyrelsen (efter eget skøn) vedtager, at Warrants som følge deraf kan udnyttes, skal Selskabet give Warrantindehaveren skriftlig meddelelse herom. Warrantindehaveren har herefter en frist på to uger fra datoen for afsendelse af meddelelsen fra Selskabet til skriftligt at meddele Selskabet, om Warrants ønskes udnyttet helt eller delvis. Selskabet skal håndtere Warrantindehaverens meddelelse således, at aktierne er registreret i Warrantindehaverens depot senest fem handelsdage forud for sidste handelsdag for Selskabets aktier. Danish Companies Act is initiated, and the Board of Directors (in their sole discretion) decide that Warrants therefore may be exercised, the Company shall notify the Warrant Holder in writing to this effect. Following such notification, the Warrant Holder shall notify the Company in writing within two weeks as from the date of the posting of this notification from the Company whether he/she wishes to exercise the Warrants wholly or partly. If the Warrant Holder does not wish to exercise the Warrants, the Warrants shall automatically become void without compensation, following the completion of the compulsory acquisition of the Company's shares pursuant to the Danish Companies Act. Any exercise of the Warrants must be in accordance with Clauses 5 and 6.
In the event that the Company's general meeting passes a resolution to delist the Company from NASDAQ OMX Copenhagen A/S, and the Board of Directors (in their sole discretion) decide that Warrants therefore may be exercised, the Company shall notify the Warrant Holder in writing to this effect. Following such notification, the Warrant Holder shall notify the Company in writing within two weeks as from the date of the posting of this notification from the Company whether he/she wishes to exercise the Warrants wholly or partly. The notice must be processed by the Company so that the shares are registered in the Warrant Holder's depot at least five trading days before the last day of trading of the
Hvis Warrantindehaveren ikke ønsker at udnytte Warrants, bortfalder disse automatisk og uden kompensation, efter at Selskabet er blevet afnoteret. Udnyttelse af Warrants skal ske i overensstemmelse med punkt 5 og 6.
Company's shares. In so far as the Warrant Holder does not wish to exercise the Warrants, the Warrants shall automatically become void without compensation, following the completion of the delisting of the Company. Any exercise of the Warrants must be in accordance with Clauses 5 and 6.
Following completion of a delisting of the Company from NASDAQ OMX Copenhagen A/S, the Board of Directors shall decide that Warrants may be exercised two times a year within (the remaining part of) the Exercise Period. Any exercise of the Warrants must be in accordance with Clauses 5 and 6.
In the event that the Company decides to sell the most profitable and material assets of the Company and the Board of Directors (in their sole discretion) decide that Warrants therefore may be exercised, the Company shall notify the Warrant Holder in writing to this effect. Following such notification, the Warrant Holder shall notify the Company in writing within two weeks as from the date of the posting of this notification from the Company whether he/she wishes to exercise the Warrants wholly or partly. In so far as the Warrant Holder does not wish to exercise the Warrants, the Warrants and this Agreement shall remain in full effect. Any exercise of the Warrants must be in accordance with Clauses 5 and 6.
In the event that the Warrant Holder wishes to exercise a Warrant, the Warrant Holder shall - using the subscription form forwarded by the Company to the Warrant Holder - give written notice ("Exercise Notice") to the Company. The Exercise Notice will be deemed given by the Warrant Holder if the Exercise Notice was delivered to the Company's address (for the attention of the chairman of the Board of Directors) by regular mail, registered mail, fax or courier after commencement and before the expiry of the relevant notice period. The Exercise Notice shall be duly completed. The Company is entitled to change the practicalities in connection with the 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.
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 equivalent to 110 per cent of the book
til bookbuilding-metoden fastsat på den første dag, hvor Selskabet er børsnoteret på NASDAQ OMX Copenhagen A/S ("Tegningskursen").
building price determined at the first date on which the Company is listed on NASDAQ OMX Copenhagen A/S (the "Subscription Price").
The Subscription Price may be regulated as set out in this Agreement.
The Warrant Holder receives written notice of the actual Subscription Price in DKK which shall be an integral part of the Warrant Agreement.
7 Adjustment of the Conditions for Warrants in case of certain defined Changes in the Company's Capital Structure
In case that certain defined changes are made in the Company's capital structure which entail a reduction or increase of the value of the Warrants granted, there shall be an adjustment of the Subscription Price and/or the number of shares that can be subscribed for by exercising the Warrants, so that the value of the Warrants remains the same, with the exceptions set forth in this Agreement. However, the Subscription Price can never be adjusted to below par value. Further, it is a condition for any adjustment of the number of shares that can be subscribed for by exercising the Warrants that the Board of Directors of the Company has been granted the necessary authority by the general meeting to issue such additional number of shares in the Company.
7.2 Såfremt Selskabets kompetente instanser træffer endelig beslutning om at udstede fondsaktier (f.eks. udbytte i form af fondsaktier), inden Warrantindehaveren har udnyttet sine Warrants, skal Tegningskursen multipliceres med følgende faktor:
$$
\alpha = \frac{A}{(A + B)}
$$
og antallet af aktier med
hvor:
A: er Selskabets nominelle aktiekapital før udstedelse af fondsaktier,
1
$$
\alpha = \frac{(A \times k) + (B \times t)}{(A + B) \times k}
$$
og antallet af aktier med $\frac{1}{\alpha}$
hvor:
A: er Selskabets nominelle aktiekapital forud for kapitalforhøjelsen,
Should the competent bodies of the Company make a final decision to issue bonus shares (e.g. stock dividend) before the Warrant Holder has exercised his or her Warrants, the Subscription Price shall be multiplied by the following factor:
$$
\alpha = \frac{A}{(A + B)}
$$
and the number of shares by 1 where:
Should the competent bodies of the Company make a final decision to increase the Company's share capital by subscription of new shares at a price below market price before the Warrant Holder has exercised his or her Warrants, the Subscription Price shall be multiplied by the following factor:
$$
\alpha = \frac{(A \times k) + (B \times t)}{(A + B) \times k}
$$
and the number of shares by $\frac{1}{\alpha}$
where:
A: is the Company's nominal share capital before the capital increase;
7.5 Såfremt Selskabets kompetente instanser træffer endelig beslutning om at ændre aktiernes nominelle værdi (uden samtidige ændringer i Selskabets aktiekapital), f.eks. i situationer, der ikke er omfattet af punkt 7.4, inden Warrantindehaveren har udnyttes sine Warrants, skal Tegningskursen multipliceres med følgende faktor:
B: is the nominal increase of the share capital;
Should the competent bodies of the Company make a final decision to change the nominal value of the shares in connection with a decision whereby the share capital of the Company is reduced by allocation to a separate fund and/or cover of loss, before the Warrant Holder has exercised his or her Warrants, neither the Subscription Price nor the number of shares shall be amended. Consequently the Warrant Holder shall retain the right to subscribe for the same number of shares at the Subscription Price. However, each Warrant shall entitle the Warrant Holder to subscribe for 1 share of the new nominal value so decided by the competent bodies of the Company.
Should the competent bodies of the Company make a final decision to change the nominal value of the shares (without any other simultaneous changes of the capital of the Company), e.g. in situations not comprised by Clause 7.4, before the Warrant Holder has exercised his or her Warrants, the Subscription Price shall be multiplied by the following factor:
$$
\alpha = \frac{A}{B}
$$
$$
\alpha = \frac{A}{B}
$$
og antallet af aktier med hvor:
1
$$
TK_1 = TK - \frac{u - (D \times 1)}{D}
$$
hvor:
$$
TK_1 = TK - \frac{B \times (t - k)}{A}
$$
and the number of shares by 1 where:
Should the Company within any year decide to distribute dividends, the amount shall be considered a distribution to the shareholders which shall result in an adjustment of the Subscription Price according to the following formula:
$$
TK_1 = TK - \frac{u - (D \times 1)}{D}
$$
where:
If the share capital of the Company is reduced by means of payment to the shareholders at a price higher than the market price, the Subscription Price shall be calculated as follows:
$$
TK_1 = TK - \frac{B \times (t - k)}{A}
$$
hvor:
$$
TK_1 = TK + \frac{B \times (k - t)}{A}
$$
hvor:
where:
If the share capital of the Company is reduced by payment to the shareholders at a price lower than the market price, the Subscription Price shall be calculated as follows:
$$
TK_1 = TK + \frac{B \times (k - t)}{A}
$$
where:
t: is the rate of the shares by which the share capital is reduced.
7.9 Såfremt Selskabet fusionerer som det fortsættende selskab, foretages ingen regulering af Tegningskursen eller af antallet af aktier, der kan tegnes.
If the Company participates in a merger as the continuing company, there shall be no adjustment of the Subscription Price or the number of shares that may be subscribed for.
In the event that the general meeting passes a resolution to demerge the Company, the Warrant Holder shall – after the demerger – have the number of Warrants that shall entitle him/her to subscribe for shares in the receiving company by which the Warrant Holder is or would have been employed or, in the event that the Warrant Holder is not or has not been employed by the Company, the company with which the Warrant Holder has the closest relation. The number of Warrants shall entitle the Warrant Holder to the same potential stake that an exercise of all Warrants prior to the demerger would have resulted in, adjusted by the ratio between the values of the different surviving companies. Moreover, the terms applying to the surviving Warrants shall be the same as the terms stipulated in this Agreement.
In other cases of changes in the capital structure of the Company, including issuance of warrants, convertible debt instruments or the like, resulting in a change of the value of the issued Warrants, the Subscription Price for the granted Warrants shall to the extent possible be adjusted, so that the value is not reduced or increased, subject, however, to Clause 7.14 below.
The Subscription Price shall not be reduced to a price lower than the nominal value of the shares (par). If an adjustment of the Warrants to preserve their value would result in the price being reduced to below par, the Warrants shall lapse, unless the Warrant Holder accepts that the Subscription Price is increased to par without compensation.
If the share capital is reduced in order to cover losses, the number of shares that the Warrant Holder may subscribe for by exercising the Warrants shall be reduced (rounded down) proportionately to the nominal reduction of the capital, compared to the total nominal share capital of the Company before the reduction.
The following changes in the capital structure of the Company shall not result in any adjustment of the Subscription Price or the number of shares that the Warrant Holder may subscribe for:
dere, eventuelt til en favørkurs, herunder, men ikke begrænset til udstedelse af aktier i henhold til punkt 8.1 i Selskabets vedtægter vedrørende warrants.
price, including but not limited to the issue of shares according to Clause 8.1 in the Articles of Association of the Company concerning warrants.
(iii) Issue of warrants, convertible debt instruments or the like to third parties on usual market terms as part of mezzanine financing or similar financing.
If the number of new shares that may be subscribed for by exercise of the Warrants is adjusted upwards in accordance with this Clause 7, the Company's maximum share capital shall be increased similarly.
Each Warrant is a non-negotiable instrument. Any transfer, pledging or other assignment of a Warrant shall be subject to the prior written consent of the Board of Directors of the Company, which may be granted, denied or conditioned in the absolute discretion of the Board of Directors of the Company (with the exception of a transfer due to the death of the Warrant Holder, in which case the Board of Directors shall approve a transfer mortis causa to the Warrant Holder's closest relatives).
The Warrants may not be subject to enforcement of any kind and may not be lodged as security towards a third party.
The following terms and conditions shall apply to the new shares issued by the exercise of Warrants covered by this Agreement,
vante kapitalforhøjelses registrering hos Erhvervs- og Selskabsstyrelsen,
pany as from the time when the relevant capital increase has been registered by the Danish Commerce and Companies Agency;
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 595,406 (up to 595,406 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
11.1 Selskabet bærer samtlige omkostninger til børsmægler samt afregningshonorar forbundet med Warrantindehaverens udnyttelse af Warrants.
12.1 Warrantindehaveren forpligter sig til at acceptere en lock-up periode for 50 procent af de aktier, Warrantindehaveren erhverver ved udnyttelse af Warrants ("Betingede Aktier"). I lock-up perioden må de Betingede Aktier ikke sælges eller på anden måde overdrages. Lock-up perioden skal vare i 6 måneder fra datoen for registreringen af ovennævnte aktier i Selskabets aktiebog. Lock-up forpligtelsen gælder for hver enkelt udnyttelse af Warrants. Selskabets bestyrelse kan efter eget skøn forlænge lock-up perioden og beslutte, at yderligere aktier, der erhverves ved udnyttelse af Warrants, skal være omfattet af Betingede Aktier, hvis det anses for nødvendigt at foretage kapitaltransaktioner i Selskabets interesse, f.eks. ved en fortegningsretsemission.
adjustment set forth in Clause 7.
All costs related to the stockbroker and settlement fees charged in connection with the Warrant Holder's exercise of the Warrants shall be borne by the Company.
The Warrant Holder undertakes to enter into a lock-up period in respect of 50 per cent of the shares acquired when exercising the Warrants ("Restricted Shares"). During the lock-up period, the Restricted Shares may not be sold or otherwise transferred. The lock-up period shall last 6 months from the registration date of said shares in the Company's share register. The lock-up obligation applies to each individual exercise of Warrants. The Board of Directors of the Company is, in their sole discretion, entitled to extend the lock-up period and to decide that further shares acquired when exercising the Warrants shall be comprised by the Restricted Shares if it is deemed necessary to conduct capital transactions in the interest of the Company, e.g. in a rights offering.
er Warrantindehaveren/ Warrantindehaverens bo berettiget til at beholde sine Warrants.
Subject to Clause 13.2 below, and if the Warrant Holder's employment with the Company is terminated prior to the exercise of the (remaining) Warrants for one of the following reasons:
then the Warrant Holder/the estate of the Warrant Holder shall be allowed to keep his or her Warrants.
All of the Warrants shall lapse automatically and without compensation if the Warrant Holder's employment with the Company is terminated prior to the exercise of the Warrants for reasons other than the reasons listed in Clause 13.1, item (i) to (iv) above.
14 Resignation as Board Member of the Company - Warrant Holders who are Board Members elected by the General Meeting
If a Warrant Holder who is a board member elected by the general meeting of the Company resigns him- or herself prior to the commencement of the Exercise Period, all his or her Warrants shall automatically lapse and become void without any further notice and/or compensation to the Warrant Holder.
If a Warrant Holder who is a board member elected by the general meeting is not reelected by the general meeting and consequently resigns prior to the commencement of the Exercise Period, such Warrant Holder shall be entitled to retain a proportionate part of his/her Warrants calculated on the basis of the time of service within the 3 year period prior to the commencement of the Exercise Period. The remaining part of his/her Warrants shall automatically lapse and become void without any compensation.
The Warrant Holders have confirmed that they are not in possession of any insider knowledge at the date of this exhibit.
Sale of shares subscribed for by any exercise of Warrants is subject to the provisions on insider trading applicable at any time, including the Company's internal rules governing trade in securities issued by the Company.
It has been agreed that Section 7H of the Danish Tax Assessment Act (in Danish: "Ligningsloven") shall apply to the Warrants to the largest extent possible, cf. Clause 2.1. Otherwise, the Warrants shall be subject to the provisions of Section 28 of the Danish Tax Assessment Act, cf. Clause 2.1.
The Company undertakes to request the auditor of the Company to certify to which extent, i.e. to which amount of Warrants, Section 7H of the Danish Tax Assessment Act is applicable. The Company further undertakes to send the auditor's statement regarding fulfilment of the conditions under Section 7H of the Danish Tax Assessment Act as well as a copy of the Warrant Agreements to the Danish Tax Authorities.
All tax obligations and consequences to the Warrant Holders resulting from the Warrant Agreements, the Warrants issued or the
stedte Warrants eller de erhvervede aktier gennem udnyttelse af disse Warrants er alene Warrantindehavernes ansvar og er Selskabet uvedkommende, herunder det forhold, at skattemyndighederne måtte finde, at betingelserne for, at ligningslovens § 7H er gældende, ikke er opfyldt.
16.4 Warrantindehaverne er kraftigt opfordret til at søge skattemæssig rådgivning i forbindelse med indgåelsen af Warrantaftalerne.
17.1 I tilfælde af uoverensstemmelser mellem den danske og den engelske version af dette bilag skal den danske version være gældende.
shares acquired by the exercise of such Warrants, are the sole responsibility of the Warrant Holders and of no concern to the Company, including the situation where the tax authorities should find that the conditions for Section 7H of the Danish Tax Assessment Act being applicable are not fulfilled.
The Warrant Holders are strongly encouraged to seek tax advice in connection with entering into the Warrant Agreements.
In case of disagreements between the Danish and the English version of this exhibit, the Danish version shall prevail
BILAG 8.2 TIL VEDTÆGTERNE FOR ZEA-LAND PHARMA A/S
SCHEDULE 8.2 TO THE ARTICLES OF ASSOCIATION FOR ZEALAND PHAR-MA A/S
| 1 | INDLEDNING – BESLUTNINGER 3 | |
|---|---|---|
| INTRODUCTION – RESOLUTIONS 3 | ||
| 2 | WARRANT OG UDNYTTELSESPRISEN 4 | |
| THE WARRANT AND THE EXERCISE PRICE 4 | ||
| 3 | UDNYTTELSE AF WARRANT 4 | |
| EXERCISE OF THE WARRANT 4 | ||
| 4 | VILKÅR 7 | |
| CONDITIONS 7 | ||
| 5 | JUSTERING AF UDNYTTELSESPRISEN, FREMRYKKELSE AF | |
| UDNYTTELSESTIDSPUNKT MV. 12 | ||
| ADJUSTMENT OF THE EXERCISE PRICE, ACCELERATION ETC. 12 | ||
| 6 | DIFFERENCEAFREGNING VED KONTANT BETALING 20 | |
| CASH SETTLEMENT 20 | ||
| 7 | OPHØR AF ANSÆTTELSESFORHOLDET ELLER BESTYRELSESHVERVET 21 | |
| TERMINATION OF EMPLOYMENT OR CESSATION OF MEMBERSHIP OF | ||
| THE BOARD OF DIRECTORS 21 | ||
| 8 | VEDERLAG FOR WARRANT 22 | |
| CONSIDERATION FOR THE WARRANT 22 | ||
| 9 | VILKÅR FOR AKTIERNE 22 | |
| TERMS OF THE SHARES 22 | ||
| 10 | AKTIONÆROVERENSKOMST 26 | |
| SHAREHOLDERS' AGREEMENT 26 | ||
| 11 | OMSÆTTELIGHED AF DEN PÅGÆLDENDE WARRANT 26 | |
| TRANSFERABILITY OF THE WARRANT 26 | ||
| 12 | BORTFALD AF WARRANTS 26 | |
| EXPIRY OF WARRANTS 26 | ||
| 13 | VOLDGIFT OG LOVVALG 27 | |
| VENUE AND CHOICE OF LAW 27 | ||
| 14 | OMKOSTNINGER 27 | |
| COSTS 27 | ||
| 15 | BESKATNING AF INDEHAVEREN 27 | |
| TAXATION OF THE HOLDER 27 |
(CVR-nr.: 20 04 50 78)
(CVR no.: 20 04 50 78)
On 22 June 2009 the extraordinary general meeting of Zealand Pharma A/S (the "Company") passed a resolution authorizing the board of directors pursuant to section 40b of the Companies Act to issue warrants with a right to subscribe for up to an aggregate amount of nominally DKK 850,000 shares in the Company without preemptive subscription rights for the Company's shareholders. The authorisation to the board of directors is set out in article 8.2 of the Company's articles of association.
On 28 April 2010 the board of directors of the Company has resolved to exercise its authorisation to issue warrants on the terms set out in this schedule 8.2 to the articles of association for an aggregate nominal amount of DKK 415,088 shares to the individuals set out in the resolution of the board of directors.
2.1 Hver warrant ("Warrant") giver indehaveren ("Indehaveren") af den pågældende Warrant ret (men ikke pligt) til at tegne én aktie á nominelt DKK 1 mod betaling af et tegningsbeløb på EUR 3,60 per aktie á nominelt DKK 1 ("Udnyttelsesprisen").
Each warrant ("Warrant") gives the Warrant holder (the "Holder") the right (but not the obligation) to subscribe for one share of nominally DKK 1 against payment of a subscription price of EUR 3.60 per share of each nominally DKK 1 (the "Exercise Price").
In the event that the board of directors of the Company deems it likely that an Exit Event (as defined in clause 4.1) will occur, the Company shall within reasonable time prior to the expected date of the relevant Exit Event give written notice (the "Exit Notice") to the Holder to exercise its Warrants within 3 weeks by serving an Exercise Notice to the Company in accordance with the procedure set out in clause 3.5. The notice to the Holder shall stipulate the terms and conditions that are expected to apply to the Exit Event.
Any Warrant which has not been exercised by the Holder before the expiry of the relevant notice period as stipulated in clause 3.1 shall – upon the relevant Exit Event – automatically lapse without any further notice and/or compensation to the Holder. However, notwithstanding the aforesaid, the Holder is – pursuant to the shareholders' agreement concerning the Holder's holding
beholdning af Warrants, herunder de deri angivne tidsfrister og øvrige betingelser – berettiget til at kræve Warrants omfattet af en overdragelse, der udgør et Tag-Along Event (som defineret i den pågældende aktionæroverenskomst). I dette tilfælde vil den pågældende Warrant ikke bortfalde.
3.3 Såfremt vilkårene (herunder prisen) der gælder for en Exit Event ændres i forhold til vilkårene (herunder prisen) angivet i Exit Meddelelsen, er de således ændrede vilkår bindende for Indehaveren, medmindre de ændrede vilkår – efter Selskabets bestyrelses frie skøn – er væsentligt mindre fordelagtige end vilkårene oplyst i Exit Meddelelsen.
Såfremt Selskabets bestyrelse anser de ændrede vilkår for den pågældende Exit Event for væsentligt mindre fordelagtige end vilkårene oplyst i Exit Meddelelsen (en "Adverse Event"), skal Selskabet give skriftlig meddelelse (en "Adverse Event Meddelelse") til samtlige Indehavere, der har afgivet en Udnyttelsesmeddelelse (i) om, at Indehaverens Udnyttelsesmeddelelse er bortfaldet og skal anses for ikke at have været afgivet af Indehaveren, og (ii) med tilbud om at udnytte Indehavernes Warrants i henhold til de således i Adverse Event Meddelelsen angivne ændrede vilkår inden for 2 (to) uger. Indehaverens evt. fornyede Udnyttelsesmeddelelse ("Adverse Event Udnyttel
of Warrants, including the time limits and other conditions stipulated therein - entitled to include a Warrant in a transfer constituting a Tag-Along Event (as defined in such shareholders' agreement), in which case the Warrant will not lapse.
If the terms (including the price) that applies to an Exit Event are amended compared to the terms (including the price) stipulated in the Exit Notice, such amended terms shall be binding upon the Holder unless the amended terms – in the sole opinion of the board of directors of the Company – are significantly less favourable compared to the terms in the Exit Notice.
In the event that the board of directors of the Company finds that the amended terms of the relevant Exit Event are significantly less favourable than the terms stipulated in the Exit Notice (an "Adverse Event"), the Company shall give written notice (the "Adverse Event Notice") to all Holders having served an Exercise Note (i) informing that the Holder's Exercise Notice shall cease to have effect and be deemed not to have been submitted by the Holder, and (ii) with an offer to exercise the Holders' Warrants pursuant to such amended terms of the Exit Event as stipulated in the Adverse Event Notice within 2 (two) weeks. The Holder's renewed Exercise Notice (the "Adverse Event Exersesmeddelelse") skal afgives i overensstemmelse med den i pkt. 3.5 angivne procedure.
cise Notice"), if any, shall be submitted in accordance with the procedure set out in clause 3.5.
The above shall apply correspondingly in the event that the terms of the Exit Event are further changed.
In the event that the Holder wishes to exercise a Warrant, the Holder shall using the subscription form forwarded by the Company to the Holder - give written notice ("Exercise Notice") to the Company. The Exercise Notice will be deemed given by the Holder if the Exercise Notice was delivered to the Company's address (for the attention of the chairman of the board of directors) by regular mail, registered mail, fax or courier after commencement and before the expiry of the relevant notice period. The Exercise Notice shall be duly completed.
In the event that the Holder fails to pay the full amount of the subscription price in accordance with clause 9.1(ii) below for the shares subscribed pursuant to the Exercise Notice (or the Adverse Event Exercise Notice, if applicable), the Exercise Notice (or the Adverse Event Exercise Notice, if applicable) shall automatically become without force or effect.
Provided that the Exercise Notice has been timely and duly given and (i) provided that the subscription price has
indbetaling af tegningsbeløbet til Selskabet og (ii) gennemførelsen af en Exit Event, er Selskabet forpligtet til at foretage anmeldelse til Erhvervs- og Selskabsstyrelsen med henblik på registrering af den i konsekvens af udnyttelsen af Warrants foretagne kapitalforhøjelse. Den i konsekvens af udnyttelsen af de pågældende Warrants foretagne kapitalforhøjelse skal anses at være foretaget samtidig med gennemførelsen af den pågældende Exit Event.
been timely paid to the Company and (ii) subject to the completion of an Exit Event, the Company shall apply to the Danish Commerce and Companies Agency for registration of the capital increase incidental to the exercise of the Warrants. The capital increase incidental to the exercise of the Warrants shall be deemed to have occurred simultaneously with the completion of the relevant Exit Event.
In this clause 4 the following terms shall have the following meaning:
"Industriel Investor"
betyder enhver Person involveret i forskning, udvikling, fremstilling, markedsføring og/eller salg af farmaceutiske produkter (herunder farmaceutiske selskaber og bio-tech selskaber samt enhver Person, der er associeret (hvilket i relation til en Person betyder en anden Person Kontrolleret af, der Kontrollerer eller under fælles Kontrol med den første Person) med en sådan Person) medmindre undtaget med skriftligt samtykke fra aktionærer, der repræsenterer investor majority (dvs. (i) godkendelse på en generalforsamling af aktionærer der ejer mindst 75% af Aktierne eller (ii) godkendelse ved skriftligt samtykke og originalt underskrevet eller ved telefax af aktionærer, der ejer mindst 75% af Aktierne).
"Industrial Investor"
shall mean any Person involved in the research, development, manufacture, marketing and/or sale of pharmaceutical products (including pharmaceutical industries and bio-tech industries and any other Person being an affiliate (which shall mean with regard to one Person, another Person Controlled by, Controlling or under the common Control with the first Person) of such Person) unless exempted by written consent from Shareholders representing an investor majority (i.e. (i) approval at a general meeting by the shareholders owning at least 75% of the Shares or (ii) approval by way of a written consent and executed in original or by fax by shareholders owning at least 75% of the Shares).
| "Person" | betyder enhver juridisk eller fysisk person. |
"Person" | shall mean any legal or natural person. |
|---|---|---|---|
| "Værdipapirer" | betyder ethvert værdipapir udstedt af Selskaber, her- |
"Securities" | shall mean any securities issued by the Company, |
under men ikke begrænset til aktietegningsoptioner, konvertible obligationer og tegningsrettigheder (men eksklusiv Aktier).
including without limitation warrants, convertible bonds and subscription rights (but excluding Shares).
Exercise of any Warrant is subject to the occurrence of one of the following events (each an "Exit Event"):
The completion of a change of control, i.e. that any Person acquires – directly or indirectly – (solely or together with any other Person Controlling, Controlled by or under common Control with the acquiring Person) a Controlling interest in the Company (a "Change of Control"), or
The completion of a merger (a "Merger") of the Company with another company
(ii) provided that the Company and the other company(y/ies) participating in the merger dissolves and the shares of the new public company formed by the merger is listed – immediately after the merger – on a stock exchange or on a recognized regulated market
(iii) som ikke er Kontrolleret af Selskabet, forudsat at samtlige Aktier og Værdipapirer i Selskabet (forud for fusionen) udgør (såfremt Selskabet er det fortsættende selskab i fusionen) eller konverteres til (såfremt Selskabet opløses som følge af fusionen) mindre end 50% af den nominelle aktiekapital i det fortsættende selskab.
eller place, or
(iii) which is not Controlled by the Company, provided that the aggregate of all Shares and Securities in the Company (prior to the merger) constitute (if the Company is the continuing company in the merger) or transfers into (if the Company is dissolved as a result of the merger) less than 50% of the nominal share capital in the continuing company.
The completion of a trade sale, i.e. a sale by the Company of all or substantially all of the business and assets of the Company to a third party unaffiliated with the Company (a "Trade Sale").
The listing of the Company on a stock exchange or on a recognized regulated market (a "Listing").
The voluntary winding-up of the Company (a "Winding-up").
The board of directors of the Company may – in its absolute discretion but without any obligation to do so – from time to time decide to include in the definition of an Exit Event other types of capital restructuring of the Company equally beneficial to the Company's shareholders, including but not limited to
4.5 I tilfælde af at (i) en Industriel Investor (eller nogen Person, som Kontrollerer, er Kontrolleret af eller under fælles Kontrol med en sådan Industriel Investor) erhverver Aktier eller Værdipapi-
(i) a consolidation by which shareholders in the Company exchange at least 50% of the Shares and Securities in the Company (immediately prior to the consolidation) for shares and/or securities in another company provided that such company is not Controlled by the Company, or
In respect of an Exit Event, "completion" shall mean the legal completion of the Exit Event, which shall be deemed not to have occurred unless and until the buyer(s) and/or the counterpart(y/ies) in the transaction constituting the Exit Event has paid or otherwise delivered all of the consideration payable or otherwise deliverable at completion of the Exit Event under and in accordance with the contract(s) governing the Exit Event (excluding, for the avoidance of doubt, any earn-outor other deferred payment or consideration).
In the event that (i) an Industrial Investor (or any Person Controlling, Controlled by or under common Control with an Industrial Investor) acquires Shares or Securities (and provided that
rer (og forudsat at en sådan erhvervelse (samt enhver relateret udnyttelse af en medsalgsret og/eller medsalgspligt) ikke udgør en Exit Event) og (ii) en sådan Industriel Investor (eller nogen Person, som Kontrollerer, er Kontrolleret af eller under fælles Kontrol med en sådan Industriel Investor) samtidig erhverver en option til at erhverve (enkeltvis eller i forening med nogen Person, som Kontrollerer, er Kontrolleret af eller under fælles Kontrol med en sådan Industriel Investor) – på et hvilket som helst senere tidspunkt – en Kontrollerende andel i Selskabet, skal en forholdsmæssig andel af hver Indehavers Warrants (svarende til forholdet mellem det samlede antal Aktier erhvervet af den Industrielle Investor (i forening med nogen Person, som Kontrollerer, er Kontrolleret af eller under fælles Kontrol med en sådan Industriel Investor) i forhold til det samlede antal Aktier i Selskabet) umiddelbart kunne udnyttes af den pågældende indehaver.
such acquisition (and any related exercise of tag-along and/or drag-along rights) does not constitute an Exit Event) and (ii) such Industrial Investor (or any Person Controlling, Controlled by or under common Control with an Industrial Investor) acquires at the same time an option to acquire (individually or together with any Person Controlling, Controlled by or under common Control with an Industrial Investor) – at any subsequent point in time – a Controlling interest in the Company, then a pro rata share of each Holder's Warrants (being the ratio which the aggregate of all Shares acquired by the Industrial Investor (together with any Person Controlling, Controlled by or under common Control with an Industrial Investor) bears to the aggregate of all Shares in the Company) shall become immediately available for exercise by the relevant Holder.
In the event that – prior to the exercise of a Warrant - the Company resolves to
(i) increase the share capital at a price which is at or above the market price of the Company's for Selskabets aktier tilhørende samme aktieklasse på beslutningstidspunktet,
shares belonging to the same share class at the time of the resolution;
sker der ingen ændring i retsstillingen for den pågældende Warrant.
skal antallet af aktier, der kan tegnes ved udnyttelse af en sådan Warrant opeller nedjusteres (i det omfang lovgivningen giver mulighed herfor), således at den pågældende Warrant (enkeltvis eller i forening med andre Warrants ejet af Indehaveren) berettiger Indehaveren til at tegne en forholdsmæssig uændret ejerandel i Selskabet mod indskud af et uændret tegningsbeløb.
Company's articles of association;
the legal status of such Warrant shall remain unchanged.
In the event that – prior to the exercise of a Warrant - the Company resolves to
the number of shares which may be subscribed for by exercise of such Warrant shall be adjusted upwards or downwards (to the extent legally possible) to the effect that the Warrant (individually or together with other Warrants owned by the Holder) shall entitle the Holder to subscribe for an unchanged relative ownership interest in the Company against contribution of an unchanged subscription amount.
In the event that – prior to the exercise of a Warrant - the Company resolves to
(i) forhøje Selskabets aktiekapital til (i) increase the share capital at a
en kurs, som er lavere end markedskursen for Selskabets aktier tilhørende den samme aktieklasse på beslutningstidspunktet,
skal Udnyttelsesprisen og/eller det antal aktier, som kan tegnes i henhold til den pågældende Warrant op- eller nedjusteres (i det omfang lovgivningen giver mulighed herfor), således at Indehaveren kompenseres for den udvanprice which is lower than the market price of the shares of the Company belonging to the same share class at the time of the resolution;
the Exercise Price and/or the number of shares which may be subscribed for by exercise of such Warrant shall be adjusted upwards or downwards (to the extent legally possible) to effect that the Holder is compensated for the diluding, om nogen, af værdien af den pågældende Warrant, som den pågældende beslutning måtte medføre.
tion resulting from such resolution, if any, of the value of such Warrant.
In the event of a merger involving the Company which does not constitute an Exit Event (as defined above)
(ii) at (a) Indehaverens eksisterende Warrants skal annulleres og (b) Indehaveren skal indgå en ny aftale om at modtage warrants af en tilsvarende værdi i den juridiske enhed, der følger af fusionen.
be cancelled and (b) the Holder may enter into a new agreement to receive warrants of corresponding value in the legal entity resulting from the merger.
In the event of a de-merger of the Company which does not constitute an Exit Event (as defined above), the board of directors of the Company is entitled to decide
lere Indehaverens eksisterende Warrants og beslutte (b) at Indehaveren kan indgå en ny aftale om at modtage warrants af en tilsvarende værdi i den juridiske enhed, hvori Indehaveren er ansat efter spaltningen, eller
– (a) to cancel the Holder's existing Warrants and to decide (b) that the Holder may enter into a new agreement to receive warrants of corresponding value in the legal entity in which the Holder is employed following the de-merger, or
(iv) in the event that the Holder is (a) subject to the provisions of Sec. 28 of the Danish Tax Assesment Act (Ligningsloven), and (b) not employed by the Company immediately prior to the de-merger but continues to hold Warrants – (i) to cancel the Holder's existing Warrants and to decide (ii) that the relevant Holder shall receive - pro rata to the de-merger ratio - warrants with an aggregate corresponding value in all the entities resulting from the de-merger
5.6 Uanset om andet måtte følge af pkt. 3.2, såfremt Selskabet - i tiden indtil udnyttelse af en Warrant - træffer beslutning om opløsning af Selskabet ved solvent likvidation er Selskabet berettiget og forpligtet til at fremrykke udnyttelsestidspunktet for en sådan Warrant ved at afgive en skriftlig meddelelse med en frist på 4 uger til Indehaveren om at udnytte den pågældende Warrant, inden beslutningen om at opløse Selskabet får retsvirkning. Indehaverens Udnyttelsesmeddelelse skal afgives i overensstemmelse med den i pkt. 3.5 angivne procedure. Enhver Warrant, som ikke er udnyttet af Indehaveren inden udløbet af fristen på 4 uger til at give meddelelse, bortfalder automatisk uden yderligere meddelelse, vederlag og/eller kompensation til Indehaveren på tidspunktet hvor beslutningen om at opløse Selskabet får retsvirkning.
Notwithstanding anything to the contrary in clause 3.2, if the Company – prior to the exercise of a Warrant - resolves to dissolve the Company by means of a solvent liquidation the Company shall have the right and obligation to accelerate such Warrant by giving 4 (four) weeks prior written notice to the Holder to exercise such Warrant before the resolution to dissolve the Company becomes effective. The Holder's Exercise Notice shall be submitted in accordance with the procedure set out in clause 3.5. Any Warrant which has not been exercised by the Holder before the expiry of the 4 weeks notice period shall automatically lapse without any further notice, remuneration and/or compensation to the Holder upon the effectiveness of the resolution to dissolve the Company.
In the event that the Company – prior to the exercise of a Warrant – resolves to change the Company's capital structure in a way other than as contemplated in clauses 5.1 through 5.6, and provided that such change results in a dilution of the value of such Warrant, the subscription price and/or the number of shares which may be subscribed for by exercise of the Warrant shall (to the extent legally possible) be adjusted to effect that the Holder is compensated for the dilution resulting from værdien af den pågældende Warrant, som den pågældende beslutning måtte medføre.
5.8 Såfremt Selskabet træffer beslutning om at gennemføre nogen af de i henholdsvis pkt. 5.2, 5.3, 5.4, 5.5 og 5.7 anførte ændringer, skal Selskabets bestyrelse anmode Selskabets revisor om en redegørelse for (a) om en justering af Udnyttelsesprisen og/eller antallet af aktier, som kan tegnes i henhold til den pågældende Warrant, er påkrævet i henhold til disse bestemmelser, og (b), såfremt sådan bestemmelse foreskriver en justering, karakteren og omfanget af sådan justering. Selskabet skal straks efter modtagelse af revisors redegørelse udlevere en kopi heraf til Indehaveren. Konklusionen i revisors redegørelse er bindende for Selskabet og Indehaveren og kan ikke gøres til genstand for indsigelser eller tvist, herunder men ikke begrænset til i henhold til pkt. 13.
6.1 Selskabet er ikke berettiget til – efter en Indehavers udnyttelse af en Warrant - at kræve differenceafregning ved kontant betaling af nettoværdien af den pågældende Warrant.
such resolution, if any, of the value of such Warrant.
If the Company resolves to pass any of the changes set out in clauses 5.2, 5.3, 5.4, 5.5 and 5.7, the board of directors of the Company shall request the auditor of the Company to submit a report on (a) whether an adjustment of the Exercise Price and/or the number of shares which may be subscribed for by exercise of the Warrant is required by such provisions, and (b) if an adjustment is required by such provision, the nature and the scope of such adjustment. Immediately upon receipt of the auditors report, the Company shall provide the Holder with a copy thereof. The conclusions of the auditor's report shall be binding upon the Company and the Holder and shall not be subject to challenge or dispute, including without limitation, in accordance with clause 13.
The Company shall not be entitled – upon exercise by a Holder of a Warrant - to require cash settlement of the net value of the Warrant.
In the event that the employment of the Holder is terminated by the Holder or by the Company, any non-exercised Warrants of such Holder shall automatically terminate.
However, notwithstanding clause 7.1, the non-exercised Warrants of the relevant Holder shall not terminate if:
In the event that the Company's connection with a Holder – being a board member (other than board members
styrelsesmedlemmer) – ophører, bortfalder samtlige af den pågældende Indehavers ikke-udnyttede Warrant ikke. Dette gælder dog ikke (dvs. at den pågældende Indehavers ikke-udnyttede Warrant bortfalder) såfremt Selskabets tilknytning til den pågældende Indehaver ophører som følge af Indehaverens grove misligholdelse af bestyrelseshvervet.
8.1 Indehaveren skal ikke betale noget vederlag for de pågældende Warrants.
elected by the Company's employees) – ceases, any non-exercised Warrants of such Holder shall not terminate. However, this shall not apply (i.e. the nonexercised warrants of the relevant Holder shall terminate) if the Company's connection with such Holder is terminated due to the Holder's material breach of the office as member of the board.
The Holder shall not pay any consideration for the Warrants.
The following terms shall apply to shares subscribed for by way of exercise of a Warrant:
ningsbeløbet, bortfalder Udnyttelsesmeddelelsen og skal anses for ikke at have været afgivet af Indehaveren.
(iii) Selskabet skal hos Selskabets sædvanlige danske bankforbindelse oprette en separat deponeringskonto i Selskabets navn, hvorpå samtlige tegningsbeløb i forbindelse med udnyttelse af Warrants skal indbetales. Deponeringskontoens indestående må ikke investeres på nogen måde.
Selskabets bestyrelse er i tilfælde af gennemførelsen af en Exit Event berettiget og forpligtet til at give meddelelse til deponeringsbanken om at udbetale deponeringskontoens samlede indestående (herunder påløbne renter) til en af Selskabet anvist bankkonto.
Såfremt en Adverse Event (som defineret i pkt. 3.3) er indtrådt, er Selskabets bestyrelse dog berettiget og forpligtet til at give meddelelse til deponeringsbanken om kun fra deponeringskontoen at udbetale – til en af Selskabet anvist bankkonto – tegningsbeløb indbetalt på deponeringskontoen for aktier, der er tegnet i henhold til Adverse Event Udnyttelsesmeddelelser (herunder påløbne
subscription amount, the Exercise Notice shall cease to have effect and be deemed not to have been submitted by the Holder.
(iii) The Company shall open a separate escrow account in the name of the Company with the Company's usual Danish banking connection at which account all subscription amounts in connection with exercise of Warrants shall be paid into. The balance of the escrow account may not be invested in any way.
The board of directors of the Company is upon the occurrence of the Completion of an Exit Event entitled and obligated to give notice to the escrow bank to disburse the total balance of the escrow account to a bank account designated by the Company.
However, if an Adverse Event (as defined in clause 3.3) has occurred, the board of directors of the Company is entitled and obligated to give notice to the escrow bank only to disburse from the escrow account – to an account designated by the Company – subscription amounts paid into the escrow account for shares subscribed pursuant to Adverse Event Exercise Notice(s)
renter deraf). Det resterende indestående på deponeringskontoen (herunder påløbne renter deraf) skal tilbagebetales til de pågældende Indehavere.
(including accrued interest thereof). The reminding balance of the escrow account (including accrued interest thereof) shall be disbursed to the relevant Holders.
If the completion of an Exit Event has not occurred before 180 days after the expiry of the latest date at which the Company should receive the Holders' Exercise Notices or Adverse Event Exercise Notices, respectively, (i) all Exercise Notices and Adverse Event Exercise Notices shall cease to have effect and be deemed not to have been submitted and (ii) the balance of the escrow account (including accrued interest) shall be disbursed to the relevant Holders.
In the event that – in such circumstances – the Company's board of directors continues to believe that the conditions in clause 3.1 are satisfied, the Company must serve a new Exit Notice in accordance with clause 3.1.
The board of directors shall be authorised to make such amendments, modifications and/or additions to the terms of clause 9.1 (ii)-(iii) and clause 9.2 as the board of directors deems necessary or advisable in the best interest of the Company and/or the Holders.
The shares issued in connection with the exercise of the Warrant shall be
I tilfælde af ændring af Selskabets vedtægter forud for udnyttelse af en Warrant, skal sådanne eventuelle ændrede rettigheder og forpligtelser gælde for en Warrant samt for samtlige aktier tegnet i forbindelse med udnyttelsen af en Warrant.
telse af en Warrant: subject to the following terms:
In the event that the Company's articles of association are amended prior to the exercise of a Warrant, any such amended rights and obligations shall apply to the Warrant and to any shares subscribed for on the basis of the Warrant.
10.1 Erhvervelse af Warrants er betinget af, at Indehaveren har indgået en aktionæroverenskomst vedrørende Indehaverens beholdning af Warrants med Selskabets større aktionærer eller med Selskabet.
11.1 Enhver Warrant er et ikke-omsætningspapir. Enhver overdragelse, pantsætning eller anden overgang af en Warrant kan kun finde sted med bestyrelsens skriftlige samtykke, hvilket samtykke bestyrelsen efter et frit skøn kan give, nægte eller gøre betinget (dog undtaget overdragelse som følge af Indehaverens død, i hvilket tilfælde bestyrelsen mortis causa skal godkende overdragelsen til Indehaverens nærmeste familie).
Acquisition of warrants is conditional upon that the Holder has entered into a shareholders' agreement concerning the Holder's holding of Warrants with the main shareholders in the Company or with the Company.
Each Warrant is a non-negotiable instrument. Any transfer, pledging or other assignment of a Warrant shall be subject to the prior written consent of the board of directors of the Company which may be granted, denied or conditioned in the absolute discretion of the board of directors of the Company (with the exemption of a transfer due to the death of the Holder, in which case the board of directors shall approve a transfer mortis causa to the Holder's closest relatives).
Any Warrant which has not been exercised by the Holder in connection with the first Exit Event to occur (as defined in clause 4.1) shall automatically lapse without any further notice and/or compensation to the Holder.
Notwithstanding the above each Warrant (unless extended pursuant to clau-
hold til pkt. 4.5) automatisk og uden yderligere meddelelse, vederlag eller kompensation til Indehaveren, såfremt (i) ingen aftale(r) der regulerer en Exit Event er gennemført på eller forud for den 1. januar 2014.
14.1 Selskabet afholder egne omkostninger og udgifter i forbindelse med udstedelsen og udnyttelsen af enhver Warrant samt den i forbindelse med udnyttelsen knyttede kapitalforhøjelse.
15.1 I det omfang det er muligt, skal enhver Warrant være underlagt ligningslovens § 7H. I modsat fald skal den pågældense 4.5) shall expire automatically without notice, remuneration or compensation to the Holder if (i) no agreement(s) governing an Exit Event has not been completed on or before 1 January 2014.
Any dispute arising out of or in connection with any Warrant and/or this schedule 8.2 shall be decided in accordance with the Rules of Procedure of the Danish Institute of Arbitration (Danish Arbitration). The arbitral tribunal shall consist of 3 arbitrators, all of whom shall be appointed by the Institute.
Each Warrant and/or this schedule 8.2 shall be governed by and construed in accordance with the laws of Denmark, excluding however Danish conflict of laws rules.
The Company will bear its own costs and expenses in connection with the issue and exercise of each Warrant and the increase of the share capital upon exercise thereof.
Where applicable, each Warrant shall be subject to the provisions of Sec. 7H of the Danish Tax Assesment Act (Lign-
de Warrant være underlagt ligningslovens § 28.
15.2 Hverken Selskabet eller Selskabets bestyrelse, direktionen eller rådgivere påtager sig noget ansvar for de skattemæssige konsekvenser af Indehaverens tegning og eventuelle udnyttelse af den pågældende Warrant. Hver enkelt Indehaver er forud for tegningen af Warrants blevet opfordret til at indhente uafhængig rådgivning omkring de mulige skattemæssige konsekvenser forbundet med tegning af de pågældende Warrants og eventuel udnyttelse af heraf.
ingsloven). Otherwise the Warrant shall be subject to the provisions of Sec. 28 of the Danish Tax Assesment Act (Ligningsloven).
Neither the Company, nor any of its directors, officers and advisors undertake any responsibility for the tax implications of the Holder's subscription for and possible exercise of the Warrant. Each Holder has prior to the subscription for the Warrants been advised to seek independent advice on the possible tax consequences of the subscription for the Warrants and the possible exercise thereof.
København, den 28. april 2010
Copenhagen, 28 April 2010
På bestyrelsens vegne
On behalf of the board of directors
Daniël Jan Ellens Bestyrelsesformand/chairman of the board of directors
BILAG 8.3 TIL VEDTÆGTERNE FOR ZEA-LAND PHARMA A/S
SCHEDULE 8.3 TO THE ARTICLES OF ASSOCIATION FOR ZEALAND PHAR-MA A/S
| 1 | INDLEDNING – BESLUTNINGER 3 | |
|---|---|---|
| INTRODUCTION – RESOLUTIONS3 | ||
| 2 | WARRANT OG UDNYTTELSESPRISEN 4 | |
| THE WARRANT AND THE EXERCISE PRICE 4 | ||
| 3 | UDNYTTELSE AF WARRANT 4 | |
| EXERCISE OF THE WARRANT 4 | ||
| 4 | VILKÅR7 | |
| CONDITIONS 7 | ||
| 5 | JUSTERING AF UDNYTTELSESPRISEN, FREMRYKKELSE AF | |
| UDNYTTELSESTIDSPUNKT MV. 12 | ||
| ADJUSTMENT OF THE EXERCISE PRICE, ACCELERATION ETC 12 | ||
| 6 | DIFFERENCEAFREGNING VED KONTANT BETALING 20 | |
| CASH SETTLEMENT 20 | ||
| 7 | OPHØR AF ANSÆTTELSESFORHOLDET ELLER BESTYRELSESHVERVET 20 | |
| TERMINATION OF EMPLOYMENT OR CESSATION OF MEMBERSHIP OF THE | ||
| BOARD OF DIRECTORS 20 | ||
| 8 | VEDERLAG FOR WARRANT 23 | |
| CONSIDERATION FOR THE WARRANT 23 | ||
| 9 | VILKÅR FOR AKTIERNE 23 | |
| TERMS OF THE SHARES 23 | ||
| 10 | AKTIONÆROVERENSKOMST 26 | |
| SHAREHOLDERS' AGREEMENT 26 | ||
| 11 | OMSÆTTELIGHED AF DEN PÅGÆLDENDE WARRANT 27 | |
| TRANSFERABILITY OF THE WARRANT 27 | ||
| 12 | BORTFALD AF WARRANTS 27 | |
| EXPIRY OF WARRANTS 27 | ||
| 13 | VOLDGIFT OG LOVVALG 27 | |
| VENUE AND CHOICE OF LAW 27 | ||
| 14 | OMKOSTNINGER 28 | |
| COSTS 28 | ||
| 15 | BESKATNING AF INDEHAVEREN 28 | |
| TAXATION OF THE HOLDER 28 |
(CVR-nr.: 20 04 50 78)
AKTIETEGNINGSOPTION (WARRANT) - JF. VEDTÆGTERNES PKT. 8.3
On 22 June 2009 the extraordinary general meeting of Zealand Pharma A/S (the "Company") passed a resolution authorizing the board of directors pursuant to section 40b of the Companies Act to issue warrants with a right to subscribe for up to an aggregate amount of nominally DKK 850,000 shares in the Company without preemptive subscription rights for the Company's shareholders.
On 24 June 2009 the board of directors of the Company has resolved to exercise its authorisation to issue warrants on the terms set out in this schedule 8.3 to the articles of association for an aggregate nominal amount of DKK 150,000 shares to the individuals set out in the resolution of the board of directors.
2.1 Hver aktietegningsoption ("Warrant") giver indehaveren ("Indehaveren") af den pågældende Warrant ret (men ikke pligt) til at tegne én aktie á nominelt DKK 1 mod betaling af et tegningsbeløb på EUR 3,60 per aktie á nominelt DKK 1 ("Udnyttelsesprisen").
Each warrant ("Warrant") gives the Warrant holder (the "Holder") the right (but not the obligation) to subscribe for one share of nominally DKK 1 against payment of a subscription price of EUR 3.60 per share of each nominally DKK 1 (the "Exercise Price").
In the event that the board of directors of the Company deems it likely that an Exit Event (as defined in clause 4.1) will occur, the Company shall within reasonable time prior to the expected date of the relevant Exit Event give written notice (the "Exit Notice") to the Holder to exercise its Warrants within 3 weeks by serving an Exercise Notice to the Company in accordance with the procedure set out in clause 3.4. The notice to the Holder shall stipulate the terms and conditions that are expected to apply to the Exit Event.
Any Warrant which has not been exercised by the Holder before the expiry of the relevant notice period as stipulated in clause 3.1 shall – upon the relevant Exit Event – automatically lapse without any further notice and/or compensation to the Holder. However, notwithstanding the aforesaid, the Holder is – pursuant to the shareholders' agreement concerning the Holder's holding
beholdning af Warrants, herunder de deri angivne tidsfrister og øvrige betingelser – berettiget til at kræve Warrants omfattet af en overdragelse, der udgør et Tag-Along Event (som defineret i den pågældende aktionæroverenskomst). I dette tilfælde vil den pågældende Warrant ikke bortfalde.
3.3 Såfremt vilkårene (herunder prisen) der gælder for en Exit Event ændres i forhold til vilkårene (herunder prisen) angivet i Exit Meddelelsen, er de således ændrede vilkår bindende for Indehaveren, medmindre de ændrede vilkår – efter Selskabets bestyrelses frie skøn – er væsentligt mindre fordelagtige end vilkårene oplyst i Exit Meddelelsen.
Såfremt Selskabets bestyrelse anser de ændrede vilkår for den pågældende Exit Event for væsentligt mindre fordelagtige end vilkårene oplyst i Exit Meddelelsen (en "Adverse Event"), skal Selskabet give skriftlig meddelelse (en "Adverse Event Meddelelse") til samtlige Indehavere, der har afgivet en Udnyttelsesmeddelelse (i) om, at Indehaverens Udnyttelsesmeddelelse er bortfaldet og skal anses for ikke at have været afgivet af Indehaveren, og (ii) med tilbud om at udnytte Indehavernes Warrants i henhold til de således i Adverse Event Meddelelsen angivne ændrede vilkår inden for 2 (to) uger. Indehaverens evt. fornyede Udnyttelsesmeddelelse ("Adverse Event Udnyttel
of Warrants, including the time limits and other conditions stipulated therein - entitled to include a Warrant in a transfer constituting a Tag-Along Event (as defined in such shareholders' agreement), in which case the Warrant will not lapse.
If the terms (including the price) that applies to an Exit Event are amended compared to the terms (including the price) stipulated in the Exit Notice, such amended terms shall be binding upon the Holder unless the amended terms – in the sole opinion of the board of directors of the Company – are significantly less favourable compared to the terms in the Exit Notice.
In the event that the board of directors of the Company finds that the amended terms of the relevant Exit Event are significantly less favourable than the terms stipulated in the Exit Notice (an "Adverse Event"), the Company shall give written notice (the "Adverse Event Notice") to all Holders having served an Exercise Note (i) informing that the Holder's Exercise Notice shall cease to have effect and be deemed not to have been submitted by the Holder, and (ii) with an offer to exercise the Holders' Warrants pursuant to such amended terms of the Exit Event as stipulated in the Adverse Event Notice within 2 (two) weeks. The Holder's renewed Exercise Notice (the "Adverse Event Exersesmeddelelse") skal afgives i overensstemmelse med den i pkt. 3.5 angivne procedure.
cise Notice"), if any, shall be submitted in accordance with the procedure set out in clause 3.5.
The above shall apply correspondingly in the event that the terms of the Exit Event are further changed.
In the event that the Holder wishes to exercise a Warrant, the Holder shall using the subscription form forwarded by the Company to the Holder - give written notice ("Exercise Notice") to the Company. The Exercise Notice will be deemed given by the Holder if the Exercise Notice was delivered to the Company's address (for the attention of the chairman of the board of directors) by regular mail, registered mail, fax or courier after commencement and before the expiry of the relevant notice period. The Exercise Notice shall be duly completed.
In the event that the Holder fails to pay the full amount of the subscription price in accordance with clause 9.1 (ii) below for the shares subscribed pursuant to the Exercise Notice (or the Adverse Event Exercise Notice, if applicable), the Exercise Notice (or the Adverse Event Exercise Notice, if applicable) shall automatically become without force or effect.
Provided that the Exercise Notice has been timely and duly given and (i) provided that the subscription price has
indbetaling af tegningsbeløbet til Selskabet og (ii) gennemførelsen af en Exit Event, er Selskabet forpligtet til at foretage anmeldelse til Erhvervs- og Selskabsstyrelsen med henblik på registrering af den i konsekvens af udnyttelsen af Warrants foretagne kapitalforhøjelse, jf. aktieselskabs-lovens § 36, stk. 3. Den i konsekvens af udnyttelsen af de pågældende Warrants foretagne kapitalforhøjelse skal anses at være foretaget samtidig med gennemførelsen af den pågældende Exit Event.
been timely paid to the Company and (ii) subject to the completion of an Exit Event, the Company shall apply to the Danish Commerce and Companies Agency for registration of the capital increase incidental to the exercise of the Warrants in accordance with section 36 (3) of the Danish Companies Act. The capital increase incidental to the exercise of the Warrants shall be deemed to have occurred simultaneously with the completion of the relevant Exit Event.
In this clause 4 the following terms shall have the following meaning:
"Industriel Investor"
betyder enhver Person involveret i forskning, udvikling, fremstilling, markedsføring og/eller salg af farmaceutiske produkter (herunder farmaceutiske selskaber og bio-tech selskaber samt enhver Person, der er associeret (hvilket i relation til en Person betyder en anden Person Kontrolleret af, der Kontrollerer eller under fælles Kontrol med den første Person) med en sådan Person) medmindre undtaget med skriftligt samtykke fra aktionærer, der repræsenterer investor majority (dvs. (i) godkendelse på en generalforsamling af aktionærer der ejer mindst 75% af Aktierne eller (ii) godkendelse ved skriftligt samtykke og originalt underskrevet eller ved telefax af aktionærer, der ejer mindst 75% af Aktierne).
cordingly.
"Industrial Investor"
shall mean any Person involved in the research, development, manufacture, marketing and/or sale of pharmaceutical products (including pharmaceutical industries and bio-tech industries and any other Person being an affiliate (which shall mean with regard to one Person, another Person Controlled by, Controlling or under the common Control with the first Person) of such Person) unless exempted by written consent from Shareholders representing an investor majority (i.e. (i) approval at a general meeting by the shareholders owning at least 75% of the Shares or (ii) approval by way of a written consent and executed in original or by fax by-shareholders owning at least 75% of the Shares).
| "Person" | betyder enhver juridisk eller fysisk person. |
"Person" | shall mean any legal or natural person. |
|---|---|---|---|
| "Værdipapirer | betyder ethvert værdipapir udstedt af Selskaber, her- |
"Securities" | shall mean any securities issued by the Company, |
under men ikke begrænset til aktietegningsoptioner, konvertible obligationer og tegningsrettigheder (men eksklusiv Aktier).
including without limitation warrants, convertible bonds and subscription rights (but excluding Shares).
Exercise of any Warrant is subject to the occurrence of one of the following events (each an "Exit Event"):
The completion of a change of control, i.e. that any Person acquires – directly or indirectly – (solely or together with any other Person Controlling, Controlled by or under common Control with the acquiring Person) a Controlling interest in the Company (a "Change of Control"), or
The completion of a merger (a "Merger") of the Company with another company
(ii) provided that the Company and the other company(y/ies) participating in the merger dissolves and the shares of the new public company formed by the merger is listed – immediately after the merger – on a stock exchange or on a recognized regulated market place, or
(iii) som ikke er Kontrolleret af Selskabet, forudsat at samtlige Aktier og Værdipapirer i Selskabet (forud for fusionen) udgør (såfremt Selskabet er det fortsættende selskab i fusionen) eller konverteres til (såfremt Selskabet opløses som følge af fusionen) mindre end 50% af den nominelle aktiekapital i det fortsættende selskab.
(iii) which is not Controlled by the Company, provided that the aggregate of all Shares and Securities in the Company (prior to the merger) constitute (if the Company is the continuing company in the merger) or transfers into (if the Company is dissolved as a result of the merger) less than 50% of the nominal share capital in the continuing company.
The completion of a trade sale, i.e. a sale by the Company of all or substantially all of the business and assets of the Company to a third party unaffiliated with the Company (a "Trade Sale").
The listing of the Company on a stock exchange or on a recognized regulated market (a "Listing").
The voluntary winding-up of the Company (a "Winding-up").
The board of directors of the Company may – in its absolute discretion but without any obligation to do so – from time to time decide to include in the definition of an Exit Event other types of capital restructuring of the Company equally beneficial to the Company's shareholders, including but not limited to
skabets aktionærer ombytter mindst 50% af Selskabets Aktier og Værdipapirer (umiddelbart forud for aktieombytningen) med aktier og/eller værdipapirer i et andet selskab, forudsat at dette selskab ikke er Kontrolleret af Selskabet, eller
holders in the Company exchange at least 50% of the Shares and Securities in the Company (immediately prior to the consolidation) for shares and/or securities in another company provided that such company is not Controlled by the Company, or
(ii) a de-merger of a substantial part of the business and assets of the Company to a third party, provided that such company is not Controlled by the Company.
In respect of an Exit Event, "completion" shall mean the legal completion of the Exit Event, which shall be deemed not to have occurred unless and until the buyer(s) and/or the counterpart(y/ies) in the transaction constituting the Exit Event has paid or otherwise delivered all of the consideration payable or otherwise deliverable at completion of the Exit Event under and in accordance with the contract(s) governing the Exit Event (excluding, for the avoidance of doubt, any earn-outor other deferred payment or consideration).
In the event that (i) an Industrial Investor (or any Person Controlling, Controlled by or under common Control with an Industrial Investor) acquires Shares or Securities (and provided that such acquisition (and any related exer-
se (samt enhver relateret udnyttelse af en medsalgsret og/eller medsalgspligt) ikke udgør en Exit Event) og (ii) en sådan Industriel Investor (eller nogen Person, som Kontrollerer, er Kontrolleret af eller under fælles Kontrol med en sådan Industriel Investor) samtidig erhverver en option til at erhverve (enkeltvis eller i forening med nogen Person, som Kontrollerer, er Kontrolleret af eller under fælles Kontrol med en sådan Industriel Investor) – på et hvilket som helst senere tidspunkt – en Kontrollerende andel i Selskabet, skal en forholdsmæssig andel af hver Indehavers Warrants (svarende til forholdet mellem det samlede antal Aktier erhvervet af den Industrielle Investor (i forening med nogen Person, som Kontrollerer, er Kontrolleret af eller under fælles Kontrol med en sådan Industriel Investor) i forhold til det samlede antal Aktier i Selskabet) umiddelbart kunne udnyttes af den pågældende indehaver.
cise of tag-along and/or drag-along rights) does not constitute an Exit Event) and (ii) such Industrial Investor (or any Person Controlling, Controlled by or under common Control with an Industrial Investor) acquires at the same time an option to acquire (individually or together with any Person Controlling, Controlled by or under common Control with an Industrial Investor) – at any subsequent point in time – a Controlling interest in the Company, then a pro rata share of each Holder's Warrants (being the ratio which the aggregate of all Shares acquired by the Industrial Investor (together with any Person Controlling, Controlled by or under common Control with an Industrial Investor) bears to the aggregate of all Shares in the Company) shall become immediately available for exercise by the relevant Holder.
In the event that – prior to the exercise of a Warrant - the Company resolves to
(i) increase the share capital at a price which is at or above the market price of the Company's shares belonging to the same share class at the time of the
(v) forhøjelse af Selskabets aktiekapital ved udnyttelse af de i henhold til vedtægternes pkt. 8.5 udstedte incentive warrants vedrørende ordinære aktier, de i henhold til vedtægternes pkt. 8.4 udstedte incentive warrants vedrørende aktier og/eller de i henhold til vedtægternes pkt. 8.3 udstedte incentive warrants vedrørende aktier,
(ii) issue convertible instruments of debt with a conversion price at or above the market price of shares of the Company belonging to the same share class at the time of the resolution;
sker der ingen ændring i retsstillingen for den pågældende Warrant.
skal antallet af aktier, der kan tegnes ved udnyttelse af en sådan Warrant opeller nedjusteres (i det omfang lovgivningen giver mulighed herfor), således at den pågældende Warrant (enkeltvis eller i forening med andre Warrants ejet af Indehaveren) berettiger Indehaveren til at tegne en forholdsmæssig uændret ejerandel i Selskabet mod indskud af et uændret tegningsbeløb.
the legal status of such Warrant shall remain unchanged.
In the event that – prior to the exercise of a Warrant - the Company resolves to
the number of shares which may be subscribed for by exercise of such Warrant shall be adjusted upwards or downwards (to the extent legally possible) to the effect that the Warrant (individually or together with other Warrants owned by the Holder) shall entitle the Holder to subscribe for an unchanged relative ownership interest in the Company against contribution of an unchanged subscription amount.
In the event that – prior to the exercise of a Warrant - the Company resolves to
(i) increase the share capital at a price which is lower than the market price of the shares of the tilhørende den samme aktieklasse på beslutningstidspunktet,
skal Udnyttelsesprisen og/eller det antal aktier, som kan tegnes i henhold til den pågældende Warrant op- eller nedjusteres (i det omfang lovgivningen giver mulighed herfor), således at Indehaveren kompenseres for den udvanding, om nogen, af værdien af den pågældende Warrant, som den pågældenCompany belonging to the same share class at the time of the resolution;
the Exercise Price and/or the number of shares which may be subscribed for by exercise of such Warrant shall be adjusted upwards or downwards (to the extent legally possible) to effect that the Holder is compensated for the dilution resulting from such resolution, if any, of the value of such Warrant.
de beslutning måtte medføre.
In the event of a merger involving the Company which does not constitute an Exit Event (as defined above)
aftale om at modtage warrants af en tilsvarende værdi i den juridiske enhed, der følger af fusionen.
sponding value in the legal entity resulting from the merger.
In the event of a de-merger of the Company which does not constitute an Exit Event (as defined above), the board of directors of the Company is entitled to decide
ny aftale om at modtage warrants af en tilsvarende værdi i den juridiske enhed, hvori Indehaveren er ansat efter spaltningen, eller
5.6 Uanset om andet måtte følge af pkt. Notwithstanding anything to the con-
enter into a new agreement to receive warrants of corresponding value in the legal entity in which the Holder is employed following the de-merger, or
3.2, såfremt Selskabet - i tiden indtil udnyttelse af en Warrant - træffer beslutning om opløsning af Selskabet ved solvent likvidation er Selskabet berettiget og forpligtet til at fremrykke udnyttelsestidspunktet for en sådan Warrant ved at afgive en skriftlig meddelelse med en frist på 4 uger til Indehaveren om at udnytte den pågældende Warrant, inden beslutningen om at opløse Selskabet får retsvirkning. Indehaverens Udnyttelsesmeddelelse skal afgives i overensstemmelse med den i pkt. 3.5 angivne procedure. Enhver Warrant, som ikke er udnyttet af Indehaveren inden udløbet af fristen på 4 uger til at give meddelelse, bortfalder automatisk uden yderligere meddelelse, vederlag og/eller kompensation til Indehaveren på tidspunktet hvor beslutningen om at opløse Selskabet får retsvirkning.
5.7 Såfremt Selskabet - i tiden indtil udnyttelse af en Warrant - træffer beslutning om ændring af Selskabets kapitalstruktur på anden vis end forudsat i pkt. 5.1 - 5.6, og forudsat at en sådan ændring medfører en udvanding af værdien af den pågældende Warrant, skal tegningskursen og/eller antallet af aktier, som kan tegnes i henhold til den pågældende Warrant justeres (i det omfang lovgivningen giver mulighed herfor), således at Indehaveren kompenseres for den udvanding, om nogen, af værdien af den pågældende Warrant, som den pågældende beslutning måtte trary in clause 3.2, if the Company – prior to the exercise of a Warrant - resolves to dissolve the Company by means of a solvent liquidation the Company shall have the right and obligation to accelerate such Warrant by giving 4 (four) weeks prior written notice to the Holder to exercise such Warrant before the resolution to dissolve the Company becomes effective. The Holder's Exercise Notice shall be submitted in accordance with the procedure set out in clause 3.5. Any Warrant which has not been exercised by the Holder before the expiry of the 4 weeks notice period shall automatically lapse without any further notice, remuneration and/or compensation to the Holder upon the effectiveness of the resolution to dissolve the Company.
In the event that the Company – prior to the exercise of a Warrant – resolves to change the Company's capital structure in a way other than as contemplated in clauses 5.1 through 5.6, and provided that such change results in a dilution of the value of such Warrant, the subscription price and/or the number of shares which may be subscribed for by exercise of the Warrant shall (to the extent legally possible) be adjusted to effect that the Holder is compensated for the dilution resulting from such resolution, if any, of the value of such Warrant.
medføre.
5.8 Såfremt Selskabet træffer beslutning om at gennemføre nogen af de i henholdsvis pkt. 5.2, 5.3, 5.4, 5.5 og 5.7 anførte ændringer, skal Selskabets bestyrelse anmode Selskabets revisor om en redegørelse for (a) om en justering af Udnyttelsesprisen og/eller antallet af aktier, som kan tegnes i henhold til den pågældende Warrant, er påkrævet i henhold til disse bestemmelser, og (b), såfremt sådan bestemmelse foreskriver en justering, karakteren og omfanget af sådan justering. Selskabet skal straks efter modtagelse af revisors redegørelse udlevere en kopi heraf til Indehaveren. Konklusionen i revisors redegørelse er bindende for Selskabet og Indehaveren og kan ikke gøres til genstand for indsigelser eller tvist, herunder men ikke begrænset til i henhold til pkt. 13.
6.1 Selskabet er ikke berettiget til – efter en Indehavers udnyttelse af en Warrant - at kræve differenceafregning ved kontant betaling af nettoværdien af den pågældende Warrant.
7.1 I tilfælde af at Indehaverens ansættel- In the event that the employment of
If the Company resolves to pass any of the changes set out in clauses 5.2, 5.3, 5.4, 5.5 and 5.7, the board of directors of the Company shall request the auditor of the Company to submit a report on (a) whether an adjustment of the Exercise Price and/or the number of shares which may be subscribed for by exercise of the Warrant is required by such provisions, and (b) if an adjustment is required by such provision, the nature and the scope of such adjustment. Immediately upon receipt of the auditors report, the Company shall provide the Holder with a copy thereof. The conclusions of the auditor's report shall be binding upon the Company and the Holder and shall not be subject to challenge or dispute, including without limitation, in accordance with clause 13.
The Company shall not be entitled – upon exercise by a Holder of a Warrant - to require cash settlement of the net value of the Warrant.
sesforhold opsiges af Indehaveren eller af Selskabet bortfalder samtlige af den pågældende Indehavers ikke-udnyttede Warrants automatisk.
the Holder is terminated by the Holder or by the Company, any non-exercised Warrants of such Holder shall automatically terminate.
However, notwithstanding clause 7.1, the non-exercised Warrants of the relevant Holder shall not terminate if:
The effect of clause 7.1 shall change over time, in which case the Holder becomes finally and conclusively entitled to the Warrants, irrespective of the Holder being subject to any of the events in clause 7.1. The result is that the consequence of the actions set out in clause 7.1 shall not result in the
7.4 Retten til de pågældende Warrants optjenes med 1/50 af det totale antal af Warrants om måneden i løbet af modningsperioden fra den dato, hvor denne Aftale underskrives, således at Indehaveren erhverver retten til de pågældende Warrants som illustreret i nedenstående tabel (afrundet):
vet i det følgende: lapse of all warrants as follows:
The right to the Warrants is earned by 1/50 monthly of the total number of Warrants over the vesting period as from the date of signing this Agreement so that the Holder acquires the right to the Warrants, as illustrated by the table below (rounded):
| Modningsperiode | Andel | Antal War |
Vesting period | Share | No. of |
|---|---|---|---|---|---|
| rants | Warrants | ||||
| Dato for underskrivelse | 1/50 | 3.000 | Date of signing | 1/50 | 3.000 |
| af denne Aftale | this agreement | ||||
| 15 måneder efter dato | 16/50 | 48.000 | 15 months after | 16/50 | 48.000 |
| en for underskrivelse af | the time of sign | ||||
| denne Aftale | ing this Agree |
||||
| ment | |||||
| 30 måneder efter dato | 31/50 | 93.000 | 30 months after | 31/50 | 93.000 |
| en for underskrivelse af | the time of sign | ||||
| denne Aftale | ing this Agree |
||||
| ment | |||||
| 49 måneder efter dato | 50/50 | 150.000 | 49 months after | 50/50 | 150.000 |
| en for underskrivelse af | the time of sign | ||||
| denne Aftale | ing this Agree |
||||
| ment |
7.5 I tilfælde af at Selskabets tilknytning til en Indehaver – der er bestyrelsesmedlem (bortset fra medarbejdervalgte bestyrelsesmedlemmer) – ophører, bortfalder samtlige af den pågældende Indehavers ikke-udnyttede Warrant ikke. Dette gælder dog ikke (dvs. at den pågældende Indehavers ikke-udnyttede Warrant bortfalder) såfremt Selskabets tilknytning til den pågældende Indehaver ophøIn the event that the Company's connection with a Holder – being a board member (other than board members elected by the Company's employees) – ceases, any non-exercised Warrants of such Holder shall not terminate. However, this shall not apply (i.e. the nonexercised warrants of the relevant Holder shall terminate) if the Company's connection with such Holder is
rer som følge af Indehaverens grove misligholdelse af bestyrelseshvervet.
8.1 Indehaveren skal ikke betale noget vederlag for de pågældende Warrants.
terminated due to the Holder's material breach of the office as member of the board.
The Holder shall not pay any consideration for the Warrants.
The following terms shall apply to shares subscribed for by way of exercise of a Warrant:
rette en separat deponeringskonto i Selskabets navn, hvorpå samtlige tegningsbeløb i forbindelse med udnyttelse af Warrants skal indbetales. Deponeringskontoens indestående må ikke investeres på nogen måde.
Selskabets bestyrelse er i tilfælde af gennemførelsen af en Exit Event berettiget og forpligtet til at give meddelelse til deponeringsbanken om at udbetale deponeringskontoens samlede indestående (herunder påløbne renter) til en af Selskabet anvist bankkonto.
Såfremt en Adverse Event (som defineret i pkt. 3.3) er indtrådt, er Selskabets bestyrelse dog berettiget og forpligtet til at give meddelelse til deponeringsbanken om kun fra deponeringskontoen at udbetale – til en af Selskabet anvist bankkonto – tegningsbeløb indbetalt på deponeringskontoen for aktier, der er tegnet i henhold til Adverse Event Udnyttelsesmeddelelser (herunder påløbne renter deraf). Det resterende indestående på deponeringskontoen (herunder påløbne renter deraf) skal tilbagebetales til de pågældende Indehavere.
of the Company with the Company's usual Danish banking connection at which account all subscription amounts in connection with exercise of Warrants shall be paid into. The balance of the escrow account may not be invested in any way.
The board of directors of the Company is upon the occurrence of the Completion of an Exit Event entitled and obligated to give notice to the escrow bank to disburse the total balance of the escrow account to a bank account designated by the Company.
However, if an Adverse Event (as defined in clause 3.3) has occurred, the board of directors of the Company is entitled and obligated to give notice to the escrow bank only to disburse from the escrow account – to an account designated by the Company – subscription amounts paid into the escrow account for shares subscribed pursuant to Adverse Event Exercise Notice(s) (including accrued interest thereof). The reminding balance of the escrow account (including accrued interest thereof) shall be disbursed to the relevant Holders.
9.2 Såfremt en Exit Event ikke er gennem- If the completion of an Exit Event has
ført inden 180 dage efter udløb af fristen for Selskabets modtagelse af Indehavernes Udnyttelsesmeddelelser henholdsvis Adverse Event Udnyttelsesmeddelelser, skal (i) samtlige Udnyttelsesmeddelelser samt Adverse Event Udnyttelsesmeddelelser anses for bortfaldet og for ikke at have været afgivet og (ii) deponeringskontoens indestående (inklusiv påløbne renter) skal udbetales til de pågældende Indehavere.
not occurred before 180 days after the expiry of the latest date at which the Company should receive the Holders' Exercise Notices or Adverse Event Exercise Notices, respectively, (i) all Exercise Notices and Adverse Event Exercise Notices shall cease to have effect and be deemed not to have been submitted and (ii) the balance of the escrow account (including accrued interest) shall be disbursed to the relevant Holders.
In the event that – in such circumstances – the Company's board of directors continues to believe that the conditions in clause 3.1 are satisfied, the Company must serve a new Exit Notice in accordance with clause 3.1.
The board of directors shall be authorised to make such amendments, modifications and/or additions to the terms of clause 9.1 (ii)-(iii) and clause 9.2 as the board of directors deems necessary or advisable in the best interest of the Company and/or the Holders.
The shares issued in connection with the exercise of the Warrant shall be subject to the following terms:
som de andre aktier i den samme klasse,
I tilfælde af ændring af Selskabets vedtægter forud for udnyttelse af en Warrant, skal sådanne eventuelle ændrede rettigheder og forpligtelser gælde for en Warrant samt for samtlige aktier tegnet i forbindelse med udnyttelsen af en Warrant.
10.1 Erhvervelse af Warrants er betinget af, at Indehaveren har indgået en aktionæroverenskomst vedrørende Indehaverens beholdning af Warrants med Selskabets større aktionærer eller med Selskabet.
rights as the other shares in the same class;
In the event that the Company's articles of association are amended prior to the exercise of a Warrant, any such amended rights and obligations shall apply to the Warrant and to any shares subscribed for on the basis of the Warrant.
Acquisition of warrants is conditional upon that the Holder has entered into a shareholders' agreement concerning the Holder's holding of Warrants with the main shareholders in the Company or with the Company.
11.1 Enhver Warrant er et ikkeomsætningspapir. Enhver overdragelse, pantsætning eller anden overgang af en Warrant kan kun finde sted med bestyrelsens skriftlige samtykke, hvilket samtykke bestyrelsen efter et frit skøn kan give, nægte eller gøre betinget (dog undtaget overdragelse som følge af Indehaverens død, i hvilket tilfælde bestyrelsen mortis causa skal godkende overdragelsen til Indehaverens nærmeste familie).
13.1 Enhver tvist, der opstår som følge af el- Any dispute arising out of or in connec-
Each Warrant is a non-negotiable instrument. Any transfer, pledging or other assignment of a Warrant shall be subject to the prior written consent of the board of directors of the Company which may be granted, denied or conditioned in the absolute discretion of the board of directors of the Company (with the exemption of a transfer due to the death of the Holder, in which case the board of directors shall approve a transfer mortis causa to the Holder's closest relatives).
Any Warrant which has not been exercised by the Holder in connection with the first Exit Event to occur (as defined in clause 4.1) shall automatically lapse without any further notice and/or compensation to the Holder.
Notwithstanding the above each Warrant (unless extended pursuant to clause 4.5) shall expire automatically without notice, remuneration or compensation to the Holder if (i) no agreement(s) governing an Exit Event has not been completed on or before 1 January 2014.
ler i forbindelse med den pågældende Warrant og/eller dette bilag 8.3, skal afgøres i overensstemmelse med Reglerne for Behandling af Sager ved Det Danske Voldgiftsinstitut (Danish Arbitration). Voldgiftsretten skal bestå af 3 voldgiftsmænd, som alle udpeges af Voldgiftsinstituttet.
13.2 Enhver Warrant og/eller dette bilag 8.3 er undergivet og skal fortolkes i overensstemmelse med dansk ret, bortset fra de danske regler om lovvalg.
14.1 Selskabet afholder egne omkostninger og udgifter i forbindelse med udstedelsen og udnyttelsen af enhver Warrant samt den i forbindelse med udnyttelsen knyttede kapitalforhøjelse.
tion with any Warrant and/or this schedule 8.3 shall be decided in accordance with the Rules of Procedure of the Danish Institute of Arbitration (Danish Arbitration). The arbitral tribunal shall consist of 3 arbitrators, all of whom shall be appointed by the Institute.
Each Warrant and/or this schedule 8.3 shall be governed by and construed in accordance with the laws of Denmark, excluding however Danish conflict of laws rules.
The Company will bear its own costs and expenses in connection with the issue and exercise of each Warrant and the increase of the share capital upon exercise thereof.
Where applicable, each Warrant shall be subject to the provisions of Sec. 7H of the Danish Tax Assesment Act (Ligningsloven). Otherwise the Warrant shall be subject to the provisions of Sec. 28 of the Danish Tax Assesment Act (Ligningsloven).
Neither the Company, nor any of its directors, officers and advisors undertake any responsibility for the tax implications of the Holder's subscription for and possible exercise of the Warrant.
pågældende Warrant. Hver enkelt Indehaver er forud for tegningen af Warrants blevet opfordret til at indhente uafhængig rådgivning omkring de mulige skattemæssige konsekvenser forbundet med tegning af de pågældende Warrants og eventuel udnyttelse af heraf.
Each Holder has prior to the subscription for the Warrants been advised to seek independent advice on the possible tax consequences of the subscription for the Warrants and the possible exercise thereof.
København, den 24. juni 2009
Copenhagen, 24 June 2009
På bestyrelsens vegne
On behalf of the board of directors
Daniël Jan Ellens Bestyrelsesformand/chairman of the board of directors
BILAG 8.4 TIL VEDTÆGTERNE FOR ZEA-LAND PHARMA A/S
SCHEDULE 8.4 TO THE ARTICLES OF ASSOCIATION FOR ZEALAND PHAR-MA A/S
| 1 | INDLEDNING – BESLUTNINGER 3 |
|---|---|
| INTRODUCTION – RESOLUTIONS 3 | |
| 2 | WARRANT OG UDNYTTELSESPRISEN 4 |
| THE WARRANT AND THE EXERCISE PRICE 4 | |
| 3 | UDNYTTELSE AF WARRANT - UDNYTTELSESPERIODER 4 |
| EXERCISE OF THE WARRANT – EXERCISE WINDOWS4 | |
| 4 | VILKÅR6 |
| CONDITIONS 6 | |
| 5 | MODNING 6 |
| VESTING6 | |
| 6 | JUSTERING AF UDNYTTELSESPRISEN, FREMRYKKELSE AF |
| UDNYTTELSESTIDSPUNKT MV. 6 | |
| ADJUSTMENT OF THE EXERCISE PRICE, ACCELERATION ETC6 | |
| 7 | DIFFERENCEAFREGNING VED KONTANT BETALING 18 |
| CASH SETTLEMENT 18 | |
| 8 | OPHØR AF ANSÆTTELSESFORHOLDET, BESTYRELSESHVERVET ELLER |
| TILKNYTNINGEN TIL EN KONSULENT/RÅDGIVER 18 | |
| TERMINATION OF EMPLOYMENT, CESSATION OF MEMBERSHIP OF THE BOARD | |
| OF DIRECTORS OR THE CONNECTION TO A CONSULTANT/ADVISOR 18 | |
| 9 | VEDERLAG FOR WARRANT 20 |
| CONSIDERATION FOR THE WARRANT 20 | |
| 10 | VILKÅR FOR AKTIERNE 20 |
| TERMS OF THE SHARES 20 | |
| 11 | AKTIONÆROVERENSKOMST 21 |
| SHAREHOLDERS' AGREEMENT 21 | |
| 12 | OMSÆTTELIGHED AF DEN PÅGÆLDENDE WARRANT 22 |
| TRANSFERABILITY OF THE WARRANT 22 | |
| 13 | BORTFALD AF WARRANTS 22 |
| EXPIRY WARRANTS 22 | |
| 14 | VOLDGIFT OG LOVVALG 22 |
| VENUE AND CHOICE OF LAW 22 | |
| 15 | OMKOSTNINGER 23 |
| COSTS 23 | |
| 16 | BESKATNING AF INDEHAVEREN 23 |
| TAXATION OF THE HOLDER 23 | |
(CVR-nr.: 20 04 50 78)
AKTIETEGNINGSOPTION (WARRANT) - JF. VEDTÆGTERNES PKT. 8.4
On 15 June 2007 the extraordinary general meeting of Zealand Pharma A/S (the "Company") passed a resolution authorizing the board of directors pursuant to section 40b of the Companies Act to issue warrants with a right to subscribe for up to an aggregate amount of nominally DKK 1,750,000 shares to members of the Company's board of directors and management board and to the Company's employees and consultants/advisors without pre-emptive subscription rights for the Company's shareholders.
On 15 June 2007 the board of directors of the Company has resolved to exercise its authorisation to issue warrants on the terms set out in this schedule 8.4 to the articles of association for an aggregate nominal amount of DKK 922,353 shares to the individuals set out in a schedule to the resolution of the board of directors. The number of warrants granted to the relevant individuals is also set out in the
2.1 Hver aktietegningsoption ("Warrant") giver indehaveren ("Indehaveren") af den pågældende Warrant ret (men ikke pligt) til at tegne én aktie á nominelt DKK 1 mod betaling af et tegningsbeløb på EUR 3,60 per aktie á nominelt DKK 1 ("Udnyttelsesprisen"). Udnyttelsesprisen blev reduceret med EUR 0,07 i april 2010, og den gældende udnyttelsespris er EUR 3,53, jf. pkt. 6.3 (iii).
3.1 Indehaveren har ret til at udnytte hver Warrant inden for hver udnyttelsesperiode ("Udnyttelsesperioden"). Udnyttelsesperioden løber, (i) såfremt Selskabet er noteret på en fondsbørs eller en anerkendt reguleret markedsplads, (a) i en periode på 21 dage fra offentliggørelsen af Selskabets kvartals- og halvårsrapport og (b) i en periode på 21 dage fra offentliggørelsen af Selskabets årsregnskabsmeddelelse, og (ii), såfremt Selskabet ikke er noteret på en fondsbørs eller en anerkendt reguleret markedsplads, i en periode på 21 dage fra vedtagelsen af Selskabets årsrapport på Selskabets generalforsamling.
3.2 Uanset om andet måtte følge af pkt. Notwithstanding anything to the contrary
ningen. schedule to the resolution of the board of directors.
Each warrant ("Warrant") gives the Warrant holder (the "Holder") the right (but not the obligation) to subscribe for one share of nominally DKK 1 against payment of a subscription price of EUR 3.60 per share of each nominally DKK 1 (the "Exercise Price"). The exercise price was reduced with EUR 0.07 in April 2010 and the current exercise price is EUR 3.53, cf. clause 6.3 (iii).
The Holder shall be entitled to exercise each Warrant within each exercise window (the "Exercise Window"). The Exercise Windows shall be (i) if the Company is listed on a stock exchange or on a recognized regulated market place, (a) a period of 21 days following the publication of the Company's quarterly and semiannual report and (b) a period of 21 days following the publication of the Company's annual results (in Danish: Årsregnskabsmeddelelse), and (ii) if the Company is not listed at a stock exchange or on a recognized regulated market place, a period of 21 days following the adoption by the general meeting of the annual accounts of the Company.
3.1 ovenfor, forudsætter Udnyttelsesperiodens begyndelse, at den pågældende Warrant er modnet, jf. pkt. 5 nedenfor.
in clause 3.1, no Exercise Window shall occur until the vesting of the relevant Warrant, cf. clause 5 below.
In the event that the Holder wishes to exercise a Warrant, the Holder shall - using the subscription form attached as subschedule A - notify ("Exercise Notice") the Company, such Exercise Notice to be given by the Holder within an Exercise Window. The Exercise Notice will be deemed given by the Holder within an Exercise Window if the Exercise Notice was delivered to the Company's address (for the attention of the chairman of the board of directors) by regular mail, registered mail, fax or courier after commencement and before the expiry of the relevant Exercise Window. Column A, B and C in the Exercise Notice shall be duly completed.
In the event that the Holder fails to pay the full amount of the subscription price in accordance with clause 10.1 (ii) below for the shares subscribed pursuant to the Exercise Notice, the Exercise Notice shall automatically become without force or effect.
Provided that the Exercise Notice has been timely and duly given and provided that the subscription price has been timely paid to the Company, the Company shall apply to the Danish Commerce and
ge anmeldelse til Erhvervs- og Selskabsstyrelsen med henblik på registrering af den i konsekvens af udnyttelsen af Warrants foretagne kapitalforhøjelse, jf. aktieselskabslovens § 36, stk. 3.
4.1 Med mindre andet er angivet heri, er udnyttelsen af Warrants ikke betinget.
5 Modning Vesting
5.1 De til hver Indehaver tildelte Warrants modnes i følgende 2 ligelige portioner:
1/2 af de tildelte Warrants modnes og kan tidligst udnyttes den 31. december 2007.
1/2 af de tildelte Warrants modnes og kan tidligst udnyttes den 31. december 2008.
Companies Agency for registration of the capital increase incidental to the exercise of the Warrants in accordance with section 36 (3) of the Danish Companies Act.
Except as otherwise set out herein, the Warrants shall not be subject to conditions of exercise.
The Warrants granted to each Holder will vest in 2 equal portions as follows:
1/2 of the Warrants granted will vest and may be exercised at the earliest on 31 December 2007.
1/2 of the Warrants granted will vest and may be exercised at the earliest on 31 December 2008.
In the event that – prior to the exercise of a Warrant - the Company resolves to
(i) increase the share capital at a price which is at or above the market price of the Company's shares belonging to the same share class at the time of the
(v) forhøjelse af Selskabets aktiekapital ved udnyttelse af de i henhold til vedtægternes pkt. 8.5 udstedte incentive warrants vedrørende ordinære aktier og/eller de i henhold til vedtægternes pkt. 8.4 udstedte warrants vedrørende aktier,
(ii) issue convertible instruments of debt with a conversion price at or above the market price of shares of the Company belonging to the same share class at the time of the resolution;
sker der ingen ændring i retsstillin- the legal status of such War-
gen for den pågældende Warrant. rant shall remain unchanged.
skal antallet af aktier, der kan tegnes ved udnyttelse af en sådan Warrant opeller nedjusteres (i det omfang lovgivningen giver mulighed herfor), således at den pågældende Warrant (enkeltvis eller i forening med andre Warrants ejet af Indehaveren) berettiger Indehaveren til at tegne en forholdsmæssig uændret ejerandel i Selskabet mod indskud af et uændret tegningsbeløb.
In the event that – prior to the exercise of a Warrant - the Company resolves to
the number of shares which may be subscribed for by exercise of such Warrant shall be adjusted upwards or downwards (to the extent legally possible) to the effect that the Warrant (individually or together with other Warrants owned by the Holder) shall entitle the Holder to subscribe for an unchanged relative ownership interest in the Company against contribution of an unchanged subscription amount.
In the event that – prior to the exercise of a Warrant - the Company resolves to
(i) increase the share capital at a price which is lower than the market price of the shares of the Company belonging to the same share class at the time
(ii) udstede konvertible gældsbreve med en konverteringskurs, som er lavere end markedskursen for Selskabets aktier tilhørende samme aktieklasse på beslutningstidspunktet,
skal Udnyttelsesprisen og/eller det antal aktier, som kan tegnes i henhold til den pågældende Warrant opeller nedjusteres (i det omfang lovgivningen giver mulighed herfor), således at Indehaveren kompenseres for den udvanding, om nogen, af værdien af den pågældende Warof the resolution;
the Exercise Price and/or the number of shares which may be subscribed for by exercise of such Warrant shall be adjusted upwards or downwards (to the extent legally possible) to effect that the Holder is compensated for the dilution resulting from
rant, som den pågældende beslutning måtte medføre.
er Selskabet berettiget og forpligtet til at fremrykke udnyttelsestidspunktet for en sådan Warrant ved at afgive en skriftlig meddelelse med en frist på 4 uger til Indehaveren om at udnytte den pågældende Warrant inden beslutningen om at opløse Selskabet får retsvirkning. Indehaverens Udnyttelsesmeddelelse skal afgives i overensstemmelse med den i pkt. 3.3 angivne procedure. Enhver Warrant, som ikke er udnyttet af Indehaveren inden udløbet af fristen på 4 uger til at give meddelelse, bortfalder automatisk uden yderligere meddelelse, vederlag og/eller kompensation til Indehaveren på tidspunktet hvor beslutningen om at opløse Selskabet får retsvirkning.
such resolution, if any, of the value of such Warrant.
Notwithstanding anything to the contrary in clause 3.2, if the Company – prior to the exercise of a Warrant - resolves to dissolve the Company by means of
the Company shall have the right and obligation to accelerate such Warrant by giving 4 weeks prior written notice to the Holder to exercise such Warrant before the resolution to dissolve the Company becomes effective. The Holder's Exercise Notice shall be submitted in accordance with the procedure set out in clause 3.3. Any Warrant which has not been exercised by the Holder before the expiry of the 4 weeks notice period shall automatically lapse without any further notice, remuneration and/or compensation to the Holder upon the effectiveness of the resolution to dissolve the Company.
In the event that the Company – prior to the exercise of a Warrant – resolves to de-merge the Company, the board of directors of the Company is entitled to decide
(i) to accelerate such Warrant by giving 4 weeks prior written
rant ved at afgive en skriftlig meddelelse til indehaveren med en frist på 4 uger til at udnytte den pågældende Warrant, inden beslutningen om spaltningen får retsvirkning. Indehaverens Udnyttelsesmeddelelse skal afgives i overensstemmelse med den i pkt. 3.3 angivne procedure. Enhver Warrant, som ikke er udnyttet af Indehaveren inden udløbet af fristen på 4 uger til at give meddelelse, bortfalder automatisk uden yderligere meddelelse, vederlag og/eller kompensation til Indehaveren på tidspunktet hvor beslutningen om at opløse Selskabet får retsvirkning, eller
notice to the Holder to exercise such Warrant before the resolution to de-merge the Company becomes effective. The Holder's Exercise Notice shall be submitted in accordance with the procedure set out in clause 3.3. Any Warrant which has not been exercised by the Holder before the expiry of the 4 weeks notice period shall automatically lapse without any further notice, remuneration and/or compensation to the Holder upon the effectiveness of the resolution to dissolve the Company, or
serne for de pågældende Warrants justeres; således at disse justeringer skal sikre, at værdien af den pågældende Indehavers Warrants umiddelbart efter spaltningen svarer til værdien af den pågældende Indehavers Warrants umiddelbart forud for spaltningen, eller
adjusted and/or (b) the terms and conditions pertaining to the Warrants are adjusted; such adjustment to entail that the value of the relevant Holder's Warrants immediately after the de-merger corresponds to the value of the relevant Holder's Warrants immediately prior to the de-merger, or
(iv) – in the event that the Holder is (a) subject to the provisions of Sec. 28 of the Danish Tax Assessment Act (Ligningsloven), and (b) not employed by the Company immediately prior to the de-merger but continues to hold Warrants – (i) to cancel the Holder's existing Warrants and to decide (ii) that the relevant Holder shall receive - pro rata to the de-merger ratio - Warrants with an aggregate corresponding value in all the entities resulting from the de-merger.
In the event that – prior to the exercise of a Warrant - all or a substantial part of the business and assets of the Company is sold to a third party (a "Trade Sale"), the Company shall, notwithstanding anything to the contrary in clause 3.2, have the right and the obligation to accelerate such Warrant by giving 4 weeks prior written notice to the Holder to exercise the Warrant. The notice shall be given to the
den for 4 uger. Meddelelsen skal afgives til Indehaveren senest 3 (tre) måneder efter gennemførelsen (som defineret nedenfor i nærværende pkt. 6.6) af Aktivsalget. Indehaverens Udnyttelsesmeddelelse skal afgives i overensstemmelse med den i pkt. 3.3 anførte procedure. Enhver Warrant, som ikke er udnyttet af Indehaveren inden udløbet af fristen på 4 uger til at give meddelelse, bortfalder automatisk uden yderligere meddelelse, og/eller kompensation til Indehaveren.
Gennemførelse betyder den juridiske gennemførelse af Aktivsalget (eller Kontrolskiftet, jf. pkt. 6.7), hvilket skal anses ikke at være sket, medmindre og indtil køber(en/ne) og/eller modparte(n/rne) i transaktionen, der udgør det pågældende Aktivsalg (eller Kontrolskifte, jf. pkt. 6.7), har betalt eller på anden vis erlagt det fulde vederlag, der skal betales eller på anden vis erlægges ved gennemførelse af det pågældende Aktivsalg (eller Kontrolskifte, jf. pkt. 6.7) i henhold til de(n) aftale(r), som det pågældende Aktivsalg (eller Kontrolskifte, jf. pkt. 6.7) reguleres af (eksklusiv, for at undgå tvivl, enhver earn-out eller anden udskudt betaling eller vederlæggelse).
6.7 I nærværende pkt. 6.7 har følgende udtryk følgende betydning:
Holder within 3 (three) months after the completion (as defined below in this clause 6.6) of the Trade Sale. The Holder's Exercise Notice shall be submitted in accordance with the procedure set out in clause 3.3. Any Warrant which has not been exercised by the Holder before the expiry of the 4 weeks notice period shall automatically lapse without any further notice and/or compensation to the Holder.
Completion shall mean the legal completion of the Trade Sale (or a Change of Control, ref. clause 6.7), which shall be deemed not to have occurred unless and until the buyer(s) and/or the counterpart(y/ies) in the transaction constituting the Trade Sale (or a Change of Control, ref. clause 6.7) has paid or otherwise delivered all of the consideration payable or otherwise deliverable at completion of the Trade Sale (or a Change of Control, ref. clause 6.7) under and in accordance with the contract(s) governing the Trade Sale (or a Change of Control, ref. clause 6.7) (excluding, for the avoidance of doubt, any earn-out- or other deferred payment or consideration).
In this clause 6.7 the following terms shall have the following meaning:
"Aktie" betyder enhver aktie i Sel- "Share" shall mean any share of
"Kontrol" betyder (i) besiddelse af mere end 50% af ejerandelene i en anden Person, eller (ii) retten til at udøve mere end 50% af stemmerne i en anden Person, eller (iii) retten til i en Person at udpege eller fjerne flertallet af medlemmerne i bestyrelsen eller et tilsvarende ledelsesorgan. Udtrykkene "Kontrollerer", "Kontrolleret" og tilsvarende ord skal fortolkes tilsvarende.
betyder enhver Person involveret i forskning, udvikling, fremstilling, markedsføring og/eller salg af farmaceutiske produkter (herunder farmaceutiske selskaber og bio-tech selskaber samt enhver Person, der er associeret (hvilket i relation til en Person betyder en anden Person Kontrolleret af, der Kontrollerer eller under fælles Kontrol med den første Person) med en sådan Person) medmindre undtaget med skriftligt samtykke fra aktionærer, der repræsenterer investor majority
skabet. the Company.
"Control" shall mean (i) the holding of more than 50% of the ownership interest in another Person, or (ii) the right to exercise more than 50% of the votes in another Person, or (iii) the right to appoint or remove the majority of the members of the board of directors or similar management body of another Person. The terms "Controlling", "Controlled" and similar words shall be construed accordingly.
"Industrial Investor"
shall mean any Person involved in the research, development, manufacture, marketing and/or sale of pharmaceutical products (including pharmaceutical industries and bio-tech industries and any other Person being an affiliate (which shall mean with regard to one Person, another Person Controlled by, Controlling or under the common Control with the first Person) of such Person) unless exempted by written consent from
(dvs. (i) godkendelse på en generalforsamling af aktionærer der ejer mindst 75% af Aktierne eller (ii) godkendelse ved skriftligt samtykke og originalt underskrevet eller ved telefax af aktionærer, der ejer mindst 75% af Aktierne) .
Shareholders representing an investor majority (i.e. (i) approval at a general meeting by the shareholders owning at least 75% of the Shares or (ii) approval by way of a written consent and executed in original or by fax by shareholders owning at least 75% of the Shares).
"Person" betyder enhver juridisk eller fysisk person. "Person" shall mean any legal or natural person.
"Værdipapirer" betyder ethvert værdipapir udstedt af Selskaber, herunder men ikke begrænset til aktietegningsoptioner, konvertible obligationer og tegningsrettigheder (men eksklusiv Aktier).
Såfremt en Person – i tiden indtil udnyttelse af en Warrant – direkte eller indirekte – (enkeltvis eller i forening med en anden Person, som Kontrollerer, er Kontrolleret af eller under fælles Kontrol med den erhvervende Person) erhverver en Kontrollerende andel i Selskabet eller i tilfælde af, at Aktier eller Værdipapirer bliver ejet af en Industriel Investor (dvs. den situation som er omfattet af punkt 12.1(b) i Amended Shareholders' Agreement henholdsvis 9.1(b) i Amended Shareholders' Agreement II) (samlet kaldet
"Securities" shall mean any securities issued by the Company, including without limitation warrants, convertible bonds and subscription rights (but excluding Shares).
In the event that any Person acquires – prior to the exercise of a Warrant – directly or indirectly – a (solely or together with any other Person Controlling, Controlled by or under common Control with the acquiring Person) a Controlling interest in the Company or in the event that Shares or Securities are held by an Industrial Investor (i.e. the situation comprised by clause 12.1(b) in the Amended Shareholders' Agreement and clause 9.1(b) in the Amended Shareholders' Agreement II, respectively) (collectively called a
et "Kontrolskifte"), er Selskabet, uanset om andet måtte følge af pkt. 3.2, berettiget og forpligtet til at fremrykke udnyttelsestidspunktet for de pågældende Warrants ved at afgive en skriftlig meddelelse til Indehaveren om at udnytte vedkommendes Warrants inden for 4 uger. Meddelelsen skal afgives til Indehaveren senest 3 (tre) måneder efter, at Kontrolskiftet eller salget til en Industriel Investor er gennemført (som defineret i pkt. 6.6 ovenfor). Indehaverens Udnyttelsesmeddelelse skal afgives i overensstemmelse med de i pkt. 3.3 angivne procedurer. Enhver Warrant, som ikke er udnyttet af Indehaveren inden udløbet af fristen på 4 uger til at give meddelelse, bortfalder automatisk uden yderligere meddelelse, vederlag og/eller kompensation til Indehaveren.
"Change of Control"), the Company shall, notwithstanding anything to the contrary in clause 3.2, have the right and obligation to accelerate the Warrants by giving 4 weeks prior written notice to the Holder to exercise its Warrants. The notice shall be given to the Holder within 3 (three) months after the completion (as defined in clause 6.6 above) of the Change of Control or the sale to an Industrial Investor. The Holder's Exercise Notice shall be submitted in accordance with the procedure set out in clause 3.3. Any Warrant which has not been exercised by the Holder before the expiry of the 4 weeks notice period shall automatically lapse without any further notice, remuneration and/or compensation to the Holder.
The listing of the Company on a stock exchange or on a recognized regulated market place shall not cause any Warrant to be adjusted or accelerated.
In the event that the Company is listed on a stock exchange or on a recognized regulated market place, the subsequent de-listing of the Company shall, notwithstanding anything to the contrary in clause 3.2, entitle – but not obligate - the Company to accelerate the Warrant by giving 4 weeks prior written notice to the Holder to exercise the Warrant. The notice shall be given to
delelse skal afgives til Indehaveren senest 3 (tre) måneder efter, at afnoteringen er sket. Indehaverens Udnyttelsesmeddelelse skal afgives i overensstemmelse med den under pkt. 3.3 anførte procedure. Enhver Warrant, som ikke er udnyttet af Indehaveren inden udløbet af fristen på 4 uger til at give meddelelse, bortfalder automatisk uden yderligere meddelelse, vederlag og/eller kompensation til Indehaveren.
the Holder within 3 (three) months after the effectiveness of the de-listing of the Company. The Holder's Exercise Notice shall be submitted in accordance with the procedure set out in clause 3.3. Any Warrant which has not been exercised by the Holder before the expiry of the 4 weeks notice period shall automatically lapse without any further notice, remuneration and/or compensation to the Holder.
In the event that the Company – prior to the exercise of a Warrant – resolves to change the Company's capital structure in a way other than as contemplated in clauses 6.1 through 6.9, and provided that such change results in a dilution of the value of such Warrant, the subscription price and/or the number of shares which may be subscribed for by exercise of the Warrant shall (to the extent legally possible) be adjusted to effect that the Holder is compensated for the dilution resulting from such resolution, if any, of the value of such Warrant.
If the Company resolves to pass any of the changes set out in clauses 6.2, 6.3 6.5 and 6.10, the board of directors of the Company shall request the auditor of the Company to submit a report on (a) whether an adjustment of the Exercise Price and/or the number of shares which may be subscribed for by exercise of the Warrant is required by such
henhold til disse bestemmelser, og (b), såfremt sådan bestemmelse foreskriver en justering, karakteren og omfanget af sådan justering. Selskabet skal straks efter modtagelse af revisors redegørelse udlevere en kopi heraf til Indehaveren. Konklusionen i revisors redegørelse er bindende for Selskabet og Indehaveren og kan ikke gøres til genstand for indsigelser eller tvist, herunder men ikke begrænset til i henhold til pkt. 14.
provisions, and (b) if an adjustment is required by such provision, the nature and the scope of such adjustment. Immediately upon receipt of the auditors report, the Company shall provide the Holder with a copy thereof. The conclusions of the auditor's report shall be binding upon the Company and the Holder and shall not be subject to challenge or dispute, including without limitation, in accordance with clause 14.
The Company shall not be entitled – upon exercise by a Holder of a Warrant - to require cash settlement of the net value of the Warrant.
Termination of Employment, cessation of membership of the board of directors or the connection to a consultant/advisor
In the event that the employment of the Holder is terminated by the Holder or by the Company, any non-exercised Warrant of such Holder shall automatically terminate.
However, notwithstanding anything to the contrary in clause 8.1, the nonexercised Warrant of the relevant Holder shall not terminate if:
som følge af at Indehaveren (a) når den af Selskabet til enhver tid fastsatte pensionsalder eller (b) bliver berettiget til folkepension, eller
due to the Holder reaching (a) the employee pension age as defined by the Company from time to time, or (b) the age where the Holder is entitled to old-age pension ("folkepension"); or,
In the event that the Company's connection with a Holder – being a board member (other than board members elected by the Company's employees) and/or an advisor/consultant – ceases, any non-exercised Warrants of such Holder shall not terminate. However, this shall not apply (i.e. the nonexercised Warrants of the relevant Holder shall terminate) if the Company's connection with such Holder is terminated due to the Holder's material breach of the office as member of the board or the connection to the Company as advisor/consultant; respectively.
9.1 Indehaveren skal ikke betale noget vederlag for den pågældende Warrant.
The Holder shall not pay any consideration for the Warrant.
The following terms shall apply to shares subscribed for by way of exercise of a Warrant:
The shares issued in connection with the exercise of the Warrant shall be subject to the following terms:
(i) The shares shall be issued in shares of DKK 1.00 or multiples
I tilfælde af ændring af Selskabets vedtægter forud for udnyttelse af en Warrant, skal sådanne eventuelle ændrede rettigheder og forpligtelser gælde for den pågældende Warrant samt for samtlige aktier tegnet i forbindelse med udnyttelsen af en Warrant.
11.1 Erhvervelse af Warrants er betinget af, at Indehaveren har indgået en aktio-
In the event that the Company's articles of association are amended prior to the exercise of a Warrant, any such amended rights and obligations shall apply to the Warrant and to any shares subscribed for on the basis of the Warrant.
Acquisition of Warrants is conditional upon that The Holder has entered into
næroverenskomst vedrørende Indehaverens beholdning af Warrants med Selskabets større aktionærer eller med Selskabet.
12.1 Enhver Warrant er et ikke-omsætningspapir. Enhver overdragelse, pantsætning eller anden overgang af en Warrant kan kun finde sted med bestyrelsens skriftlige samtykke, hvilket samtykke bestyrelsen efter et frit skøn kan give, nægte eller gøre betinget (dog undtaget overdragelse som følge af Indehaverens død, i hvilket tilfælde bestyrelsen mortis causa skal godkende overdragelsen til Indehaverens nærmeste familie).
13.1 Enhver Warrant bortfalder automatisk og uden yderligere meddelelse, vederlag eller kompensation til Indehaveren 3 (tre) år efter, at den pågældende Warrant er modnet, jf. pkt. 5.
14.1 Enhver tvist, der opstår som følge af eller i forbindelse med den pågældende Warrant og/eller dette bilag 8.4, skal afgøres i overensstemmelse med Reglerne for Behandling af Sager ved Det Danske Voldgiftsinstitut (Danish Arbia shareholders' agreement concerning the Holder's holding of Warrants with the main shareholders in the Company or with the Company.
Each Warrant is a non-negotiable instrument. Any transfer, pledging or other assignment of a Warrant shall be subject to the prior written consent of the board of directors of the Company which may be granted, denied or conditioned in the absolute discretion of the board of directors of the Company (with the exemption of a transfer due to the death of the Holder, in which case the board of directors shall approve a transfer mortis causa to the Holder's closest relatives).
Each Warrant shall expire automatically without notice, remuneration or compensation to the Holder 3 (three) years after the time of vesting of the relevant Warrant, ref. clause 5.
Any dispute arising out of or in connection with any Warrant and/or this schedule 8.4 shall be decided in accordance with the Rules of Procedure of the Danish Institute of Arbitration (Danish Arbitration). The arbitral tributration). Voldgiftsretten skal bestå af 3 voldgiftsmænd, som alle udpeges af Voldgiftsinstituttet.
14.2 Enhver Warrant og/eller dette bilag 8.4 er undergivet og skal fortolkes i overensstemmelse med dansk ret, bortset fra de danske regler om lovvalg.
15.1 Selskabet afholder egne omkostninger og udgifter i forbindelse med udstedelsen og udnyttelsen af enhver Warrant samt den i forbindelse med udnyttelsen knyttede kapitalforhøjelse.
nal shall consist of 3 arbitrators, all of whom shall be appointed by the Institute.
Each Warrant and/or this schedule 8.4 shall be governed by and construed in accordance with the laws of Denmark, excluding however Danish conflict of laws rules.
The Company will bear its own costs and expenses in connection with the issue and exercise of each Warrant and the increase of the share capital upon exercise thereof.
Where applicable, each Warrant shall be subject to the provisions of Sec. 7H of the Danish Tax Assessment Act (Ligningsloven). Otherwise the Warrant shall – where applicable - be subject to the provisions of Sec. 28 of the Danish Tax Assessment Act (Ligningsloven).
Neither the Company, nor any of its directors, officers and advisors undertake any responsibility for the tax implications of the Holder's subscription for and possible exercise of the Warrant. Each Holder has prior to the subscription for the Warrants been advised to seek independent advice on the possible tax consequences of the subscrip-
ge skattemæssige konsekvenser forbundet med tegning af de pågældende Warrants og eventuel udnyttelse af heraf.
tion for the Warrants and the possible exercise thereof.
Til Zealand Pharma A/S Att. Bestyrelsesformanden Smedeland 26 B 2600 Glostrup
Undertegnede indehaver af aktietegningsoptioner i Zealand Pharma A/S (CVR-nr. 20 04 50 78), ("Selskabet"), giver hermed meddelelse til Selskabet i overensstemmelse med pkt. 3.3 i bilag 8.4 til Selskabets vedtægter om udnyttelse af aktietegningsoptioner som følger:
| A | B | C |
|---|---|---|
| Udnyttelse af aktieteg ningsoptioner for antal aktier (à kr. 1,00 pr. aktie) |
Udnyttelsespris pr. aktie à kr. 1,00 pr. aktie |
Tegningsbeløb i Euro (gang antallet i kolonne A og beløbet i kolonne B) |
| EUR 3,60 | EUR ____ |
Tegningsbeløbet (kolonne C) skal enten (i) betales til Selskabet samtidig med overleveringen af denne tegningsblanket (ved at vedlægge det samlede tegningsbeløb kontant eller i form af en noteret check eller en officiel bankcheck, der er udstedt til Selskabet) eller (ii) elektronisk overførsel til Selskabets konto (konto nr. 5201 1004881 i Amagerbanken A/S), således at det er kommet frem samme dag, som denne meddelelse er modtaget af Selskabet.
| Skriv navnet på aktietegningsoptionsindehaveren | |
|---|---|
| med blokbogstaver: | __________ |
Tegningsberettigedes underskrift: __________________________________
Skriv navnet på underskriveren/e med blokbogstaver: _____________________________
Skriv underskriftstedet med blokbogstaver:__________________________________
Skriv underskriftsdatoen med blokbogstaver:__________________________________
To Zealand Pharma A/S Att. The chairman of the board of directors Smedeland 26 B 2600 Glostrup Denmark
I/We, the undersigned holder of warrants in Zealand Pharma A/S (CVR-no. 20 04 50 78), the "Company", hereby give notice to the Company in accordance with clause 3.3 of schedule 8.4 to the Company's articles of association of exercise of warrants as follows:
| A | B | C | |
|---|---|---|---|
| Exercise of warrants for number of shares (of DKK 1.00 per share) |
Exercise Price per share of DKK 1.00 per share |
Subscription Amount in DKK (multiply number in column A and amount in column B) |
|
| EUR 3.60 | EUR _____ |
The Subscription Amount (column C) must either (i) be paid to the Company together with the delivery of this subscription form (by inclusion of the total Subscription Amount in cash or by a certified or official banker's cheque or bank cashier's cheque issued to the Company) or (ii) be transferred to the Company by telegraphic transfer to the Company's account (account no. 5201 1004881 with Amagerbanken A/S) on the same day that the notice is received by the Company.
Print name of warrant holder: __________________________________
Authorised signature: __________________________________
Print name of signatory/ies: __________________________________
Print place of signature: __________________________________
Print date of signature:__________________________________
BILAG 8.5 TIL VEDTÆGTERNE FOR ZEA-LAND PHARMA A/S
SCHEDULE 8.5 TO THE ARTICLES OF ASSOCIATION FOR ZEALAND PHARMA A/S
| 1 | INDLEDNING – BESLUTNINGER 3 | |
|---|---|---|
| INTRODUCTION – RESOLUTIONS 3 | ||
| 2 | WARRANT OG UDNYTTELSESPRISEN 4 | |
| THE WARRANT AND THE EXERCISE PRICE 4 | ||
| 3 | UDNYTTELSE AF WARRANT - UDNYTTELSESPERIODER 4 | |
| EXERCISE OF THE WARRANT – EXERCISE WINDOWS4 | ||
| 4 | VILKÅR6 | |
| CONDITIONS 6 | ||
| 5 | JUSTERING AF UDNYTTELSESPRISEN, FREMRYKKELSE AF | |
| UDNYTTELSESTIDSPUNKT MV. 7 | ||
| ADJUSTMENT OF THE EXERCISE PRICE, ACCELERATION ETC7 | ||
| 6 | DIFFERENCEAFREGNING VED KONTANT BETALING 14 | |
| CASH SETTLEMENT 14 | ||
| 7 | OPSIGELSE AF ANSÆTTELSESFORHOLDET 15 | |
| TERMINATION OF EMPLOYMENT 15 | ||
| 8 | VEDERLAG FOR WARRANT 16 | |
| CONSIDERATION FOR THE WARRANT 16 | ||
| 9 | VILKÅR FOR AKTIERNE 16 | |
| TERMS OF THE SHARES 16 | ||
| 10 | AKTIONÆROVERENSKOMST 18 | |
| SHAREHOLDERS' AGREEMENT 18 | ||
| 11 | OMSÆTTELIGHED AF DEN PÅGÆLDENDE WARRANT 18 | |
| TRANSFERABILITY OF THE WARRANT 18 | ||
| 12 | BORTFALD AF DEN PÅGÆLDENDE WARRANT 19 | |
| EXPIRY OF THE WARRANT 19 | ||
| 13 | VOLDGIFT OG LOVVALG 19 | |
| VENUE AND CHOICE OF LAW 19 | ||
| 14 | OMKOSTNINGER 20 | |
| COSTS 20 | ||
| 15 | BESKATNING AF INDEHAVEREN 20 | |
| TAXATION OF THE HOLDER 20 |
(CVR no.: 20 04 50 78)
SCHEDULE 8.5 TO THE ARTICLES OF ASSOCIATION FOR ZEALAND PHARMA A/S (CVR-nr.: 20 04 50 78)
On 7 January 2005 the extraordinary general meeting of Zealand Pharma A/S (the "Company") passed a resolution authorizing the board of directors pursuant to section 40b of the Companies Act to issue warrants up to an aggregate amount of nominally DKK 1,290,000 Ordinary shares to the directors, managers, employees and consultants of the Company without pre-emptive subscription rights for the existing shareholders.
On 17 October 2005 the board of directors of the Company has resolved to exercise the authorisation to issue warrants for an aggregate nominal amount of DKK 414,689 to certain employees and managers of the Company on the terms set out herein. The number of warrants received by the relevant individuals is set out in a schedule to the resolution of the board of directors.
2.1 Hver warrant ("Warrant") giver indehaveren af den pågældende Warrant ("Indehaveren") ret (men ikke pligt) til at tegne en aktie á nominelt DKK 1 til EUR 3,60 per aktie á nominelt DKK 1 ("Udnyttelsesprisen"). Udnyttelsesprisen blev reduceret med EUR 0,07 i april 2010, og den gældende udnyttelsespris er EUR 3,53, jf. pkt. 5.1 (iii).
Each warrant ("Warrant") gives the Warrant holder (the "Holder") the right (but not the obligation) to subscribe for one share of nominally DKK 1 at a price of EUR 3.60 per share of each nominally DKK 1 (the "Exercise Price"). The exercise price was reduced with EUR 0.07 in April 2010 and the current exercise price is EUR 3.53, cf. clause 5.1 (iii).
The Holder shall be entitled to exercise the Warrant within each exercise window (the "Exercise Window"). The Exercise Windows shall be (i) if the Company is listed at a stock exchange, (a) a period of 21 days following the publication of the Company's quarterly and semi-annual report and (b) a period of 21 days following the publication of the Company's annual results (in Danish: Årsregnskabsmeddelelse), and (ii) if the Company is not listed at a stock exchange, a period of 21 days following the adoption by the general meeting of the annual accounts of the Company.
Notwithstanding anything to the contrary in clause 3.1, no Exercise Window shall occur until following the satisfaction of the Conditions specified in clause 4.
In the event that the Holder wishes to exercise the Warrant, the Holder shall give
ligt meddele ("Udnyttelsesmeddelelse") dette til Selskabets bestyrelsesformand, idet en sådan Udnyttelsesmeddelelse skal være afgivet af Indehaveren inden for en Udnyttelsesperiode. Udnyttelsesmeddelelsen anses for afgivet af Indehaveren indenfor Udnyttelsesperioden, såfremt Udnyttelsesmeddelelsen blev fremsendt til Selskabets adresse (med attention til bestyrelsesformanden) ved almindelig post, anbefalet brev, fax eller overbragt brev efter påbegyndelse og inden udløb af den pågældende Udnyttelsesperiode. Indehaveren skal i Udnyttelsesmeddelelsen angive, hvor mange Warrants Indehaveren ønsker at udnytte.
written notice ("Exercise Notice") to the chairman of the board of directors of the Company, such Exercise Notice to be given by the Holder within an Exercise Window. The Exercise Notice will be deemed given by the Holder within an Exercise Window if the Exercise Notice was delivered to the Company's address (for the attention of the chairman of the board of directors) by regular mail, registered mail, fax or courier after commencement and before the expiry of the relevant Exercise Window. The Exercise Notice shall stipulate the number of Warrants which the Holder wishes to exercise.
In the event that the Holder fails to pay the full amount of the subscription price in accordance with clause 9.1(ii) below for the shares required to be subscribed pursuant to the Exercise Notice, the Exercise Notice shall automatically become without force or effect.
Provided that the Exercise Notice has been timely given and provided that the subscription price has been timely paid to the Company, the Company shall apply to the Danish Commerce and Companies Agency for registration of the capital increase incidental to the exercise of the Warrants in accordance with section 36 (3) of the Danish Companies Act.
The Warrants are conditional upon - and none of the Warrants shall be exercisable until - the satisfaction of each and all of the following conditions:
The Company shall have publicized in respect of the Company's product/project "ZP10" (Short acting formulation (SA): Phase II study DRI 6012 (3 month treatment) either (i) the Phase IIB results or (ii) the definitive abortion of such product/project by the Company).
The Company shall have publicized in respect of the Company's product/project "ZP120" (Study No 05-025: A Phase II, Multi-Center, Randomized, Double-Blind, Flexible Dose Study of ZP120 Administered as I.V. Infusion as Add-On Therapy in Patients with Acute or Sub-Acute Decompensated Chronic Heart Failure NYHA Class III-IV Treated with Furosemide) either (i) the Phase IIB results or (ii) the definitive abortion of such product/project by the Company).
The Company shall have publicized in respect of the Company's product/project "ZP123" (Protocol 3163K1-200-WW. Phase II, Proof of Concept Study, Multicenter, Randomized, Double-Blind, Safety and Efficacy Dose-Ranging Study of GAP-486 in Subjects with Non-sustained Ventricular Tachycardia and Acute Ischemia) either (i) the Phase IIB results or (ii) the
resultaterne eller (ii) Selskabets endelige opgivelse af sådant produkt/projekt).
4.2 Ved opfyldelse af samtlige de i pkt. 4.1.1 - 4.1.3 ovenfor anførte vilkår skal Selskabet skriftlig meddele Indehaveren herom.
definitive abortion of such product/project by the Company.
The Company shall give the Holder written notice upon fulfilment of all of the conditions in clause 4.1.1 through 4.1.3.
In the event that – prior to the exercise of a Warrant - the Company resolves to
ralforsamling den 2. november 2010 som følge af, at bemyndigelsen til at udstede warrants blev slettet]
(v) [Bestemmelsen blev slettet på Selskabets ekstraordinære generalforsamling den 2. november 2010 som følge af, at bemyndigelserne til at udstede warrants blev slettet.]
sker der ingen ændring i retsstillingen for den pågældende Warrant.
skal antallet af aktier, der kan tegnes ved udnyttelse af en sådan Warrant op- eller nedjusteres (i det omfang lovgivningen giver mulighed herfor), således at den pågældende Warrant (enkeltvis eller i forening med andre Wareral meeting on 2 November 2010, due to the authority to issue warrants was deleted]
(v) [The article was deleted at the Company's extraordinary general meeting on 2 November 2010, due to the authorizations to issue warrants were deleted.]
the legal status of such Warrant shall remain unchanged.
In the event that – prior to the exercise of a Warrant - the Company resolves to
the number of shares which may be subscribed for by exercise of such Warrant shall be adjusted upwards or downwards (to the extent legally possible) to the effect that the Warrant (individually or together with
rants ejet af Indehaveren) berettiger Indehaveren til at tegne en forholdsmæssig uændret ejerandel i Selskabet mod indskud af et uændret tegningsbeløb.
other Warrants owned by the Holder) shall entitle the Holder to subscribe for an unchanged relative ownership interest in the Company against contribution of an unchanged subscription amount.
In the event that – prior to the exercise of a Warrant - the Company resolves to
der pkt. 5.2 (ii) og (iii) anførte formål,
skal Udnyttelsesprisen og/eller det antal aktier, som kan tegnes i henhold til den pågældende Warrant op- eller nedjusteres (i det omfang lovgivningen giver mulighed herfor), således at Indehaveren kompenseres for den udvanding, om nogen, af værdien af den pågældende Warrant, som den pågældende beslutning måtte medføre.
er Selskabet berettiget og forpligtet til at fremrykke udnyttelsestidspunktet for en sådan Warrant ved at afgive en skriftlig meddelelse med en frist på to uger til Indehaveren om at udnytte den pågældende Warrant inden beslutningen om at opløse Selskabet får retsvirkning. Indehaverens Udnyttelsesmeddelelse skal afgives i overensstemmelse med den i pkt. 3.3 angivne procedure. Enhver Warrant, som ikke er udnyttet af Indehaveren inden udløbet af fristen på 2 uger til at give meddelelse, bortfalder automatisk uden yderligere meddelelse, vederlag og/eller kompensation til Indehaveren those referred to in clause 5.2 (ii) and (iii);
the Exercise Price and/or the number of shares which may be subscribed for by exercise of such Warrant shall be adjusted upwards or downwards (to the extent legally possible) to effect that the Holder is compensated for the dilution resulting from such resolution, if any, of the value of such Warrant.
Notwithstanding anything to the contrary in clause 3.2, if the Company – prior to the exercise of a Warrant - resolves to dissolve the Company by means of
the Company shall have the right and obligation to accelerate such Warrant by giving 2 (two) weeks prior written notice to the Holder to exercise such Warrant before the resolution to dissolve the Company becomes effective. The Holder's Exercise Notice shall be submitted in accordance with the procedure set out in clause 3.3. Any Warrant which has not been exercised by the Holder before the expiry of the 2 weeks notice period shall automatically lapse without any further notice, remuneration and/or compensation to the Holder upon the effectiveness of the resolution to dissolve the Company.
på tidspunktet hvor beslutningen om at opløse Selskabet får retsvirkning.
In the event that the Company – prior to the exercise of a Warrant - resolves to de-merge the Company, the Holder shall receive warrants of corresponding value in the legal entity in which the Holder is employed or otherwise connected following the de-merger. In the event that the Holder is not employed by the Company immediately prior to the de-merger but continues to hold the Warrant, the Holder shall receive warrants with an aggregate corresponding value in all the entities resulting from the de-merger pro rata to the de-merger ratio.
In the event that – prior to the exercise of a Warrant - all or a substantial part of the business and assets of the Company is sold to a third party (a "Trade Sale"), the Company shall, notwithstanding anything to the contrary in clause 3.2, have the right – but not the obligation - to accelerate such Warrant by giving 2 (two) weeks prior written notice to the Holder to exercise the Warrant. The notice shall be given to the Holder within 3 (three) months after the completion of the Trade Sale. The Holder's Exercise Notice shall be submitted in accordance with the procedure set out in clause 3.3. Any Warrant which has not been exercised by the Holder before the expiry of the 2 weeks notice period shall automatically lapse inden udløbet af fristen på 2 uger til at give meddelelse, bortfalder automatisk uden yderligere meddelelse, og/eller kompensation til Indehaveren.
without any further notice and/or compensation to the Holder.
In the event that a shareholder of the Company – prior to the exercise of a Warrant - achieves a controlling interest in the Company within the meaning of section 2 of the Companies Act (individually or together with one or more entities controlling, controlled by or under common control with such shareholder) (a "Change of Control"), the Company shall, notwithstanding anything to the contrary in clause 3.2, have the right – but not the obligation - to accelerate the Warrant by giving 2 (two) weeks prior written notice to the Holder to exercise the Warrant. The notice shall be given to the Holder within 3 (three) months after the Change of Control has become effective. The Holder's Exercise Notice shall be submitted in accordance with the procedure set out in clause 3.3. Any Warrant which has not been exercised by the Holder before the expiry of the 2 weeks notice period shall automatically lapse without any further notice, remuneration and/or compensation to the Holder.
The listing of the Company on a stock exchange shall not cause the Warrant to be adjusted or accelerated.
In the event that the Company is listed on a stock exchange, the subsequent delisting of the Company shall, notwithstanding anything to the contrary in clause 3.2, entitle – but not obligate - the Company to accelerate the Warrant by giving 2 (two) weeks prior written notice to the Holder to exercise the Warrant. The notice shall be given to the Holder within 3 (three) months after the effectiveness of the de-listing of the Company. The Holder's Exercise Notice shall be submitted in accordance with the procedure set out in clause 3.3. Any part of the Warrant which has not been exercised by the Holder before the expiry of the 2 weeks notice period shall automatically lapse without any further notice, remuneration and/or compensation to the Holder.
In the event that the Company – prior to the exercise of a Warrant – resolves to change the Company's capital structure in a way other than as contemplated in clauses 5.1 through 5.9, and provided that such change results in a dilution of the value of such Warrant, the subscription price and/or the number of shares which may be subscribed for by exercise of the Warrant shall (to the extent legally possible) be adjusted to effect that the Holder is compensated for the dilution resulting from such resolution, if any, of the value of such Warrant.
5.11 Såfremt Selskabet træffer beslutning om at gennemføre nogen af de i henholdsvis pkt. 5.2, 5.3, 5.5 og 5.10 anførte ændringer, skal Selskabets bestyrelse anmode Selskabets revisor om en redegørelse for (a) om en justering af Udnyttelsesprisen og/eller antallet af aktier, som kan tegnes i henhold til den pågældende Warrant er påkrævet i henhold til sådanne bestemmelser, og (b), såfremt sådan bestemmelse foreskriver en justering, karakteren og omfanget af sådan justering. Selskabet skal straks efter modtagelse af revisors redegørelse udlevere en kopi heraf til Indehaveren. Konklusionen i revisors redegørelse er bindende for Selskabet og Indehaveren og kan ikke gøres til genstand for indsigelser eller tvist, herunder men ikke begrænset til i henhold til pkt. 13.
6.1 Selskabet er berettiget til – efter en Indehavers udnyttelse af en Warrant - at kræve differenceafregning ved kontant betaling af nettoværdien af den pågældende Warrant. I så fald (a) skal Indehaveren modtage et kontant beløb fra Selskabet for hver Warrant med en nominel værdi på DKK 1,00 for et beløb svarende til (i) markedsværdien for én aktie i Selskabet med fradrag af (ii) Udnyttelsesprisen for den pågældende Warrant, og (b) Indehaveren skal overIf the Company resolves to pass any of the changes set out in clauses 5.2, 5.3, 5.5 and 5.10, the board of directors of the Company shall request the auditor of the Company to submit a report on (a) whether an adjustment of the Exercise Price and/or the number of shares which may be subscribed for by exercise of the Warrant is required by such provisions, and (b) if an adjustment is required by such provision, the nature and the scope of such adjustment. Immediately upon receipt of the auditors report, the Company shall provide the Holder with a copy thereof. The conclusions of the auditor's report shall be binding upon the Company and the Holder and shall not be subject to challenge or dispute, including without limitation, in accordance with clause 13.
The Company shall be entitled – upon exercise by a Holder of a Warrant - to require cash settlement of the net value of the Warrant. In such case (a) the Holder shall receive a cash payment by the Company for each Warrant with a nominal value of DKK 1.00 in an amount equal to (i) market value of one share in the Company less (ii) the Exercise Price in respect of the Warrant, and (b) the Holder shall transfer the Warrant to the Company against no additional consideration (and,
drage den pågældende Warrant til Selskabet uden nogen yderligere modydelse (og det præciseres, at Indehaveren i så fald ikke er berettiget til at modtage aktier i Selskabet efter udnyttelse af den pågældende Warrant).
6.2 Såfremt Selskabet ikke er noteret på en fondsbørs, forudsætter Indehaverens forpligtelse til at modtage kontant differenceafregning i overensstemmelse med pkt. 6.1, at Indehaveren indhenter fornøden fritagelse for betaling af udbytteskat af afståelsessummen. Indehaveren er forpligtet til på Selskabets anmodning at ansøge om sådan skattefritagelse.
for the avoidance of doubt, in such case the Holder shall not be entitled to receive shares in the Company upon exercise of the Warrant).
However, in the event that the Company is not listed at a stock exchange, the obligation of the Holder to receive cash settlement as set out in clause 6.1 shall be subject to the Holder obtaining requisite tax exemption from dividend taxation of the sales proceeds. The Holder shall be obliged to apply for such exemption at the request of the Company.
In the event that the employment of the Holder is terminated by the Holder or by the Company, any non-exercised Warrant of such Holder shall automatically terminate.
However, notwithstanding anything to the contrary in clause 7.1, the non-exercised Warrant of the relevant Holder shall not terminate if:
(i) the employment is terminated due to the Holder reaching (a) the employee pension age as defined by the Company from time to time, or (b) the age where the Holder is entitled to
8.1 Indehaveren skal ikke betale noget vederlag for den pågældende Warrant.
old-age pension ("folkepension"); or,
The Holder shall not pay any consideration for the Warrant.
The following terms shall apply to shares subscribed for by way of exercise of the Warrant:
telsesmeddelelsen til Selskabet i henhold til pkt. 3.3. Tegningsbeløbet kan enten betales kontant, ved check udstedt til Selskabet eller ved elektronisk overførsel. I tilfælde af Indehaverens manglende rettidige betaling af tegningsbeløbet, bortfalder Udnyttelsesmeddelelsen og skal anses for ikke at have været afgivet af Indehaveren.
the Exercise Notice to the Company pursuant to clause 3.3. The subscription amount may be paid in cash, by cheque made payable to the order of the Company or by electronic transfer. In the event that the Holder fails to timely pay the subscription amount, the Exercise Notice shall cease to have effect and be deemed not to have been submitted by the Holder.
The shares issued in connection with the exercise of the Warrant shall be subject to the following terms:
(vi) Der skal for Aktierne gælde samme øvrige rettigheder og forpligtelser, som fastsat i Selskabets vedtægter.
I tilfælde af ændring af Selskabets vedtægter forud for udnyttelse af en Warrant, skal sådanne eventuelle ændrede rettigheder og forpligtelser gælde for den pågældende Warrant samt for samtlige aktier tegnet i forbindelse med udnyttelsen af en Warrant.
11.1 Den pågældende Warrant er et ikkeomsætningspapir. Enhver overdragelse, pantsætning eller anden overgang af denne Warrant kan kun finde sted med bestyrelsens skriftlige samtykke, hvilket samtykke bestyrelsen efter et frit skøn kan give, nægte eller gøre betinget (dog undtaget overdragelse som (vi) The shares shall be subject to any other rights and obligations stipulated in the articles of association of the Company.
In the event that the Company's articles of association are amended prior to the exercise of the Warrant, any such amended rights and obligations shall apply to the Warrant and to any shares subscribed for on the basis of the Warrant.
Concurrently with the Company's original grant of and the Holder's original subscription for this Warrant, the Holder and the Company have entered into a shareholders' agreement.
The shareholders' agreement will terminate automatically upon a listing of the shares of the Company at a stock exchange.
This Warrant is a non-negotiable instrument. Any transfer, pledging or other assignment of this Warrant shall be subject to the prior written consent of the board of directors of the Company which may be granted, denied or conditioned in the absolute discretion of the board of directors of the Company (with the exemption of a
følge af Indehaverens død, i hvilket tilfælde bestyrelsen mortis causa skal godkende overdragelsen til Indehaverens nærmeste familie).
12.1 Den pågældende Warrant bortfalder automatisk og uden yderligere meddelelse, vederlag eller kompensation til Indehaveren på det tidligste af følgende tidspunkter (i) 3 (tre) år efter Indehaverens modtagelse af den under pkt. 4.2 nævnte meddelelse eller (ii) 10 (ti) år efter Indehaverens tegning af den pågældende Warrant.
transfer due to the death of the Holder, in which case the board of directors shall approve a transfer mortis causa to the Holder's closest relatives).
The Warrant shall expire automatically without notice, remuneration or compensation to the Holder on the earlier to occur of (i) 3 (three) years after the Holder's receipt of the notice referred to in clause 4.2 or (ii) 10 (ten) years from the Holder's subscription for the Warrant.
Any dispute arising out of or in connection with the Warrant and/or this schedule 8.5 shall be decided in accordance with the Rules of Procedure of the Danish Institute of Arbitration (Danish Arbitration). The arbitral tribunal shall consist of 3 arbitrators, all of whom shall be appointed by the Institute.
The Warrant and/or this schedule 8.5 shall be governed by and construed in accordance with the laws of Denmark, excluding however Danish conflict of laws rules.
14.1 Selskabet afholder egne omkostninger og udgifter i forbindelse med udstedelsen og udnyttelsen af den pågældende Warrant samt den i forbindelse med udnyttelsen knyttede kapitalforhøjelse.
The Company will bear its own costs and expenses in connection with the issue and exercise of the Warrant and the increase of the share capital upon exercise thereof.
Where applicable, the Warrant shall be subject to the provisions of Sec. 28 of the Danish Tax Assesment Act (Ligningsloven).
Neither the Company, nor any of its directors, officers and advisors undertake any responsibility for the tax implications of the Holder's subscription for and possible exercise of the Warrant. Each Holder has prior to the subscription for this Warrant been advised to seek independent advice on the possible tax consequences of the subscription for the Warrant and the possible exercise thereof.
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